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Deutsche Steinzeug AG, 08.07.2019 General
Deutsche Steinzeug Cremer & Breuer AG (DSCB):
Future-oriented refinancing successfully completed

Deutsche Steinzeug Cremer & Breuer (DSCB) AG is an established manufacturer of ceramic tiles marketed under the brand names Agrob Buchtal and Jasba. The historically grown balance sheet structure of the company has made tactical and strategic activities difficult in the past. This shortcoming has now been remedied with a far-reaching refinancing and the basic constellation has been significantly improved. The measures were taken in close coordination with the lead manager (a renowned German Landesbank) and with the active participation of the previous financier EOS Partners (New York), who had accompanied DSCB AG without interruption since its entry in 2006.

An essential aspect is the conclusion of a new loan agreement in the amount of approx. EUR 35 million. This will significantly reduce both the interest rate and the absolute debt service.

Another central point is the repayment of the liabilities to EOS Partners amounting to approx. EUR 60 million, with EOS Partners waiving remaining liabilities of approx. EUR 28 million within the framework of a haircut. These EUR 28 million can be shown as a reserve and allocated to the item of equity capital. As a result, DSCB AG's equity ratio has noticeably increased from 11.7 % before to approx. 33 % now.

These positive results are all the more remarkable as the ceramic tile industry is under latent pressure internationally and in Germany despite the construction boom, as recent events and reports show. Exemplary reasons for this include the acute shortage of skilled craftsmen, worldwide overcapacities and the resulting price pressure for certain (mass) products. In spite of this difficult market environment, DSCB AG sees great opportunities through its pronounced competence in advising and equipping complex projects as well as through special features such as the dry-laid (without adhesive) floor tiles of the "DryTile" system or the innovative "Hytect" surface coating technology.

Thanks to the new "stand-alone solution", DSCB AG's financial framework is now set for the medium to long term. This not only allows the efficient use of existing market potential (especially in the sector of architectural ceramics and also high-quality residential ceramics), but also significantly facilitates the resumption of the Mergers & Acquisitions process, as the change of the main shareholder remains the focus of the company.

Werner Ziegelmeier (Head of Public Relations)
Phone: +49 (0)9435 391-3379
Mobile: +49 (0)160 90527159
Fax: +49 (0)9435 391-303379

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