28.03.2017
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG DE0005199905
DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK Group concludes fiscal year 2016 with a satisfactory result
DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s):
Final Results/Final Results
Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG: LUDWIG BECK Group
concludes fiscal year 2016 with a satisfactory result
28.03.2017 / 14:08
The issuer is solely responsible for the content of this announcement.
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Corporate News
LUDWIG BECK Group concludes fiscal year 2016 with a satisfactory result
Munich, March 28, 2017 - In the fiscal year 2016, the Munich Fashion Group
LUDWIG BECK (ISIN DE 0005199905) had to face some challenges, but was able
to master them by the end of the year with a satisfactory result in overall
terms. Once again, anticyclical weather patterns proved to have a major
impeding impact. However, appropriate seasonal weather for the Christmas
business provided a boost in sales. The WORMLAND segment, newly acquired in
2015, concluded its first full fiscal year under the umbrella of the LUDWIG
BECK Group and developed in line with expectations during that period. With
the launch of the new WORMLAND flagship store in Nuremberg in October 2016 a
promising milestone in the history of this long-established company has been
set.
Development of sales
The Group generated gross sales in the amount of EUR 177.1m (previous year:
EUR 158.6m). This significant increase is exclusively due to the WORMLAND
segment which contributed gross sales in the considerable amount of EUR
76.0m (previous year: EUR 54.7m) to the Group's sales. In the previous year,
only sales achieved after the date of acquisition (May 2015) had been taken
into account. The LUDWIG BECK segment, including the online trade at
www.ludwigbeck.de, generated sales in the amount EUR 101.1m (previous year:
EUR 104.0m) in the same period. The decline in sales experienced by the
Munich Fashion Group was paralleled by a similar development in the German
textiles retail, which concluded the fiscal year 2016 down 2% (source:
TextilWirtschaft).
Earnings situation
Earnings before interest and taxes (EBIT) reached EUR 6.3m (previous year:
EUR 18.3m) and, due to an encouraging fourth quarter, exceeded the adjusted
forecast of October 1, 2016, in which the management had anticipated a value
between EUR 4m and 5m.
Accordingly, earnings before taxes (EBT) amounted to EUR 5.2m (previous
year: EUR 17.3m). Thus, the EBT margin came to 3.5% (previous year: 12.9%).
Taxes on income of EUR 2.3m (previous year: EUR 2.1m) were incurred in 2016.
The previous year's result had included a non-recurring tax-exempt Group
income from initial consolidation of the WORMLAND Group in the amount of EUR
9.8m.
Consolidated net income amounted to EUR 2.9m (previous year: EUR 15.2m).
As per the reporting date of December 31 2016, the Group's equity totaled
EUR 79.0m (previous year: EUR 79.4m). The equity ratio was 58.9% (previous
year: 60.2%).
Dividend payout
At the Annual General Meeting on May 23, 2017, the Executive Board and the
Supervisory Board will propose to distribute a dividend in the amount of EUR
0.65 per participating no-par share (previous year: EUR 0.75 per share). The
dividend amount is generally proposed in line with the corporation's
financial goals, with sound financial stability for the Group's strategic
projects taking center stage.
Outlook
Leading economic researchers take a cautiously optimistic view of Germany's
economic prospects, yet expect promising opportunities to arise in 2017.
The management of LUDWIG BECK shares these expectations. At the same time,
the Executive Board is engaged in the analysis of the ongoing structural
changes unfolding in German textiles retail in order to come up with
strategic conclusions. Against this background, the Fashion Group remains
committed to its high target of a sound, sustained development also in 2017.
In 2017, we will focus all our efforts on our customers. In these
challenging times we have made this our central key topic, member of the
Executive Board, Dieter Münch, said.
Based on this assumption, the Executive Board expects sales on Group level
to reach between EUR 170m and 180m and earnings before interest and taxes
(EBIT) to settle between EUR 4m and 6m in 2017.
For further information regarding the company and the share please refer to
the corporate website at http://kaufhaus.ludwigbeck.de/english/.
Key figures of the Group
in EURm 2016 2015
Gross sales 177.1 158.6
Net sales 148.9 133.3
Earnings before interest, taxes, depreciation and 10.3 22.3
amortization (EBITDA)
Earnings before interest and taxes (EBIT) 6.3 18.3
Earnings before taxes (EBT) 5.2 17.3
Consolidated net income 2.9 15.2
Equity 79.0 79.4
Equity ratio in % 58.9 60.2
Investments 5.4 2.2
Employees (average)1) 892 816
Earnings per share (in EUR) 0.78 4.11
Dividend (in EUR) 0.65 0.75
1) without apprentices
About LUDWIG BECK
LUDWIG BECK is one of the top fashion retail companies in Germany. In 2016,
with 467 employees it generated gross sales in the amount of EUR 101.1m (as
per December 31, 2016) on an area of about 12,400 sqm as well as through its
online shop.
LUDWIG BECK is located in the heart of Munich, directly at Marienplatz. On
seven floors the Munich fashion company 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.
About ludwigbeck.de
Since the end of 2012, the exceptional brand portfolio of the beauty
department is also available for online shopping at www.ludwigbeck.de.
Customers can expect a unique selection of almost 10,000 products of more
than 100 luxury and niche cosmetics brands.
About WORMLAND
THEO WORMLAND GmbH & Co. KG, Hanover, generated sales in the amount of EUR
76.0m (as per December 31, 2016) with 425 employees on a total area of about
16,200 sqm in 2016. The Group 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 branches.
Investor Relations contact:
esVedra consulting GmbH
Metis Tarta
t: +49 89 206021 - 210
f: +49 89 206021 - 610
[email protected]
Group Accounting contact:
LUDWIG BECK AG
Jens Schott
t: +49 89 23691 - 798
f: +49 89 23691 - 600
[email protected]
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28.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: [email protected]
Internet: www.ludwigbeck.de
ISIN: DE0005199905
WKN: 519990
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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