FIRST QUARTER OF 2014

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1 01 UNTERNEHMEN BRIEF AN DIE AKTIONÄRE // ADLER 2013 // ADLER-AKTIE // BERICHT DES AUFSICHTSRATS // VORSTAND // AUFSICHTSRAT // CORPORATE GOVERNANCE BERICHT // VERGÜTUNGSBERICHT Entwurf 12. Mai 2014, 3:33 nachm. REPORT ON THE FIRST QUARTER OF

2 KEYFIGURES Income statement Q Q absolute ralative Revenue million % EBITDA million % EBITDA margin % -4.9% -8.2% 3.3 pps EBIT million % EBIT margin % -8.1% -11.6% 3.5 pps Consolidated profit for the year million % Earnings per share Q Q absolute ralative Earnings per share % Net assets 03/31/ /31/2013 absolute ralative Total assets million % Equity million % Equity ratio % 38.6% 40.3% Debt equity ratio Financial position Q Q absolute ralative Net cash flows from operating activities million % Net cash flows from investing activities million % Free cash flow million % Employees 03/31/ /31/2013 absolute ralative Number of employees as of June 30 number 4,216 4, % Stores 03/31/ /31/2013 absolute ralative Total number of stores number % FINANCIAL CALENDAR 13 May 2014 Report on the first quarter of May 2014 Annual General Meeting 7 August 2014 Report on the first half of November 2014 Report on the third quarter of 2014

3 INTERIM GROUP MANAGEMENT REPORT AS AT 31 MARCH 2014 HIGHLIGHTS: // Off to a good start in Q1, typically the industry s weakest quarter // Like-for-like revenue increases by 8.3% // Gross profit margin increases by two percentage points // EBITDA up E3.0 million compared to Q1/2013 // Significant improvement in all earnings indicators // New image and marketing campaign successfully launched ECONOMIC SITUATION AND BUSINESS DEVELOPMENT After closing out a subdued 2013 which saw only moderate growth, the global economy got off to a positive start in Economic forecasts by the leading organisations and researchers are pointing to a sustained upwards trend not only for the global economy, but also for the economies of the eurozone and its largest single market Germany. Researchers have concluded that the advanced economies, particularly the US and UK, will provide significant momentum to the global economy. Moreover, the economy in the euro area is continuing to pick up pace as it recovers from the recession. Surveys by the ifo-institute for Economic Studies in Munich also support this view. The Q survey of experts resulted in an overall business climate index of 119.9, the highest level since early In that survey, figures relating to actual performance basically matched the expectations of economic stakeholders. The member institutes in the Joint Economic Analyses project group, including DIW, ifo-institut, IWH and RWI, provide regular analyses of economic development in Germany and around the world on behalf of the German Federal Ministry for Economic Affairs and Energy. In its most recent report, published on 8 April, the economic researchers concluded that Germany would be in the midst of an economic upturn in the spring of The institutions mean forecast for economic growth was 1.9% for the overall year. Their report stated: The German economy is experiencing an upturn in spring [...] Domestic demand is the main driver of growth. Consumer prices will increase by a moderate 1.3 % in The number of persons in employment looks set to rise steeply once again in The only negative the researchers identified in this highly positive scenario was the German government s policy choices: Economic activity, however, will have to weather an economic policy headwind. The entitlement to a full pension as of 63 years is a step in the wrong direction and the introduction of the minimum wage will curb the rise in employment in 2015, they wrote. THE ENVIRONMENT FOR THE GERMAN TEXTILE RETAIL INDUSTRY The fashion business in spring 2014 is only subject to limited comparison with the prior-year period since Easter of 2013 fell in March and there were thus more shopping days in March This year, retailers benefited from an unusually mild winter and an early spring with warm temperatures. Thus, 3

4 growth in the clothing business was 8% greater than in the same month of the previous year with average industry growth for the overall quarter amounting to 3.0%. By contrast, footfall at German retailers continued to be cause for concern. The FootFall Index declined by 4.3% in Q1 of this year. By contrast, ADLER continued to experience the positive trend from the previous year. As in 2013, the Company on average outperformed its competitors in all respects. For instance, ADLER s revenue was up by 8.4% in the first quarter. After its new TV image and marketing campaign launched on 10 March with the slogan Fashion is for people, ADLER immediately saw a highly positive response among existing customers and new customers alike in Germany. The new motto speaks to a confident, easy-going approach to fashion, far removed from trend-chasing and supposed ideal sizes. The new campaign is intended to modernise and rejuvenate ADLER s image and is also aimed at winning over new customers. DEVELOPMENT AND ANALYSIS OF REVENUE Adler Modemärkte AG got off to a successful start to 2014 in the first quarter. Continuing the solid trend seen in 2013, ADLER increased like-for-like revenue by 8.3% in Q Thus the Company was again able to clearly outperform the German textile retail sector, which had only grown by approximately 3% during the same period. The Group s consolidated revenue in accordance with IFRSs increased by 8.4% in the first quarter, from E104.4 million to E113.2 million. This positive revenue trend was driven by the efficient sell-off of winter merchandise despite the mild winter weather, as well as by an additional day of sales in March and transitioned seamlessly into a good start to the current spring/summer season in March. In Germany, the Company s traditional core market, revenue saw an above-average increase of 10.2% to E92.9 million (previous year: E84.3 million). By contrast, revenue in Austria fell slightly (by 1.8% from E16.3 million to E16.0 million) in the first quarter due to the closure of two stores. Revenue in Luxembourg increased from E3.4 million in the prior-year quarter to E3.9 million in Revenue at the Switzerland store remained constant at E0.4 million. ADLER closed a total of three stores in Q1 2014, two of which in Austria. In addition, four stores were completely modernised. There were no new store openings in the first quarter. Thus, ADLER operated 168 stores as at the end of Q1 2014: 142 in Germany, 23 in Austria, two in Luxembourg and one in Switzerland. FINANCIAL PERFORMANCE In addition to revenue, gross profit also experienced positive development in the first quarter. The ADLER Group s cost of materials amounted to E54.9 million and was thus only 4.2% higher than in the previous year (E52.7 million). This means that the cost of materials ratio was 48.5% (previous year: 50.5%). The gross profit on goods sold thus rose by 2 percentage points from 49.5% to 51.5%. This corresponds to a 12.8% increase in gross profit from E51.7 million to E58.3 million. This positive development was attributable to factors such as the solid sell-off of winter merchandise despite the mild winter. Furthermore, thanks to forward-looking procurement planning and inventory policies, the management was able to avoid excess merchandise placing pressure on the margins. The warm, early onset of spring in March then resulted in a nearly seamless transition to sales of the newly arrived spring/summer collection. ADLER s personnel expenses increased by 3.9% in the first quarter, from E23.3 million in the previous year to E24.2 million. By contrast, other operating expenses increased less markedly than revenue during the reporting period, by 7.8% from E38.4 million in the previous year to E41.4 million. This 4

5 was due primarily to a small increase in building management expenditures and marketing and advertising expenses. ADLER s Executive Board regards earnings before interest, taxes, depreciation and amortisation (EBITDA) to be the most important performance indicator for income since it largely excludes any non-recurring items. The first quarter of the calendar year is typically the weakest quarter for ADLER. This is attributable to the seasonal sale of winter merchandise, ending with the seasonal clearance sale at the end of February. In March, the Company transitions to its new spring and summer collection. It therefore always records negative earnings in the first quarter due to seasonality. However, ADLER saw an encouraging improvement for all earnings metrics in the first quarter of For instance, Q1 EBITDA amounted to E-5.6 million. This represents a significant (E3.0 million, or 34.9%) improvement over the prior-year period (E-8.6 million). This was due primarily to the positive revenue and gross profit trend. Depreciation and amortisation in the first three months of 2014 amounted to E3.7 million, just slightly above the prior-year figure of E3.5 million. Earnings before interest and taxes (EBIT) improved by 24.0% from E-12.1 million in the previous year to E-9.2 million. The financial result was E-1.2 million (previous year: E-1.1 million). Earnings before taxes (EBT) increased by 20.5% and amounted to E-10.5 million (previous year: E-13.2 million). After factoring in E2.3 million in deferred taxes (previous year: E2.9 million), ADLER also improved its consolidated net loss for the year by 19.6% or E2.0 million from E-10.2 million to E-8.2 million. The adjusted earnings per share amounted to E-0.45 (based on 18,381,617 no-par value shares). Earnings per share totalled E-0.58 in the comparable period. FINANCIAL POSITION AND CASH FLOWS The ADLER Group s total assets as at 31 March 2014 amounted to E240.2 million; this represents an E11.8 million increase as compared to total assets as at 31 December 2013 (E228.4 million). Inventories increased by E10.3 million from E77.5 million (31 December 2013) to E87.8 million as at the end of March 2014 for reasons of seasonality due to the acquisition of the new spring/summer collection. Intangible assets remained stable at around E6.3 million (31 December 2013: E6.2 million). Property, plant and equipment decreased slightly by E0.5 million from E72.2 million as at 31 December 2013 to E71.7 million. Cash and cash equivalents fell slightly by E2.5 million from E54.5 million as at 31 December 2013 to E52.0 million as at 31 March On the equity and liabilities side of the statement of financial position, equity increased slightly by E0.7 million to E92.7 million as at the balance sheet date (31 December 2013: E92.0 million). The slight improvement was due to two countervailing effects. On the one hand, to the seasonal increase in net accumulated losses and on the other to the increase in capital reserves by approximately E8.0 million due to the sale of treasury shares in January The equity ratio decreased from 40.3% as at 31 December 2013 to 38.6%. Finance lease obligations fell from E54.0 million as at the end of 2013 to E52.8 million as at 31 March The largest change was of a seasonal nature and affected trade payables, which increased by E11.2 million from E34.2 million as at 31 December 2013 to E45.4 million. As at the end of the quarter, the debt/equity ratio rose from 1.48 (31 December 2013) to the present This seasonally fluctuating value increased due to the stable equity base and higher trade payables. ADLER s working capital (inventories plus trade receivables less trade payables) is based on the pure retail business mainly from inventories less accounts payable to suppliers. As at 31 March 2014, working capital fell from E43.4 million (31 December 2013) to E42.8 million. 5

6 CASH FLOW AND CASH FLOW MANAGEMENT Due to the increase in inventories and the consolidated loss for the period, ADLER reported a net cash outflow from operating activities as at the end of Q1 2014, as in the previous years. The net outflow amounted to E-5.4 million; however, this figure represented a significant (E6.5 million) improvement as compared to the previous year. The net cash outflow from investing activities amounted to E-3.7 million (previous year: E-2.3 million). This was due to the sharp increase in ADLER s existing store modernisation activities. However, free cash flow amounted to E-9.1 million and was thus E5.1 million higher than the previous year s E-14.2 million. The sale of treasury shares in January 2014 resulted in a net cash inflow from financing activities in Q amounting to E6.5 million (previous year: E-3.0 million). Accordingly, cash decreased only slightly during the period under review (E-2.6 million). In the previous year, it had fallen sharply by E17.1 million. INVESTMENT The ADLER Group s investments during Q totalled E3.7 million (previous year: E2.3 million). Of that amount, E3.3 million (previous year: E1.7 million) was attributable to property, plant and equipment (operating and office equipment) and E0.4 million (previous year: E0.6 million) to intangible assets. Investments in intangible assets consisted principally of costs for the now-completed introduction of RFID technology in ADLER s stock management and replenishment system. Investments in property, plant and equipment included costs incurred in the course of store modernisations in Wels, Salzgitter, Oberhausen and Bremen. EMPLOYEES The ADLER Group had a total of 4,216 employees as at 31 March 2014 (previous year: 4,294). This represented 1.8% fewer employees than in the same period of the previous year. This slight decrease was due primarily to the closing of three stores during the reporting period. Measured in full-time equivalents, ADLER had 2,706.7 employees as compared to 2,694.7 employees in the previous year. This corresponds to a year-on-year increase of just under 0.5%. As a company that takes on trainees, ADLER traditionally also assumes social responsibility for young people. As at the end of the first half of the year, the Company employed a total of 273 trainees, including interns (across all apprenticeship years). In the same period of the previous year, ADLER also employed 273 young trainees. RISK REPORT In preparing an assessment of the Company s opportunities and risks, ADLER was not able to identify any changes or developments as at the end of the first quarter that required a reassessment of the Company s position as presented in its 2013 annual report. There were no risks to the Company as a going concern and neither have any been identified for the foreseeable future. Please refer to the Report on risks and opportunities on pages 51 to 54 of the 2013 annual report for a description of the ADLER risk management system, including qualitative estimates. 6

7 REPORT ON EXPECTED DEVELOPMENTS AND OVERALL ASSERTION Given the 1.8% economic growth forecast for Germany this year and the sustained positive economic environment, the Executive Board of Adler Modemärkte AG believes that the basic conditions for moderate growth in the textile retail sector are in place. Moreover, since ADLER closed the first quarter with an above-average positive result, the Company is confident that it will be able to lift revenue and EBITDA over the overall year by a single-digit percentage based on the adjusted prior-year figures for The Executive Board also believes that the widely positive reactions to ADLER s new image and marketing campaign from existing and new customers alike underscore this view. REPORT ON SUBSEQUENT EVENTS There were no further significant events between the end of the reporting period and the date on which this interim financial report was published. ADLER S SHARE PRICE PERFORMANCE Adler Modemärkte AG s shares performed well in Q After returning and even exceeding the E10.00 mark towards the beginning of the year, they continued to trade above the ten-euro mark through most of the first three months of the year. On the first trading day (2 January), ADLER s shares closed at E10.25, reaching E10.92 by 31 March. The share price hit a first-quarter peak of E10.97 on 26 March. The share price on the German equities market only fell below ten euros on 13 trading days during the first quarter as part of a general market correction; shares reached their lowest closing price on 6 February at E9.15. Thus the recent increase in ADLER s share price of nearly 20 percent from E9.15 to E10.92 underscores their strong upward momentum in this quarter. As a way to continue to improve the climate for investors, the Executive Board of Adler Modemärkte AG again conducted investor conferences and roadshows in the first quarter of 2014 as well. For instance, the Executive Board visited investors in Germany, Switzerland, France and Scandinavia during this time. Some of the investment firms which have been closely following ADLER s development and issuing share recommendations on that basis currently believe that the shares have potential to trade between E11 and E16. At the recommendation of the Executive Board and Supervisory Board of Adler Modemärkte AG, the shareholders at the 14 May Annual General Meeting will vote on a proposed dividend of E0.45 per 7

8 CONSOLIDATED INCOME STATEMENT Consolidated Income Statement for the period from 1 January to 31 March 2014 k Jan.1,- March 31, 2014 Jan. 1,- March 31, 2013 Adjusted Revenue 113, ,372 Other operating income 1,812 1,453 Cost of materials -54,878-52,674 Personnel expenses -24,239-23,340 Other operating expenses -41,436-38,424 EBITDA -5,575-8,614 Depreciation and amortisation -3,666-3,467 EBIT -9,241-12,081 Other interest and similar income Interest and similar expenses -1,246-1,096 Net finance costs -1,220-1,085 Net income from operations -10,461-13,167 Income taxes 2,273 2,946 Consolidated loss for the period (-) -8,188-10,220 of which attributable to shareholders of Adler Modemärkte AG -8,188-10,220 Earnings per share* Basic in -0, Diluted in -0, *Earnings per share were calculated on the basis of the weighted average of existing shares in the period from 1 January 2014 to 31 March 2014 in the amount of 18,381,617 shares. 17,621,197 shares were taken into account in the previous year from 1 January 2013 to 31 March

9 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Consolidated statement of comprehensive income for the period from 1 January to 31 March 2014 k Jan.1,- March 31, 2014 Jan. 1,- March 31, 2013 Adjusted Consolidated loss for the period -8,188-10,220 Currency translation gains from foreign subsidiaries -6 0 Remeasurement of defined benefit pension entitlements and similar obligations 0 0 Deferred taxes 0 0 Items that will not be recycled to the income statement going forward -6 0 in fair value of available-for-sale financial instruments 6 7 Deferred taxes 0 0 Items that may subsequently be recycled to the income statement 6 7 Other comprehensive income 0 7 Consolidated total comprehensive income -8,188-10,213 9

10 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Consolidated statement of financial position as at 31 March 2014 ASSETS IN K March 31, 2014 Dec. 31, 2013 Non-current assets Intangible assets 6,293 6,227 Property, plant and equipment 71,726 72,205 Investment property 1,525 1,525 Other non-current receivables and assets Deferred tax assets 11,158 8,606 Total non-current assets 91,173 89,052 Current assets Inventories 87,765 77,536 Trade receivables Other current receivables and assets 8,604 7,016 Available-for-sale financial assets Cash and cash equivalents 51,954 54,526 Total current assets 149, ,394 Total ASSETS 240, ,446 10

11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Consolidated statement of financial position as at 31 March 2014 EQUITY AND LIABILITIES in k March 31, 2014 Dec. 31, 2013 EQUITY Subscribed capital 18,510 17,621 Capital reserves 127, ,409 Accumulated other comprehensive income -1,628-1,628 Net accumulated losses -51,564-43,376 Total equity 92,726 92,026 LIABILITIES Non-current liabilities Provisions for pensions and similar obligations 5,879 5,935 Other non-current provisions 2,051 1,460 Non-current financial liabilities 3,444 3,520 Non-current finance lease obligations 47,091 48,554 Other non-current liabilities 2,302 2,522 Deferred tax liabilities Total non-current liabilities 61,166 62,111 Current liabilities Other current provisions 2,753 3,596 Current financial liabilities 10,539 10,344 Current finance lease obligations 5,731 5,446 Trade payables 45,421 34,150 Other current liabilities 21,825 19,488 Current income tax liabilities 88 1,285 Total current liabilities 86,357 74,309 Total liabilities 147, ,420 Total EQUITY and LIABILITIES 240, ,446 11

12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity for the period from 1 January to 31 March 2014 k Subscribed capital Capital reserves Accumulated other comprehensive income Net accumulated losses Total equity Securities Currency translation Other changes* As at 1 January , , ,634-43,376 92,026 Sale of shares 889 7, ,888 Total transactions with shareholders 889 7, ,888 Consolidated loss for the period ,188-8,188 Other comprehensive income Consolidated total comprehensive income ,188-8,188 As at 31 March , , ,634-51,564 92,726 As at 1 January 2013 (adjusted) 17, , ,792-54,900 80,334 Share buyback Total transactions with shareholders Consolidated loss for the period ,220-10,220 Other comprehensive income Consolidated total comprehensive income ,220-10,213 As at 31 March , , ,792-65,120 70,121 *Other changes relate to actuarial gains and losses. 12

13 CONSOLIDATED STATEMENT OF CASH FLOWS Consolidated statement of cash flows for the period from 1 January to 31 March 2014 k Jan.1,- March 31, 2014 Jan. 1,- March 31, 2013 Adjusted Consolidated loss for the period (-) before taxes -10,461-13,167 (+) Depreciation of property, plant and equipment and amortisation of intangible assets 3,666 3,467 Increase (+)/ decrease (-) in pension provisions Gains (-)/ losses (+) from the sale of non-current assets Gains (-)/ losses (+) from currency translation -4 4 Other non-cash expenses (+)/ income (-) ,661 Net interest income 1,220 1,085 Interest income Interest expense Income taxes paid -1,602-1,218 Increase (-)/ decrease (+) in inventories -11,848-10,290 Increase (-)/ decrease (+) of trade receivables and other receivables Increase (+)/ decrease (-) of trade payables, other liabilities and other provisions 15,105 9,295 Increase (+)/ decrease (-) in other items of the statement of financial position Cash from (+)/ used (-) in operating activities (net cash flow) -5,384-11,874 Proceeds from disposals of non-current assets Payments for investments in non-current assets -3,720-2,323 Cash from (+)/ used (-) in investing activities -3,698-2,284 Free cash flow -9,082-14,159 Repayment (-)/payment (+) of current financial liabilities 0 0 Payments in connection with the repayment of loan liabilities Proceeds from sale of treasury shares 8,888 0 Dividend distribution 0 0 Payments in connection with finance lease liabilities -2,304-2,894 Cash from (+)/ used (-) in financing activities 6,510-2,959 Net decrease (-)/ increase (+) in cash and cash equivalents -2,572-17,118 Cash and cash equivalents at beginning of period 54,526 42,112 Cash and cash equivalents at end of period 51,954 24,994 Net decrease (-)/ increase (+) in cash -2,572-17,118 13

14 CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2014 I. PRELIMINARY REMARKS Adler Modemärkte AG is a corporation (Kapitalgesellschaft) in accordance with German law with its registered office at Industriestraße Ost 1-7, Haibach, Federal Republic of Germany. The relevant reg-istration court is located in Aschaffenburg (registered under Number HRB 11581). The ADLER Group (Adler Modemärkte AG and its subsidiaries) is engaged in apparel retailing and operates specialist clothing stores in Germany, Luxembourg, Austria and Switzerland. Under the trade name ADLER, the Group operates specialist clothing stores either on a stand-alone basis or as part of specialist store or shopping centres. It also operates specialist clothing stores together with other retailers at locations operated jointly. The range of goods offered by the ADLER stores includes womenswear, menswear and kidswear. The euro (E) is both the reporting currency and the functional currency of the ADLER Group. The figures in the notes to the consolidated financial statements are quoted in thousands of euros (KE). In its role as the ADLER Group s holding company, Adler Modemärkte AG assumes Group-wide re-sponsibilities for all of its subsidiaries. In particular, these include procuring goods, marketing, provid-ing IT infrastructure, financial accounting, audits, controlling and legal. Prior to 25 April 2013, the ultimate controlling company was bluo SICAV-SIF, Luxembourg. As of 25 April 2013, the ultimate controlling company is Steilmann Holding AG, Bergkamen. It indirectly holds the majority of the shares in the holding company, which it controls together with Excalibur I S.à r.l., Luxembourg, and ADLER s principal shareholder, S&E Kapital GmbH, Bergkamen. II. NOTES ON THE BASES AND METHODS EMPLOYED IN THE CONSOLI-DATED FINANCIAL STATEMENTS ACCOUNTING POLICIES The consolidated financial statements of Adler Modemärkte AG were prepared in accordance with the requirements of the International Accounting Standards Board (IASB), London, in conformity with In-ternational Financial Reporting Standards (IFRSs), as adopted by the EU. The interpretations issued by the IFRS Interpretations Committee (formerly the International Financial Reporting Interpretations Committee and the Standing Interpretations Committee) were also applied. Accordingly, these consol-idated interim financial statements as at 31 March 2014 were prepared in accordance with IAS 34 Interim Financial Reporting. Depreciation and amortisation, additions to provisions for pensions and interest payments are recognised as an expense in the period to which they relate during the year. Income and expenses in connection with taxes on income were determined on the basis of actual tax calculations. Those International Financial Reporting Standards (IFRSs) were applied that had become mandatory by the end of the reporting period on 31 March There was no early adoption of standards whose application had not yet become mandatory as at 31 March

15 The notes to the 2013 consolidated financial statements apply accordingly in particular with respect to the significant accounting policies adopted. To prepare the report for the quarter ended 31 March 2014, the prior year figures as at 31 March 2013 were adjusted retrospectively due to the change in the measurement of handling costs and the amendments to IAS 19. These interim financial statements were not subjected to an audit review (prüferische Durchsicht). GROUP OF CONSOLIDATED COMPANIES/SHAREHOLDINGS The consolidated financial statements include Adler Modemärkte AG as well as three German and three foreign subsidiaries. These subsidiaries are listed in the table below. Name, registered office Shareholding in % Currency Subscribed capital in local currency in E 000 Adler Modemärkte Gesellschaft m.b.h., Ansfelden, Austria 100 E 1,500 ADLER MODE S.A., Foetz, Luxembourg 100 E 31 Advers GmbH, Haibach 100 E 25 Adler Mode GmbH, Haibach 100 E 25 Adler Mode AG Schweiz, Zug, Switzerland 100 CHF 100 A-Team Fashion GmbH, Munich 100 E 25 ALASKA GmbH & Co. KG, Munich, in which the Group holds no interest, has also been included in the consolidated financial statements as a special purpose entity in accordance with SIC-12 on the basis of a rental agreement with Adler Modemärkte AG, Haibach (relating to an administration building). There were no changes in the group of consolidated companies in the first quarter of III. OTHER NOTES 1. SEASONAL EFFECTS The Group s revenue is subject to seasonal fluctuations. For example, revenue and earnings in the second half of the year, particularly in the fourth quarter, are higher than in the other quarters due to the sale of winter merchandise with a higher average selling price for each product. 2. EQUITY On 13 January 2014, the Executive Board of Adler Modemärkte AG resolved, with the advance con-sent of the Supervisory Board, to sell 888,803 treasury shares and placed all treasury shares at E10.00 per share on 14 January The gross proceeds of the issue amounted to E8,888,030 and were offset from the relevant equity items. E888,803 was recognised under subscribed capital and E7,999,227 was recognised under capital reserves. The subscribed capital thus amounts to E18,510 thousand. 3. EARNINGS PER SHARE There were 18,510,000 existing shares during the period under review. The weighted average of exist-ing shares amounted to 18,381,617 shares (previous year: 17,621,197 shares). Earnings per share amounted to E-0.45 (previous year: E-0.58). 15

16 Shares bought back during a period are taken into account on a pro-rated basis for the period in which they are in circulation. There are no dilutive effects at the present time. 4. COMPARATIVE INFORMATION FOR THE QUARTERLY FINANCIAL STATEMENTS AS AT 31 MARCH In financial year 2013, the expenses incurred to relocate inventories to their current location in their current condition were reviewed; any additional components added at Motex were identified as requir-ing to be recognised. The adjustment was made with retroactive effect from 1 January During the period from 1 January to 31 March 2013, inventories increased by additional incidental costs of acquisition amounting to E537 thousand (as at 31 December 2012: E2,905 thousand). Deferred tax assets fell by E144 thousand (as at 31 December 2013: E773 thousand). The effects of the new provisions of IAS 19 for recognising actuarial losses in other comprehensive income and aligning the return of plan assets to the discount rate had not yet been presented in the interim report on the first quarter of The corresponding figures have now been adjusted retro-spectively. Pension provisions as at 31 March 2013 increased by the amount of actuarial losses of E467 thousand not yet recognised (as at 31 December 2012: E1,315 thousand). Deferred tax assets fell by E18 thousand (as at 31 December 2012: E348 thousand). Cumulative other comprehensive income as at 31 March 2013 fell by E380 thousand (31 December 2012: E967 thousand). That figure included the total actuarial losses and the effects from changing the interest rate for the return on plan assets to the discount rate. This resulted in a E343 thousand positive adjustment effect on the face of the income statement for the first quarter of This change had no effect on cash. IV. SEGMENT REPORTING Under the provisions of IFRS 8, operating segments are identified on the basis of the internal organi-sation and reporting structure. An operating segment is defined as a component of an entity which generates revenues and incurs expenses from its business activities, whose operating results are regularly reviewed by the entity s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The chief operating decision maker is the Executive Board of Adler Modemärkte AG. As in the previous year, there was only one reportable segment in the reporting period: Stores (Modemärkte). 31/03/2014 in ke Stores segment Segment total Reconciliation with IFRS Adler Group External revenue (net) 113, , ,166 Revenue from other segments (net) Total revenue (net) 113, , ,166 Revenue from trading 53,348 53,348 Total cost -62,780-62,780 EBITDA -7,572-7,572 1,997-5,575 16

17 31/03/2013 in ke Adjusted Stores segment Segment total Reconciliation with IFRS Adler Group External revenue (net) 103, , ,372 Revenue from other segments (net) Total revenue (net) 103, , ,372 Revenue from trading 47,233 47,233 Total cost -60,293-60,293 EBITDA -11,601-11,601 2,987-8,614 Non-current assets, defined as intangible assets, property, plant and equipment and investment property, are broken down by region as follows: 31 March December 2013 ke Germany International Group Germany International Group Non-current assets 69,591 9,953 79,544 69,313 10,644 79,957 V. RELATED PARTY DISCLOSURES Prior to 25 April 2013, only companies controlled by the former principal shareholder bluo SICAV-SIF and its shareholders or legal representatives qualified as related parties. Prior to 25 April 2013, Adler Modemärkte AG was an associated company of bluo SICAV-SIF, Luxembourg. As of 25 April 2013, Adler Modemärkte AG is an associated company of S&E Kapital GmbH, Bergkamen, and indirectly an associated company of Steilmann Holding AG, Bergkamen. Steilmann Holding AG and its subsidiaries are thus to be considered related parties. Transactions with related parties are contractually agreed and carried out at arm s length prices. The following transactions were entered into with related parties: k Jan.1,- March 31, 2014 Jan. 1,- March 31, 2013 Services purchased from related parties Steilmann Group 4,323 0 The following balances with related parties were outstanding at the end of the reporting periods: k March 31, 2014 March 31, 2013 Services purchased from related parties Steilmann Group 24 0 Trade payables/services to related parties Steilmann Group Family members of individuals in key positions provided services to the ADLER Group in the amount of E0 thousand (1 January March 2013: E20 thousand). The services were remunerated at arm s length conditions. One family member of individuals in key positions has been employed at Ad-ler Modemärkte AG since 1 May 2013 at arm s length conditions. A member of the Executive Board was billed rent in the amount of E0.5 thousand. 17

18 Remuneration for members of the Supervisory Board in their function as employees amounted to E65 thousand (1 January March 2013: E52 thousand) during the reporting period. The number of stock appreciation rights (SARs) issued during the reporting period totalled 375,000 (1 January March 2013: 357,500). The current expense for the period amounts to E62 thousand (1 January March 2013: E14 thousand). The valuation parameters have not changed. As at the end of 31 March 2014, non-current provisions amounted to E349 thousand (31 December 2013: E287 thousand). For information relating to the remuneration of the Executive Board, please refer to the details given in the consolidated financial statements as at 31 December Haibach, 13 May 2014 Lothar Schäfer Chairman of the Executive Board Karsten Odemann Member of the Executive Board 18

19 Investor Relations // Adler Modemärkte AG // Industriestraße Ost 1-7 // D Haibach Telephone: // Fax: // InvestorRelations@adler.de 19

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