Investor Presentation • Feb 11, 2020
Investor Presentation
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EUR 1,627.7M, +13% AT CONSTANT EXCHANGE RATES (+15% REPORTED)
EUR 1,256.9M, +13% AT CONSTANT EXCHANGE RATES (+16% REPORTED)
CSSG +7% WITH SOLID RESULTS IN ALL REGIONS
EUR 370.8M, +10% AT CONSTANT EXCHANGE RATES (+11% REPORTED)
EUR 475.4M WITH A MARGIN ON SALES OF 29.2% (29.2% IN FY 2018);
INCLUDING IFRS 16 APPLICATION EUR 491.8M WITH A MARGIN ON SALES OF 30.2%
EUR $361.5M. +9\%$ COMPARED TO FY 2018, +16% NORMALISING THE ONE-OFF TAX BENEFIT RECORDED IN 2018
INCLUDING IFRS 16 APPLICATION EUR 358.7M WITH A MARGIN ON SALES OF 22.0%
EUR 662.6M OF NET CASH VS. EUR 450.1M AS OF 31 DECEMBER 2018
INCLUDING IFRS 16 APPLICATION EUR 23.4M OF NET CASH
(*) Starting from 1 January 2019 IFRS 16 requires companies to recognise in their accounts the right-to-use of leased asset and the related liability corresponding to the obligation to make lease payments. Assets and liabilities arising from leases are measured on a present value basis. Considering that 2019 is the first year of implementation of this accounting principle, in this presentation, results are commented excluding the impacts of the IFRS 16 in order to maintain a homogeneous basis of comparison with the corresponding period in 2018. Results including the impacts of the new IFRS 16 accounting principle have been analysed and compared in the Appendix
(**) Rounded figures (this applies to all pages of this presentation)
In FY 2019 Moncler continued to show outstanding revenue results, surpassing Euro 1.6bn (+13%), with double-digit growth in all regions. Also in Q4 Moncler reached an excellent 13% growth
In FY 2019 Italy recorded a +10% growth, with an important acceleration in Q4 (+21%) driven by the retail channel
EMEA revenues rose by 14% in FY2019, with a strong performance in Q4 (+19%) led by UK, Germany and France
Asia & RoW rose by a good 13% in the year (+9% in Q4), notwithstanding the negative performance in Hong Kong SAR. Mainland China and Korea led the growth
Americas delivered good performances in all markets and both channels. Revenues rose by 11% in FY 2019 (+11% in Q4)
(*) All growth rates are at constant exchange rates, unless otherwise stated
REVENUE ANALYSIS (Eur M)
In FY 2019 Moncler recorded double-digit growth in both distribution channels
Retail continued to deliver excellent results in the year (+13%) driven by solid organic growth and space contribution:
Wholesale revenues rose by 10%, reflecting not only the strength of Moncler brand and the very good acceptance of the SS collections, but also the expansion of the airport locations and the e-tailers strong performance
(*) All growth rates are at constant exchange rates, unless otherwise stated
Moncler's retail network reached 209 monobrand stores as of 31 December 2019, compared to 193 at 31 December 2018 (16 new openings)
Wholesale mono-brand stores reached 64 locations at the 31 December 2019, compared to 55 at 31 December 2018 (9 new openings)
• 2 new mono-brand stores opened in Q4 2019
| 31/12/2018 | 30/09/2019 | 31/12/2019 | |
|---|---|---|---|
| Retail | 193 | 199 | 209 |
| Italy | 20 | 19 | 19 |
| Rest of EMEA | 55 | 54 | 56 |
| Asia & RoW | 91 | 97 | 104 |
| Americas | 27 | 29 | 30 |
| 31/12/2018 | 30/09/2019 | 31/12/2019 | |
| Wholesale | 55 | 62 | 64 |
OSAKA - NAMBA
KOBE - HYOGO
MILANO - MONCLER HOUSE OF GENIUS
| FY 2019 including IFRS 16 |
Impacts | FY 2019 excluding IFRS 16 |
|||
|---|---|---|---|---|---|
| Eur m | $\%$ | Eur m | Eur m | % | |
| Revenues | 1,627.7 | 100.0% | 1,627.7 | 100.0% | |
| YoY growth | $+15%$ | $+15%$ | |||
| Cost of sales | (362.4) | (22.3%) | 0.3 | (362.7) | (22.3%) |
| Gross margin | 1,265.3 | 77.7% | 0.3 | 1,265.0 | 77.7% |
| Selling expenses | (483.2) | (29.7%) | 15.3 | (498.5) | (30.6%) |
| General & Administrative expenses | (147.7) | (9.1%) | O.8 | (148.5) | (9.1%) |
| Marketing expenses | (113.2) | (7.0%) | (113.2) | (7.0%) | |
| Stock-based compensation | (29.4) | (1.8%) | (29.4) | (1.8%) | |
| EBIT | 491.8 | 30.2% | 16.4 | 475.4 | 29.2% |
| Net financial result | (21.1) | (1.3%) | (20.2) | (0.9) | $(0.1\%)$ |
| EBT | 470.7 | 28.9% | (3.8) | 474.5 | 29.2% |
| Taxes | (112.0) | (6.9%) | 1.0 | (113.0) | (6.9%) |
| Tax Rate | 23.8% | 23.8% | |||
| Net Income, incl. Non-controlling interests | 358.7 | 22.0% | (2.8) | 361.5 | 22.2% |
| Non-controlling interests | (0.0) | $(0.0\%)$ | (0.0) | $(0.0\%)$ | |
| Net Income, Group share | 358.7 | 22.0% | (2.8) | 361.5 | 22.2% |
| YoY growth | $+8%$ | $+9%$ | |||
| EBITDA ADJ | 692.3 | 42.5% | 117.5 | 574.8 | 35.3% |
| YoY growth | $+15%$ |
| FY 2019 excluding IFRS 16 |
FY 2018 | |||
|---|---|---|---|---|
| Eur m | $\%$ | Eur m | % | |
| Revenues | 1,627.7 | 100.0% | 1,420.1 | 100.0% |
| YoY growth | $+15%$ | +19% | ||
| Cost of sales | (362.7) | (22.3%) | (320.2) | (22.6%) |
| Gross margin | 1,265.0 | 77.7% | 1,099.8 | 77.4% |
| Selling expenses | (498.5) | (30.6%) | (428.9) | (30.2%) |
| General & Administrative expenses | (148.5) | (9.1%) | (127.8) | $(9.0\%)$ |
| Marketing expenses | (113.2) | (7.0%) | (99.5) | (7.0%) |
| Stock-based compensation (*) | (29.4) | (1.8%) | (29.6) | (2.1%) |
| EBIT | 475.4 | 29.2% | 414.1 | 29.2% |
| Net financial result $(**)$ | (0.9) | (0.1%) | (1.9) | $(0.1\%)$ |
| EBT | 474.5 | 29.2% | 412.2 | 29.0% |
| Taxes | (113.0) | (6.9%) | (79.7) | (5.6%) |
| Tax Rate | 23.8% | 19.3% | ||
| Net Income, including Non-controlling interests | 361.5 | 22.2% | 332.5 | 23.4% |
| Non-controlling interests | (0.0) | $(0.0\%)$ | (0.1) | $(0.0\%)$ |
| Net Income, Group share | 361.5 | 22.2% | 332.4 | 23.4% |
| YoY growth | $+9%$ | +33% | ||
| EBITDA ADJ | 574.8 | 35.3% | 500.2 | 35.2% |
| YoY growth | $+15%$ | $+22%$ |
11 (*) Non-cash costs related to stock-based compensation plans.
(**) Net financial result includes FX Gain/(Losses): Eur (0.5)m in FY 2019 and Eur (1.3)m in FY 2018
Consolidated capex reached Eur 120.8m in FY 2019 equal to 7.4% of revenues compared to 6.4% in FY 2018
Investments in the distribution network were equal to Eur 75.3m, or 62% of total capex. During the year Moncler opened, relocated and expanded more than 30 locations, among which 5 flagships
Investments related to infrastructure reached Eur 45.6m, compared to Eur 32.6m in FY 2018, including the reinforcement of the IT platform, the automation and expansion of the logistics centre in Italy and the launch of the ecommerce in Korea
As of 31 December 2019, net working capital reached Eur 128.2m, equal to 7.9% of revenues versus 7.3% as of 31 December 2018
Inventory was equal to Eur 208.9m compared to Eur 173.1 million as of 31 December 2018 and largely includes raw materials and finished products for current and forthcoming collections
NET WORKING CAPITAL ANALYSIS (Eur M)
At 31 December 2019. Moncler's net financial position reached Eur 662.6m of net cash
Also in 2019 the Group recorded a strong cash generation with Eur 212.5m of net cash flow after the payment of Eur 101.7m of dividends and Eur 15.1m of shares' buyback
Under IFRS 16 application, net financial position at 31 December 2019 is equal to Eur 23.4m of cash
For FY 2019 Moncler's BoD proposed a dividend per share of Eur 0.55, equal to total dividends of Eur 138.8m(*) (38% pay-out ratio)
NET FINANCIAL POSITION (Eur M)
14 (*) Considering 252,309,721 shares, equal to total shares issued at 31 December 2019 net of treasury shares
| 31/12/2019 excluding IFRS 16 |
31/12/2018 | |
|---|---|---|
| Eur m | Eur m | |
| Intangible Assets | 442.2 | 424.4 |
| Tangible Assets | 212.9 | 177.0 |
| Other Non-current Assets/(Liabilities) | 65.8 | 35.9 |
| Total Non-current Assets/(Liabilities) | 721.0 | 637.2 |
| Net Working Capital | 128.2 | 103.2 |
| Other Current Assets/(Liabilities) | (161.7) | (108.2) |
| Total Current Assets/(Liabilities) | (33.6) | (5.0) |
| Invested Capital | 687.4 | 632.2 |
| Net Debt/(Net Cash) | (662.6) | (450.1) |
| Pension and Other Provisions | 17.1 | 13.4 |
| Shareholders' Equity | 1,332.9 | 1,068.9 |
| Total Sources | 687.4 | 632.2 |
| FY 2019 excluding IFRS 16 |
FY 2018 | |
|---|---|---|
| Eur m | Eur m | |
| EBITDA Adjusted | 574.8 | 500.2 |
| Change in Net Working Capital | (25.0) | (13.6) |
| Change in other curr./non-curr. assets/(liabilities) | 24.9 | 48.4 |
| Capex, net | (120.8) | (91.5) |
| Operating Cash Flow | 453.9 | 443.6 |
| Net financial result | (0.9) | (1.9) |
| Taxes | (113.0) | (79.7) |
| Free Cash Flow | 340.0 | 362.0 |
| Dividends paid | (101.7) | (70.5) |
| Changes in equity and other changes | (25.7) | (146.3) |
| Net Cash Flow | 212.5 | 145.2 |
| Net Financial Position - Beginning of Period | 450.1 | 304.9 |
| Net Financial Position - End of Period | 662.6 | 450.1 |
| Change in Net Financial Position | 212.5 | 145.2 |
₩
| FY 2019 including IFRS 16 |
Impacts | FY 2019 excluding IFRS 16 |
|||
|---|---|---|---|---|---|
| Eur m | $\%$ | Eur m | Eur m | % | |
| Revenues | 1,627.7 | 100.0% | 1,627.7 | 100.0% | |
| YoY growth | $+15%$ | $+15%$ | |||
| Cost of sales | (362.4) | (22.3%) | 0.3 | (362.7) | (22.3%) |
| Gross margin | 1,265.3 | 77.7% | 0.3 | 1,265.0 | 77.7% |
| Selling expenses | (483.2) | (29.7%) | 15.3 | (498.5) | (30.6%) |
| General & Administrative expenses | (147.7) | (9.1%) | 0.8 | (148.5) | (9.1%) |
| Marketing expenses | (113.2) | (7.0%) | (113.2) | (7.0%) | |
| Stock-based compensation | (29.4) | (1.8%) | (29.4) | (1.8%) | |
| EBIT | 491.8 | 30.2% | 16.4 | 475.4 | 29.2% |
| Net financial result | (21.1) | (1.3%) | (20.2) | (0.9) | $(0.1\%)$ |
| EBT | 470.7 | 28.9% | (3.8) | 474.5 | 29.2% |
| Taxes | (112.0) | (6.9%) | 1.0 | (113.0) | (6.9%) |
| Tax Rate | 23.8% | 23.8% | |||
| Net Income, incl. Non-controlling interests | 358.7 | 22.0% | (2.8) | 361.5 | 22.2% |
| Non-controlling interests | (0.0) | $(0.0\%)$ | (0.0) | $(0.0\%)$ | |
| Net Income, Group share | 358.7 | 22.0% | (2.8) | 361.5 | 22.2% |
| YoY growth | $+8%$ | $+9%$ | |||
| EBITDA ADJ | 692.3 | 42.5% | 117.5 | 574.8 | 35.3% |
| YoY growth | $+15%$ |
| 31/12/2019 including IFRS 16 |
Impacts | 31/12/2019 excluding IFRS 16 |
|
|---|---|---|---|
| Eur m | Eur m | Eur m | |
| Intangible Assets | 435.0 | (7.2) | 442.2 |
| Tangible Assets | 212.9 | 212.9 | |
| Other Non-current Assets/(Liabilities) | 90.7 | 24.8 | 65.8 |
| Right-of-use Assets | 593.6 | 593.6 | |
| Total Non-current Assets | 1,332.2 | 611.2 | 721.0 |
| Net Working Capital | 128.2 | 128.2 | |
| Other Current Assets/(Liabilities) | (160.2) | 1.5 | (161.7) |
| Total Current Assets | (32.1) | 1.5 | (33.6) |
| Invested Capital | 1,300.1 | 612.7 | 687.4 |
| Net Debt/(Net Cash) | (662.6) | (662.6) | |
| Lease Liabilities | 639.2 | 639.2 | |
| Pension and Other Provisions | 17.1 | 17.1 | |
| Shareholders' Equity | 1,306.4 | (26.5) | 1,332.9 |
| Total Sources | 1,300.1 | 612.7 | 687.4 |
| FY 2019 including IFRS 16 |
Impacts | FY 2019 excluding IFRS 16 |
|
|---|---|---|---|
| Eur m | Eur m | Eur m | |
| EBITDA Adjusted | 692.3 | 117.5 | 574.8 |
| IFRS 16 rents | (117.5) | (117.5) | |
| Change in Net Working Capital | (25.0) | (25.0) | |
| Change in other curr./non-curr. assets/(liabilities) | 24.9 | 24.9 | |
| Capex, net | (120.8) | (120.8) | |
| Operating Cash Flow | 453.9 | 453.9 | |
| Net financial result | (0.9) | (0.9) | |
| Taxes | (113.0) | (113.0) | |
| Free Cash Flow | 340.0 | $\overline{\phantom{0}}$ | 340.0 |
| Dividends paid | (101.7) | (101.7) | |
| Changes in equity and other changes | (25.7) | (25.7) | |
| IFRS 16 impacts of the period | (120.7) | (120.7) | |
| First time adoption IFRS 16 | (518.5) | (518.5) | |
| Net Cash Flow | (426.7) | (639.2) | 212.5 |
| Net Financial Position - Beginning of Period | 450.1 | 450.1 | |
| Net Financial Position - End of Period | 23.4 | (639.2) | 662.6 |
| Change in Net Financial Position | (426.7) | (639.2) | 212.5 |
| Q1 | YoY growth | Q 2 | YoY growth | Q 3 | YoY growth | Q4 | YoY growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eur m | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX |
| Italy | 45.8 | 43.3 | +6% | +6% | 22.7 | 20.1 | +13% | +13% | 62.1 | 59.5 | $+4%$ | $+4%$ | 54.4 | 45.0 | $+21%$ | $+21%$ |
| EMEA (excl. Italy) | 108.1 | 96.5 | +12% | $+12\%$ | 60.8 | 50.4 | +21% | $+21%$ | 133.5 | 125.5 | +6% | $+7\%$ | 161.2 | 135.2 | +19% | +19% |
| Asia & RoW | 171.1 | 146.4 | +17% | $+12\%$ | 78.2 | 64.0 | $+22\%$ | $+22%$ | 153.7 | 128.7 | +19% | +15% | 312.2 | 277.1 | $+13%$ | +9% |
| Americas | 53.5 | 45.8 | +17% | +9% | 30.0 | 27.0 | +11% | +6% | 75.7 | 65.4 | +16% | +10% | 104.7 | 90.2 | +16% | $+11\%$ |
| Total Revenues | 378.5 | 332.0 | +14% | +11% | 191.7 | 161.5 | +19% | +18% | 425.0 | 379.1 | +12% | +10% | 632.4 | 547.5 | +16% | +13% |
| Q1 | YoY growth | Q 2 | YoY growth | Q3 | YoY growth | Q4 | YoY growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eur m | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX |
| Retail | 291.4 | 256.2 | $+14%$ | +10% | 145.6 | 120.6 | +21% | +20% | 253.4 | 220.4 | $+15%$ | $+12%$ | 566.5 | 489.2 | +16% | +13% |
| Wholesale | .87 | 75.8 | $+15%$ | $+13%$ | 46.1 | 40.9 | +13% | +10% | 171.7 | 158.7 | +8% | +6% | 65.9 | 58.2 | +13% | +10% |
| Total Revenues | 378.5 | 332.0 | +14% | +11% | 191.7 | 161.5 | +19% | +18% | 425.0 | 379.1 | +12% | +10% | 632.4 | 547.5 | +16% | +13% |
| Q1 | YoY growth | H1 | YoY growth | 9M | YoY growth | FY | YoY growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eur m | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX |
| Italy | 45.8 | 43.3 | +6% | +6% | 68.5 | 63.3 | +8% | +8% | 130.6 | 122.8 | +6% | +6% | 185.0 | 167.8 | +10% | +10% |
| EMEA (excl. Italy) | 108.1 | 96.5 | $+12%$ | $+12%$ | 168.9 | 147.0 | +15% | +15% | 302.4 | 272.5 | $+11\%$ | $+11\%$ | 463.5 | 407.6 | +14% | +14% |
| Asia & RoW | 171.1 | 146.4 | $+17%$ | $+12\%$ | 249.3 | 210.4 | +18% | +15% | 403.1 | 339.1 | +19% | +15% | 715.2 | 616.1 | +16% | +13% |
| Americas | 53.5 | 45.8 | $+17\%$ | +9% | 83.6 | 72.8 | +15% | +8% | 159.3 | 138.3 | +15% | +10% | 263.9 | 228.5 | +16% | +11% |
| Total Revenues | 378.5 | 332.0 | +14% | +11% | 570.2 | 493.5 | +16% | +13% | 995.3 | 872.7 | +14% | +12% | 1.627.7 | 1.420.1 | +15% | +13% |
| Q1 | YoY growth | H1 | YoY growth | 9M | YoY growth | FY | YoY growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eur m | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX | 2019 | 2018 | Rep. | ex FX |
| Retail | 291.4 | 256.2 | +14% | +10% | 437.1 | 376.8 | +16% | +13% | 690.4 | 597.3 | +16% | $+13%$ | 1.256.9 | 1.086.5 | +16% | +13% |
| Wholesale | 87.i | 75.8 | $+15%$ | $+13%$ | 133.2 | 116.7 | $+14%$ | $+12%$ | 304.9 | 275.4 | $+11%$ | +9% | 370.8 | 333.6 | $+11\%$ | $+10%$ |
| Total Revenues | 378.5 | 332.0 | +14% | +11% | 570.2 | 493.5 | +16% | +13% | 995.3 | 872.7 | +14% | +12% | 1.627.7 | 1.420.1 | +15% | +13% |
| H1 2019 excluding IFRS 16 |
H1 2018 | H 2 2019 excluding IFRS 16 |
H 2 2018 | |||||
|---|---|---|---|---|---|---|---|---|
| Eur m | % | Eur m | % | Eur m | % | Eur m | % | |
| Revenues | 570.2 | 100.0% | 493.5 | 100.0% | 1,057.5 | 100.0% | 926.6 | 100.0% |
| YoY growth | $+16%$ | $+21%$ | $+14%$ | $+18%$ | ||||
| Cost of sales | (133.2) | (23.4%) | (118.6) | (24.0%) | (229.5) | (21.7%) | (201.6) | (21.8%) |
| Gross margin | 437.0 | 76.6% | 374.9 | 76.0% | 828.0 | 78.3% | 724.9 | 78.2% |
| Selling expenses | (211.3) | (37.0%) | (178.5) | (36.2%) | (287.3) | (27.2%) | (250.4) | (27.0%) |
| General & Administrative expenses | (72.0) | (12.6%) | (61.9) | (12.5%) | (76.5) | (7.2%) | (65.9) | (7.1%) |
| Marketing expenses | (42.9) | (7.5%) | (36.3) | (7.3%) | (70.3) | (6.6%) | (63.2) | (6.8%) |
| Stock-based compensation | (16.3) | (2.9%) | (12.5) | (2.5%) | (13.1) | (1.2%) | (17.1) | (1.8%) |
| EBIT | 94.6 | 16.6% | 85.7 | 17.4% | 380.8 | 36.0% | 328.4 | 35.4% |
| Net financial result | (0.7) | (0.1%) | (0.9) | (0.2%) | (0.2) | $(0.0\%)$ | (1.0) | $(0.1\%)$ |
| EBT | 93.9 | 16.5% | 84.8 | 17.2% | 380.7 | 36.0% | 327.4 | 35.3% |
| Taxes | (22.5) | $(4.0\%)$ | (23.1) | (4.7%) | (90.5) | (8.6%) | (56.6) | (6.1%) |
| Tax Rate | 24.0% | 27.3% | 23.8% | 17.3% | ||||
| Net Income, incl. Non-control. interests | 71.3 | 12.5% | 61.7 | 12.5% | 290.2 | 27.4% | 270.8 | 29.2% |
| Non-controlling interests | (0.0) | $(0.0\%)$ | (0.1) | $(0.0\%)$ | (0.0) | $(0.0\%)$ | O.O | 0.0% |
| Net Income, Group share | 71.3 | 12.5% | 61.6 | 12.5% | 290.2 | 27.4% | 270.8 | 29.2% |
| YoY growth | $+16%$ | $+47%$ | $+7%$ | +30% | ||||
| EBITDA ADJ | 143.6 | 25.2% | 123.9 | 25.1% | 431.2 | 40.8% | 376.3 | 40.6% |
| YoY growth | $+16%$ | +28% | $+15%$ | +20% | $M_{\rm B}$ |
Source: Consob, Moncler Last update: 7 February 2020 2020 Upcoming Events
16 March 2020 Extraordinary Shareholders' Meeting 22 April 2020 Annual Shareholders' Meeting 22 April 2020 Q1 2020 Interim Management Statement
Investor Relations Team [email protected] Paola Durante Investor Relations and Strategic Planning Director [email protected] Alice Poggioli Investor Relations Manager [email protected] Carlotta Fiorani Investor Relations
This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.
This presentation might contain certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Moncler's current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Moncler to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Moncler does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.
Any reference to past performance or trends or activities of Moncler shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Moncler.
Moncler's securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Luciano Santel, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records.
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