DGAP-News: Hoeft&Wessel AG: Capital measures enable restructuring to be completed
(firmenpresse) - DGAP-News: Höft&Wessel AG / Key word(s): Corporate Action/AGM/EGM
Hoeft&Wessel AG: Capital measures enable restructuring to be
completed
12.07.2013 / 08:12
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Hannover/Germany, 12/07/2013. With the capital measures to be approved as
part of a resolution at an Extraordinary General Meeting on 18 July 2013,
Hoeft&Wessel AG will lay the foundations for the entry of a long-term
oriented investor and, for this reason, the conclusion of an agreement
regarding the refinancing and financial restructuring of the Company. The
investor is to take an interest of more than 75 per cent in the Company
with a stock exchange listing via a capital increase, providing Hoeft&Wessel AG with fresh capital of approx. EUR 8.5 million. Key shareholders
are waiving their subscription rights.
Of the investment of approx. EUR 8.5 million, EUR 3.3 million has been
earmarked for the repayment of financial liabilities and approx. EUR 5.2
million for funding development projects and the Company's operations. Due
to the waiver of receivables by the financial institutions, the volume of
receivables has been reduced to EUR 8.5 million. A comprehensive
restructuring programme that was largely concluded as early as mid-2013
will lead to an overall improvement of approx. EUR 12 million p.a. by the
end of 2014. A detailed description of the restructuring programme is
available for downloading from the Company's website under Investor
Relations, General Meeting.
Following the entry of the investor and additional measures, Hoeft&Wessel
will be able to finalise the restructuring phase and achieve the turnaround
as early as this year after two years with substantial operating losses
(2011 EBIT: -EUR 16.1 million / 2012 EBIT: -EUR 10.8 million) and lay the
foundation for further grows.
After the successful implementation of all measures, and on basis of the
current knowledge of risks from ongoing projects the Hoeft&Wessel Group
expects sales revenues of more than EUR 82 million and an operating result
(EBIT) of over EUR 2 million in the current financial year. By 2018, the
Company plans to increase its sales revenues each year by about 4 per cent
to more than EUR 100 million. Due to the capital measures, equity will
increase by approx. EUR 8.5 million, and the improved earnings situation
will lead to a sustained improvement in the operating cash flow and the
equity situation.
The conclusion of the refinancing means that the conditions are also in
place for a positive going-concern forecast, meaning that it will be
possible to finalise the audits with audit certificates issued for the
annual financial statements for 2012 and 2011. The annual financial
statements are to be released in August/ September 2013.
Contact:
Hoeft&Wessel AG
Dr. Arnd Fritzemeier
+49 511 6102-300
PR(at)hoeft-wessel.com
End of Corporate News
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12.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Höft&Wessel AG
Rotenburger Str. 20
30659 Hannover
Germany
Phone: +49 (0)511-6102-0
Fax: +49 (0)511-6102-411
E-mail: info(at)hoeft-wessel.com
Internet: www.hoeft-wessel.com
ISIN: DE0006011000
WKN: 601100
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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