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DGAP-News: Daldrup & Söhne AG / Key word(s): Annual Results/Annual Report
- Total output of 44.9 million euros remains at a high level
- EBIT at +1.5 million euros in the upper part of the forecast range
- Forecast 2022: Total output of 43 million euros, EBIT margin raised significantly to 4 % to 6 %
Oberhaching / Ascheberg, 1 June 2022 - Drilling technology and geothermal specialist Daldrup & Söhne AG (ISIN DE0007830572) tripled its consolidated sales to EUR 78.1 million (previous year EUR 26.2 million) in the financial year 2021 (1 January-31 December). Continued brisk demand for drilling services contributed to this jump in turnover, as did the invoicing of several major geothermal energy contracts. In the year under review, these included projects for the customers Stadtwerke München, Energieversorgung Schwerin, a research contract in the Munich area for the Ruhr University Bochum, and special deep drilling for the German Federal Company for Final Disposal (BGE) and the Swiss Nagra (National Cooperative for the Disposal of Radioactive Waste in Switzerland). Consequently, partially completed work decreased by 33.2 million euros, so that the company reported a total operating performance of 44.9 million euros (47.5 million euros). The Group's operating result before interest and taxes (EBIT), calculated according to the German Commercial Code (HGB), amounted to a pleasing EUR 1.5 million (EUR 1.9 million). Daldrup & Söhne AG thus exceeded the 2021 forecast for total operating performance (around 43 million euros) and achieved the EBIT result in the upper part of the range (0.9 to 1.7 million euros).
For the first time in many years, the Group reports a surplus of 0.8 million euros (loss of 5.2 million euros) for 2021. Earnings per share (EPS) thus amount to 0.13 euros (previous year's loss 0.87 euros).
Debt further reduced as planned
Business model benefits from decarbonisation of heat generation
The potential of geothermal energy as a renewable, base-load energy for the heating sector is enormous - so far geothermal energy covers only 1.5 percent of the total heat demand in Germany. In a study published at the end of April 2022, the Leibniz Institute for Applied Geophysics concludes that "Geothermal energy, consisting of near-surface geothermal energy with the use of ground-coupled heat pumps as well as deep geothermal energy, ... using established technologies, (can) cover up to 42 percent of the eco-heat for space heating and hot water in the future." Geothermal energy is one of the most efficient heating technologies. Moreover, it is available almost everywhere, whether as near-surface or deep geothermal energy, and is thus very well suited for a decentralised and base-load-capable heat supply.
Management Board confident for the business year 2022
Around Munich and in the eastern Molasse region, interest in larger deep geothermal projects for electricity and heat supply remains high. Municipalities and public utilities in northern Germany also want to expand their local and district heating networks with geothermal energy. Against this background, the Management Board of Daldrup & Söhne AG is confident that, if business progresses according to plan, it will generate a consolidated total output of around 42 million euros in the current year 2022 and achieve an EBIT margin of between 4 percent and 6 percent of total output resulting from the operating business. Despite the overall pleasing corporate development and the positive outlook, the Executive Board cannot rule out the possibility that the possible effects of a continuing or worsening Corona pandemic or a further intensification of the consequences of Russia's war against Ukraine in the current year will have a negative impact on the development of turnover and earnings.
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
01.06.2022 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
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