EANS-Adhoc: Zumtobel AG / Impairment charge to goodwill in FY 09/10

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Impairment Charge

17.05.2010

Ad hoc Press Release
Dornbirn, 17 May 2010

Results for the 2009/10 financial year
Zumtobel AG with impairment charges to goodwill in FY 2009/10

Dornbirn / Austria - In connection with the preparation of the annual
financial statements for the 2009/10 financial year ending on
30 April 2010, Zumtobel AG, which is headquartered in Dornbirn /
Vorarlberg, has tested goodwill and non- current assets for
impairment as required by International Financial Reporting
Standards (IAS 36).

The last two financial years were marked by the massive effects of
the most extensive global recession in more than 60 years. The
late cyclical lighting business of the Zumtobel Group was
particularly hard hit by these developments. Revenues and earnings
in the Lighting Segment were negatively influenced, above all, by
volume and price declines as well as substantial currency
transaction effects. Additionally, the Group´s mid-term planning
includes selective investments that will utilise its excellent
market positions to drive growth during the expected economic
recovery, but will only be reflected in earnings during later
periods. This backdrop and the current volatile conditions on
capital markets lead to the assumption that the Lighting Segment
will require time to bring earnings back to the pre-crisis level.

As a result of these events and their influence on the impairment
tests carried out at year-end based on mid-term planning, the
Zumtobel Group will recognise impairment charges of approx.
EUR 69 million to goodwill in the annual financial statements
for 2009/10. These impairment charges (IAS 36) will reduce earnings,
but not lead to any cash outflows. The charges are related
primarily to goodwill in the Thorn Lighting Group, which was acquired
in 2000.

In addition to this measure, the retrospective application of
IAS 21 (The Effects of Changes in Foreign Exchange Rates) will have
an impact on the annual financial statements for 2009/10. The
approx. 25% decline in the value of the British Pound versus the
Euro over the past three years will be reflected in a
currency-related adjustment of approx. EUR 24 million to goodwill,
which will be recognised directly in equity and not have any effects
on earnings.

Despite the impairment charges to goodwill and this
currency-related adjustment, the equity ratio will remain at a sound
level and is expected to equal roughly 35% as of 30 April 2010
(30 April 2009: 43.3%).

Optimism for 2010/11, positive long-term trend

The long-term outlook for the Zumtobel Group remains positive in
spite of these accounting measures. This optimism is supported by
the increasing stabilisation of the economic environment as well as
the growing demand for energy-efficient lighting systems. The
Management Board therefore expects an improvement in earnings
for the Zumtobel Group in the 2010/11 financial year.

The statements in this ad-hoc press release are subject to the
finalisation of the consolidated financial statements for 2009/10 and
the conclusion of the related audit. The complete annual financial
statements of the Zumtobel Group and the report by the auditor are
expected to be published on 28 June 2010.

end of announcement euro adhoc
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ots Originaltext: SEG Immo AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Pressekontakt Kontakt Investor Relations

Astrid Kühn-Ulrich Harald Albrecht

Head of Corp. Communications Head of Investor Relations

Tel. +43-(0)5572 509-1570 Tel. +43-(0)5572 509-1125

astrid.kuehn@zumtobel.com harald.albrecht@zumtobel.com

Branche: Technology
ISIN: AT0000837307
WKN:
Index: WBI, ATX Prime, ATX
Börsen: Wien / official market