Wolford AG — Earnings Release 2002

Jul 16, 2002

News Details

Ad-hoc | 16 July 2002 10:00

Wolford AG english

Press Release on 2001/02 Financial Year (1 May 01 – 30 April 02) of Wolford AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Press Release on 2001/02 Financial Year (1 May 01 – 30 April 02) of Wolford AG In Q4 01/02 the Wolford Group further improved its operating result. High one- off expenses for restructuring and impairment write-downs of EUR 4.2m on goodwill improve the starting position for FY 02/03. Group turnover FY 01/02: EUR 137.617m, being a decrease of 4% yoy. EU markets accounted for 68.6% of turnover. With a turnover share of 37.2%, Wolford boutiques for the first time passed multi-brand distribution, which generated 35.4% of turnover compared to the previous year’s 37.1%. As of 30 Apr 2002: 248 boutiques world-wide. Turnover at the 53 Wolford-owned boutiques increased by 4%. Unprofitable outlets were closed, new boutiques opened in top locations. Department store turnover was nearly unchanged on the year. In all product groups the trend-setter segments made growing contributions to turnover. E. g., trendy products in legwear generated a turnover share being 31% higher than last fiscal year, and in lingerie (bodyCULTURE) the expansion in turnover share was 92%. Legwear is the single largest product group, at 52% of sales (last year: 48%). Earnings figures: EBIT before restructuring and goodwill impairment: EUR 1.6m. EBITDA before restructuring: EUR 10.6m. Incl. non-recurring restructuring expenses and impairment losses on goodwill, EBIT in FY 01/02 was TEUR -2,469 and EBITDA was TEUR 7,748. EBT stood at TEUR -5,839. The net loss for the year was TEUR -4,597. Cash flow from operating activities was TEUR 4,059. The equity ratio in % of total assets rose from 34.2 to 38.8%. In FY 01/02 the company invested EUR 3.3m in markets and EUR 5.0 in tangible assets in Bregenz. The staff reduction led to a decrease of EUR 5.2m in personnel expenses to EUR 68.2m. The headcount at the balance sheet date in terms of full-time equivalents decreased from 1,892 to 1,693. In FY 02/03 Wolford is bringing a world novelty to market: INDIVIDUAL NATURE, the world’s finest bio-fibre. Launch of core products made with this fibre: 07/2002, supported by a global media campaign. Market opportunities for the innovations of FY 01/02 in the core business, e. g. Long Distance and Logic, remain intact for FY 02/03. Co-branding on world market under “Westwood for Wolford” will begin in Sept. A sweeping design drive is under way for FY 02/03. Program for improving operating profitability and, in the medium term, reducing debt. end of ad-hoc-announcement (c)DGAP 16.07.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Financial Calendar: Turnover First Quarter 2002/03 6 August 2002, Annual General Meeting in Bregenz, Austria 3 September 2002, Earnings First Quarter 2002/03 9 September 2002, Turnover First Half 2002/03 6 November 2002, Earnings First Half 2002/02 11 December 2002 Wolford on the Internet: http://www.wolford.com Shareholder Hotlines: investor@wolford.com Phone: 0043.5574.690.1250, 0043.5574.690.1213 Fax: 0043.5574.690.1410, 0043.5574.690.1219 ——————————————————————————– WKN: 083400; ISIN: AT0000834007; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München und Stuttgart 161000 Jul 02