29.07.2020 Zalando SE  DE000ZAL1111

DGAP-Adhoc: Zalando SE launches offering of EUR 1.0 billion convertible bonds


DGAP-Ad-hoc: Zalando SE / Key word(s): Financing
Zalando SE launches offering of EUR 1.0 billion convertible bonds

29-Jul-2020 / 17:48 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.


Public disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation - MAR)

Zalando SE launches offering of EUR 1.0 billion convertible bonds

Berlin, 29 July 2020. Zalando SE, Europe's leading online platform for fashion and lifestyle ("Zalando" or the "Company", ISIN: DE000ZAL1111, Frankfurt Stock Exchange: ZAL), launches the issue of convertible bonds and is targeting gross proceeds in the amount of EUR 1.0 billion.

Convertible Bonds

The management board of Zalando, with the consent of the Company's supervisory board, resolved today to launch an offering of two tranches ("Tranche A" and "Tranche B") of unsubordinated, unsecured convertible bonds with an aggregate principal amount of EUR 1.0 billion (each of the tranches with an aggregate principal amount of EUR 500 million), expected to mature on or around 6 August 2025 (Tranche A) and 6 August 2027 (Tranche B), respectively (the "Bonds"). The Bonds will be convertible into new and/or existing no-par value ordinary bearer shares of Zalando (the "Shares").

The Bonds will be offered by way of an accelerated bookbuilding process to institutional investors outside the United States of America (the "United States") as well as outside of Australia, Japan, South Africa and any other jurisdiction in which offers or sales of the Bonds would be prohibited by applicable law (the "Offering"). The pre-emptive rights (Bezugsrechte) of existing shareholders of the Company to subscribe for the Bonds are excluded.

The Bonds in denomination of EUR 100,000 each will be issued at an issue price between 100% and 102.15% (Tranche A) and at 100% (Tranche B) of their principal amount. Unless previously converted, redeemed or repurchased and cancelled, the Bonds will be redeemed at their principal amount at maturity. The Bonds will be offered with an annual coupon between 0.05% and 0.125% corresponding to an annual gross yield to maturity between -0.375% and 0.125% (Tranche A) and an annual coupon between 0.375% and 0.875% corresponding to an annual gross yield to maturity between 0.375% and 0.875% (Tranche B). The conversion premium will be set between 40.0% and 45.0% (Tranche A) and between 47.5% and 52.5% (Tranche B), in each case above the reference share price, being the placement price per Zalando share in the Concurrent Offering of Existing Shares (as defined below).

The Company may redeem all, but not some only, of the Bonds outstanding at their principal amount plus accrued interest with effect (i) on or after 27 August 2023 (Tranche A) and on or after 27 August 2025 (Tranche B) if the price of the Company's share is equal to or exceeds 130% (Tranche A) and 150% (Tranche B) of the prevailing conversion price within a certain period, or (ii) if less than 15% of the aggregate principal amount of the Bonds of the relevant Tranche originally issued are outstanding.

The final terms of the Bonds are expected to be announced by tomorrow morning before market opening through a separate press release, and settlement is expected to take place on or around 6 August 2020.

Following closing and settlement of the Offering and the issuance of the Bonds, the Company intends to arrange for the Bonds to be included to trading on the Open Market Segment (Freiverkehr) of the Frankfurt Stock Exchange.

Concurrent Offering of Existing Shares by the Joint Bookrunners

The Joint Bookrunners have informed the Company that concurrently with the placement of the Bonds, they intend to conduct a simultaneous placement of existing shares of the Company (the "Concurrent Offering of Existing Shares") on behalf of buyers of the Bonds who wish to sell such shares in short sales to hedge the market risk of an investment in the Bonds at a placement price to be determined by way of an accelerated bookbuilding process. The Company will not receive any proceeds from the Concurrent Offering of Existing Shares.

Use of Proceeds

The proceeds from the issue of the Bonds will be used to support the company's continued growth strategy, to pursue strategic opportunities that may arise and for general corporate purposes.

The Company has agreed to a lock-up of 90 calendar days after the settlement of the Offering, subject to customary exemptions.

Person making the notification: Ramona Bobbert, Head of Corporate Law, Zalando SE


This announcement may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Japan, Australia, South Africa or any other jurisdiction where such announcement could be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not constitute an offer of, or a solicitation of an offer to purchase, securities of the Company or of any of its subsidiaries in the United States of America, Germany or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer in any jurisdiction. The securities offered will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act.

In the United Kingdom, this announcement is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc. (all such persons together being referred to as "Relevant Persons")). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area the placement of securities described in this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (Prospectus Regulation).

The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a "Retail Investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MIFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of article 4(1) of MIFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPs Regulation.

No action has been taken that would permit an offering or an acquisition of the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement does not constitute a recommendation concerning the placement. Investors should consult a professional advisor as to the suitability of the placement for the person concerned.

This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of the Company and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

29-Jul-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: Zalando SE
Valeska-Gert-Straße 5
10243 Berlin
E-mail: [email protected]
Internet: https://corporate.zalando.de
ISIN: DE000ZAL1111
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1105507

End of Announcement DGAP News Service

1105507  29-Jul-2020 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 2.958,20 3.639,00 4.489,00 5.387,90 6.482,50 7.982,00 10.400,00
EBITDA1,2 123,80 255,30 246,40 205,70 360,60 581,50 620,00
EBITDA-Marge3 4,18 7,02 5,49 3,82 5,56 7,29 5,96
EBIT1,4 89,60 207,00 187,60 119,20 165,80 367,00 414,00
EBIT-Marge5 3,03 5,69 4,18 2,21 2,56 4,60 3,98
Jahresüberschuss1 121,50 120,50 101,60 51,20 99,70 226,10 268,00
Netto-Marge6 4,11 3,31 2,26 0,95 1,54 2,83 2,58
Cashflow1,7 119,40 275,80 193,70 212,80 327,20 527,40 0,00
Ergebnis je Aktie8 0,48 0,47 0,40 0,20 0,39 0,88 1,03
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

WKN Kurs in € Einschätzung Börsenwert in Mio. €
ZAL111 97,580 Kaufen 25.520,27
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
83,40 0,00 0,00 305,89
11,86 48,39 3,20 39,99
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,00 0,00 0,00 19.05.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
06.05.2021 05.08.2021 03.11.2021 16.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
3,10% 8,55% 7,16% 50,59%
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E-Commerce , ZAL111 , ZAL , XETR:ZAL