Tous Actualités
Suivre
Abonner ESCADA AG

ESCADA AG

euro adhoc: ESCADA AG
quarterly or semiannual financial statement
ESCADA publishes half-year figures and decides on comprehensive structural optimizations leading to a significant loss after taxes for full fiscal year 2006/2007

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report
28.06.2007
Munich, June 28, 2007 - Over the first half of fiscal year 2006/2007 
(reporting date: October 31) the ESCADA Group increased sales and 
earnings slightly against the same period of last year recording a 
moderate business performance overall. Group revenues for the women´s
luxury fashion manufacturer were up by 3.7%, climbing from last 
year´s total for the period of 332.1 million Euro to 344.3 million 
Euro (currency adjusted: + 6.4%) At 37.6 million Euro, Group earnings
before interest, taxes, depreciation and amortization (EBITDA) were 
up by 1.9% on the previous year (36.9 million Euro). Half-year 
earnings after taxes and minority interests came to 9.3 million Euro.
Last year´s half-year loss of -3.0 million Euro had been considerably
affected by one-time expenses during the second quarter.
The Group recorded a sales plus of 10.7% for the second quarter of 
2006/2007, up from 165.4 million Euro in Q2 of 2005/2006 to 183.1 
million Euro in 2006/2007. At 16.0 million Euro, EBITDA was 
marginally below the figure of last year (Q2 2005/2006: 16.4 million 
Euro).
Looking ahead over the full fiscal year 2006/2007, the Board of 
Management reckons Group sales and consolidated EBITDA both to grow 
moderately in the single percentage point range against the prior 
year.
The Board of Management and the Supervisory Board have agreed on the 
implementation of a strategic program, called "ESCADA Excellence", 
for the years ahead in order to set the stage for accelerated growth 
and higher profitability. The program will concentrate on the 
following five strategic objectives: build up a strong and clear 
brand identity, create the accessories business, focus on core 
markets, rationalize the retail network and adjust the Group´s 
organization and structure to the strategic objectives.
Furthermore, ESCADA´s Board of Management has decided to execute 
structural optimizations in order to improve the Group´s efficiency. 
The measures relate to management of the retail network, the 
organizational improvement of the subsidiaries and to the closing of 
contractual liabilities.
These structural costs will come to around 35 million Euro and will 
affect the Income Statement of the Annual Financial Statement 
2006/2007. For the current fiscal year, the Board of Management 
furthermore estimates that the German company tax reform will have a 
negative effect on the Group as it will necessitate a re-valuation of
capitalized deferred taxes leading to a write-down of around 14 
million Euro. As a consequence of above two factors, the ESCADA Group
will complete fiscal year 2006/2007 with a loss after taxes of 
approximately 25 million Euro.
end of announcement                               euro adhoc 28.06.2007 07:04:53

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: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / official dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / official dealing

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