DGAP-News

VanCamel AG: First nine months of FY 2014 operationally very successful - Seite 2

first nine months of 2013 to EUR 1.7 million in the reporting period as a
result of the stock market listing.

The operating result (EBIT) was EUR 30.6 million in the first nine months
of 2014 (9M 2013: EUR 33.5 million). As in the comparable prior-year
period, VanCamel did not have any interest expense; interest income rose to
EUR 224 thousand due to the increase in cash and cash equivalents (9M 2013:
EUR 134 thousand). The financial result was slightly positive, so EBT was
EUR 30.9 million (9M 2013: EUR 33.7 million). Tax expense increased from
EUR 8.9 million in the first nine months of 2013 to EUR 10.8 million in the
reporting period because additional tax provisions were established in case
the rebates granted to distributors are not tax-deductible. The profit for
the first nine months was therefore EUR 20.0 million (9M 2013: EUR 24.7
million). This corresponds to earnings per share of EUR 1.34 (9M 2013: EUR
1.65).

With a net cash flow from operating activities of EUR 32.3 million,
VanCamel was still well-financed in the first nine months of 2014 (9M 2013:
EUR 29.7 million). The net rise in cash and cash equivalents in the
reporting period was EUR 31.1 million (9M 2013: EUR 13.2 million). Cash and
cash equivalents increased to EUR 104.7 million as of 30 September 2014 (31
December 2013: EUR 66.2 million).

VanCamel has neither current nor non-current liabilities to banks. The
carrying amount of equity was EUR 107.9 million as of 30 September 2014 (31
December 2013: EUR 81.6 million) corresponding to an equity ratio of 75.4%
(31 December 2013: 77.1%).

Outlook

Since VanCamel meets customers' desire for greater individuality and
adopted a clear brand strategy to differentiate itself from competitors
from an early stage, the company is able to benefit from the increasing
fashion and brand awareness of the Chinese population. To raise visibility
of the brand among consumers still further, VanCamel in the reporting
period continued to increase spending on marketing. The marketing strategy
focuses on opening more flagship stores and advertising aimed specifically
at the target group, using billboards, printed media and the internet. In
addition, VanCamel is continuing to invest in its in-house design and
development team and is currently exploring the possibility of
collaboration with fashion and design schools and universities to gain
constant access to new talent and ideas in the fashion sector. By contrast,
no investment in property, plant and equipment is planned for 2014.