DGAP-News: Adler Modemärkte AG: Significant Cash Inflow Thanks to Real Estate Portfolio Optimisation
DGAP-News: Adler Modemärkte AG / Key word(s): Real Estate
Adler Modemärkte AG: Significant Cash Inflow Thanks to Real Estate Portfolio Optimisation
26.04.2017 / 07:30
The issuer is solely responsible for the content of this announcement.
Successful Cash Flow Management Significant Cash Inflow Thanks to Real Estate Portfolio Optimisation
Slightly Positive Effect on Earnings Anticipated for Q2
Adler Modemärkte GmbH, Austria, has optimised its real estate portfolio as previously announced, selling off two buildings in Klagenfurt and St. Pölten as at 1 April 2017. The transaction resulted in ADLER receiving an inflow of approximately EUR 10 million in the first quarter. This inflow will be recognised in part in the second quarter as an extraordinary positive earnings effect. Thanks to this and the systematic focus on optimising its cash flow management, ADLER was able to achieve a highly significantly year-on-year reduction in the outflow of funds which is typical at the beginning of the year.
While the building in St. Pölten had been owned by the Company since 2015, the building in Klagenfurt was bought out from the real estate portfolio which was under a lease that is set to expire on 30 April 2017, and then sold off directly. In the second quarter of 2017, the liquidity generated through that sale will enable ADLER to acquire the three remaining buildings (in Ansfelden, Salzburg and Vösendorf) contained in the lease which is set to expire. The plan is to sell those buildings in a further step to a strategic investor and to keep the stores which are successfully in operation at the respective locations via leases which have already been negotiated at favourable conditions.
The full report on the first quarter of 2017 will be published as announced on 11 May 2017.
Contact:
Adler Modemärkte AG
Investor Relations
Katrin Schreyer
Tel.: +49 6021 633 1828
Email: investorrelations@adler.de
26.04.2017 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. Archive at 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, Tradegate Exchange
End of News
DGAP News Service
567039 26.04.2017