EANS-Adhoc: Hoeft & Wessel AG anticipates substantial loss for 2011
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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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annual report
10.02.2012
- Revaluations lead to non-recurring write-down
- New CEO will now lay the foundations for positive business development
- Return to positive earnings territory expected as early as 2012
Hannover/Germany, 10/02/2012. In the fourth quarter of 2011, the Hoeft & Wessel
Group did not match the previous year's good development. For this reason,
according to preliminary estimates, sales revenues in fiscal 2011 are expected
to decline to approx. EUR 88 million. Projects postponed until 2012 and lower
revenues than planned led to a negative operating result of approx. EUR -3,2
million before non-scheduled depreciation. No dividend can therefore be paid
out for the financial year 2011. In contrast, the operating cash flow will turn
out positive according to preliminary figures.
After business development for 2011 did not turn out satisfactory, with its new
CEO Michael Hoeft at the helm Hoeft & Wessel will now lay the foundations for a
sustainable, positive business trend for the following years.
In this context, revaluations essentially relating to balance sheet line items
such as capitalised company-produced additions to plant and equipment and
inventories in the Skeye segment led to a non-recurring write-down of approx.
EUR 4,5 million and will create the preconditions in accounting terms for
improved business results.
The founder and principal shareholder, Michael Hoeft, had recently returned to
the Board of Management, of which he is now the Chairman. Under his management,
thanks to new organisational structures for example the prerequisites are to be
created for a sustainable, profitable business development. These measures are
to already become effective during the current financial year; accordingly,
Hoeft & Wessel AG assumes it will generate in fiscal 2012 slightly higher sales
revenues than in the previous year and a moderately positive operating result.
Further inquiry note:
Arnd Fritzemeier
Tel.: +49-511-6102-300
E-Mail: IR@hoeft-wessel.com
end of announcement euro adhoc
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issuer: Höft & Wessel AG
Rotenburger Str. 20
D-30659 Hannover
phone: +49-511-6102-0
FAX: +49-511-6102-411
mail: ir@hoeft-wessel.com
WWW: http://www.hoeft-wessel.com
sector: Technology
ISIN: DE0006011000
indexes: Prime All Share, Technology All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English