euro adhoc: ESCADA AG
Financial Figures/Balance Sheet
ESCADA Group closes 2006/2007 as expected with slightly declining sales and EBITDA

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@

Company Information


Munich, December 20, 2007 - As already forecasted in September, the ESCADA Group records slightly declining sales and operative earnings in fiscal year 2006/2007 (reporting date: October 31, 2007). According to preliminary figures, the manufacturer of women´s luxury fashion generated consolidated sales of 686.8 million Euros, some 1.2 % less than last year´s figure of 695.2 million Euros, while currency-adjusted sales were up by 1.0 %.

With a marginally higher gross profit margin but also a slightly higher cost ratio, the Group´s operative earnings before interest, taxes, depreciations and amortizations (EBITDA) came to 68.2 million Euros after last year´s total of 74.1 million Euros (-7.9%). The Group reports earnings after taxes and minority interests of -26.8 million Euros (2005/2006: 6.9 million Euros). In line with the announcement made after the first half year, this negative result includes one-time expenses of 39.9 million Euros for a number of structural optimizations and a 14 million Euros write-down on the new valuation of capitalized deferred taxes in the wake of the German corporate tax reform. Due to the net loss incurred for the year, the Board of Management will propose to the Supervisory Board to refrain from a dividend payment for fiscal year 2006/2007.

The ESCADA business unit generated sales of 461.8 million Euros in 2006/2007, a minus of 5.6% (2005/2006: 489.2 million Euros, currency adjusted: -2.4%). At 48.1 million Euros, EBITDA was 12.5% below the corresponding figure for last year (55.0 million Euros). The business unit PRIMERA (with the labels apriori, BiBA, cavita, Laurèl) reports revenues of 247.7 million Euro, a plus of 8.9% (2005/2006: 227.4 million Euros). PRIMERA´s EBITDA of 20.1 million Euros remained on the level of last year due to the extra costs for the expansion, mainly incurred at BiBA.

The Group´s net debt continued to fall in the reporting year, down by 21.7 million Euros, or 11.5%, from 188.7 million Euros as of October 31, 2006 to 167.0 million Euros per October 31, 2007. Year-on-year comparison per reporting dates shows that inventories were cut in line with strategy and went down by 11.0% from last year´s 102.4 million Euros to 91.1 million Euros.

Due to the ongoing restructuring program the Board of Management expects the new fiscal year 2007/2008 to be a year of transition, which is characterized by the implementation of the strategy program "ESCADA Excellence" that was launched in summer 2007. ESCADA´s target is therefore to see increases in the lower single-digit percentage range both for consolidated sales and Group EBITDA and to close out with a positive result after taxes.

@@start.t2@@end of announcement                                                 euro adhoc

ots Originaltext: ESCADA AG
Im Internet recherchierbar:

Further inquiry note:
Viona Brandt
Tel.: +49 (0)89 9944 1336

Branche: Clothing
ISIN:      DE0005692107
WKN:        569210
Index:    SDAX, CDAX, Classic All Share, Prime All Share
Börsen:  Börse Frankfurt / regulated dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse München / regulated dealing

Weitere Meldungen: ESCADA AG

Das könnte Sie auch interessieren: