DGAP-News

Balda AG sets course for new business model

DGAP-News: Balda AG / Key word(s): Half Year Results
Balda AG sets course for new business model

11.02.2016 / 08:35
The issuer is solely responsible for the content of this announcement.

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Bad Oeynhausen, 11 February 2016 - Balda AG published half-year-report 2015
/ 2016 (1 July to 31 December 2015) today. The reporting period for the
continuing operations was affected by administration and consulting costs
in connection with the transaction and the known lawsuits.

Course of business not representative for future development

Due to the resolved sale of the entire operating business, the operating
business is re-classified and listed under discontinued operations in the
published half-year report. Accordingly, in the continuing operations, no
sales revenues are reported until the commencement of future business of
Clere AG.

At EUR -2.6 million, earnings before income and taxes (EBIT) of the Group
remained below the previous year's value of EUR 1.9 million due to
detrimental special effects (EUR 0.9 million). Essentially, the EBIT
contains administration and consulting costs, which arose in connection
with the transaction, the Annual General Meeting as well as the pending
lawsuits.

Due to absent currency gains at a lower net interest result, the Group
achieved an almost balanced net financial result, which in turn resulted in
earnings before taxes (EBT) in the amount of EUR -2.6 million (previous
year: EUR 2.9 million). After taxes on income and profit, the Group
earnings amounted to EUR -2.2 million following EUR 1.9 million during the
same period last year.

Equity was reduced to EUR 167.4 million (30 June 2015: EUR 234.1 million)
after a dividend payment in the amount of EUR 64.8 million. At the
reporting date a total of circa EUR 120 million of cash remains within the
Group. With the addition of the expected payments from the sale of the
operating business, the Group is in the possession of sufficient capital to
finance the planned capital decrease and the development of the future
business.

With the enforcement of the purchase contract for the sale of the operating
units the Group expects extraordinary earnings in the amount of EUR 30
million.

Significant events after the reporting period

At the Extraordinary General Meeting on 29 January 2016 in Hanover, the
shareholders approved the sale of the entire operating business to Italian
Stevanato-Group with 98.9 % yes-votes. On 4 February 2016, Balda AG
announced that it had accepted the Stevanato bid. Moreover, with a clear