Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG

Earnings Release • May 3, 2001

News Details

Ad-hoc | 3 May 2001 20:21

Ad hoc-Service: Ludwig Beck am Rathauseck english

Ad hoc announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Quarterly report 1/2001: Slight increase in turnover in spite of difficult trading environment – The subsidiary is hampered by technical difficulties in the Internet shop – The planned group surplus for the year has been reduced as a result of an increased deficit on the part of the subsidiary. Munich, 03.05.01. The LUDWIG BECK Group (WKN 519 990) again succeeded in increasing its turnover slightly in the first quarter of 2001 amidst an increasingly dismal economic environment. Gross sales rose by 0.9 % to 42.2 (41.8) mill. DM. This puts LUDWIG BECK further above the rest of the industry, in which turnover has stagnated. Nevertheless, the targeted sales objective was not achieved. The hope that consumption would pick up did not materialize owing to high petrol prices and the expected increase in power consumption charges. Consumers have also been unsettled by the progress of the economy, as growth rates have meanwhile been revised downwards. At -0.9 (0.0) mill. DM the operating result was inside the anticipated range. This result includes the scheduled start-up losses of the subsidiary for the first time. Overall this produced a deficit for the year of 1.2 (0.3) mill. DM, which is also within the scheduled band. The board of LUDWIG BECK AG anticipates a growth in turnover for 2001 as a whole in spite of muted developments in the first quarter, although the area- adjusted growth target of 3% no longer seems achievable due to the decline in economic activity. In view of the cooling off of the economy the board has taken steps to reduce costs. The cost reduction programme is intended to ensure that the profits from ordinary business activity of the previous year in LUDWIG BECK AG of 11.0 mill. DM are repeated in spite of the dismal conditions. Technical difficulties in the Internet shop, which has had to be removed from the net meanwhile, will increase the deficit for the year in the subsidiary. Solutions are to be sought in discussions with those involved. This notwithstanding, the entire e-commerce investment will have to be value- adjusted. Handling costs will be deferred as necessary. Together with a deficit for the year from day-to-day operations of 0,6 mill. DM, an estimate of approx. 1.8 mill. DM is now being given for extraordinary expenses. This means that the 1.5 mill. DM deficit for the year in the subsidiary originally scheduled has now deteriorated to 2.4 mill. DM. This revised estimate of the deficit for the year in the subsidiary means that the scheduled group surplus for the year of 10.0 mill. DM no longer appears attainable. The board has therefore reduced the forecast group surplus to approximately 9.0 million DM. Contact: Lothar Fiss Investor Relations and Publicity Tel. (089) 236910, Fax (069) 23891-600 e-mail: lothar.fiss@ludwigbeck.de end of ad hoc announcement (c) DGAP 03.05.2001 ——————————————————————————– WKN: 519990; Index: SDax Listed: Amtlicher Handel in Frankfurt (SMAX) und München; Freiverkehr in Berlin, Düsseldorf, Hamburg, und Stuttgart 032021 Mai 01