DGAP-Adhoc Daldrup & Söhne AG: Adjustment of the group forecast and liquidity inflow due to conclusion of an agreement with IKAV Group
DGAP-Ad-hoc: Daldrup & Söhne AG / Key word(s): Profit Warning/Financing
Publication of inside information
Daldrup & Söhne AG: Adjustment of the group forecast and liquidity inflow due to conclusion of an agreement with IKAV Group
Grünwald / Ascheberg, 11 February 2021 - Daldrup & Söhne AG (ISIN DE0007830572) has entered into a further agreement with the IKAV Group, represented by the Luxembourg-based IKAV Invest S.à r.l. and IKAV Geothermie S.à r.l.. ("IKAV"), which modified the purchase and transfer agreement entered into on 13 January 2020 in respect of the remaining shares (48.944%) in Geysir Europe GmbH ("Business Share Purchase Agreement"). The conclusion of the agreement will lead to an extraordinary burden on earnings in Daldrup & Söhne AG and in the Daldrup Group of approx. 5.7 million euros on balance, as potential future claims of the Daldrup Group against IKAV from the business share purchase agreement will be settled. The group forecast as well as the forecast for Daldrup & Söhne AG for the financial year 2020 will thus be reduced at EBIT level from a margin of 2 % to 4 % in each case to a negative group EBIT of approx. 4.9 million euros and 5.1 million euros respectively. The forecast of the Daldrup Group and Daldrup & Söhne AG regarding a total output of at least 40 million euros remains unchanged.
The agreement also includes the acquisition of subordinated claims by IKAV, which will lead to a total inflow of liquidity of around 2.86 million euros in the Daldrup Group. The funds increase liquidity and will be successively invested in the expansion of drilling capacities and the strengthening of the core business, among other things. After the reduction of the subordinated loans and other receivables from the previous power plant companies, these will reach a total volume of around 6.3 million euros in the future, some with maturities until January 2027.