ADLER Modemärkte AG

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1 ADLER

ADLER Modemaumlrkte AG

Equity Story June 2015

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ADLER 2 ADLER

1

Most recent business highlights 2

3 Financials Q1 2015

Investment case

4 Outlook 2015

5 APPENDIX Financials FY 2014

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3 ADLER

Adler Modemaumlrkte AG is one of the leading and largest

textile retail chains in Germany

In depth experience with attractive (high purchasing power) and growing target group (menwomen 45+) specific brands portfolio and shopping experience

Highly attractive positioning in the value segment lower mid-price above discount segment

Strong track-record with omni-channel distribution strategy (retail stores growing online offer clickampcollect) and technological pioneer (RFID)

Focus on German speaking market

Strong track-record with omni-channel distribution strategy (retail stores growing online offer clickampcollect)

Strong dividend track-record

Highly committed and experienced management team (Lothar Schaumlfer CEO Karsten Odemann CFO)

1

2

3

4

5

6

rdquoPrice is the most important factor for European consumersrdquo Source xerfi Global Clothing Retail Chains ndash Europe Market Analysis ndash 2014-2019 Trends ndash Corporate Strategies November 2014

7

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4 ADLER

Competitive advantages

Target group

bull High loyalty

bull Demographic shift

bull Dominant share in consumption spending

Customer Card

bull 90 of revenues generated via customer card

bull Wide customer database

bull Efficient marketing tool

Late fashion follower

bull Low fashion risk

bull Low cost pressure due to longer lead times

bull But ability to adapt quickly when needed

Brand positioning

bull High brand awareness in Germany of 76

bull Focus on Best Agers in the Value for Money segment

Set in motion

bull E-shop

bull RFID Robotics

bull Sourcing enhancement

bull MomampPop Shop acquisitions

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5 ADLER

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Unique brand positioning with strong target group focus 45+

high

Source Company information

Pri

ce le

vel

Average age low

high

Source Company information Axel Springer AG OCampC-Analysis

23

51 55

24

1816

24

15 13

2916 16

below 50 years

50 ndash 59 years

60 ndash 69 years

70 years and older

Overall population

100

ADLER

100

Peer group

100

Outstanding focus on best ager in the value for money segment

Only fashion retailer dedicated to target customers aged 45+

Average age of 60 years

Demographic change enables high future potential in the target market

Customers aged 50+ are the most important customer group for clothing footwear and jewellery already accounting for 52 of total consumption growing to c59 in 2020

Agentur fuumlr Generationen-Marketing (June 2010) Roland Berger

Adler has older customers than competitors Unique position in the target group best agers

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6 ADLER

Outstanding value-for-money perception

Fashion follower approach ndash conservative fashion grade management of market proven styles minimizing fashion risk

Excellently positioned in the attractive fast growing value fashion segment and above the vulnerable discount segment

6

Unique brand position Brand positioning of ADLER

Fashion degree low high

Up

per

Mid

dle

D

isco

un

t V

alu

e



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7 ADLER

45+ an attractive target group with high growth potential

Strong demographic growth through increased life expectancy and baby boomers entering target customer segment

The demographic shift significantly increases the best ager target group in the future

The share of women in Europe stays constant at 52

From 2010 to 2050 the median age of the European population is expected to increase from 403 to 457

The equivalent number in Germany is 443 to 515

The female best ager will account for 57 of the total European apparel market by 2018 signifying euro 200 bn (38 in 2011 signifying euro 128 bn)

5 3 1 1 3 5

05

101520253035404550556065707580

85+

Ag

e

Men Women

Source xerfi Global Clothing Retail Chains ndash Europe Market Analysis ndash 2014-2019 Trends ndash Corporate Strategies November 2014

Favorable demographic development in Europe

Demographic development (EU28) in of the total population

Solid colour 2080 Bordered 2013

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8 ADLER

Strong brand awareness

Strong brand awareness of 76 among all age groups in Germany

High brand recognition in relation to existing store network offers strong future sales potential

Germany ndash Number of Stores2) Germany ndash Brand Awareness1)

Sources 1) Textilwirtschaft (Top Shops 2013 2) Company information latest publications at enquiry

All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

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9 ADLER

Set for further growth of net store base

Existing ADLER stores

Potential new ADLER stores in AT and DE

Number of ADLER Stores Per Country

Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2

Switzerland 2012 1 1 1 1

Total Group 123 135 162 169 171 170 178

Organic openings 3 8 13 11 5 4 0

Acquired (MampP) 7 18 5 1 0 10

Closingssold 1 3 3 9 4 5 2

Net change 2 12 28 7 2 -1 8

ADLERrsquos Regional Presence And Expansion Potential

Excl online shop

Nine stores acquired from Kressner one store acquired from hefa

One former Kressner store sold to Steilmann-Boecker Fashion Point

Eight from Kressner acquired stores fully integrated including ADLER Orange branding

One new opening in Moumlmlingen (former hefa store)

One store closure in Q1 2015 Graz-Goumlsting (Austria)

Refurbishment of six ADLER stores completed

Most recent highlights (Q1 2015)

Integrated ADLER-ORAGNE stores (former Kressner stores)

New ADLER store in Moumlmlingen

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10 ADLER

Potential still far from being exhausted

Sales and profitability

improvement

Acquisition of MomampPop

Shops

Refurbish-ments

Store openings

Further image improvements

E-shop enhancement

RFID Robotics

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11 ADLER

80

100

120

140

160

180

200

Adler Modemaumlrkte AG DAX SDAX

euro 040 euro 045

euro 050

2012 2013 2014

Shareholders participate from ADLERlsquos success

Development of dividends

+ 125

Dividend for 2014 euro 050 per share

Increase of 111

Payout ratio of 656

+ 111

+ 250

Share price development 2014

Share price of Adler Modemaumlrkte AG increased by 31 in 2014

80

100

120

140

Jan Feb Mar April May June July Aug Sept Oct Nov Dec

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ADLER 12 ADLER

1



Investment case

4 Outlook 2015


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13 ADLER

Successful acquisition of Kressner

Deal closed on January 12 2015

Acquisition of 100 of Bekleidungshaus Kressner GmbH amp Co KG as well as managing general partner Kressner GmbH from

REWE Beteiligungs-Holding National GmbH and the Sanktjohanser family

Take-over of all 9 stores 1 store sold to Steilmann Boecker 1 closure planned for end of 2015 7 stores to maintain in ADLER

portfolio

Reflagging completed ADLER Orange concept installed

Soft transformation from Kressnerrsquos to ADLERrsquos offer treated gross profit margins with care

Performance of ADLER Orange stores ahead of internal expectations

Staff reductions almost completed largest share of expenses already booked in Q1 2015

Lower refurbishment costs than expected

Former Kressner stores will operate profitable earlier than expected acquisition will generate positive earnings

contributions latest next year

Integration fully in line or ahead of internal plans

ADLER Orange store in Ahlen

ADLER Orange store in Bischofswerda

ADLER Orange store in Waldbroumll

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14 ADLER

Existing online offer supplemented by +Size online shop for big sizes

Successful launch in March 2015

Individual Live-Chat counselling

Specifically targets increasing consumer group with dress size 42+

Many well-known plus size brands as well as complete outfits and fittings

Higher conversion than ADLERrsquos ldquoregularrdquo online shop

Allows customers to pick up merchandise they purchased online at ADLER stores

Targets customers online and in stores thus further expanding ADLERs omni-channel strategy

NEW +Size online shop with very successful start

Click amp Collect grew by 15 during Q1 2015

Extension amp improvement of ADLERrsquos online offer

Larger offer as well as complete outfits

Increase of average transaction value by 7 from euro77 to euro82 since start of spring collection 2015

Strongly increased conversion 31 March 2014 31 March 2015

Online revenue continues to increase

in meuro +euro 02m

10 12

Ongoing optimization of omni-channel offer

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15 ADLER

Pioneering RFID technology

Process enhancement base on implementation of RFID technology

First test with Pal-Robotics in ADLER store in Erfurt

Cooperation with MetraLabs on prototype - testing phase starting in Q2 - 2015

Stock taking of selling- and warehouse space within ADLER stores

Inventory robots on the starting blocks

More time available for customer service by employees

Potential sales increase through higher assortment availability

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16 ADLER

ADLERlsquos engagement

Meena eV Fairtrade

ICO BSCI

ADLER as pioneer in Germany ADLER as long-term partner

To improve the working conditions in the global supply chain

For the sustainable management of waste textiles

17 ADLER

1



Investment case

4 Outlook 2015


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18 ADLER

Seasonality of ADLERrsquos business

Earnings in the current reporting period were negatively impacted by the non-recurring effects of the acquisition of Bekleidungshaus

Kressner GmbH amp Co KG signed in late 2014

Traditionally sales profits and financing requirements of retailers in the apparel sector like ADLER are affected by seasonal

fluctuations Goods receipt and financing requirements peak in Q1 and Q3

Seasonal effects regularly cause negative earnings increased inventories and an increase in trade payables in particular in the first

quarter of the year

Acquisitions and cyclical business environment impacted Q1 2015

Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

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19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend

Good sell-through rates pushing group sales

Sales increase of 17 to euro1151m

Like for like sales down 41 but still significantly better than the industry average of -50

Key sales drivers and reasons

1 Kressner contributed positively to sales

2 Strong comparable basis in the previous year when sales grew by 84

3 Thanks to the good weather in March during the previous year the sale of the spring collection had already begun which was not yet the case given the mixed weather this March

in meuro

Positive like for like trend continues in Q1 2015

Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

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20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin

Gross profit margin decrease of 200 bps to 495

Key reasons

1 Increased cost of materials from euro 549 m to euro 582 m which primarily reflects the higher cost of goods sold for newly acquired stores

2 Clearance sale of Kressner merchandise in stock ndash temporary effect

Q1 2015 gross profit margin

Gross profit margin trend

Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

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21 ADLER

-113

-49

Q1 - 15Q1 - 14

EBITDA affected by acquisitions

EBITDA decreased from euro-56m to euro-130m

EBITDA margin down 640bps to -113

Key reasons

Q1 2015 EBITDA

Q1 2015 EBITDA margin

Q1 2015

1 Lower level of revenue

2 Seasonality of business

3 Investments in new store in Moumlmlingen as well as real estate investment in Austria

4 Acquisitions

Higher personnel expenses

Higher cost of material

in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

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22 ADLER

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207

March 31 2015March 31 2014

CF and net debt position in traditionally weak Q1

Cash flow net debt improvement

Decrease in free cash flow to euro-260m

Higher cash outflow from operating activities of euro-170m due primarily to the increase in inventories and the consolidated loss for the period

Higher cash outflow from investing activities of euro53m compared to Q1 2014 mainly due to acquisitions (Kressner and hefa) real estate purchase and modernization measures

euro27m negative CF from financing activities

Debtequity ratio increased from 131 (31st December 2014) to 168 (31st March 2015)

Net Debt position of euro 343 m as of 31st March 2015

Net Debt remains on a low level

Including liabilities from customer card pension provisions finance lease liabilities ex assets held for sale cash other financial liabilities

+ euro136m in meuro

in meuro

170

90 27

409

697

Cash Position01012015

CF from OperatingActivities

CF from InvestingActivities

CF from FinancingActivities


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23 ADLER

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165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories

Operating working capital

+ 112

in meuro

in meuro

Trade payables Cash position

+ 473

As at 31 March 2015 working capital rose to euro 476 m thereof were euro 38 m due to the Kressner acquisition

Ongoing improvement in inventory management

Working capital ratio changed from 379 in Q1 2014 to 414 in Q1 2015

+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


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25 ADLER

Outlook 2015

Guidance

Sales Mid single digit

EBITDA Stable to slightly negative due to

integration cost

Expansion 5 - 10 new stores

Additional store closures

Gross profit margin

Personnel expenses Slight increase

Slight increase

Transport and logistics costs Slight increase

Operational outlook

Further strengthening the umbrella brand ADLER

Increase presence of private brands in non-ADLER stores

Further acquisition of Mom amp Pop shops

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26 ADLER

Financial calendar amp contact details

Adler Modemaumlrkte AG Industriestrasse Ost 1 ndash 7 D - 63808 Haibach Phone +49 6021 633-1828 Fax +49 6021 633-1417 eMail InvestorRelationsadlerde

Report on the first half of 2015

August 6th 2015

Report on the first nine months of 2015

November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


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28 ADLER

Cornerstones and highlights 2014

New Image Campaign

Area-wide launch of RFID technology

Store refurbishments

Store portfolio consolidation

Modernization of assortment

Promotion of E-Commerce business

Optimization in procurement and purchasing

Adjusted sales up 2 to euro 5353m

Like for like sales up 30 outperforming German apparel sector by 60

High gross profit margin of 546 despite unfavorable market conditions

Adjusted EBITDA increase by 62 to euro 415m due to excellent cost control

Adjusted EBITDA margin up 30bps

ESP of euro 077 after euro 105 due to higher income tax and sale of treasury shares

PampL highlights

High free cash flow of euro 250m

Liquidity further increased to euro 697m ensuring room for maneuver

Net debt at historic low of euro 46m

Strong equity ratio of 433

Improvement of WC ratio to 82 (LTM)

Balance sheet highlights

Cornerstones 2014

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29 ADLER

Positive like for like performance in an unfavorable market

ADLER like for like growth vs German textile sector

TW-Testclub

With 3 like for like growth in Q4 ADLER outperformed

the German apparel sector by gt 10

Supported by promotions in December which pushed like

for like sales by 137 despite high previous year growth

of 119

ADLER showed a like for like growth in three out of four

quarters leading to a like for like increase of 3 in FY2014

ADLER quarterly like for like comparison Ongoing positive like for like performance

-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40

Jan Feb Mrz Apr Mai Jun Jul Aug Sept Okt Nov Dez

ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

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30 ADLER

FY 2014 ndash An overview

Sales trend EBITDA trend

in meuro

Positive trend in sales and profitability

Sales increased by 13 to euro5353m an adjusted sales growth of 2 and 3 like for like

Reported gross profit margin decreased by 110bps adjusted decrease by 60bps due to promotions in Q4-2014

EBITDA of euro415m down by 33 reported up 61 adjusted

EBITDA margin slightly decreased by 30bps reported adjusted margin up 30bps to 78

Decrease in opex by euro14m or 70bps in of sales

EPS down by 27 to euro077 due to high previous year base concerning customer card and higher number of attributable shares in 2014 due to sale of treasury stocks

Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09

Adjusted 2013 Years 20112012 positively effected by customer card

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

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31 ADLER

Q4 and FY 2014

Sales Positive end for FY 2014 despite headwinds

Increase in sales by 13 to euro5353m

Adjusted increase of 20

Like for like sales up 30

Ongoing growth in a shrinking German Apparel sector

2014 increase in sales predominantly volume driven

Largely outperforming a strong previous year

FY 2014

FY 2014

Strong FY 2013 largely outperformed despite unfavorable market conditions

Main reasons for outperformance

New Image Campaign

RFID Rollout

Assortment and marketing measures well received by customers

in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

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32 ADLER

Solid gross profit margin of 546

High gross profit margin of 546

Decrease of 50bps on an adjusted basis of 551 in FY2013

Promotions in Q4 2014 slightly burdened positive gross margin development throughout 2014

Fresh start into 2015 due to successful inventory cleaning

Q4 and FY 2014 gross profit margin


FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

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33 ADLER

EBITDA supported by positive trends in cost structure

Slight decline of euro 14m to an EBITDA of euro 415m

Adjusted increase of euro 24m or 62

EBITDA margin slightly down by 30bps

Margin increase of 30bps on an adjusted basis

Q4 and FY 2014 EBITDA

Q4 and FY 2014 EBITDA margin

FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps

Operating EBITDA trend supported by declining opex base of euro 14m from euro 1665m in FY 2013 to euro 1651m in FY 2014

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34 ADLER

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Liquidity further increase

Cash flow

Free cash flow of euro 250m under previous year level mainly due to higher investments and tax payments

Lower net income FY 2014 leading to slightly lower CF from operating activities of euro 45m to euro 364m

Cash outflow from investing activities of euro 114m increase by euro 22m due to higher refurbishment activities

Cash outflow from financing activities of euro 98m decrease by euro 96m due to placement of treasury shares of euro 89m

Increase in cash position by euro 152m from euro 545m to euro 697m End of 2014

in meuro

114 98

697

364

545


CF fromOperatingActivities


CF fromFinancingActivities


Equipped with the liquidity necessary to further support profitable growth

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35 ADLER

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Strong improvement of balance sheet ratios

Strong decrease in net debt position by euro 144m to euro 46m

Net cash position almost accomplished even after taking finance lease obligations into account

Low net debt and hellip

Including pension provisions financial liabilities finance lease liabilities ex assets held for sale cash

in meuro

hellipstrong in equity position

Noticeable increase in equity of euro 136m to euro 1056m as well as equity ratio of 300bps to 433

46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

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36 ADLER

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Well prepared for a fresh start into 2015

Inventories


in meuro

Trade payables

Working Capital slightly increased by euro 06m driven by lower accounts payable

Improvement of WC ratio of 82 December 2014 compared to 83 December 2013

Insignificant amount in trade receivables of lt euro 02m

in meuro

Decrease in inventories by 25

Clean start into 2015 possible due to inventory cleaning in Q4 2014

Trade payables down 73

in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

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37 ADLER

Thank you for your attention

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ADLER 2 ADLER

1



Investment case

4 Outlook 2015


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3 ADLER










1

2

3

4

5

6


7

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4 ADLER


Target group

bull High loyalty



Customer Card








Brand positioning



Set in motion

bull E-shop

bull RFID Robotics



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5 ADLER

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high


Pri

ce le

vel

Average age low

high


23

51 55

24

1816

24

15 13

2916 16

below 50 years

50 ndash 59 years

60 ndash 69 years

70 years and older

Overall population

100

ADLER

100

Peer group

100








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6 ADLER




6



Up

per

Mid

dle

D

isco

un

t V

alu

e



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192192192

234234234

7 ADLER








5 3 1 1 3 5

05

101520253035404550556065707580

85+

Ag

e

Men Women





2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

8 ADLER






All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

3 ADLER










1

2

3

4

5

6


7

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

4 ADLER


Target group

bull High loyalty



Customer Card








Brand positioning



Set in motion

bull E-shop

bull RFID Robotics



2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

5 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


high


Pri

ce le

vel

Average age low

high


23

51 55

24

1816

24

15 13

2916 16

below 50 years

50 ndash 59 years

60 ndash 69 years

70 years and older

Overall population

100

ADLER

100

Peer group

100








2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

6 ADLER




6



Up

per

Mid

dle

D

isco

un

t V

alu

e



2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

7 ADLER








5 3 1 1 3 5

05

101520253035404550556065707580

85+

Ag

e

Men Women





2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

8 ADLER






All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

4 ADLER


Target group

bull High loyalty



Customer Card








Brand positioning



Set in motion

bull E-shop

bull RFID Robotics



2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

5 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


high


Pri

ce le

vel

Average age low

high


23

51 55

24

1816

24

15 13

2916 16

below 50 years

50 ndash 59 years

60 ndash 69 years

70 years and older

Overall population

100

ADLER

100

Peer group

100








2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

6 ADLER




6



Up

per

Mid

dle

D

isco

un

t V

alu

e



2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

7 ADLER








5 3 1 1 3 5

05

101520253035404550556065707580

85+

Ag

e

Men Women





2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

8 ADLER






All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

5 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


high


Pri

ce le

vel

Average age low

high


23

51 55

24

1816

24

15 13

2916 16

below 50 years

50 ndash 59 years

60 ndash 69 years

70 years and older

Overall population

100

ADLER

100

Peer group

100








2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

6 ADLER




6



Up

per

Mid

dle

D

isco

un

t V

alu

e



2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

7 ADLER








5 3 1 1 3 5

05

101520253035404550556065707580

85+

Ag

e

Men Women





2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

8 ADLER






All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

6 ADLER




6



Up

per

Mid

dle

D

isco

un

t V

alu

e



2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

7 ADLER








5 3 1 1 3 5

05

101520253035404550556065707580

85+

Ag

e

Men Women





2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

8 ADLER






All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

7 ADLER








5 3 1 1 3 5

05

101520253035404550556065707580

85+

Ag

e

Men Women





2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

8 ADLER






All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

8 ADLER






All age groups

91

91

76

68

65

57

48

53

18

153

504

391

285

~ 1494

409

713

~ 200

gt70

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

9 ADLER





Number of stores

Country Market

entry 2009 2010 2011 2012 2013 2014

Q1

2015

Germany 1948 104 107 132 139 143 145 154

Austria 1987 17 26 28 27 25 22 21

Luxembourg 1981 2 2 2 2 2 2 2


Total Group 123 135 162 169 171 170 178




Net change 2 12 28 7 2 -1 8


Excl online shop










2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

10 ADLER



improvement


Shops

Refurbish-ments

Store openings


E-shop enhancement

RFID Robotics

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

11 ADLER

80

100

120

140

160

180

200


euro 040 euro 045

euro 050

2012 2013 2014



+ 125


Increase of 111

Payout ratio of 656

+ 111

+ 250



80

100

120

140


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

ADLER 12 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

13 ADLER






portfolio












2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

14 ADLER
















in meuro +euro 02m

10 12


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

15 ADLER









2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

16 ADLER


Meena eV Fairtrade

ICO BSCI




17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


17 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

18 ADLER







quarter of the year


Revenue EBITDA

in meuro in meuro

CAGR11-15 78

CAGR11-14 46

CAGR11-14 74

CAGR11-14 -09

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

-130

Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

19 ADLER

1151

1132

Q1 - 2015Q1 - 2014

Q1 2015 sales trend








in meuro


Q1 2015

+ 17

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014 2015

-41 -50

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

20 ADLER

495 511

Q1 - 15Q1 - 14

Gross profit margin


Key reasons





Q1 2015

- 200bps

466 530

497

592

495

571 531

589

515 574 530

554 495

Q1 Q2 Q3 Q4

2012 2013 2014 2015

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

21 ADLER

-113

-49

Q1 - 15Q1 - 14




Key reasons

Q1 2015 EBITDA


Q1 2015




4 Acquisitions



in meuro

- euro 74m

- 640 bps

-13

-56

Q1-15Q1-14

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

22 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234 343

207

March 31 2015March 31 2014











+ euro136m in meuro

in meuro

170

90 27

409

697






2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

23 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

165 112

March 31 2015March 31 2014

950 878

March 31 2015March 31 2014

Working capital

Inventories


+ 112

in meuro

in meuro


+ 473




+ 82

409

697

520

March 312015

Dec 31 2014March 312014

476

428

March 31 2015

March 31 2014

24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


24 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

25 ADLER

Outlook 2015

Guidance



integration cost



Gross profit margin


Slight increase


Operational outlook




2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

26 ADLER




August 6th 2015


November 12th 2015

27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


27 ADLER

1



Investment case

4 Outlook 2015


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

28 ADLER


New Image Campaign













PampL highlights







Cornerstones 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

29 ADLER



TW-Testclub





of 119




-41

119 149

22 23

-65 -43

101

26

-12 -28

137

20 50

80

-50

20

-80 -70

70

-90 -100 -90

-40


ADD L4L Sector

30 30 30

-10

-80

-30

9m 2014 Q4 2014 2014

ADD L4L Sector

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

30 ADLER



in meuro








Q1 Q2 Q3 Q4

2011 2012 2013 2014

CAGR11-14 72

CAGR11-14 46 CAGR11-14

74

CAGR11-14 -09


-66

112

01

311

-77

84

02

353

-86

179

23

275

-56

185

54

233

Q1 Q2 Q3 Q4

2011 2012 2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

31 ADLER

Q4 and FY 2014








FY 2014

FY 2014



New Image Campaign

RFID Rollout


in meuro

+ 13

1574 1617

Q4 - 14Q4 - 13

- 27 5353

5286

FY 2014FY 2013

-53

113

46 26

36

83

-05

26 30 30

Q1 Q2 Q3 Q4 FY

2013 2014

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

32 ADLER








FY 2014

485 530

495 533 466

530 497

592

495

571 531 589

515 574

530 554

Q1 Q2 Q3 Q4

554 599

Q4 - 14Q4 - 13

546 556

FY 2014FY 2013

- 100bps

Adjusted 2013

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

33 ADLER








FY 2014

in meuro

232 313

Q4 - 14Q4 - 13

- euro 81m

415 429

FY 2014FY 2013

- euro 14m

148

194

Q4 - 14Q4 - 13

- 460bps

78 81

FY 2014FY 2013

- 30bps


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

34 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Cash flow






in meuro

114 98

697

364

545







2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

35 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234






in meuro



46

190

Dec 31 2014Dec 31 2013

- euro 144m

1056

920

433

403

Dec 31 2014Dec 31 2013

Equity Equity ratio

in meuro

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

36 ADLER

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234


Inventories


in meuro

Trade payables




in meuro




in meuro

based on LTM

501 426 404 434 429 405

464 440

Q1 H1 9m FY

2013 2014

756 775

Dec 31 2014Dec 31 2013

- 25

317 342

Dec 31 2014Dec 31 2013

- 73

2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


2260122

19226133

14711108

245207238

000

777777

128128128

192192192

234234234

37 ADLER


ADLER Modemärkte AG

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Transcript of ADLER Modemärkte AG