Arcandor AG

  • WKN: 627500
  • ISIN: DE0006275001
  • Land: Germany

Nachricht vom 27.09.2004 | 20:31

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.

----- 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
----- 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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