DGAP-Adhoc: Schaltbau Holding AG: Schaltbau puts affiliate company Albatros S. L. U. up for sale

2017. november 15., szerda, 20:20





DGAP-Ad-hoc: Schaltbau Holding AG / Key word(s): Quarterly / Interim Statement/Strategic Company Decision


Schaltbau Holding AG: Schaltbau puts affiliate company Albatros S. L. U. up for sale


15-Nov-2017 / 20:20 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.




Schaltbau puts affiliate company Albatros S. L. U. up for sale


Munich (Germany), November 15, 2017. The Executive Board of Schaltbau Holding AG (German WKN: 717030, ISIN: DE0007170300) decided to put up for sale the fully-owned affiliate Albatros S. L. U. ("Schaltbau Sepsa"). Henceforth, Schaltbau Sepsa and its affiliate companies will be accounted for as "disposal group" according to IFRS 5. This leads to the application of different valuation principles. The impairment tests conducted based on value-clarifying facts lead to new valuations already in the Group financial statement as of September 30, 2017.

The effect for the full financial year from these adapted valuations amounts to about EUR ‑28 mill in the Group accounts; thereof, about EUR ‑12 mill are already contained in the quarterly financials as of September 30, 2017. These non-operative one-offs affect EBIT, yet are not cash-relevant.

On the level of the separate financial accounts of Schaltbau Holding AG, the changes in valuation will lead to impairments of around EUR 35 mill.

Impacts from the intended divestiture of Schaltbau Sepsa on other operating Group companies are limited, given that Schaltbau Sepsa has belonged to Schaltbau Group only for a short time, and there are practically no interrelations. Schaltbau Sepsa itself is not affected by these valuation changes on Group level.

The publication of the Group Quarterly Statement as at September 30, 2017 on www.schaltbau.de will now take place on November 21, 2017. The postponement of the publication date from initially November 16, 2017 is necessary in order to account for the mentioned facts in the accounting for the Group Quarterly Statement. Pertinently adjusted guidance for business year 2017 will also be published on November 21, 2017.

Operatively, the Schaltbau Group expects a positive development for the fourth quarter of 2017 and for 2018 based on a high order intake and strong order book.

 




Contact:

Christian Schunck

Head of Investor Relations & Corporate Communications

Schaltbau Holding AG

Hollerithstraße 5

81829 München

Germany

T +49 89 93005 209

schunck@schaltbau.de








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Language: English
Company: Schaltbau Holding AG

Hollerithstraße 5

81829 Munich

Germany
Phone: +49 89 - 93005 - 209
Fax: +49 89 - 93005 - 318
E-mail: schunck@schaltbau.de
Internet: www.schaltbau.de
ISIN: DE0007170300
WKN: 717030
Indices: Prime Standard
Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange





 
End of Announcement DGAP News Service




629833  15-Nov-2017 CET/CEST







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