Contrary to the latest forecast, Schuler AG, Göppingen/Germany, will be able to show strongly positive consolidated earnings in fiscal year 2006/07, which ended on September 30, 2007. This is due to a non-recurring income of around ? 31 million resulting from sale of industrial real estate holdings in Goeppingen to an investor. Schuler will lease back the manufacturing and administration buildings located thereon as part of a long-term agreement. The cash inflow of ? 50 million from the sale of real estate holdings will be used to finance an essential part of the purchase price for Mueller Weingarten AG as well as of expenses related to its integration.
The company''s results for the past fiscal year will be announced during the annual press conference on January 30, 2008. The company will be presenting its first consolidated annual financial statements comprising both Schuler und Mueller Weingarten since the takeover of Mueller Weingarten. With the successful completion of the squeeze-out process in September 2007, all shares in Mueller Weingarten AG are now held by Schuler AG. Thus, the integration process is fully on schedule.
Juergen Tonn, CEO of Schuler AG, states: This sale-and-lease-back transaction gives us additional financial scope to cover a major part of the takeover and integration costs. Together with the operational integration of Mueller Weingarten AG, we remain right on schedule with our plans.