DGAP-Adhoc: Adler Modemärkte AG: ADLER Receives €69 Million in Financing Commitments

2020. május 12., kedd, 18:10

DGAP-Ad-hoc: Adler Modemärkte AG / Key word(s): Financing

Adler Modemärkte AG: ADLER Receives €69 Million in Financing Commitments

12-May-2020 / 18:10 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.

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

ADLER Receives €69 Million in Financing Commitments

Haibach (near Aschaffenburg), 12 May 2020: Adler Modemärkte AG (ISIN DE000A1H8MU2) today received €69 million in financing commitments to provide it with additional stability in its operations. The underlying syndicated loan has been granted on the basis of a joint guarantee by the state governments of Bavaria and North Rhine-Westphalia, to be disbursed to Adler Modemärkte AG by its core lenders at standard market terms for a term of six years. As a result of the guarantee commitment available as of today, the loan agreement already concluded as part of interim financing can now be fully utilised. In financial year 2019, ADLER reported net liquidity of €70.1 million with €57.4 million in free cash flow - demonstrating the financial soundness of its business model despite the difficult conditions in the textile retail industry.

The syndicated loan in the amount of €69 million affords ADLER additional financial leeway to stabilise its operations and to finance the ADLER Group. This step has become necessary, because the closure of all of ADLER"s 171 stores in Germany, Austria, Luxembourg and Switzerland on official orders aimed at containing the continuing spread of COVID-19 has resulted in significant losses of revenue.

The Company"s Executive Board is continuing to closely monitor the situation and events as they develop, as well as the unprecedented impact of the COVID-19 pandemic. It has already taken a number of steps to assist customers, employees and other stakeholders, as well as to secure operations. These include the introduction of short-time work in Germany, Austria, Luxembourg and Switzerland. In addition, all temporarily shuttered stores have opened again since 20 April 2020 subject to the provision that they comply with the official limit on sales space. The health and safety of employees and customers remains a top priority in this exceptional situation.

The further development of the COVID-19 pandemic and its effects on ADLER Group"s business cannot yet be reliably predicted at this time. ADLER is therefore still unable to make a forecast which includes these effects for the full year 2020. As soon as the uncertainties subside, the Executive Board intends to publish a new forecast for the current financial year.

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Adler Modemärkte AG press enquiries:

Peter Dietz

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. In 2019, the Group generated revenue of €495.4 million and EBITDA of €70.3 million. As at 31 December 2019, ADLER employed a workforce of around 3,600 and currently operates 171 stores, 142 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 more than 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

12-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Adler Modemärkte AG

Industriestraße Ost 1-7

63808 Haibach

Phone: +49 (0) 6021 633 0
Fax: +49 (0) 6021 633 1299
E-mail: info@adler.de
Internet: www.adlermode.com
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1042499

End of Announcement DGAP News Service

1042499  12-May-2020 CET/CEST

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