For the first half of 2004-05 operating expenses (personnel expenses plus other operating expenses), at EUR 171.1 million, were down 0.6 percent from the comparable period. In the second quarter operating expenses were EUR 80.0 million, down 1.5 percent from the second quarter of 2003-04 (EUR 81.2 million) last year, despite an increase in consultant costs for the EUR 200 million bond issue.
In the first half of the year, consolidated EBITDA rose by 34.4 percent from EUR 25.0 million to EUR 33.6 million. The reduced sales in the second quarter were more than offset by the improved gross profit margin and cost position. This resulted in an improvement in EBITDA by 19.1 percent from EUR 11.0 million to EUR 13.1 million in the second quarter of 2004/2005.
The sharp increase in the net financial expense, from EUR –2.3 million a year earlier to EUR –5.1 million, is primarily a result of higher interest expenses. These derived from bank lines of credit used to refinance the EUR 100 million bond issue, which was repaid on schedule in August 2004. In addition, a dividend that ESCADA had already collected in the second quarter of last year will not be received until the fourth quarter of the current year.
The first-half profit after taxes and minority interests more than doubled, from EUR 2.6 million to EUR 6.8 million.
On an undiluted basis, this figure represents earnings per share of EUR 0.41 (vs. EUR 0.16). Diluted earnings per share vs. EUR 0.16). Diluted earnings per share were EUR 0.40 (vs. EUR 0.15 for the first half of 2003-04).
20240830145952.gif)
20240925092649.png)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
