Earnings Release • Mar 14, 2011
Earnings Release
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Corporate | 14 March 2011 15:00
LUDWIG BECK Group has achieved a leap in earnings and reports the best result in the company’s history
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Final Results
14.03.2011 / 15:00
Corporate News
LUDWIG BECK Group has achieved a leap in earnings and reports the best result in the company’s history
Munich, March 14, 2011 – The Munich fashion house LUDWIG BECK (ISIN DE 0005199905) concluded the fiscal year 2010 with branch-adjusted sales up 5.3 %. Earnings before taxes (EBT) soared 55 % and LUDWIG BECK was able to achieve by far the best result in the company’s history.
Development of sales
In comparison to the previous year, branch-adjusted gross sales went up EUR 5.4m to EUR 107.2m (previous year: EUR 101.8m) corresponding to a 5.3 % improvement. Branch-unadjusted sales could also be increased to EUR 107.2m (previous year: EUR 103.7m) even though four branches were eliminated from the branch portfolio. This corresponds to a EUR 3.5m or 3.3 % rise. Net sales amounted to EUR 90.1m (previous year: EUR 87.2m). According to TextilWirtschaft the branch concluded the fiscal year 2010 with a 3.0 % sales plus.
Earnings situation
Earnings before interest, taxes, depreciation and amortization (EBITDA) went up 26.8 % from EUR 13.3m in the previous year to EUR 16.9m in the year under review. The EBITDA margin relating to net sales was 18.7 % (previous year: 15.3 %). The marked EBITDA improvement was not only due to the increase in sales generated by the company but also to its continued stringent cost policy. Hence, the cost ratio could be cut to 35.2 % (previous year: 38.1 %).
The operative result (EBIT) skyrocketed 40.5 % to EUR 13.7m in comparison to EUR 9.8m in the year 2009.
Earnings before taxes (EBT) also leaped 55.2 % in the fiscal year 2010 and amounted to
EUR 9.9m (previous year: EUR 6.4m).
The consolidated net income was EUR 6.4m thus exceeding last year’s result (EUR 2.2m) by
EUR 4.2m. The previous year had been adversely affected by a non-recurring tax effect in the amount of EUR 1.7m. Earnings per share also rose significantly from EUR 0.61 EUR in the previous year to EUR 1.74.
Dividend payment
As usual, the Executive Board and Supervisory Board of LUDWIG BECK AG intend to share the company’s success with its shareholders by distributing an attractive dividend. On the basis of the gratifying consolidated income and with a view to strengthening shareholders’ equity, the Executive Board and the Supervisory Board will propose to the General Meeting on May 12, 2011 to distribute a dividend of EUR 0.35 per no par share entitled to dividend. The distributable sum is EUR 1.3m. The remainder will be transferred to other profit reserves.
Outlook
As a result of the surprisingly powerful recovery in the year 2010, the prospects for the German economy in the fiscal year 2011 are commonly positive. The international environment will remain challenging however, and therefore the expansive momentum is expected to slow in the current fiscal year. In this economic situation and after two record years LUDWIG BECK has confidence in on its own sound foundations and the company’s success story. Early on the LUDWIG BECK management has embarked on a path to comprehensive and methodical upgrade of the product range and modernization of the flagship store at Marienplatz. Future strategic decisions will always focus on the ‘trading-up’ concept – combined with stringent cost optimization – and thus secure the sustainable success of the LUDWIG BECK Group.
‘We are immensely pleased to have substantially exceeded the result of our record year 2009 and to have concluded 2010 with the best result in our company’s history. I would also like to again express my gratitude to Mr. Haller for his successful work for LUDWIG BECK. I’m now looking forward to continue our company’s success story together with my new colleague Christian Greiner’, Dieter Münch, member of the Executive Board of LUDWIG BECK AG stated. ‘We are looking highly confidently to a very special year, the year of our company’s 150 th anniversary, and have set ourselves the goal of achieving a branch-adjusted sales increase of 3 % to 4 % and are expecting earnings before taxes (EBT) to reach between EUR 9m and EUR 11m’, Münch concluded.
Key figures of the group
| in EURm | 2010 | 2009 |
| Sales (gross) | 107.2 | 103.7 |
| Sales (net) | 90.1 | 87.2 |
| Gross profit 1) | 45.5 | 43.0 |
| Earnings before taxes, interest, depreciation and amortization (EBITDA) | 16.9 | 13.3 |
| Operative result (EBIT) | 13.7 | 9.8 |
| Earnings before taxes (EBT) | 9.9 | 6.4 |
| Consolidated net income | 6.4 | 2.2 |
| Earnings per share (in EUR) | 1.74 | 0.61 |
| Investments | 1.9 | 2.2 |
| Employees (number) 2) | 513 | 529 |
1) Net sales less cost of materials; 2) Without apprentices
Investor Relations contact:
esVedra consulting GmbH
Metis Tarta
t: +49 89 28 80 81 – 33
f: +49 89 28 80 81 – 49
Group accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t:+49 89 2 36 91 – 798
f:+49 89 2 36 91 – 600
Contact:
esVedra consulting GmbH
Metis Tarta-Steck
Lerchenfeldstraße 11
80538 Munich
t: +49 89 28 80 81 – 33
f: +49 89 28 80 81 – 49
End of Corporate News
14.03.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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| Language: | English |
| Company: | Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG |
| Marienplatz 11 | |
| 80331 München | |
| Deutschland | |
| Phone: | +49 (0)89 2 36 91-0 |
| Fax: | +49 (0)89 2 36 91-600 |
| E-mail: | [email protected] |
| Internet: | www.ludwigbeck.de |
| ISIN: | DE0005199905 |
| WKN: | 519990 |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart |
| End of News | DGAP News-Service |
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| 115318 14.03.2011 |
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