Tipp24 AG: EBIT lower than expected due to non-recurring charges – operating business not burdened
Jul 24, 2007 8:57 AM
Tipp24 AG / Quarter Results/Preliminary Results Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Tipp24 AG succeeded in raising billings – mainly remitted stakes – by 18.9 percent to EUR 139.6 (117.4) million in the first half of the year. Revenues grew by 17.1 percent to EUR 18.0 (15.3) million. Earnings before interest and taxes (EBIT) were down by 21.6 percent to EUR 2.4 (3.0) million. The fall in EBIT was caused by non-recurring charges totalling EUR 1.9 million, which have no further impact on operating business. Consultancy charges of EUR 1.5 million for specific projects relating to the implementation of the Group’s acquisition strategy and incurred mainly in the previous year were capitalized in accordance with IFRS regulations. Against the backdrop of ongoing discussions in the regulatory environment, the respective projects have now been indefinitely postponed and the assets concerned have been reclassified with an effect on earnings. The reclassification has no effect on liquidity. There was also an additional personnel charge of EUR 350 thousand in the second quarter. Due to a positive one-off tax effect in the prior-year period and the above mentioned non-recurring charges, consolidated net profit fell by 54.2 percent to EUR 1.9 (4.2) million. DGAP 24.07.2007 ---------------------------------------------------------------------- Language: English Issuer: Tipp24 AG Straßenbahnring 11-13 20251 Hamburg Deutschland Phone: +49 (0)40 325533-0 Fax: +49 (0)40 325533-77 E-mail: office@tipp24.de Internet: www.tipp24-ag.de ISIN: DE0007847147 WKN: 784714 Indices: Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------