Design Hotels AG
Design Hotels AG: Impairment write-down affects Results in 2012
Design Hotels AG / Key word(s): Change in Forecast Press Release January 21, 2013 Design Hotels AG: Impairment write-down affects Results in 2012 Berlin – The management and Supervisory Board of Design Hotels AG (m:access, München: LBA; ISIN: DE0005141006) have agreed on an impairment write-down in 2012 in the amount of approx. 400,000 Euros. The company anticipates that funds due on services rendered for a hotel development project will not be recoverable. The written-off receivables will be fully recognized in the Profit & Loss statement in 2012. Design Hotels AG will therefore not achieve its budgeted EBITDA results; instead EBITDA will amount to 100,000 Euros below the previous year. Other Key Performance Indicators will be affected accordingly. CEO Claus Sendlinger commented: 'Without the impairment write-down we would have exceeded our budgeted operational results for 2012. The year has been very successful and we managed to increase revenues in all our business units. Therefore, it is very regrettable that we need to adjust our results.'
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About Design Hotels www.designhotels.com, ISIN : DE0005141006, m:access Munich Stock Exchange (Regulated Unofficial Market) End of Corporate News 21.01.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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