euro adhoc: Financial Figures/Balance Sheet
Zapf Creation AG: Supervisory
Board adopts annual financial statements for 2006 upon receiving unqualified
auditor's opinion
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
annual report
01.10.2007
Roedental, Germany, October 1, 2007 - The Supervisory Board of Zapf Creation AG, Europe's leading manufacturer of play and functional dolls, today adopted the company's annual financial statements for the 2006 financial year. Previously, KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft, Nuremberg, Germany, had issued an unqualified auditor's opinion for Zapf Creation's annual financial statements and consolidated financial statements for 2006. The company intends to publish its 2006 annual report later this week.
According to the audited financial statements, the Zapf Creation Group reports a net result for 2006 (result after taxes) of EUR -12.7 million (previous year: EUR -27.7 million). The difference compared to the preliminary result of EUR -11.3 million for the 2006 financial year that was announced on March 8, 2007, is due to expenses arising from a tax audit of the period from 1999 through 2002, which has been completed in the meantime, as well as allowances for receivables related to the company's US activities, which were discontinued as of the end of 2006. Consolidated earnings before interest and taxes (EBIT), adjusted for restructuring costs and one-off expenses, improved from EUR -6.2 million to EUR 5.4 million. Consolidated sales were EUR 116.1 million, down four percent from EUR 120.7 million in 2005.
The Management Board now aims to rapidly implement the Group's long-term financing structure that was agreed to on July 20, 2007. It provides for a new syndicated loan of EUR 65 million, as well as an equity contribution of EUR 30 million that is guaranteed by some of the company's major shareholders. The syndicate extended its initial deadline for this equity contribution from October 31, 2007, to November 30, 2007. Simultaneously, the previous syndicate agreed to extend the grace period for repayment of the extant syndicated loan of EUR 45 million from October 31, 2007, to November 30, 2007. Plans are to raise equity by issuing 3.2 million new shares under the extant authorized capital; shareholders will be able to exercise their subscription right. Additional details regarding the capital increase will be announced shortly.
end of announcement euro adhoc 01.10.2007 22:24:31
Further inquiry note:
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Phone: + 49 54 04 91 92 0
Fax: + 49 54 04 91 92 29
Branche: Consumer Goods
ISIN: DE0007806002
WKN: 780600
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / official dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade
Börse München / free trade