CECONOMY AG - Earnings Release 2018

News Details

Ad-hoc | 18 September 2018 22:12

CECONOMY AG: Adjusted outlook for the financial year 2017/18

CECONOMY AG / Key word(s): Change in Forecast

CECONOMY AG: Adjusted outlook for the financial year 2017/18

18-Sep-2018 / 22:12 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

Due to the recent business development, CECONOMY AG (CECONOMY) adjusts its outlook for the financial year 2017/18 and now expects, not taking into account the earnings contributions from the investment in Fnac Darty S.A., an EBITDA between EUR680m and EUR710m (comparative previous-year figure: EUR714m before special items) and an EBIT between EUR460m and EUR490m (comparative previous-year figure: EUR494m before special items). This implies a reduction of the earnings expectation compared to the previously published outlook. In terms of EBITDA and EBIT, CECONOMY previously expected an increase in the low to mid single-digit percentage range.

For the financial year 2017/18 CECONOMY still expects a slight increase in total sales compared to the previous year and correspondingly a slight improvement in net working capital.

This adjusted outlook mainly results from the weaker than expected trading in Germany in the fourth quarter. The unusual hot weather in July and August led to significant sales and earnings pressure. Additionally, the speed of executing the strategic initiatives in Germany did not live up to our expectations.

The forecast is adjusted for exchange rate effects and before portfolio changes.

Financial ratios: Further background as regards the financial ratios referred to may be found on pages 49 to 52 of the financial report for the financial year 2016/17 published on the company’s homepage, accessible via the following link:

https://www.ceconomy.de/media/ceconomy_annnual_report_2016_17.pdf

Person making the notification: Sebastian Kauffmann, Vice President Investor Relations, CECONOMY AG

18-Sep-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

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Language:	English
Company:	CECONOMY AG
	Benrather Straße 18-20
	40213 Düsseldorf
	Germany
Phone:	+49 (0)211 5408-7223
Fax:	+49 (0)211 5408-7005
E-mail:	[email protected]
Internet:	www.ceconomy.de
ISIN:	DE0007257503, DE0007257537, Weitere: www.ceconomy.de/de/investor-relations/
WKN:	725750, 725753, Weitere: www.ceconomy.de/de/investor-relations/
Indices:	MDAX
Listed:	Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange