DGAP-Adhoc: Scholz Holding GmbH: Relevant EBITDA threshold in financial year 2017 for upside payment to the bondholders not reached

2018. szeptember 28., péntek, 17:00





DGAP-Ad-hoc: Scholz Holding GmbH / Key word(s): Bond


Scholz Holding GmbH: Relevant EBITDA threshold in financial year 2017 for upside payment to the bondholders not reached


28-Sep-2018 / 17:00 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.


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




Scholz Holding GmbH

Betchworth House

57-65 Station Road

Redhill, Surrey

RH1 1DL

United Kingdom



September 28, 2018



Disclosure of inside information pursuant to Article 17 MAR

Scholz Holding GmbH: Relevant EBITDA threshold in financial year 2017 for upside payment to the bondholders not reached



London, 28 September 2018 - Scholz Holding GmbH (the "Company") has been presented with a preliminary version of the Group Financial Information for the financial year 2017. In accordance with Part C § 3(2)(a) of the terms and conditions (the "Terms and Conditions") of the Company"s bond (ISIN AT0000A0U9J2), the Company has mandated PricewaterhouseCoopers GmbH (PwC) with the confirmation of the calculation of the Relevant EBITDA within the meaning of the Terms and Conditions. Today, PWC has presented the results of the review of the Group Financial Information and the review of the calculation of the Relevant EBITDA based on the Group Financial Information. The Group Financial Information for financial year 2017 is the basis to calculate the Relevant EBITDA by using the same data basis - apart from changes within the consolidated reporting entities due to acquisitions and divestments - and consistently applied German GAAP (HGB) like in 2016. As such, the 2017 Group Financial Information are comparable with previous financial years.



The Company only holds a 20% share in Scholz Recycling GmbH and its subsidiaries since Chiho Renewable International Holding Limited has made a direct capital increase into Scholz Recycling GmbH in June 2017 to repay outstanding banks loans. The Relevant EBITDA is calculated as if the Company still owned 100% of Scholz Recycling GmbH for the entire financial year of 2017. On the basis of such a calculation, the Relevant EBITDA amounts to EUR 96.597 million.



Accordingly, there will be no upside payment to the bondholders on the basis of the Group Financial Information 2017.



The Company will shortly publish the final version of PwC"s confirmation to the bondholders, including a detailed explanation of the calculation of the Relevant EBITDA, and the Group Financial Information 2017, in accordance with the Terms and Conditions.



Yours sincerely



Scholz Holding GmbH


For further information please contact:

FTI Consulting - Strategic Communications 

Dr Hartmut Vennen 

Phone: +49 (0) 69 92037 137  

E-Mail: hartmut.vennen@fticonsulting.com       


FTI Consulting - Strategic Communications

Daniel Herbert

Phone: +49 (0) 69 92037 183

E-Mail: daniel.herbert@fticonsulting.com











28-Sep-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de























Language: English
Company: Scholz Holding GmbH

Betchworth House, 57-65 Station Road

RH1 1DL Redhill, Surrey

United Kingdom
Phone: 0044 20 7959 2291
E-mail: infoscholz@scholz-group.co.uk
Internet: www.scholz-group.co.uk
ISIN: AT0000A0U9J2
WKN: A1MLSS
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt, Munich, Stuttgart; Vienna Stock Exchange (Second Regulated Market)





 
End of Announcement DGAP News Service




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