Kamps AG
Kamps AG: Debts and losses slashed in 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Debts and losses slashed in 2003
Düsseldorf, March 5, 2004 Today Kamps AG published provisional figures
for the 2003 financial year: In a weak consumer climate, the business volume
was stabilised. On a comparable basis, i.e. without the contribution to sales of
the shareholding in Harry’s, which was sold on September 30, 2003, the Group
recorded net sales of EUR 1,486.8 million (2002: EUR 1,479.7 million). Including
the nine months of Harry’s sales for 2003, Group net sales in 2003 totalled EUR
1,679.6 million (2002: EUR 1,728.8 million). The net loss for the year was cut
to EUR 33.3 million from EUR 126.8 million in 2002. The sale of its shareholding
in Harry’s for EUR 300 million enabled Kamps AG to completely repay its bank
loans and reduce its gross debt to EUR 578.7 million (2002: 841.5 million) now
mainly consisting of bonds. Thanks to this move, Kamps has regained the
financial flexibility it needs to implement the Group’s transformation programme
which was presented in November 2003 and which includes investments of up to
EUR 300 million in the next few years. As a reaction to Kamps’ reduced debt, the
rating agency Fitch changed in February 2004 the BB credit rating’s outlook to
“positive”. This year’s press conference for the 2003 results will be held on
April 27th, 2004.
Business governed by consumers’ price awareness
The fall in consumer spending in 2003 impacted on the company’s sales structure
and margins as demand shifted to retail bakery goods and discount articles. On a
comparable basis Kamps Retail Bakeries increased sales by 2% to EUR 1,219.0
million (2002: EUR 1,195.5 million). Sales of the Kamps Bakeries reached EUR
246.7 million (2002: EUR 264.4 million) in Germany and the Netherlands with
traditional craft bakery goods. The segment Others provided sales of EUR 21.1
million (2002: EUR 19.8 million).
Sharp improvement in results
In the absence of special balance-sheet clean-up expenses which were incurred in
2002 and thanks to strict cost management, EBIT increased substantially to EUR
52.8 million in 2003 (2002: EUR 22.2 million). Interest expenses were also well
down thanks to better financing conditions. Overall, the Kamps Group managed to
slash its net loss from EUR 126.8 million in 2002 to EUR 33.3 million.
Systematically implementing transformation process
Kamps anticipates no fundamental change in market trends in 2004 and will be
concentrating on implementing the transformation projects. Revitalisation of the
Golden Toast and Lieken Urkorn brands has been initiated. Lieken Urkorn has
already been relaunched with the new-look products on the supermarket shelves
since the beginning of the year. Initial investments to streamline and modernise
the production infrastructure are planned so the company can counteract
pressure on margins by increasing productivity. In the craft bakeries segment,
Kamps is taking action on the selling side: The portfolio of locations is being
optimised, the shops revamped and new ranges tested to make the bakeries more
attractive.
Company profile
Kamps is the leading producer of bakery goods in Germany and the Netherlands.
The company supplies food retailers with the “Golden Toast” and “Lieken Urkorn”
brands, private labels and bake-off products. Consumers buy fresh, traditionally
baked articles directly from the 1,900 bakery shops in the Group. Kamps is a
member of the Italian Barilla Group, the international market leader for pasta
and bakery goods.
Contact:
Kamps AG
Press department
Christina Stylianou
Tel. +49(0)211/530634-435
E-mail: christina.stylianou@kamps.de
Profit and loss statement Kamps Group
In Euro mn 2003 * 2002
P&L
Net Sales 1,679.6 1,728.8
Cost of goods sold -1,002,5 -1,010,3
Selling expenses -614.0 -640.3
Administration expenses -64.7 -72.8
Other operating income/expenses 69.8 50.1
Amortization -15.4 -32.7
Depreciation on financial assets 0.0 -0.6
Operating result (EBIT) 52.8 22.2
Interest result -54.2 -63.4
Extraordinary result -22.6 -57.4
Taxes -8.5 -27.3
Partial transfer of profits -0.8 -0.9
Net loss -33.3 -126.8
* including 9 months of Harry’s sales
end of ad-hoc-announcement (c)DGAP 05.03.2004
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WKN: 628060; ISIN: DE0006280605; Index:
Listed: Amtlicher Markt in Düsseldorf und Frankfurt (General Standard);
Freiverkehr in Berlin-Bremen, Hamburg, Hannover, München und Stuttgart
050730 Mär 04
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