CHRIST Reports Preliminary Figures for 2009
Christ Water Technology AG reports that, following changes in the composition of its Management and Supervisory Boards in late 2009, the Company conducted an in-depth review of its financial position as at November 30th 2009 and December 31, 2009.
This effort included an entity-by-entity detailed review of assets and liabilities to ensure that the Company’s consolidated financial position as at those dates fairly reflect underlying realizable values of all assets, net of liabilities. The review included a thorough examination of working capital items, contracts in progress and long-lived assets (including intangible assets), taking into consideration all facts known as of those dates.
This work has led the Company to record adjustments in the three month period ending December 31, 2009, which, together with results of operations for the fourth quarter of fiscal 2009, amount to €-31.4 million. As a result, Shareholders’ Equity decreased from €36.9 million as at September 30, 2009 to €5.5 million as at December 31, 2009. The Company’s net debt stood at €22.4 million as at December 31, 2009.
Source: Ovivo Inc.