DGAP-News: Beate Uhse AG: Beate Uhse AG reports breakeven Q1 2011 results in line with expectations
(firmenpresse) - DGAP-News: Beate Uhse AG / Key word(s): Quarter Results
Beate Uhse AG: Beate Uhse AG reports breakeven Q1 2011 results in line
with expectations
08.06.2011 / 13:30
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Beate Uhse AG reports breakeven Q1 2011 results in line with expectations
- Consistent implementation of restructuring
programme improved bottom line
- e-commerce revenues at record 52% of sales
- Debt reduction on track
- Projections for 2011 confirmed
Flensburg, 8 June 2011. Generating sales revenues of EUR 39.9 million and a
near breakeven operating result of EUR -0.1 million, Beate Uhse, the German
adult lifestyle company, closed the first three months according to plan.
The consistent implementation of the restructuring programme has resulted
in the expansion of the online mail-order business, the closure of
unprofitable shops and the centralisation of the wholesale business. 'Our
performance reflects the success of our strategic restructuring programme',
said Serge van der Hooft, CEO and Spokesman of the Management Board.
E-commerce accounts for over 50 percent of sales revenues
The Group's mail-order business is increasingly driven by e-commerce, whose
contribution to sales revenues increased to an impressive 52.6%. 'The
Internet is an ideal platform for adult products as it affords anonymity,
peer products reviews and is particularly suited to our female clients. It
allows us to respond very quickly to customers wishes and to reach younger
customers with a strong affinity for online purchasing', Sören Müller said
to explain the Group's e-commerce growth. In line with the growth in online
business, the number and the frequency of the catalogues has been reduced.
While this reduced sales by EUR 7.7 million to EUR 17.5 million in the
first quarter, it had an immediate impact on profitability. In the mail
order business, first-quarter earnings before interest and taxes improved
from the previous year's EUR 2.0 million to EUR 2.4 million despite the
decline in revenues.
Retail business now on a healthy foundation
By the end of March 2011, the number of stores had been reduced by a total
of 29 proprietary stores. This includes the sale of Sandereijn B.V., the
Dutch retail chain with ten stores. 'We deliberately closed and divested
those shops that do not fit in with our plans for the future', said COO
Sören Müller. While the reduction in the number of stores reduced retail
sales to EUR 11.7 million in the first quarter 2011 this will have a
positive impact on the bottom line. Losses in the retail business for the
first quarter amounted to EUR -0.4 million. 'Retail remains an important
activity of the Group', said Serge van der Hooft, 'these activities not
only contribute to our sales and purchasing power but also enhance our
brand awareness with on-line clients.'
Entertainment business optimises its video-on-demand offerings
Building on its proprietary formats, the Beate Uhse Group's entertain-ment
business again held its ground against the strong competitive pressure from
free Internet offerings. The Group's offerings have been technically
refined, which was appreciated by customers. Movies from well-known studios
and labels, which can be down-loaded from the 'MovieOn' platform enjoy
great popularity. The stricter legal provisions for TV advertising however
led to losses in the audiotext sector. The entertainment business generated
sales of EUR 2.4 million and an operating result of EUR 0.2 million.
Wholesale activities centralised in a single location
With 2,500 customers in 32 countries, the Group's wholesale arm, Scala
Playhouse, has established itself as the market leader in the sector. The
warehouse of the German wholesale subsidiary, ZBF Vertriebs GmbH in
Wiesbaden, Germany has been relocated to Almere, Netherlands, with a view
to exploit the modern distribution centre already used by Scala Playhouse
more effectively. The first joint in-house exhibition in the spring
coincided with the 40th anniversary of Scala. The inauguration of the
modern showroom was a special highlight. The 1,400 square metres of
exhibition space were used not only by Beate Uhses wholesale business,
which presented its well-known proprietary brands, ToyJoy, Extase and
Playhouse, but also by suppliers, who used the opportunity to exhibit their
products at their own exhibition booths. Thanks to its state-of-the-art
positioning and its own brands, the wholesale business was able to defend
its market leadership despite the very tight situation in the adult
entertainment sector. As expected, sales revenues declined to EUR 8.3
million, which resulted in an operating loss of EUR 1.4 million.
Ongoing debt reduction - projections for 2011 confirmed
As new agreements were signed with the German banks, credit lines were
reduced to EUR 33.0 million already by late April. The loans granted by the
Dutch ING Bank B.V. have been cut from the original amount of EUR 25.0
million to a current level of EUR 18.0 million. The company has thus
managed to further reduce its debts to EUR 31.4 million. The Management
Board plans to cut the loans to EUR 18.6 million by the year 2013 in order
to obtain greater freedom and independence.
'We are convinced of the growth potential in our businesses', said the
Management Board. 'In view of the recent performance, we maintain our
projections for 2011.' The Management Board projects sales revenues of EUR
140 million to EUR 144 million for the full year 2011. The operating loss
(excluding non-recurrent effects) is to be reduced significantly from
2010's EUR - 19.5 million to between EUR - 6 million and EUR - 4 million.
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 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 and ZBF. 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 fulfilment and marketing operations located in
the Netherlands.
This press release and the interim report 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
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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
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127902 08.06.2011
Datum: 08.06.2011 - 13:30 Uhr
Sprache: Deutsch
News-ID 34340
Anzahl Zeichen: 0
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Kategorie:
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