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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: GlobalData
Provider: GlobalData

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H+H International A/S to Sell Ceska republika s.r.o. to Xella CZ s.r.o.

Friday, 21 Sep 2012 01:00am EDT 

H+H International A/S announced that on September 21, 2012 it entered into an agreement to sell all the shares in H+H Ceska republika s.r.o. (H+H Ceska) to Xella CZ s.r.o., a company within the Xella Group (Xella) for a total consideration of DKK 112 million (EUR 15 million) (enterprise value), excluding real estate which will be leased to Xella from completion of the transaction. The transaction is expected to be completed during the fourth quarter of 2012. The sale is conditioned only on the completion no later than January 31, 2013 of a group internal transaction pursuant to which all real estate assets are transferred from H+H Ceska to a company within the H+H Group. The transaction is expected to have a negative impact on H+H’s EBITDA of around DKK 5.1 million for 2012, of which around DKK 1 million is related to higher costs in other group companies and the discontinued activity in the Czech Republic. In connection with the transfer of real estate to another company within the H+H Group there will be an impairment of the value of the real estate of DKK 41.8 million. The proceeds will be used to reduce H+H’s net interest-bearing debt. The transaction will be treated as a special item in the accounts. 

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