Arcandor AG
KarstadtQuelle: Supervisory Board approves re-orientation/Capital increase…
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Supervisory Board approves re-orientation
Capital increase resolved
Essen, September 27, 2004. The Supervisory Board of KarstadtQuelle AG at its
meeting today gave its approval to the programme drawn up by the Management
Board for the restructuring and re-orientation of the KarstadtQuelle Group.
The core of the programme is the refocusing of the group on its strengths and
core competences. In Over-the-counter retailing the focus is on a core
portfolio (4.5 bill. EUR of turnover) and the abandonment of the non-core
portfolio (0.7 bill. EUR of turnover). In Mail Order the repositioning of the
Quelle and Neckermann brands and promotion of the growth segments Specialty
mail-order, Foreign and E-commerce are to the fore. The Services sector will
concentrate consistently on retail-related services and accelerate their
expansion. To optimally realise the value-added potential of the real estate
portfolio, consideration is currently being given to decoupling real estate
operations from the retail business.
The re-orientation includes consistent portfolio streamlining, the abandonment
of marginal operations and outsourcing of subsidiary processes of the retail
business. The comprehensive programme of disinvestment with a currently
planned positive liquidity effect of 1.1 bill. EUR in 2004 and 2005 has
already been implemented in part. A further component of the re-orientation is
a package of valuation and restructuring measures. It will offset the current
year’s earnings non-recurrently by up to 1.4 bill. EUR. The management plans,
on the basis of the re-orientation, to achieve markedly positive earnings
(EBTA) as early as the 2005 financial year. A capital increase with an issue
volume of 500 mill. EUR is planned to strengthen the equity capital base and
further reduce net financial debt.
The Management Board
end of ad-hoc-announcement (c)DGAP 27.09.2004
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WKN: 627500; ISIN: DE0006275001; Index: MDAX
Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München und Stuttgart
272031 Sep 04
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