EANS-News: Wolford AG: Detailed Figures Announced for the First Quarter of 2018/19

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Quarterly Report

Bregenz -

* Sustainable reduction of fixed costs
* Net debt cut in half
* Successful rollout of the new shop window concept

Bregenz, September 7, 2018: Wolford AG, which is listed on the Vienna Stock
Exchange, generated revenue of EUR 25.01 million in the first three months of
the current financial year, comprising a decline of 14% compared to EUR 29.09
million in the previous year. The drop in revenue equalled 12.2% when adjusted
for changes in currency exchange rates (especially the decrease in value of the
Swiss franc and the US dollar). Within the context of systematically reducing
ongoing costs, Wolford managed to slightly improve operating earnings (EBIT) in
spite of the substantial revenue decline and higher marketing costs. EBIT in the
first three months of the current 2018/19 financial year amounted to EUR -7.00
million, compared to EUR -7.22 million in the prior-year period. Earnings after
tax amounted to EUR -7.56 million, down from EUR -6.91 million in the first
quarter of 2017/18.

As a brand which mainly stands for legwear, Wolford particularly suffered from
the heat wave prevailing over the past few months and thus had to contend with a
decrease in revenue. Moreover, this year's summer collection aroused even less
interest than was originally expected as a consequence of the months-long
vacancy in the position of chief designer.

Increased equity ratio, net debt almost halved

The successfully concluded capital increase in July raised about EUR 22 million
in fresh capital for Wolford. As a result, the equity ratio improved
considerably to 39% compared to 29% in the previous year. The repayment of loans
led to a significant 46% drop in net debt, from EUR 37.90 million to EUR 20.56
million.

Initial measures implemented with respect to digitalization and
internationalization

Wolford achieved an important milestone in its global market presence by rolling
out a new retail display window concept. The new concept was installed at close
to 120 stores in August. Different seasonal product information and image films
about Wolford can be seen on three to four video screens in every shop window,
combined with the corresponding products from the current fashion collection.
The response is very encouraging because young people are observed positively
and increasingly going into the shops. In August alone, sales of the newly
presented FATAL dress promoted in this manner rose by about 75% compared to the
previous year.

The company is systematically pressing ahead with expanding its business in
Asia. The revenue trend is moving in the right direction. Revenue on the Asian
market rose considerably by 13% in the first three months of 2018/19. As
announced, the company is currently working on a marketing strategy for China.
Commercial ties with Chinese business partners are being significantly expanded,
applying to partners both in the online business and physical retail.

Outlook

Wolford confirms its financial guidance published within the context of
presenting its annual results for 2017/18 on July 13, 2018. Earnings generated
in the traditionally weak first quarter do not comprise the decisive factor
determining the performance of the company in the rest of the financial year.
The management expects positive operating earnings (EBIT) in the current
financial year, especially due to the positive impact of its restructuring
program.

The report for the first quarter of the 2018/19 financial year can be downloaded
under company.wolford.com, Investor Relations.
https://tinyurl.com/ybbywcau

Earnings 05 -07/18 05 -07/17 Chg. in % 2017/18
Data
Revenues in EUR mill. 25.01 29.09 -14 149.07
EBIT in EUR mill. -7.00 -7.22 +3 -9.22
Earnings in EUR mill. -7.37 -7.44 +1 -11.43
before tax
Earnings in EUR mill. -7.56 -6.91 -9 -11.54
after tax
Capital in EUR mill. 0.52 0.33 +58 1.40
expenditure
Free cash in EUR mill. -11.67 -7.08 -65 1.83
flow
Employees FTE 1,360 1,491 -9 1,433
(on average)

Balance 31.07.2018 31.07.2017 Chg. in % 30.04.2018
Sheet Data
Equity in EUR mill. 47.19 38.09 +24 33.90
Net debt in EUR mill. 20.56 37.90 -46 30.09
Working in EUR mill. 38.89 44.82 -13 34.59
capital
Balance in EUR mill. 122.01 129.60 -6 114.33
sheet total
Equity ratio in % 39 29 +33 30
Gearing in % 44 99 -56 89

Stock Exchange 05 -07/18 05 -07/17 Chg. in % 2017/18
Data
Earnings per in EUR -1.14 -1.41 +19 -2.35
share
Share price in EUR 17.70 19.75 -10 19.75
high
Share price in EUR 13.30 16.00 -17 11.36
low
Share price at in EUR 15.87 17.42 -9 13.60
end of period
Shares
outstanding in 1,000 6,631 4,912 +35 4,912
(weighted)
Market
capitalization in EUR mill. 106.65 87.10 +22 68.00
(ultimo)

Further inquiry note:
Wolford AG
Maresa Hoffmann
Investor Relations & Corporate Communications
Tel.: +43 5574 690 1258
investor@wolford.com | company.wolford.com

end of announcement euro adhoc
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issuer: Wolford Aktiengesellschaft
Wolfordstrasse 1
A-6900 Bregenz
phone: +43(0) 5574 690-1268
FAX: +43(0) 5574 690-1219
mail: investor@wolford.com
WWW: http://company.wolford.com
ISIN: AT0000834007
indexes: ATX GP
stockmarkets: New York, Wien, Frankfurt
language: English

Original-Content von: Wolford Aktiengesellschaft, übermittelt durch news aktuell