Van de Velde sales marginally up 1.1% in 2012

Financial result and minority stakes (share of result of associates)

The financial profit was € 1.5m lower in 2012 than in 2011:

- In 2011 the financial profit included non-recurring revenue of € 2.0m as a consequence of the full accelerated repayment of a CDO.

- In both years the financial profit includes the adjustment of outstanding balances between Van de Velde and the minority shareholders of Intimacy, a gain of € 3.0m in 2012 versus € 1.9m in 2011.

- Dividend income was approximately € 0.7m lower (Top Form) and the sum of the other components were approximately in line with the previous year.

The result recognized under the equity method is primarily attributable to the contribution of Top Form (after adjustment for dividends paid). The contribution of Top Form is based on the change in shareholders’ equity up to and including 31/12/2012.

The negative result is primarily attributable to the loss (HK$ 60.0m) that Top Form reported for fiscal year 2012 (1/7/2011-30/6/2012). A limited loss of HK$ 3.3m was reported for the first half year of fiscal year 2013 (1/7/2012-31/12/2012).

Profit for the period

The recurring Group profit fell from € 41.2m to € 33.6m (-18.4%) and the recurring profit per share fell from € 3.09 to € 2.52 (-18.4%). When the impairment of Andrés Sardá is included, the fall in Group profit is 37.8%.

Cash position and solvency/liquidity

The cash position at the end of 2012 was €31.7m.

Solvency (share of equity in total equity and liabilities) of Van de Velde Group remained very high (86.3% at the end of 2012 versus 83.9% at the end of 2011). The current assets represented five times the value of the current liabilities (versus 4.7 at the end of 2011), an indication of very strong liquidity. Furthermore, the Group is completely self-financed.

VAN DE VELDE

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 the Lingerie Styling concept (fit, style and fashion), especially in Europe and North America.

Van de Velde