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The information contained in these press releases and statements was accurate, in all material respects, at the time of issuance. However, Continental Aerospace Technologies GmbH assumes no obligation to update the information to reflect subsequent developments.
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Oct. 23, 2006
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Thielert: Reconciliation of the development of receivables
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Hamburg – Thielert AG instructed BDO Deutsche Warentreuhand AG with a reconciliation of the development of trade receivables of 2004 with company books. The reconciliation is now on hand signed by BDO. BDO came to the conclusion that €2.296m of the original €18.3m Euro trade receivables posted as of December 31, 2004 remain on the books list of up-to-date figures of October 20, 2006. It refers to the value after provisions and excluding percentage of completion* receivables. However, there has been a minor correction of €13k compared to the €2.309m published two weeks ago..
"We now concentrate on our growth goals. We are expecting an increase in sales compared to the previous year of 80 percent," says Frank Thielert, CEO of Thielert AG. Further development of engine installations in popular aircraft of general aviation and additional certifications are considerably expanding the market potential for jet fuel aircraft engines from the Centurion family. In addition, installations of the Centurion 4.0 350 HP engine into the first customer aircraft are pressed ahead. Also the company is looking forward to start moving into the new plant in Altenburg, Thueringa very soon. The next interim report will be available on November 13, 2006.
* In accordance with the so-called percentage of completion method prescribed by the International Financial Reporting Standards (IFRS), such products as have been ordered but are still unfinished are to be reported under accounts receivable, despite the fact that no invoice may have been issued yet and, as such, no payment can have been received.
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