Business
Update on Disposal of IBL AG
Update on Disposal of IBL AG.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1261D EKF Diagnostics Holdings PLC 11 May 2012 \n \n\n11 May 2012\n \nEKF Diagnostics Holdings plc\n(\"EKF\" or the \"Company\")\n \nUpdate on the Disposal of International Brand Licensing AG\n \nEKF Diagnostics Holdings plc (AIM: EKF) announces that, further to the announcement on 27 March 2012 regarding the disposal of its Swiss subsidiary, International Brand Licensing AG (\"IBL AG\"), in agreement with its auditors, it will pass accumulated translation differences relating to the disposal of IBL AG through its consolidated profit and loss account in the first half of 2012, in accordance with International Accounting Standard 21 as part of the profit on disposal. These amounts had previously been taken direct to reserves.\n \nThis accounting treatment will create a profit on the disposal of IBL AG of approximately £1.5 million.\n \nRichard Evans, Finance Director of EKF, commented:\n \n\"While it is pleasing to create a profit on the disposal of IBL AG, it is important to emphasise that this accounting entry will not affect Adjusted EBITDA, which we consider to be the most meaningful measure of EKF's financial performance. In addition, it will not affect consolidated net assets, or the Company's cash flow.\" \nEnquiries:\n \n\n\n\n\nEKF Diagnostics Holdings plc \n\n\nTel: 029 2071 0570\n\n\n\n\nRichard Evans, Finance Director\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCanaccord Genuity Limited\n\n\nTel: 020 7523 8000\n\n\n\n\nJamie Adams / Mark Dickenson / Lucy Tilley\n\n\n\n\n\n\n\n\n\n\n\n\nWalbrook PR Limited \n\n\nTel: 020 7933 8780\n\n\n\n\nPaul McManus\n\n\nMob: 07980 541 893 or [email protected]\n\n\n\n\nFiona Henson\n\n\nMob: 07886 335 992 or [email protected]\n\n\n\n\n\n\n\n\n\n \nAbout EKF Diagnostics Holdings plc\nEKF Diagnostics Holdings plc was formed in July 2010 following the acquisition of EKF-diagnostic GmbH for €14.32m and refocused its strategy to one of building a substantial point of care diagnostics business. As part of this strategy, the Group has integrated three further acquisitions, Quotient Diagnostics Limited (acquired in October 2010 for a maximum of £5.41m), Argutus Medical Limited (acquired in December 2010 for £2.18m) and Stanbio Laboratory L.P. (acquired in Jun...