from Knorr-Bremse Aktiengesellschaft (isin : DE000KBX1006)
EQS-Adhoc: Knorr-Bremse Divests R.H. Sheppard Co., Inc. in North America and Adjusts Fair Value of Remaining Purchase Price Receivable
EQS-Ad-hoc: Knorr-Bremse Aktiengesellschaft / Key word(s): Disposal/Miscellaneous
Knorr-Bremse Divests R.H. Sheppard Co., Inc. in North America and Adjusts Fair Value of Remaining Purchase Price Receivable
20-Dec-2024 / 16:19 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this announcement.
Disclosure of Insider Information Pursuant to Regulation (EU) No. 596/2014 Article 17
Keyword(s): Portfolio adjustment/fair value adjustment/stable dividend
Knorr-Bremse AG
Moosacher Str. 80
80809 Munich
ISIN: DE000KBX1006
stock exchanges and segments admitted to
Ad Hoc Announcement
Knorr-Bremse Divests R.H. Sheppard Co., Inc. in North America and Adjusts Fair Value of Remaining Purchase Price Receivable
- Knorr-Bremse divests R.H. Sheppard in the United States, achieving the next major milestone in its portfolio optimization
- Knorr-Bremse writes down remaining purchase price receivable from Kiepe Electric divestiture
- Both topics result in a one-time non-cash impact totaling just under EUR 0.70 for earnings per share in Q4 2024
- Unchanged strong operating performance supports proposal of an at least stable dividend for financial year 2024
Knorr-Bremse AG (“Knorr-Bremse”) concluded a contract to sell R.H. Sheppard Co., Inc. (Sheppard) to the US investor Balmoral RHS Acquisition Corp. The closing and signing of the transaction took place simultaneously. The sale of Sheppard leads to a one-time, non-cash and non-operating net loss of approximately EUR 60 million, which has a negative impact of around EUR 0.37 on earnings per share in Q4 2024. Sheppard is one of the leading manufacturers of commercial vehicle steering systems in the North American market. Sheppard generated revenues of approximately USD 150 million in the 2023 fiscal year.
In addition, the Executive Board of Knorr-Bremse decided on a fair value adjustment for the carrying amount of a receivable (remaining purchase price and earn-out) from the sale of Kiepe Electric GmbH of just under EUR 50 million. Although the write-off is non-cash and will not have an impact on the operating result, it will negatively affect Q4 2024 earnings per share by EUR 0.31.
For the coming Annual General Meeting, Knorr-Bremse is planning to propose a dividend for the 2024 fiscal year that is at least stable, reflecting its continued strong operating performance.
Knorr-Bremse confirms the operating guidance for revenues, EBIT margin and free cash flow in line with Q3 reporting.
| Media Contact Alexander Stechert-Mayerhöfer Head of Corporate Communications Phone: +49 89 3547 1942 E-mail: alexander.stechert-mayerhoefer@knorr-bremse.com | Investor Relations Contact Andreas Spitzauer Head of Investor Relations Phone: +49 89 3547-182310 E-mail: investor.relations@knorr-bremse.com |
End of Inside Information
20-Dec-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
| Language: | English |
| Company: | Knorr-Bremse Aktiengesellschaft |
| Moosacher Str. 80 | |
| 80809 Munich | |
| Germany | |
| Phone: | +49 89 3547 0 |
| E-mail: | investor.relations@knorr-bremse.com |
| Internet: | https://ir.knorr-bremse.com |
| ISIN: | DE000KBX1006 |
| WKN: | KBX100 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange (Vienna MTF) |
| EQS News ID: | 2056113 |
| End of Announcement | EQS News Service |
2056113 20-Dec-2024 CET/CEST