DGAP-Adhoc: Beate Uhse AG: Beate Uhse reports declining sales and earnings for H1 2010

 | Quelle: EQS Group AG EQS Group AG 

Beate Uhse AG / Profit Warning

13.08.2010 22:48 

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Ad hoc release

Section: Profit warning

Beate Uhse reports declining sales and earnings for H1 2010 

  - Revision of the projections for 2010

  - Strategic repositioning of the Group confirmed; more time needed to
    restructure the Group

  - Financing secured for the time being

Flensburg, 13. August 2010. In the first half of 2010, the Beate Uhse Group
generated sales of EUR 96 million (H1 2009: EUR 109.5 million) and reported
an operating loss (EBIT) of EUR 6.1 million (H1 2009: EUR 0.7 million). In
view of the performance in the first six months of the year, the Management
Board has revised the figures projected for the full year 2010. The
Management Board now expects for the Group an operating loss (EBIT) of EUR
6.5 - 8 million on sales of EUR 204 - 208 million for the full year 2010.

The Beate Uhse Group reported on its restructuring measures already in the
2009 Annual Report. The modernisation process that will position Beate Uhse
as an international multi-channel company requires more time and capital
than originally expected. The strategy initiated by the company to win new
customers is beginning to take effect but it cannot offset the drop in
sales of the formerly high-margin DVD business. While the Management Board
and the Supervisory Board will stick to the strategy that has been
initiated, they will review individual steps, adapt them to current market
conditions and push them ahead with even greater determination.

Due to the sales and earnings performance in the second quarter of 2010,
the Group was unable to comply with the covenants agreed with the banks as
of 30 June 2010. A suspension of the review of the covenants has therefore
been agreed. As a result, the loans cannot be called by the banks for the
time being. The Beate Uhse Group now has the time that is needed to
implement restructuring measures and hold further talks with the banks.


13.08.2010 22:48 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]

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Language:     English
Company:      Beate Uhse AG
              Gutenbergstraße 12
              24941 Flensburg
              Deutschland
Phone:        +49 (461) 99 66 307
Fax:          +49 (461) 99 66 440
E-mail:       atschernookoff@beate-uhse.de
Internet:     www.beateuhse.ag
ISIN:         DE0007551400
WKN:          755140
Indices:      CDAX, PRIMEALL, CLASSICALLSHARE
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Hamburg, München, Düsseldorf, Berlin, Stuttgart, Hannover
 
End of News                                     DGAP News-Service
 
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