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Deconsolidation profit from the sale of aap Biomaterials GmbH leads to an increase of 2016 EBITDA forecast for the group
Adjustment of 2016 EBITDA forecast for continued operation due to technical IFRS reporting requirements
Due to the sale of aap Biomaterials GmbH at the end of March 2016, the company is stated as a so called discontinued operation according to IFRS 5. Contrary to previously published interim financial statements, a clarification of the relevant reporting standard published at the end of 2015 requires transactions between affiliated group companies to be stated differently. This change in presentation leads to the fact that economic and legal services provided by the continued operation totalling EUR 0.4 million have to be presented consolidated. As a result these services are not being stated as income of the continued operation and at the same time are not being shown as expenses of the discontinued operation as well. Overall, this change in treatment leads to a shift in EBITDA from the continued to the discontinued operation.
Both effects mentioned before result in an EUR 4.1 million increase in EBITDA of the discontinued operation as at 30 June 2016 to a total of around EUR 24 million. As a result, aap adjusts its EBITDA forecast for the financial year 2016 as follows:
- EBITDA of the continued operation of between EUR -5.9 million and EUR -4.3 million (previously between EUR -5.5 million and EUR -3.9 million) due to technical IFRS reporting requirements for the continued and the discontinued operation
- EBITDA of the group (continued and discontinued operation including deconsolidation profit from the sale of aap Biomaterials GmbH) of between EUR 18.1 million and EUR 19.7 million (previously between EUR 14.1 million and EUR 15.7 million).
aap plans to publish the final results for the second quarter respectively the first half of financial year 2016 on 12 August 2016.
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