Daldrup & Söhne AG
- WKN: 783057
- ISIN: DE0007830572
- Land: Deutschland
Nachricht vom 06.06.2019 | 13:23
Daldrup & Söhne AG realigns business model - cash flows from power plants remain in focus
DGAP-News: Daldrup & Söhne AG / Key word(s): Strategic Company Decision
Daldrup & Söhne AG realigns business model - Cash flows from power plants remain in focus
- Realignment of the Group, strengthening of structures
- New finance department to be filled
- Order backlog remains good at EUR 48 million
- Forecast 2019: 40 million euros total operating performance, break-even at EBIT level
Grünwald / Ascheberg, June 6, 2019 - The drilling technology and geothermal specialist Daldrup & Söhne AG (ISIN DE0007830572) achieved total Group revenues of EUR 34.9 million (previous year: EUR 43.0 million) in the 2018 fiscal year following the consolidated financial statements issued with an unqualified audit opinion by Warth Klein Grant Thornton AG Wirtschaftsprüfungsgesellschaft. At EUR 38.9 million, sales were significantly higher than in the previous year (EUR 24.8 million), as several deep geothermal wells were completed and accepted in Germany, Belgium and the Netherlands.
On the one hand, the 2018 financial year was characterised by a very good order situation in all four business areas and the technical resumption of operation of the Landau geothermal power plant for electricity production. On the other hand, a number of one-off effects, special circumstances with regard to drilling orders and lower than expected electricity production volumes at the geothermal power plants have pushed earnings well into the red. These included one-off valuation adjustments for orders in progress and drilling projects. In addition, there were unexpectedly high losses at the Geysir Group and one-off weather-related operational disruptions in drilling projects for third parties. Due to the chain of these effects, a drilling operation in Belgium, for example, had to be outsourced, and there were conversions, drilling delays and downtime costs for drilling rigs and power plants with corresponding negative effects on the contribution margins. In particular, electricity production at the Taufkirchen power plant could not be implemented as planned in the year under review. Thus, Daldrup reported negative earnings before interest, taxes, depreciation and amortization (EBITDA) of 12.4 million euros (+4.7 million euros) for the Group. The negative earnings before interest and taxes (EBIT) amounted to EUR 16.3 million (EUR +1.1 million). The Daldrup Group has thus clearly missed its forecast target for the 2018 financial year with a total operating performance of around EUR 40 million and the targeted EBIT interval of 2% to 5% of total operating performance. The total consolidated net loss for the year amounts to EUR 18.5 million (+20 TEuro). The loss per share (EPS) thus amounts to EUR 3.10 (EUR 0.00).
Management Board realigns company
The company has taken a significant step in this direction with its cooperation with Hamburg-based IKAV, represented by the Luxembourg fund IKAV Invest S.à r.l. In this context, the deconsolidation of the Geysir Group investment and the drastic reduction of liabilities in the consolidated balance sheet are expected to take place. A first binding termsheet to achieve the targets was signed last week as an intermediate step to the long-term cooperation (see ad hoc release dated 31 May 2019). Among other things, it provides for IKAV to acquire 49.9 percent of the shares in Geox GmbH, the operating company of the Landau geothermal power plant, and 48.9 percent of the shares in Geysir Europe GmbH. The closing of the transactions is scheduled for June 2019.
Daldrup will further expand its core business as a drilling service provider in the field of shallow and deep geothermal energy. In future, the focus will be on economically attractive overall geothermal projects - such as turnkey heating plants - and on high-margin water extraction projects, deep exploration drilling and EDS (Environment, Development & Services) projects.
Daldrup & Söhne AG's drilling business has a pleasing order backlog and a very comfortable project pipeline. The Group's order backlog at the end of May 2019 was around EUR 48 million. The order pipeline is also satisfactorily filled with future order volumes with a volume of EUR 105 million. The operating deficits incurred to this extent in fiscal year 2018 are no longer to be expected for financial year 2019.
Structures are strengthened
Executive Board optimistic for fiscal 2019
About Daldrup & Söhne AG
The stake in Geysir Europe GmbH also gives the Daldrup Group its own fields of experience in the exploration of geothermal energy in the Bavarian Molasse Basin and in the Upper Rhine Plain. The existing project management and power station expertise means that all stages of value creation can be covered for a deep geothermics project.
The shares of Daldrup & Söhne AG are listed in the Scale (sub-segment in the open market of the Frankfurt Stock Exchange).
Press & Investor Relations Contact
Daldrup & Söhne AG
Falk v. Kriegsheim
Fon +49 (0)2593-9593-29
|Company:||Daldrup & Söhne AG|
|Bavariafilmplatz 7 / Gb. 32|
|Phone:||+49 (0) 89 / 45 24 37 920|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||820685|
|End of News||DGAP News Service|
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