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10/09/2019 | 11:50 CET/CEST

TOM TAILOR Holding SE / Key word(s): Financing
TOM TAILOR Holding SE signs Term Sheet for loan agreement until end of September 2022 - therefore adjustment required for preliminary results 2018

09-Oct-2019 / 11:50 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

TOM TAILOR Holding SE signs Term Sheet for loan agreement until end of September 2022 - therefore adjustment required for preliminary results 2018


Hamburg, 09 October 2019. TOM TAILOR Holding SE (ISIN: DE000A0STST2) today came to an agreement with the consortium banks and majority shareholder Fosun on a new financing structure and the associated contributions to be made by the respective parties, and they signed a corresponding Term Sheet. The parties aim to finalise the contract documentation by the end of October 2019 at the latest. The new agreement, which will run until the end of September 2022 and has a total volume of EUR365 million secures the long-term financing of the TOM TAILOR Group and allows for more flexibility with regard to future growth.

Due to the planning timeframe through to 2022, as laid out in the Term Sheet and based on the Independent Business Review (IBR) carried out for this time period by BCG, the Management Board is adjusting the preliminary results for fiscal 2018 that were published on 13 May 2019. The adjustment is mainly due to the increase in provisions for contingent losses as a result of a more conservative assessment of the future business performance. In addition, the accounting standard IFRS 5 (discontinued operations) will no longer be applied. The reason for this is that the Management Board has adjusted its estimate with regard to the timing of a potential sale of BONITA.

Accordingly, based on the provisional, unaudited results for the TOM TAILOR brand, the Management Board expects a turnover of EUR618.1 million (13 May 2019: EUR616.9 million), an EBITDA of EUR64.0 million (13 May 2019: EUR70.6 million) and an EBITDA margin of 10.4% (13 May 2019: 11.4%).

Turnover at the BONITA division remains at EUR225.7 million. EBITDA, however, has decreased to EUR-38.2 million (13 May 2019: EUR-24.6 million) according to the provisional, unaudited results.

As a result of the adjustment, gross profit for TOM TAILOR will increase marginally to EUR349.7 million (13 May 2019: EUR349.4 million) and for BONITA it will remain at EUR140.1 million.

Once the financing agreement has been finalised, the company also plans to complete and publish the financial statements and consolidated financial statement for 2018.

Investor contact
Viona Brandt
Head of Investor Relations
Telephone: +49 (0) 40 58956-449
E-mail: viona.brandt@tom-tailor.com

Media contact
Harriet Weiler
Head of Corporate Communications
Telephone: +49 (0) 40 58956-168
E-mail: harriet.weiler@tom-tailor.com

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