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Rise in consolidated turnover of 8.1% at Van de Velde
Feb '12
Van de Velde released financial results for the year 2011. Van de Velde's organic growth, excluding the retail turnover of Intimacy and R&P, rose 2.2%. This growth is due to:

- 1.9% growth in the wholesale business. This growth is primarily attributable to a positive price effect, growth within Sarda and the rising market share of Van de Velde brands within Intimacy.
- 28% growth at Oreia. Store-to-store turnover growth at the Oreia stores in Germany was 10%.

When retail turnover at Intimacy (full year 2011 versus 8 months in 2010) and R&P (5 months in 2011) is taken into account, Van de Velde's consolidated turnover was €179.8m, a rise of 8.1% versus 2010:

- For the full year 2011 Intimacy generated turnover of $38.4m, a rise of 8.1% versus 2010. Turnover growth within Intimacy was exclusively due to the opening of new stores.
- For the period August-December R&P generated turnover of £3.8m.

Consolidated EBITDA rose 2.8% to €53.8m:
- The rise in EBITDA is primarily attributable to the slight rise in gross margin due to a favourable price and exchange rate effect. In 2012 the gross margin will be a little lower, as the full effect of the rise in costs first noticed in 2011 (primarily labour costs in China) will be felt in 2012.
- The rise in the gross margin in 2011 is in part negatively offset by a rise in fixed costs to support growth (e.g. marketing, sales organisation, IT infrastructure).
- Intimacy generated stand-alone EBITDA of $0.4m versus $1.4m in 2010. This is primarily due to a fall in turnover on a store-to-store basis and a rise in fixed costs.

The financial profit was €1.4m lower in 2011 than in 2010:

In 2010 the financial profit included non-recurring revenue of €4.3m as a result of the full consolidation of Intimacy. Financial profit in 2011 includes non-recurring revenues to a total value of €3.9m:

- Capital gain of €2.0m for full accelerated payment of CDO Fulham
- Adjustment of outstanding balances between Van de Velde and the minority shareholders of Intimacy in the amount of €1.9m.

Other elements within financial profit (exchange results and interest and dividend income) were €1.0m lower than in 2011.

The cash position at the end of 2011 was €41.2m.

Van de Velde NV is a leading player in the luxury and fashionable women's lingerie sector. Van de Velde is convinced of the merits of a long-term strategy based on developing and expanding brands around theLingerie Styling concept (fit, style and fashion), especially in Europe and North America.

Van de Velde NV

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