Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG

Earnings Release • Jul 21, 2009

News Details

Corporate | 21 July 2009 08:00

LUDWIG BECK registered clear increase in revenue and earnings in the 1st half of 2009

Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Half Year Results/Half Year Results

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Munich, July 21, 2009 - The Munich fashion house LUDWIG BECK (ISIN DE
0005199905) was again able to contrast favorably against the textile retail
branch in general in the 1st half of the fiscal year 2009 and scored a 2.1
% like-for-like sales plus, while the branch had to put up with a 3 % minus
according to TextilWirtschaft.

Development of sales

Gross sales of the LUDWIG BECK Group adjusted for the s.Oliver branch in
Regensburg sold in September 2008 went up from EUR 43.4m in the previous
year to EUR 44.3m in the first six months of the fiscal year 2009.
Unadjusted gross sales at group level could also be improved and rose 1.1 %
from EUR 43.8m in the previous year to EUR 44.3m in the 1st half of 2009.
The flagship store at Marienplatz once again contributed the most to the
turnover development and reported sales in the amount of EUR 38.5m
corresponding to a 2.6 % increase as compared to the previous year (EUR
37.6m).

Result situation

In the 1st half of the fiscal year 2009 the Group's gross profits went up
3.5 % from EUR 17.6m in the corresponding period of the previous year to
EUR 18.2 in the year 2009. The gross profit ratio was increased 1.1
percentage points from 47.9 % in the previous year to 49.0 %.

The cost ratio (expenses in comparison to corresponding proceeds) remained
on last year's level in the first half of 2009 and came to 44.4 % (previous
year: 44.3 %). In absolute figures, expenses set off against proceeds
amounted to EUR 16.5m in the first six months of 2009 (previous year: EUR
16.3m).

With a 33.1 % EBIT plus from EUR 1.3m in the previous year to EUR 1.7m, the
result of the previous year could be significantly improved. The EBIT
margin was 4.6 % as compared to 3.5 % in the previous year. Earnings before
taxes (EBT) were already well balanced after the first six months of the
fiscal year 2009 (previous year: EUR -0.5m).

According to § 8c of the German Corporation Income Tax Act (KStG) existing
loss carryforwards for corporation income tax and trade tax of LUDWIG BECK
were forfeited with effect as per June 30, 2009 because of the acquisition
of more than 50 % of the shares by INTRO-Verwaltungs GmbH. For that reason,
LUDWIG BECK had to write down asset-side deferred taxes in the amount of
EUR 1.7m with effect on expenses in the profit and loss account. This item
was reported under income taxes.

Due to the tax situation, the deficit in the accounting period came to EUR
-1.8m in the 1st half of 2009 (previous year: EUR -0.4m).

Outlook

The 1st half of 2009 was still marked by the global financial and economic
crisis. In spite of some early indicators signaling a stabilization of
economic performance, the further development in the years 2009 and 2010
remains uncertain and the risk of a set-back severe.

Accordingly, the Hamburg-based Institute of International Economics (HWWI)
predicts an almost 6 % drop in the actual gross domestic product in
comparison to the year 2008, and the German Retail Federation (HDE) is
expecting nominal turnover losses of 2 %.

'Even in the face of the generally strained economic environment we were
again able to improve the market position of LUDWIG BECK even further, and
we are expecting the new premium departments on the 3rd floor to exert a
positive influence on the sales and earnings situation of the entire
group,' Dieter Münch, member of the Executive Board of LUDWIG BECK AG
said. 'Earning development in the first half of the year already exceeded
our expectations, and we will focus on the continuation of our positive
business policy also in the 2nd half of the year', Münch concluded.

The detailed semi-annual report is being published simultaneously and can
be found on the Internet under www.ludwigbeck.de/Investor Relations/
financial publications. The printed version will be available as of July
29, 2009.

Key Figures of the Group
in EURm Jan. 1 - Jun. 30, 2009 (Jan. 1 - Jun. 30, 2008)

Gross sales (including VAT) 44.3 (43.8)

Gross profit 1) 18.2 (17.6)

Earnings before interest, taxes and depreciation (EBITDA) 3.6 (3.1)

Operative result (EBIT) 1.7 (1.3)

Net loss for the period -1.8 (-0.4)

Earnings per share (in EUR) -0.49 (-0.11)

Investments 1.5 (3.5)

Employees (as of Jun. 30) 2) 516 (519)
Apprentices (number) 34 (38)

1) Net profits from turnover minus costs of material used 2) Without
apprentices

Contact:
esVedra consulting GmbH
Metis Tarta-Steck
Thalkirchnerstraße 56
80337 Munich
t: +49 89 28 80 81 - 33
f: +49 89 28 80 81 - 49
mts@esvedragroup.com

21.07.2009 Financial News transmitted by DGAP

Language: English
Issuer: 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: info@ludwigbeck.de
Internet: www.ludwigbeck.de
ISIN: DE0005199905
WKN: 519990
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart

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