The Board of Directors has approved the annual report for the financial year J uly 1. 2014 - June 30. 2015 for STYLEPIT A / S.

"It has been a busy year with many changes. We have successfully completed a turnaround of the business model, and after the recent capital increase all focus is on gaining even stronger market shares in our core markets in order to create a long term commercial success, "said Marc Jeilman, CEO of STYLEPIT.

Summary


STYLEPIT A/S realized revenues of DKK 364.2 mill. representing an annual decline of 22.5%. The contraction reflects an active decision to focus on profitability before growth. Posted revenue is in line with expectations previously published.


EBITDA amounted to DKK - 30.2 mill. which is in line with the latest guidance. The results should be seen in light of a transformation year focusing on a turnaround and the introduction of the "STYLEPIT" brand on the home markets.

Total income is included depreciations amounting to DKK - 15.5 mill.

The company's real-estate portfolio per June 30. 2015 represent a book value of DKK 54.5 mill.

Shareholders' equity per 30 June 2015 amounted to DKK 15.7 million. The equity has been increased through a capital increase with gross proceeds of DKK 48.4 million after the year end.

STYLEPIT A/S has over the past 18 months restructured the business with a significant reduction in cost and a significant reduction in capital tied up in working capital. With headquarters in Copenhagen, warehouse and shipping facilities in Poland and IT development in Ukraine, management considers that the platform is poised to serve a growing online market.


The company will in 2015/16 focus on the Danish and Nordic home markets.

Outlook for 2015/16

For the financial year 2015/16, management expects revenue of around DKK 350 mill. and a modest but positive EBITDA.


Questions regarding this announcement may be addressed to the Chairman of the Board NE Nielsen on mobile no. +45 42 43 33 43 or to the CEO Marc Jeilman on mobile no. +45 20 35 25 80.

STYLEPIT A/S

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