DGAP-Adhoc Delivery Hero SE receives the written regulatory approval from the Korea Fair Trade Commission and is likely to have to recognize a significant impairment loss due to the increased price of the Delivery Hero share - Seite 2
Since the signing of the transaction back in December 2019 and until the approval by the Korean Fair Trade Commission, the Delivery Hero share price and therefore the value of the consideration have appreciated significantly as a result of Delivery Hero's strong operational performance. If this remains to be the case until closing, and despite Woowa's strong operational development, Delivery Hero will, based on this afternoon's analysis of Delivery Hero's Management Board and in accordance with IFRS, have to recognize a significant impairment loss on the goodwill of the Korean business immediately upon, or in timely proximity to, the closing of the Woowa transaction. The size of the potential impairment will depend on the Delivery Hero share price on the day of closing. Based on yesterday's XETRA closing share price of EUR 128.65, the potential impairment could amount to up to EUR 1.4 billion. The impairment is neither due to the performance of Woowa's operational business, nor cash relevant. It does not change the initially envisaged dilution of shares in Delivery Hero.
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This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.
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