GLOBAL FASHION GROUP EXPECTS POSITIVE ADJUSTED EBITDA AND STRONG CASH GENERATION IN Q207/09/2020
DGAP-Ad-hoc: GLOBAL FASHION GROUP EXPECTS POSITIVE ADJUSTED EBITDA AND STRONG CASH GENERATION IN Q2
Global Fashion Group S.A. / Key word(s): Miscellaneous
GLOBAL FASHION GROUP EXPECTS POSITIVE ADJUSTED EBITDA AND STRONG CASH GENERATION IN Q2
Luxembourg, 9 July 2020 - Global Fashion Group S.A. ("GFG"), the leading online fashion and lifestyle destination in growth markets, reports that it expects Q2 to be its second Adjusted EBITDA-profitable and first cash flow-positive quarter as a result of strong customer demand recovery since the end of April, and the Company's strategic response to the COVID-19 pandemic. This performance is expected to be significantly above current market expectations, which for Adjusted EBITDA margin ranges from (2.0)% to 0.7%.
Preliminary results indicate the following expected outcomes for GFG's performance in Q2:
GFG will publish its second quarter and first half results on 20 August.
All numbers presented in this release are unaudited and based on first preliminary indications (including a number of estimates). The final numbers may deviate from the numbers presented in this release.
1 Includes restricted cash of €20m related to the current RCF facility and approximately €10.5m drawn on local working capital facilities (Q1 20: €20m and €7.9m respectively).
2 Order Intake is the measure used by GFG to define sales within quarterly periods and measures customer order value including VAT and sales taxes and net of provisioned returns and rejections at the date of customer order.
Person making the notification: Andin Fonyonga, Group Head of Legal & Compliance.
KPI and financial definitions, including the alternative performance measure Adjusted EBITDA, are available in the FY 2019 annual report, available on the Company website here.
Press / Communications
Jovana Lakcevic, Head of PR & Communications
Adam Kay, Investor Relations Director
Forward looking information
This announcement contains forward-looking statements. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in this announcement, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions.
About Global Fashion Group
Global Fashion Group is the leading fashion and lifestyle retail destination in Asia Pacific, Latin America and CIS. We connect over 10,000 global, local and own brands to a market of more than one billion consumers through four established e-commerce platforms: THE ICONIC, ZALORA, dafiti and lamoda. Through an inspiring and seamless customer experience enabled by our own technology ecosystem and operational infrastructure, we are dedicated to being the #1 fashion and lifestyle destination in our markets. With 17 offices and 10 fulfilment centres across four continents, GFG proudly employs a dynamic and diverse team with deep local knowledge and expertise. In 2019, GFG delivered over 34.6 million orders to 13.1 million Active Customers. (ISIN: LU2010095458.)
For more information visit: www.global-fashion-group.com
09-Jul-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Global Fashion Group S.A.|
|Phone:||+352 691 20 56 54|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Tradegate Exchange; Luxembourg Stock Exchange|
|EQS News ID:||1090825|
|End of Announcement||DGAP News Service|