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MarketScreener Homepage  >  Equities  >  Xetra  >  Gerry Weber International AG    GWI1   DE0003304101

GERRY WEBER INTERNATIONAL AG

(GWI1)
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Gerry Weber International AG: Expert Opinion affirms good prognosis for the restructuring

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10/18/2018 | 02:40am EDT

DGAP-News: Gerry Weber International AG / Key word(s): Miscellaneous
Gerry Weber International AG: Expert Opinion affirms good prognosis for the restructuring (news with additional features)

18.10.2018 / 08:33
The issuer is solely responsible for the content of this announcement.


Corporate News

Expert Opinion affirms good prognosis for the restructuring of
GERRY WEBER

(Halle/Westphalia, 18 October 2018) The draft of the restructuring opinion in line with Standard S6 (IDW S6), to verify the company's capability for a successful restructuring and to support the current substantial transformation process, commissioned by GERRY WEBER International AG, concluded with a positive prognosis. According to the opinion, the fundamental core business model of GERRY WEBER Group is sustainable and viable for the future. The extensive restructuring measures proposed by GERRY WEBER and confirmed by auditing firm Ebner Stolz, continue the currently implemented Performance Program and will substantially exceed it in parts. Currently, GERRY WEBER is engaged in a constructive dialogue with its financing partners, to ensure the ongoing financing of the group and to place it on a sustainable foundation. In parallel, necessary operational and structural restructuring measures were already launched.

Deep cuts expected

"Firstly, we are glad to receive the confirmation, that our core business model is successful and viable for the future", said Ralf Weber, outgoing CEO of GERRY WEBER International AG. "We will however have to account for the dramatic changes in our markets and the strongly changing purchase behavior of our customers. This will inevitably result in deep cuts both in personnel as well as the corporate structure", Weber continued. "The expert opinion, combined with the ongoing Performance Program, provides us with the greatest possible transparency for the dialogue with our financing partners and the ongoing restructuring process", added Florian Frank, Member of the Managing Board and Chief Restructuring Officer. "At the current stage of the dialogue, we are very confident to successfully and sustainably restructure first our financing and then the entire company", Frank said.

Johannes Ehling, Member of the Managing Board and designated Spokesman of the Managing Board, commented: "I am absolutely convinced, that we will return to the road to a prosperous future after our successful restructuring. With our core business model, our strong brands and in particularly our excellent team, we are ideally positioned for that. Despite all uncertainties posed by the restructuring process, it can be felt in many places, that our transformation with the Performance Program reaches our customer, business partners and employees. This encourages us, and this is what we work hard for every day."

GERRY WEBER International AG will continue to report about the progress of the ongoing transformation and restructuring in a timely manner.

About the GERRY WEBER Group

GERRY WEBER International AG, headquartered in Halle/Westphalia, operates on a global scale and unites five strong fashion brands under one roof: GERRY WEBER, TAIFUN, SAMOON, talkabout and HALLHUBER. Since its beginning in 1973 GERRY WEBER International AG, which is listed in the Prime Standard of the German Stock Exchange, has become one of the best known German fashion and lifestyle companies with approximately 1,230 company-managed stores and sales spaces (incl. 410 from HALLHUBER), approximately 2,480 shop-in-shops and 280 franchised stores worldwide as well as brand online-shops in nine countries. With some 6,500 employees worldwide (including about 2,065 from HALLHUBER) and distribution channels in roughly 60 countries, the GERRY WEBER Group is one of the largest listed fashion companies in Germany.

In the financial year 2016/17 (1 November 2016 to 31 October 2017) the GERRY WEBER Group generated sales revenues of EUR 880,9 million and operating income (EBIT) in the amount of EUR 10.3 million. The HALLHUBER subsidiary, which was acquired in February 2015, contributed EUR 194.3 million to GERRY WEBER Group sales.

The Managing Board consists of Ralf Weber (CEO), responsible for the departments Corporate Development, Strategy, Procurement and Logistics, the Strategic Business Units (SBUs) "GERRY WEBER/talkabout" and "TAIFUN/SAMOON" as well as for the departments Finance, Controlling, Central Purchasing, Compliance, Investor Relations and HR. Johannes Ehling (CSO-CDO) is in charge for the national and international distribution channels (Wholesale, Retail and E-Commerce), IT and the digital strategy of the GERRY WEBER Group as well as for the HALLHUBER SBU. Florian Frank (CRO) is responsible for the development and implementation of the restructuring and transformation program as part of the strategic repositioning of GERRY WEBER Group.



GERRY WEBER International AG

Investor Relations Contact: Press Contact:
Gundolf Moritz Cornelia Brüning-Harbrecht
Mirnock Consulting Head of Corporate Communications
Phone: +49 6227 732772 Phone: +49 (0)5201 185 320
Email: gmoritz@mirnock-consulting.de Email: cornelia.bruening-harbrecht@gerryweber.com

Additional features:

Document: http://n.eqs.com/c/fncls.ssp?u=WFQYTFANQG
Document title: Restructuring


18.10.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Gerry Weber International AG
Neulehenstraße 8
33790 Halle/Westfalen
Germany
Phone: +49 (0)5201 185-0
Fax: +49 (0)5201 5857
E-mail: info@gerryweber.com
Internet: www.gerryweber-ag.de
ISIN: DE0003304101
WKN: 330410
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; SIX, Vienna Stock Exchange

 
End of News DGAP News Service

734881  18.10.2018 

fncls.ssp?fn=show_t_gif&application_id=734881&application_name=news&site_id=zonebourse

© EQS 2018
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Financials (EUR)
Sales 2018 814 M
EBIT 2018 -
Net income 2018 -17,7 M
Debt 2018 212 M
Yield 2018 -
P/E ratio 2018 -0,15x
P/E ratio 2019 0,20x
EV / Sales2018 0,26x
EV / Sales2019 0,20x
Capitalization 2,28 M
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Mean consensus UNDERPERFORM
Number of Analysts 2
Average target price 0,00  €
Last Close Price 0,05  €
Spread / Highest target -100%
Spread / Average Target -100%
Spread / Lowest Target -100%
EPS Revisions
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NameTitle
Ernst Friedrich Schröder Chairman-Supervisory Board
Jörg Stüber Chief Financial Officer
Gerhard Weber Vice Chairman-Supervisory Board
Udo Hardieck Member-Supervisory Board
Charlotte Weber-Dresselhaus Member-Supervisory Board
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