Annual accounts 2021: CALIDA GROUP achieves record profit of CHF 24.3 million

CALIDA Holding AG / Key word(s): Annual results

04-March-2022 / 07:00 CET/CEST
Publication of an ad hoc announcement pursuant to Art. 53LR
The issuer is solely responsible for the content of this announcement.

Press release CALIDA GROUP
ad hoc announcement under article 53 LR

Sursee (Switzerland), March 4, 2022

2021 annual accounts:
CALIDA GROUP achieves record profit of CHF 24.3 million – double-digit growth across all brands and online business

  • Significant sales increase of 19.2% to CHF 298 million – all brands post double-digit sales growth

  • Online sales up 26.7% thanks to continued e-commerce expansion – share of online sales at 27%

  • Significant increase in operating profit of 43% to CHF 24.3 million

  • Extremely solid financial base with free cash flow up around 21% and an above-average equity ratio of 58.6%

  • Attractive dividend policy with a 25% higher dividend at CHF 1.00 per share

  • First steps taken in the implementation of the ACCELERATE 2026 strategy – acquisition of erlich textil and sale of MILLET MOUNTAIN GROUP

“The 2021 business result will go down in our company’s history as the greatest success to date. Despite the initial limitations imposed by the corona pandemic, all of our brands ended the year with double-digit sales growth and a significantly better result than before -pandemic performance Once again, the steady expansion of our e-commerce activities and sustainable nearshore production have paid off and enabled consistent deliveries to our customers. positive impact of our Group during the pandemic was mainly supported by our loyal customer. Thanks to our attractive brand portfolio and our extremely solid financial base, we have a promising starting position for the further growth of the CALIDA GROUP”, comments Timo Schmidt-Eisenhart, CEO of CALIDA GROUP, on the 2021 financial statements.

Implementation of the ACCELERATE growth strategy – further progress in the transformation of the portfolio
CALIDA GROUP’s strategy until 2026 was presented during the Capital Market Day in November 2021. ACCELERATE 2026 consists of four strategic initiatives to accelerate future growth: Substantially increase investments in core brands, increase the share of distribution channels controlled as well as digital share of sales, increasing market share through acquisitions of growing brands in the underwear and lingerie segments, and further expanding the platform model to effectively leverage synergies between brands.

The first steps of the strategy to refocus on the core segment of underwear and lingerie could be implemented. As soon as an agreement binding the grandson of the founder of MILLET and Inspiring Sport Capital for the sale of MILLET MOUNTAIN GROUP has been signed, the activity of MILLET MOUNTAIN GROUP can be returned to the founding family. The transaction is expected to close in the second quarter of 2022. The proceeds will primarily be used for acquisitions in the underwear and lingerie segment.
With the acquisition of the sustainable German underwear brand erlich textil, the core underwear segment has already been strengthened. The experience in brand development and the platforms of the CALIDA GROUP should be used specifically for the next phase of growth of erlich textil. erlich textil is thus to become one of the leading brands for sustainable textiles in the DACH region in the coming years.

Sales increased significantly by 20% to almost CHF 300 million – EBIT margin increased to 8.1%
The group achieved sales of 298 million francs from continuing operations, an increase of 19.2% adjusted for currency effects. All brands recorded double-digit growth: CALIDA contributed to sales of CHF 152.7 million (+12.8%), followed by AUBADE with CHF 72.2 million (+28.8%) ) and LAFUMA MOBILIER with CHF 58.8 million (+27%). All brands also exceeded sales generated before the pandemic.

Thanks to the continuous development of the Group’s e-commerce activities, online sales rose sharply by 26.7%. Thus, the Group generated an impressive figure of CHF 80.2 million, or 27% of total online sales, all brands combined. The continued growth of e-commerce once again demonstrates the future potential of digital distribution channels for the CALIDA GROUP. For years, the CALIDA GROUP has led the market in this segment and gained market share in all categories.

In 2021, CALIDA GROUP achieved an adjusted operating profit of 24.3 million francs, up by around 43% compared to the previous year. The EBIT margin of 8.1% is slightly above the forecast announced for 2021 and above the level of 6.8% of the previous year. The most important contribution to the operating result comes once again from CALIDA with CHF 47.5 million (+34.6%). AUBADE and LAFUMA MOBILIER also significantly increased their profitability with respectively CHF 21.9 million (+47.6%) and CHF 18.4 million (+37.3%).

Free cash flow increased by around 21% to CHF 25.6 million and the equity ratio stood at an above-average level of 58.6% (excluding IFRS 16; previous year 63.8 %). The CALIDA GROUP remains on a very solid financial basis, which gives it the leeway to achieve the ambitious strategic objectives by 2026. The excellent position is complemented by a net liquidity of CHF 46.6 million and leaves a margin sufficient to implement the ACCELERATE 2026 strategy, including making new acquisitions.

New attractive dividend policy
The Group’s new dividend policy is imposed for the first time. Going forward, at least 50% of the normalized cash flow (2021: CHF 15.6 million) will be distributed to shareholders and the payment will increase steadily every year. This shareholder-friendly dividend policy underlines the current financial stability and the positive assessment of the Group’s future development. In this context, the Board of Directors will propose to the Ordinary General Meeting of April 14, 2022 to increase the ordinary dividend by 25% to CHF 1.00 per share.

Increased focus on sustainability through ESG acquisition and reporting
With the acquisition of the sustainable underwear brand erlich textil, the CALIDA GROUP strengthens its core underwear segment as well as its commitment to sustainability and e-commerce. Like no other, the Cologne-headquartered start-up is committed to fairness, sustainability and a positive working environment and works exclusively with sustainable raw materials from organic farming. The CALIDA GROUP is committed to joining the United Nations Global Compact by 2023, implementing the Global Reporting Initiative as a unified reporting system, reducing greenhouse gas emissions, developing the circular economy of the product range and to maintain strict ESG standards for all brands.

Outlook for 2022: business model and growth strategy ensure a promising starting position
Based on the visible signs of a new normal and the omnichannel business model, which has been extremely robust and successful over the past two extraordinary years, CALIDA GROUP looks to the future with confidence. Combined with a clear growth strategy for the implementation of ambitious targets by 2026, this creates a promising base which will be constantly exploited for the benefit of the Group’s employees, customers and shareholders. This is why the organic growth rate of 4 to 6% communicated for 2022 during Capital Markets Day is confirmed.

For more information, please contact:
Calida Holding SA
Sacha Gerber, CFO
[email protected]

Financial Calendar 2022
Annual General Meeting 2022 April 14, 2022
2022 half-year results End of July 2022

CALIDA GROUP key figures

monetary values ​​in MCHF (IFRS)






Net sales 1




+ 19.9%

+ 19.2%





+ 13.0%

+ 12.8%





+ 30.1%








Adjusted EBITDA 1, 2





Adjusted EBITDA margin (%)



Adjusted operating profit (EBIT) 1, 2




+ 43.2%

Adjusted EBIT margin (%)



Net revenue 1





Free movement of capital 2




+ 20.8%

Normalized free cash flow 2




+ 12.2%

Net liquidity




+ 2.9%

Equity ratio (%) adjusted 2



Effective 1




+ 2.7%

1from continuing operations

2 according to the definition of alternative performance indicators see annual report from page 17

3 after adjusting for currency effects

The CALIDA GROUP is a global premium underwear company headquartered in Switzerland. It is made up of the CALIDA and AUBADE and erlich textil brands in the underwear and lingerie segment, as well as the outdoor furniture brand LAFUMA MOBILIER. The CALIDA GROUP is synonymous with high quality products that delight consumers every day. In 2021, the Group achieved a turnover of more than CHF 298 million with approximately 2,400 employees. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.

Additional Features:


End of the ad hoc announcement