- EBT forecast underpinned by conclusion of collective wage agreement
- Dr. Uwe Hack, CFO, to pursue new professional opportunities
Freudenstadt, 19 July 2005. Following the conclusion of recent collective wage negotiations, schlott gruppe has been able to dispel possible uncertainties associated with earnings forecasting. As a result, the company is in a position to confirm its forecast of an EBT of €25.6 million.
The collective wage negotiations were particularly intense, mainly because they encompassed not only salaries and wages but also an industry-wide framework agreement, the so-called “Manteltarifvertrag”. The pay deal accepted by the German trade union for the printing and media industry “Bundesverband Druck und Medien” includes a moderate increase in salaries and wages. In addition, the agreement has paved the way for cost streamlining within the areas of manning of machines and of special allowances, which are particularly prevalent in the German printing industry.
The streamlining of costs is to be implemented gradually over the coming years; schlott gruppe will benefit directly from these measures. In the short term, however, industrial action initiated by union members during the negotiations will have an adverse effect on annual results. The costs associated with these strikes amounted to almost two million euros for the third quarter ended 30 June. This amount will also represent the shortfall in quarterly earnings compared with the same period a year ago. Overall, however, schlott gruppe expects to meet its earnings target for the current 2004/5 financial year.
Dr. Uwe Hack, CFO, to pursue new professional opportunities
In addition, schlott gruppe announces that Dr. Uwe Hack, Chief Financial Officer, will be leaving the company to pursue new professional opportunities. He has been appointed to the Management Board of another well-known SDAX-listed company. The Supervisory Board has accepted Dr. Hack’s request to annul his employment contract by 30 September 2005.
After several years of employment at Deutsche Bank, Dr. Hack had joined schlott gruppe as a member of the Management Board in May 2001. His remit included Investor Relations, Controlling and Treasury. The Management Board and Supervisory Board very much regret Dr. Hack’s decision to leave the company and have expressed their gratitude for his commitment and contribution as well as the excellent personal cooperation established during his time at schlott gruppe. schlott gruppe wishes Dr. Hack all the best for his future career path.
The company remains fully committed to shaping the future consolidation process within the European gravure printing industry. schlott gruppe will therefore reappoint a Chief Financial Officer. Until then Dr. Hack’s responsibilities will be assigned to the other members of the Management Board. Due to the great importance of capital market communication for the company, Chief Executive Officer Bernd Rose will take over responsibilities for these tasks.
