(23/11/2006) VAN DE VELDE : Results of first half of 2006

Press release Van de Velde NV 20|09|2006 Results for the first six months of 2006 In compliance with International Financial Reporting Standards.

Results in millions of euros	30|06|2005	30|06|2006	+/- %
	IFRS	IFRS
Net turnover	56.9	63.5	11.6
Operating Income	57.3	64.2	12.0
Operational Cash Flow (EBITDA)	20.4	22.3	9.3
Operational Profit (EBIT)	19.2	21.5	12.0
Net Financial Result	0.5	3.1
Current Profit	19.7	24.6	24.9
Tax	5.6	6.5	16.1
Result after Tax	14.1	18.1	28.4
Profit from the Guliano/Top Form Restructuring	15.4
Group Share	29.5	18.1

Euros per share	06|2005	06|2006
Number of Shares	13,556,710	13,556,710
Current Result before Taxes	1.45	1.81
Result after Taxes	1.04	1.33
Group Share in Profit	2.18	1.33
Closing Price on 30/06	27.5	32.72

Concise balance sheet	06|05	12|05	06|06
in millions of euros
Fixed Assets	60.1	58.3	44.4
Liquid Assets	78.8	83.6	84.9
Total Assets	138.9	141.9	129.3
Shareholders' Equity	120.0	128.4	111.7
Provisions and Deferred Taxes	3.1	4.1	3.5
Debts	15.8	9.4	14.1
Total Liabilities	138.9	141.9	129.3

Main Developments in the first six months of 2006 Net turnover The growth in turnover (+11.6%) was practically the same across all brands. Growth outside the euro zone (+20%) was significantly higher than it was inside the euro zone (+10%). Operational cash flow The rise in operational cash flow (EBITDA) (+9.3%) is a little lower than the rise in turnover. This is the consequence of higher write-downs on stock and higher sales charges. Without these write-downs on stock the gross margin remains at the 2005 level. The higher sales charges are due to ongoing initiatives launched in 2005 (strengthening the sales team, subsidiaries, extra training for customers) that will continue throughout the whole of 2006. These have contributed to the growth in turnover. The withdrawal of a 0.4-million-euro provision for a dispute with a former Italian distributor after a positive ruling by the court is one of the factors that has had a favourable impact on the rise in operational profit (EBIT) (+12%). An exchange rate profit of 1.9 billion euros on a Hong Kong Dollar loan has a favourable impact on the growth in net profit (+14.9%). Changes to the balance sheet The stake in Top Form International has been included in accordance with the fair value method based on the sale price since 2005. In the course of the first six months of 2006, fluctuations in the sale price of Top Form International have resulted in a 11-million-euro reduction in the valuation of our financial stake. This lower valuation has been processed in full in the consolidated shareholder's value. Prospects The growth in turnover in the second six months will be around 5%, which guarantees annual growth in turnover in excess of 8%. As with these results for the first six months, we expect EBITDA growth over the whole year to be lower than growth in turnover. Financial calendar - Turnover 2006 Thursday 11 January 2007 - Results 2006 Friday 16 February 2007 Meeting of Shareholders Wednesday 25 April 2007 Financial Services Financial services are provided by KBC, ING and Bank Degroof. After the share split on 6 June 2006, the old shares can still be exchanged for five new shares at Bank Degroof. Report of the Statutory Auditor on the accounting data presented in the semi-annual communiqué of Van de Velde NV We have compared the accounting data presented in the semi-annual communiqué of Van de Velde NV with the interim condensed consolidated financial statements as at June 30, 2006. We confirm that these accounting data do not show any significant discrepancies with the interim condensed consolidated financial statements. We have issued a review report on these interim condensed consolidated financial statements, in which we declare that, based on our review, nothing has come to our attention that causes us to believe that these interim condensed consolidated financial statements are not prepared, in all material aspects, in accordance with the valuation criteria used by the company to prepare its annual financial statements. Ghent, September 13, 2006 Ernst & Young Reviseurs d'Entreprises SCC, Statutory Auditor represented by Remi Vermeir, Partner Van de Velde NV is market leader in the luxury and fashionable lingerie sector in the Benelux and a top three player on most other EU country markets. In the United States and Southeast Asia Van de Velde NV adopts a policy of controlled presence. For more information: Van de Velde NV - Lageweg 4 - 9260 Schellebelle - 09/ 365 21 00 www.vandevelde.eu Ignace Van Doorselaere Chairman of the Executive Ignace.Vandoorselaere@mariejo.com Luc Markey Committee Financial Director Luc.Markey@mariejo.com Copyright Companynews [CN#113411]