With a minor decline of sales by one percent to CHF 229.6 million (£137.4), due entirely to currency effects, the Calida Group achieved an operating profit of CHF 15.9 million (£9.5) and a net profit of CHF 10.6 million (£6.3). The Swiss market held up with solid growth better than the export markets. The cash flow and the liquidity of the Group developed positively. The equity ratio rose to 68.4 percent. The Board of Directors recommends a dividend at the previous year’s level of CHF 8.00.

The Calida Group asserted itself well in 2008 despite the rapid deterioration in consumer sentiment from the second quarter onwards. Sales declined by CHF 2.4 million or one percent to CHF 229.6 million. This decline is attributable entirely to the weakening of the Euro against the Swiss Franc. Adjusted for the currency effect, sales growth of 1.4 percent or CHF 3.2 million was achieved in comparison with the record year 2007.

The operating profit (EBIT) in 2008 was CHF 15.9 million, equating to 7.4 percent of net sales. Net profit amounted to CHF 10.6 million. It therefore declined in comparison with the previous year (2007: CHF 15.3 million) by 30.7 percent. The cash flow and liquidity of the Group developed positively. Cash flow rose by 65.7 percent from CHF 13.4 million in the previous year to CHF 22.2 million. Whilst the CALIDA-Group was still recording a modest net debt of CHF 2.6 million in the previous year, 2008 brought positive net liquidity of CHF 4.7 million. The equity ratio thus rose from an already high level of 65.3 percent in 2007 to 68.4 percent in 2008.

The Swiss market proved to be considerably more crisis-resistant than the European export markets. Whilst the demand in the most important export market of Germany held up very well indeed, there was a clear decline in other European markets. Within the three product groups, that of lingerie proved to be more susceptible to the crisis than daywear and particularly nightwear.

Image: Calida Bodywear