EANS-Adhoc: Zapf Creation AG
Development of the Zapf Creation Group's business
in 2009 impacted by sluggish demand for play and functional dolls
-------------------------------------------------------------------------------- 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. --------------------------------------------------------------------------------
Preliminary financial figures 2009
19.02.2010
Roedental, February 19, 2010 - The Zapf Creation Group today announced that it has accelerated its strategic development from a doll manufacturer to a provider of branded girls' toys in 2009. However, the development of revenue and earnings was adversely affected by the declining demand for dolls particularly in the important fourth quarter. According to preliminary figures, consolidated revenue in the 2009 financial year was EUR 78.8 million, down 24.5% from the previous year's figure of EUR 104.4 million.
Total operating expenses fell by 16.3% in 2009 compared to the previous year while finance costs decreased 26.1% year on year. The streamlined cost management was unable to fully offset the decline in revenue. Consolidated earnings before interest and taxes (EBIT) were EUR -3.4 million in 2009, down from EUR 1.3 million the previous year. This amount does not yet contain a possible payment obligation in the amount of EUR 0.9 million under a licensing agreement with MGA Entertainment, Inc. that has not yet taken effect. The consolidated net loss after taxes was EUR 9.0 million (2008: EUR 6.3 million). Adjusted for an extraordinary, non-cash effect from provisions for taxes related to the Group's Hong Kong subsidiary, the loss for the period in the financial year just ended was EUR 8.1 million.
The operating cash flow was positive in 2009, climbing significantly to EUR 8.6 million (2008: EUR 1.1 million).
The Zapf Creation Group will continue optimizing its structures and streamlining its cost management in 2010. The changes in the composition of the Management Board that were announced on January 29, 2010, ensure that the Group will be in a position to swiftly achieve additional efficiency gains. The Group also intends to further push the development of innovative girls' toys. Based on the positive response of retailers to the product innovations and the potential offered by the cooperation with the Disney Group, the Management Board is confident that the new products will noticeably stimulate business in 2010.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Katrin Kühnel
Telefon: +49 (0)9563-7251-513
E-Mail: katrin.kuehnel@zapf-creation.de
Branche: Consumer Goods
ISIN: DE0007806002
WKN: 780600
Index: MDAX, CDAX, Classic All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade
Original-Content von: Zapf Creation AG, übermittelt durch news aktuell