KTG Agrar SE
KTG Agrar SE releases hidden reserves
KTG Agrar SE / Key word(s): Disposal/Bond KTG Agrar SE releases hidden reserves
KTG Agrar thus sold some 4,000 hectares to a German institutional investor with retroactive effect from 30 June 2014. This also allowed the company to benefit from the positive tax regulations that were effective in Lithuania until 30 June 2014. At the same time, KTG Agrar leased the land for the next 18 years (additional renewal option). The transaction volume amounted (including repaid liabilities) to approx. EUR 20 million, with a book value of EUR 10 million. Says Siegfried Hofreiter: “The transaction shows that we were successful in creating value in the past years. And this is only a small portion of our hidden reserves. The proceeds will increase our equity ratio and will be reinvested in farmland.” KTG Agrar already cultivates 3,300 hectares of leased farmland in Lithuania, for which the company has secured itself the pre-emptive rights at attractive conditions. As of 30 June 2014, KTG Agrar thus cultivated a total of 43,700 hectares in East Germany and Lithuania. More than 5,000 hectares of farmland in East Germany are still owned by the company – whose hidden reserves amount to EUR 100 million. In Lithuania, the company currently has 7,800 hectares of leased land – including 3,300 hectares with attractive pre-emptive rights – and some 400 hectares of own land. KTG Agrar will continue to expand the land under cultivation in the coming years. Says Siegfried Hofreiter: “We are firmly targeting the 50,000 hectare mark for 2015.”
13.08.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | KTG Agrar SE | |
Ferdinandstr. 12 | ||
20095 Hamburg | ||
Germany | ||
Phone: | +49 (0)40-303 76-47 | |
Fax: | +49 (0)40-303 76-799 | |
E-mail: | presse@ktg-agrar.de | |
Internet: | www.ktg-agrar.de | |
ISIN: | DE000A0DN1J4, DE000A1H3VN9, DE000A1ELQU9, | |
WKN: | A0DN1J , A1H3VN, A1ELQU | |
Indices: | HASPAX | |
Listed: | Freiverkehr in Berlin, Düsseldorf, Hamburg, München (m:access), Stuttgart; Frankfurt in Open Market (Entry Standard) | |
End of News | DGAP News-Service |
282005 13.08.2014 |