CALIDAHolding - CALIDA Group

CALIDAHolding
Half-year report 2013
CALIDA-Group in the half-year
Dear Shareholders
The CALIDA-Group delivered a good performance in firsthalf 2013, posting growth of 1.9 percent in a shrinking
overall market that featured low levels of consumption.
During this period, France-based AUBADE grew by almost
6 percent, and the CALIDA brand maintained the same
level of sales as the previous year. The positive performance of both brands comes as a result of the consistent
implementation of our strategy. The core elements of this
strategy are as follows:
- A commitment to providing the highest-quality products in terms of both functional and emotional factors
(design)
- A clear sales strategy with an equally strong focus on
the clients of our independent retailers, department
stores and our own CALIDA and AUBADE stores
- The uncompromising positioning of our brands and
products in the traditional market segment, which is
the upper premium segment for CALIDA and the luxury segment for AUBADE
- Simple and cost-effective structures
In the case of both brands, the CALIDA-Group can also rely
on a long-standing, dedicated and extremely competent
management team.
Another positive to take onboard is the operating result
(EBIT), which rose 16.9 percent or CHF 1.2 million to CHF
8.3 million. This is equal to 8.8 percent of our net sales. In
doing so, both CALIDA and AUBADE recorded a growth in
earnings and made similar contributions to the operating
result.
The one negative aspect recorded in our half-year financial
statement is a ruling made in France in March. The court
of appeal decided that the dismissals made in 2009 as a
result of the closure of the AUBADE manufacturing plant
were improper and that AUBADE therefore had to pay additional compensatory payments totalling EUR 2.1 million.
The justification for this ruling was that the CALIDA-Group
as a whole made a profit in 2009. The fact that AUBADE
was at the time operating at a significant loss was not considered to be reason enough for termination. The CALIDAGroup does not agree with the ruling and has appealed to
the highest authority, the Court of Cassation; however, a
decision is not expected prior to 2015. The CALIDA-Group
had already set aside provisions for this potential obligation
2
at year-end 2012 in order to ensure that the half-year result for 2013 was not affected.
As a result of the court decision, a further 127 former
AUBADE employees have now also made claims. Despite
these former employees having agreed to a negotiated
social plan as part of the restructuring measures organised
in 2006 shortly after the acquisition by the CALIDA-Group,
they are now asserting additional claims for damages
against the company. The CALIDA-Group is of the impression that the claims are unfounded and intends to contest
them. Nevertheless, and not least because of the legal
uncertainty that currently prevails in France as regards employment law issues, we have set aside additional provisions of EUR 1.75 million (CHF 2.2 million), which has had
a negative impact on our half-year results.
As a result of this extraordinary provision, an EBIT of CHF
6.1 million was generated for first-half 2013, which is 14.1
percent or CHF 1 million less than the same period last
year.
The consolidated net income also suffered a year-on-year
loss, falling by CHF 1.1 million to CHF 4.5 million mainly
due to the negative income of CHF 1.4 million from the
strategic investment in the LAFUMA-Group.
The other financial key figures for the CALIDA-Group are
very positive. Despite the investment in the LAFUMAGroup and the unexpected compensation payments as a
result of the AUBADE court ruling, the net liquidity of the
CALIDA-Group increased to CHF 47.2 million (30 June
2012: CHF 31.9 million). The equity capital ratio was at a
record high of 79.6 percent in the first half-year.
Operational and strategic points of focus in firsthalf 2013
The first half-year featured three main areas of focus.
1. Firstly, it was essential to optimise the operational processes in the retail segments at both CALIDA and AUBADE.
The two brands' own stores and the franchised operations
are of great strategic importance to the CALIDA-Group in
many respects. On the one hand, we are able to communicate the variety of our collections and our brand messages optimally and directly in our brand stores. On the
other hand, these stores are becoming increasingly impor-
CALIDA-Group in the half-year
tant in locations in which independent retailers are no
longer able to or want to operate their businesses for economic reasons. This trend is particularly visible in expensive
city-centre locations and highly frequented shopping centres. The rents and overheads in these locations are so high
that it is often only brands with self-operated stores that
are able to hold their own here. Despite these strategic
advantages, is it essential, however, that our brand stores
generate the same level of contribution margins as our
wholesale business. Although they are currently working at
a profit, there is still room for improvement in these stores.
In the first half-year, Customer Relation Management underwent a major improvement, store employees were
provided with intensive training, sales managers in the
stores were offered greater support and further sales-promoting measures were implemented.
2. The second area of focus was the development of our
wholesale business, which involved implementing measures designed to support the clients of our independent
retailers in the domestic markets of Switzerland, Germany
and France, as well as developing the wholesale business in
export markets.
3. The third area of focus was the strategic investment in
the French LAFUMA-Group. In line with its long-term development strategy, the CALIDA-Group took a minority
stake (15.2 percent) in the French LAFUMA-Group in the
middle of January, with the option of increasing this holding to just under 30 percent as part of a capital increase.
The aim of this strategic investment is to gain a foothold in
a new textile growth segment outside of underwear and
lingerie. The following well-known brands belong to the
LAFUMA-Group: Millet (alpine and mountain clothing and
equipment), Eider (skiwear), Lafuma (outdoor clothing/
leisurewear and garden furniture) and Oxbow (surfwear).
The LAFUMA-Group has found itself in financial difficulty
for a number of years as a result of structural and operational problems, as well as a high level of debt. In order to
eliminate these weaknesses, extensive operational restructuring measures and new equity are required. In light of
this, the CALIDA-Group decided to acquire only a minority
holding initially and to decide on an additional investment
after observing the development of the restructuring process.
Within the scope of a Management Service Agreement,
the CALIDA-Group is providing the LAFUMA-Group with
the relevant expertise to carry out the measures needed to
restructure and refocus the LAFUMA-Group.
The second half of 2013 will start to show whether these
measures are successful, despite the challenging labour-law
and economic environment in France.
Outlook for the remainder of the 2013 financial
year
Despite the modest economic forecasts, we remain confident for the second half of 2013. Both CALIDA and
AUBADE performed better than expected in the first half of
the year. The order book for the second half of the year has
increased slightly over the prior-year period and should
offset the negative trend in in-season orders. The share of
total sales coming from our retail business also grew in
2013; as a result, we expect sales to record moderate
growth for the full year. Accordingly, a solid result is also
forecast for the CALIDA-Group for the full-year 2013.
There is a considerable degree of uncertainty surrounding
the strategic investment in LAFUMA. We want to continue
providing this investment with our expertise and will decide
on significantly increasing our holding once we are confident of a turnaround. We still believe that the LAFUMAGroup brands would be an excellent addition to our brand
portfolio. This move would provide us with the opportunity
for sustainable and profitable growth in new markets and
in a new segment.
We would like to thank you, our shareholders, for the confidence and trust that you have shown to the CALIDAGroup.
Dr. Thomas Lustenberger
Chairman of the Board
Felix Sulzberger
Chief Executive Officer
3
CALIDA in profile
in CHF 1’000
Presentation of consolidated income statement as per
cost of sale method
1.1.30.6.13
1.1.31.12.12 1)
1.1.30.6.12 1)
Gross sales
95’697
203’112
93’884
Net sales
93’719
198’887
91’872
Gross profit
as % of net sales
59’812
63.8 %
122’987
61.8 %
56’899
61.9 %
(51’555)
(55.0 %)
(100’802)
(50.7 %)
(49’835)
(54.2 %)
8’257
8.8 %
22’185
11.2 %
7’064
7.7 %
(2’152)
5’037
–
6’105
6.5 %
27’222
13.7 %
7’064
7.7 %
942
(1’420)
(1’420)
–
(445)
–
5’627
6.0 %
25’802
13.0 %
6’619
7.2 %
(1’168)
(5’220)
(1’029)
4’459
4.8 %
20’582
10.3 %
5’590
6.1 %
Operating expenses
as % of net sales
Operating result (EBIT) before exceptional items
as % of net sales
Exceptional items
Operating result (EBIT)
as % of net sales
Finance result, net
Income from associated company
Net result before taxes
as % of net sales
Income taxes
Net result
as % of net sales
1)
including application of IAS 19 - Employee Benefits (revised) and adjustment in the presentation of net sales
5
Half-year financial statements 2013 CALIDA-Group
Consolidated balance sheet
(condensed and in CHF 1’000)
ASSETS
Notes
Cash and cash equivalents
Inventories
Other current assets
Total current assets
Fixed assets
Intangible assets and other non-current assets
Total non-current assets
5
TOTAL ASSETS
30. 6. 13
31. 12. 12
Restated 1)
30. 6. 12
Restated 1)
47’173
37’303
22’793
107’269
73’875
33’593
22’457
129’925
37’571
37’246
23’034
97’851
15’887
43’036
58’923
17’424
26’020
43’444
32’893
25’497
58’390
166’192
173’369
156’241
28’292
36’240
28’628
5’647
4’043
9’494
33’939
40’283
38’122
132’253
133’086
118’119
166’192
173’369
156’241
LIABILITIES
Total current liabilities
Total non-current liabilities
6
Total liabilities
Total shareholders’ equity
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
1)
8
see note 3
7
Half-year financial statements 2013 CALIDA-Group
Consolidated income statement and
consolidated statement of comprehensive income
(condensed and in CHF 1’000)
1. 1.–
30. 6. 13
1. 1.–
31. 12. 12
Restated 1)
1. 1.–
30. 6. 12
Restated 1)
Net sales
93’719
198’887
91’872
Operating income
94’707
210’847
92’450
(88’602)
(183’625)
(85’386)
6’105
27’222
7’064
942
(1’420)
(445)
(1’420)
–
–
Net result before taxes
5’627
25’802
6’619
Net result
4’459
20’582
5’590
Attributable to:
Shareholders of CALIDA Holding AG
4’459
20’582
5’590
0.56
0.56
2.59
2.58
0.70
0.69
1. 1.–
30. 6. 13
1. 1.–
31. 12. 12
Restated 1)
1. 1.–
30. 6. 12
Restated 1)
4’459
20’582
5’590
503
(294)
(488)
–
(806)
–
101
98
408
(576)
–
(1’064)
(136)
–
(942)
Total comprehensive income
4’867
19’518
4’648
Attributable to:
Shareholders of CALIDA Holding AG
4’867
19’518
4’648
CONSOLIDATED INCOME STATEMENT
Operating expenses
Notes
6
Operating result before interest and taxes
Finance result, net
Income from associated company
Net result per registered share in CHF
Diluted net result per registered share in CHF
1)
5
9
9
see note 3 and 4
COMPREHENSIVE INCOME
Notes
Net result
Items that may be reclassified subsequently to the income statement, net of taxes
Translation differences recorded in equity
Other comprehensive income from associated company
Items that will not be reclassified to the income statement, net of
taxes
Remeasurement of defined benefit obligation
Other comprehensive income from associated company
Other comprehensive income
1)
8
see note 3
5
3
5
Half-year financial statements 2013 CALIDA-Group
Consolidated statement of change in equity
Consolidated cash flow statement
in CHF 1’000
Retained
earnings
Currency
translation
adjustments
Reserves
Shareholders’
equity
(98)
23’215
94’737
(15’253)
102’699
119’234
–
–
–
–
–
–
–
–
–
5’590
(136)
5’454
–
(806)
(806)
5’590
(942)
4’648
5’590
(942)
4’648
Dividend from capital contribution reserves
Capital increase
Change in own shares
Share-based payments
30th June 2012
–
52
–
–
16’685
–
–
98
–
–
(6’346)
284
9
140
17’302
–
–
–
–
100’191
–
–
–
–
(16’059)
(6’346)
284
9
140
101’434
(6’346)
336
107
140
118’119
31st Dezember 2012 as reported
Application of IAS 19R 1)
31st Dezember 2012 restated
16’685
–
16’685
(53)
–
(53)
17’452
–
17’452
115’329
(586)
114’743
(15’741)
–
(15’741)
117’040
(586)
116’454
133’672
(586)
133’086
–
–
–
–
–
–
–
–
–
4’459
(95)
4’364
–
503
503
4’459
408
4’867
4’459
408
4’867
–
101
–
16’786
–
–
–
(53)
(6’393)
452
140
11’651
–
–
–
119’107
–
–
–
(15’238)
(6’393)
452
140
115’520
(6’393)
553
140
132’253
1st January 2012 as reported
Net result 1)
Other comprehensive income
Total comprehensive income
1)
Net result
Other comprehensive income
Total comprehensive income
Dividend from capital contribution reserves
Capital increase
Share-based payments
30th Juni 2013
1)
Own shares
16’633
Share
capital
Capital
reserves
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
see note 3
CONSOLIDATED CASH FLOW STATEMENT
1. 1.–
30. 6. 13
1. 1.–
31. 12. 12
1. 1.–
30. 6. 12
2’171
28’644
7’533
(19’886)
15’568
(6’269)
Cash flow from financing activities*
(9’132)
(12’799)
(6’218)
* thereof dividend from capital contribution reserves (C)
(6’393)
(6’346)
(6’346)
145
(26’702)
(672)
30’741
(609)
(5’563)
73’875
47’173
43’134
73’875
43’134
37’571
(24’108)
37’866
(5’082)
Note
Cash flow from operating activities (A)
Cash flow from investing activities (B)
Translation adjustments on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of period
Free cash flow (A + B + C)
5
9
www.aubade.com Ph: Sean & Seng Agence:
Half-year financial statements 2013 CALIDA-Group
Notes
in CHF 1’000
ACCOUNTING PRINCIPLES AND
EXPLANATORY NOTES
1. General
The accounting principles used in the unaudited consolidated half-year financial statements and the presentation
of the half-year report are consistent with the group
accounting principles set out in the annual report 2012,
except as discussed in changes to accounting principles.
The consolidated half-year financial statements are prepared in accordance with IAS 34 (Interim Financial Reporting).
The half-year report should be read in conjunction with the
annual report 2012 as it provides an update of previously
reported information.
The preparation of these half-year financial statements requires management to make estimates and assumptions
that affect the reported amounts of revenues, expenses,
assets, liabilities and disclosure of contingent liabilities at
the date of these half-year financial statements. If in the
future such estimates and assumptions, which are based on
management’s best judgment at the date of these
half-year financial statements, deviate from the actual circumstances, the original estimates and assumptions will be
modified as appropriate during the period in which the
circumstances change.
The following exchange rates are used for the Group’s
major currencies:
Period-end conversion rates in CHF:
Currency
Unit
30. 6. 13
31. 12. 12
30. 6. 12
EUR
USD
HUF
GBP
TND
1
1
100
1
1
1.2298
0.9440
0.4283
1.4435
0.5731
1.2077
0.9139
0.4285
1.4768
0.5900
1.2016
0.9554
0.4222
1.4921
0.5988
Average conversion rates in CHF:
Currency
Unit
1.1.–
30.6.13
1.1.–
31.12.12
1.1.–
30.6.12
EUR
USD
HUF
GBP
TND
1
1
100
1
1
1.2297
0.9366
0.4280
1.4466
0.5890
1.2055
0.9380
0.4300
1.4865
0.6026
1.2051
0.9290
0.4210
1.4648
0.6065
2. Changes to accounting principles
The following amended International Financial Reporting
Standards (IFRS), International Accounting Standards (IAS)
and Interpretations (IFRIC) are applicable as from 1st January 2013.
–
–
–
–
–
–
–
–
–
–
IFRS 10 Consolidated Financial Statements
IAS 11 Joint Arrangements
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Management
IAS 27 Separate Financial Statements
IAS 28 Investments in Associates and Joint Ventures
IAS 19 Employee Benefits / Amendments
IAS 1 Presentation of Items of Other Comprehensive
Income / Amendments
IFRS 7 Disclosures-Offsetting Financial Assets and Financial Liabilities / Amendments
IFRIC 20 Stripping Costs in the Production Phase of a
Surface Mine
With the exception of IAS 19 - Employee Benefits (revised)
(hereinafter: IAS 19R), the individual changes have no material impact on the half-year financial statements of the
CALIDA-Group.
11
Half-year financial statements 2013 CALIDA-Group
Notes
in CHF 1’000
3. Application of IAS 19 - Employee Benefits (revised)
The material impact of the application of IAS 19R on the financial statements of the CALIDA-Group is as follows:
– Elimination of corridor method: it is now no longer possible to defer actuarial gains and losses using the corridor method.
These will now be recognised immediately in other comprehensive income.
– Calculation of pension expense: recognition of the expected return on plan assets and the calculation of interest cost on the
defined benefit obligation will now be replaced by recognition of net interest income on the net defined benefit obligation
or the net defined benefit assets.
– Risk sharing: the new requirement that risk be distributed between employer and employee has an impact on the benefit
obligation (-0.7% on annual basis 2012) and the distribution of service costs (-5.6% on annual basis 2012).
– Following the introduction of IAS 19R, the CALIDA-Group has also decided to now report the net interest component on
net defined benefit obligation or net defined benefit assets in the finance result and no longer as part of personnel expenses.
The CALIDA-Group believes this will facilitate comparisons with other companies and sees it as more in keeping with the
type of component involved. These changes will be applied retroactively in accordance with the requirements of IAS 8.
The application of IAS 19R has resulted in restatements for prior periods. The impact on the corresponding positions in the income statement, comprehensive income, balance sheet, statement of changes in equity, and earnings per share for the prior
periods is set out herein.
Consolidated balance sheet as of 31st December 2012
Reported
Adjustment
Restated
26’339
3’776
133’672
(319)
267
(586)
26’020
4’043
133’086
Consolidated income statement 1.1.–31.12.2012
Reported
Adjustment
Restated
Operating expenses 1)
Operating result before interest and taxes
Finance result, net
Net result before taxes
Net result
(183’594)
27’253
(1’440)
25’813
20’592
(31)
(31)
20
(11)
(10)
(183’625)
27’222
(1’420)
25’802
20’582
20’592
(10)
20’582
2.59
2.58
−
−
2.59
2.58
Intangible assets and non-current financial assets
Total non-current liabilities
Total shareholders’ equity
1)
after adjustment of IAS 8 / Note 4
Attributable to:
Shareholders of CALIDA Holding AG
Net result per registered share in CHF
Diluted net result per registered share in CHF
12
Half-year financial statements 2013 CALIDA-Group
Notes
Comprehensive income 1.1.–31.12.2012
in CHF 1’000
Reported
Adjustment
Restated
Net result
Translation differences recorded in equity
Remeasurement of defined benefit obligation after taxes
Other comprehensive income
Total comprehensive income
20’592
(488)
–
(488)
20’104
(10)
–
(576)
(576)
(586)
20’582
(488)
(576)
(1’064)
19’518
Attributable to:
Shareholders of CALIDA Holding AG
20’104
(586)
19’518
Reported
Adjustment
Restated
(85’530)
6’920
(455)
6’465
5’454
144
144
10
154
136
(85’386)
7’064
(445)
6’619
5’590
5’454
136
5’590
0.69
0.68
0.01
0.01
0.70
0.69
Reported
Adjustment
Restated
Net result
Translation differences recorded in equity
Remeasurement of defined benefit obligation after taxes
Other comprehensive income
Total comprehensive income
5’454
(806)
–
(806)
4’648
136
–
(136)
(136)
–
5’590
(806)
(136)
(942)
4’648
Attributable to:
Shareholders of CALIDA Holding AG
4’648
–
4’648
Consolidated income statement 1.1.–30.6.2012
Operating expenses 1)
Operating result before interest and taxes
Finance result, net
Net result before taxes
Net result
1)
after adjustment of IAS 8 / Note 4
Attributable to:
Shareholders of CALIDA Holding AG
Net result per registered share in CHF
Diluted net result per registered share in CHF
Comprehensive income 1.1.–30.6.2012
13
Half-year financial statements 2013 CALIDA-Group
Notes
in CHF 1’000
4. Error in presentation net sales
Until now, the CALIDA-Group has disclosed gross sales and sales deductions in addition to net sales. In its Circular No. 2 of
September 2012, SIX Exchange Regulation advised that structuring net revenues as the balance of gross sales and sales deductions within the consolidated income statement should be regarded as an error. Consequently, in its consolidated income statement for 2013, the CALIDA-Group will not be presenting gross sales and sales deductions, and will start the consolidated income
statement directly with net sales.
In connection with this, in the 2013 financial year the CALIDA-Group has carried out a detailed analysis of sales and has ascertained that certain cost elements such as agency commissions and freight costs have been recognised as sales deductions in the
past. Such expenses may not be deducted from revenues but should be regarded as distribution costs.
Figures for the 2012 financial year have been restated in accordance with IAS 8. The impact on the corresponding positions in
the consolidated income statement for the prior periods is set out herein. The restatement does not affect the net result, operating result, comprehensive income, balance sheet, equity, cash flow statement, or earnings per share.
Consolidated income statement 1.1.–31.12.2012
Reported
Adjustment
Restated
Net Sales
Operating income
Operating expenses
192’847
204’807
(177’554)
6’040
6’040
(6’040)
198’887
210’847
(183’594)
Reported
Adjustment
Restated
88’937
89’515
(82’595)
2’935
2’935
(2’935)
91’872
92’450
(85’530)
1)
Consolidated income statement 1.1.–30.06.2012
Net Sales
Operating income
Operating expenses
1)
1)
prior to application of IAS 19 - Employee Benefits (revised) / note 3
5. Investment in associate
On 14th January 2013, the CALIDA-Group acquired 15.2% of French sport and outdoor clothing producer LAFUMA. The cost
of acquisition amounted to TCHF 17’533. As part of LAFUMA SA’s authorised capital increase, the CALIDA-Group has the possibility to increase its interest in the company to a maximum of 29%. Felix Sulzberger, CEO of the CALIDA-Group, assumed the
operational management of LAFUMA.
This minority interest is regarded as a strategic investment and opens up interesting access for the CALIDA-Group to a new
business segment offering attractive growth prospects over the long term. Given the significant influence involved, shares in the
LAFUMA-Group are accounted for using the equity method.
From the time the interest was acquired until the balance sheet date, the pro-rata comprehensive income of the LAFUMA-Group
attributable to the CALIDA-Group had a negative impact of TCHF 1’616 on the comprehensive income of the CALIDA-Group.
14
Half-year financial statements 2013 CALIDA-Group
Notes
in CHF 1’000
6. Restructuring provision
Former employees of luxury French lingerie brand AUBADE, which was acquired in 2005 and is now successfully integrated,
have filed a lawsuit for wrongful dismissal damages in connection with restructuring measures implemented in the industrial
segment. Whereas the CALIDA-Group is contesting the employees’ claims in their entirety, it has set aside in the financial
statements for the first half of 2013 a provision of TEUR 1’750 (TCHF 2’152) to cover the estimated costs.
7. Seasonality
The activities of the group’s segments show seasonal fluctuations. The sales of the CALIDA segment are, according to experience, significantly higher in the second half-year, whereas the operating expenses remain relatively stable. In the first half-year
there is an increase in stock which leads on the one hand to a negative impact on liquidity and on the other hand to contribution
margins not yet realized.
For the AUBADE segment the reverse of the situation of the CALIDA segment is true regarding the seasonal fluctuations, which
means that the sales are higher in the first half-year than in the second half-year. The operating expenses are relatively stable
over the year. According to experience, this leads to a slightly smaller operating profit for the AUBADE segment in the second
half-year.
8. Shareholders’ equity of the group
Dividend from capital contribution reserves
The Annual General Meeting approved on 3rd April 2013 a dividend from capital contribution reserves of CHF 0.80 per registered
share. The payment has taken place as from 10th April 2013. This led to a reduction of the capital contribution reserves of TCHF
6’393. As a result, capital contribution reserves amounting to TCHF 12’969 remain for CALIDA Holding AG.
Approved share capital
The Annual General Meeting of 3rd April 2013 empowered the Board of Directors to increase the share capital of the company
by 3rd April 2015 through the issuance of at most 3’000’000 registered shares which are to be fully paid up at a par value of
CHF 2.10 each.
Conditional share capital
In the first half-year 2013, the share capital was increased by TCHF 101 (1. 1. 2012–30. 6. 2012: TCHF 52) or 48’000 registered
shares (1. 1. 2012–30. 6. 2012: 25’000 registered shares) by the exercising of conditional capital. The average strike price was
CHF 11.83 per share (1. 1. 2012–30. 6. 2012: CHF 13.80). The amount exceeding the par value was credited to the capital reserves after deduction of issue and transactions cost (1. 1. 2013–30. 6. 2013: TCHF 452; 1. 1. 2012–30. 6. 2012: TCHF 284).
The available conditional capital as at 30th June 2013 amounts to TCHF 140 (31. 12. 2012: TCHF 241). This corresponds to
66’620 registered shares (31. 12. 2012: 114’620 registered shares) at a par value of CHF 2.10 each.
Own shares
In the reporting period, no registered shares were sold (1.1.2012–30.6.2012: 3'956 registered shares at an average price of CHF
27.00). As at 30th June CALIDA Holding AG is in possession of 2’200 of its own registered shares (31. 12. 2012: 2’200 registered
shares).
16
Half-year financial statements 2013 CALIDA-Group
Notes
in CHF 1’000
9. Net result per share
1. 1.– 30. 6.
Net result
Number of shares at balance sheet date
Less weighted average capital increase
Average number of issued shares
Net result per registered share in CHF
Diluted net result per registered share in CHF
1)
2013
2012
Restated 1)
4’459
5’590
7’993’380
(22’771)
7’970’609
7’945’380
(13’171)
7’932’209
0.56
0.56
0.70
0.69
see note 3
The basis used for calculation of the profit-dilution effect is formed by the average number of options granted on registered
shares and the average share price. The outstanding options with an exercise price below the average stock exchange price
calculated on the daily closing price are taken into consideration to calculate the profit dilution effect. The average number of
potential registered shares, which are included in this calculation, is 7’107 (1. 1. 2012–30. 6. 2012: 33’903).
10. Segment reporting
The management of the CALIDA-Group is the main decision-maker. It defines the business activities and monitors internal
reporting to assess the performance and allocation of resources. The CALIDA-Group has two segments which are required to
report and are largely organised and managed as self-standing units in accordance with their market orientation.
Segment CALIDA
This segment includes the core activities of product and brand management, distribution, sales and production for the CALIDA
brand. CALIDA is one of the leading brands in Europe for high-quality day- and nightwear for women, men and children. The
range of products ranges from young, sporty models all the way to elegant and fashionable day- and nightwear.
Segment AUBADE
This segment includes the core activities of product and brand management, distribution, sales and production for the AUBADE
brand. AUBADE is represented worldwide as a renowned, fashionable luxury brand in the segment of high-quality lingerie. The
lingerie products from AUBADE are known for their elegance, glamour, transparency and lightness.
The CALIDA-Group monitors the performance on the basis of the segment result before tax, described in internal reporting as
EBT. Internal reporting within the CALIDA-Group is based on International Financial Reporting Standards (IFRS).
17
Half-year financial statements 2013 CALIDA-Group
Notes
in CHF 1’000
Operational reporting
In principle, the assets of the segments include all assets with the exception of deferred tax assets.
Division CALIDA
1. 1.–30. 6.
Net sales with
third parties
Sales with other
business segment
Segment profit /
(loss) before taxes
Segment assets
1)
1)
Division AUBADE
1. 1.–30. 6.
Total segments
1. 1.–30. 6.
Reconciliation 2)
1. 1.–30. 6.
Group
1. 1.–30. 6.
2013
2012
Restated
2013
2012
Restated
2013
2012
Restated
2013
2012
Restated
2013
2012
Restated 1)
59’263
59’140
34’456
32’732
93’719
91’872
–
–
93’719
91’872
18
–
–
26
18
26
(18)
(26)
–
–
4’996
3’594
2’072
3’802
7’068
7’396
(1’441)
(777)
5’627
6’619
99’769
109’581
51’751
67’066
151’520
176’647
14’672 (20’406)
166’192
156’241
see note 3 and 4
The reconciliation of the segment assets includes elimination of intercompany loans. Additionally, the reconciliation includes the holding company, the
associate company and dormant companies with their result and assets.
Reconciliation of segment details to the consolidated half-year financial statements
1. 1.–30. 6.
Total segment result before taxes
Corporate
Net result before taxes
1)
2013
2012
Restated 1)
7’068
(1’441)
5’627
7’396
(777)
6’619
see note 3
11. Contingent liabilities
No significant changes.
12. Events after the balance sheet date
On 19th July 2013, the consolidated half-year financial statement were approved by the Audit & Risk Committee and on the
23rd July 2013 by the Board of Directors.
There were no events between 30th June 2013 and the date of approval of these consolidated half-year financial statements by
the Board of Directors which would require an adjustment of the balance sheet values or which would have to be disclosed at
this point of time.
18
The half-year report of CALIDA Holding AG is published in German and English. In the case of any differing interpretations, the German text is valid.
www.aubade.com Ph: Sean & Seng Agence:
This half-year report may include statements which are based on current assumptions and forecasts made by the management of CALIDA Holding AG. Various known and unknown risks, uncertainties and other factors can lead to a situation in
which the actual results, the financial position, the development or the performance of the company deviate significantly
from the estimations given here. CALIDA Holding AG does not assume any obligation to carry such future-orientated
statements further and to adapt them to future events or developments.
www.aubade.com Ph: Sean & Seng Agence:
CALIDA Holding AG
Bahnstrasse, CH-6208 Oberkirch
Phone +41 41 925 45 25, Fax +41 41 925 42 84
www.calidagroup.com
Mail address:
Investor Relations, P. O. Box, CH-6210 Sursee
Phone +41 41 925 42 42, Fax +41 41 925 46 15
[email protected]