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Aeffe
Investor Presentation • Nov 11, 2021
4140_ir_2021-11-11_fdc2d45f-0240-4dbf-b82b-7da80f27e3d8.pdf
Investor Presentation
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AEFFE 9M 2021 Consolidated Financial Results Presentation 11th November 2021
9M 2021 Key Facts
Consolidated Revenues at € 250.0m (+21,2% at constant exchange rates)
Consolidated EBITDA at € 36.0m (14.4% of sales), compared to an EBITDA of € 8.2m (3.9% of sales) in 9M 2020, with a € 27.8m increase
Net Profit at € 23.2m, compared to a Net Loss of €14.0m in 9M 2020. Net profit adjusted of extraordinary fiscal benefits at €8.2m with a €22.2m improvement
Consolidated Financial Debt including IFRS 16 effect of € 140.3m, compared to € 148.7m as of September 30, 2020, with a € 8.4m improvement. Financial debt net of IFRS 16 effect of € 61.3m compared to € 60.1m as of September 30, 2020. Net of the payment of the first € 30m of the € 67m purchase cost of 30% of Moschino S.p.A, the financial debt net of IFRS 16 effect would have been equal to € 31.3m with a generation of cash in the first nine months of 2021 equal to € 33m.
198 Mono Brand Stores
AEFFE acquires the remaining 30% stake of Moschino reaching 100% ownership interest, with benefits in terms of full control of MOSCHINO brand and its value chain from product to quality and with positive effects on image, distribution and communication and take in advance the license for the production and distribution of Love Moschino women's apparel collection starting from the Autumn/Winter 2023 season.
Sales campain +22% of the Spring/Summer 2022 compared to Spring/Summer 2021, excellent performance for all our brands.
Net Sales Breakdown by Division(1)
Net Sales Breakdown by Owned Brand
4
Net Sales Breakdown by Region
* At constant exchange rates
1Q 2Q 3Q
Net Sales Breakdown by Channel
1Q 2Q 3Q
Mono-brand Stores Network
| DOS | |
|---|---|
Franchising
| 9M21 | FY20 | |
|---|---|---|
| Europe | 38 | 40 |
| America | ||
| Asia | 103 | 104 |
| Total | 141 | 144 |
Income Statement – 9M 2021/2020
(€m)
| 9M 21 | 9M 20 | ||
|---|---|---|---|
| Net Sales | 250,0 | 206,8 | |
| % change | 20,996 | ||
| Other Revenues | 4,6 | 6,6 | |
| Total Revenues | 254.6 | 213.3 | |
| % change | 19,496 | ||
| Raw Materials Costs | (98,8) | (77,9) | |
| Service Costs | (67,4) | (71,3) | |
| Costs for use of third parties | (3,7) | (4,5) | |
| Personnel | (46,1) | (46,9) | |
| Other Operating Expenses | (2,6) | (4,6) | |
| Total Operating Expenses | (218,6) | (205,2) | |
| EBITDA | 36,0 ) | 8,2 | |
| Margin (% of Net sales) | 14,496 | 3,9% | |
| Depreciation and Amortisation | (18,6) | (20,6) | |
| EBIT | 17,5 | (12,5) | |
| Margin (% of Net sales) | 7,0% | (6,0%) | |
| Net Financial Income / (Expenses) | (2,0) | (2,3) | |
| Profit before taxes | 15,5 | (14,8) | |
| Margin (% of Net sales) | 6,2% | (7,2%) | |
| Taxes | 7,7 | 0,8 | |
| Net income/(loss) before Minorities | 23,2 | (14,0) | |
| Margin (% of Net sales) | 9,3% | (6,8%) | |
| Minority Interests | 0,0 | 1,4 | |
| Net Income/(Loss) for the Group | 23,2 | (12,5) | |
| Margin (% of Net sales) | 9,3% | (6,198) | |
Summary Balance Sheet
| 9M 21 | FY 20 | 9M 20 | |
|---|---|---|---|
| Net Working Capital | 54,1 | 97,3 | 115,9 |
| Net Tangible Assets | 59,5 | 61,7 | 62,6 |
| Net Intangible Assets | 69,8 | 72,5 | 73,2 |
| Net Intangible Assets for Rights of use - IFRS 16 | 89,4 | 100,5 | 102,2 |
| Net Financial Assets | 2,2 | 2,7 | 3,1 |
| Severance Staff, Provisions & Others | (3,3) | (14,9) | (19,0) |
| Net Capital Employed | 271,7 | 319,7 | 338,0 |
| Group Shareholders' Equity | 131,3 | 148,2 | 158,0 |
| Minorities | 0,0 | 30,5 | 31,3 |
| Shareholders' Equity & Minorities | 131,3 | 178,8 | 189,3 |
| Net financial Debt | 61,3 | 52,8 | 60,1 |
| Net financial debt for Lease liabilities - IFRS 16 | 79,0 | 88,2 | 88,6 |
| Net Financial Debt and Shareholders' Equity | 271,7 | 319,7 | 338,0 |
| Accounts Receivables | 60,1 | 39,1 | 47,9 |
| Accounts Payables | (71,0) | (69,3) | (63,1) |
| Inventory | 94,0 | 109,3 | 112,3 |
| Operating NWC | 83,1 | 79,1 | 97,1 |
| As % of LTM sales | 26,6% | 29,4% | 33,6% |
| Other Current Assets/Liabilities | -28,9 | 18,3 | 18,8 |
| Net Working Capital | 54,1 | 97,3 | 115,9 |
Summary Cash Flow
(€m)
| 9M 21 | FY 20 | 9M 20 | |
|---|---|---|---|
| PBT | 15,5 | (27,6) | (14,8) |
| Operating Cash Flow | 34,6 | 10,3 | (2,3) |
| Capital Expenditure | (1,4) | (5,4) | (4,5) |
| Capital Expenditure for Rights of use - IFRS 16 | (0,6) | (6,6) | (3,2) |
| Free Cash Flow | 32,6 | (1,8) | (10,0) |
| Cash Flows from Financing Activities | (33,0) | 13,2 | 15,4 |
| Cash and cash equivalents at the beginning of the year | 39,8 | 28,4 | 28,4 |
| Cash Flow of the Period | (0,4) | 11,4 | 5,4 |
| Cash and cash equivalents at the end of the year | 39,4 | 39,8 | 33,8 |
Appendices
Income Statement – Full Year 2018-2020
(€m)
| 2020A | 2019A | 2018A | |
|---|---|---|---|
| Net Sales | 269,1 | 351,4 | 346,6 |
| % change | (23,4%) | 0,0% | 10,9% |
| Other Revenues | 10,5 | 10,1 | 5,4 |
| Total Revenues | 279,6 | 361,5 | 352,0 |
| % change | (22,6%) | 0,0% | 11,2% |
| Raw Materials Costs | (107,8) | (115,3) | (110,3) |
| Service Costs | (93,2) | (108,3) | (100,6) |
| Cost for use of third parties assets | (6,6) | (9,0) | (25,4) |
| Personnel | (61,8) | (72,4) | (68,5) |
| Other Operating Expenses | (5,7) | (3,3) | (3,9) |
| Total Operating Expenses | (275,1) | (308,3) | (308,7) |
| EBITDA | 4,5 | 53,1 | 43,3 |
| Margin (% of Net sales) | 1,7% | 15,1% | 12,5% |
| Depreciation and Amortisation | (29,1) | (28,0) | (13,7) |
| EBIT | (24,6) | 25,1 | 29,6 |
| Margin (% of Net sales) | na | 7,1% | 8,5% |
| Net Financial Income / (Expenses) | (3,0) | (3,3) | (0,9) |
| PBT | (27,6) | 21,8 | 28,7 |
| Margin (% of Net sales) | na | 6,2% | 8,3% |
| Taxes | 4,2 | (9,8) | (11,6) |
| Net income before Minorities | (23,4) | 12,0 | 17,1 |
| Margin (% of Net sales) | na | 3,4% | 4,9% |
| Minority Interests | 2,0 | (0,3) | (0,4) |
| Net Income for the Group | (21,4) | 11,7 | 16,7 |
| Margin (% of Net sales) | na | 3,3% | 4,8% |
Company Profile
division
Share Information Investor Relations
- N° of shares outstanding: 107,362,504
- Italian Stock Exchange STAR Segment
Specialist: Mediobanca S.p.A.
Tickers: AEF IM (Bloomberg) AEF MI (Reuters), AEF (Borsa Italiana)
- Investor Relations
- AEFFE S.p.A
- Annalisa Aldrovandi
- +39 0541 965494
- [email protected]
www.aeffe.com
Disclaimer
This presentation is being furnished to you solely for your information on a confidential basis and may not be reproduced or redistributed to any other person.
This presentation does not constitute or form part of any offer to sell or invitation to purchase or subscribe for, or otherwise acquire or dispose of any Aeffe S.p.A. securities.
This presentation includes forward-looking statements which are based on 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 subject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements may not occur and any targets or projections may differ materially from those expressed in or implied by these statements due to any number of different factors.
You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the dater of this presentation. Aeffe S.p.A. 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 Aeffe Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.
