Key figures 2009 : Marked growth
25/03/2010
Le Coq Sportif:
- Total revenue growth of 19% to reach EUR 83.5 million (2008: EUR 70.3 million)
- Net profit of EUR 2.7 million (2008: EUR -5.4 million)
Boards & More:
- Total revenue increase of 1% (+7% ongoing brands)
- Net profit of EUR 0.7 million (2008: EUR -3.4 million)
With a consolidated net profit of CHF 4.7 million, Airesis and its participations showed a marked improvement in 2009. This assessment can also be made of Le Coq Sportif whose net profit reached CHF 4.1 million (EUR 2.7 million), and Boards & More whose profit hit CHF 1.0 million (EUR 0.7 million). The CHF –0.4 million difference is attributable to the holding company.
This growth largely resulted from investments made in the past years which allowed the brands to develop their potential in a sustainable way.
Participations
Le Coq Sportif
Le Coq Sportif continues on its path to growth with an increase in revenue of 19% in local currency to reach CHF 126 million (EUR 83.5 million). Since the acquisition of the brand in 2005, revenue has risen by 231%. Following several years of investment, 2009 was marked by profitability. This profitability is the result of the excellent business developments in Le Coq Sportif’s key markets (France, Italy and Spain) as well as the company’s effective cost control.
| Le Coq Sportif (in EUR thousands) | 2008 | 2009 | |
| Total Wholesale Equivalent * | 156'000 | 173’000 | |
| Total revenue | 70’297 | 83'495 | 19% |
| Gross profit | 34’278 | 40'152 | |
| Gross profit in % | 49% | 48% | |
| Operating expenses | -35’902 | -34'435 | |
| EBITDA | -1’624 | 5'717 | |
| EBIT | -2’911 | 4'664 | |
| Net result | -5’418 | 2'668 |
| In EUR thoudands | 2008 | 2009 | |
| Direct sales | 45'311 | 63'431 | 40% |
| - France | 21'674 | 34'046 | 57% |
| - Italy | 15'729 | 18'966 | 21% |
| - Spain | 3'746 | 4'500 | 20% |
| - Retail | 4'032 | 5'919 | 47% |
| - Others ** | 130 | - | - |
| Wholesales | 14'137 | 9'647 | -32% |
| Royalties | 5'881 | 6'007 | 2% |
| Others ** | 4'968 | 4'410 | -11% |
| Total revenue | 70'297 | 83'495 | 19% |
* Total Wholesales Equivalent amount is estimated based on licensing revenue and other non-direct revenue converted into wholesales equivalents (sales to retail dealers) added to direct sales.** A part of 2008 Direct sales - Others, mainly sales to discounters, have been integrated to Other Revenue for a better comprehension.
Boards & More
Boards & More’s performance also deserves special mention. Despite its activity in a mature market, company revenue for ongoing brands rose by 7% and net profit improved by close to CHF 6.5 million (EUR 4.1 million) as compared to 2008. Profit reached CHF 1.0 million (EUR 0.7 million) during the 2009 fiscal year.
| Boars & More (in EUR thousands) | 2008 | 2009 | |
| Total Wholesale Equivalent | 45'000 | 39'000 | |
| Total revenue | 29'562 | 29'881 | 1% |
| Gross profit | 11'550 | 12'070 | |
| Gross profit in % | 39% | 40% | |
| Operating expenses | -12'344 | -11'114 | |
| EBITDA | -794 | 956 | |
| EBIT | -3'233 | 506 | |
| Net result | -3'427 | 676 |
| In EUR thoudands | 2008 | 2009 | |
| Total revenue - ongoing brands | 26'277 | 28'122 | 7% |
| Total revenue - sold off brands | 3'285 | 1'759 | |
| Total revenue | 29'562 | 29'881 |
| In CHF million | % held | Net result 2009 |
| Participation Le Coq Sportif | 69% | 4.1 |
| Participation Boards & More (brands North Kiteboarding, ION, Fanatic, North Windsurf) | 100% | 1.0 |
| Airesis and others | -0.4 | |
| Net result (consolidated) | 4.7 | |
| Net result (consolidated) attributable to Airesis shareholders | 3.2 |
| In CHF thousands | 31.12.2008 | 31.12.2009 |
| Market capitalization | 34'462 | 71'082 |
| Total consolidated revenue | 158'507 | 171'221 |
| - Total revenue Le Coq Sportif | 111'581 | 126'095 |
| - Total revenue Boards & More | 46'926 | 45'126 |
| Gross profit | 72'747 | 78'865 |
| Gross profit in % | 45% | 46% |
| Operating result | -9'691 | 7'608 |
| Net result | -13'706 | 4'656 |
| Net result, attributable to Airesis shareholders | -12'178 | 3'203 |
| In CHF thousands | 31.12.2008 | 31.12.2009 |
| Current assets | 98'528 | 91'825 |
| Current liabilities | 91'070 | 59'685 |
| Non-current assets | 38'341 | 39'731 |
| Non-current liabilities | 4'338 | 20'765 |
| Equity, attributable to Airesis shareholders | 26'880 | 34'272 |
The annual report will be published on 23 April 2010. It will be available on the company website and upon request from Airesis.
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As expected, the heirs of Robert Louis-Dreyfus would like to partially divest from their shareholding in Airesis through the time. For a part of their shares, an agreement was reached between them and ...
Annual Report 2010
2011: 9 month results
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