AURELIUS Equity Opportunities: Statement on the ongoing corona crisis
Munich, March 17, 2020 – The emergence of the novel coronavirus Covid-19 poses exceptional and highly unpredictable risks to the global economy, and AURELIUS Equity Opportunities Group (ISIN DE000A0JK2A8) is among those currently affected.
The Executive Board responded swiftly to the developments last week. All employees of the holding companies can work entirely from home, which allows operations to be managed remotely.
With our Task Force of almost 100 operational experts, we are constantly in close dialogue with the Group companies. We are currently supporting the development and implementation of action plans to mitigate the challenging economic conditions. The top priority is keeping all employees safe and maintaining supply chains and production capacities. Measures such as reduced working hours and further state financial support in various European countries are helping to safeguard cash reserves.
In this context, AURELIUS welcomes the measures introduced by European governments.
The corona crisis has already had an impact on the AURELIUS portfolio. There have been some cases of supply bottlenecks, particularly for deliveries from Asia, and in one case deliveries from a warehouse in Italy were temporarily interrupted. In addition, individual Group companies have registered drops in incoming orders, notably in relation to discretionary consumer spending. Should supply bottlenecks increase and demand be more severely affected in the future, the AURELIUS portfolio will not be exempt from the consequences.
The concrete medium- and long-term effects of the corona crisis on the AURELIUS Group cannot be foreseen at present, but they may significantly compromise the corporate planning, at least in the short term.
Given the rapid development of the situation, the Executive Board will continuously analyse the strategy and orientation of AURELIUS and its Group companies and keep the shareholders informed of any significant steps. AURELIUS will announce detailed information on business performance when presenting its Annual Report on March 31, 2020.