Dalhoff Larsen & Horneman A/S
DLH disposes of Russian and Brazilian company and will make use of its option to purchase the former HQ office building in Hoeje Taastrup

Dalhoff Larsen & Horneman A/S 

02.03.2015 15:11

Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

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DLH has entered into an agreement with the local management about sale of the
Russian company. The transaction is expected to take place end of April 2015
and results in a loss of DKK 7 million and will yield proceeds at DKK 4
million. Provisions for the loss of DKK 7 million have been made in the Annual
Accounts for 4th quarter 2014. 

Furthermore, DLH has entered into an agreement about sale of the Group's
Brazilian company.  This company does not include operating activities but
holds among others a minor forest and a few outstanding receivables. The
transaction is expected to yield approx. DKK 2 million. 

After these divestments, DLH's only remaining asset in Brazil will be a 5.6 per
cent share­holding in the company Caceres Florestal that operates a teak
plantation. 

The only operating companies left within the Group are hereafter DLH's Nordic
sheet business in Denmark and Sweden and the French hardwood company, DLH
France. 

DLH will make use of its option to purchase the former head quarter office
building located at Skagensgade in Hoeje Taastrup 

The domicile that DLH vacated in the summer of 2013 has been put up for sale
for the past couple of years. DLH has a lease commitment on the property
expiring in 2027, but has now chosen to make use of its option to purchase the
property. According to the lease agreement entered in 2007 the purchase price
amounts DKK 54 million and will be financed by raising of bank loan. By
finalizing this purchase, the future lease commitments will cease and going
forward will give an annual cost saving in relation to the lease expenses in
the level of just under DKK 2 million. 

The property continues to be for sale.

In 4th quarter 2014 provisions for expected loss and various costs totaling DKK
8 million have been made. This, combined with previous provisions means that
the property will be recognized at a value of DKK 33 million when the
transactions has been finalized. 


         For further information about this announcement, please contact Kent
Arentoft, President & 
         CEO or Peter Thostrup, CFO, on tel. +45 4350 0101.
News Source: NASDAQ OMX



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Language:     English
Company:      Dalhoff Larsen & Horneman A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0060038933
WKN:          
 
End of Announcement                             DGAP News-Service
 
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