euro adhoc: GARANT SCHUH + MODE AG
Restructuring measures impact on GARANT Group‘s annual results (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- Düsseldorf, April 23, 2004 - In Fiscal 2003 GARANT SCHUH + MODE AG boosted Group turnover to 179.5 m. euro, a rise of 52.9% on last year‘s figure (117.5 m. euro), following acquisition of SALAMANDER SCHUH GmbH. Under IAS, the Group‘s annual deficit now totals 14.1 m. euro (compared to last year‘s net earnings of 2.8 m. euro). Following adoption of the restructuring concept for SALAMANDER SCHUH GmbH, which was acquired on October 1, 2003, Group results were adversely affected by other one-off provisions of 18 m. euro and by further special bad-debt charges totalling 5.9 m. euro. Following conclusion of the restructuring phase GARANT is confident of achieving positive Group results in Fiscal 2004. The Annual Earnings Press Conference for Fiscal 2003 is scheduled on April 29, 2004. end of announcement euro adhoc 23.04.2004 --------------------------------------------------------------------- Further inquiry note: Jenny Bleilefens Investor Relations Telefon: +49(0)211-3386-311 Branche: Consumer Goods ISIN: DE0005853030 WKN: 585303 Index: CDAX, Classic All Share, Prime Standard Börsen: Börse Düsseldorf / official dealing Frankfurter Wertpapierbörse / official dealing Berliner Wertpapierbörse / free trade Bayerische Börse / free trade Hamburger Wertpapierbörse / free trade Bremer Wertpapierbörse (BWB) / free trade Baden-Württembergische Wertpapierbörse / free trade

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