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Inter Im report to the f Irst quarter 2011/12
Three monThs reporT 2011/12
REVIEW OF THE FIRST QUARTER 2011/12
GERRY WEBER International AG generated
sales revenues of EUR 165.1 million in the first
quarter of 2011/12, an increase by 7.6% on the
same period of the previous year. This sales
growth is all the more impressive as a portion of
the Wholesale revenues will be invoiced only in
the second quarter due to a shift in the delivery
date compared to Q1 2010/11.
The Wholesale segment contributed EUR 101.1
million or 61.3% to the Group’s total revenues.
The contribution made by GERRY WEBER’s
Retail operations rose sharply from 31.0% at the
end of the fiscal year 2010/11 to 38.1%.
The Retail segment generated sales revenues of
EUR 62.9 million in the first quarter of 2011/12
(Q1 2010/11: EUR 49.4 million).
The company’s earnings position improved in line
with the increase in sales. Earnings before
interest and taxes (EBIT) climbed from EUR 15.5
million to EUR 17.7 million at the end of the first
three months of 2011/12. Accordingly, the EBIT
margin rose from 10.1% in the prior year quarter
to 10.7%.
Net income for the period increased from EUR 9.8
million to EUR 11.5 million at the end of the
reporting period (31 January 2012).
Q1 2011/12 Q1 2010/11
in EUR million 01.11.11 - 31.01.12 01.11.10 - 31.01.11
Sales 165.1 153.5
Wholesale 101.1 103.2
Retail 62.9 49.4
Earnings figures
EBITDA 21.6 18.5
EBITDA margin 13.1% 12.0%
EBIT 17.7 15.5
EBIT margin 10.7% 10.1%
EBT 17.1 14.8
EBT margin 10.4% 9.6%
Net income of the reporting period 11.5 9.8
Q1 2011/12 Q1 2010/11
in EUR million 01.11.11 - 31.01.12 01.11.10 - 31.01.11
Total assets 419.7 362.4
Equity 327.4 259.9
Total liabilities 92.3 102.5
Equity ratio 78.0% 71.7%
Key figures GERRY WEBER share
High Q1 2011/12 (in Euro) 26.09 18.65
Low Q1 2011/12 (in Euro) 20.44 16.30
Earnings per share (in Euro) 0.25 0.23
Investments 7.9 7.2
Number of employees 3.409 2.794
GERRY WEBER International AG Interim Report Q1 2011/12
1
NEWS FROM THE COMPANY
Our GERRY WEBER collections are
characterised by modern cuts and materials,
coordinated colour combinations as well as
complex sewing and finishing to the highest
standards of quality. We dress our customer from
head to toe and complete our outfits with
matching accessories such as scarves, shoes,
handbags and eyewear. Our accessories are
carefully coordinated with our collections in terms
of design and colours and can be combined to
perfection.
Generating sales revenues of EUR 0.9 million in
the past financial year 2010/11, the licensing
activities of the GERRY WEBER Group are still in
the start-up phase. However, we see great
potential to enlarge our product range of
accessories and associated therewith for our
licensing activities. We want to complete the
product range for our final customers.
Parts of the offered accessories such as scarves,
fashion jewellery, shoes or belts are designed and
produced by ourselves and are integral part of our
fashion collections. Other accessories such as
eyewear or handbags are presented as licensed
products of the GERRY WEBER brand. The high-
quality products are sold in our own Houses of
GERRY WEBER and by our franchisees as well
as by national and international retailers and
department stores.
Needless to say, we make the same high
demands on our licensing partners and the
products they supply as we make on ourselves
and our own collections. From trendy fashion
appeal to strict compliance with quality standards
to an excellent price-performance ratio - only
those manufacturers that meet these high
demands can become partners of GERRY
WEBER.
Starting April 2012, we will add lifestyle jewellery
to our range of licensed products, which will be
matched to and marketed with the spring/summer
collection. The GERRY WEBER jewellery
collection is characterised by high-quality
materials and sophisticated details. Sparkling
zirconia stones and genuine shell-core pearls help
the pendants, necklaces or rings to the perfect
look. The design of each of the elaborate pieces
is matched to the latest trends.
GERRY WEBER International AG Interim Report Q1 2011/12
2
INTERIM GROUP MANAGEMENT REPORT for the first three months of 2011/12
from 1 November 2011 to 31 January 2012
In the first three months of 2011/12, we showed
that we are well on the way to reaching the growth
targets we have set ourselves. The takeover of 29
DON GIL stores in Austria in December 2011 and
the recent acquisition of some 200 WISSMACH
stores in Germany mean that we have
accelerated the pace of growth once more.
Sales performance
GERRY WEBER International AG had a
successful start to the new financial year 2011/12
and generated sales revenues of EUR 165.1
million in the first quarter (1 November 2011 –
31 January 2012). This represents an increase of
7.6% on the previous year’s EUR 153.5 million.
When comparing the two quarters, it should be
noted that we adjusted the delivery date for parts
of our spring/summer collection to our distribution
partners’ requirements and shifted it from January
to February, i.e. to the second quarter of
2011/12. The time between the delivery of the
goods to our partners and their presentation in the
stores has been reduced accordingly.
As a result, the sales revenues generated in the
first three months of 2011/12 cannot be fully
compared with those generated in the first three
months of the previous year. As pre-order figures
for the spring/summer collection were up by over
10% on the previous year in the Wholesale
segment, we believe that we will be able to more
than offset the effect of the shift in the delivery
date to Q2 2011/12.
In spite of the above-mentioned shift in the
delivery date and the fact that Wholesale
revenues were consequently invoiced at a later
date, sales revenues in the Wholesale segment
declined only moderately from EUR 103.2 million
in the first quarter of the previous year to EUR
101.1 million. This is equivalent to 61.3% of total
Group revenues. At the end of the reporting
period, 266 Houses of GERRY WEBER were
managed by franchisees, which means that seven
new franchised Houses of GERRY WEBER were
opened in Q1 2011/12, including five in outside
Germany. The number of shop-in-shops rose by
55 to 2,347 in the first three months of 2011/12.
Our own Retail operations again reported strong
growth on the prior year quarter. In Q1 2011/12,
sales revenues rose by 27.3% to EUR 62.9 million
(Q1 2010/11: EUR 49.4 million). Accordingly, the
Retail segment’s contribution to total Group
revenues climbed from 31.0% at the end of the
financial year (31 October 2011) to 38.1% on 31
January 2012. 22 company-managed Houses of
GERRY WEBER were opened in the first quarter
of 2011/12, including 18 outside Germany.
1.Q. 2011/12 2010/11
01.11.11 - 31.01.12 01.11.10 - 31.10.11
RETAIL
Houses of GERRY WEBER 257 235
Concession Flächen 45 45
Factory Outlets 13 13
WHOLESALE
Houses of GERRY WEBER 266 260
Shop-in-Shops 2,347 2,292
GERRY WEBER International AG Interim Report Q1 2011/12
3
Our Retail segment also comprises our three
online shops, whose revenues were up by an
impressive 40.0% on the prior year quarter to
EUR 3.1 million.
Domestic non-consolidated revenues of our
GERRY WEBER, GERRY WEBER EDITION,
G.W., TAIFUN and SAMOON brands totalled
EUR 130.2 in the first quarter of 2011/12, up 7.1
% on the same period of the previous year (EUR
121.5 million). Domestic brand revenues comprise
the revenues generated by our brand companies
with the GERRY WEBER Retail segment and our
wholesale customers.
The GERRY WEBER core brand and its two
sublabels, GERRY WEBER EDITION and G.W.
contributed 80.0% to total brand revenues. The
TAIFUN brand showed an especially strong
performance and boosted its revenues from EUR
17.4 million to EUR 20.4 million at the end of Q1
2011/12. TAIFUN thus contributed 15.7% to total
brand sales (Q1 2010/11: 14.3%). SAMOON, our
brand for plus sizes, increased its sales revenues
by 11.0% to EUR 5.6 million in the first quarter of
2011/12.
A breakdown of consolidated sales revenues by
regions shows that EUR 111.2 million or 67.4%
were generated in Germany. The export markets
contributed EUR 53.8 million to the Group’s first-
quarter revenues. The fact that domestic Group
sales increased from 59.9% of total sales at the
end of 2010/1 to 67.4% in the first quarter is due,
among other things, to the opening of company-
managed Houses of GERRY WEBER in
Germany.
Earnings position
The increase in sales revenues again led to a rise
in earnings in the first three months of 2011/12.
Earnings before interest and taxes (EBIT) climbed
from EUR 15.5 million in the first quarter of the
previous year to EUR 17.7 million. Accordingly,
the EBIT margin improved from 10.1% to 10.7%.
In spite of a 7.6% increase in sales compared to
Q1 2010/11, the cost of materials remained
almost constant at EUR 105.7 million. As a result,
the cost of materials as a percentage of sales
improved markedly from 59.0% to 55.8%. Besides
lower raw materials prices, this is primarily
attributable to better purchasing terms. The
improved purchasing terms clearly reflect the
Retail Sales by Quarter
61.955.4
51.349.4
62.9
0
10
20
30
40
50
60
70
Q1 2010/11 Q2 2010/11 Q3 2010/11 Q4 2010/11 Q1 2011/12
Brand Contribution to Group Sales
TAIFUN15.7%
SAMOON4.3%
GERRY WEBER 80.0%
GERRY WEBER International AG Interim Report Q1 2011/12
4
effectiveness of our flexible sourcing system for
the selection of manufacturing partners. The
increasing share of our own Retail business is
another reason for this development.
As a result of the strong growth of the GERRY
WEBER Group, especially the expansion of our
Retail operations, personnel expenses climbed
from EUR 23.9 million to EUR 27.3 million. The
same applies to other operating expenses, which
climbed 15.9% to EUR 37.0 million. With regard to
the higher fixed costs, it should be noted that a
total of 40 new company-managed Houses of
GERRY WEBER were opened in Q4 2010/11
alone. Compared to the established Houses of
GERRY WEBER, these new HoGWs are still
making a below-average contribution to sales and
earnings.
Taking into account increased
depreciation/amortisation of EUR 3.9 million (Q1
2010/11: EUR 3.0 million), which relates, among
other things, to the shop fittings of our Houses of
GERRY WEBER, earnings before interest and
taxes (EBIT) in the first three months of 2011/12
were up by an impressive 14.0% on the same
period of the previous year to EUR 17.7 million.
Reflecting the improvement in EBIT, the EBIT
margin climbed from 10.1% to 10.7%.
Due to lower interest expenses in conjunction with
higher interest income, the financial result
improved from EUR -0.7 million in Q1 2010/11 to
EUR -0.5 million at the end of the reporting
period.
Earnings before taxes (EBT) totalled EUR 17.1
million in Q1 2011/12, which represents an
increase by EUR 2.4 million or 16.1% on the first
quarter of the previous year.
After income taxes of EUR 5.6 million, the
GERRY WEBER Group generated a net profit for
the period of EUR 11.5 million, which was up by
EUR 1.6 million on the same period of the
previous year. This is equivalent to earnings per
share of EUR 0.25 (Q1 2010/11: EUR 0.23).
Net worth position
On the assets side of the balance sheet, total
assets increased by 1.1% compared to the end of
the fiscal year 2010/11 (31 October 2011) to EUR
419.7 million. Non-current assets climbed from
EUR 166.6 million to EUR 169.2 million, which is
primarily attributable to an increase in the carrying
amounts of property, plant and equipment and
investment properties.
Property, plant and equipment include the shop
fittings of our own Houses of GERRY WEBER.
Due to the opening of new company-managed
Houses of GERRY WEBER, property, plant and
equipment was up by a moderate EUR 1.5 million
on the end of the financial year 2010/11 to EUR
119.1 million as of the end of Q1 2011/12.
Investment properties comprise the carrying
amount of Hall 30 in Düsseldorf. The building
provides exhibition space for various fashion
companies and is fully let to external tenants.
Construction measures carried out in the first
three months of 2011/12 increased the carrying
amount of this building from EUR 21.2 million to
EUR 24.3 million.
As outlined above, the delivery date for parts of
the collections was shifted from January to
February 2012 to cater to our sales partners’
requirements. As a result, inventories at the end
GERRY WEBER International AG Interim Report Q1 2011/12
5
of the reporting period increased from EUR 88.5
million to EUR 108.5 million. Moreover, the
takeover of the DON GIL stores in Austria added
about EUR 2 million to inventories. These figures
merely capture the situation on the respective
reporting dates.
Current other assets climbed from EUR 11.9
million to EUR 25.1 million as of the end of the
first quarter of 2011/12. This is primarily
attributable to the December 2011 takeover of the
DON GIL stores in Austria as well as to higher
income tax refund claims.
Liquid funds declined from EUR 90.6 million at the
end of the financial year 2010/11 to EUR 53.6
million on the reporting date on 31 January 2012,
which is primarily attributable to seasonally higher
inventory holdings.
On the liabilities side of the balance sheet, equity
rose by EUR 13.5 million or 4.3% to EUR 327.4
million. Accordingly, the equity ratio stood at
78.0% (31 October 2011: 75.7%).
Current and non-current financial liabilities were
reduced by EUR 1.7 million (-8.0%) to EUR 19.6
million as of the end of Q1 2011/12 due to
scheduled repayments. Current and non-current
provisions also decreased slightly by EUR 1.4
million to EUR 25.2 million. Trade liabilities felt
significantly by EUR 5.6 million to EUR 29.9
million.
As in the previous quarters, GERRY WEBER
International AG has a very sound balance sheet
structure. This is not least reflected in the fact that
liquid funds, at EUR 53.6 million, are much higher
than financial liabilities, at EUR 19.6 million.
Financial assets and investments
Due to seasonal fluctuations in the fashion
industry and the resulting increase in inventories,
the outflow of funds in the first quarter of our
financial year is traditionally higher, but this is
offset in the following quarters. Against this
background, the company reported an outflow of
funds from operating activities of EUR 26.9 million
in the first three months of 2011/12. This
represented an increase of EUR 9.0 million or
50.5% compared to the prior year quarter, which
was attributable to the strong growth of our
business activities and the expansion of our Retail
segment.
Cash outflows from investing activities totalled
EUR 7.9 million in Q1 2011/12 and primarily
comprise fixed asset investments of EUR 4.9
million as well as investments in our investment
property “Hall 30” in an amount of EUR 3.1
million.
Cash outflows from financing activities amounted
to EUR 1.7 million in the first three months of
2011/12. The first quarter of the previous year
was marked by the sale of own shares, which led
to an inflow of cash of EUR 29.5 million.
As a result, cash and cash equivalents declined
from EUR 37.0 million to EUR 53.6 million as of
the reporting date on 31 January 2012.
GERRY WEBER International AG Interim Report Q1 2011/12
6
Segment report
GERRY WEBER International AG defines its
segments in accordance with its internal
organisational and reporting structures. A
distinction is thus made between “Production and
Wholesale of Ladieswear”, “Retail of Ladieswear”
and “Other Segments”.
As outlined above, the delivery date for parts of
the spring/summer collection was shifted from
January to February 2012, i.e. to the second
quarter, to better accommodate our sales
partners’ requirements. In spite of this shift, sales
revenues in the Wholesale segment declined only
moderately from EUR 103.2 million in the first
quarter of the previous year to EUR 101.1 million.
Due to the improvement in the cost of materials
as a percentage of sales and strict cost
management, the segment’s earnings before
taxes (EBT) increased from EUR 11.6 million to
EUR 13.4 million (+16.0%) in spite of moderately
lower sales revenues. At 823, the average
headcount slightly increased compared to the first
three months of the previous year (794
employees).
22 company-managed Houses of GERRY
WEBER were opened in the first quarter of
2011/12, including 18 outside Germany. Twelve of
the new HoGWs are former DON GIL stores in
Austria, which were acquired in the context of the
takeover of a total of 29 DON GIL stores and
converted.
Total sales in the Retail segment increased by
27.3% from EUR 49.4 million in Q1 2010/11 to
EUR 62.9 million in the first three months of
2011/12. This was due to the new stores opened
in the previous months but also to a 6.2%
increase in like-for-like sales.
In spite of one-time start-up expenses for the
opening of new company-managed Houses of
GERRY WEBER and the increase in personnel
and other operating expenses resulting from the
expansion of the Retail activities, the Retail
segment’s EBIT increased from EUR 2.5 million to
EUR 2.9 million in Q1 2011/12. In this context, it
should be noted that recently opened Houses of
GERRY WEBER make a lower contribution to
sales and earnings than established HoGWs.
In accordance with the comprehensive
investments in the expansion of the Retail
operations, the segment’s assets increased from
EUR 75.2 million in the first quarter of the
previous year to EUR 120.8 million. At the same
time, liabilities rose from EUR 83.5 million to EUR
135.7 million.
The average headcount of the Retail segment
grew from 1,453 in the first three months of the
previous year to 2,042. The rise of number of
employees by 40.5% and the creation of 589 new
jobs reflect the enormous growth rate of our Retail
business.
The other segments contributed EUR 1.0 million
(Q1 2010/11: EUR 0.9 million) or 0.6% to total
Group sales. The increase is due, among other
things, to the rental income from Hall 30, which is
fully let to external fashion companies. An
average of 544 people were employed in this
segment (Q1 2010/11: 547 people).
GERRY WEBER International AG Interim Report Q1 2011/12
7
OPPORTUNITY AND RISK REPORT
Like any other company, GERRY WEBER
International AG is exposed to opportunities and
risks in the context of its business activities. The
Managing Board of GERRY WEBER International
AG has installed appropriate risk management
processes and control systems in the Group to
avoid risks as well as to manage existing risks
and initiate appropriate counter-measures.
Through ongoing analyses and observations,
opportunities are identified early on with a view to
developing strategies and measures for exploiting
them at an early stage.
For a detailed description of our risk management
system, the control systems for the accounting
processes and the opportunities and risks in the
GERRY WEBER Group, please refer to the risk
report in the 2010/11 Annual Report. The
statements made in this risk report remain valid.
Since the beginning of the fiscal year 2011/12, no
material changes have occurred regarding the
risks to our company’s future. Based on current
knowledge, there are no risks that could
jeopardise the continued existence of the GERRY
WEBER Group.
SUPPLEMENTARY REPORT
On 8 February 2012, GERRY WEBER
International AG announced its intention to take
over roughly 200 stores of WISSMACH
Modefilialen GmbH, Göppingen, in the context of
an asset deal subject to the approval of the
Federal Cartel Office. The latter has approved the
transaction in the meantime, which means that
the takeover of the former WISSMACH stores will
be completed as contractually agreed with effect
from 15 March 2012.
REPORT ON EXPECTED DEVELOPMENTS
The expectations for the world economy remain
subject to great uncertainty. This is primarily due
to the continued turmoil in the financial markets as
well as to the consequences of the sovereign debt
crisis. This uncertainty also has an impact on the
spending behaviour of our customers. According
to a GfK study of February 2012, the consumer
climate in our German home market, whose
67.4% contribution to total Group revenues makes
it our most important market, is showing a
moderate upward trend. In particular, consumers
were more optimistic about their income situation,
not least thanks to the stable labour market
situation in Germany.
The GERRY WEBER Group feels that the good
performance in the first three months of 2011/12
confirms its sales and earnings projections. The
financial year 2011/12 will see the company focus
on growth in both its Retail and its Wholesale
segment.
In the chapter “supplementary report” we already
referred to the takeover of roughly 200 stores of
WISSMACH Modefilialen GmbH. About 150 to
160 of these stores are to be converted into
mono-label stores of GERRY WEBER‘s TAIFUN
and SAMOON brands and into Houses of GERRY
WEBER. Against the background of the
WISSMACH takeover in February 2012, we
GERRY WEBER International AG Interim Report Q1 2011/12
8
increased our sales forecast of January 2012 from
EUR 775 million to EUR 795 million for the current
fiscal year.
The necessary investments in the conversion of
the TAIFUN and SAMOON mono-label stores and
Houses of GERRY WEBER as well as the one-
time start-up costs will weigh on our bottom line.
In spite of these extraordinary burdens, we expect
the EBIT margin to rise from the past financial
year’s 14.2% to 14.5% to 14.6%.
We expect the converted WISSMACH stores to
make a contribution of between EUR 45 and 50
million to sales revenues as well as a positive
contribution to earnings already in the next
financial year 2012/13. This means that the
Wissmach takeover will have paid off after only
one year.
Aside from the takeover of the WISSMACH
stores, we will continue to expand both our Retail
and our Wholesale operations. We see
considerable growth potential outside Germany.
Together with existing and new franchise partners
we will open new franchised Houses of GERRY
WEBER primarily abroad. New stores in countries
such as Benelux, Russia and the Middle East are
already in the implementation phase.
After the conversion of the former WISSMACH
stores, some 75 company-managed Houses of
GERRY WEBER will be opened in the financial
year 2011/12. As many as 22 stores were opened
already in the first quarter of 2011/12, thereof 18
Houses of GERRY WEBER abroad.
Against the background of developments in the
first three months of 2011/12, we continue to
project strong sales growth as well as an
improvement in earnings in line with the above
targets. We will continue to push ahead with our
growth strategy in the coming months.
GERRY WEBER International AG Interim Report Q1 2011/12
9
Explanatory notes on the interim consolidated financial statements of GERRY WEBER International AG for the
period ended 31 January 2012
General information and accounting basis
GERRY WEBER International AG is a listed joint stock company headquartered in
Neulehenstraße 8, D – 33790 Halle (Westphalia/Germany).
The present abridged consolidated financial statements were prepared pursuant to section 37x
para. 3 WpHG in conjunction with section 37w para. 2 WpHG and in accordance with the
International Financial Reporting Standards (IFRS) and the related interpretations by the
International Accounting Standards Board (IASB) for interim financial reporting such as they
have been adopted by the European Union. Accordingly, these financial statements do not
contain all information and notes that are required for year-end consolidated financial
statements pursuant to IFRS.
The interim consolidated financial statements for the first three months of 2011/12
(1 November 2011 – 31 January 2012) were prepared in accordance with IAS 34 “Interim
Financial Reporting“ and were not reviewed by the auditors. The accounting and valuation
methods and the principles of consolidation have basically remained unchanged compared to
the latest consolidated financial statements for the year ended 31 October 2011. The interim
consolidated financial statements for the first three months of 2011/12 were prepared in euros.
The Managing Board is of the opinion that the present unaudited interim consolidated financial
statements contain all necessary information to give a true and fair view of the business
performance and the earnings position in the reporting period. The results achieved in the first
three months of the financial year 2011/12 do not necessarily provide an indication as to the
future results.
Pursuant to IAS 34 “Interim Financial Reporting“, the Managing Board must make
discretionary decisions, estimates and assumptions in the preparation of the interim
consolidated financial statements. These may influence the application of accounting
standards and the recognition of assets and liabilities as well as income and expenses. The
actual results may differ from these estimates in individual cases.
The present interim consolidated financial statements comprise the interim financial
statements of GERRY WEBER International AG and all its subsidiaries for the period ended
31 January 2012. The subsidiaries are fully consolidated. As of the reporting date, the basis of
GERRY WEBER International AG Interim Report Q1 2011/12
10
consolidation comprises 20 subsidiaries, which means that it remained unchanged compared
to the end of the financial year 2010/11.
Currency translation
The functional currency of GERRY WEBER International AG is the euro. The financial
statements of the consolidated Group companies prepared in foreign currencies are translated
according to the concept of the functional currency in compliance with IAS 21 "The Effects of
Changes in Foreign Exchange Rates". Given that the consolidated Group companies primarily
do business in the economic environment of their respective country, the functional currency is
always identical with each company's local currency. Accordingly, assets and liabilities are
translated at the closing rate, while income and expenses are translated at the average
exchange rate.
Investment properties
Investment properties are accounted for pursuant to IAS 40. They are recognised at cost and
written off using the straight-line method over a useful live of 50 years. This balance sheet item
comprises one building in Düsseldorf (“Hall 30”), which is fully let to external fashion
companies. The property was not used by the company itself in the reporting period. Following
construction work carried out on the building in the first three months of the current financial
year, the carrying amount of the investment property increased from EUR 21.2 million at the
end of the financial year 2010/11 (31 October 2011) to EUR 24.3 million at the end of the first
quarter of 2011/12.
Earnings per share
Earnings per share are determined on the basis of the net income for the period after taxes
that is attributable to the shareholders of GERRY WEBER International AG and the average
number of shares outstanding in the reporting period.
The average number of shares outstanding is determined on a pro-rata temporis basis as
shown below. To facilitate comparison, the figures for Q1 2010/11 were adjusted to reflect the
issue of free shares.
Q1 2011/12 Q1 2010/11
01.11.2011 - 31.01.2012 01.11.2010 - 31.01.2011
November 2011 45,905,960 x 1/12 42,634,484 x 1/12
December 2011 45,905,960 x 1/12 43,212,292 x 1/12
January 2012 45,905,960 x 1/12 44,416,018 x 1/12
= 45,905,960 units = 43,416,018 units
GERRY WEBER International AG Interim Report Q1 2011/12
11
Accordingly, earnings per share amounted to EUR 0.25 in the first quarter of 2011/12 (Q1
2010/11: EUR 0.23)
Segment reporting
The segmentation of the GERRY WEBER Group results from the internal organisational and
reporting structure and is based on the production units Ladieswear and Wholesale, Retail of
Ladieswear and Other Segments. Secondary segment reporting is based on geographical
segments.
For purposes of segment reporting by business segments, the Production and Wholesale
segment comprises the GERRY WEBER brand and its two sublabels, GERRY WEBER
EDITION and G.W., and the TAIFUN brand as well as the SAMOON brand. The Retail
segment comprises the domestic and international HOUSES OF GERRY WEBER, the factory
outlets as well as the online shops.
Post-balance sheet events
On 8 February 2012, GERRY WEBER International AG announced its intention to take over
roughly 200 stores of WISSMACH Modefilialen GmbH, Göppingen, in the context of an asset
deal subject to the approval of the Federal Cartel Office. The latter has approved the
transaction in the meantime, which means that the takeover of the former WISSMACH stores
will be completed as contractually agreed with effect from 15 March 2012.
GERRY WEBER International AG Interim Report Q1 2011/12
12
Q1 2011/12 Q1 2010/11
in KEUR 01.11.2011 - 31.01.2012 01.11.2010 - 31.01.2011
Sales 165,052.9 153,452.5
Other operating income 2,434.9 1,798.8
Changes in inventories 24,442.7 24,130.1
Cost of materials -105,713.6 -104,769.3
Personnel expenses -27,316.1 -23,944.4
Depreciation/Amortisation -3,892.4 -2,995.1
Other operating expenses -36,972.2 -31,895.8
Other taxes -368.6 -285.2
OPERATING RESULT 17,667.6 15,491.6
Financial result
Income from long-term loans 74.6 0.0
Interest income 111.8 54.4
Writedowns on financial assets 0.0 0.0
Incidential bank charges -195.2 -182.8
Interest expenses -533.5 -609.6
-542.3 -738.0
RESULTS FROM ORDINARY ACTIVITIES 17,125.3 14,753.6
Taxes on income
Taxes of the reporting period -5,565.7 -5,046.1
Deferred taxes -93.2 114.1
-5,658.9 -4,932.0
NET INCOME OF THE REPORTING PERIOD 11,466.4 9,821.6
Earnings per share (basic) 0.25 0.23
1. Quarter 2011/12 (01 November 2011 - 31 January 2012)
CONSOLIDATED INCOME STATEMENT (IFRS) in EUR'000
GERRY WEBER International AG Interim Report Q1 2011/12
13
ASSETS
Q1 2011/12 Q1 2010/11
in KEUR 31.01.2012 31.01.2011
NON-CURRENT ASSETS
Fixed Assets
Intangible assets 18,786.5 19,270.7
Property, plant and equipment 119,115.7 117,596.5
Investment properties 24,250.6 21,246.4
Financial assets 1,991.5 2,052.5
Other non-current assets
Trade receivables 46.8 107.2
Other assets 628.2 753.1
Income tax claims 1,806.7 2,661.5
Deferred tax assets 2,603.6 2,910.2
169,229.6 166,598.1
CURRENT ASSETS
Inventories 108,509.9 88,526.7
Receivables and other assets
Trade receivables 62,789.0 56,829.5
Other assets 25,103.0 11,925.6
Income tax claims 493.1 493.1
Cash and cash equivalents 53,585.1 90,584.7
250,480.1 248,359.6
TOTAL ASSETS 419,709.7 414,957.7
as of 31 January 2012
CONSOLIDATED BALANCE SHEET TO IFRS in EUR'000
GERRY WEBER International AG Interim Report Q1 2011/12
14
EQUITY AND LIABILITIES
Q1 2011/12 Q1 2010/11
in KEUR 31.01.2012 31.01.2011
EQUITY
Share capital 45,906.0 45,906.0
Capital reserve 102,386.9 102,386.9
Retained earnings 105,341.7 105,341.7
Accumulated other comprehensive income/loss acc. to IAS 39 1,436.2 -646.4
Exchange differences -141.7 -62.1
Accumulated profits 72,457.4 60,991.0
327,386.5 313,917.1
NON-CURRENT LIABILITIES
Provisions for personnel 488.1 396.2
Other provisions 3,410.6 3,105.4
Financial liabilities 13,998.9 15,214.3
Deferred tax liabilities 5,318.3 4,639.2
23,215.9 23,355.1
CURRENT LIABILITIES
Provisions
Tax liabilities 2,321.5 2,514.4
Provisions for personnel 12,242.6 12,388.7
Other provisions 6,759.3 8,223.6
LIABILITIES
Financial Liabilities 5,629.5 6,132.1
Trade payables 28,996.0 34,566.8
Other liabilities 13,158.4 13,859.9
69,107.3 77,685.5
TOTAL EQUITY AND LIABILITIES 419,709.7 414,957.7
as of 31 January 2012
CONSOLIDATED BALANCE SHEET TO IFRS in EUR'000
GERRY WEBER International AG Interim Report Q1 2011/12
15
Q1 2011/12Capital stock Capital Retained Accumulated Exchange Accumulated Equity
reserves earnings other comprehensive differences profitsin KEUR income/loss
As of 01 November 2011 45,906.0 102,386.9 105,341.7 -646.4 -62.1 60,991.0 313,917.1
Sale of own shares
Allocation of retained earnings of the AG from the net income of the reporting period
Adjustments of exchange differences -79.6 -79.6
Forward exchange contracts not affecting income 2,082.6 2,082.6
Net income of the reporting period 11,466.4 11,466.4
As of 31 January 2012 45,906.0 102,386.9 105,341.7 1,436.2 -141.7 72,457.4 327,386.5
Q1 2010/11Capital stock Capital Retained Accumulated Exchange Accumulated Equity
reserves earnings other comprehensive differences profitsin KEUR income/loss
As of 01 November 2010 21,317 45,039 98,295 -3,345 17 49,201 210,524
Sale of own shares 1,066 36,718 37,784
Allocation of retained earnings of the AG from the net income of the reporting period
Adjustments of exchange differences -57 -57
Forward exchange contracts not affecting income 1,798 1,798
Net income of the reporting period 9,822 9,822
As of 31 January 2011 22,383 81,757 98,295 -1,547 -40 59,023 259,871
1. Quarter 2011/12 (01 November 2011 - 31 January 2012)
STATEMENT OF CHANGES IN GROUP EQUITY (IFRS) IN EUR'000
GERRY WEBER International AG Interim Report Q1 2011/12
16
Q1 2011/12 Ladiesware Ladiesware Consolidated Totalproduction and Retail entries and
in KEUR wholesale other segments
Sales by segment 101,106 62,903 1,044 165,053
EBT (Earnings Before Tax) 13,435 2,936 754 17,125
Depreciation of property, plant and equipment 704 1,367 1,821 3,892
Interest income 11 27 74 112
Interest expenses 648 113 -228 533
Assets 136,467 120,801 162,442 419,710
Liabilities 102,562 135,724 -145,962 92,324
Investments in non-current assets 366 2,896 4,690 7,952
Number of employees 823 2,042 544 3,409
Q1 2010/11 Ladiesware Ladiesware Consolidated Totalproduction and Retail entries and
in KEUR wholesale other segments
Sales by segment 103,176 49,402 874 153,452
EBT (Earnings Before Tax) 11,585 2,497 672 14,754
Depreciation of property, plant and equipment 562 1,073 1,360 2,995
Interest income 3 0 51 54
Interest expenses 460 66 83 609
Assets 138,639 75,201 148,560 362,400
Liabilities 113,243 83,472 -94,186 102,529
Investments in non-current assets 238 1,068 3,263 4,569
Number of employees 794 1,453 547 2,794
1. Quarter 2011/12 (01 November 2011 - 31 January 2012)
SEGMENT REPORTING BY DIVISIONS (IFRS) in EUR'000
GERRY WEBER International AG Interim Report Q1 2011/12
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Q1. 2011/12 Q1. 2010/11
in KEUR 01.11.2011 - 31.01.2012 01.11.2010 - 31.01.2011
Operating result 17,667.6 15,491.5
Depreciation / amortisation 3,892.4 2,995.1
Profit / loss from the disposal of fixed assets 0.0 0.0
Increase / decrease in inventories -19,983.3 -21,678.5
Increase / decrease in trade receivables -5,899.0 -3,359.0
Increase / decrease in other assets that do not fall under investing or financing activities
-10,991.7 -3,646.7
Increase / decrease in provisions -1,213.3 -592.5
Increase / decrease in trade payales -5,570.8 -2,525.1
Increase / decrease in other liabilities that do not fall under investing or financing activities
2,565.5 539.4
Income tax payments -7,072.2 -5,073.7
Other non-cash effective income/expenses -263.8 0.0
CASH OUTFLOWS FROM OPERATING ACTIVITIES -26,868.6 -17,849.5
Income from investments 74.6 0.0
Interest income 111.8 54.3
Incidential bank charges -195.2 -182.8
Interest expenses -533.6 -609.6
CASH OUTFLOWS FROM CURRENT OPERATING ACTIVITIES -27,411.0 -18,587.6
Proceeds from the disposal of properties, plant, equipment and intangible assets 20.1 567.0
Cash outflows for investments in property, plant, equipment and intangible assets -4,880.2 -4,568.8
Cash outflows for investments in investment properties -3,071.5 -928.0
Proceeds from the disposal of financial assets 60.9 71.5
Cash outflows for investments in financial assets 0.0 -1,752.6
CASH OUTFLOWS FROM INVESTING ACTIVITIES -7,870.7 -6,610.9
Proceeds of the sale of own shares 0.0 37,784.2
Raising / repayment of financial liabilities -1,718.0 -8,332.3
CASH OUTFLOWS / INFLOWS FROM FINANCING ACTIVITIES -1,718.0 29,451.9
Changes in cash and cash equivalents -36,999.7 4,253.4
Cash and cash equivalents at the beginning of the reporting period 90,584.7 45,917.3
CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 53,585.0 50,170.7
1. Quarter 2011/12 (01 November 2011 - 31 January 2012)
CONSOLIDATED CASH FLOW STATEMENT (IFRS) in EUR'000
GERRY WEBER International AG Interim Report Q1 2011/12
18
Calendar of financial events
Investor Relations contact:
GERRY WEBER International AG
Investor Relations Department
Claudia Kellert
Neulehenstraße 8
D – 33790 Halle / Westphalia
Germany
Phone: +49 5201 185 0
Email: c.kellert@gerryweber.com
Internet: www.gerryweber.com
Disclaimer
This interim report contains forward-looking statements that are based on assumptions and/or
estimates by the management of GERRY WEBER International AG. While it is assumed that
these forward-looking statements are realistic, no guarantee can be given that these
expectations will actually materialise.
Publication of the First Quarter Reporting 2011/12 16 March 2012
Annual General Meeting 05 June 2012
Publication of the First Half Year Reporting 2011/12 14 June 2012
Publication of the Nine Month Reporting 2011/12 14 September 2012
End of fiscal year 2011/12 31 October 2012
GERRY WEBER International AG Interim Report Q1 2011/12
19
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