ADLER Modemärkte Equity Story€¦ · Fashion follower of market proven styles, minimising fashion...
Transcript of ADLER Modemärkte Equity Story€¦ · Fashion follower of market proven styles, minimising fashion...
1ADLER Equity Story
ADLER ModemaumlrkteEquity Story
November 2017
2ADLER Equity Story
Investment Summary ADLER Modemaumlrkte is well positioned to face short-term challenges and lift mid- to long-term potentials
Numerous internal and external growth opportunities
New client wins amp development of existing costumers
Online-shop expansion
Significant cost efficiency and profitability improvements
Optimisation of marketing spend
Introduction of new planning system
Restructuring of sales department
Assets Potential
Growing target group
Very loyal customer base (90 of sales
generated via customer card)
Customer knowledge comparable to online
retailers
Own brands as strong USP accounting for
Lean and integrated business model
Solid network of 180+ stores at attractive
locations
Sound balance sheet to finance future growth
3ADLER Equity Story
Lean and vertical integrated business model ndashoptimisation of value added supply chain continues
In-house design team
Focus on own brands
Fashion follower of market proven styles minimising fashion risk
Up to 10 collections per year
Completely outsourced production
Diversified supplier base
Sourcing partnership with
Metro Group Buying (MGB)
NTS Direct
Centralised logistics operations with efficient push-and-pull warehousing system
Organised by BLG (to be replaced by MeyerampMeyerfrom 2019 onwards) MGB and NTS
Focused CRM and marketing
Omni-channel distribution
4 retail formats (retail park shopping center stand alone city center)
Highly flexible modular store system
E-business
Product development Sourcing Logistics Distribution
1 2 3 4
Full information control along the entire value chain
Efficient supply chain management ndash full information control over the entire value chain and high process standardisation
Focus on core value added processes ndash product development and distribution
4ADLER Equity Story
Outstanding value-for-money perception
Fashion follower approach ndashconservative fashion grade management of market proven styles minimizing fashion risk
Excellently positioned in the attractive fast growing value fashion segment and above the vulnerable discount segment
Unique brand positionBrand positioning of ADLER
Fashion degreelow high
Up
per
Mid
dle
Dis
co
un
tV
alu
e
Source Company information
Unique brand positioning with strong target group focus 45+
5ADLER Equity Story
Great popularity of ADLER Customer Card reflects high loyalty and supplies ADLER with detailed customer insight
Source Statista nhi2 1005 participants 2013
Which customer cards of textile retailers do you use on a regular basis
1
1
1
2
2
2
3
4
4
7
7
7
Bonita
Ulla Popken
Orsay
Tom Tailor
Woumlhrl
Charles Voumlgele
Ernsting`s Family
Takko
sOliver
PeekampCloppenburg
Esprit
ADLER
Source Finanztest (2010)
38 million active ADLER Customer Card members -gt wide customer database
~ 40000 new Customer Cards every month
90 of revenues generated via Customer Card
Best in class ADLER Customer Card classified best out of 24 loyalty card schemes
Focused and efficient marketing opportunities loyalty card scheme allows exact market segmentation and a targeted marketing approach
High profitability of ADLER card customers high acceptance of ADLER customer card enables steering of customer frequency and cash flows
6ADLER Equity Story
Potential for internal growth through expansion of ADLER online-shop
Revenue CAGR of 283 in the last three years (2016 euro89 million)
Revenue 9M-2017 euro93 million (+23 vs 9M-2016)
Average size of shopping cart increases constantly (2017 euro8470 -gt +5 vs 2016)
9 direct eCommerce employees
gt 60 employees work indirectly for service providers for ADLER eCommerce
Constantly 5500 items online
49 of customers reached via mobile devices
Continued dynamic growth for 2017 expected
7ADLER Equity Story
Phase of consolidation continues in 2017 ndashfurther medium- to long term potential
Number of ADLER stores per country
Number of stores
Market
entryacute09 acute10 acute11 acute12 acute13 acute14 acute15 acute16 2017
Germany 1948 104 107 132 139 143 145 154 156 156
Austria 1987 17 26 28 27 25 22 21 22 22
Luxembourg 1981 2 2 2 2 2 2 2 3 3
Switzerland 2012 1 1 1 1 2 2
Total 123 135 162 169 171 170 177 183 183
Organic openings 3 8 13 11 5 4 3 7 1
Acquisitions 7 18 5 1 0 10 0 0
Closings sales 1 3 3 9 4 5 6 1 1
Net difference 2 12 28 7 2 -1 7 6 0
Regional presence and potential for expansion
Short-term focus on investment discipline only 1 organic store opening in 2017 after 7 storesin 2016 (6 stores net)
Focus on large formats such as retail centers and stand-alone markets with a retail space of gt 1400 msup2
Focus on DACH region and Luxembourg (optimisation and consolidation of existing store network)
Targets
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
2ADLER Equity Story
Investment Summary ADLER Modemaumlrkte is well positioned to face short-term challenges and lift mid- to long-term potentials
Numerous internal and external growth opportunities
New client wins amp development of existing costumers
Online-shop expansion
Significant cost efficiency and profitability improvements
Optimisation of marketing spend
Introduction of new planning system
Restructuring of sales department
Assets Potential
Growing target group
Very loyal customer base (90 of sales
generated via customer card)
Customer knowledge comparable to online
retailers
Own brands as strong USP accounting for
Lean and integrated business model
Solid network of 180+ stores at attractive
locations
Sound balance sheet to finance future growth
3ADLER Equity Story
Lean and vertical integrated business model ndashoptimisation of value added supply chain continues
In-house design team
Focus on own brands
Fashion follower of market proven styles minimising fashion risk
Up to 10 collections per year
Completely outsourced production
Diversified supplier base
Sourcing partnership with
Metro Group Buying (MGB)
NTS Direct
Centralised logistics operations with efficient push-and-pull warehousing system
Organised by BLG (to be replaced by MeyerampMeyerfrom 2019 onwards) MGB and NTS
Focused CRM and marketing
Omni-channel distribution
4 retail formats (retail park shopping center stand alone city center)
Highly flexible modular store system
E-business
Product development Sourcing Logistics Distribution
1 2 3 4
Full information control along the entire value chain
Efficient supply chain management ndash full information control over the entire value chain and high process standardisation
Focus on core value added processes ndash product development and distribution
4ADLER Equity Story
Outstanding value-for-money perception
Fashion follower approach ndashconservative fashion grade management of market proven styles minimizing fashion risk
Excellently positioned in the attractive fast growing value fashion segment and above the vulnerable discount segment
Unique brand positionBrand positioning of ADLER
Fashion degreelow high
Up
per
Mid
dle
Dis
co
un
tV
alu
e
Source Company information
Unique brand positioning with strong target group focus 45+
5ADLER Equity Story
Great popularity of ADLER Customer Card reflects high loyalty and supplies ADLER with detailed customer insight
Source Statista nhi2 1005 participants 2013
Which customer cards of textile retailers do you use on a regular basis
1
1
1
2
2
2
3
4
4
7
7
7
Bonita
Ulla Popken
Orsay
Tom Tailor
Woumlhrl
Charles Voumlgele
Ernsting`s Family
Takko
sOliver
PeekampCloppenburg
Esprit
ADLER
Source Finanztest (2010)
38 million active ADLER Customer Card members -gt wide customer database
~ 40000 new Customer Cards every month
90 of revenues generated via Customer Card
Best in class ADLER Customer Card classified best out of 24 loyalty card schemes
Focused and efficient marketing opportunities loyalty card scheme allows exact market segmentation and a targeted marketing approach
High profitability of ADLER card customers high acceptance of ADLER customer card enables steering of customer frequency and cash flows
6ADLER Equity Story
Potential for internal growth through expansion of ADLER online-shop
Revenue CAGR of 283 in the last three years (2016 euro89 million)
Revenue 9M-2017 euro93 million (+23 vs 9M-2016)
Average size of shopping cart increases constantly (2017 euro8470 -gt +5 vs 2016)
9 direct eCommerce employees
gt 60 employees work indirectly for service providers for ADLER eCommerce
Constantly 5500 items online
49 of customers reached via mobile devices
Continued dynamic growth for 2017 expected
7ADLER Equity Story
Phase of consolidation continues in 2017 ndashfurther medium- to long term potential
Number of ADLER stores per country
Number of stores
Market
entryacute09 acute10 acute11 acute12 acute13 acute14 acute15 acute16 2017
Germany 1948 104 107 132 139 143 145 154 156 156
Austria 1987 17 26 28 27 25 22 21 22 22
Luxembourg 1981 2 2 2 2 2 2 2 3 3
Switzerland 2012 1 1 1 1 2 2
Total 123 135 162 169 171 170 177 183 183
Organic openings 3 8 13 11 5 4 3 7 1
Acquisitions 7 18 5 1 0 10 0 0
Closings sales 1 3 3 9 4 5 6 1 1
Net difference 2 12 28 7 2 -1 7 6 0
Regional presence and potential for expansion
Short-term focus on investment discipline only 1 organic store opening in 2017 after 7 storesin 2016 (6 stores net)
Focus on large formats such as retail centers and stand-alone markets with a retail space of gt 1400 msup2
Focus on DACH region and Luxembourg (optimisation and consolidation of existing store network)
Targets
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
3ADLER Equity Story
Lean and vertical integrated business model ndashoptimisation of value added supply chain continues
In-house design team
Focus on own brands
Fashion follower of market proven styles minimising fashion risk
Up to 10 collections per year
Completely outsourced production
Diversified supplier base
Sourcing partnership with
Metro Group Buying (MGB)
NTS Direct
Centralised logistics operations with efficient push-and-pull warehousing system
Organised by BLG (to be replaced by MeyerampMeyerfrom 2019 onwards) MGB and NTS
Focused CRM and marketing
Omni-channel distribution
4 retail formats (retail park shopping center stand alone city center)
Highly flexible modular store system
E-business
Product development Sourcing Logistics Distribution
1 2 3 4
Full information control along the entire value chain
Efficient supply chain management ndash full information control over the entire value chain and high process standardisation
Focus on core value added processes ndash product development and distribution
4ADLER Equity Story
Outstanding value-for-money perception
Fashion follower approach ndashconservative fashion grade management of market proven styles minimizing fashion risk
Excellently positioned in the attractive fast growing value fashion segment and above the vulnerable discount segment
Unique brand positionBrand positioning of ADLER
Fashion degreelow high
Up
per
Mid
dle
Dis
co
un
tV
alu
e
Source Company information
Unique brand positioning with strong target group focus 45+
5ADLER Equity Story
Great popularity of ADLER Customer Card reflects high loyalty and supplies ADLER with detailed customer insight
Source Statista nhi2 1005 participants 2013
Which customer cards of textile retailers do you use on a regular basis
1
1
1
2
2
2
3
4
4
7
7
7
Bonita
Ulla Popken
Orsay
Tom Tailor
Woumlhrl
Charles Voumlgele
Ernsting`s Family
Takko
sOliver
PeekampCloppenburg
Esprit
ADLER
Source Finanztest (2010)
38 million active ADLER Customer Card members -gt wide customer database
~ 40000 new Customer Cards every month
90 of revenues generated via Customer Card
Best in class ADLER Customer Card classified best out of 24 loyalty card schemes
Focused and efficient marketing opportunities loyalty card scheme allows exact market segmentation and a targeted marketing approach
High profitability of ADLER card customers high acceptance of ADLER customer card enables steering of customer frequency and cash flows
6ADLER Equity Story
Potential for internal growth through expansion of ADLER online-shop
Revenue CAGR of 283 in the last three years (2016 euro89 million)
Revenue 9M-2017 euro93 million (+23 vs 9M-2016)
Average size of shopping cart increases constantly (2017 euro8470 -gt +5 vs 2016)
9 direct eCommerce employees
gt 60 employees work indirectly for service providers for ADLER eCommerce
Constantly 5500 items online
49 of customers reached via mobile devices
Continued dynamic growth for 2017 expected
7ADLER Equity Story
Phase of consolidation continues in 2017 ndashfurther medium- to long term potential
Number of ADLER stores per country
Number of stores
Market
entryacute09 acute10 acute11 acute12 acute13 acute14 acute15 acute16 2017
Germany 1948 104 107 132 139 143 145 154 156 156
Austria 1987 17 26 28 27 25 22 21 22 22
Luxembourg 1981 2 2 2 2 2 2 2 3 3
Switzerland 2012 1 1 1 1 2 2
Total 123 135 162 169 171 170 177 183 183
Organic openings 3 8 13 11 5 4 3 7 1
Acquisitions 7 18 5 1 0 10 0 0
Closings sales 1 3 3 9 4 5 6 1 1
Net difference 2 12 28 7 2 -1 7 6 0
Regional presence and potential for expansion
Short-term focus on investment discipline only 1 organic store opening in 2017 after 7 storesin 2016 (6 stores net)
Focus on large formats such as retail centers and stand-alone markets with a retail space of gt 1400 msup2
Focus on DACH region and Luxembourg (optimisation and consolidation of existing store network)
Targets
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
4ADLER Equity Story
Outstanding value-for-money perception
Fashion follower approach ndashconservative fashion grade management of market proven styles minimizing fashion risk
Excellently positioned in the attractive fast growing value fashion segment and above the vulnerable discount segment
Unique brand positionBrand positioning of ADLER
Fashion degreelow high
Up
per
Mid
dle
Dis
co
un
tV
alu
e
Source Company information
Unique brand positioning with strong target group focus 45+
5ADLER Equity Story
Great popularity of ADLER Customer Card reflects high loyalty and supplies ADLER with detailed customer insight
Source Statista nhi2 1005 participants 2013
Which customer cards of textile retailers do you use on a regular basis
1
1
1
2
2
2
3
4
4
7
7
7
Bonita
Ulla Popken
Orsay
Tom Tailor
Woumlhrl
Charles Voumlgele
Ernsting`s Family
Takko
sOliver
PeekampCloppenburg
Esprit
ADLER
Source Finanztest (2010)
38 million active ADLER Customer Card members -gt wide customer database
~ 40000 new Customer Cards every month
90 of revenues generated via Customer Card
Best in class ADLER Customer Card classified best out of 24 loyalty card schemes
Focused and efficient marketing opportunities loyalty card scheme allows exact market segmentation and a targeted marketing approach
High profitability of ADLER card customers high acceptance of ADLER customer card enables steering of customer frequency and cash flows
6ADLER Equity Story
Potential for internal growth through expansion of ADLER online-shop
Revenue CAGR of 283 in the last three years (2016 euro89 million)
Revenue 9M-2017 euro93 million (+23 vs 9M-2016)
Average size of shopping cart increases constantly (2017 euro8470 -gt +5 vs 2016)
9 direct eCommerce employees
gt 60 employees work indirectly for service providers for ADLER eCommerce
Constantly 5500 items online
49 of customers reached via mobile devices
Continued dynamic growth for 2017 expected
7ADLER Equity Story
Phase of consolidation continues in 2017 ndashfurther medium- to long term potential
Number of ADLER stores per country
Number of stores
Market
entryacute09 acute10 acute11 acute12 acute13 acute14 acute15 acute16 2017
Germany 1948 104 107 132 139 143 145 154 156 156
Austria 1987 17 26 28 27 25 22 21 22 22
Luxembourg 1981 2 2 2 2 2 2 2 3 3
Switzerland 2012 1 1 1 1 2 2
Total 123 135 162 169 171 170 177 183 183
Organic openings 3 8 13 11 5 4 3 7 1
Acquisitions 7 18 5 1 0 10 0 0
Closings sales 1 3 3 9 4 5 6 1 1
Net difference 2 12 28 7 2 -1 7 6 0
Regional presence and potential for expansion
Short-term focus on investment discipline only 1 organic store opening in 2017 after 7 storesin 2016 (6 stores net)
Focus on large formats such as retail centers and stand-alone markets with a retail space of gt 1400 msup2
Focus on DACH region and Luxembourg (optimisation and consolidation of existing store network)
Targets
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
5ADLER Equity Story
Great popularity of ADLER Customer Card reflects high loyalty and supplies ADLER with detailed customer insight
Source Statista nhi2 1005 participants 2013
Which customer cards of textile retailers do you use on a regular basis
1
1
1
2
2
2
3
4
4
7
7
7
Bonita
Ulla Popken
Orsay
Tom Tailor
Woumlhrl
Charles Voumlgele
Ernsting`s Family
Takko
sOliver
PeekampCloppenburg
Esprit
ADLER
Source Finanztest (2010)
38 million active ADLER Customer Card members -gt wide customer database
~ 40000 new Customer Cards every month
90 of revenues generated via Customer Card
Best in class ADLER Customer Card classified best out of 24 loyalty card schemes
Focused and efficient marketing opportunities loyalty card scheme allows exact market segmentation and a targeted marketing approach
High profitability of ADLER card customers high acceptance of ADLER customer card enables steering of customer frequency and cash flows
6ADLER Equity Story
Potential for internal growth through expansion of ADLER online-shop
Revenue CAGR of 283 in the last three years (2016 euro89 million)
Revenue 9M-2017 euro93 million (+23 vs 9M-2016)
Average size of shopping cart increases constantly (2017 euro8470 -gt +5 vs 2016)
9 direct eCommerce employees
gt 60 employees work indirectly for service providers for ADLER eCommerce
Constantly 5500 items online
49 of customers reached via mobile devices
Continued dynamic growth for 2017 expected
7ADLER Equity Story
Phase of consolidation continues in 2017 ndashfurther medium- to long term potential
Number of ADLER stores per country
Number of stores
Market
entryacute09 acute10 acute11 acute12 acute13 acute14 acute15 acute16 2017
Germany 1948 104 107 132 139 143 145 154 156 156
Austria 1987 17 26 28 27 25 22 21 22 22
Luxembourg 1981 2 2 2 2 2 2 2 3 3
Switzerland 2012 1 1 1 1 2 2
Total 123 135 162 169 171 170 177 183 183
Organic openings 3 8 13 11 5 4 3 7 1
Acquisitions 7 18 5 1 0 10 0 0
Closings sales 1 3 3 9 4 5 6 1 1
Net difference 2 12 28 7 2 -1 7 6 0
Regional presence and potential for expansion
Short-term focus on investment discipline only 1 organic store opening in 2017 after 7 storesin 2016 (6 stores net)
Focus on large formats such as retail centers and stand-alone markets with a retail space of gt 1400 msup2
Focus on DACH region and Luxembourg (optimisation and consolidation of existing store network)
Targets
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
6ADLER Equity Story
Potential for internal growth through expansion of ADLER online-shop
Revenue CAGR of 283 in the last three years (2016 euro89 million)
Revenue 9M-2017 euro93 million (+23 vs 9M-2016)
Average size of shopping cart increases constantly (2017 euro8470 -gt +5 vs 2016)
9 direct eCommerce employees
gt 60 employees work indirectly for service providers for ADLER eCommerce
Constantly 5500 items online
49 of customers reached via mobile devices
Continued dynamic growth for 2017 expected
7ADLER Equity Story
Phase of consolidation continues in 2017 ndashfurther medium- to long term potential
Number of ADLER stores per country
Number of stores
Market
entryacute09 acute10 acute11 acute12 acute13 acute14 acute15 acute16 2017
Germany 1948 104 107 132 139 143 145 154 156 156
Austria 1987 17 26 28 27 25 22 21 22 22
Luxembourg 1981 2 2 2 2 2 2 2 3 3
Switzerland 2012 1 1 1 1 2 2
Total 123 135 162 169 171 170 177 183 183
Organic openings 3 8 13 11 5 4 3 7 1
Acquisitions 7 18 5 1 0 10 0 0
Closings sales 1 3 3 9 4 5 6 1 1
Net difference 2 12 28 7 2 -1 7 6 0
Regional presence and potential for expansion
Short-term focus on investment discipline only 1 organic store opening in 2017 after 7 storesin 2016 (6 stores net)
Focus on large formats such as retail centers and stand-alone markets with a retail space of gt 1400 msup2
Focus on DACH region and Luxembourg (optimisation and consolidation of existing store network)
Targets
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
7ADLER Equity Story
Phase of consolidation continues in 2017 ndashfurther medium- to long term potential
Number of ADLER stores per country
Number of stores
Market
entryacute09 acute10 acute11 acute12 acute13 acute14 acute15 acute16 2017
Germany 1948 104 107 132 139 143 145 154 156 156
Austria 1987 17 26 28 27 25 22 21 22 22
Luxembourg 1981 2 2 2 2 2 2 2 3 3
Switzerland 2012 1 1 1 1 2 2
Total 123 135 162 169 171 170 177 183 183
Organic openings 3 8 13 11 5 4 3 7 1
Acquisitions 7 18 5 1 0 10 0 0
Closings sales 1 3 3 9 4 5 6 1 1
Net difference 2 12 28 7 2 -1 7 6 0
Regional presence and potential for expansion
Short-term focus on investment discipline only 1 organic store opening in 2017 after 7 storesin 2016 (6 stores net)
Focus on large formats such as retail centers and stand-alone markets with a retail space of gt 1400 msup2
Focus on DACH region and Luxembourg (optimisation and consolidation of existing store network)
Targets
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
8ADLER Equity Story
9M 2017 results
ldquoSubstantial improvements
in earnings and free cashflowrdquo
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
9ADLER Equity Story
New top management ndash first analysis and perspectives
Analysis of status quo started immediately from September 11
Intensive management discussions during numerous shop visits
(target gt50 until year-end 2017)
First impressions and perspectives
Unique market position and substantial upside based on
established ADLER customer card and new client potential
Optimisation potential for collection management store
format omni-channel approach CRM digitalisation leadership
and operative excellence
Next steps
We want to bring ADLER back onto a sustainable growth track
Definition and communication of new strategic set-up until
year-end result presentation mid March 2018
Thomas Freude CEO
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
10ADLER Equity Story
Key facts ndash substantial improvements in earnings and cashflow
Q3 revenues up 2 like-for-like revenue virtually in line with industry level after nine months
Substantial EBITDA growth by euro143 million to euro66 million due to improved profitability and non-
recurring effects ndash operating result reaches euro04 million (up euro81 million)
Free cash flow improved by more than euro26 million to euro64 million thanks to stringent cash flow
management
Outlook for FY 2017 confirmed
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
11ADLER Equity Story
Sales increased in Q3-2017 ndash Nine months development as expected
3750 3742
1179 1202
9M-2016 9M-2017 Q3-2016 Q3-2017
-02 +19
Revenue in meuro
Like-for-like 9M -19 Like-for-like Q3 +03
Online revenues 9M euro 75 million (+25) On track to achieve FY
target gt euro 10 million
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
12ADLER Equity Story
1835 1792
Gross Profit
Cost of Goods Sold
9M-2016 9M-2017
Gross profit margin increased to gt50 in Q3
Margin 521511
in meuro
Gross margin Q3-2017 503 (Q3 2016 477) 9M-2017 521 unchanged
Reduction of cost of materials due to adjustments in purchasing volumes
-23
+18 19491915
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
13ADLER Equity Story
EBITDA significantly increased due to operating improvements and one-off effects
-77
66
-84
-36
9M-2016 9M-2017 Q3-2016 Q3-2017
EBITDA in meuro
Increase in EBITDA due to operating improvements and non-recurring effect resulting from the sale of two buildings in Austria in the first quarter of 2017
Operating EBITDA reached euro+04 million in 9M-2017 up euro81 million Personnel costs down 6 as indicated FY savings of euro6 million confirmed All efficiency measures in line with
schedule
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
14ADLER Equity Story
Decline of cash substantially less pronounced than in previous years
Net debt
Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities
in meuro
in meuro
Cash and cash equivalents at euro366 million as of 30092017
30092016 euro140 million
30122016 euro428 million
Free cash flow euro+64 million in 9M-2017 (9M-2016 euro-202 million)140
428
83
-18
-126
366
Cash3092016
Cash112017
OperatingCF
CF fromInvesting
CF fromFinancing
Cash3092017
Net debt impacted by
Increase in cash and cash equivalents by euro226 million to euro366 million (9M-2016 140 million)
Unchanged assets held for sale (euro03 million)
Increase in finance lease obligations from euro522 million to euro549 million
Financial debt of euro175 million (9M euro135 million)
Reduction of pension provisions by euro04 million to euro54 million
Leverage declines from 198 to 180 (yoy)
641
410
30092016 30092017
-36
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
15ADLER Equity Story
Balance sheet quality further improved yoy
in meuro
30 Sept 2016
30 Sept2017
31 Dec 2016
Total assets 2302 2496 2226
Inventories 1018 933 754
Trade receivables 03 04 06
Cash position 140 366 428
Equity 772 891 958
Equity ratio 335 357 431
Trade payables 469 512 253
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
16ADLER Equity Story
Klagen-furt
Salz-burg
Voumlsen-dorf
Ans-felden
Real estate portfolio under lease (exp 30 April 2017)
St Poumllten (formerly
owned)
Klagen-furt
Sold to retailerwith effect from
1 April 2017
boughtout at purchase price
of euro 13 million
Liquidity generated enabled ADLER to acquire GBS Grundstuumlcksverwaltungsgesellschaft
mbH with effect from 3 May 2017 purchase price euro 67 million ( + euro 40 million liabilities)
not used as ADLER store
Voumlsen-dorf
Salz-burg
Ans-felden
GBS
Update on real estate transactions
Sales revenue euro 10 million euro 75 million recognized as
non-recurring effectin Q2
News on resale to strategic investorto be expected shortly
euroeuroeuro
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
17ADLER Equity Story
New ADLER Brand Campaign 2017 started in September 2017
Target Increase of footfall and revenue through
Activation of existing clients New client wins
Add emotions to the brand by linking it withappealing content (bdquoGreat appreciation of andcompliments for our clientsldquo)
Boost brand awareness
Implementation Focus on ADLER`s core brand value bdquoMode ist fuumlr
Menschen daldquo (bdquoFashion is for peopleldquo) Deployment of authentic charismatic self-confident
people (instead of models) 360-degree-implemenation across all channels
(TV Mailings Digital PoS) Adressing of clients and employees at the same time
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
18ADLER Equity Story
Forecast FY 2017 confirmed substantially higher profitability despite continued market weakness
Revenue Revenue slightly below prior-year level
EBITDA euro27-30 million
Expansion 1 store opening in 2017
Gross profit margin
Personnel expenses Slight decrease
Slight increase
Transport and logistics costs Slight increase
Revenue generated online Significant increase
Free Cash Flow At least level with 2016
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018
19ADLER Equity Story
Financial calendar amp contact details
Adler Modemaumlrkte AG Industriestraszlige Ost 1 ndash 763808 HaibachGermany
Phone +49 6021 633-1828Fax +49 6021 633-1417eMail InvestorRelationsadlerde
Report on the first quarter of 8 May 2018
Annual General Meeting 9 May 2018
Annual Report 2017 15 March 2018
FINANCIAL CALENDAR 2018
Report on the first half year 2 August 2018
Report on the first nine months 8 November 2018
German Equity Forum Frankfurt November 2018