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

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
Impairment Charge
17.05.2010
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.
end of announcement                               euro adhoc

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
astrid.kuehn@zumtobel.com harald.albrecht@zumtobel.com

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

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