Corporate | 11 July 2012 10:11
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Ahlers AG / Key word(s): Half Year Results/Interim Report
July 11, 2012 PRESS RELEASE Ahlers reports strong sales growth in Premium segment and stable total sales for H1 2011/12. Solid financial position slightly improved. Restructuring initiated at Gin Tonic. At EUR 121.6 million, Ahlers' sales revenues in the first half of 2011/12 remained stable (previous year: EUR 122.0 million). Adjusted for exchange rate effects and the last own sales contributed by Jupiter Shirts, sales revenues were even up by 0.5 percent. Sales revenues of the Baldessarini, Pierre Cardin and Otto Kern premium brands increased by an impressive 5.5 percent to EUR 71.1 million (previous year: EUR 67.4 million). All brands in this segment were able to generate growing sales and win market share. The Premium segment now accounts for 58 percent of total sales revenues (previous year: 55 percent). The disappointing figures of Gin Tonic put a damper on the generally positive sales performance. Overall, the Men's & Sportswear segment reported a EUR 3.7 million decline in sales (-17.7 percent). Consequently a comprehensive reorganisation concept was initiated at Gin Tonic in late June 2012, which is to be implemented in the second half of 2012. Under new management, Gin Tonic will focus on the larger, intact menswear operations. The company's own Retail revenues rose by 11 percent. As a result, the Retail segment now accounts for 10.3 percent of total sales, up from 9.3 percent in the previous year. Like-for-like Retail revenues increased by 2.0 percent against the market trend. Due to price pressure at Gin Tonic and the conservative valuation of inventories, gross profit declined in the first half of 2011/12. This trend was mitigated by lower expenses. At the bottom line, EBIT before special effects declined to EUR 4.6 million (previous year: EUR 5.8 million). As a result of lower inventories and receivables, the Ahlers Group's equity ratio improved slightly to a very solid 62.5 percent (previous year: 60.3 percent). Cash flow from operating activities exceeds the prior year level by EUR 4.7 million due to the positive trend in net working capital. The Group's net income for 2011/2012 will probably be below the previous year's EUR 10.1 million due to the operating performance and the restructuring expenses. The positive cash flow trend should continue in the second half of the year, allowing a solid balance sheet and a satisfactory dividend at the end of the fiscal year. End of Corporate News 11.07.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | Ahlers AG | |
| Elverdisser Straße 313 | ||
| 32052 Herford | ||
| Germany | ||
| Phone: | +49 (0)5221 979-0 | |
| Fax: | +49 (0)5221 70058 | |
| E-mail: | ahlers-ag@ahlers-ag.com | |
| Internet: | www.ahlers-ag.com | |
| ISIN: | DE0005009708, DE0005009732 | |
| WKN: | 500970, 500973 | |
| Listed: | Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Stuttgart | |
| End of News | DGAP News-Service |
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| 177456 11.07.2012 |