DGAP-Adhoc: Schaltbau Holding AG: Schaltbau puts Alte Technologies S.L.U. up for sale

2019. február 18., hétfő, 18:11





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


Schaltbau Holding AG: Schaltbau puts Alte Technologies S.L.U. up for sale


18-Feb-2019 / 18:11 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.




Munich (Germany), 18 February 2019. The Executive Board of Schaltbau Holding AG ("Schaltbau") decided today to put up for sale its Spanish subsidiary Alte Technologies S.L.U. ("Alte"). While achieving revenues of less than EUR 25 million in the business year 2018, Alte contributed a significant loss to the Group result. The Executive Board intends to focus the resources of Schaltbau on the material Group companies and is convinced that with the right strategic investor, the turnaround of Alte can be implemented faster than as part of the Schaltbau Group.

 



In the future, Alte will be accounted for as "disposal group" according to IFRS 5. This leads to the application of different valuation principles. This new perception will also have effects on the valuation as per 31 December 2018. On the Group level, this will result in an additional non-operational negative effect in the amount of around EUR 3 million. On the level of Schaltbau Holding AG"s unconsolidated annual accounts under the German Commercial Code, the re-evaluation of the amount stated as well as all lendings, receivables and loans, and the risks resulting from the guarantees issued by Schaltbau Holding AG will have a negative effect for the business year 2018 in the amount of around EUR 26 million. On a preliminary and unaudited basis, the unconsolidated annual accounts of Schaltbau Holding will show an annual loss of around EUR 23 million. Further to these corrections, the Executive Board does not expect any additional material negative effects from a potential sale of Alte on the consolidated or unconsolidated level.

 



Contact:

Wolfgang Güssgen

Head of Investor Relations & Corporate Communications

Schaltbau Holding AG

Hollerithstrasse 5

81829 Munich

Germany

T +49 89 93005-209
guessgen@schaltbau.de
www.schaltbaugroup.com











18-Feb-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Schaltbau Holding AG

Hollerithstraße 5

81829 Munich

Germany
Phone: +49 89 - 93005 - 209
Fax: +49 89 - 93005 - 398
E-mail: guessgen@schaltbau.de
Internet: www.schaltbau.de
ISIN: DE000A2NBTL2
WKN: A2NBTL
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




777135  18-Feb-2019 CET/CEST







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