DGAP-News: Adler Modemärkte AG / Key word(s): Statement
Adler Modemärkte AG: Adler Modemärkte AG's Operations, Financial Strength
Not Affected By Insolvency of Steilmann SE
24.03.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Haibach (near Aschaffenburg), 24 March 2016: Adler Modemärkte AG does not
expect the insolvency of Steilmann SE announced yesterday to significantly
affect its operating business or its financial position, financial
performance and cash flows.
Via the majority interest of its shareholder, S&E Kapital GmbH, Adler
Modemärkte AG is de facto indirectly affiliated with Steilmann SE (formerly
Steilmann-Boecker Fashion Point GmbH & Co. KG) as a subordinate entity.
However, no control or profit transfer agreement exists. Neither has ADLER
granted any loans to companies in the Steilmann Group nor has ADLER been
granted any loans by them. ADLER's cumulative other receivables from
companies in the Steilmann Group are insignificant. ADLER's liquidity
remains high and is more than sufficient for business operations. It
amounted to EUR 52.1 million as at the last balance sheet day, 31 December
2015.
In total, revenue generated with Steilmann brands in the financial year
2015 represents only a very small percentage of the ADLER Group's revenue
of EUR 566.1 million.
ADLER procures only a limited share of its merchandise from the Steilmann
Group's procurement agent, NTS. ADLER is in a position to expand its
partnerships with other retail partners on short notice should this
procurement channel no longer be available to the Company.
Therefore, ADLER does not expect its business development and targets to be
adversely affected by Steilmann SE's insolvency.
---------------------------------------------------------------------------
24.03.2016 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
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
448571 24.03.2016
DGAP-News: Adler Modemärkte AG: Adler Modemärkte AG's Operations, Financial Strength Not Affected By Insolvency of Steilmann SE
| Quelle: EQS Group AG