Announcement of financial results of BoConcept Holding A/S for the first three quarters of 2007/2008 On 5 March 2008 the supervisory board of BoConcept Holding A/S adopted the financial statements for the first three quarters of the financial year 2007/2008, which cover the period from 1 May 2007 to 31 January 2008. Year to date: · The year-to-date revenue has risen by 10.6 per cent (by unchanged exchange rates 13.4 per cent) compared to the same period last year. Of this figure, same-store sales growth amounted to 2 per cent · Profit before tax was DKK 52.5 million compared to DKK 45.5 million last year. · The year-to-date operating margin was 7.3 per cent compared to 6.5 per cent during the same time last year · Since the beginning of the financial year there has been an addition of 28 new BoConcept Brand Stores and two have been closed. There has been a net addition of 26 BoConcept Brand Stores · At 31 January 2008 the balance sheet total was DKK 547.7 million, down DKK 29.8 million compared to the corresponding period of last year. · A positive cash flow of DKK 13.3 million before instalments on long-term liabilities other than provisions Third quarter: · The revenue in third quarter has declined by 5.6 per cent compared to same period last year. · For the third quarter of 2007/2008 profit before tax declined by DKK 7 million compared to last year to DKK 10.5 million · The decline in revenue and operating margin is primarily attributable to the general financial situation which has resulted in financial unrest, a decline in the housing market and lower consumer confidence which in turn has had a negative effect on furniture sales · We estimate that BoConcept has won market shares in third quarter Full year forecast: · As a result of the market situation, we make a downward adjustment of the forecast for the financial year 2007/2008 before extraordinary costs for employee shares and any proceeds from the sale of properties to a pre-tax profit of between DKK 70 and 75 million and a revenue increase of 8 to 10 per cent · We now make a downward adjustment of the planned investments in the region of DKK 40 to 45 million to a positive cash flow before repayment of long-term debt to at least DKK 25 million For further information, please contact President and CEO, Viggo Mølholm, or Vice President and CFO, Hans Barslund, on telephone number: +45 7013 1366.
BoConcept Holding A/S' quarterly report for the period 1 May 2007 to 31 January 2008
| Source: BoConcept Holding