The sale of Boards & More to a German-based equity fund last year resulted in an extraordinary gain of 17.9 million Swiss francs (€14.7m-$20.2m) for its former parent company, Airesis, raising its equity by 50 percent to CHF 62 million (€50.9m-$70.1m).

However, the other major property of the Swiss group, Le Coq Sportif, saw its revenues decline by 16 percent to €100.5 million, resulting in a net loss of €5,813,000 million for the French-based subsidiary as compared to the net profit of €2,469,000 that it had recorded in the previous year. Le Coq's gross margin declined to 46 percent from 43 percent in 2012, in spite of higher margins obtained from sales to distributors. Its operating results before amortization (Ebitda) showed a loss of €1,046,000 against a profit of €6,276,000. After amortization and depreciation, Le Coq booked an operating loss (Ebit) of €3,688,000 after four years of positive results.

Consequently, Airesis booked a net loss of CHF 8,977,000 (€7.37m-$10.16m) on its ongoing operations for 2013, compared with a profit of CHF 3,043,000 for the previous year. Including the extraordinary gain generated by the sale of Boards & More, Airesis had a net consolidated profit of CHF 8,895,000 (€7.30m-$10.06m) on revenues of CHF 124.2 million (€102.0m-$140.5m), up from the profit of CHF 6,375,00 that it had obtained in 2012.

For Le Coq, the sales decline was mainly attributable to a drop in the sales of its traditional canvas shoes and other casual footwear, especially in France and Italy, combined with the negative effect of the weather conditions on its spring/summer collections. The brand's apparel sales continued their positive trend, rising by 21 percent for the year, leading the management to continue to give the priority to this segment of Le Coq's business, with the objective of reaching a balance between sneakers and clothing.

In its annual report, Airesis expressed confidence in the future growth of Le Coq in the medium term, especially in the U.K. and through the internet.

The cash generated from the sale of Boards & More allowed Airesis to purchase some of the minority shares held by other investors in Le Coq, raising its stake in the French company from 69 to 73 percent.