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Gerry Weber International AG: Audit of the annual and consolidated financial statements 2020 delayed - turnover and earnings forecast for the financial years 2020 and 2021 remain unchanged

03/15/2021

Gerry Weber International AG: Audit of the annual and consolidated financial statements 2020 delayed - turnover and earnings forecast for the financial years 2020 and 2021 remain unchanged

Gerry Weber International AG / Key word(s): Annual Report
Gerry Weber International AG: Audit of the annual and consolidated financial statements 2020 delayed - turnover and earnings forecast for the financial years 2020 and 2021 remain unchanged

15-March-2021 / 18:05 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Ad-hoc announcement pursuant to section 17 MAR

GERRY WEBER International AG: Audit of the annual and consolidated financial statements 2020 delayed - turnover and earnings forecast for the financial years 2020 and 2021 remain unchanged

(Halle/Westphalia, 15 March 2021) - The auditor PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC) has provided advisory services to GERRY WEBER International AG in 2020 with regard to the financing of the company. For this reason, PwC has today informed GERRY WEBER International AG that, from PwC's point of view, there are concerns of bias pursuant to sections 319 para. 2 of the German Commercial Code (Handelsgesetzbuch) and that PwC is therefore not permitted to conduct the audit.

The consequence for GERRY WEBER Group is that a new auditor will have to be appointed by the court for the audit of the annual and consolidated financial statements 2020. The Management Board of GERRY WEBER International AG will file the corresponding application for the appointment of an auditor by the competent court without delay.

As a result, the audit of the annual financial statements 2020 and the approval of the consolidated financial statements 2020 will be delayed.

With respect to the financial year 2020, GERRY WEBER International AG continues to expect consolidated revenue between EUR 260 million and EUR 280 million and a Group's normalized EBITDA (excl. the effects resulting from the amended lease accounting to IFRS 16 applicable as of April 2019) to come in at a negative medium double-digit million amount.

For the current financial year 2021, GERRY WEBER International AG expects again a consolidated revenue between EUR 260 million and EUR 280 million. As before, a significantly improved normalised EBITDA of the Group (excl. the effects resulting from the amended lease accounting to IFRS 16 applicable as of April 2019) is expected for 2021, which will come in at a negative low double-digit million amount.

The Management Board

Reporting Person:
Florian Frank
Member of the Management Board
Phone.: +49 5201 185-140
ir@gerryweber.com


15-March-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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