EDOB Abwicklungs AG
ESCADA AG english

ESCADA records significantly improved results after nine months of fiscal year Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– ESCADA records significantly improved results after nine months of fiscal year 2001/02 Aschheim/Munich, September 16, 2002. The ESCADA GROUP has continued to improve earnings and cash-flow in the first 9 months of fiscal year 2001/02 (ending 31 October). Group earnings before interest and taxes (EBIT) came in at 19.5 million Euros for the period November 2001 to July 2002. This represents a year- on-year increase of 72.0 percent (2000/01: 11.4 million). Earnings after taxes came in at 3.5 million Euros compared with minus 0.9 million Euros in the corresponding period of the previous year. The increasingly reserved consumer climate, especially in Germany, and the deliberately conservative sell-ins to ESCADA’s own shops as well as to those of the franchisees have led, as already anticipated, to reduced sales and earnings in the 3rd Quarter. Group sales in the first 9 months came to 571.6 million Euros, 5.6 percent lower than the those recorded for the corresponding period of the previous year (605.7 million Euros) and corresponding to 3.5 percent on a comparable basis. On the other hand, costs were reduced by 41.5 million Euros or 10.3 percent to 363.3 million Euros. Inventory was reduced by 25.6 percent to 176.2 million Euros. Free Cash-flow increased by 74.2 million Euros to 58.3 million Euros relative to the corresponding period of the previous year due to the reduction of funds tied up in inventories. ESCADA AG transfers its 90.1 percent stake in the Kemper-Group, Krefeld, to the Féraud GmbH, effective September 30, 2002. As a result, Kemper will be deconsolidated from the ESCADA Group. Furthermore ESCADA takes over the Dutch Secon-Group’s 45 percent share in Féraud GmbH thereby increasing its own share to 90 percent. ESCADA’s unchanged plans to divest itself of Féraud GmbH will be facilitated significantly by this majority position. The Féraud shares will be accounted for according to IAS regulations (27.13) as short-term security investments and will therefore not be consolidated. The Board confirms their forecast for the entire fiscal year 2001/02. Group’s EBIT is expected to come in at a clear double digit million figure with slightly reduced revenues compared to the previous year. Earnings after taxes will be positive. Further information: Viona Brandt Investor Relations Tel.: +49 89 99 44 1336 viona.brandt@de.escada.com end of ad-hoc-announcement (c)DGAP 16.09.2002 ——————————————————————————– WKN: 569210; ISIN: DE0005692107; Index: MDAX Listed: Amtlicher Markt in Berlin, Frankfurt und München; Geregelter Markt in Bremen; Freiverkehr in Düsseldorf, Hamburg und Stuttgart 160756 Sep 02