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08 Nov 2007
Zapf Creation AG records restrained business development in the first nine months of 2007
Roedental, Germany, November 08, 2007 - Zapf Creation AG, Europe's leading manufacturer of play and functional dolls, recorded restrained business development in the first nine months of 2007. Consolidated sales during this period totaled EUR 57.6 million, down 17.9% on the figure for the same period in 2006 (EUR 70.2 million). Consolidated sales in the third quarter amounted to EUR 34.5 million compared with EUR 38.0 million in the prior-year period, a decrease of 9.2%.
Consolidated earnings before interest and taxes (EBIT), adjusted for restructuring costs and one-off expenses, broke even in spite of the dip in sales (Q1-Q3/2006: EUR 4.0 million). Adjusted EBIT increased from EUR 7.9 million to EUR 8.4 million in the third quarter. After deduction of earnings from discontinued operations - the U.S. business was wound up at the end of 2006 - the Group is reporting a net result for the first nine months of EUR -4.3 million as against EUR -5.1 million in the same period of the previous year.
Given the strong economic growth in Europe and the positive response from the industry as well as end customers to the new products for the important Christmas business, the Management Board is confident of further narrowing the decline in consolidated sales by the end of 2007 compared with the figure for September 30, 2007. Compared to 2006, the Management Board expects a mid single-digit drop in sales for the full year (sales in 2006: EUR 116.1 million).
The Group is continuing to aim for a substantial year-on-year improvement in consolidated earnings after taxes in 2007, although the Management Board expects earnings after taxes to remain slightly negative (2006: EUR -12.7 million).
Further information:
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Phone: +49 (0) 54 04 - 91 92 0
Fax: +49 (0) 54 04 - 91 92 29
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