DGAP-Adhoc
Schaltbau Holding AG: Loss in the 2016 financial year following revaluation of foreign activities
DGAP-Ad-hoc: Schaltbau Holding AG / Key word(s): Profit Warning
Schaltbau Holding AG: Loss in the 2016 financial year following revaluation |
Munich, 14 February 2017. According to preliminary and as yet unaudited
figures, the Schaltbau Group is expected to close the 2016 financial year
with an operating loss (EBIT) in the range of EUR 15 to 17 million, with
Group revenue at EUR 509 million. A corresponding loss for the year is
expected. The significant deviation from the forecast (EBIT EUR 10.2
million), which was revised in November 2016, results from the detailed
risk assessment of the Schaltbau Group's project portfolio that was
undertaken by the newly appointed Executive Board. As part of this
assessment, the revaluation of the platform screen door (PSD) project in
Brazil shows a further loss of approximately EUR 14 million for write-downs
on own work capitalised and on provisions for impending losses. The
project, which has been delayed considerably by the customer, is now set to
be completed within the next three years.
Further corrections amounting to EUR 7.5 million result from write-downs on
own work capitalised and on provisions for impending losses for two
projects in the area of level-crossing technology in Egypt and Denmark.
These severe losses affect the Stationary Transportation Technology Segment
under the leadership of Pintsch Bamag. Correspondingly, Pintsch Bamag's
goodwill of EUR 1.6 million will be written down. In addition, the firsttime
consolidation of subsidiaries further negatively affects the EBIT by
just under EUR 3 million.
The Schaltbau Group's liquidity is not affected by the revaluation. Having
reflected the project-related risks in the statement of financial position,
the Executive Board expects Group revenue for 2017 of between EUR 520
million and EUR 540 million, with an EBIT margin between 3 % and 4 %.
14-Feb-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: | English |
Company: | Schaltbau Holding AG |
Hollerithstraße 5 | |
81829 Munich | |
Germany | |
Phone: | 089 - 93005 - 209 |
Fax: | 089 - 93005 - 318 |
E-mail: | bloch@schaltbau.de |
Internet: | www.schaltbau.de |
ISIN: | DE0007170300 |
WKN: | 717030 |
Listed: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange |
End of Announcement | DGAP News Service |
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544499 14-Feb-2017 CET/CEST