DGAP-News: Adler Modemärkte AG: EBITDA Improves to EUR 25.1 Million in H1

DGAP-News: Adler Modemärkte AG / Key word(s): Half Year Results

Adler Modemärkte AG: EBITDA Improves to EUR 25.1 Million in H1

01.08.2019 / 07:00

The issuer is solely responsible for the content of this announcement.

Press Release from Adler Modemärkte AG

ADLER Headed for Success

EBITDA Improves to EUR 25.1 Million in H1

Liquidity at EUR 54.5 Million, Free Cash Flow Hits EUR 20.6 Million

Haibach (near Aschaffenburg), 1 August 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 EUR 25.1 million in H1 2019 (H1 2018: EUR 24.1 million). As announced, the earnings growth was down to efficiency gains from ADLER's "2020 Strategy". The improvements were achieved despite the persistently underperforming textile retail industry. Due to the planned store closures, sales of EUR 236.0 million did not reach the previous year's level of EUR 243.1 million, as expected. Gross profit on goods sold - a key factor in measuring profitability - improved from 54.3% to 54.7% in the reporting period. Adjusted for the non-recurring effects of transformation and restructuring costs, EBIDTA increased from EUR 26.7 million to EUR 27.4 million. There were also significant improvements in earnings before interest and taxes (EBIT) (up from EUR 0.7 million to EUR 3.0 million in H1) and earnings after taxes (from EUR -7.6 million to EUR -4.5 million).

ADLER's liquidity cushion at EUR 54.5 million - free cash flow hits record high in Q2

ADLER saw significant improvements in liquidity and free cash flow in the second quarter thanks to highly successful working capital management. Liquidity rose from EUR 25.9 million as at 31 March 2019 to EUR 54.5 million as at 30 June 2019. Free cash flow amounted to EUR 38.0 million in the reporting quarter, up 26.7% year on year. At EUR 20.6 million, free cash flow for the first half of the year was also significantly higher than the EUR 16.6 million recorded as at 30 June 2018. The balance sheet remains very strong. Total assets amounted to EUR 395.8 million as at 30 June 2019 (31 December 2018: EUR 411.3 million). Equity amounted to EUR 55.1 million at the end of June (31 December 2018: EUR 59.7 million), corresponding to an equity ratio of 13.9% (14.5%).
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