EANS-News: D+S europe AG
Publication in accordance with Sect. 37 q Para. 2
Sentence 1 Securities Trading Act (WpHG)
Hamburg (euro adhoc) -
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The Deutsche Prüfstelle für Rechnungslegung e.V. (German Financial Reporting Enforcement Panel, DPR) asserted that the annual balance sheet, the consolidated financial statements as well as the group management report of D+S europe AG, Hamburg, as of December 31, 2007, were incorrect.
Consolidated financial statements 1. In the consolidated financial statements of D+S europe AG as of December 31, 2007 the capital reserves and the tax expenditure were reported in the amount of EUR 4.035 million too high and, thus, the annual group profit in the amount of EUR 4.035 million too low. The company recorded the effect from the reduction of the corporate tax reform in 2008 on deferred taxes on the liabilities side stemming from the acquisition of the Heycom in the shareholders` equity instead of the profit and loss account (IAS 12.47, 12.58, 12.60). 2. In the consolidated financial statements and in the group management report of D+S europe AG as of December 31, 2007 proceeds from stock option transactions in the amount of EUR 3.0 million were not commented sufficiently (Sect. 315 Para 1 Sentence 1 HGB, Sect. 342 Para 2 HGB, DRS 15 Tz 50 f., IAS 1.86). D+S europe AG and subsidiary Heycom GmbH sold with contracts as of December 19, 2007 call options on shares held in the portfolios to Silvertec GmbH, Munich, whose shareholder and executive director is a former member of the Supervisory Board of D+S europe AG. The options had a term of validity until January 15, 2010. On December 27, 2007 Silvertec as the options´ buyer waived irrevocably the exercise of the acquired options and, therefore, the option premium of EUR 3.0 million was collected with effect on the income statement. The group´s earnings before taxes increased due to that occurrence by EUR 3.0 million to EUR 25.3 million. It was not cognizable through the statement in the group management report and in the notes on the consolidated accounts that those proceeds stemmed from an occurrence which was to a great extent unusual.
Annual balance sheet In the annual balance sheet of D+S europe AG as of December 31, 2007 proceeds from option premiums in the amount of EUR 1.2 million were not recorded as extraordinary income and were not commented sufficiently in the notes (Sect. 277 Para 4 HGB). The company sold with contract as of December 19, 2007 a call option on shares held in the portfolio to Silvertec GmbH, Munich, whose shareholder and executive director is a former member of the Supervisory Board of D+S europe AG. The option had a term of validity until January 15, 2010. On December 27, 2007 Silvertec as the option´s buyer waived irrevocably the exercise of the acquired option and, therefore, the option premium of EUR 1.2 million was collected with effect on the income statement. The result of common business operations of D+S europe AG increased due to that occurrence by EUR 1.2 million to EUR 12.6 million.
end of announcement euro adhoc
Further inquiry note:
Investor Relations
Tel.: +49 (0)40 4114-3338
E-Mail: investor-relations@dseurope.ag
Branche: Advertising
ISIN: DE0005336804
WKN: 533680
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade