Ad hoc: Höft & Wessel AG: Amortisation of goodwill relating to Metric - Operating resultswithin the company's expectations
08:40 13.02.09
Höft & Wessel AG / Misc. matters / Ad hoc: Amortisation of goodwill
relating to Metric - Operating results
within the company's expectations
Ad hoc announcement according to §15 WpHG processed and transmitted
by Hugin. The issuer is solely responsible for the content of this
announcement.
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Hanover, 13/02/2009. Following the complete amortisation of goodwill
of its UK subsidiary Metric Group Holdings Ltd., Hoeft & Wessel AG
(ISIN DE0006011000) has laid the foundations for its holding to
deliver a positive accounting track record in future.
Metric Group Holdings Ltd. was acquired in 1999, one year after Hoeft
& Wessel's IPO. The company's goodwill was capitalised in accordance
with the IFRS accounting principles and subjected to impairment
testing on a regular basis. This amortisation was occasioned by
recent, unforeseen declines in Metric's revenues in connection with
the ongoing economic crisis, particularly in its primary market in
the United Kingdom.
Within the scope of the annual impairment testing of its holdings,
instead of writing down a partial amount the Management Board of
Hoeft & Wessel AG decided to amortise Metric's entire goodwill in
accounting terms for fiscal 2008, amounting to 7.78 million euros.
This extraordinary impairment charge will not have any impact on the
liquidity of Hoeft & Wessel AG; its equity ratio remains high at
approximately 40 per cent.
For fiscal 2008, Hoeft & Wessel expects to have generated more than
98 million euros in turnover and EBITDA in excess of 9 million euros.
Operating results (EBIT), without taking account of the goodwill
amortisation, will be in the region of more than 4.0 million euros.
For the current financial year 2009, Hoeft & Wessel AG has forecast
similarly positive operating results.
The annual report 2008 and outlook for fiscal 2009 will be presented
at the financial press conference scheduled to be held on 31 March
2009.
Hoeft & Wessel AG
Investor Relations / Public Relations
Dr Arnd Fritzemeier
Rotenburger Strasse 20, D-30659 Hanover
Tel. +49.511.6102-300 IR@hoeft-wessel.com
Fax +49.511.6102-873 www.hoeft-wessel.com
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Höft & Wessel AG
Rotenburger Str. 20 Hannover Germany
WKN: 601100;
ISIN: DE0006011000; Index: Prime All Share, CDAX, TECH All Share;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in
Börse Berlin,
Freiverkehr in Börse Düsseldorf, Freiverkehr in Niedersächsische
Börse zu Hannover,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr
in Bayerische Börse München,
Freiverkehr in Börse Stuttgart, Regulierter Markt in Frankfurter
Wertpapierbörse;
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