d+s europe AG

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 Gerold Linzbach appointed new CEO/ Profit and loss forecast withdrawn

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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.

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ots Originaltext: d+s europe AG
Im Internet recherchierbar: http://www.presseportal.ch

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 Meldungen: d+s europe AG

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