DGAP-News: Beate Uhse AG:
(firmenpresse) - DGAP-News: Beate Uhse AG / Key word(s): Preliminary Results
Beate Uhse AG:
28.04.2011 / 18:16
---------------------------------------------------------------------
Beate Uhse Group to deleverage and restructure
in order to get out of the red
- Significant reduction in debt
- Sales revenues and earnings decline in 2010
- Expansion of e-commerce activities
- Optimisation of delivery service underway
Flensburg, 28 April 2011. The Beate Uhse Group has signed new credit
agreements and thus reduced its debt significantly. Since September 2006,
the credit volume has been cut by EUR 58.7 million from EUR 91.7 million to
EUR 33.0 million. The company aims to further reduce its credit volume to
EUR 18.6 million by the year 2013.
This will make the Beate Uhse Group more independent from banks while at
the same time cutting costs and interest expenses, which will help to
implement the restructuring process quickly and efficiently. 'Reducing our
debt to a low level has been one of the key projects pursued by the
Management Board in recent years,' emphasised CEO Serge van der Hooft. The
conclusion of the new credit agreements means that this strategy will
continue to be pushed ahead.
Sharp drop in sales and earnings in 2010
The business performance of the Beate Uhse Group remained below
expectations in the financial year 2010. The adult lifestyle market was
characterised by an aggressive price war and free Internet offerings, which
did not leave Beate Uhse, the market leader in this sector, unaffected.
According to preliminary figures, sales revenues were down by 14.3% on the
previous year to EUR 197.7 million. Earnings before interest and taxes
(EBIT) declined from EUR 2.7 million in 2009 to a loss of EUR 18.5 million
in 2010. This sharp drop in earnings is attributable to the split-up of the
mail-order catalogues into soft and hard concepts, which has been reversed
in the meantime, as well as lower retail sales. In accordance with its
concentration on profitable properties, the Group has reduced its branch
network by 35 properties over the past three years and now operates 244
shops in eleven countries.
Earnings to improve significantly in 2011
Earnings are expected to improve markedly already in 2011. Serge van der
Hooft is convinced that 'The restructuring efforts will make themselves
felt positively.' In the current year, the loss is to be reduced
significantly to EUR 3 - 5 million on sales of between EUR 140 million and
EUR 144 million.
To get the company back on track on a sustained basis, the Management Board
has initiated a comprehensive restructuring process. The effects of the
measures already initiated are additionally weighing on the bottom line,
however. They include goodwill amortisation and provisions for anticipated
losses resulting from shop closures. The EUR 12.3 million write-down of the
investment in tmc Content Group AG, a swiss film licence trading company,
also had a strong impact on the bottom line. Including these one-time
effects, the Group reported a loss of EUR 56.5 million.
Expansion of e-commerce activities
'We believe that the future belongs to online shopping,' CEO Serge van der
Hooft said to explain the strategy. Due to the anonymity offered by the
Internet, adult entertainment sells particularly well on the web. Today
already, more than one in two customers place their orders online. The
company has now divided its business segments into 'online' and 'offline'
with a view to expanding its share and positioning the respective sales
platforms as professionally as possible. The online offerings are updated
on a daily to hourly basis, while the frequency of the catalogue will be
reduced.
Better customer service
'Our activities are centred on the customer and their satisfaction,' said
COO Sören Müller. All inventory management processes, from purchasing to
delivery, will be optimised. The two logistic centres - both the Walsoorden
warehouse, which handles the deliveries to the end consumer, and the Almere
centre, which is responsible for supplying wholesalers and the company's
own shops - will be integrated more closely. Support will be provided by
K&H Business Partner, Germany, a supply chain specialist with great
experience in Europe.
The 2010 Annual Report will be published on 19 May 2011.
About Beate Uhse
Beate Uhse was established by the entrepreneur of the same name in 1946.
Today Beate Uhse is Europe's largest retailer, wholesaler, producer and
manufacturer of adult lifestyle goods. Beate Uhse is active in over 30
countries through its family of retail store and mail order brands
including Beate Uhse, Pabo, Adam et Eve and Christine le Duc as well as
though its wholesale group, Scala Playhouse. In addition Beate Uhse
produces adult lifestyle products and digital media under a growing
portfolio of proprietary lines including Mae B.(TM), ToyJoy(TM),
Taboom(TM), Geisha(TM), and Daring!(TM). Beate Uhse is listed on the
official market of the Frankfurt Stock Exchange. Beate Uhse is
headquartered in Flensburg, Germany and has significant fulfillment and
marketing operations located in the Netherlands.
This press release can be viewed at www.beate-uhse.ag
This release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts; they include
statements about our beliefs and expectations and the assumptions
underlying them. These statements are based on plans, estimates and
projections as they are currently available to the management of Beate
Uhse. Forward-looking statements therefore speak only as of the date they
are made, and we undertake no obligation to update publicly any of them in
light of new information or future events except as may be required by
applicable laws.
End of Corporate News
---------------------------------------------------------------------
28.04.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Beate Uhse AG
Gutenbergstraße 12
24941 Flensburg
Deutschland
Phone: +49 (461) 99 66 307
Fax: +49 (461) 99 66 99307
E-mail: ir(at)beate-uhse.de
Internet: www.beate-uhse.ag
ISIN: DE0007551400
WKN: 755140
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
121995 28.04.2011
Datum: 28.04.2011 - 18:16 Uhr
Sprache: Deutsch
News-ID 33896
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 456 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Beate Uhse AG:"
steht unter der journalistisch-redaktionellen Verantwortung von
Beate Uhse AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
