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Calida Holding AG

euro adhoc: Calida Holding AG
Annual Reports
2007: A record year and higher market share Successful integration of Aubade - increased dividend

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
29.02.2008
In the 2007 financial year, the Calida Group, which is listed on the 
SWX Swiss Exchange, was able to form the basis for sustainable growth
by virtue of positive development. Integration of the French Aubade, 
which is positioned in the segment of luxury lingerie, was 
successfully concluded. Group sales rose by 4.8 percent to CHF 232.0,
mainly due to growth in the export markets and the retail business. 
The operating profit (EBIT), which had been strongly influenced in 
the previous year by reorganisation expenditure, rose by 218 percent 
to CHF 19.1 million. The net profit increased by 150.8 percent to the
record level of CHF 15.3 million. This enables the Board of Directors
to recommend to the General Meeting of Shareholders an increase of 
the dividend from CHF 5.- to CHF 8.-. Further growth of sales and 
profit are expected in the current financial year.
"We achieved a lot last year", says Felix Sulzberger, the CEO of the 
Calida Group. "The Calida Group is today an organisation in the best 
of health with intact chances of further growth. Our strategic focus 
is on our two brands of Calida and Aubade and expansion of the retail
network, together with further internationalisation."
Strong equity ratio and profitability
In the reporting year, the Calida Group, for the first time in more 
than a decade, achieved a strong, organic growth in its sales. They 
grew by 4.8 percent or CHF 10.7 million. Overall group sales in 
annual comparison therefore increased from CHF 221.3 million to CHF 
232.0 million. In accordance with the Calida Group's strategic 
objectives, the increase in sales was primarily achieved in the 
export markets and the retail business.
The operating profit at EBIT level improved by CHF 13.1 million, or 
218.3 percent, to CHF 19.1 million. In the previous year, that figure
had been strongly affected by expenditure in connection with 
reorganisation. The operating profit margin rose slightly in the 
reporting period, from 8.6 percent to 8.8 percent.
Net profit rose from CHF 6.1 million to CHF 15.3 million. This 
equates to an increase of 150.8 percent. The strong improvement in 
results is particularly attributable to the absence of further 
reorganisation costs, reduced costs of borrowings and measures to 
optimise the tax position.
The costs provided for in the previous year for restructuring 
measures at Aubade impacted on liquidity in the reporting year, the 
consequence being that the operating cash flow at CHF 13.4 million 
was about CHF 2.7 million lower than that of 2006. Adjusted by this 
non-recurring outflow, the cash flow improved by 17.4 percent to CHF 
18.9 million.
The significantly higher investments totalling CHF 10.6 million in 
the reporting year - mainly applied for expansion of the retail 
network - were able to be financed from the operating cash flow. 
There was consequently no increase in net debt which remained at the 
modest level of CHF 2.6 million at the end of the reporting year. The
equity ratio improved significantly from 58.9 percent to a high 65.3 
percent. With an increase from 5.6 percent to 12.8 percent, the 
return on equity reached the highest level since 1991. All the key 
financial figures of the Calida Group reached record levels. In view 
of the very positive development of the Group, the Board of Directors
will be recommending an increase in the gross dividend from CHF 5.- 
to CHF 8.- per share at the Annual General Meeting which will take 
place on 9th April 2008.
Substantial growth of the Calida brand
Sales of the Calida brand rose at an above average rate of 7.2 
percent in the reporting year, achieving a total of CHF 157.4 
million. All the geographic business units contributed to this 
growth. The most important sales market in Germany grew by 9.5 
percent. The strongest growth of all was recorded in the export 
business with about 14 percent. The home market of Switzerland was 
also able to record a slight improvement.
The Calida Stores and the shops-in-shops as a strategically important
sales channel contributed 34.8 percent to sales of the brand. In the 
reporting year, 12 new Calida Stores were opened in Switzerland and 
Germany. 54 new shops-in-shops also commenced operation.
Rapid retail expansion for the Aubade brand
In the first quarter of the reporting year, the restructuring process
at Aubade, with relocation of manufacturing to Tunisia, was 
successfully completed. Aubade achieved almost unchanged annual sales
of CHF 74.5 million, equating to a decline in sales of 4 percent when
adjusted for the currency effect. The sales project launched a year 
ago with the brand's own boutiques already encompasses 17 stores, 
including outlets in Zurich and Moscow.
A more powerful management structure
The Calida Group's strategy is to manage the Calida and Aubade brands
as self-standing operating units. As at 1st March 2008, there will be
separate, independent management teams for the Aubade and Calida 
brands as well as a separate, very slim executive management team for
the overall Group, with CEO Felix Sulzberger and CFO Andreas 
Lindemann as members. Felix Sulzberger will also be recommended at 
the Annual General Meeting for election to the Board of Directors.
Outlook 2008
The Calida Group is well equipped to assert itself, even in a 
difficult economic environment. It is extremely solidly financed and 
practically free of debt. For both brands, the focus will be on 
expansion of the retail network and further internationalisation. In 
the current year, it should be possible to achieve a further slight 
increase in sales and profit.
Sursee, 29.02.2008      CALIDA Holding AG
The annual report can be called up from 29.02.2008 at 07:00 a.m. 
under www.calidagroup.com / Investor Relations / Geschäftsberichte.
end of announcement                               euro adhoc

Further inquiry note:

Felix Sulzberger, CEO
Telephone: +41 41 925 42 48

Branche: Textiles & Clothing
ISIN: CH0009018133
WKN: 9018133
Index: SPI, SPIEX
Börsen: SWX Swiss Exchange / official market

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