04.05.2018
Gesco AG DE000A1K0201
DGAP-Adhoc: GESCO raises its operating outlook for 2017/2018 and recognizes expenses from antitrust proceedings
DGAP-Ad-hoc: Gesco AG / Key word(s): Forecast/Forecast
GESCO raises its operating outlook for 2017/2018 and recognizes expenses
from antitrust proceedings
04-May-2018 / 13:36 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Wuppertal, 04.05.2018 - For the 2017/2018 financial year (1 April 2017 to 31
March 2018), GESCO AG had recently forecast operating Group net income after
minority interest of EUR 20 million to EUR 21 million; possible effects from
the ongoing antitrust proceedings against Dörrenberg Edelstahl GmbH, a 90%
subsidiary of GESCO AG, were not yet included. GESCO AG is raising this
operating outlook now to around EUR 23.5 million. In addition, on the basis
of an offer submitted to Dörrenberg Edelstahl GmbH to terminate the
antitrust proceedings (so-called settlement) in return for a fine of EUR 8.5
million, the Executive Board decided to set up a provision corresponding to
this amount in the 2017/2018 consolidated financial statements. Resolutions
of the competent bodies on the acceptance of the settlement offer are still
pending. The outlook for Group net income after minority interest, including
the effects of the antitrust proceedings, now amounts to around EUR 16
million (previous year EUR 7.8 million).
The key figure "Group net income after minority interest" is used as in the
consolidated financial statements of GESCO AG as of 31 March 2017, available
on the Internet at http://www.gesco.de/reports.
Contact:
Head of Investor Relations, Oliver Vollbrecht
Tel. +49-202 24820-18
Fax +49-202 24820-49
E-Mail: [email protected]
Internet: www.gesco.de
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Information and Explanation of the Issuer to this News:
In the report for the nine-month period in February 2018, GESCO AG had
pointed out that the outlook for operating Group net income after minority
interest of EUR 20 million to EUR 21 million did not include possible
effects from the ongoing antitrust proceedings against Dörrenberg Edelstahl
GmbH.
In the course of the preparation of the consolidated financial statements
for 2017/2018, it now becomes apparent that some expected burdens on
earnings did not materialize and that positive earnings contributions were
higher than expected. These smaller effects, each of which has a smaller
impact, mean in total that GESCO AG raises its outlook for operating Group
net income after minority interest for the 2017/2018 financial year to
around EUR 23.5 million.
In addition, on the basis of an offer submitted to Dörrenberg Edelstahl GmbH
to terminate the antitrust proceedings (so-called settlement) in return for
a fine of EUR 8.5 million, the Executive Board decided to set up a provision
corresponding to this amount in the 2017/2018 consolidated financial
statements. The impact on Group net income after minority interest amounts
to approximately EUR 7.5 million.
Taking into account the increase in the operating outlook and the provision
for the antitrust proceedings, the outlook for Group net income after
minority interest for the 2017/2018 financial year now amounts to
approximately EUR 16.0 million (previous year EUR 7.8 million).
The outlook for Group sales of the financial year 2017/2018 from February
2018 of around EUR 545 million (previous year EUR 482.5 million) remains
unchanged.
About GESCO
GESCO AG is an industrial group made up of market and technology leading
companies in the capital goods industry. Its focus is on production process
technology, resource technology, healthcare and infrastructure technology
and mobility technology. As a stock company listed in the Prime Standard,
GESCO AG offers private and institutional investors access to a portfolio of
hidden champions among Germany's industrial SMEs.
Investor Relations - Oliver Vollbrecht
Tel. +49 (0) 202 24820-18 - Fax +49 (0) 202 24820-49
E-mail: [email protected] - Website: www.gesco.de
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04-May-2018 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Gesco AG
Johannisberg 7
42103 Wuppertal
Germany
Phone: +49 (0)202 248200
Fax: +49 (0)202 2482049
E-mail: [email protected]
Internet: www.gesco.de
ISIN: DE000A1K0201
WKN: A1K020
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of Announcement DGAP News Service
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682595 04-May-2018 CET/CEST
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