Publication of insider information
pursuant to Article 17 MAR
 

Daldrup & Söhne AG reports double-digit EBIT loss for 2018

- Completion of Taufkirchen geothermal power plant delayed

- Daldrup & Söhne AG acquires further shares (22.88 %) in Geysir Europe GmbH

- Realignment of the Group

Grünwald / Ascheberg, 21 May 2019 - The drilling technology and geothermal specialist Daldrup & Söhne AG (ISIN DE0007830572) will report an EBIT result of between minus EUR 14 million and minus EUR 17 million at Group level for the 2018 financial year according to preliminary, unaudited figures. The total operating performance will amount to around EUR 37 million. The earnings forecast for 2018 of an EBIT margin of 2 percent to 5 percent with a total operating performance of 40 million euros will not be achieved.

In addition to one-off valuation adjustments, losses from operating activities also contributed to the negative EBIT result. The latter are due in particular to the dynamic price development for materials and services of the construction companies engaged in the drilling projects, the lack of specialist personnel for the company's own drilling rigs and the long frost period at the beginning of the 2018 financial year. In addition, the continuing delay in the final completion and commissioning of the Taufkirchen geothermal power plant had a negative impact on earnings. The power plant in Landau is running smoothly.

As a consequence of the operating losses, the Executive Board is aiming for a realignment of the Group with a focus on the drilling services business and on partnership models in the power plant division, which corresponds to the medium-sized orientation of the Daldrup & Söhne Group.

Daldrup acquired 22.88% of the shares in Geysir Europe GmbH with effect from 1 April 2019. Daldrup thus holds 97.89 % (previously 75.01 %) of the shares. The indirect share of Daldrup & Söhne AG in the project company Taufkirchen and the operating company Landau also increases to 72.06% (previously 55.21%) and 97.89% (previously 75.01%) respectively.

At EUR 48.5 million, the order backlog is very satisfactorily filled. The company's liquidity is secured.

Contact:
Daldrup & Söhne AG
Falk v. Kriegsheim
IR Manager
Fon +49 (0)2593-9593-29
[email protected]
www.daldrup.eu

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