DGAP-News

Gerry Weber International AG: GERRY WEBER International AG reports noticeable increase in sales and normalised EBITDA for first half of 2022 - Seite 2

Driven by the positive sales growth, reported EBITDA (including the effects from lease accounting to IFRS 16) increased to EUR 19.6 million (previous year: EUR 7.5 million). The reported EBIT margin stood at 12.5%, up from 7.1% in the previous year. Adjusted for the effects from lease accounting to IFRS 16, normalised EBITDA improved to EUR 2.2 million in the first half of the year (previous year: EUR -9.2 million). As a result, the normalised EBITDA margin amounted to 1.4%, compared to -8.7% in the previous year. The result for the period stood at EUR -12.4 million at the six-month stage, compared to EUR -24.7 million in the prior year period.

“The performance following the gradual lifting of all Covid-related restrictions confirms that our customers very much appreciate our ageless collections,” said Angelika Schindler-Obenhaus, CEO of GERRY WEBER International AG. “The effect is noticeable across all distribution channels. Our first-time participation in the PREMIUM fashion show in Berlin and the collections presented there met with a very positive response from potential and existing customers, which encourages us to continue implementing our strategy with great determination.”

Positive free cash flow and robust cash position at Group level

In spite of the challenging environment, GERRY WEBER generated positive free cash flow of EUR 6.8 million in the first half of the year (previous year: EUR 13.5 million). At EUR 11.7 million (previous year: EUR 16.7 million), the positive operating cash flow made a major contribution to this.

Cash and cash equivalents of EUR 63.8 million as of 30 June 2022 (end of previous year: EUR 50.0 million) testify to the company’s robust cash position. At EUR 20.6 million, net debt was slightly above the previous year’s EUR 19.1 million. The equity ratio declined by 3.7 percentage points to 16.2%.

“The environment in which we operate will remain challenging and volatile in the second half of 2022. This is why we are consequently implementing further optimisation measures so as to be able to take action at all times. Our current cash position is robust. By partially refinancing a revolving credit facility, we have taken a first step on the refinancing side and will continuously address options for the upcoming refinancing in the next fiscal year,” said Florian Frank, CFO of GERRY WEBER International AG.