Corporate News

 

Daldrup & Söhne AG concludes first contract with renewable energy investor IKAV

- Daldrup receives EUR 5.2 million in earmarked funds

- Further contract negotiations underway

Grünwald / Ascheberg, 19 July 2019 - The drilling technology and geothermal specialist Daldrup & Söhne AG (ISIN DE0007830572) has concluded agreements with the IKAV Group, represented by the Luxembourg fund IKAV Invest S.à r.l., on the purchase and assignment of shares in Geysir Europe GmbH and geox GmbH.

The first part of the agreements (see ad hoc release dated 31 May 2019) has thus been successfully implemented. Daldrup received EUR 5.2 million in earmarked funds. This represents a first step towards the debt relief of the Daldrup Group and the deconsolidation of the Geysir Group. Both parties continue the negotiations on the basis of a notarial termsheet. This also includes the separately planned sale of shares in the Taufkirchen geothermal power plant.

IKAV Invest S.à r.l. acquires 48.9% of the shares in Geysir Europe GmbH and 1.0% of the shares in geox GmbH.

The sale of the shares is a key component of the restructuring measures that the Executive Board is currently implementing in stages based on the operating result for the 2018 financial year.

About Daldrup & Söhne AG
Daldrup & Söhne AG (ISIN: DE0007830572, WKN: 783057) with a corporate history spanning more than 70 years is a specialist provider of drilling and environmental services and ranks as one of the leading companies in Germany. Its activities are divided into the business divisions Geothermics, Raw Materials & Exploration, Water Extraction as well as Environment, Development & Services (EDS). The Geothermics business division provides drilling services for near-surface geothermics (especially geothermal probes of heat pumps), along with drilling services for deep geothermics up to 6000 m, in order to utilise the geothermal energy accessible in this way for electricity and/or heat generation. In the Raw Materials and Exploration business division, the bores made by Daldrup & Söhne AG serve for exploring and developing fossil fuel deposits (especially coal and gas) as well as mineral resources and ores (e.g. copper and gold). The Water Extraction business division comprises well construction for the extraction of drinking, service, curative, mineral, boiler-feed or cooling water as well thermal brine. The Environment, Development & Services (EDS) business division comprises special environmental engineering services such as the hydraulic clean-up of contaminated sites, the drilling of gas extraction wells for recovering waste dump gas, the provision of groundwater quality measuring points or the installation of water purification plants.

The majority 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).

Disclaimer
This publication represents neither an offer for sale nor a call to submit a tender for the purchase or underwriting of securities. This publication and the information it contains is not intended for direct or indirect dissemination in or within the United States of America ("USA"), Canada, Australia or Japan.
Press & Investor Relations Contact:

Daldrup & Söhne AG
Falk v. Kriegsheim
Phone +49 (0)2593-9593-29
Fax +49 (0)2593-9593-60
Bavariafilmplatz 7
82031 Grünwald/Geiselgasteig