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ESCADA AG

euro adhoc: ESCADA AG
Quarterly or Semiannual Financial Statements / ESCADA third-quarter earnings impacted by one-time effects - EUR 60 million in cost reductions decided (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Aschheim/Munich, September 26, 2003 - The ESCADA Group’s
third-quarter earnings performance was impacted by foreign currency
effects and significant one-time charges. 3Q03 group sales of the
luxury goods manufacturer amounted to EUR 139.6 million (3Q02: EUR
161,1 million), down 2.2% after adjustments for deconsolidation and
foreign currency effects. Earnings before interest, taxes,
depreciation and amortization (EBITDA) amounted to EUR 0.7 million
(3Q02: EUR 7.6 million). This figure does not include one-time
effects of minus EUR 11.1 million. Moreover, the devaluation of the
non-consolidated interest in Féraud GmbH, at EUR 17.6 million,
negatively impacted the financial result. The Group therefore is
reporting negative net income after taxes for the third quarter of
EUR -44.2 million (3Q02: EUR -2.8 million). 
Group sales for the first nine months of 2002/2003 were EUR 446.3
million (9M02: EUR 571.6 million), down 5.9% after adjustments for
deconsolidation and foreign currency effects. EBITDA before one-time
effects amounted to EUR 9.8 million (9M02: EUR 41.5 million). Net
result amounted to EUR -51.5 million (9M02: EUR 3.5 million). 
The Board of Management has decided upon a far-reaching restructuring
program intended to reduce structural costs in the Group by EUR 60
million, so that the Group can operate profitably over time at the
current level of sales. About two-thirds of these cost reductions
should be realized as early as 2003/2004. This restructuring will
lead to one-time costs of EUR 25 to 30 million. For the fourth
quarter, the Board of Management expects a clear improvement in the
operating result and therefore a positive EBITDA of well into the
double-digit millions. But the consolidated net income for the Group
will be additionally reduced by the provisions for restructuring
costs. This means that the consolidated net loss for the full year
will exceed that for the first nine months of the year and will
likely be a figure in the mid-range double-digit millions.
end of announcement        euro adhoc 26.09.2003

Further inquiry note:

Viona Brandt
Tel.: +49 (0)89 9944 1336
E-Mail: viona.brandt@de.escada.com

Branche: Clothing
ISIN: DE0005692107
WKN: 569210
Index: CDAX, Classic All Share, Prime All Share, Prime Standard, SDAX
Börsen: Berliner Wertpapierbörse / official dealing
Bayerische Börse / official dealing
Frankfurter Wertpapierbörse / official dealing
Bremer Wertpapierbörse (BWB) / regulated dealing
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

Plus de actualités: ESCADA AG
Plus de actualités: ESCADA AG