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EANS-News: Wolford AG: Detailed figures presented for first quarter of 2017/18

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  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
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Quarterly Report

Bregenz - Vienna/Bregenz, September 8, 2017: Wolford AG, which is listed on the
Vienna Stock Exchange, stabilized its revenues in the first quarter of its
current financial year (May 2017 - July 2017). Adjusted for currency items,
revenues grew by 4.9% to EUR 29.09 million. Consistent with this growth,
operating earnings also improved on the weak previous year's quarter (EBIT: EUR
-7.22 million; previous year: EUR -8.08 million). Including taxes calculated in
line with IAS 34, earnings after tax were also ahead of the previous year's
figure (EUR -6.91 million; previous year: EUR -8.03 million).

Revenue growth in retail and wholesale businesses

The proprietary retail business and the wholesale business both posted year-on-
year revenue growth in the first three months, with retail revenues rising by
6.0% and wholesale revenues by 2.2%. The proprietary online business reported
very successful developments, with revenue growth of almost 27.9%. This growth
was driven by improved product availability and successful marketing campaigns.

Growth in most core markets

Individual regions showed highly disparate developments in revenues in the first
three months. The US, Wolford's largest market in terms of revenues, posted a
particularly strong performance, with double-digit revenue growth driven above
all by the proprietary online business. Spain, the Netherlands, and East
European markets also reported double-digit growth rates. Wolford generated
single-digit growth in Italy, Scandinavia, Asia, Austria, Germany, and
Switzerland. Due not least to the impact of Brexit, the depreciation in the
British pound, and the closure of three locations, Wolford reported a double-
digit reduction in revenues in the UK, a factor which had a moderate impact on
earnings. Wolford also reported a single-digit fall in revenues in France and
Belgium.

Operating earnings up on previous year

Operating earnings (EBIT) amounted to EUR -7.22 million, as against EUR -8.08
million in the previous year. On the one hand, the company significantly reduced
its inventories, which fell by EUR 3.13 million compared with the previous
year's quarter. On the other hand, this also led material costs to decrease by
EUR 1.78 million. The establishment of a central sales platform for the EMEA
region and the streamlining of administrative structures in Bregenz led staff
costs to fall by EUR 1.25 million to EUR 17.43 million. Other operating
expenses, by contrast, rose by EUR 1.20 million to EUR 13.29 million. This was
due above all to advisory expenses incurred in the first quarter, for example in
connection with financing measures. Wolford had an average of 1,491 employees
(FTEs) in the first quarter, as against 1,557 employees in the equivalent period
in the previous year.

Outlook

Wolford confirms outlook: For the current financial year, the management has
budgeted only slight year-on-year revenue growth and further negative earnings.
Implementation of the restructuring measures aimed at improving earnings is
governed by a two-year schedule and the relevant measures will only take full
effect from the 2018/19 financial year. Wolford expects to generate positive
operating earnings once again from then onwards.
The report for the first quarter of the 2017/18 financial year can be downloaded
under company.wolford.com, Investor Relations.
http://bit.ly/2xT79s3 [http://bit.ly/2xT79s3]


Contact:
Maresa Hoffmann (Specialist Investor Relations & Corporate Communications)
Tel.: +43 5574 690 1258 |  investor@wolford.com | company.wolford.com


Earnings Data                       05 -07/17 05 -07/16 Chg. in % 2016/17
Revenues               in EUR mill. 29.09     27.74     +5        154.28
EBIT                   in EUR mill. -7.22     -8.08     +11       -15.72
Earnings before tax    in EUR mill. -7.44     -8.25     +10       -16.57
Earnings after tax     in EUR mill. -6.91     -8.08     +15       -17.88
Capital expenditure    in EUR mill. 0.33      2.69      -88       6.72
Free cash flow         in EUR mill. -7.08     -14.19    +50       -9.45
Employees (on average) FTE          1 491     1 557     -4        1 544



Balance Sheet Data               31.07.2017 31.07.2016 Chg. in % 30.04.2017
Equity              in EUR mill. 38.09      55.81      -32       44.88
Net debt            in EUR mill. 37.90      35.59      +7        31.27
Working capital     in EUR mill. 44.82      48.72      -8        45.73
Balance sheet total in EUR mill. 129.60     144.14     -10       138.39
Equity ratio        in %         29         39         -25       32
Gearing             in %         99         64         +55       70



Stock Exchange Data                        05 -07/17 05 -07/16 Chg. in % 2016/17
Earnings per share            in EUR       -1.41     -1.63     +14       -3.64
Share price high              in EUR       19.75     25.70     -23       26.01
Share price low               in EUR       16.00     24.49     -35       19.10
Share price at end of period  in EUR       17.42     25.60     -32       19.28
Shares outstanding (weighted) in 1,000     4,912     4,912     -         4,912
Market capitalization         in EUR mill. 87.10     128.00    -32       96.38
(ultimo)

*) Figures as of July 31, 2016 retrospectively adjusted due to corrections made
in connection with OePR audit review



Further inquiry note:
Maresa Hoffmann (Specialist Investor Relations & 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:          http://company.wolford.com
ISIN:         AT0000834007
indexes:      ATX GP
stockmarkets: New York, Frankfurt, Wien
language:     English

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