The final quarter contributed to this with substantial increases, according to CEO Claus-Dietrich Lahrs.
“The positive business performance in 2012 has brought us a good step closer to achieving our medium-term targets”, he said. “Despite the still challenging market environment, I am confident that we will continue to post stronger growth than the overall market in 2013.”
In 2007, a Permira acquired a controlling stake in the publicly listed company alongside the Valentino Fashion Group, for €5.43bn. In November 2011, the firm sold a 6.4 per cent stake for €307m.
On a preliminary basis, sales rose by 18 per cent in the fourth quarter of 2012 after adjustments for currency effects. It generated sales growth of 22 per cent to €607m (2011: €499m).
Its retail business benefited from the continued expansion of the store network and from comp store sales growth of four per cent. Despite a 170 basis points decrease in the gross profit margin to 64.5 per cent (2011: 66.2 per cent), EBITDA before special items climbed by 42 per cent to €138m (2011: €97m). This increase was largely driven by the significant sales growth and strict management of operating expenses.
Net income attributable to equity holders amounted to €70m in the fourth quarter, representing a 30 per cent increase as against the previous year’s figure of €53m.
For 2012 as a whole, this resulted in sales of €2.35bn on a preliminary basis (2011: €2.059bn).
The gross profit margin increased by 50 basis points to 61.9 per cent (2011: 61.4 per cent). EBITDA before special items rose by 13 per cent to €529m (2011: €469m). Net income attributable to equity holders amounted to €307m, eight per cent higher than the previous year’s figure of €285m.
At the end of the year, trade net working capital was up three per cent year-on-year at €418m (2011: €407m). Inventories declined by six per cent to €430m (2011: €458m). As a result of the improvement in free cash flow, net debt was reduced by another €19m to €130m (2011: €149m).
Copyright © 2013 AltAssets