Report on the first six month period ended April 30, 2004 WKN: ISIN: DE

Transcription

1 GERRY WEBER International AG Report on the first six months of 2003/2004 Report on the first six month period ended April 30, 2004 WKN: ISIN: DE

2 The GERRY WEBER share Since the beginning of the year, the GERRY WEBER share has tracked the sideward trend of the DAX, fluctuating between EUR 7 and EUR 8. While investors continued to take a wait-and-see attitude, higher incoming orders and the improvement of the EBIT margin in the first quarter resulted in positive analyst and press reports. The share is generally considered to have upward potential, all the more so as the solid dividend yield makes it even more attractive. At the Annual General Meeting, all seven items on the agenda, including the proposed payment of a dividend of EUR 0.35 per share, were approved by a large majority of shareholders. Other items on the agenda included an authorisation to acquire own shares, the cancellation of the existing authorised capital and the creation of new authorised capital. Figures of the first six months of 2003/2004 (to HGB; in EUR m, unless stated otherwise) 2003/ /2003 Sales revenues EBITDA EBITDA margin 9.2 % 9.2 % EBIT EBIT margin 7.5 % 7.3 % Net profit DVFA result per share in EUR Gross cash flow Capital expenditure Headcount on April 30 1,574 1,845 The development in the first six months Even though sales in the clothing industry continued to fall in the first months of the year, the Association of the German Textiles and Fashion Industry sees the increase in incoming orders in March of this year compared to the same month of the previous year as a first sign for a slight upward trend in this industry. While the clothing industry continues to suffer from weak domestic consumption, strong foreign demand has significantly improved the order situation.

3 Contrary to the market trend, GERRY WEBER s sales revenues increased slightly in the second quarter. Due to the decline in the first quarter, sales revenues in the first six months of fiscal 2003/2004 were down 1.7%. However, the positive company trend is also reflected by the earnings figures which improved throughout in the second quarter compared to the same period of the previous year. Both earnings before interest and taxes (EBIT) and the results from ordinary activities improved slightly in the first six months of fiscal 2003/2004. This shows that the company s optimisation programme has started to bear fruit. In connection with this programme, other operating income and personnel expenses in the first six months of fiscal 2003/2004 were reduced by 10% and 8%, respectively, compared to the same period of the previous year. The slight increase in sales of the GERRY WEBER, TAIFUN and SAMOON brands did not yet fully offset the sales lost due to the discontinuation of the COURT ONE and YOMANIS brands. The growth of the GERRY WEBER core brand already reflects the growing sales contributions made by the G.W., GERRY WEBER EDITION and GERRY WEBER SPORT sublabels. Given that the next ordering round will not start before July, figures for incoming orders are currently not available. Brand sales in the first six months (in EUR m) 2003/ /2003 GERRY WEBER 101, TAIFUN 39, SAMOON 14, COURT ONE 6, YOMANIS 2,4 2,4 Retail (excl. shop-in-shops) 11, Other 1,

4 Outlook Considering that business in the second quarter developed as planned, the already published forecast for the full year remains unchanged. According to this forecast, GERRY WEBER expects a slight increase in sales revenues and an EBIT margin of approximately 8% for fiscal 2003/2004. The growing sales shares of the GERRY WEBER sublabels will contribute to this development. Especially the vertical G.W. line has successfully tapped new sales potential due to its different seasonal rhythm and price policy. The new shops and stores in Germany and abroad will also stimulate growth. In addition to the about 630 existing GERRY WEBER shops, approximately 50 new shops will be opened in Germany as well as in countries such as Ireland, the Netherlands, Hungary, Sweden and Estonia. 24 new HOUSES OF GERRY WEBER thereof 7 abroad will be added to the 58 existing ones in the course of the current fiscal year. The expansion strategy will also increasingly focus on the new EU countries. The opening of HOUSES OF GERRY WEBER in Tallinn and Riga is already planned. Moreover, the company will open its first store in Peking in the second half of Licence business is also expected to contribute to higher earnings. The new fragrance license will probably generate sales revenues of EUR 3 million in the current fiscal year. Calendar of financial events Report on the first nine month September 28, 2004 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 April 30, 2004 October 31, 2003 A. Fixed assets Intangible assets 6,020 6,237 Tangible assets 63,382 62,901 Financial assets ,728 69,853 B. Current assets Inventories 36,363 37,655 Receivables and other assets 77,804 84,881 Cash on hand, cash in banking accounts and cheques 7,187 7, , ,429 C. Prepayments and accrued income 1,045 1, , ,460 Liabilities April 30, 2004 October 31, 2003 A. Capital stock Subscribed capital 23,443 23,443 Capital reserves 33,668 33,668 Revenue reserves 23,760 23,760 Net profit for the year 31,796 24, , ,564 B. Provisions Provisions for taxation 2,618 3,035 Other provisions 5,033 7,598 7,651 10,633 C. Accounts payable Due to banks 48,810 59,051 Advance payments received on account of orders 0 0 Trade accounts payable 15,001 18,787 Other accounts payable 7,977 7,399 71,788 85,237 D. Deferred income , ,460 Consolidated income statement to HGB in EUR 000 Q2 Q2 H1 H1 2003/ / / /2003 Sales revenues 91,835 91, , ,800 Change in finished goods and work in progress -3, , Other operating income 1,900 1,000 2,907 1,900 Cost of materials -55,914-53, , ,600 Personnel expenses -12,176-13,500-23,676-26,300 Depreciation of intangible fixed assets and tangible assets -1,379-1,800-2,879-3,300 Other operating expenses -12,321-16,100-31,103-33,900 Other operating expenses 8,045 7,700 13,145 12,900 Net interest income ,200-1,996-2,100 Results from ordinary activities 7,049 6,500 11,149 10,800 Taxes on income -2,452-2,200-3,952-3,600 Other taxes Profit 4,503 4,300 7,103 7,200 Earnings per share in EUR Number of shares 23,443,200 23,443,200 23,433,200 23,443,200

6 Equity capital movements to HGB in EUR 000 November 1, 2002 April 30, 2003 November 1, 2003 April 30, 2004 Subscribed capital 23,443 23,443 23,443 23,443 Capital reserves 33,668 33,668 33,668 33,668 Revenue reserves 23,465 23,465 23,760 23,760 Consolidated net profit 23,571 30,771 24,693 31,796 Shareholders equity 104, , , ,667 Consolidated cash flow statement to HGB in EUR 000 H1 H1 2003/ /2003 Net profit + 7, ,200 Fixed asset depreciation + 2, ,300 Increase/decrease in provisions - 2,982-3,700 Increase/decrease in inventories + 1, ,330 Increase/decrease in trade receivables + 6, ,950 Increase/decrease in other assets ,980 Increase/decrease in trade accounts payable - 3,786-6,800 Increase/decrease in other liabilities Inflow/outflow of funds from ordinary business activities + 12, ,900 Disbursement for fixed asset investments - 2,754-8,700 Outflow of funds from capital spending - 2,754-8,700 Disbursements/receipts from the raising/repayment of loans - 10, ,500 Inflow/outflow of funds from financing activities - 10, ,500 Cash changes in financial resources Financial resources at the beginning of the period + 7, ,298 Financial resources on April , ,998 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 2002/2003. This interim report was prepared in accordance with DRS 6. Similar to 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/Westphalia