Arcandor AG

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

Nachricht vom 14.07.2005 | 14:57

KarstadtQuelle: Review in Mail order concluded - forecasts for 2005 lowered


Ad hoc announcement §15 WpHG

Review and forecast adjustment

KarstadtQuelle: Review in Mail order concluded - forecasts for 2005 lowered

Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.

--- KarstadtQuelle concludes review in Mail order - forecasts for 2005 financial year lowered Essen, 14 July 2005. The KarstadtQuelle group has concluded the review of its Mail order division. According to this, the main sales contributor in Mail order, Universal mail order in Germany, will not reach its targets in the current financial year. The Over-the-counter retail, Services and Real estate divisions, however, will achieve or slightly exceed their targets. As a consequence, the KarstadtQuelle group is lowering its sales and results forecast for the current financial year. It is now anticipated that group sales will decrease by a mid single-digit percentage amount in comparison with the 2004 financial year and thus be situated in the upper regions of the sales forecast published previously. The earnings forecast (adjusted EBITDA) is being reduced from the previous figure of over EUR500m to a figure of over EUR350m. Following the review, the group has launched a comprehensive package of measures to increase the speed of restructuring in the German Universal mail order business. The key points of this are better brand positioning, the reduction of complexity in the business system and considerable cost cutting measures. The objective is to compensate for the deviation from the targets that has occurred in the 2005 financial year via these strategic measures gradually over the coming years. A review of the financial covenants for the syndicated bank loan of EUR1.75 bill. concluded that observance of the covenants will not be impacted by the alteration of the EBITDA target. Essen, 14.07.2005 The Management Board KARSTADT QUELLE AG Theodor-Althoff-Straße 2 45133 Essen Deutschland ISIN: DE0006275001 (MDAX) WKN: 627500 Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart End of ad hoc announcement (c)DGAP 14.07.2005 141457 Jul 05

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