DGAP-News: Daldrup & Söhne AG / Key word(s): Profit Warning/Financing
Daldrup & Söhne AG concludes further agreement with IKAV Invest S.à r.l.
- Group liquidity increased by € 2.86 million, successive investments in operating business planned
- Technology change on the part of the new shareholder of the Taufkirchen power plant leads to an extraordinary burden on earnings of approx. € 5.7 million.
- AG forecast 2020 before extraordinary valuation effect achieved with positive operating EBIT of € 0.9 million and total output of approx. € 44 million
- Group forecast for 2020 before extraordinary valuation effect is just missed with positive operating EBIT of around € 0.7 million
Oberhaching / Ascheberg, 11 February 2021 - Daldrup & Söhne AG (ISIN DE0007830572) has concluded a further agreement with the IKAV Group, represented by the Luxembourg-based IKAV Invest S.à r.l.. The core of the agreement is the conditional acquisition of subordinated claims by IKAV, which will lead to a total inflow of liquidity of around EUR 2.86 million in the Daldrup Group. The funds increase the liquidity and will be successively invested, among other things, in the expansion of the drilling capacities and in the strengthening of the core business. After the reduction of the subordinated loans and other receivables from the previous power plant companies, these will in future have a volume of around 6.3 million euros, some with maturities until January 2027.
Adjustment of the forecast 2020
Both the individual financial statements of the AG and the consolidated financial statements will continue to show solid balance sheet equity ratios of 45 % of the balance sheet total despite this burden on earnings as of 31 December 2020, also due to the planned decline in debt. All of the above-mentioned values are still subject to confirmation by the mandated auditors as part of the audit of the annual and consolidated financial statements for 2020, which has already begun.
CFO Stephan Temming comments on the classification of the result: "The value adjustments to be made are ultimately part of the power plant history since 2013. They are not related to the current operating development of the Daldrup Group and do not affect liquidity. Above all, however, the agreement with IKAV is a further building block of the strategic orientation towards drilling services and geothermal heat projects as well as for the significant strengthening of the Group's financing. Despite the Corona pandemic, the operative business of Daldrup & Söhne AG is running well overall in line with expectations. We expect to close the 2020 financial year at the level of the AG within the forecast with a positive EBIT result from the operating business. The prospects for our company are promising with the structural growth topics of the heat transition and climate change, as well as in the special drilling segment for the search for a final storage facility in Europe, among others. In the coming months, we will continue to use our good market position and know-how to retain existing customers and acquire new ones. Our order pipeline, defined as the total order volume of around 110 million euros, evaluated with probabilities of occurrence and currently under negotiation, offers us an excellent starting position for this."
About Daldrup & Söhne AG
The shares of Daldrup & Söhne AG are listed in the Scale (sub-segment in the open market of the Frankfurt Stock Exchange).
Press & Investor Relations contact
11.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Daldrup & Söhne AG
+49 (0) 89 / 45 24 37 920
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID:
End of News
DGAP News Service