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CECONOMY AG Confirms FY Guidance

CECONOMY AG (MTAGF.PK,MTTRY.PK) announced, although the first quarter of the new financial year failed to meet the expectations of the Management Board, the company affirmed the targets for 2017/2018. CECONOMY expects a slight year-on-year increase in total sales for the financial year 2017/18 and an increase at least in the mid-single-digit percentage range, both in terms of EBITDA and EBIT.

"We have clearly attained our objectives in the first year of independence - and this although we find ourselves in the midst of a massive transformation process and in a challenging environment. We have also made significant progress with our strategic projects," said Pieter Haas, CEO of CECONOMY AG.

The Board of Managing Directors and the Supervisory Board are on Wednesday proposing the payment of a dividend of 0.26 euro per ordinary share and of 0.32 euro per preferential share to the Annual General Meeting. The agenda of the General Meeting of CECONOMY also includes the re-election of Jürgen Fitschen to the Supervisory Board. Fitschen has been the Chairman of the Supervisory Board of CECONOMY AG since July 2017. Claudia Plath is to be elected as a new member of the Supervisory Board.

by RTT Staff Writer

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