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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
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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
Further inquiry note:
Sebastian Wentzler
Head of Corporate Communication
Telefon: +49(0)40/696950-35
E-Mail: ir@thielert.com
end of announcement euro adhoc 26.03.2007 06:55:16
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emitter: Thielert AG
Helbingstraße 64-66
D-22047 Hamburg
phone: +49(0)40-696950-0
FAX: +49(0)40-696950-50
mail: info@thielert.com
WWW: http://www.thielert.com
ISIN: DE0006052079
indexes: SDAX, CDAX, Prime All Share, Classic All Share
stockmarkets: official dealing/prime standard: Frankfurter Wertpapierbörse, free
trade: Börse Berlin-Bremen, Hamburger Wertpapierbörse,
Baden-Württembergische Wertpapierbörse, Börse Düsseldorf,
Bayerische Börse
sector: Machine Manufacturing
language: English
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