EANS-Adhoc: Wolford Aktiengesellschaft / Wolford Publishes Interim Report on the First Half of 2015/16

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Mid Year Results/quarterly report
14.12.2015

* Revenue growth in all segments * Further strengthening of retail
competence * Revenue increase and positive operating results expected
for the entire year 2015/16

Vienna/Bregenz, December 14, 2015.Wolford AG, which is listed on the
Vienna Stock Exchange, generated a substantial increase in revenues
in all segments in the first half of the 2015/16 financial year (May
1, 2015 to October 31, 2015) against the backdrop of a challenging
economic and political environment. It also gained momentum in its
operating business by increasing second-quarter EBIT in a
year-on-year comparison.

On balance, Wolford reported significant revenue growth in the first
six months of the current financial year, with revenues up 9.1% to
EUR 79.24 million, also due to positive currency effects of the US
dollar and British pound. Revenue growth was 3.1% when adjusted for
currency effects. The development Wolford's operating earnings
indicators should be considered in connection with the one- off
effects reported in the 2014/15 financial year, cost increases
related to the appreciation of the US dollar and British pound as
well as a slight expansion of the Wolford workforce as a means of
strengthening its retail business. Against this backdrop, the
half-year operating results (EBIT) of EUR -0.28 million were below
the prior-year figure (H1 2014/15: EUR 3.17 million). However, when
adjusted to take account of all one-off effects, EBIT in the first
half of the current financial year actually rose by EUR 2.63 million.
Wolford gained additional strength in its operating business by
posting a year-on-year EBIT increase in the second quarter of
2015/16. Earnings after tax totaled EUR -0.90 million compared to EUR
1.38 million in the previous year. Earnings per share equalled EUR
-0.18, down from EUR 0.28 in the first half of 2014/15.

Retail and online businesses as growth drivers A declared objective
of Wolford is to enhance its retail competence in all regions. In
this regard, Wolford considerably strengthened its international
retail team in the first half-year. The expansion of operations and
hiring of new staff was also reflected in the revenue development of
the retail business. Revenues generated by Wolford-owned retail
stores rose by more than 7% in both absolute terms and on a
like-for-like basis. Year-on-year retail growth was also achieved
taking currency effects into account. The online business once again
developed very successfully, showing a 63.9% increase in revenues.
The wholesale segment reported growth of 5.2%, which can be
attributed to changed delivery dates.

Revenue growth in most core sales markets From a regional
perspective, Wolford's core sales markets showed a fundamentally
positive picture. Wolford generated double-digit revenue increases in
the USA, Great Britain and on the Asian growth market. In spite of
the difficult economic conditions prevailing in Europe, Wolford still
reported a rise in revenues in Belgium, Netherlands, France and
southern European markets, whereas Austria and Germany were
particularly impacted by the long heat wave and witnessed a slight
drop in revenues.

Solid balance sheet structure The Wolford Group continued to boasts a
sound asset and capital structure at the balance sheet date of
October 31, 2015. The balance sheet total increased to EUR 154.28
million compared to EUR 148.14 million at the prior half-year balance
sheet date of October 31, 2014, which was the result of higher
inventories and higher deferred tax assets, Equity of the Wolford
Group as of October 31, 2015 amounted to EUR 73.28 million, a drop of
EUR 2.94 million from the comparable figure at the end of 2014/15. As
a result, net debt rose from EUR 20.66 million to EUR 25.50 million.
The equity ratio was 48% (October 31, 2014: 51%) and gearing equaled
35% (October 31, 2014: 27%).

Strengthening of innovation capabilities The consistent orientation
of all activities to the company's strategic reorientation initiative
not only led to significant revenue growth in Wolford's online and
retail businesses, but also led to a more dynamic innovation process.
One direct result was a further milestone set by Wolford following
the launch last year of the world's first bonded tights (Pure 50
Tights). This autumn Wolford presented its Pure 10 Tights, a unique
bonding technique developed by Wolford after years of research, which
attracted considerable attention.

Outlook The first half of the Wolford business year is traditionally
the weakest for seasonal reasons. Wolford implemented the strategic
reorientation in recent months, thus laying the groundwork for
increased revenues and improved earnings. For this reason, Wolford
confirms its original target of generating a further increase in
revenues and once again concluding the current financial year with
positive operating results.

The report on the first quarter of 2015/16 is available at
company.wolford.com / Investor
Relations:http://company.wolford.com/wp-content/uploads/2015/12/
Wolford_HY_Report_2015_16.pdf

Earnings

Data 05 -10/15 05 -10/14 Chg. in % 2014/15
Revenues in EUR mill. 79.24 72.63 +9 157.35
EBIT in EUR mill. -0.28 3.17 >100 2.17
Earnings
before tax in EUR mill. -0.80 2.72 >100 1.21
Earnings
after tax in EUR mill. -0.90 1.38 >100 1.03
Capital
expenditure in EUR mill. 3.60 5.44 -34 10.97
Free cash
flow in EUR mill. -7.33 -3.87 -89 -0.54
Employees
(on average) FTE 1,578 1,567 +1 1,574

Balance
Sheet Data 31.10.2015 31.10.2014 Chg. in % 30.04.2015
Equity in EUR mill. 73.28 76.22 -4 74.83
Net debt in EUR mill. 25.50 20.66 +23 17.12
Working
capital in EUR mill. 43.74 39.97 +9 38.14
Balance
sheet total in EUR mill. 154.28 148.14 +4 147.44
Equity ratio in % 48 51 - 51
Gearing in % 35 27 - 23

Stock Exchange
Data 05 -10/15 05 -10/14 Chg. in % 2014/15
Earnings per
share in EUR -0.18 0.28 >100 0.21
Share price
high in EUR 23.98 24.05 0 24.12
Share price
low in EUR 20.89 18.75 +11 18.75
Share price at
end of period in EUR 22.42 19.45 +15 24.00
Shares

outstanding (weighted) in 1,000 4,900 4,900
0 4,900 Market capitalization (ultimo) in EUR mill.
112.10 97.25 +15 120.00

About Wolford AG Wolford AG, which is headquarters in Bregenz on Lake
Constance (Austria) has 16 subsidiaries and markets its products in
more than 60 countries through 270 Monobrand points of sale
(company-owned and partner-operated), approx. 3,000 distribution
partners and online. The company, which has been listed on the Vienna
Stock Exchange since 1995, generated revenues of EUR 157.4 million in
the 2014/15 financial year (May 1, 2014 - April 30, 2015) with
roughly 1,570 employees. Since its founding in 1950, Wolford has
grown to become the leading global brand for luxurious legwear,
exclusive lingerie and high-quality bodywear.

Further inquiry note:
Wolford AG
Maresa Hoffmann
Referentin Investor Relations und Corporate Communications
Tel.: +43 5574 690 1258
investor@wolford.com | company.wolford.com

end of announcement euro adhoc
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issuer: Wolford Aktiengesellschaft
Wolfordstrasse 1
A-6900 Bregenz
phone: +43 (0) 5574 690-1268
FAX: +43 (0) 5574 690-1219
mail: investor@wolford.com
WWW: company.wolford.com
sector: Textiles & Clothing
ISIN: AT0000834007
indexes: ATX Prime, ATX Global Players
stockmarkets: free trade: Frankfurt, regulated dealing: Wien, ADR: New York
language: English