ZEAL Network SE: Successful reclaim of Spanish lottery tax withheld, impairment charge required for Geonomics investment

ZEAL Network SE / Key word(s): Miscellaneous
03.03.2016 18:29

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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MyLotto24 Ltd, a fully consolidated minority shareholding of ZEAL Network SE, has today received a refund of EUR 9.6 million from the Spanish Tax Authority. This refund related to lottery tax withheld at source on a large jackpot payout as communicated in our publication of 13 May 2015. The payout will have a corresponding positive impact on both Total Operating Performance and EBIT in ZEAL's consolidated income statement for the year ended 31 December 2015.

In addition, ZEAL has assessed the viability of the business plans of both Geonomics Global Games Limited and its subsidiary Geo24 UK Limited (together "Geo") and concluded that it no longer supports the carrying value of ZEAL's investment in Geo. As a result, a non-cash charge of EUR 19 million will be recorded in ZEAL's consolidated income statement for the year ended 31 December 2015. This charge will reduce net profit by the same amount. The residual carrying value of the Group's investments in Geo is EUR nil at 31 December 2015.

ZEAL intends to publish preliminary unaudited figures for the year ended 31 December 2015 in the near future.


03.03.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language:     English
Company:      ZEAL Network SE
              5 th Floor One New Change 
              EC4M 9AF London
              United Kingdom
Phone:        +44 (0)20 3739-7000
Fax:          +44 (0)20 3739-7099
E-mail:       office@zeal-network.co.uk
Internet:     www.zeal-network.co.uk
ISIN:         GB00BHD66J44
WKN:          TPP024  
Indices:      SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,               Stuttgart
 
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