Wolford AG — Earnings Release 2002

Dec 11, 2002

News Details

Ad-hoc | 11 December 2002 08:29

Wolford AG english

Wolford AG: Results for first half of financial year 2002/2003 (1.5.-31.10.02) Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Turnaround on track, further profitability improvement, trend-setter products growing, Wolford Sporteve launch S/S 2003. The Wolford Group achieved consolidated turnover of EUR 61.7 million, down 7% on 1H01/02. Compared to 1H01/02, cost of materials and services was down EUR 3.8 million. Downsizing reduced labour costs in 1H02/03 by EUR 4.4 million yoy. Meanwhile, investment in employee training was expanded. Wolford’s parent facility employs 100 graduates of technical high schools and 49 craft apprentices. Amortisation and depreciation decreased by EUR 0.5 million yoy as a result of the lower capital expenditure. The cost control measures reduced other operating expenses by EUR 2.4 million yoy. Compared to 1H01/02, EBITDA increased by EUR 2.8 million to EUR 4.8 million (up 143%). EBIT grew by EUR 3.3 million to EUR 0.8 million as of 31 October 2002 (year earlier: EUR -2.5 million). The financial result improved by EUR 1.5 million year on year. EBT in 1H02/03 was EUR -0.3 million, and includes restructuring costs of EUR 0.4 million. In 1H02/03, cash flow from the result increased by EUR 3.1 million yoy to EUR 3.8 million. Net indebtedness eased by 13.9% yoy or EUR 8.0 million. Outlook for 2H02/03 (1 November 2002 to 30 April 2003): The Wolford Group sees consumer spending weakening further on world markets Double-digit growth in advance orders for the spring/summer 2003 collection confirms product acceptance and confidence of distribution partners. Despite this positive sign, the overall trend in turnover will be determined by the quick-delivery business, which remains difficult to forecast. Wolford expects continued growth in demand for trend-setting products. This opportunity is being seized through intensified R&D in order to force the pace of innovation further. Additional distribution channels could be opened up as a result. Continuation see explanatory remarks, Shareholder Letter incl. Balance Sheet and Profit and Loss Account see homepage end of ad-hoc-announcement (c)DGAP 11.12.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Vivienne Westwood: The good market acceptance in 1H02/03 augurs well for the results of the continued collaboration in 2H02/03. The first sport collection from Wolford will reach retail shelves in the spring of 2003. Several years of development by the technical and creative teams have culminated in a functional product line that combines a unique mix of yarns, eye-catching shapes and designs, and new knitting technology (A.C.T. Activating Comfort Textile). The collection comprises 13 largely seamless models. The persistent restructuring will yield further cost reductions. IAS figures in EUR million: first half 2002/03 (first half 2001/02): Turnover 61.74 (66.67), EBITDA 4.79 (1.97), amortisation and depreciation 3.99 (4.51), EBIT 0.80 (-2.54), EBIT margin in % of total output 1.31 (-3.70), financial result -1.14 (-2.65), EBT -0.34 (-5.19), interim net loss -0.30 (-4.03), interim net loss per share in EUR -0.06 (-0.85), cash flow from result 3.80 (0.74), capital expenditure 2.26 (5.68), employees including apprentices: full-time equivalents 1,599 (1,880), individuals 1,736 (2,010), shareholders’ equity 61.05 (62.22), 30 April 2002: 60.97, equity in % of total assets 38.41 (35.24), 30 April 2002: 38.83, net debt 49.83 (57.84), 30 April 2002: 46.26. Financial calendar: 7 February 2003: turnover third quarter 2002/03, 13 March 2003: full results third quarter 2002/03, 8 May 2003: turnover financial year 2002/03. Internet: http://www.wolford.com, shareholder hotlines: investor@wolford.com, phone 0043.5574.690.1250, 1213, fax 0043.5574.690.1410, 1219. ——————————————————————————– WKN: 083400; ISIN: AT0000834007; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München und Stuttgart 110829 Dez 02