EANS-News

Wolford debt-free after repayment of all loans

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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
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Company Information

Bregenz - On May 28, 2020, the buyer of the company property in Bregenz, the
neighboring Blum Group, transferred the agreed purchase price of approximately
EUR 72 million to the Wolford AG. At the same time Wolford repaid all credit
lines to its financing banks. Simultaneously, the company repaid the shareholder
loan including interests granted by Wolford's main shareholder Fosun Fashion
Investment Holdings (HK) Limited. "This means that our company is now debt-free
and also has sufficient funds available to overcome the current crisis and drive
forward the further development of the company as planned," states Wolford
Executive Board member Andrew Thorndike.

Regarding the consequences of the corona crisis, the Executive Board and
management of the Wolford AG expect noticeably negative consequences for the
development of sales and earnings of the Wolford Group. As already communicated
on March 11, 2020, this will have a corresponding impact on the figures for the
completed fiscal year (May 1, 2019 - April 30, 2020), which will be presented on
July 23, 2020, as well as on the operating profit (EBIT) for the current fiscal
year. However, the successful sale of the property will be reflected in the
financial statements of Wolford AG for the 2020/21 fiscal year as non-recurring
income in the form of a book profit of approximately EUR 49 million.



Further inquiry note:
Wolford AG
Investor Relations & Corporate Communications
Tel.: [phone]
[e-mail] - company.wolford.com

end of announcement euro adhoc
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issuer: Wolford Aktiengesellschaft
Wolfordstrasse 1
A-6900 Bregenz
phone: [phone]
FAX: [phone]
mail: [e-mail]
WWW: http://company.wolford.com
ISIN: AT0000834007
indexes: ATX GP
stockmarkets: New York, Frankfurt, Wien
language: English

Additional content: https://www.presseportal.de/pm/112754/4614390
OTS: Wolford Aktiengesellschaft