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TOM TAILOR Holding SE, DE000A0STST2

TOM TAILOR Holding SE, DE000A0STST2

09.10.2019 - 11:55:00

TOM TAILOR Holding SE signs Term Sheet for loan agreement until end of September 2022 - therefore adjustment required for preliminary results 2018

TOM TAILOR Holding SE signs Term Sheet for loan agreement until end of September 2022 - therefore adjustment required for preliminary results 2018

 

Hamburg, 09 October 2019. TOM TAILOR Holding SE (ISIN: DE000A0STST2) today came to an agreement with the consortium banks and majority shareholder Fosun on a new financing structure and the associated contributions to be made by the respective parties, and they signed a corresponding Term Sheet. The parties aim to finalise the contract documentation by the end of October 2019 at the latest. The new agreement, which will run until the end of September 2022 and has a total volume of EUR365 million secures the long-term financing of the TOM TAILOR Group and allows for more flexibility with regard to future growth.

Due to the planning timeframe through to 2022, as laid out in the Term Sheet and based on the Independent Business Review (IBR) carried out for this time period by BCG, the Management Board is adjusting the preliminary results for fiscal 2018 that were published on 13 May 2019. The adjustment is mainly due to the increase in provisions for contingent losses as a result of a more conservative assessment of the future business performance. In addition, the accounting standard IFRS 5 (discontinued operations) will no longer be applied. The reason for this is that the Management Board has adjusted its estimate with regard to the timing of a potential sale of BONITA.

Accordingly, based on the provisional, unaudited results for the TOM TAILOR brand, the Management Board expects a turnover of EUR618.1 million (13 May 2019: EUR616.9 million), an EBITDA of EUR64.0 million (13 May 2019: EUR70.6 million) and an EBITDA margin of 10.4% (13 May 2019: 11.4%).

Turnover at the BONITA division remains at EUR225.7 million. EBITDA, however, has decreased to EUR-38.2 million (13 May 2019: EUR-24.6 million) according to the provisional, unaudited results.

As a result of the adjustment, gross profit for TOM TAILOR will increase marginally to EUR349.7 million (13 May 2019: EUR349.4 million) and for BONITA it will remain at EUR140.1 million.

Once the financing agreement has been finalised, the company also plans to complete and publish the financial statements and consolidated financial statement for 2018.

Investor contact Viona Brandt Head of Investor Relations TOM TAILOR Group Telephone: +49 (0) 40 58956-449 E-mail: viona.brandt@tom-tailor.com

Media contact Harriet Weiler Head of Corporate Communications TOM TAILOR Group Telephone: +49 (0) 40 58956-168 E-mail: harriet.weiler@tom-tailor.com

09-Oct-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: TOM TAILOR Holding SE Garstedter Weg 14 22453 Hamburg

Germany Phone: +49 (0) 40 589 56 0 Fax: +49 (0) 40 589 56 199 E-mail: info@tom-tailor.com Internet: www.tom-tailor-group.com ISIN: DE000A0STST2 WKN: A0STST Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 887655   End of Announcement DGAP News Service

887655  09-Oct-2019 CET/CEST

@ dgap.de