DGAP-News: Adler Modemärkte AG: EBITDA Increases to EUR25.1 Million in H1

Press Release
from Adler Modemärkte AG

ADLER Confirms Annual Targets for 2019

EBITDA Increases to EUR25.1 Million in H1
Free Cash Flow at EUR20.6 Million After Six Months - Liquidity Improves to EUR54.5 Million

Haibach (near Aschaffenburg), 23 July 2019: ADLER further improved its profitability and free cash flow in the first six months of the 2019 financial year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to EUR25.1 million in H1 2019 (H1 2018: EUR24.1 million). These improvements were achieved even though revenue of EUR236.0 million, as expected, missed the prior-year mark of EUR243.1 million on account of the persistently underperforming textiles retail industry and planned store closures. ADLER significantly increased its liquidity and free cash flow in the second quarter. Liquidity rose from EUR25.9 million as at 31 March 2019 to EUR54.5 million as at 30 June 2019. Free cash flow amounted to EUR38.0 million in the reporting quarter, up 26% year on year. At EUR20.6 million, free cash flow for the first half of the year was also significantly higher than the EUR16.6 million recorded as at 30 June 2018.

Annual targets confirmed
Against this background, ADLER confirmed its annual targets for 2019. The Executive Board continues to forecast revenue of just under EUR500 million for 2019 as a whole due to the location adjustments. Including the impact from IFRS 16 of EUR46 million to EUR48 million as communicated in the annual report 2018 operating EBITDA of between EUR73 million and EUR78 million is expected. Factoring in non-recurring costs for the planned store closures, an EBITDA of EUR64 million to EUR69 million is targeted.

The report on the first half of 2019 will be published as announced on 1 August 2019.

Adler Modemärkte AG press enquiries and investor relations
Jasmin Dentz
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. In 2018, the Group earned EUR507.1 million in revenue and generated EUR20.7 million in EBITDA (adjusted: EUR26.2 million). As at 31 December 2018, ADLER has approximately 3,700 employees and currently operates 175 stores, 147 of which are located in Germany, 23 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