Lafuma shortens financial year

Lafuma has published its results for the shortened three-month financial year to December 31, 2013. Lafuma is a French 

sports clothing company. It is a subsidiary of the Calida Group. Calida took a controlling stake in Lafuma on December 23, 2013, so Lafuma’s results for the short period up to the end of 2013 have been consolidated into Calida’s financial statements for the year.

Owing to the seasonal nature of its business, Lafuma's short financial year, restricted to the fourth quarter, is not representative. The company typically only generates around a fifth of its annual turnover in this period. Its financial year had to be shortened to bring Lafuma's year-end into line with Calida Group's. During the period under review Lafuma achieved sales of 41.1 million euro, which in a pro forma comparison is around the same as the year-back equivalent, and a negative operating result before one-time items of 4.2 million euro.

Following the completed capital transaction, the Calida Group currently holds around 60 percent of Lafuma's shares. IFRS rules dictate that when control was assumed the 15.3 percent stake in Lafuma that Calida already owned had to be revalued. This revaluation resulted in a non-cash cost of around 7 million euro. This is being charged through Calida Group's 2013 income statement below the operating result (EBIT) as part of income from associated companies. For the 2013 financial year Calida expects to post solid operational earnings at around the same level as in the previous year. Details of the financial statements will be published on 3 April 2014.