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DGAP-Adhoc: Daldrup & Söhne AG sells remaining shares in Geysir Europe including the geothermal power plants to IKAV Group

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DGAP-Ad-hoc: Daldrup & Söhne AG / Key word(s): Disposal/Preliminary Results
Daldrup & Söhne AG sells remaining shares in Geysir Europe including the
geothermal power plants to IKAV Group

13-Jan-2020 / 21:36 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.

*Publication of insider information
in accordance with Article 17 of the MAR*

*Daldrup & Söhne AG sells remaining shares in Geysir Europe including the
geothermal power plants to IKAV Group*

Grünwald / Ascheberg, January 13, 2020 - Drilling technology and geothermal
energy specialist Daldrup & Söhne AG (ISIN DE0007830572) today signed a
contract with IKAV Invest S.à.r.l., Luxembourg, for the sale of the
remaining shares (48.944 %) in Geysir Europe GmbH. The agreement includes
the sale of the Taufkirchen and Landau power plants.

Initially, the seller will receive a purchase price payment of EUR 1.0
million under this agreement. Additional payments are linked to the
achievement of defined productivity levels of the two power plants in the
future. Further claims of the Daldrup & Söhne companies against the sold
companies will be settled in the course of the coming years. The economic
transfer of the shares will take place with effect from 31 December 2019.

In this context, from today's point of view - subject to the audit by the
appointed auditors, which will start shortly - value adjustments on loans
and services rendered for the sold companies in the amount of approximately
EUR 15 million will already have to be made in the annual and consolidated
financial statements of Daldrup & Söhne AG for the financial year 2019.

On the basis of the preliminary results available at the end of November
2019, Daldrup & Söhne AG will, from today's perspective, report a negative
EBIT result for the financial year 2019 of approximately EUR 14 million
after scheduled depreciation of approximately EUR 2.2 million with a total
output of approximately EUR 38 million. The operating result of the AG
forecast at the time will thus be achieved (2019: EBIT expected to be around
EUR 1 million), but due to the above-mentioned value adjustments it will
fall well short of the overall forecast.

On 12 July 2019, IKAV had already acquired 48.9% of the shares in Geysir
Europe GmbH and 1.0% of the shares in geox GmbH (see Corporate News of 19
July 2019). The project company Geothermie Neuried GmbH & Co. KG remains
within the Daldrup Group for the purpose of further development.

The sale is a major step towards the debt reduction of the Daldrup Group in
the amount of approximately EUR 42 million in the context of the intended
deconsolidation of the geyser activities. As a consequence of the
deconsolidation, the consolidation scope of the Daldrup & Söhne AG Group
will be significantly streamlined already for the financial year 2019. The
forecast for the Group result 2019 published at the end of May 2019 is no
longer matched by comparable structures and a comparable scope of
consolidation as of the balance sheet date 31 December 2019.

Communicated by Stephan Temming, CFO

Daldrup & Söhne AG
Falk v. Kriegsheim
IR Manager
Fon +49 (0)2593-9593-29

Bajuwarenring 17a
82041 Oberhaching

13-Jan-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Daldrup & Söhne AG
Bajuwarenring 17a
82041 Oberhaching
Phone: +49 (0) 89 / 45 24 37 920
Fax: -
E-mail: info@daldrup.eu, ir@daldrup.eu
Internet: www.daldrup.eu
ISIN: DE0007830572
WKN: 783057
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt
(Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 952617

End of Announcement DGAP News Service

952617 13-Jan-2020 CET/CEST

(END) Dow Jones Newswires

January 13, 2020 15:36 ET ( 20:36 GMT)

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