DGAP-News: TOM TAILOR GROUP starts cash capital increase and publishes initial results on its performance in the first nine months of 2013
(firmenpresse) - DGAP-News: TOM TAILOR Holding AG / Key word(s): Capital Increase
TOM TAILOR GROUP starts cash capital increase and publishes initial
results on its performance in the first nine months of 2013
23.10.2013 / 18:21
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TOM TAILOR GROUP starts cash capital increase and publishes initial results
on its performance in the first nine months of 2013
- Group sales up 64.6% to EUR 656.0 million
- Improvement of gross profit margin by 4 percentage points to 54.7%
- Recurring EBITDA increases by 52.8% to EUR 47.2 million
- Cash capital increase to strengthen equity base
Hamburg, 23 October 2013. The Management Board of TOM TAILOR Holding AG
today decided, with the approval of the Supervisory Board, to carry out a
capital increase against cash contributions through the partial utilisation
of authorised capital. The Company intends to use the proceeds from the
capital increase to strengthen its equity ratio, reduce its gearing and
acquire shares of subsidiaries. In advance to this transaction, TOM TAILOR
GROUP is publishing key figures on its performance in the first nine months
of 2013.
'TOM TAILOR GROUP has significantly gained momentum and recorded a sharp
increase in sales and operating result. The measures we have implemented at
BONITA are beginning to bear fruit and their impact is becoming clearer
each quarter. Subsequent to merging our two umbrella brands operationally,
thereby creating an efficient infrastructure, we now want to further
strengthen the Company's equity base by means of a capital increase,' said
Dieter Holzer, Chairman of the Management Board (CEO) of TOM TAILOR Holding
AG.
Capital increase against cash contributions to strengthen equity base
The transaction will involve the issue of 1,818,098 new no-par-value
registered shares, which excludes shareholders' subscription rights, and
will raise the share capital of TOM TAILOR Holding AG from EUR
24,209,035.00 to EUR 26,027,133.00. The new shares are entitled to share in
profits from 1 January 2013.
The proceeds generated from the capital increase will serve to strengthen
the equity ratio to a target range of between 30% and 35%. As of 30
September 2013, the equity ratio amounted to 26.1% (PY: 28.4%). Net debt of
TOM TAILOR GROUP amounted to EUR 276.1 million on 30 September 2013 (PY:
EUR 279.4 million), the transaction thus also serves to reduce the gearing
ratio. In addition, the Company plans to use a proportion of the funds
raised to acquire minority shareholdings in subsidiaries. Through the
purchase of these shares, the Company acts in the interest of its
shareholders and should be able to reduce profit distributions to minority
shareholders.
The new shares will be offered today for purchase to both, German and
international institutional investors (excluding Canada, Japan and
Australia) in a private placement with accelerated bookbuilding. The issue
price will be set immediately after the accelerated bookbuilding,
presumably on Thursday, 24 October 2013. The Company has applied for
permission without a prospectus and for the new shares to be traded on the
regulated market of the Frankfurt Stock Exchange and to be included in the
Prime Standard, as well as for trading on the regulated market of the
Hamburg Stock Exchange. It is intended that the new shareswill be included
in the current listing on 28 October 2013.
Increase in sales of around 65%
TOM TAILOR GROUP benefited in the third quarter from an improved market
environment and the first positive effects induced by the optimisation
programme at the BONITA umbrella brand. In the first nine months of 2013
the Group boosted its sales by 64.6% to EUR 656.0 million (PY: EUR 398.5
million). When making comparisons with the previous year, it should be
noted that BONITA was consolidated from August 2012 onwards.
TOM TAILOR Retail was once again the fastest-growing segment in the
reporting period. The segment increased its sales by 28.4% to EUR 174.9
million (PY: EUR 136.2 million). The BONITA Retail segment generated sales
of EUR 254.2 million; in the third quarter, BONITA recorded like for like
growth of 5.3% for the first time since its acquisition by TOM TAILOR
GROUP. BONITA's positive performance resulted primarily from improved
merchandise management and shop floor controlling.
The Group also managed to expand its sales significantly in the wholesale
segment (exclusively TOM TAILOR). Sales rose by 10.7% to EUR 226.9 million
(PY: EUR 205.0 million) in the first nine months of the year.
Improvement of gross profit margin by 4 percentage points to 54.7%
Increased sales, the use of a joint design, development and procurement
platform and economies of scale had a positive impact on the Group's
profitability. TOM TAILOR GROUP's gross profit margin increased by
4 percentage points to 54.7% (PY: 50.7%). The Group's earnings before
interest, taxes, depreciation and amortisation (EBITDA) adjusted for
one-off items rose by 52.8% to EUR 47.2 million (PY: EUR 30.9 million).
BONITA contributed EUR 12.7 million to this figure. In the TOM TAILOR
Retail segment, recurring EBITDA grew by 24.1% to EUR 9.9 million. TOM
TAILOR Wholesale increased its recurring EBITDA by 44.2% to EUR 24.6
million. In the first nine months of 2013, TOM TAILOR GROUP generated a
cash flow from operating activities of EUR 10.4 million.
For the same nine-month period, TOM TAILOR GROUP reported a recurring net
result of EUR 0.2 million (PY: EUR 5.5 million). The decrease in the
reported net result to EUR -13.9 million (PY: EUR -3.5 million) can be
attributed mainly to the income of EUR 11.1 million contained in the
previous year's figure which resulted from the positive badwill arising
from the takeover of BONITA.
TOM TAILOR Holding AG will publish its complete report on the third quarter
and the first nine months of 2013 on 7 November 2013.
TOM TAILOR GROUP 9M 2013 9M 2012 3Q 2013 3Q 2012
Sales (in EURm)
Group 656.0 398.5 249.0 190.7
Wholesale 226.9 205.0 90.2 82.8
TOM TAILOR Retail 174.9 136.2 67.1 50.6
BONITA 254.2 57.3 91.7 57.3
Gross Margin (in %)
Group 54.7 50.7 52.1 50.9
Wholesale 43.5 42.0 41.7 38.9
TOM TAILOR Retail 58.5 58.5 55.4 56.7
BONITA 62.1 63.2 60.0 63.2
Recurring EBITDA
(in EURm)
Group 47.2 30.9 21.4 19.1
Wholesale 24.6 17.0 10.9 9.2
TOM TAILOR Retail 9.9 8.0 4.9 4.0
BONITA 12.7 5.9 5.5 5.9
TOM TAILOR GROUP
Operating cashflow (in EURm) 10.4 (34.7) 5.9 (25.9)
Net debt (in EURm) 276.1 279.4 276.1 279.4
Equity ratio (in %) 26.1 28.4 26.1 28.4
This release is neither an offer for sales nor to purchase nor for the
subscription of securities of TOM TAILOR Holding AG. In connection with the
transaction there have not been and will not be any public offer and no
prospectus published.
This document is not for publication or distribution, directly or
indirectly, in or into the United States. This document does not constitute
or form part of an offer of securities for sale or solicitation of an offer
to purchase securities in the United States, Canada, Australia, Japan or in
any other jurisdiction where such offer may be restricted. The securities
referred to in this document have not been, and will not be, registered
under the US Securities Act of 1933, as amended (the 'Securities Act'), and
may not be offered or sold in the United States or to or for the account or
benefit of US persons (as such term is defined in Regulation S under the
Securities Act), except on the basis of an applicable exemption from
registration or in a transaction not subject to the registration
requirements of the Securities Act. There will be no public offering of
securities in the United States or anywhere else.
This communication is directed only at persons who: (i) are qualified
investors within the meaning of the Financial Services and Markets Act 2000
(as amended) and any relevant implementing measures and/or are outside the
United Kingdom or (ii) have professional experience in matters relating to
investments who fall within the definition of 'investment professionals'
contained in article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended) (the 'Order') or are persons
falling within article 49(2)(a) to (d) (high net worth companies,
unincorporated associations, etc.) of the Order, or fall within another
exemption to the Order (all such persons referred to in (i) and (ii) above
together being referred to as 'Relevant Persons'). Any person who is not a
Relevant Person must not act or rely on this communication or any of its
contents. Any investment or investment activity to which this communication
relates is available only to Relevant Persons and will be engaged in only
with Relevant Persons.
About TOM TAILOR GROUP
The TOM TAILOR GROUP is an international fashion and lifestyle company
offering stylish casual wear and accessories in the medium price range
through its umbrella brands TOM TAILOR and BONITA. The TOM TAILOR umbrella
brand comprises the brands TOM TAILOR, TOM TAILOR Denim and TOM TAILOR POLO
TEAM. Its collections are aimed at customers aged between 0 and 40 and are
marketed in more than 35 countries via its wholesale and retail segments.
BONITA, one of Germany's leading fashion brand producers and retailers, has
been a part of the TOM TAILOR GROUP since August 2012. BONITA sells mens-
and womenswear collections for the over-40 age group.
In fiscal year 2012, the TOM TAILOR GROUP reported sales of EUR 629.7
million, of which EUR 153.9 million was generated by BONITA. The Group has
approximately 1,300 own stores in the retail segment. About 1,000 of these
are BONITA and BONITA men stores, and 335 are TOM TAILOR stores. The TOM
TAILOR brand is also sold via retail partners.
Further information is also available at www.tom-tailor-group.com and
www.bonita.eu
Media and investor contact
Felix Zander
Head of Investor Relations&Corporate Communications
TOM TAILOR GROUP
Phone: +49 (0) 40 58956-449
Fax: +49 (0) 40 58956-199
Email: felix.zander(at)tom-tailor.com
Erika Kirsten
Manager Corporate Communications
TOM TAILOR GROUP
Phone: +49 (0) 40 58956-420
Fax: +49 (0) 40 58956-199
Email: erika.kirsten(at)tom-tailor.com
End of Corporate News
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23.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: TOM TAILOR Holding AG
Garstedter Weg 1422453 Hamburg
Germany
Phone: +49 (0) 40 589 56 0
Fax: +49 (0) 40 589 56 398
E-mail: info(at)tom-tailor.com
Internet: www.tom-tailor-group.com
ISIN: DE000A0STST2
WKN: A0STST
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, Düsseldorf, Hannover, München,
Stuttgart
End of News DGAP News-Service
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235901 23.10.2013
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Datum: 23.10.2013 - 18:21 Uhr
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