ESSANELLE HAIR GROUP AG 
By | Pressrelease | ||||
Essanelle Hair Group presents its Annual Report for 2013
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Düsseldorf, 28 March 2014 - In the past financial year of 2013, Essanelle Hair Group AG has generated sales of EUR 129.7 million. This corresponds to an increase by 2.6% after EUR 126.5 million in the previous year. This positive development is due to good operating business and the price increases that were implemented in the second half of the year to coincide with the introduction of the minimum wage for the hairdressing industry. The individual concepts performed as follows: The salon concept HairExpress, which targets price-conscious customers, generated EUR 44.2 million in the past financial year after EUR 41.5 million in the previous year, therefore recording a growth of 6.4%. The trendy Super Cut concept recorded an increase of 3.3%, earning EUR 23.6 million compared to previous year's level of EUR 22.9 million. The concept essanelle Ihr Friseur generated sales of EUR 54.3 million, thereby remaining close to previous year's level of EUR 54.7 million (-0.8%). The beautyhairshops, which specialise in the sale of exclusive hairdressing products, showed an increase in proceeds to EUR 7.6 million after EUR 7.3 million in 2012, thereby achieving a growth of 3.6%. Achim Mansen, Chief Executive Officer (CEO): "We can be very satisfied with the development of the past financial year. On the one hand, we range above our forecast of +1-2% in sales. Above all, our focus over the course of the year was on the implementation of measures connected to the minimum wage, the first stage of which has been in effect since August 2013. In this regard, it was our goal to compensate for the resulting increases in personnel costs. Before the Christmas business, which rounded off the year, we were not yet certain whether we would be able to achieve the original target amount of at least EUR 5.5 million in terms of EBT. In the end, we definitely managed to do so." Earnings before taxes within the projected range Regarding the earnings figures, Essanelle Hair Group generated an EBITDA (earnings before interest, taxes, depreciation and amortisation) amounting to EUR 10.7 million after EUR 10.8 million in the previous year (-0.9%). Earnings before taxes (EBT) were EUR 5.6 million, thereby ranging about 7.1% below the previous year's result of EUR 6.0 million. In the autumn of 2013, the Management Board projected an EBT of between EUR 5.0 million and EUR 6.0 million, because a concrete estimation of the effects of the price increases combined with the introduction of the minimum wage for the hairdressing industry was not possible. The consolidated net income ranged at EUR 3.4 million after EUR 3.9 million (-13.7%). Likewise, earnings per share decreased to EUR 0.75 after EUR 0.87 in the previous year. In this context, the Management Board and the Supervisory Board will propose a dividend in the amount of EUR 0.50, equal to the previous year, at the Annual General Meeting. Achim Mansen: "Today, it is not possible to foresee exactly what impact the second stage of the minimum wage as of August 2014 will have. At present, in addition to a sales growth of 3 to 5%, we also expect earnings before taxes to range between EUR 4.5 million and EUR 5.5 million. As a result, we have the 2013 result firmly in view - but are also covered should the development be weaker, which is quite possible." Further details regarding the financial year 2013 are available in the Annual Report on the company website on April, 4. Contact: | ||||
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