Steilmann SE
Steilmann SE: Steilmann SE Group continues to grow over the first nine months of 2015
DGAP-News: Steilmann SE / Key word(s): Quarterly / Interim Statement 26 November 2015 Steilmann SE – Nine-months financial results 2015 Steilmann SE Group continues to grow over the first nine months of 2015 Steilmann SE Group, one of Germany’s largest apparel companies with an international footprint, presents the results for the first nine months of financial year 2015. The consolidated interim financial information for the first nine months of 2014 included in the condensed consolidated interim financial statements as of and for the first nine months of 2015 is not directly comparable with the financial information provided for the first nine months of 2014 as it does not include Steilmann Fashion Group and Apanage Fashion Group (both acquired in December 2014). Steilmann SE Group has therefore prepared a combined income statement for the first nine months of 2014 to enable comparability and transparency which has been published in a complementary report. Accordingly, unless stated otherwise in this announcement, 2014 figures are reported on a combined basis. – Like-for-like revenue growth of 2.1 % significantly ahead of the industry – Group revenues stable at EUR 637 million – Adjusted EBITDA of EUR 9.45 million – Successful listing in the Prime Standard of the Frankfurt Stock Exchange creates strategic options Dr Michele Puller, CEO of SE Group, commented: “Even in today’s challenging market environment, we continue to focus on our goal of becoming the leading provider in the growing ‘Best Ager’ (45 plus demographic) segment. Our results confirm that we have made the right choices in our growth strategy. And the listing is giving us additional strategic options. At the same time, we expect that our operating business will benefit long term as we continue to integrate the Group and grow revenues and profitability as a result.” Results over the first nine months of 2015 Revenues of Steilmann SE Group are stable year on year at EUR 637.0 million (9M 2014: EUR 639.6 million). The retail segment contributed EUR 470.8 million (9M 2014: EUR 449.6 million) and the wholesale and production segment EUR 166.2 million (9M 2014: EUR 189.9 million) to Steilmann SE Group revenues. While German apparel retailing contracted by 2 % , like-for-like revenues significantly outperformed the German apparel sector growing by 2.14%. Over the same period, the retail revenues of Steilmann SE Group increased by 4.4%. With another 60 new points of sale until 30/09/2015, Steilmann SE Group is meeting its POS growth targets for 2015. They support the Group’s omni-channel distribution strategy. In the first nine months of 2015, Steilmann SE Group generated 26% of its revenues outside of Germany. The slight year-on-year decline (9M 2014: 30 %) results from the weaker performance in the Russian market. However, the regional revenue breakdown remains stable compared to the half-year numbers. The EBITDA of Steilmann SE Group over the first nine months of 2015 amounts to EUR 10.8 million (9M 2014: EUR 14.8 million). Adjusted by one-time expenses and de-consolidation effects, the generated EBITDA reaches EUR 9.4 million (9M 2014: EUR 15 million). The reduction resulted mainly from the anticipated integration costs associated with the acquisition of the Kressner subsidiaries by Adler Modemärkte AG. Due to seasonal influences in the apparel market, Steilmann SE traditionally realises the largest share of its revenues and earnings in the second half of the year and particularly in the last quarter of the calendar year. With EUR 9.73 million in EBITDA over the first nine months of 2015, the wholesale business made a significant contribution to total EBITDA of Steilmann SE Group. Wholesale cost of materials as a percentage of (pre-consolidation) wholesale revenues declined year on year from 68.7 % to 64.9 % driven mainly by the spin-off of less attractive businesses, cost cutting and the exploitation of synergies. At the adjusted EBITDA level, the contribution increased year on year from EUR -2.96 million to EUR 7.24 million. The retail business made a negative EUR 1 million contribution to EBITDA. Prior to the consolidation, the cost of materials in the retail business grew from 46.4 % to 50.5 %. The increase in the share of retail cost of materials as a percentage of revenue resulted largely from the higher cost of materials sold in the Kressner stores that have been newly acquired by Adler Modemärkte AG. As expected, the Group’s net profit amounts to EUR -30 million. Net working capital increased from EUR 39.2 million at the end of 2014 (consolidated figures) to EUR 102.1 million at the end of 3Q 2015 as a result of a debt-conversion in the amount of EUR 30 million and the usual seasonal effects in the apparel market. At the reporting date, the Group had EUR 220.7 million in shareholders’ equity. The equity ratio amounted to about 30 % and total assets to c. EUR 744 million. The company continued to optimise its debt structure to match its expansion plans by substituting shorter term credit facilities with longer term debt. Net financial debt (excluding non-interest bearing short-term liabilities) increased from EUR 83.1 million as at 31/12/2014 to EUR 148.3 million as at 30/09/2015 due to seasonality. Since November 2015, the shares of Steilmann SE have been listed in the regulated market of the Frankfurt Stock Exchange (Prime Standard). 2,250,000 ordinary bearer shares have been placed with institutional investors during book building, another 250,000 have been placed in the context of the green shoe option. The listing in the Prime Standard will provide Steilmann SE Group with important new strategic options and additional financing opportunities. Results in the third quarter of 2015 In the third quarter of 2015, Steilmann SE Group generated revenues in the amount of EUR 220.0 million. EUR 155.6 million of these came from the retail and EUR 81.5 million from the wholesale and production business. The Group opened eight new points of sale over the period. Other operating income amounted to EUR 3.8 million. The cost of goods sold ratio was 52.8%. Over the third quarter of 2015, Steilmann SE Group generated EUR 3.4 million in EBITDA. Adjusted for one-time expenses and de-consolidation effects, EBITDA amounted to about 4.5 million. Contact Reena Dennhardt About Steilmann SE Steilmann SE Group is one of the largest apparel companies in Germany by revenue. The family-owned company headquartered in Bergkamen (North Rhine-Westphalia) covers the entire value chain of the clothing industry, controlling all key processes from design and manufacturing to sales in its stores and those of its customers, as well as e-commerce operations. The company operates in a growing segment of the industry, focusing on the growing Best-Ager segment (45 plus). The company’s product portfolio consists of its own brands, such as Steilmann, Apanage, Kapalua, and Stones, as well as third-party brand apparel. Steilmann SE comprises the operations of Steilmann-Boecker Group, Steilmann Fashion Group and Apanage Fashion Group, as well as a joint indirect majority stake in Adler Modemärkte AG. The company’s total revenues, including those of Steilmann Fashion Group and Apanage Fashion Group acquired at the end of last year, amounted to approximately EUR 896 million in 2014. In fiscal year 2014, Steilmann Group had over 8,300 employees worldwide, 58 per cent of whom were based in Germany. Its products are sold at more than 1,300 points of sale in 18 countries. Registration: Regulated market (Prime Standard) of the Frankfurt Stock Exchange; ISIN: DE000A14KR50; WKN: A14KR5 Forward-looking statements This press release may contain forward-looking statements based on current assumptions and forecasts made by Steilmann SE. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation or development of Steilmann SE and the estimates given here. Steilmann SE assumes no liability to update these forward-looking statements or to revise them in line with future events or developments. Important notice This publication does not constitute an offer to sell or solicitation of an offer to buy or subscribe for any securities. No public offer of securities of Steilmann SE has been or will be made to the public. Neither this publication nor any copy of it may be made or transmitted into the United States (including its territories or possessions, any state of the United States of America and the District of Columbia) (the “United States”), or distributed, directly or indirectly, in the United States.
2015-11-26 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | Steilmann SE | |
Industriestraße 42 | ||
59192 Bergkamen | ||
Germany | ||
Phone: | +49 (0)23 89 783-0 | |
Fax: | +49 (0)23 89 783-112 | |
E-mail: | info@steilmann-se.com | |
Internet: | www.steilmann-se.com | |
ISIN: | DE000A14KR50, DE000A1PGWZ2, DE000A14J4G3, DE000A12UAE0 | |
WKN: | A14KR5, A1PGWZ, A14J4G, A12UAE | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange | |
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