Inside information pursuant to Art. 17 MAR from Adler Modemärkte AG
[Published on 30 January 2018, 3:13 CET]
Growth in Earnings Significant, but Below Expectations-Free Cash Flow of more than€35 Million
Haibach (near Aschaffenburg), 30 January 2018: Although the general conditions for the German textile retail industry continued to deteriorate in the fourth quarter of the financial year, Adler Modemärkte AG's preliminary, unaudited figures show that its earnings before interest, taxes, depreciation and amortisation (EBITDA) was up 7% to approximately€25 million in 2017 (2016:€23.3 million). Despite this growth, the Company missed its operating EBITDA target of€27-30 million. Consolidated revenue amounted to€525.8 million, roughly 3% below the prior-year figure of€544.6 million.
As previously announced, ADLER successfully closed the second phase of the real estate sales in Austria shortly before the end of the year. Thanks to the non-recurring income generated from these transactions and adjusted for non-recurring expenses from restructuring measures, the positive effect on the Company's earnings totalled approximately€6 million. The Group's reported EBITDA thus amounted to approximately€31 million, up 33% against 2016. ADLER's free cash flow improved from€11.3 million to more than€35 million in the year under review. Accordingly, cash and cash equivalents increased significantly from€42.8 million to more than€63 million as at 31 December 2017.
ADLER can leverage this extremely sound financial foundation to return the Group to a profitable growth path as planned in the medium to long term. The Executive Board will announce the new corporate strategy and related measures by mid-March 2018 at the latest.
ADLER will publish its audited annual financial statements and annual report for 2017 on 15 March 2018.
Press enquiries Adler Modemärkte AG:Katrin Schreyer
Media and Investor Relations Tel.: +49 6021 633 1828
E-mail:investorrelations@adler.de
About Adler Modemärkte AG:
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. According to the preliminary figures, the Group generated revenue of€525.8 million and EBITDA of approximately€31 million (adjusted approx.€25 million) in 2017. As at 31 December 2017, ADLER employed a workforce of around 3,800 and currently operates 182 stores, 155 of which are located in Germany, 22 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 m2of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to nearly 70 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 45 and over. For more information:www.adlermode-unternehmen.com;www.adlermode.com
Page 1 of 1
Adler Modemärkte AG published this content on 30 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 January 2018 14:54:01 UTC.
Original documenthttp://www.adlermode-unternehmen.com/fileadmin/2018/2018/IR/AdHoc/20183001/en/20180130_ADLER_ADHOC_Prefigures2017_ENG_final.pdf
Public permalinkhttp://www.publicnow.com/view/F5EDD67934E3A67E9B02F3866A2ECC4330676153