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BÖWE SYSTEC to record impairment charge in 2008 Consolidated
Financial Statements for North American subsidiary |
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Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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In preparing its Consolidated Financial Statements, BÖWE SYSTEC AG is
required under IAS 36 to perform impairment tests on a regular basis.
In BÖWE SYSTEC's Consolidated Financial Statements for 2008, the
impairment tests will result in an impairment charge of ¤33.5 million
on goodwill for the company's North American subsidiary BÖWE
BELL+HOWELL. The main reason for the impairment charge is an
unexpectedly strong decline in sales resulting from the current
economic crisis especially in the core market in the United States.
The impairment charge will reduce BÖWE SYSTEC's consolidated group
profit. But it will not affect the company's EBITDA or its liquidity.
Based on preliminary figures, the BÖWE Group expects its group sales
for the financial year 2008 to total ¤450 million and its EBITDA to
total ¤34 million. This contains non-recurring items with a negative
effect of around ¤7 million.
These figures are based on BÖWE SYSTEC AG's preliminary and unaudited
Consolidated Financial Statements and are therefore subject to
change.
Based on these figures, the BÖWE SYSTEC Management Board anticipates
that it would propose to the BÖWE SYSTEC Supervisory Board that the
company will not pay a dividend for the financial year 2008.
The annual report 2008 and the outlook for 2009 will be presented at
the press conference on April 8, 2009.
Augsburg, March 06, 2009
BÖWE SYSTEC AG
Board of Directors
--- End of Message ---
BÖWE SYSTEC AG
Investor Relations Werner-von-Siemens-Str. 1
Augsburg
WKN: 523970 ; ISIN: DE0005239701; Index: CDAX, CLASSIC All Share,
Prime All Share;
Listed: Freiverkehr in Börse Berlin, Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Düsseldorf, Prime Standard in Frankfurter
Wertpapierbörse,
Regulierter Markt in Bayerische Börse München, Regulierter Markt in
Frankfurter Wertpapierbörse; Copyright © Hugin AS 2009. All rights reserved.
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