(03:00 PM) SGL Carbon SE today signed an agreement on the cancellation of its existing heritable building right on a non-operational property at the former Frankfurt-Griesheim site with Clariant Produkte (Deutschland) GmbH as owner of the site and a joint project company of Swiss Life Asset Managers and BEOS AG. In addition to the cancellation of the heritable building right, the agreement provides for various responsibilities of the companies involved, including the clearing of the land and the dismantling of the facilities. The former Frankfurt-Griesheim site was already decommissioned in 2016.
The settlement of the termination agreement will result in a positive one-off balance sheet effect for SGL Carbon SE in 2022 totaling approximately €27 million due to the reversal of provisions and liabilities and the mutual payment obligations, as well as a cash outflow for the dismantling of the facilities of approximately €6 million over the next three to four years. In return, the previous burden from the leasehold of around €1 million per year will no longer apply. The cancellation of the hereditary building lease will take effect upon entry in the land register, which is expected to take place in the course of the year.
The forecast for fiscal year 2022 given on March 24, 2022 will not be affected by the cancellation of the heritable building right.