EANS-Adhoc: Zumtobel AG
Impairment charge to goodwill in FY 09/10

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Impairment Charge


Ad hoc Press Release Dornbirn, 17 May 2010

Results for the 2009/10 financial year Zumtobel AG with impairment charges to goodwill in FY 2009/10

Dornbirn / Austria - In connection with the preparation of the annual financial statements for the 2009/10 financial year ending on 30 April 2010, Zumtobel  AG, which is headquartered in Dornbirn / Vorarlberg, has tested  goodwill  and  non- current assets for impairment as required by International  Financial  Reporting Standards (IAS 36).

The last two financial years were marked by the  massive  effects  of the  most extensive global recession in more than 60 years.  The   late  cyclical  lighting business of the Zumtobel Group was particularly hard hit by these  developments. Revenues and earnings in the Lighting Segment were negatively influenced,  above all, by volume and price declines as well as  substantial  currency   transaction effects.  Additionally,  the  Group´s  mid-term  planning includes    selective investments that will utilise its excellent market  positions  to  drive  growth during the expected economic recovery, but will only be  reflected  in  earnings during later periods. This backdrop  and  the  current  volatile  conditions  on capital markets lead to the assumption that the Lighting  Segment   will  require time to bring earnings back to the pre-crisis level.

As a result of these events and their influence on the impairment tests  carried out at year-end based on mid-term planning, the Zumtobel  Group  will  recognise impairment  charges  of  approx.   EUR 69 million  to  goodwill  in  the    annual financial statements for 2009/10. These impairment charges (IAS 36) will  reduce earnings, but not lead to any cash outflows. The charges are  related   primarily to goodwill in the Thorn Lighting Group, which was acquired in 2000.

In addition to this measure,  the  retrospective  application  of   IAS  21  (The Effects of Changes in Foreign Exchange Rates) will have an impact on the  annual financial statements for 2009/10. The approx. 25% decline in the  value  of  the British Pound versus the Euro over the past three years will be reflected  in  a currency-related adjustment of approx. EUR 24 million to  goodwill,   which  will be recognised directly in equity and not have any effects on earnings.

Despite  the  impairment  charges  to    goodwill    and    this     currency-related adjustment, the equity ratio will remain at a sound level  and  is  expected  to equal roughly 35% as of 30 April 2010 (30 April 2009: 43.3%).

Optimism for 2010/11, positive long-term trend

The long-term outlook for the Zumtobel Group remains positive in spite of  these accounting measures. This optimism is supported by the increasing  stabilisation of the economic environment as well as the growing demand  for  energy-efficient lighting systems. The Management  Board  therefore  expects  an  improvement  in earnings for the Zumtobel Group in the 2010/11 financial year.

The statements in this ad-hoc press release are subject to the finalisation of the consolidated financial statements for 2009/10 and the conclusion of the related audit. The complete annual financial statements of the Zumtobel Group and the report by the auditor are expected to be published on 28 June 2010.

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ots Originaltext: SEG Immo AG
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Further inquiry note:
Pressekontakt                                         Kontakt Investor Relations
Astrid Kühn-Ulrich                                 Harald Albrecht
Head of Corp. Communications                 Head of Investor Relations
Tel. +43-(0)5572 509-1570                      Tel. +43-(0)5572 509-1125            

Branche: Technology
ISIN:      AT0000837307
Index:    WBI, ATX Prime, ATX
Börsen:  Wien / official market

Weitere Meldungen: SEG Immo AG

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