DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key
word(s): Half Year Results/Forecast
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK closes
the first half-year of 2015 very satisfactorily/Integration of
WORMLAND essentially completed
21.07.2015 / 08:02
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Corporate News
LUDWIG BECK closes the first half-year of 2015 very
satisfactorily/Integration of WORMLAND essentially completed
Munich, July 21, 2015 - The Munich fashion group LUDWIG BECK (ISIN DE
0005199905) has closed the first half-year of 2015 very satisfactorily. The
dominant event in the second quarter was the acquisition of 100% of the
shares in WORMLAND, a men's fashion retailer based in Hanover. This
strategically significant step has already been reflected in the financial
figures of the Group, whose comparability with those of the same period
last year is thus strongly reduced. The integration of WORMLAND is
therefore essentially completed. Since not all information required for the
conclusive recognition of the business combination in the balance sheet is
currently available, a preliminary purchase price allocation has been
undertaken.
Development of sales
At group level, LUDWIG BECK generated gross sales in the amount of EUR
56.8m (previous year: EUR 44.8m), of which EUR 11.2m were attributable to
the WORMLAND segment. On a like-for-like basis gross sales totaled EUR
45.6m. Unsurprisingly, the flagship store at Marienplatz in Munich made the
largest contribution to sales. With like-for-like sales up 1.5% the Munich
fashion group once again distinguished itself from the German textile
retail trade, which had to face a 2% loss in sales in the same period
according to TextilWirtschaft. Not only the brick-and-mortar business
underwent a favorable development, but also the online shop at
ludwigbeck.de was able to further pursue its growth course.
Earnings situation
The gross profit amounted to EUR 23.3m (previous year: EUR 18.3m). WORMLAND
contributed a share of EUR 4.8m to this result. The gross profit margin was
48.9% in aggregate (previous year: 48.6%).
Expenses against corresponding proceeds were at EUR 12.0m (previous year:
EUR 16.1m). Adjusted for the effects of the acquisition of WORMLAND netted
costs came to EUR 16.5m.
Earnings before interest and taxes (EBIT) amounted to EUR 11.3m (previous
year: EUR 2.2m). Adjusted for non-recurring effects EBIT reached EUR 2.0m.
Earnings before taxes (EBT) came to EUR 10.8m (previous year: EUR 1.7m),
respectively EUR 1.5m without non-recurring effects.
Since earnings from initial consolidation exclusively figure as Group
proceeds, no taxes arise for this non-recurring effect. Regarding adjusted
EBT, deferred tax effects at the date of the consolidated financial
statements lead to the recording of only EUR 0.1m in taxes in the
consolidated profit and loss account.
Earnings after taxes were at EUR 10.6m. Adjusted for non-recurring effects
they were at last year's level of EUR 1.4m.
Outlook
The management of LUDWIG BECK considers the Group to be on a good path
after having achieved an increase in sales and earnings in the first half
of the year even under oftentimes challenging macroeconomic framework
conditions. The acquisition of WORMLAND will enable the company to show a
strong presence in the overall German market in the future as a provider of
high-end men's fashion and to attract new groups of buyers. The trading up
concept pursued at the flagship store at Marienplatz, Munich, and the
parallel development of the online business will remain the supporting
pillars, on which the company's stable growth can be based.
Also in the future LUDWIG BECK will go for growth under its own steam. Our
own store-generated economic pace is based on the consistently high
attractiveness of the flagship store in Munich and the market position
newly gained with the acquisition of WORMLAND, Dieter Münch, member of the
Executive Board of LUDWIG BECK AG stated.
On the basis of the latest developments the Executive Board re-adjusted its
sales expectancy for 2015 at Group level. The quarterly forecast still
anticipated an increase in sales between 2% - 4% and EBIT in the amount of
approximately EUR 10m. With the acquisition of WORMLAND and the pro rata
temporis addition of the resulting sales the management is now expecting
sales in the amount of EUR 158m - 163m. Especially on account of
non-recurring effects EBIT is expected to rise to EUR 17m - 19m.
The detailed Half Year Report can be found online at
kaufhaus.ludwigbeck.de/english/ in the Financial Publications section under
the heading Quarterly Reports.
Key figures of the Group
<pre>
in EURm 1/1/2015 1/1/2014
- -
6/30/2015
6/30/2014
Gross sales 56.8 44.8
Net sales 47.7 37.7
Earnings before interest, taxes, depreciation &
amortization (EBITDA) 13.0 3.8
Earnings before interest & taxes (EBIT) 11.3 2.2
Earnings before taxes (EBT) 10.8 1.7
Earnings after taxes 10.6 1.4
Equity (as per reporting date 6/30) 74.9 63.6
Equity ratio (as per reporting date 6/30) in % 52.0 59.0
Earnings per share (in EUR) 2.88 0.37
Investments 0.8 2.7
Employees 2) 912 460
</pre>
1) without apprentices
Investor Relations contact:
esVedra consulting GmbH
Metis Tarta
t: +49 89 28 80 81 - 33
f: +49 89 28 80 81 - 49
mt@esvedragroup.com
Group accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t: +49 89 2 36 91 - 798
f: +49 89 2 36 91 - 600
jens.schott@ludwigbeck.de
LUDWIG BECK
The Munich fashion group is one of the top fashion retail companies in
Germany. With approximately 500 employees it generates EUR 102.7m in group
sales on an area of about 12,400 sqm (as per December 31, 2014). LUDWIG
BECK is located in the heart of Munich, directly at Marienplatz. On seven
floors LUDWIG BECK showcases international fashion, leather goods and
accessories, exclusive cosmetics and with over 120,000 titles, Europe's
largest onsite collection of classical, jazz and world music and
audiobooks. Since the end of 2012, LUDWIG BECK has offered the singular
brand portfolio of the beauty department with over 100 luxury and niche
cosmetics brands also at its online shop www.ludwigbeck.de.
WORMLAND:
Theo Wormland GmbH & Co. KG, based in Hannover, generates sales in the
amount of approximately EUR 79.6m (as per December 31, 2014) with 465
employees on a total area of 13,600 sqm. The group of companies is based on
two differing store concepts: WORMLAND and THEO. Today, Theo Wormland GmbH
& Co. KG ranges among Germany's top men's fashion retailers with a total of
15 outlets. It also operates an online shop at www.shop.wormland.de.
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Language: English
Company: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG
Marienplatz 11
80331 München
Germany
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: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart
End of News DGAP News-Service
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379389 21.07.2015
DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK closes the first half-year of 2015 very satisfactorily/Integration of WORMLAND essentially completed
| Source: EQS Group AG