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euro adhoc: GfK AG
Earnings Forecast
GfK exceeds forecast

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
21.02.2006
GfK is set to clearly exceed operating income forecast for the year
The GfK Group performed exceptionally well in financial year 2005. On
the basis of the preliminary key indicators currently available, the
Group achieved an increase of more than 39% in sales from 671.7
million euros to 935.0 million euros. EBIT after income from
participations was up by around 41.2% from 91.1 million euros in 2004
to 128.6 million euros. This means that, based on current data, GfK
will exceed its forecast of sales "in excess of 900 million euros" by
around 4.0%. EBIT after income from participations is set to exceed
the forecast of "more than 112.5 euros" by around 14.0%. Accordingly,
the margin will be 13.7% as opposed to the expected 12.5%. The
results take into account integration costs relating to NOP World
amounting to almost 16 million euros.
Accounting standards switched from US GAAP to IFRS
As announced, the GfK Group will publish its financial statements in
accordance with the IFRS accounting principles from 2005 onwards.
Unlike US GAAP accounting, which has been used to date, under IFRS,
various items are charged to expenses. These impact on the result of
128.6 million euros as follows: According to IFRS, intangible assets
are valued differently under the purchase price allocation method.
This results in amortization of 16.8 million euros. IFRS also
specifies the obligation to report expenses for employee stock
options in the income statement. For the 2005 financial statements,
this produces expenses amounting to 2.3 million euros. Exchange
differences resulting from foreign currency liabilities are not taken
into account. This results in expenses totaling 5.5 million euros.
EBIT including income from participations according to IFRS,
excluding the above items, amounts to around 104.0 million euros. As
scheduled, the GfK Group will publish the full preliminary results on
February 28, 2006.
end of announcement                               euro adhoc 21.02.2006 14:45:01

Further inquiry note:

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

Branche: Market research
ISIN: DE0005875306
WKN: 587530
Index: SDAX
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard

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