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DGAP-Adhoc: artnet AG: Preliminary results for the 2019 Financial Year lower than anticipated

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DGAP-Ad-hoc: artnet AG / Key word(s): Annual Results/Development of Sales
artnet AG: Preliminary results for the 2019 Financial Year lower than
anticipated

14-Feb-2020 / 00:16 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*Preliminary results for the 2019 Financial Year lower than anticipated*

(Berlin, February 13, 2020) Pursuant to the preliminary figures for the 2019
financial year, artnet Group's Income from Operations for the 2019 financial
year is approximately 0.2 million USD, and thus below the estimated results
between 1.0 million USD and 1.5 million USD. The decrease is mainly the
result of lower-than-anticipated revenue, especially in the fourth quarter
of the financial year.

The Group's revenue increased to approximately 21.8 million USD in the 2019
financial year and was therefore below the range of the forecast of between
23 million USD and 24 million USD. Especially the artnet Auctions and
Gallery Network segments had a negative impact on the revenue increase. The
reorganization of the artnet Auctions segment caused revenue to be lower
than anticipated in the 2019 financial year. The Gallery Network revenue was
lower particularly because of a challenging economic environment for
galleries. In addition to these factors, the overall decline in the art
market also contributed to the lower-than-expected revenue growth. Globally,
auction volume decreased by 8% to 17.8 billion USD, as compared to 2018.
Auction volume decreased most significantly in the United States and Great
Britain, where it decreased by 19% in both countries, as compared to 2018.

All stated results are preliminary and unaudited. The final audited annual
statements and the consolidated annual statements are anticipated to be
published on March 20, 2020.

Contact:
Moritz Bauer
SENIOR DIRECTOR, INVESTOR RELATIONS

14-Feb-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: artnet AG
Oranienstraße 164
10969 Berlin
Germany
Phone: +49 (0)30 20 91 78 -0
Fax: +49 (0)30 20 91 78 -29
E-mail: info@artnet.de
Internet: www.artnet.de
ISIN: DE000A1K0375
WKN: A1K037
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate
Exchange
EQS News ID: 975475

End of Announcement DGAP News Service

975475 14-Feb-2020 CET/CEST



(END) Dow Jones Newswires

February 13, 2020 18:17 ET ( 23:17 GMT)
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