Annual results 2013 - Van de Velde

Feb 23, 2016 - REPORT OF THE STATUTORY AUDITOR ON THE ANNUAL ... positive price and currency impact as well as lower stock depreciation.
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23.02.2016 – Press release

Van de Velde: annual results 2015   

REBITDA ROSE ON A COMPARABLE BASIS BY 8.0%. RECURRING NET PROFIT INCREASED BY 20.7%. THE BOARD OF DIRECTORS WILL PROPOSE TO THE GENERAL MEETING OF SHAREHOLDERS A TOTAL DIVIDEND OF € 3.50 PER SHARE, OF WHICH € 1.35 PER SHARE WAS PAID OUT AS INTERIM DIVIDEND IN NOVEMBER 2015.

1. CONSOLIDATED KEY FIGURES 2015 (ACCORDING TO IFRS STANDARDS AND AUDITED) Consolidated key figures INCOME STATEMENT (IN M€) Turnover Other operating income Cost of materials Other expenses Personnel expenses Recurring operating profit before depreciation and amortization (‘REBITDA’) (1) Depreciation and amortization EBIT or operating profit Impairment of goodwill and intangible assets with indefinite useful life Financial result Share of result of associates Profit before taxes Income taxes Result of the period attributable to non-controlling interests Profit for the period attributable to the owners of the company Recurring profit for the period (excluding impairment) (1)

31.12.2015

31.12.2014

%

209.0 5.5 (46.2) (62.3) (44.1) 61.9

198.4 4.9 (46.2) (56.5) (42.8) 57.7

5.3% 13.3% (0.1%) 10.1% 3.1% 7.3%

(8.3) 53.7 0.0

(8.2) 49.5 (31.4)

1.4% 8.3% (100.0%)

0.3 0.3 54.3 (13.2) 0.1

0.7 0.0 18.8 (16.4) (0.1)

(53.6%) 788.2% 188.5% (19.2%) 303.9%

41.0

2.5

1,548.6%

41.0

33.9

20.7%

REBITDA equals recurring operating profit plus depreciation and amortization on fixed intangible and tangible assets. Consolidated key figures

BALANCE SHEET (IN M€) Fixed assets Current assets Total assets Shareholders’ equity Non-controlling interest Non-current liabilities Current liabilities Total equity and liabilities KEY FIGURES IN € PER SHARE REBITDA Recurring profit for the period attributable to the owners of the company

31.12.2015

31.12.2014

%

70.8 90.9 161.7 129.2 0.9 4.5 27.2 161.7

68.0 91.9 159.9 134.0 0.7 4.7 20.6 159.9

4.2% (1.1%) 1.1% (3.5%) 20.6% (4.4%) 32.2% 1.1%

4.6 3.1

4.3 2.6

7.3% 20.7%

Van de Velde NV - Lageweg 4 - 9260 Schellebelle - Belgium - T. +32 9 365 21 00 - F. +32 9 365 21 70 - www.vandevelde.eu - [email protected]

2. REPORT OF THE STATUTORY AUDITOR ON THE ANNUAL INFORMATION AT 31 DECEMBER 2015 The statutory auditor has issued an unqualified opinion on the consolidated financial statements. The accounting figures in this release are consistent with the figures in the consolidated financial statements.

3. NOTES TO THE CONSOLIDATED KEY FIGURES TURNOVER GROWTH 2015 Consolidated turnover at Van de Velde rose by 5.3% in 2015 (from € 198.4m to € 209.0m). On a like-for-like basis (including comparable deliveries) consolidated turnover is up 5.7%. This turnover growth consists of the following components: 

6.0% growth in wholesale turnover. Growth has continued in all areas: lingerie, beachwear and stayers.



A fall in retail turnover at Rigby & Peller USA (former Intimacy) by 9.7% (9.8% on a like-for-like basis) in local currency. Due to the strengthening of the American dollar against the euro, retail turnover in euro was up 7.2%.



In Europe retail turnover rose on a like-for-like basis by 5.8%, due to like-for-like growth in Germany (7.1%) and the Netherlands (5.7%).

REBITDA DEVELOPMENT Consolidated REBITDA was € 61.9m, 7.3% higher than the previous year. On a like-for-like basis (including comparable deliveries), REBITDA rose by 8.0%. This is primarily due to the following factors:    

There was strong turnover growth in wholesale. The gross margin in wholesale is higher on an annual basis compared to the previous year, mainly due to a positive price