DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Half Year Results/Interim Report
LUDWIG BECK's achieved results were in the range of expectations in the first six months of 2019
Munich, July 25, 2019 - After the sale of the WORMLAND business segment on April 30, 2019, the Munich Fashion Group LUDWIG BECK focuses once again on the core business at Marienplatz in Munich and on the online trade. Therefore, reporting according to IFRS 5 will generally relate to continued operations starting with this 2019 half-year report.
On account of the first-time application of the IFRS 16 standards amortization went up from
As a result, earnings before interest and taxes (EBIT) amounted to EUR 0.7m (previous year:
Consolidated earnings before taxes on income (EBT) were burdened by a EUR 0.4m IFRS 16 effect as well as non-recurring consultation fees relating to the WORMLAND business segment of EUR 0.5m and came to EUR -0.5m (previous year: EUR 0.4m). Earnings after taxes relating to continued operations amounted to EUR -0.2m (previous year: EUR 0.5m) in the first half of the year 2019.
Earnings after taxes relating to discontinued operations (WORMLAND segment) amounted to EUR -17.0m (previous year: EUR -3.0m). This result is composed of a seller contribution in the total amount of EUR 11.5m as well as disposed equity of the WORMLAND subgroup in the amount of EUR 5.5m (as of December 31, 2018).
Earnings after taxes stood at EUR -17.2m in aggregate (previous year: EUR -2.6m).
Dieter Münch, member of the Executive Board of LUDWIG BECK AG, stated: "The decisions realized in 2019 will form the basis for more profitable business activities in the future. Last but not least, these endeavors will rest on the foundation of our proprietary possession of the real estate at Marienplatz in Munich".
The Executive Board confirmed its adjusted forecast from the quarterly report I/19. In line with the reporting requirements of IFRS 5 and the related adjustment of the consolidated statement of comprehensive income the Executive Board expects consolidated sales relating to continued operations to range between EUR 94m and 98m and earnings before taxes on income (EBT) to reach EUR 4m to 5m. The result from discontinued operations will amount to EUR -17m.
The detailed Half-Year Report for the 2019 fiscal year will be published on the company's website under https://kaufhaus.ludwigbeck.de/en/home in the "Investor Relations" section under "Financial Publications", subsection "Quarterly Reports".
Investor Relations contact:
25.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG|
|Phone:||+49 (0)89 2 36 91-0|
|Fax:||+49 (0)89 2 36 91-600|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange|
|EQS News ID:||846491|
|End of News||DGAP News Service|