Company announcement No. 564, 2024
COPENHAGEN, Denmark, Aug. 6, 2024
/PRNewswire/ -- H+H Polska Sp. z o.o. a subsidiary of H+H
International A/S ("H+H"), has agreed on a conditional sale of land
and buildings of its closed down factory in Warsaw to Polish residential developer ROBYG
Group ("ROBYG") for a price of PLN 110 million net of tax
(approximately DKK 190 million). The
land held in perpetual usufruct has an area of 90,019 m² and
consists of four land registers.
The factory was closed as part of the factory network
restructuring program carried out in 2023. H+H remains committed to
the Polish market, with the Warsaw
market now being supplied from other nearby H+H factories.
The City of Warsaw has not
exercised its statutory pre-emption right relating to the
undeveloped parts of the land covered by two of the four land
registrations with an area of 6,197 m² and 1,448 m², totalling
7,645 m².
Completion of the transaction is contingent upon a tax ruling
confirming that the transaction, as expected, is subject to VAT and
not to civil law transactions tax (CLAT).
Should the tax ruling establish that the price is subject to
CLAT instead of VAT, the price terms change and City of Warsaw will once again have a
statutory pre-emption right over the two pieces of registered land.
In the unlikely event the City of
Warsaw chooses to utilize these pre-emption rights in part
or in full, the purchase price to be paid by the City of Warsaw will be between PLN 2-12
million. ROBYG will not be obliged to complete the remaining
purchase.
If, as expected, the tax ruling confirms the transaction is
subject to VAT, a final sales agreement will follow. Should ROBYG
refuse to enter into the final sales agreement or fails to deposit
the purchase price, H+H is entitled to a guaranteed payment of PLN
20,000,000 from ROBYG and the land will be available for sale
again.
Completion is expected to take place at the latest by
November 2024. H+H will announce
completion, or alternatively non-completion.
Payment to H+H for land and related buildings will be made in
cash and be treated as a special item, having no impact on
full-year guidance expectations.
For further
information please contact:
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Bjarne
Pedersen
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Niclas Bo
Kristensen
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CFO
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Head of Investor
Relations and Treasury
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+45 22 15 99
37
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+45 24 48 03
67
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bp@HplusH.com
|
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nbk@HplusH.com
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This information was brought to you by Cision
http://news.cision.com.
https://news.cision.com/h-h-international-a-s/r/h-h-international-a-s-announces-conditional-sale-of-land-for-pln-110-million,c4021596
The following files are available for download:
https://mb.cision.com/Main/21438/4021596/2934962.pdf
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Denmark
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