Alle Storys
Folgen
Keine Story von d+s europe AG mehr verpassen.

d+s europe AG

EANS-Adhoc: D+S europe AG
MDAX manager Dr. Gerold Linzbach appointed new CEO/ Profit and loss forecast withdrawn

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
05.10.2009
Hamburg, October 5, 2009. In a scheduled meeting held today, the 
supervisory board of D+S europe AG (ISIN DE0005336804), Hamburg 
appointed Dr. Gerold Linzbach as Chief Executive Officer (CEO) to the
Board of D+S europe AG as of October 6, 2009. Up until mid-2009 
Linzbach, 53, had been CEO of the MDAX-listed company Symrise. D+S 
had already appointed another MDAX manager to the Board in July 2009,
namely former Hugo Boss CFO Joachim Reinhardt. After serving for 
seven years on the Board, the outgoing CEO of D+S europe AG, 
Dipl.-Ing. Achim Plate, 50, leaves the company as of October 5, 2009 
by mutual and amicable agreement due to differences regarding future 
strategy for the development of the company. He will continue to 
consult the company in a consulting function. The supervisory board 
extends its thanks to Mr. Plate for his long-standing commitment and 
for the exceptional milestones he has achieved for the company. 
Despite the global financial and economic crisis - which has left its
mark on D+S AG as well in the current business year - and the 
decreasing returns resulting from it, D+S remained steadfastly 
committed to its growth and investment course in the first half of 
2009. The Board expects an increase in turnover of more than EUR 30m 
(that is, in the double-digit percentage range) for 2009. However, in
the course of their ongoing review of business trends, both the 
Management Board and the supervisory board today have come to the 
conclusion that, due to the continuing difficult market situation, 
the profit and loss forecast for the business year 2009 cannot be 
achieved. So far the Management Board had assumed an increase in 
EBITDA in the single-digit range. The company has seen a significant 
drop in EBITDA compared with 2008 as a result of lower margins, 
though. On account of the prevailing uncertainty in the market, no 
further specific profit and loss forecast will be issued. Due to 
regulatory amendments that have occurred - particularly the 
operational repercussions of tighter regulations in telemarketing, 
including an amendment to the German Federal Data Protection Act, 
which have now emerged - the Board considers it necessary to alter 
the company´s accounting method for address services and address 
database management as well as for labor law-related obligations. 
This gives rise to a one-off drop in net earnings of EUR 35m. up to 
EUR 45m. Furthermore, amongst others as a result of the economic and 
financial crisis, the Board has undertaken a valuation adjustment of 
accounts receivables, other assets and liabilities as a risk 
management measure, which might entail a one-off expense of roughly 
up to EUR 40m. It also is necessary, due to deteriorating economic 
prospects as well as the negative impacts of regulatory amendments on
certain customer segments, to readjust the allocated goodwill values 
by about EUR 10m. All extraordinary changes in revaluation have been 
agreed with the auditor. They do not result in any negative cash 
resource impacts on the 2009 balance and will be only partially 
recognized as expenses in the following years. Moreover, a positive 
effect on cash assets is expected from value added tax refund claims 
and the reduction of other corporate taxes for the year 2009 and the 
following years. D+S AG will present its results for the third 
quarter of 2009 on November 13, 2009.

Further inquiry note:

Thiess Johannssen
Director Corporate Communications & Marketing
Tel.: +49 (0)40 4114-1400
E-Mail: t.johannssen@ds-ag.com

Branche: Advertising
ISIN: DE0005336804
WKN: 533680
Index: CDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

Weitere Storys: d+s europe AG
Weitere Storys: d+s europe AG