Van de Velde announced its annual results for 2013. Van de Velde realised consolidated turnover growth of 0.4% (from € 181.8m to € 182.4m).
-Consolidated turnover and recurring EBITDA are in line with last year thanks to a strong catch-up in the second half.
-The board of directors will propose to the general meeting of shareholders maintaining the dividend at € 2.15 per share.
-This confirms the confidence of the company in its growth and cash generation.
The following aspects drove this development:
-A stable wholesale turnover versus the same period last year: in the first half, there was a decline of 2.0%, in the second half there was an increase of 2.2%.
-A fall in the retail turnover of Intimacy of slightly over 12% in local currency. The like-for-like fall slowed down in the second half of the year (4.8%) compared to the first six months (11%).
-The retail turnover of Rigby & Peller in the UK grew by 0.6% in local currency and decreased by about 4% in euro due a weaker British pound.
-An increase of 13.5% in the retail turnover at Rigby & Peller (the former Oreia) in Continental Europe, thanks to a like-for-like growth in Germany (6.5%) and a number of new stores (Cologne, Munich,
-The retail turnover at Donker stores in the period April-December 2013 contributed € 3.5m
Consolidated REBITDA was € 48.7m, which is in line with the previous year’s figure. Performance improved significantly in the second half of the year. After six months, REBITDA was 9% down on the previous year.
This is primarily due to the following factors:
-A higher gross margin in wholesale on an annual basis compared to the previous year, mainly due to a positive price impact and lower stock depreciations. Both are offset to some degree by a negative currency impact.
-Strict cost constraints ensured that cost rises were limited without threatening strategic projects.
The retail division’s total EBITDA contribution was lower than in 2012, mainly due to the less strong performance of Intimacy. The EBITDA contribution of all other retail chains (Europe, United Kingdom, Far East) increased.