HORNBACH Baumarkt AG — Earnings Release 2002

Aug 13, 2002

News Details

Ad-hoc | 13 August 2002 19:58

Hornbach Baumarkt AG english

Reduced earnings due to flood damage Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Bornheim/Pfalz, August 13, 2002 The current flooding in parts of Germany and Austria has led to extraordinary reductions in earnings. The HORNBACH DIY superstore with garden centre in Ansfelden near Linz in Upper Austria has been flooded and has had to be closed. The market is not expected to reopen for business for several weeks. The precise extent of the uninsured financial damage still remains to be determined. Initial estimates suggest that a reduction in earnings amounting to several million Euros can be expected. As a result of these developments the Board of Management has revised the earnings forecast issued at the end of the First Quarter downwards. In spite of successful sales developments, which go against trends in the sector, it is now considered unlikely to be possible entirely to compensate in the coming months for the low earnings seen in the First Quarter due to the economic climate. The result from ordinary business activities is therefore not expected to reach that of the previous year (EUR 43.6m). In the first five months of the current fiscal year (i.e. up to and including July 2002) it was possible to increase net sales by 10.7% to approx. EUR 717m. Accumulated sales improved by 1.7% on a like-for-like sales space basis. end of ad-hoc-announcement (c)DGAP 13.08.2002 ——————————————————————————– WKN: 608440; ISIN: DE0006084403; Index: Listed: Amtlicher Markt in Frankfurt (SMAX); Freiverkehr in Berlin, Bremen, Hamburg und Stuttgart 131958 Aug 02