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Little impact of economic slowdown on H1 sales, Van de Velde
27 Aug '10
4 min read
• Van de Velde's total net profit was €25.3m. This was positively impacted by a non-recurring exceptional result due to the revaluation of the existing 49.9% stake in Intimacy.
• The balance sheet total was higher due to:
the incorporation of 100% of Intimacy's assets and liabilities
the IFRS recognition of goodwill, other intangible assets and a non-controlling interest, among other things.
Prospects
Turnover will continue to grow in the second half of 2010, albeit at a slightly slower pace than in the first half of the year. Management expects that year-on-year turnover growth (excluding Intimacy) will exceed 5%. Profitability for 2010 will remain healthy and Van de Velde targets EBITDA (excluding Intimacy) of about €49m for the full year 2010.
The initial signs for turnover growth in 2011 are rather positive, although it is obviously too early to make any result-related forecasts.
Van de Velde NV is a leading player in the luxury and fashionable women's lingerie sector. Van de Velde is convinced of a long-term strategy based on expanding and developing brands around the Lingerie Styling concept (fit, style and fashion), especially in Europe and North America.
• The balance sheet total was higher due to:
the incorporation of 100% of Intimacy's assets and liabilities
the IFRS recognition of goodwill, other intangible assets and a non-controlling interest, among other things.
Prospects
Turnover will continue to grow in the second half of 2010, albeit at a slightly slower pace than in the first half of the year. Management expects that year-on-year turnover growth (excluding Intimacy) will exceed 5%. Profitability for 2010 will remain healthy and Van de Velde targets EBITDA (excluding Intimacy) of about €49m for the full year 2010.
The initial signs for turnover growth in 2011 are rather positive, although it is obviously too early to make any result-related forecasts.
Van de Velde NV is a leading player in the luxury and fashionable women's lingerie sector. Van de Velde is convinced of a long-term strategy based on expanding and developing brands around the Lingerie Styling concept (fit, style and fashion), especially in Europe and North America.
Van de Velde NV
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