Press Clipping

GERRY WEBER In­ter­na­tion­al AG adjusts pre­lim­in­ary results for financial year 2017/18

January 14, 2019

Today, the Executive Board of GERRY WEBER International AG adjusted the preliminary results for the financial year 2017/18 (October 31), published on December 7, 2018. Upon presentation of a new business plan for the HALLHUBER segment and as a result of necessary valuation allowances for the Norwegian and Finish subsidiaries of the Retail segment, an impairment in the magnitude of EUR 44.2 million has been identified. The vast majority of it relates to the HALLHUBER segment.

According to that, the Group’s operating result before interest and taxes (EBIT) including non-cash provisions for restructuring measures as well as consulting costs of EUR 63.3 million and extraordinary depreciation as well as write-downs of now EUR 113.5 million (previously published: EUR 69.3 million) amounts to a loss of EUR 192.3 million (previously published: EUR 148.1 million, previous year: EUR +10.3 million). The Group’s operating result before interest and taxes (EBIT) excluding non-cash provisions for restructuring measures as well as consulting costs and extraordinary depreciation as well as write-downs remains at the previously published loss of EUR 15.5 million (previous year: EUR +19.9 million).

“We are aware, that the adjustments of our preliminary results for the financial year 2017/18 may result in irritations”, comments Florian Frank, Member of the Managing Board and Chief Restructuring Officer for GERRY WEBER International AG. “It is however of outmost importance to us to immediately react in full transparency and consequence to changes, to lay a strong and trusting foundation for the future of the company.”

All provided figures are preliminary. GERRY WEBER International AG plans to publish the Annual Financial Statement 2017/18, as previously announced, on 28 February 2019.