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euro adhoc: GfK AG
quarterly or semiannual financial statement
GfK Group Q2 growth more modest than anticipated

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
quaterly report
01.08.2007
Ad hoc Press Release:
GfK Group Q2 growth more modest than anticipated
GfK Group is anticipated to record sales totaling around EUR 554 
million in the first half of the year, which represents growth of 
3.6% compared with the same period the previous year (EUR 534.4 
million). The anticipated organic growth is just under 5%. At EUR 
63.5 million, the adjusted operating result for the first six months 
of the year is comparable to the figure of EUR 63.8 million recorded 
in the previous year. This corresponds to a margin of 11.5% compared 
with the 11.9% achieved the previous year. EBIT is predicted to 
amount to just under EUR 55 million (same period the previous year: 
EUR 55.4 million).
Q2/2007 developed as follows: sales totaled around EUR 292 million, 
compared with EUR 285.9 million for the same period the previous 
year. The adjusted operating result is down from EUR 42.7 million in 
the same period the previous year to just under EUR 39 million. Q2 
EBIT is forecast to amount to around EUR 34 million (same period the 
previous year: EUR 38.9 million).
The Q2 results are attributable in the main to the modest development
of the Custom Research and HealthCare divisions. The crisis hitting a
number of US motor manufacturers affected the Custom Research 
division in that syndicated business contracts were not extended. The
loss of these sales impacted in full on income. The repercussions 
have altered the margin structure of the Customer Research division 
and accounts for the fact that growth has fallen short of that 
recorded in previous comparable periods. In other areas, Custom 
Research is achieving healthy growth.
Due to the stagnation of market research budgets in the 
pharmaceutical industry in the North American, West European/Middle 
Eastern and African regions, the HealthCare division results are 
below expectation. In addition, there has been a change of management
in one of the GfK companies in England occasioned by the 
unsatisfactory level of development.
The Consumer Tracking and Media divisions have grown according to 
expectations and the Retail and Technology business is set to record 
markedly higher sales and operating results than anticipated.
The order position for the current year as a whole is good. The total
of order inventory, orders received and sales already invoiced is 
around 76.1%, which is 1.9 percentage points above the pro rata 
figure for six months in the previous year, when it was 74.2%.
The company believes that it is still on course to virtually achieve 
its targets for the year: sales growth of at least 5% and a margin 
(adjusted operating result) of up to 13.5%.
end of announcement                               euro adhoc 01.08.2007 07:58:55

Further inquiry note:

Bernhard Wolf
Tel. +49 (0)911 395-2012
E-Mail: bernhard.wolf@gfk.com

Branche: Consultancy Services
ISIN: DE0005875306
WKN: 587530
Index: SDAX
Börsen: Börse Frankfurt / official dealing/prime standard

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