euro adhoc: Thielert AG
Annual Reports
Thielert: New date for Publication of
Annual Results 2006
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Accounting and Audits
26.03.2007
Hamburg - Thielert AG will postpone the publication of the audited annual results 2006 from March 28, 2007 to April 13, 2007. This decision was necessary, because the company will now book development services in accordance with IAS 11.23, whereas until now these contracts have been booked in accordance with IAS 18.13 (multi-component contracts). The auditors are in full agreement with this opinion. As a result, more time is needed to carry out the necessary restatements.
Part of the revenues from development services, which were recorded in the income statement in 2006 within the framework of combined development and production supply contracts according to IAS 18.13, will now, following this decision, be recorded once full production runs begin. As a consequence, there will be a postponement of revenues and earnings from 2006 to 2007 and subsequent years. The company expects that this change in accounting will result in postponed revenues of approximately 12 million Euros from 2006 to 2007 and beyond. There will be a similar postponement of about 5 million Euros in pretax income. There will be no impact on operating cash flow.
Even taking this postponement into account, an increase in revenues of approximately 60 percent was achieved in 2006. The company sees no change in the operating success of its products and expects further growth of at least 50 percent in sales and earnings.
The management board
end of announcement euro adhoc 26.03.2007 06:55:16
Further inquiry note:
Sebastian Wentzler
Head of Corporate Communication
Telefon: +49(0)40/696950-35
E-Mail: ir@thielert.com
Branche: Machine Manufacturing
ISIN: DE0006052079
WKN: 605207
Index: SDAX, CDAX, Prime All Share, Classic All Share
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
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