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17.03.2016 07:30:16
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DGAP-News: Adler Modemärkte AG
DGAP-News: Adler Modemärkte AG: Revenue Up 5.8% / EBITDA Exceeds Forecast
17.03.2016 / 07:30 The issuer is solely responsible for the content of this announcement.
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Financial Year 2015 Highlights and Outlook / Further Improvements Sought in 2016
Haibach (near Aschaffenburg), 17 March 2016: Despite a challenging market environment, Adler Modemärkte AG pushed forward with its expansion as planned. The Company increased revenue by 5.8% to EUR 566.1 million (2014: EUR 535.3 million), while revenue in the textile retail industry stagnated overall. The increase is attributable entirely to the acquisitions of ADLER Orange and hefa Moden during the reporting year. On a like-for-like basis, revenue decreased slightly by 0.3%. This was due to the fact that in addition to opening three new stores, the Company also closed five unprofitable stores in financial year 2015. Average receipts were increased by just under 4%.
EBITDA exceeds forecast In 2015, ADLER increased gross profit by 4.3% to EUR 304.9 million (2014: EUR 292.0 million). By contrast, the gross profit margin decreased from 54.6% to 53.9%, primarily as a result of the expansion. EBITDA (earnings before interest, taxes, depreciation and amortisation) amounted to EUR 33.3 million (2014: EUR 41.5 million), exceeding the target of EUR 29-33 million published in December 2015. Consolidated net profit for the year amounted to EUR 7.9 million (2014: EUR 14.1 million). Accordingly, earnings per share amounted to EUR 0.43 (2014: EUR 0.77).
"In 2015, we successfully pushed forward with the expansion of ADLER by integrating the ADLER Orange and hefa Moden stores. While the resulting non-recurring effects and the unusually mild winter dampened earnings, those earnings were nonetheless quite respectable given the difficult industry environment, allowing us to once again distribute high dividends. Our strategic focus on the target group of customers aged 45 and up continues to offer the potential for further growth. We are confident that we will improve revenue and earnings in 2016", says CEO Lothar Schäfer.
Dividend yield significantly above 5% In light of the solid earnings, the Executive Board and the Supervisory Board propose that the Annual General Meeting on 4 May 2016 resolve to distribute an unchanged dividend of EUR 0.50 per share. This corresponds to a dividend yield that is significantly higher than 5% based on the Xetra closing price of 16 March 2016. Balance sheet remains healthy Adler Modemärkte AG's total assets as at 31 December 2015 decreased slightly year on year to EUR 243.4 million (2014: EUR 244.3 million). Following the acquisition of ADLER Orange and the related increase in inventories, the liquidity reserves remained high at EUR 52.1 million (31 Dec. 2014: EUR 69.7 million), giving the Group a solid foundation upon which to continue pursuing its expansion plans. The equity ratio (43.1%) was virtually at the same level as in the previous year (43.3%). As at the end of the reporting period, ADLER had no liabilities to banks. The debt/equity ratio (1.32) was also nearly level with the previous year's ratio (2014: 1.31). While significantly below the previous year's figure of EUR 25.0 million, free cash flow of EUR 2.9 million was again substantially positive despite this lower result and higher investments due to the expansion.
Confidence going into 2016 ADLER expects a generally good consumer climate for 2016, but again does not see any positive momentum for the textile retail industry. However, the Executive Board does expect revenue to grow in the low-single-digit percentage range in financial year 2016. Despite the renewed increase in personnel expenses and due to the absence of the aforementioned integration costs and lower marketing outlays, EBITDA is expected to outpace revenue and grow in the upper-single-digit percentage range.
Adler Modemärkte AG's full 2015 annual report in English language is available on the Company's homepage at
http://www.adlermode-unternehmen.com/en/investor-relations/reports-and-pub lications/annual-report/
ADLER Group's key performance indicators
(EUR million) 2015 2014 Change
Revenue 566.1 535.3 +5.8% Gross profit 304.9 292.0 +4.3% Earnings before interest, taxes, depreciation 33.3 41.5 -19.7% and amortisation (EBITDA) Earnings before interest and taxes (EBIT) 17.0 26.2 -35.1% Earnings before taxes (EBT) 12.1 21.2 -42.8% Consolidated net profit for the year 7.9 14.1 -44.0% Earnings per share (in EUR) 1) 0.43 0.77 -44.5% Operating cash flow 19.5 36.4 -46.6% Free cash flow 2.9 25.0 -88.1%
1) based on 18,510,000 shares in 2015 and on 18,478,344 shares in 2014
31 Dec. 2015 31 Dec. 2014 Change
Total assets (EUR million) 243.4 244.3 -0.4% Equity (EUR million) 104.9 105.6 -0.6% Equity ratio (in %) 43.1 43.3 - Debt/equity ratio 1.32 1.31 - Cash and cash equivalents (EUR million) 52.1 69.7 -25.2% Employees 4,203 4,154 +1.2% Total number of stores 177 170 +4.1%
About Adler Modemärkte: Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2015, the Group generated revenue of EUR 566.1 million with a workforce of around 4,200, generating EUR 33.3 million in EBITDA. ADLER currently operates 177 stores, 153 of which are located in Germany, 21 in Austria, two in Luxembourg, one 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 more than 60 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
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17.03.2016 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. Media archive at www.dgap-medientreff.de and www.dgap.de
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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 End of News DGAP News Service ---------------------------------------------------------------------------
446039 17.03.2016
DGAP-News: Adler Modemärkte AG / Key word(s): Final Results/Forecast Adler Modemärkte AG: Revenue Up 5.8% / EBITDA Exceeds Forecast
17.03.2016 / 07:30 The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Financial Year 2015 Highlights and Outlook / Further Improvements Sought in 2016
Haibach (near Aschaffenburg), 17 March 2016: Despite a challenging market environment, Adler Modemärkte AG pushed forward with its expansion as planned. The Company increased revenue by 5.8% to EUR 566.1 million (2014: EUR 535.3 million), while revenue in the textile retail industry stagnated overall. The increase is attributable entirely to the acquisitions of ADLER Orange and hefa Moden during the reporting year. On a like-for-like basis, revenue decreased slightly by 0.3%. This was due to the fact that in addition to opening three new stores, the Company also closed five unprofitable stores in financial year 2015. Average receipts were increased by just under 4%.
EBITDA exceeds forecast In 2015, ADLER increased gross profit by 4.3% to EUR 304.9 million (2014: EUR 292.0 million). By contrast, the gross profit margin decreased from 54.6% to 53.9%, primarily as a result of the expansion. EBITDA (earnings before interest, taxes, depreciation and amortisation) amounted to EUR 33.3 million (2014: EUR 41.5 million), exceeding the target of EUR 29-33 million published in December 2015. Consolidated net profit for the year amounted to EUR 7.9 million (2014: EUR 14.1 million). Accordingly, earnings per share amounted to EUR 0.43 (2014: EUR 0.77).
"In 2015, we successfully pushed forward with the expansion of ADLER by integrating the ADLER Orange and hefa Moden stores. While the resulting non-recurring effects and the unusually mild winter dampened earnings, those earnings were nonetheless quite respectable given the difficult industry environment, allowing us to once again distribute high dividends. Our strategic focus on the target group of customers aged 45 and up continues to offer the potential for further growth. We are confident that we will improve revenue and earnings in 2016", says CEO Lothar Schäfer.
Dividend yield significantly above 5% In light of the solid earnings, the Executive Board and the Supervisory Board propose that the Annual General Meeting on 4 May 2016 resolve to distribute an unchanged dividend of EUR 0.50 per share. This corresponds to a dividend yield that is significantly higher than 5% based on the Xetra closing price of 16 March 2016. Balance sheet remains healthy Adler Modemärkte AG's total assets as at 31 December 2015 decreased slightly year on year to EUR 243.4 million (2014: EUR 244.3 million). Following the acquisition of ADLER Orange and the related increase in inventories, the liquidity reserves remained high at EUR 52.1 million (31 Dec. 2014: EUR 69.7 million), giving the Group a solid foundation upon which to continue pursuing its expansion plans. The equity ratio (43.1%) was virtually at the same level as in the previous year (43.3%). As at the end of the reporting period, ADLER had no liabilities to banks. The debt/equity ratio (1.32) was also nearly level with the previous year's ratio (2014: 1.31). While significantly below the previous year's figure of EUR 25.0 million, free cash flow of EUR 2.9 million was again substantially positive despite this lower result and higher investments due to the expansion.
Confidence going into 2016 ADLER expects a generally good consumer climate for 2016, but again does not see any positive momentum for the textile retail industry. However, the Executive Board does expect revenue to grow in the low-single-digit percentage range in financial year 2016. Despite the renewed increase in personnel expenses and due to the absence of the aforementioned integration costs and lower marketing outlays, EBITDA is expected to outpace revenue and grow in the upper-single-digit percentage range.
Adler Modemärkte AG's full 2015 annual report in English language is available on the Company's homepage at
http://www.adlermode-unternehmen.com/en/investor-relations/reports-and-pub lications/annual-report/
ADLER Group's key performance indicators
(EUR million) 2015 2014 Change
Revenue 566.1 535.3 +5.8% Gross profit 304.9 292.0 +4.3% Earnings before interest, taxes, depreciation 33.3 41.5 -19.7% and amortisation (EBITDA) Earnings before interest and taxes (EBIT) 17.0 26.2 -35.1% Earnings before taxes (EBT) 12.1 21.2 -42.8% Consolidated net profit for the year 7.9 14.1 -44.0% Earnings per share (in EUR) 1) 0.43 0.77 -44.5% Operating cash flow 19.5 36.4 -46.6% Free cash flow 2.9 25.0 -88.1%
1) based on 18,510,000 shares in 2015 and on 18,478,344 shares in 2014
31 Dec. 2015 31 Dec. 2014 Change
Total assets (EUR million) 243.4 244.3 -0.4% Equity (EUR million) 104.9 105.6 -0.6% Equity ratio (in %) 43.1 43.3 - Debt/equity ratio 1.32 1.31 - Cash and cash equivalents (EUR million) 52.1 69.7 -25.2% Employees 4,203 4,154 +1.2% Total number of stores 177 170 +4.1%
About Adler Modemärkte: Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2015, the Group generated revenue of EUR 566.1 million with a workforce of around 4,200, generating EUR 33.3 million in EBITDA. ADLER currently operates 177 stores, 153 of which are located in Germany, 21 in Austria, two in Luxembourg, one 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 more than 60 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
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17.03.2016 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. Media archive at www.dgap-medientreff.de and www.dgap.de
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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 End of News DGAP News Service ---------------------------------------------------------------------------
446039 17.03.2016
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