Schaltbau Holding AG: Negative impact on profits resulting from exceptional corrections to carrying amounts of subsidiaries Schaltbau Alte and Schaltbau Bode UK
Schaltbau Holding AG / Key word(s): Annual Results/Investment
Schaltbau Holding AG: Negative impact on profits resulting from exceptional corrections to carrying amounts of subsidiaries Schaltbau Alte and Schaltbau Bode UK
30-Oct-2018 / 14:28 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.
- Due to negative earnings performance at Schaltbau Alte and Schaltbau Bode UK in fiscal year 2018, it is necessary to adjust the forecast for these subsidiaries
- The resulting impairment losses on the carrying amounts total approximately EUR 12,3 million
- Forecast for current fiscal year remains unchanged
Munich (Germany), 30 October 2018. Schaltbau Holding AG (WKN: A2NBTL2; ISIN: DE000A2NBTL2) is adjusting the carrying amounts for its subsidiaries Alte Technologies S.L.U., Barcelona, Spain, (“Schaltbau Alte“) and Schaltbau Transportation UK Ltd, Milton Keynes, United Kingdom, (“Schaltbau Bode UK“). The decision was taken by the Schaltbau Group’s Executive Board today, based on adjusted forecasts for both subsidiaries. The underlying reason for the adjustment is the poor earnings performance of the two companies in 2018 and the resulting lower future earnings expectations.
The adjustments will lead to exceptional impairment losses amounting to EUR 12.3 million, which will have a negative impact on Group profits in fiscal year 2018. The Schaltbau Group’s sales forecast in the region of EUR 480 million to EUR 500 million and Group order intake of EUR 500 million to EUR 520 million, both excluding the contributions of the Sepsa Group, which has been put up for sale, remains unchanged. The same applies to the forecast EBIT margin (before exceptional items) for the fiscal year 2018, which is still expected to come in at c. 3% of sales. Although this step has further reduced the remaining balance sheet risks within the Group, further non-operating exceptional items due to write-downs in connection with restructuring measures and possibly from further corrections to carrying amounts for subsidiaries cannot be ruled out.
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.schaltbau.com
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