DGAP-Adhoc: Beate Uhse AG: Beate Uhse presents preliminary figures on first nine months 2010

Beate Uhse AG  / Key word(s): Profit Warning

22.11.2010 16:42

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Beate Uhse presents preliminary figures on first nine months 2010 

  - Mail order remains under pressure in Q3 2010 

  - Beate Uhse management working on comprehensive set of measures 

  - First restructuring measures initiated 

  - Constructive talks with lending banks continued

Flensburg, 22 November 2010. In the first nine months of the fiscal year
2010, the Beate Uhse Group generated sales revenues of EUR 147.1 million
(9M 2009: EUR 171.3 million). Earnings before interest and taxes (EBIT) for
the period stood at EUR -8.1 million (9M 2009: EUR 0.5 million). The first
non-recurrent effects from restructuring measures were taken into account
in the third quarter. They totalled EUR 3.9 million for goodwill
amortisation and provisions for anticipated losses related to the planned
closures of unprofitable branches. Including these non-recurrent effects,
the Beate Uhse Group reported an operating loss of EUR 12 million for the
first nine months of 2010.

The trend in the mail order segment, in particular, has prompted the
Management Board to adjust its forecast of 13 August 2010 for the current
fiscal year. The Beate Uhse Group is expected to close the fiscal year with
a loss (EBIT) of EUR 13 - 15 million, excluding restructuring effects,
which cannot be fully quantified at this stage. Sales revenues are
projected to amount to EUR 194 - 196 million at the end of the year (2009:
EUR 230.7 million).

The mail order segment reported a EUR 8.9 million decline in sales to EUR
68.5 million in the first nine months of 2010. The segment's earnings
before interest and taxes dropped from EUR 4.7 million in the prior year
period to EUR -3.3 million in the first nine months of 2010. In the context
of the reorganisation of this business segment - which will see a stronger
focus on the expansion of the e-commerce activities - a new management team
was appointed in November 2010. One of the first major decisions of the new
management is the concentration on countries where high sales revenues are
generated and a changeover to exclusively online activities in unprofitable
countries such as the UK, Slovenia, the Czech Republic and Spain. In
Walsoorden, the main location of the mail order department,
responsibilities were restructured with a view to streamlining workflows.
The Management Board of Beate Uhse AG cooperates closely with the new
management in order to get the mail order segment back on track in 2011.

In addition to the restructuring measures already initiated, the Management
Board and the management of Beate Uhse AG have developed a comprehensive
set of measures, which is currently being discussed intensively and
constructively with the lending banks in spite of the renewed violation of
the covenants agreed with the banks as of 30 September 2010. The Management
Board is convinced that further restructuring measures will be announced
and their implementation be initiated shortly in order to get Beate Uhse AG
back on track.


22.11.2010 DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Media archive at www.dgap-medientreff.de and www.dgap.de

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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 Announcement                             DGAP News-Service
 
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