CALIDA Holding AG
CALIDA Holding AG: Half-year results 2021

CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR
Sursee (Switzerland), 29 July 2021

Half-year results 2021:
CALIDA GROUP achieves record results

• 30.2 percent increase in sales at Group level to CHF 153.9 million in currency-adjusted terms – sales even beating pre pandemic levels (2019)
• High double-digit sales growth for core brands CALIDA and AUBADE, as well as LAFUMA MOBILIER – largest profit contribution from CALIDA (CHF 19.2 million)
• Further significant increase in online business (46.3 percent) – increase in share of online sales to an above-average 28.8 percent
• Sharp increase in operating profit of the continuing operations to CHF 15.7 million
• Continued focus on the core markets of underwear and lingerie through the announced sale of the MILLET MOUNTAIN GROUP
• Financial foundation enables strategic scope for strengthening the core business through acquisitions

Commenting on the half-year results for 2021, the CEO of the CALIDA GROUP, Timo Schmidt-Eisenhart, said: “Despite the continuation of the challenging market environment, the CALIDA GROUP performed extremely successful. We were able to strengthen the momentum from the second half of 2020 to post very pleasing half-year results. Thanks to its strong brands, which can count on a loyal customer base, we achieved higher sales levels at Group level even beating pre pandemic levels. By establishing and expanding our e-commerce business at an early stage, we were able to cope with the continuing rise in demand efficiently and at all times. In our daily activities, we are fully committed to fulfilling our consumers’ requirements”.

Improved market position as a result of strengthening core brands and expanding
e-commerce activities
The decision to expand the Group’s e-commerce activities as a core strategic measure has proved to be particularly prescient, especially as it has allowed the Group to meet growing customer demand for a seamless shopping experience at all times of the day. The forward-looking strategy also paid off in the first half of 2021 as above-average growth in e-commerce was registered continuously. The digital transformation of the Group will be further pressed ahead.

The first half of the year was characterised not only by the growth in e-commerce, but also by the reinforcement of the Group’s position in its core market segments. The Group will continue to focus on its core business of underwear and lingerie with the planned sale of the MILLET MOUNTAIN GROUP. Looking ahead, the proceeds from the divestment of the well-positioned outdoor brands LAFUMA and MILLET are to be used to fund investments in the organic and inorganic growth of the core segment, as well as to further expand the Group’s e-commerce activities. CEO Timo Schmidt-Eisenhart, who has been at the helm of the CALIDA GROUP since April, will be driving forward the planned transactions in a goal-oriented manner.

High double-digit sales growth in core brands driven by e-commerce
Despite the unexpected third wave of infections and the associated renewed closures of retail stores, the CALIDA GROUP’s continuing operations posted a 30.2 percent increase in sales to CHF 153.9¹ million in currency-adjusted terms in the first half of 2021. At brand level, CALIDA contributed 23.8 percent higher sales of CHF 68 million to the Group result, followed by LAFUMA MOBILIER with CHF 45.3 million (+29.4 percent) and AUBADE with 32.5 million (+35.6 percent).

The further successful expansion of e-commerce more than made up for the lower sales resulting from regional lockdowns. Sales from the Group’s e-commerce activities grew by 46.3 percent. Accordingly, the CALIDA GROUP is generating an impressive 28.8 percent of its sales online across all brands (compared with 26.2 percent in the previous year) – a further indicator of the future viability of e-commerce in the fashion industry.

This resulted in operating profit¹ from the CALIDA GROUP’s continuing operations of CHF 15.7 million, after the previous year’s lower operating profit of CHF 3.0 million due to the pandemic. Adjusted EBITDA^[1] stands at CHF 18.8 million (compared with CHF 6.4 million in the previous year).

These encouraging figures were particularly underpinned by the core brands within the Group portfolio: CALIDA again delivered the greatest share of profit, namely CHF 19.2 million (+77.5 percent). However, AUBADE also benefited from its customers’ extraordinary loyalty to the brand, making a substantially greater contribution to profit (CHF 9.7 million; + 92.5 percent). Thanks to record sales, LAFUMA MOBILIER’s contribution to profit (CHF 15.9 million; +45.2 percent) was likewise significantly higher than in the previous year.

Strategic scope thanks to strong financial position
At the end of the first half of 2021, free cash flow stood at a gratifying CHF 6.4 million. Despite the dividend distribution of CHF 13.3 million in 2021 (for 2019 and 2020), net liquidity amounted to CHF 41.5 million in the first half of 2021, with the adjusted equity ratio reaching a high level (60.9 percent). Consequently, the Group is superbly positioned for further strategic optimisation. The concentration on the core business of underwear and lingerie, as well as on LAFUMA MOBILIER, will further strengthen the profitability and positioning of the Group.

Outlook and further implementation of existing strategic measures
The very good figures for the first half of the year underline the resilience of the CALIDA GROUP’s business model, which permits sustained business performance even in extraordinary times. Uncertainty over the further course of the pandemic will persist over the next few months, especially given that a further wave of COVID infections cannot be ruled out. Accordingly, these developments are being observed centrally to react to any changes with the necessary agility as quickly as possible. For this reason, a forecast for the second half of the year is fraught with difficulties.

The long-term objectives of the CALIDA GROUP will be presented in detail at a capital market day in the final quarter of this year. In this connection, an insight into the progress being made with efforts to further hone the Group’s focus will be provided.

For further information, please contact:
Calida Holding AG
Sacha Gerber, CFO
Tel.: +41 41 925 44 49
investor.relations@calida.com

The CALIDA GROUP is a globally active apparel group with its head office in Switzerland. It consists of the brands CALIDA and AUBADE in the underwear and lingerie segment as well as the outdoor furniture brand LAFUMA MOBILIER. The CALIDA GROUP stands for high-quality products that delight consumers every day. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.

^[1] On 29 June 2021, the CALIDA GROUP announced that the Board of Directors had decided to sell the MILLET MOUNTAIN GROUP with the brands MILLET and LAFUMA. Accordingly, the MILLET MOUNTAIN GROUP, with net sales proceeds of CHF 37.2 million and a net loss after taxes of CHF 5.3 million, is not included in these sales and profit figures.