DGAP-News: Daldrup & Söhne AG / Key word(s): Strategic Company Decision/Incoming Orders
Daldrup & Söhne AG Geothermal power plants Taufkirchen and Landau on the grid
29.08.2018 / 09:49
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CORPORATE NEWS
Daldrup & Söhne AG: Geothermal power plants Taufkirchen and Landau on the grid
- Taufkirchen power plant produces electricity after optimization work
- High demand for drilling services in Germany and abroad continues unabated
- Forecast 2018 confirmed
Grünwald / Ascheberg, 29 August 2018 - The two geothermal power plants of Daldrup & Söhne AG (ISIN DE0007830572) in Taufkirchen and Landau produce electricity, which is remunerated via the EEG feed-in tariffs. The order backlog from Germany and abroad in the drilling services business increased further at the end of August to EUR 63 million (end of May 2018: EUR 49 million). The drilling business is working at full capacity until beyond 2019.
Taufkirchen has started operation
After the first power feed-in at the end of March 2018, Daldrup & Söhne AG, through its subsidiary Geysir Europe, carried out further operational tests and carried out technical optimisations on generators and turbines, among other things. For example, the turbine's so-called nozzle ring had to be replaced. The work has now been completed. The power plant is connected to the grid.
The second evaporator for electricity production has been ordered. The Executive Board expects to connect the full power generation capacity to the grid in the first half of 2019. Thus, the company can use the 2018/2019 heating period for full heat sales to the communities of Oberhaching and Taufkirchen.
At the beginning of 2018, Geysir Europe acquired Axpo Power AG's 35 percent stake in the Taufkirchen project company. Daldrup & Söhne AG thus holds 55 percent of the shares at Group level.
For the current financial year, the Executive Board expects the sale of electricity and heat in Taufkirchen to contribute around EUR 2.6 million to Group sales and an EBIT margin of around 31 percent.
Landau with very satisfactory economic results
The Landau power plant has been producing electricity very successfully since it went into operation in the fourth quarter of 2017. For 2018, the Executive Board expects sales at power plant level of around EUR 2.4 million and an EBIT margin of around 5 percent from the sale of electricity.
At the end of 2017, Geysir Europe acquired the 50 percent stake of Pfalzwerke AG in the power plant. At group level, Daldrup thus holds 67 percent of the power plant. In addition, there is the option of acquiring the remaining 10 percent of the operating company from EnergieSüdwest AG.
As forecasted, the Daldrup Group will report significant sales and earnings from power plant operations for the first time for the 2018 financial year: sales of around 5 million euros and EBIT of 1 million euros. The strategic goal has always been: Daldrup & Söhne AG must also become an energy supplier. The goal has been achieved.
Drilling work for the power plant in Neuried expected to begin in 2019
The approval process for the planned geothermal power plant Neuried in the Ortenau district has been resumed with the Freiburg regional council. The participation procedure with the municipalities has been completed, the detailed planning is being carried out in close coordination with the regional council and there will also be an information event for the citizens. Talks with financial investors for the participation in the project company are well advanced. The Executive Board expects to start construction of the drilling site in the first half of 2019.
Puchheim heating plant to be realized with financial investors
The geothermal project Puchheim for a combined heat and power plant will be pursued further without participation of the city of Puchheim in the project company. In a citizens' decision, the citizens had spoken out against such participation. Irrespective of this, the Daldrup Group will continue to pursue the project with financial investors.
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 ir@daldrup.eu
82031 Grünwald/Geiselgasteig www.daldrup.eu
Contact:
Daldrup & Söhne AG
Falk v. Kriegsheim
Fon +49 (0)2593-9593-29
ir@daldrup.eu
www.daldrup.eu
Bavariafilmplatz 7
82031 Grünwald/Geiselgasteig
29.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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