Kamps AG
Kamps AG english

Kamps AG – Financial results First Half 2003 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Düsseldorf/Germany, August 26, 2003 Kamps continues to hold its ground in difficult market conditions Despite the ongoing weak consumer climate, Kamps AG, the leading European bread and bakery goods company belonging to the Barilla Group, has increased net sales in the first half of 2003 by 1.9 percent to EUR 864.4mn (2002: EUR 848.3mn). Sales growth in the retail sector more than compensated lower sales in the Kamps bakery shops. Net sales with pre-packaged goods rose 3.3 percent to EUR 729.6mn (2002: EUR 706.0mn), while net sales in the craft bakeries division decreased by 6.4 percent to EUR 124.2mn (2002: EUR 132.7mn). Operating profit stable / Net loss substantially reduced Despite difficult market conditions, EBIT improved slightly to EUR 31.3mn compared to EUR 30.3mn in the previous year due to a lower amortization charge. The improvement in interest expense to EUR -28.7mn (2002: EUR -30.5mn) resulted mainly from more favourable credit terms. The non-recurrence of last years extraordinary costs in connection with the refinancing of the Group and the takeover by Barilla led to a substantially reduced net loss of EUR -4.4mn (2002: EUR -35.4mn). Net debt of EUR 799.3mn was only marginally higher than the comparable figure as of December 31, 2002 (EUR 793.2mn). Sale of 49% shareholding in Harrys for EUR 300mn at year-end accelerates debt reduction and consolidation In July 2003, Kamps AG has reached a financing agreement with the majority shareholders for the exercise of the call option over the remaining 51 percent shareholding in Harrys held by Artal Holland B.V.. Following the exercise of the option the acquisition of this shareholding by Barilla, which was originally planned for year-end 2003, was brought forward to the end of July 2003. Kamps intends to sell its 49 percent shareholding in Harrys to Barilla, in order to use the proceeds of EUR 300mn to accelerate debt reduction and consolidation considerably. This transaction is likely to take place in December 2003. Outlook Following the one-off expenses and extraordinary adjustments of the balance sheet in the last financial year, the focus of the year 2003 remains on consolidation and restructuring of operations in order to regain a sound earnings base. Specific plans and measures will be communicated in November 2003. For the current business year the management board continues to expect stable sales and a recovery in earnings compared to the previous year. end of message, (c)DGAP 26.08.2003 ——————————————————————————– WKN: 628060; ISIN: DE0006280605; Index: Listed: Amtlicher Markt in Düsseldorf und Frankfurt (General Standard); Freiverkehr in Hamburg, Hannover, München und Stuttgart 260839 Aug 03