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Sportswear sales up at HEAD & HTM Sport
13 Aug '12
4 min read
As a result of the foregoing factors, for the six months ended June 30, 2012 company had a net loss of €10.1m compared to €13.0m in the comparable 2011 period. Net cash provided by operating activities improved by €4.6m in the first six months mainly due to lower cash outflow for inventories and lower interest costs in 2012 compared to 2011.
Net debt increased by €9.3m from 30th June 2011 to 30th June 2012 due mainly to higher working capital needs. Overall 2012 appears to have started well, but will be marred by the warm weather at the beginning of the 2011/12 ski season and weak consumer demand. Company continues to expect to see a slow down in sales in the third and fourth quarters of the year and anticipate that this will cause operating results for 2012 to deteriorate compared to 2011.
HEAD NV is a leading global manufacturer and marketer of premium sports equipment and apparel.
HEAD NV and HTM Sport GmbH
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