GERRY WEBER International AG Report on the first three months of 2005/2006 Report on the three-month period ended January 31, 2006 ISIN: DE

Transcription

1 GERRY WEBER International AG Report on the first three months of 2005/2006 Report on the three-month period ended January 31, 2006 ISIN: DE

2 The GERRY WEBER share Building on its excellent price performance with a 78 percent increase in FY 2004/2005, the price of the GERRY WEBER share continued to develop favourably in the first quarter of the current fiscal year. The share price rose by 14 percent. On the XETRA trading platform it climbed from EUR to EUR The GERRY WEBER share thus showed a growth trend similar to the DAX30 and MDAX indices and slightly outperformed the SDAX index. The share price low and high in the first three months were EUR and EUR 16.39, respectively. In line with the price performance of the GERRY WEBER share, the trading volume also continued to increase. A daily average of 34,000 traded shares means it exceeded the average value reached in FY 2004/2005 by some six percent. In euro terms, the daily trading volume was even up 41 percent. Most press and analysts reports on the GERRY WEBER share were equally favourable. Especially the response after the accounts press conference demonstrated that analysts expect both the company to grow further and the share price to continue to rise. Due to the strong share price increase, the 2006 dividend yield will be slightly lower in arithmetic terms. At the same time, the excellent earnings situation enables the company to raise its dividend from EUR 0.35 to EUR 0.40 per share. A dividend volume of EUR 9.2 million will hence be proposed to the 2006 Annual General Meeting. Figures of the first three months of 2005/2006 (to HGB; in EUR m, unless stated otherwise) Brand sales EBITDA EBITDA margin 8.3 % 8.2 % EBIT EBIT margin 6.9 % 6.7 % Net profit DVFA result per share in EUR Gross cash flow Capital expenditure Extraordinary expenses Headcount on January 31 1,678 1,554 The development in the first three months Following a turnaround in sentiment, sales revenues in the German clothing industry rose in November, December and January. According to the Federal Statistical Office, clothing sales were up 10.2 percent year on year. The increase in incoming orders was even higher. The GERRY WEBER Group kept up its strong growth rate in the first quarter of the new fiscal year. Both sales revenues and all relevant earnings figures clearly exceeded the levels of the previous year, with brand sales rising by 12.4 percent and net profit for the period growing by 40.2 percent.

3 The transformation into an international lifestyle group was pushed ahead further. At the end of the first quarter, GERRY WEBER Menswear was for the first time presented to a broad audience and preorders for autumn/winter 2006/2007 began. Moreover, the company opened additional new HOUSES OF GERRY WEBER, including the 700 sqm flagship store in London s Regent Street on February 23, i.e. shortly after the end of the first quarter. The positive development of the GERRY WEBER Group in the first quarter is clearly reflected by its earnings figures. At 14.3 percent and 14.2 percent, respectively, EBITDA and EBIT grew disproportionately. Consequently, the EBITDA margin and the EBIT margin also improved by one and two percentage points, respectively. Net profit for the period surged by 40.2 percent due to higher net interest income and no extraordinary expenses. The DVFA result per share climbed from EUR 0.13 to EUR Brand sales in the first three months (in EUR m) GERRY WEBER 101, TAIFUN 39, SAMOON 14, Retail (excl. shop-in-shops) 11, At brand level, GERRY WEBER once more confirmed its extraordinary position. In the first three months of the current fiscal year, sales of the GERRY WEBER brand, which accounted for 58.6 percent of total sales revenues, increased by 13.9 percent. At 5.0 percent, TAIFUN reported a slightly lower growth rate. Due to postponed deliveries, SAMOON posted a slight decline in sales, which will be compensated in the second quarter. Incoming orders already point to a clear growth trend. Sales revenues of the company s own HOUSES OF GERRY WEBER (retail sales) rose by 51.6 percent to EUR 9.4 million. This continued high growth rate was attributable to both the new stores opened last year and the good performance of the existing stores. Incoming orders in the first three months (in EUR m) GERRY WEBER 101, TAIFUN 39, SAMOON 14, GERRY WEBER s excellent sales figures were accompanied by even slightly higher growth rates of incoming orders. GERRY WEBER reported a 19.6 percent increase in incoming orders. In particular, the GERRY WEBER EDITION sublabel maintained its growth momentum with a 26 percent increase. TAIFUN matched the previous year s level and incoming orders for SAMOON grew by 3.7 percent. In total, incoming orders were up 12.8 percent.

4 Outlook GERRY WEBER International AG intends to increase its Group sales to EUR 440 million in the current fiscal year and targets a sales growth to EUR 500 million in The EBIT margin is to be improved by one percentage point. In FY 2005/2006 the company wants to post its first double-digit return and maintain or further expand it in the following years. Calendar of financial events Annual General Meeting June 8, 2006 Report on the first six months June 26, 2006 Report on the first nine months September 25, 2006 GERRY WEBER plans to continue the rapid expansion of its own retail activities. A total of 65 new HOUSES OF GERRY WEBER are to be opened in the current fiscal year. The company currently plans to operate 18 of these stores itself, while the remaining stores will be opened by franchise partners. In addition, retail activities will be supplemented by further single-brand stores, especially for TAIFUN (10 to 15 new stores), but also for SAMOON and GERRY WEBER EDITION. These new stores will also be run by the company itself or franchise partners. Sales revenues of the stores operated by the company itself are to reach EUR 50 million and the number of shop-in-shops is to grow to 1,000 in the current fiscal year, which would be an increase by 100 shopin-shops. In the second quarter of 2005/2006, pre-orders for GERRY WEBER Menswear will be a first indication of how the company s fashion for men is accepted by its customers in the retail trade. GERRY WEBER moreover expects to see some stimulation from the licence shoe segment. Contact GERRY WEBER International AG Neulehenstraße Halle/ Westphalia Tel (0) Fax + 49 (0) Investor Relations contact Hans-Dieter Kley Tel (0) Fax + 49 (0) b.uhlenbusch@gerryweber.de

5 Consolidated balance sheet to HGB in EUR '000 Assets January 31, October 31, A. Fixed assets Intangible assets 6,201 5,618 Tangible assets 69,364 64,819 Financial assets 1,099 1,158 76,664 71,595 B. Current assets Inventories 58,286 46,035 Receivables and other assets 77,382 82,070 Own shares 5,771 0 Cash on hand, cash in banking accounts and cheques 8,279 10, , ,998 C. Prepayments and accrued income 3,230 1, , ,623 Liabilities January 31, October 31, A. Capital stock Subscribed capital 23,443 23,443 Capital reserves 33,668 33,668 Own shares 5,771 0 Revenue reserves 28,109 28,880 Net profit for the year 31,434 26, , ,847 B. Provisions Provisions for taxation 1, Other provisions 8,059 6,178 9,373 6,862 C. Accounts payable Due to banks 78,144 65,580 Trade accounts payable 12,854 16,807 Other accounts payable 6,815 9,527 97,813 91,914 D. Deferred income , ,623 Consolidated income statement to HGB in EUR 000 Sales revenues 96,321 85,782 Inventory changes 15,920 7,442 Other operating income 1,535 1,335 Cost of materials -70,781-55,568 Personnel expenses -13,263-12,193 Depreciation of intangible fixed assets and tangible assets -1,330-1,233 Other operating expenses -21,749-19,785 Operating result 6,653 5,780 Net interest income Results from ordinary activities 5,870 4,852 Extraordinary expenses Taxes on income -2,134-1,542 Other taxes Profit 3,732 2,661 Earnings per share in EUR Number of shares 23,433,200 23,443,200

6 Equity capital movements to HGB in EUR 000 November1, January 1, November1, January 1, Subscribed capital 23,443 23,443 23,443 23,443 Capital reserves 33,668 33,668 33,668 33,668 Reserve for own shares ,833 5,771 Revenue reserves 28,340 28,340 31,047 28,109 Consolidated net profit in first three months / Consolidated net profit for the year 24,195 26,856 27,702 31,434 Shareholders equity 110, , , ,425 Consolidated cash flow statement to HGB in EUR 000 Net profit + 3, ,661 Fixed asset depreciation + 1, ,233 Increase/decrease in provisions - 4,337-4,035 Increase/decrease in inventories - 14,797-6,457 Increase/decrease in trade receivables - 2, ,848 Increase/decrease in other assets - 4,443-5,812 Increase/decrease in trade accounts payable - 6,417-2,631 Increase/decrease in other liabilities + 3, ,326 Inflow/outflow of funds from ordinary business activities - 23,703-7,867 Disbursement for fixed asset investments - 1,973-2,078 Outflow of funds from capital spending - 1,973-2,078 Disbursements/receipts from the raising/repayment of loans + 26, ,026 Inflow/outflow of funds from financing activities + 26, ,026 Cash changes in financial resources + 1, ,081 Financial resources at the beginning of the period + 7, ,812 Financial resources on January , ,893 Explanatory notes The present interim report was prepared applying the same accounting and valuation methods as in the last consolidated financial statements and the interim report for the same period of the previous year. Explanatory information is provided in the notes to the financial statements and the consolidated financial statements for FY 2004/2005. This interim report was prepared in accordance with DRS 6. As the consolidated financial statements, the present interim report contains no segment report given that no meaningful segments can be defined in the divisions or under production and distribution terms. GERRY WEBER International AG Neulehenstraße 8 D Halle/Westfalen ISIN DE