Airesis, the Swiss holding company that owns the Le Coq Sportif French sports brand and Movement skis, recorded a negative EBITDA of CHF 20 million ($22 mm) and a net loss of CHF 36 million ($40 mm) in 2023.
Both figures were unaudited and compared to a positive EBITDA of CHF 47,000 and a net loss of CHF 3.89 million in 2022.
Unaudited consolidated revenues reached CHF 121 million ($135 mm) in 2023, down 17.5 percent, compared to reported sales of CHF 146.7 million in 2022.
Airesis, based in Montreux, reported its preliminary unaudited figures in a regulatory filing in Switzerland requesting an extension of its deadline to file its 2023 annual report. SIX Exchange Regulation AG approved the extension until June 30. Airesis had already delayed issuing its report in April.
Airesis said in its filing that the reasons for its second report are related to “significant discussions regarding the international deployment of the brand and the associated valuation. These elements are essential for the establishment of the annual report.”
Airesis’s financial woes have received attention in the French press because Le Coq Sportif is the leading supplier for French athletes at the Olympic Games in Paris Games, beginning July 26. Le Coq needed a 10-million-euro ($10.8 million) state-backed loan as losses widened at the start of last year.
In its latest filing, Airesis said it has “consistently supported its holdings with equity and liquidity and will continue to do so. Although recent years have been marked by significant challenges, such as the pandemic, the war in Ukraine and rising energy and transport prices, the value of the Le Coq Sportif brand has significantly strengthened.”
Airesis said that thanks to the arrival in November 2022 of American Footwear Director Udi Avshalom, who formerly worked with Nike, Adidas, Champion, Fila, and J. Crew, “Le Coq Sportif has rethought its strategy in the footwear sector. As part of this, the company decided to reduce the range, improve comfort and quality, reposition the price, and change purchasing methods. Since the beginning of 2024, the in-store results have been impressive. Strong shoe sales momentum, combined with a leading position in the textile sector of major specialized retailers and the impact of the 2024 Olympic and Paralympic Games, suggest a very significant increase, of around 40 percent, in overall revenue for 2024.”
Aresis said its shareholders’ equity as of the end of 2023 was CHF 68.1 million, an increase of 43.4 percent since the end of 2012.
The company said, “The value of the Le Coq Sportif shareholding in Airesis SA is CHF 90.6 million. This valuation has been increasing since 2013. It reflects not only substantial growth but also a judicious investment strategy and the ability to identify high potential opportunities. The value of the Le Coq Sportif shareholding rose by 83.8%, an increase of CHF 41.3 million.”
Aresis added, “This significant increase makes a positive contribution to our balance sheet and demonstrates the holding company’s commitment to maximizing value for our shareholders. Le Coq Sportif looks to the future with determination and confidence.”
Image courtesy Le Coq Sportif
