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17.11.2004 – 21:10


euro adhoc: GfK AG
Quarterly or Semiannual Financial Statements / GfK nine-month results outperform total results for 2003

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The GfK Group has continued its successful path of the first six months into the third quarter. The target sales figure was EUR 487.1 million, which is 13 per cent more than that of the same period in the previous year. Rising by 24.5 per cent to EUR 58.3 million, EBIT after income from participations once again increased at a significantly higher rate than sales. At 12 per cent, the sales margin remained a good percentage point above the previous year. Consolidated total income rose to EUR 34.6 million with the result that after nine month it was already greater than that of the previous year as a whole (EUR 33.3 million).

Income from participations amounted to EUR 3.6 million (previous year, EUR 4.4 million). Not taking into account the additional profit arising from the EUR 1.6 million sale of the share in the company Centrum in the Netherlands, the increase in income from participations stood at EUR 0.8 million. At EUR 16.1 million, depreciations were somewhat lower than those of the previous year (EUR 18.1 million).

With a drop of EUR 1.7 million, net interest income was lower than that of the same period of the previous year (EUR -1.2 million). At EUR 2.2 million, net other financial income increased significantly year on year (previous year, EUR 0.01 million). This is particularly attributable to the capital gained from the sale of subsidiaries of the bwv Group, Switzerland.

Taxes on income and revenue mounted to EUR 20.1 million (previous year, EUR 17.1 million). At 34.2 per cent, the taxation ratio was clearly lower than the previous year’s value of 37.5 per cent. The lower taxation ratio was partly due to high profit contributions from countries with lower tax burdens. It was also due to the fact that the corporation taxation rate in Germany was 1.5 percentage points lower than in the previous year because of the end of the flood victim solidarity charge at the end of 2003. In addition, legal integration of GfK’s USA-based companies has tax advantages.

GfK has experienced a very successful year to date. Growth achieved in the third quarter has boosted this success and GfK has confirmed the increase in its forecasts made in the first half-year for financial year 2004. GfK has added a statement regarding consolidated total income after minority interests to the outlook. Sales for the year as a whole are expected to rise by almost 11 per cent  and will certainly reach at least EUR 660 million, including sales of companies acquired during the course of the current financial year. GfK is also expecting to attain EBIT after income from participations of at least EUR 82 million. Based on sales, the margin is set to amount to approx. 12.5 per cent. It is anticipated that consolidated total income after minority interests will rise to approx. EUR 50 million, which is a total increase of 50 per cent on the year. It also clearly exceeds the predicted group profit figures forecast by analysts, which have been averaging EUR 43.6 million.

Third quarter report:

end of announcement                                euro adhoc 17.11.2004 20:32:00

Further inquiry note: Bernhard Wolf Tel.: +49 (0) 911 395 2012 E-Mail:

Branche: Consultancy Services
ISIN:      DE0005875306
WKN:        587530
Index:    SDAX, Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen:  Frankfurter Wertpapierbörse / official dealing

Original content of: GfK SE, transmitted by news aktuell