Softline AG publishes Annual Report 2020: Successful development continues despite pandemic

Leipzig, May 19 2021 – Softline AG, the parent company of an internationally active IT consulting group with focus on IT- and Software Asset Management, Information- and IT Security, Cloud and Future Datacenter and Digital Workplace, publishes its 2020 annual report.

As a non-operational holding, Softline AG, together with its national and international subsidiaries, was able to continue its successful business development in the financial year 2020, despite the pandemic-related impairments, and achieve revenues of approximately EUR 28.0 million at Group level, similar to the previous year.

Martin Schaletzky, CEO of Softline AG, assesses the business development of the Softline Group as positive: "Despite the restrictions and effects of the Corona pandemic, we have laid the foundations for further growth with the revenues generated, the operating result achieved, and the full order books at the end of 2020. We invested significantly and were able to increase our sales in the high-margin business areas as planned. We have come a good step closer to our goal of tripling earnings in three years with optimized margin quality at EBITDA level compared with 2019. The entry of the international IT company Softline International as a new main shareholder of Softline AG in April 2021 has created another strong basis for joint international growth."

The German subsidiaries Softline Solutions GmbH and Softline Services GmbH*, which specialize in IT- and Software Asset Management, Information- and IT-Security, Cloud and Future Datacenter, Digital Workplace as well as Managed Field Services and Recruiting, are below the previous year's level and below plan in the 2020 financial year due to pandemic-related restrictions in the first half of the year and planned revenue declines. Softline Solutions GmbH was able to significantly increase its revenues by 1.0 million EUR (7.0 percent) compared to the previous year, while Softline Services GmbH achieved revenues of 4.6 million EUR in the financial year 2020 and thus closed as planned approx. 2.8 million EUR below the previous year's value. The overall result of both subsidiaries at EBITDA level is significantly below the previous year's level at approx. 0.4 million EUR, in particular due to the high investments in the development of new topics, new employees in sales and consulting, and the training and further education of the existing workforce, but also due to the pandemic-related decline in revenues.

The subsidiaries specializing in IT Asset Management, IT Service Management and Managed Cloud Services in the Northern Europe region (consisting of the companies Softline Solutions Netherlands B.V., Netherlands, Softline Solutions N.V., Belgium, and Softline Solutions Ltd., United Kingdom) were able to significantly increase their revenues in 2020 compared to the previous year from approx. 6.0 million EUR to approx. 7.6 million EUR. The companies' earnings at EBITDA level also developed very well from a black zero in the previous year to EUR 0.4 million, despite the impact of the Corona pandemic.

Softline AG, which has no operating business of its own, generated revenues within the Group in the financial year 2020 in the amount of EUR 502 thousand (previous year: EUR 747 thousand) by charging the Group and management levies. In addition, the company generated other operating income in the amount of EUR 1.2 million, of which EUR 800 thousand was generated by the reversal of an intercompany loan of Softline AG to Softline Services GmbH and EUR 245 thousand by charging on sales and administrative costs. On the other hand, there are other operating expenses in the amount of 761 TEUR. Considering depreciation and amortization in the amount of 1,400 TEUR, this results in EBIT of EUR -778 thousand (previous year: EUR -2,626 thousand) and EBITDA of EUR -171 thousand (previous year: EUR -213 thousand).

At the end of the 2020 financial year, the Softline Group was able to expand its order backlog by additional EUR 12.8 million from EUR 23.7 million in the previous year to EUR 36.5 million; this corresponds to an increase of 54 percent. Of this amount, approximately 18.3 million EUR is attributable to the current business year alone. The Softline Group has laid the foundation for further growth in 2020 through extensive investments in its employees and the continuous development of its consulting portfolio. The merger of the former German subsidiaries into Softline AG, which was initiated at the end of 2020 (and implemented in March 2021), will further reduce the complexity and cost base of the company.

The complete 2020 annual report of Softline AG is available as of today on the company's website at The consolidated financial statements of the Softline Group will be published in June 2021.

* The results of Softline Solutions GmbH, Leipzig, and Softline Services GmbH, Aschheim, are to be allocated to Softline AG starting December 1, 2020 due to the merger. For reasons of comparability with the previous year, the expenses and income of the two companies are presented for the full year 2020.

Softline Group NE is now Noventiq NE

Since 1st of March 2024, Softline Group Northern Europe is renamed to Noventiq Northern Europe