Wolford AG — Earnings Release 2003

Mar 13, 2003

News Details

Ad-hoc | 13 March 2003 08:30

Wolford AG english

Wolford AG earnings continue to improve Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– PRESS RELEASE 13 March 2003 Profitable despite decrease in turnover Rationalisation and cost optimisation bear fruit Cautiously optimistic for full financial year Positive third-quarter earnings before tax Despite a turnover decline of 6.6% (to EUR 98.8 million versus EUR 105.9 million in the first three quarters of the previous year), Austria’s Wolford AG delivered a positive result and enhanced earnings quality. Consolidated EBITDA was boosted by 24.4% from EUR 6.8 million to EUR 8.4 million. The operating result (EBIT) grew from EUR 0.0 million in the prior-year period to EUR 2.6 million for the first three quarters of 2002/03. This translates to an EBIT margin of 2.7%. The third quarter’s large contribution to this improvement is illustrated by the EBIT margin for the first half of this financial year, which was 1.3%. Earnings before tax (EBT) have turned positive, with a profit of EUR 1.1 million versus an earlier loss of EUR 2.8 million. Net profit for the period reached EUR 0.7 million compared to a negative EUR 2.7 million in the prior- year period. Earnings per share, at 14 cents, were also positive. A particularly impressive achievement was the increase in cash flow from operating activities, which was lifted by EUR 8.1 million to EUR 6.5 million by optimising the working capital. The equity ratio as of 31 January 2003 was 41.7%, an improvement of 4.2 percentage points on one year earlier. For the full year to 30 April 2003 the Managing Board expects a positive result at EBIT level. The fourth quarter is typically a seasonally weaker period for Wolford. In the current financial year as a whole, the turnover contraction should remain within the range of about 7% seen to date; however, the geopolitical and economic uncertainties at present do not allow a definite forecast. Financial Calendar: 8th May 2003 Turnover Statement of FY 2002/2003, 16th July 2003 Press Conference on Balance of FY 2002/2003. Contacts: Fritz Humer, Chief Executive Officer, Tel: +43 5574/690 Ext. 1250, Peter Simma, Chief Financial Officer, Tel: +43 5574/690 Ext. 1213, sipe@wolford.com, Wolford AG, Wolfordstraße 1, A-6901 Bregenz, Austria. The detailed quarterly report is available at http://www.wolford.com. The figures given above are unaudited. end of ad-hoc-announcement (c)DGAP 13.03.2003 ——————————————————————————– WKN: 083400; ISIN: AT0000834007; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München und Stuttgart 130830 Mär 03