Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Final Results
11.03.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Munich, March 11, 2009 - The LUDWIG BECK Group (ISIN DE 0005199905)
concluded the fiscal year 2008 with branch-adjusted sales up 1.8 %;
earnings before taxes (EBT) were increased by 42.8 %.
Development of sales
In a burdensome fiscal year for the textile retail trade the fashion house
was able to increase branch-adjusted gross sales by EUR 1.9m in comparison
to the previous year to EUR 102.6m (previous year: EUR 100.7m). This equals
a 1.8 % plus. According to TextilWirtschaft, the branch suffered a 4 % drop
in sales. LUDWIG BECK finished the lapsed fiscal year with
branch-unadjusted sales amounting to EUR 102.6m (previous year: EUR
103.5m). Net sales were EUR 86.2m (previous year: EUR 87.0m).
Earnings situation
Earnings before interest, taxes and depreciation (EBITDA) went up from EUR
11.0m in the previous year to EUR 12.2m. The EBITDA margin relating to net
sales was 14.2 % (previous year: 12.6 %).
The operative result (EBIT) went up 13.5 % to EUR 8.1m in comparison to EUR
7.2m in 2007.
Earnings before taxes (EBT) could also be increased in the fiscal year
2008; they amounted to EUR 4.4m (previous year: EUR 3.1m), corresponding to
a 42.8 % rise.
The consolidated net profit was EUR 2.7m (previous year: EUR 2.6m).
Non-recurrent effects of the corporate tax reform in the amount of EUR 0.8m
had positively affected the previous year.
In the fiscal year 2008, earnings per share on an average of 3.70m
outstanding shares amounted to EUR 0.73 (previous year: EUR 0.76 for 3.39m
shares).
Dividend payment
In the fiscal year 2009, LUDWIG BECK continued its shareholder-friendly
dividend policy. Therefore Executive Board and Supervisory Board will
propose to the General Meeting on May 15, 2009 to distribute a EUR 0.30
dividend per share. Thus LUDWIG BECK presents itself as a reliable
dividend-bearing security once again, and shows that its promise - to let
all shareholders participate in the company's success - will be kept also
in times of economic crisis.
Outlook
In view of the still uncertain economic framework conditions, it is of
course difficult to make long-term forecasts about the development of
business; yet LUDWIG BECK relies on its own individual business cycle even
in the midst of slackening economic activity. The development of sales up
to now was not curbed by the general economic dullness and the Munich
fashion house could therefore improve gross sales by 1.8 % as per February
2009.
LUDWIG BECK expects the renovation measures carried out in 2008 and the
creation of new sales space to become effective in the course of the fiscal
year 2009. The company will continue to focus on upgrading product ranges
and sales spaces within the scope of the trading up strategy followed for
many years. The Designer Department on the 3rd floor is currently being
developed into a new highlight and enlarged by approximately 700 sqm. The
management expects this measure to generate positive effects on the future
development of sales.
'We believe that hard work will be required to score successes in the
fiscal year 2009', explains Dieter Münch, Executive Board member of LUDWIG
BECK AG. 'Nevertheless, we expect significant earnings exceeding the 4 %
EBT margin', Münch concludes.
Key figures of the Group in EURm
1/1-12/31/2008 (1/1-12/31/2007)
Gross sales (including VAT) 102.6 (103.5)
Gross profit1) 41.4 (41.0)
Earnings before interest, taxes
and depreciation (EBITDA) 12.2 (11.0)
Operative result (EBIT) 8.1 (7.2)
Earnings before taxes (EBT) 4.4 (3.1)
Consolidated net profit 2.7 (2.6)
Earnings per share (in EUR)2) 0.73 (0.76)
Investments 8.6 (5.8)
Employees (number)3) 538 (544)
1) Net profits from sales minus costs of material used; 2) Reference figure
2008: 3.70m shares; 2007: 3.39m shares; 3) Without apprentices
Investor Relations contact:
esVedra consulting GmbH
Metis Tarta-Steck
t: +49. 89. 28 80 81 - 33
f: +49. 89. 28 80 81 - 49
mts@esvedragroup.com
Group accounting contact:
LUDWIG BECK am Rathauseck
Jens Schott
t: +49. 89. 23691 - 798
jens.schott@ludwigbeck.de
DGAP 11.03.2009
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Language: English
Issuer: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG
Marienplatz 11
80331 München
Deutschland
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: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: LUDWIG BECK presents consolidated financial statements for the fiscal year 2008 and reports strong increase in earnings
| Source: EQS Group AG