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09/12/2006 Results for financial year 2005-2006 On September 11th 2006, the Damartex Supervisory Board examined the annual accounts for the company and its subsidiaries for the year to June 30th 2006. |
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Notice: Following the statement in February 2006 by the National Bureau of Statutory Auditors, accounting changes were made to catalogue and gift costs for future commercial operations (according to the interpretation of IAS standard 38). These costs were previously recorded for the period they affected; they are now recorded for the period they are incurred. The impact of this change represents - €1.9m to June 30th 2005 and - €4.6m to December 31st. It is down to - €0.2m to June 30th 2006.
Sales for the year came to €557.5 million, an increase of 4.9% in real terms and 5% at comparable exchange rates. France suffered from, among other things, poor climate conditions (with a late start to the spring-summer season) and social unrest in the spring (with restricted access to shops). Sales did however pick up in the last quarter, helped by strong promotions, and the year ended noticeably higher (+4.3%). The UK continued to grow. In fact growth accelerated in the second half with sales significantly up over the whole year (+8.3%). Belgium grew slightly in the last quarter in spite of a high level for comparison the previous year but the good sales from the first three quarters meant the year ended on a considerable increase of 8.5%. Japan and Switzerland on the other
hand ended the year down (-5.2% and –8.0% respectively) without
hurting the overall performance of the group. The current operating result is up from €18.9 million to €21.1 million (+11.6%). It represents 3.8% of turnover against 3.5% last year in a practically even split between France and International (51% to 49%). France's contribution is down for the first time in several years at €10.8 million (against €12.8 million) as a result of the difficult market conditions during the spring-summer season and, more specifically, the decision to support the business internally by meeting short and medium term commercial objectives. The UK's contribution is, on the other hand, up significantly to €6.5 million (from €4.1 million). This performance is the result of growth in sales as well as the efforts to streamline and reposition the business over recent years. The same is true for Belgium (€3.8 million, up from €2.8 million) and Switzerland (€0.9 million against €0.1 million). The only negative factor from our international activity is the loss in Japan, which is reduced only slightly (- €0.9 million against - €1 million). Income before taxes is down from €22.7 million to €21.4 million (-5.5%) and net income is down from €15.6 million to €15.3 million (-2.1%). These figures include a negative balance of non-recurring operating income and costs of - €1.1 million.
Net cash at the end of June stands at €31.3 million, an increase of €21.4 million on the previous year. This improvement reflects the good management of working capital, notably stocks.
Actions undertaken during recent years are to be continued. The focus will be specifically on developing new positions in France and abroad (Germany, The Netherlands, …) as well as on controlling costs and optimising processes.
At the next shareholders' meeting the directorate will propose the distribution of a net dividend of €0.55 per share September 12th 2006 Profile |
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