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2nd September 2019, Schellebelle

Van de Velde reports decline in profit

Van de Velde is a leading player in the luxury and fashionable women’s lingerie sector. © Van de VeldeIn the first half of 2019, consolidated turnover at Van de Velde, a leader in the luxury and fashionable lingerie sector, fell by 2.2% – from EUR 110.9 million to EUR 108.5 million – compared to the year before.

On a comparable basis, the consolidated turnover in the first six months of 2019 dropped by 1.2% – from EUR 114.2 million to EUR 112.8 million. At constant exchange rates, turnover dropped by 1.8% on a comparable basis.

Group profit in the first half of 2019 was 8.3% lower than last year, at EUR 13.8 million compared with EUR 15 million, primarily due to the negative impact of the results based on the equity method.

Reported EBITDA rose in the first half of 2019 by 0.3%, compared with the same period last year, from EUR 26.4 million to EUR 26.5 million. On a comparable basis, the consolidated EBITDA in the first half of 2019 rose by 2.8%, compared with the same period in 2018, from EUR 28.5 million to EUR 29.3 million.

Investments totalling EUR 3 million

Van de Velde’s capital expenditure in the first half of 2019 was EUR 3 million, compared with EUR 7.7 million in the first half of 2018. These investments primarily relate to the further development of the eCommerce platform and the upgrade of the ERP system.

Working capital rose by EUR 52.9 million on 30 June 2019, compared to EUR 47.9 million on 31 December 2018, which is the consequence of lower current liabilities and higher trade receivables than at the end of the year.

Outlook

Growth by focusing on retail partners and brands is how we want to reinforce the foundations of our company in 2019. Van de Velde is all about designing and manufacturing fashionable lingerie of high quality. We bring this to consumers through strong brands and strong retail partners,” the company reports. “It is our conviction that this focus will strengthen the foundations of our company in the long term.”

Van de Velde is a leading player in the luxury and fashionable women’s lingerie sector. It pursues 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.

www.vandevelde.eu

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