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Adler Modemärkte AG, DE000A1H8MU2

Adler Modemärkte AG, DE000A1H8MU2

07.11.2019 - 07:03:18

Adler Modemärkte AG: Free Cash Flow Increases Significantly to EUR22.8 million

Press Release from Adler Modemärkte AGADLER's Like-for-like Growth in Q3 at 1.9%

Free Cash Flow Increases Significantly to EUR22.8 million Successful Q4 Expected - Annual Targets Firmly in Sight

Haibach (near Aschaffenburg), 7 November 2019: Nine months into the 2019 financial year, Adler Modemärkte AG is firmly on track to reach its annual targets. The measures taken in 2018 as part of ADLER's "2020 Strategy" are increasingly bearing fruit. This is reflected in revenue, which increased on a like-for-like basis each quarter over the course of 2019 and in the third quarter was 1.9% higher than in the same quarter of the previous year. ADLER also increased its profitability in the first nine months of 2019, recording a gross profit on goods sold of 53.2%, further building on its positive momentum in recent years (9M 2018: 53.0%; 9M 2017: 52.1%; 9M 2016: 51.1%). In the first nine months of the year, ADLER's revenue totalled EUR353.6 million. The decline in absolute terms from the previous year's figure of EUR360.4 million is attributable to the planned reduction in stores from 179 to 176. In light of the higher expenditures for marketing, which are not expected to translate into increased revenue until the final quarter of the year, earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR33.4 million, slightly below the prior-year figure (9M 2018: EUR33.7 million). During the first three quarters, the Group's earnings before interest and taxes (EBIT) reached positive territory, hitting EUR0.2 million after EUR-1.2 million during the same period of the previous year; for earnings after taxes, which also improved significantly (from EUR-12.6 million to EUR-9.6 million), this is expected in the fourth quarter of 2019.ADLER has a comfortable liquidity cushion of EUR46.1 million - working capital reduced significantly ADLER significantly decreased its working capital from EUR53.6 million as at 31 December 2018 to EUR51.2 million as at 30 September 2019. Accordingly, ADLER further plumped up its liquidity cushion to a very comfortable EUR46.1 million despite - as is typically the case - needing more liquidity in the third quarter to purchase the new autumn and winter collections. In the first three quarters of the year, free cash flow increased by 45% from EUR15.7 million in the previous year to EUR22.8 million. Total assets amounted to EUR395.6 million as at 30 September 2019 (31 December 2018: EUR411.3 million). Equity amounted to EUR49.9 million as at 30 September 2019 (31 December 2018: EUR59.7 million) and the equity ratio amounted to 12.6% (31 December 2018: 14.5%). This figure is expected to increase significantly by the end of the year.Annual targets confirmed - store optimisation proceeding better than planned In light of this development and the positive start to the fourth quarter, the Executive Board has confirmed the annual targets. Consolidated revenue is expected to amount to just under EUR500 million in 2019 due to the location adjustments. The store optimisation programme is proceeding better than planned. For instance, ADLER was already able to prevent the planned closure of one store by obtaining better lease terms and conditions. The resulting one-off expenses are still expected to be within the forecasted EUR8-10 million. Thus, EBITDA is expected to amount to between EUR64 million and EUR69 million (this includes the EUR46-48 million in effects from the first-time application of IFRS 16, as reported in the 2018 Annual Report). Operating EBITDA incl. IFSR 16 is therefore likely amount to between EUR73 million and EUR78 million.

The Report on the first nine months of 2019 can be downloaded at https://www.adlermode-unternehmen.com/en/investor-relations/reports-and-publications/financial-reports/2019/.

ADLER Group's key performance indicators

(EUR million) 9M 2019 9M 2018 Change Q3 2019 Q3 2018 Change Revenue 353.6 360.4 -1.9% 117.6 117.3 +0.3% Gross profit 188.1 191.0 -1.5% 59.1 59.0 +0.2% Gross profit margin 53.2% 53.0% +0.2 pp 50.3% 50.3% 0.0 pp Earnings before interest, taxes, depreciation and amortisation (EBITDA) 33.4 33.7 -0.9% 8.3 9.6 -13.5% Adjusted EBITDA 36.3 37.1 -2.2% 8.8 10.3 -14.6% Earnings before interest and taxes (EBIT) 0.2 -1.2 - -2.8 -1.9 - Consolidated net profit/loss -9.6 -12.6 +23.8% -5.1 -5.0 -2.0% Earnings per share (in EUR)* -0.52 -0.68 +23.7% -0.28 -0.27 -3.7% Free cash flow 22.8 15.7 +45.2% 2.2 -0.9 -

* based on 18,510,000 no-par value shares.

  30 Sept. 2019 31 Dec. 2018 Change Total assets (EUR million) 395.6 411.3 -3.8% Equity (EUR million) 49.9 59.7 -16.4% Equity ratio 12.6% 14.5% -1.9 pp Debt/equity ratio 6.93 5.89 - Cash and cash equivalents (EUR million) 46.1 54.9 -16.0% Employees 3,617 3,786 -4.5% Total number of stores 176 178* -1.1%

* 30 September 2018: 179

Adler Modemärkte AG press enquiries and investor relations Jasmin Dentz Investor Relations Tel.: +49 6021 633 1828 E-mail: investorrelations@adler.deAbout Adler Modemärkte AG: Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2018, the Group earned EUR507.1 million in revenue and generated EUR20.7 million in EBITDA prior to IFRS 16 (adjusted: EUR26.2 million). As at 30 September 2019, ADLER has approximately 3,600 employees and currently operates 176 stores, 147 of which are located in Germany, 24 in Austria, three in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m2 of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to 70 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 55 and over. For more information: www.adlermode-unternehmen.com; www.adlermode.com

07.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Adler Modemärkte AG Industriestraße Ost 1-7 63808 Haibach

Germany Phone: +49 (0) 6021 633 0 Fax: +49 (0) 6021 633 1299 E-mail: info@adler.de Internet: www.adlermode.com ISIN: DE000A1H8MU2 WKN: A1H8MU Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 906027   End of News DGAP News Service

906027  07.11.2019 

@ dgap.de