Wünsche AG
Ad hoc-Service: Wünsche AG Wünsche AG
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5
Wünsche AG presents 1999 Annual Report:
Part 1
The era of the conglomerate has come to an end; capital
increase provides DM 87.3 million in new equity resources;
financial reorganisation completed; extraordinary factors
burden result; prerequisites for future growth fulfilled;
positive result expected in 2000.
Hamburg. 1999 was an eventful financial year for the
Wünsche Group. The concentration of activities on the
fashion and lifestyle sector marked the end of the era of
Wünsche as a conglomerate involved in numerous industries.
Moreover, the capital increase, which provided the Group
with DM 87.3 million in new equity resources, successfully
completed the process of financial reorganisation. Just
under half the capital increase was subscribed by outside
shareholders. The equity ratio at Wünsche AG has risen from
15% to 38% as a result.
Extraordinary factors totalling DM -34.7 million, which
essentially involved expenses related to the sale of Bau-
Verein zu Hamburg AG and Jean Pascale AG, led to a negative
Group result of DM -34.5 million (1998: DM -6.2 million)
for Wünsche AG in the 1999 financial year. The result
before extraordinary factors was however still in the black
at DM 1.8 million (1998: DM 2.5 million).
Following the sale of the holdings in Jean Pascale AG and
Bau-Verein zu Hamburg AG, the Wünsche Group achieved sales
totalling DM 518.4 million (1998 adjusted: DM 570.6
million) with its four subsidiaries – Joop! GmbH, Cinque
Modevertriebsgesellschaft mbH, Miles Handelsgesellschaft
International mbH and Jansen Textil GmbH.
Difficult financial year for JOOP!, Miles and Jansen
Strict brand management brought about major changes in
distribution at Joop! GmbH, in the process of which roughly
1,000 points of sale were abandoned. This move, in
combination with the change of licensee for women’s
outerwear and the postponement of the market launch of the
women’s perfume “rococo” to the year 2000, led to a
decrease in product sales to DM 517.0 million in 1999
(1998: DM 548.2 million). In contrast, the turnover of
Joop! GmbH, which essentially consists of income from
license agreements, remained stable. The result of Joop!
GmbH was below that of the previous year, the figures
particularly being affected by increased marketing
expenses.
Although business at Miles Handelsgesellschaft
International mbH suffered from highly aggressive price
competition in the past financial year, the textile trading
company largely managed to meet expectations. Compared to
the previous year, sales dropped from DM 369.0 million to
DM 327.5 million. While the sales level of the previous
year could not be maintained in the first half of 1999, it
did stabilise in the second half of the year. Despite the
difficult environment, Miles was successful in roughly
maintaining its margins, so the result was only slightly
below that of the previous year. The new Sportswear and
Young Fashion segments made very promising progress.
The switch of the corporate strategy from warehousing to
advance order business and a change in management triggered
a drop in sales at the Jansen Textil Group from DM 70.8
million in 1998 to DM 59.2 million in 1999. The result,
which was additionally affected by adjustments on stocks,
failed to live up to expectations.
Ende der Mitteilung
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