Earnings Release • Aug 28, 2015
Earnings Release
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28.08.2015 - PRESS RELEASE INTERIM RESULTS 2015
Consolidated turnover at Van de Velde in the first half of 2015 rose by 6.0% (from € 107.0m to € 113.4m).
On a like-for-like basis (including comparable deliveries) consolidated turnover was up 8.2%. This turnover growth consists of the following components:
REBITDA for the first half year increased by 6.3%, from € 34.2m to € 36.4m. On a comparable basis (including comparable deliveries), consolidated REBITDA rose by 11.0%, from € 32.3m to € 35.9m. The primary reasons for this rise were the following:
In the first half of 2014, an impairment charge of € 16.3m was recorded in relation to the goodwill and the intangible assets of Intimacy. There are no impairment charges in the first half of 2015.
The financial result was lower than in the same period last year. This is related to lower interest income as well as negative unrealised exchange losses as a result of the weaker euro.
The share of results of associates (based on the equity method) was primarily driven by the contribution by Top Form. The contribution by Top Form was based on equity movements up to and including 30 June 2015. Top Form posted profit of HK\$ 35.9m for fiscal year 2015 (1 July 2014-30 June 2015) versus profit of HK\$ 39.3m the previous year. The first half of Top Form's fiscal year 2015 (1 July 2014-31 December 2014) was recognised in Van de Velde's 2014 year-end figures (reported profit of HK\$ 17.1m).
Income taxes were lower compared with the same period last year.
The group profit rose from € 5.0m to € 22.0m (+342.0%). The recurring group profit (excluding the non-recurring impairment charge related to Intimacy) rose from € 21.3m to € 22.0m (+3.2%) and the recurring profit per share rose from € 1.60 to € 1.65.
The Board of Directors today approved, based on the powers invested in it by the articles of association, the payment of the interim dividend of € 1.35 per share. After payment of 25% tax, this represents a net dividend of € 1.01 per share.
This dividend will be allocated to the shares with rights that are not suspended. The shares with rights that are suspended are the 5,000 treasury shares bought back under an option programme. The number of shares with dividend rights has accordingly been reduced from 13,322,480 to 13,317,480.
The dividend for registered shares and dematerialised shares will be paid out on 19 November 2015.
Financial calendar with regard to the interim dividend:
At half-year the cash position was € 22.6m (versus € 28.2m last year).
Solvency (share of equity in total equity and liabilities) of Van de Velde Group remained very high (80.6%). The current assets represented 3.4 times the value of the current liabilities, an indication of strong liquidity. Furthermore, the Group is primarily self-financed.
In wholesale, pre-orders for autumn/winter 2015 are higher than the previous year. This rise is naturally lower than in the first half year because of the absence of the swimwear factor. However, Van de Velde expects a rise in wholesale over the whole year 2015.
Intimacy is rebranded as Rigby & Peller as from 15 September. As well as having a stronger tradition in Lingerie Styling, this is Van de Velde's international brand. At the same time, an
"extreme customer centricity" programme will be implemented to improve service to consumers. Finally, a new leader will be appointed for the USA.
Van de Velde also expects a rise in REBITDA for 2015 on a comparable basis. On an annual basis, this rise will in terms of percentage be lower than the 11% reported at half-year.
The interim financial report (including regulated information and the report of the statutory auditor on the half-year information) can be accessed by following this link.
A number of key figures are presented below and explained more fully in the financial report:
| Financial key figures | ||
|---|---|---|
| Profit and loss statement (in € m) | 30.06.2015 | 30.06.2014 |
| Turnover | 113.4 | 107.0 |
| Recurring EBITDA (operating profit plus depreciation) | 36.4 | 34.2 |
| Recurring EBIT or operating profit | 32.4 | 30.6 |
| Profit before taxes | 31.6 | 14.8 |
| Profit for the period | 22.0 | 5.0 |
| Recurring profit for the period (excluding impairment) | 22.0 | 21.3 |
| Balance sheet (in € m) | 30.06.2015 | 31.12.2014 |
| Fixed assets | 70.6 | 68.0 |
| Current assets | 89.7 | 91.9 |
| Total assets | 160.3 | 159.9 |
| Shareholders' equity | 129.1 | 134.0 |
| Non-controlling interest | 0.7 | 0.7 |
| Non-current liabilities | 4.5 | 4.6 |
| Current liabilities | 26.0 | 20.6 |
| Total equity and liabilities | 160.3 | 159.9 |
| Key figures in € per share | 30.06.2015 | 30.06.2014 |
| Basic earnings per share | 1.65 | 0.37 |
| Recurring basic earnings per share | 1.65 | 1.60 |
For more information, contact:
Van de Velde NV – Lageweg 4 – 9260 Schellebelle – 09 365 21 00 www.vandevelde.eu
EBVBA 4F, always represented by Ignace Van Doorselaere Stefaan Vandamme Chief Executive Officer Chief Financial Officer
Van de Velde NV is a leading player in the luxury and fashionable women's lingerie sector. Van de Velde is convinced of a long-term strategy based on developing and expanding brands around the Lingerie Styling concept (fit, style and fashion), especially in Europe and North America.
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