EDOB Abwicklungs AG
ESCADA AG english

ESCADA achieves all announced earnings targets for 2001/2002 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– ESCADA achieves all announced earnings targets for 2001/2002 Aschheim/Munich, December 16, 2002 – In fiscal year 2001/2002, which ended on October 31, ESCADA AG achieved turnaround as announced, achieving all its earnings targets. Preliminary figures place the luxury fashion firm’s Group earnings before interest and taxes (EBIT) at EUR 25.7 million. This represents an improvement of EUR 42.8 million over the previous year’s loss of EUR 17.1 million. The core business in the ESCADA brand achieved an EBIT of EUR 22.7 million, nearly matching the level of earlier years, whereas the previous year’s EBIT of EUR 5.6 million had been drastically affected by exceptional factors, especially the impact of the terrorist attacks in the United States. The Group’s after-tax earnings amounted to EUR 3.9 million, and thus were also positive just as announced (previous year: EUR minus 24.2 million). Group sales amounted to EUR 773 million (previous year: EUR 846.2 million). Following adjustments for consolidation and deconsolidation, the decline in sales was 4.1 per cent, a consequence of the ongoing difficult environment in the international luxury-goods market. The Group’s total costs were down 16 per cent EUR 485 million. Inventories were slashed 22 per cent to EUR 152 million. The substantial reduction in current assets particularly helped boost free cash flow to EUR 83 million (previous year: EUR minus 2 million). Net debt was down EUR 49 million, to EUR 265 million. Management foresees no substantial improvements in the economy for fiscal year 2002/2003, but remains optimistic so far as ESCADA is concerned. Core-business sales are expected to remain roughly stable or grow slightly. Group EBIT is expected to grow to EUR 30 to 40 million. Assuming the current tax rate, the Group profit after taxes is expected to be between EUR 10 and 15 million. For more information, please contact: Viona Brandt Investor relations Phone: +49 89 99 44 1336 viona.brandt@de.escada.com end of ad-hoc-announcement (c)DGAP 16.12.2002 ——————————————————————————– WKN: 569210; ISIN: DE0005692107; Index: MDAX Listed: Amtlicher Markt in Berlin, Frankfurt und München; Geregelter Markt in Bremen; Freiverkehr in Düsseldorf, Hamburg und Stuttgart 160946 Dez 02