AI Terminal
Aeffe
Quarterly Report • May 9, 2025
4140_ir_2025-05-09_c08b0693-116b-4702-8a03-c73582baf1f1.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
Disclaimer
This Interim consolidated financial statement has been translated into English solely for the convenience of the International reader. In the event of conflict or inconsistency between the terms used in the Italian Version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the official document.
SUMMARY
| INTERIM CONSOLIDATED FINANCIAL STATEMENT AT 31 MARCH 2025 | 1 |
|---|---|
| CORPORATE BOARDS OF THE PARENT COMPANY | 3 |
| ORGANISATION CHART | 4 |
| BRANDS PORTFOLIO | 5 |
| SHOWROOMS | 6 |
| HEADQUARTERS | 6 |
| MAIN ECONOMIC-FINANCIAL DATA | 7 |
| FINANCIAL STATEMENTS | 8 |
| INTERIM MANAGEMENT REPORT | 12 |
| EXPLANATORY NOTES | 13 |
Corporate boards of the Parent Company
Chairman
Massimo Ferretti – Member of Executive Committee
Deputy Chairman Alberta Ferretti
Chief Executive Officer
Simone Badioli – Member of Executive Committee
Board of Directors
Board of Statutory
Directors
Francesco Ferretti – Member of Executive Committee Marco Piazzi Roberto Lugano Bettina Campedelli Francesca Pace Marco Francesco Mazzù Daniela Saitta
President
Stefano Morri
Statutory Auditors
Carla Trotti Fernando Ciotti
Alternate Auditors
Nevio Dalla Valle Daniela Elvira Bruno
President Daniela Saitta
Members Roberto Lugano Marco Francesco Mazzù
Board of Compensation
Committee
Board of Risk and Sustainability Control Committee
President Bettina Campedelli
Members Daniela Saitta Francesca Pace
Organisation chart
Brands portfolio
Headquarters Showrooms
AEFFE
Via Delle Querce, 51 47842 - San Giovanni in Marignano Italy
POLLINI
Via Erbosa I° tratto, 92 47030 - Gatteo Italy
MILAN
FERRETTI – PHILOSOPHY – POLLINI Via Donizetti, 48 20122 – Milan Italy
MILAN
MOSCHINO Via San Gregorio, 28 20124 – Milan Italy
NEW YORK
GROUP 30 West 56th Street 10019 – New York USA
LONDON
MOSCHINO – FERRETTI – PHILOSOPHY 28-29 Conduit Street W1S 2YB – London UK
PARIS
GROUP 43, Rue du Faubourg Saint Honorè 75008 - Parigi France
Main economic-financial data
| Q I | Q I | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Total revenues | (Values in millions of EUR) | 63.1 | 81.9 |
| Gross operating margin (EBITDA) | (Values in millions of EUR) | (1.5) | 6.3 |
| Net operating profit/(loss) (EBIT) | (Values in millions of EUR) | (8.4) | (1.8) |
| Profit/(loss) before taxes | (Values in millions of EUR) | (11.2) | (5.0) |
| Net profit/(loss) for the Group | (Values in millions of EUR) | (10.1) | (5.6) |
| Basic earnings per share | (Values in units of EUR) | (0.103) | (0.057) |
| Cash Flow (net result + depreciation) | (Values in millions of EUR) | (3.4) | 2.5 |
| Cash Flow/total revenues | Ratio | (5.4) | 3.1 |
* EBITDA is represented by operating profit before provisions and depreciation. EBITDA thus defined is a measure used by management to monitor and evaluate the operational performance and is not identified as an accounting measure under both Italian Accounting Principles and IFRS and therefore should not be considered an alternative measure for evaluating the Group's results. Since EBITDA is not regulated by applicable accounting standards, the criteria used by the Group might not be consistent with that adopted by others and therefore may not be comparable.
| 31 March | 31 December | 31 March | 31 December | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | 2023 | ||
| Net capital invested | (Values in millions of EUR) | 259.8 | 250.5 | 313.3 | 332.7 |
| Net financial indebtedness | (Values in millions of EUR) | 170.3 | 152.4 | 239.5 | 253.5 |
| Group net equity | (Values in millions of EUR) | 88.9 | 97.8 | 73.4 | 79.1 |
| Group net equity per share | (Values in units of EUR) | 0.8 | 0.9 | 0.7 | 0.7 |
| Current assets/Current liabilities | Ratio | 2.3 | 2.0 | 1.8 | 2.1 |
| Current assets less invent./Current liabilities (ACID Test) | Ratio | 1.1 | 0.9 | 0.8 | 1.0 |
| Net financial indebtedness/Net equity | Ratio | 1.9 | 1.6 | 3.2 | 3.2 |
Financial statements
Income statement at 31 March
| (Values in units of EUR) | Notes | Q I | % on | Q I | % on | Change | % |
|---|---|---|---|---|---|---|---|
| 2025 | revenues | 2024 | revenues | ||||
| REVENUES FROM SALES AND SERVICES | (1) | 61,654,240 | 100.0% | 80,231,865 | 100.0% (18,577,625) | (23.2%) | |
| Other revenues and income | 1,487,025 | 2.4% | 1,635,684 | 2.0% | (148,659) | (9.1%) | |
| TOTAL REVENUES | 63,141,265 | 102.4% | 81,867,549 | 102.0% (18,726,284) | (22.9%) | ||
| Changes in inventory | (4,962,872) | (8.0%) | (4,833,090) | (6.0%) | (129,782) | 2.7% | |
| Costs of raw materials, cons. and goods for resale | (17,796,493) | (28.9%) | (23,716,245) | (29.6%) | 5,919,752 | (25.0%) | |
| Costs of services | (21,437,392) | (34.8%) | (25,370,207) | (31.6%) | 3,932,815 | (15.5%) | |
| Costs for use of third parties assets | (1,108,616) | (1.8%) | (1,401,238) | (1.7%) | 292,622 | (20.9%) | |
| Labour costs | (16,707,322) | (27.1%) | (19,263,700) | (24.0%) | 2,556,378 | (13.3%) | |
| Other operating expenses | (2,674,288) | (4.3%) | (964,512) | (1.2%) | (1,709,776) | 177.3% | |
| Total Operating Costs | (64,686,983) | (104.9%) | (75,548,992) | (94.2%) | 10,862,009 | (14.4%) | |
| GROSS OPERATING MARGIN (EBITDA) | (2) | (1,545,718) | (2.5%) | 6,318,557 | 7.9% | (7,864,275) | n.a. |
| Amortisation of intangible fixed assets | (154,498) | (0.3%) | (1,048,031) | (1.3%) | 893,533 | (85.3%) | |
| Depreciation of tangible fixed assets | (1,223,584) | (2.0%) | (1,297,112) | (1.6%) | 73,528 | (5.7%) | |
| Depreciation of right-of-use assets | (5,175,287) | (8.4%) | (5,556,162) | (6.9%) | 380,875 | (6.9%) | |
| Revaluations / (write-downs) and provisions | (252,498) | (0.4%) | (201,724) | (0.3%) | (50,774) | 25.2% | |
| Total Amortisation, write-downs and provisions | (6,805,867) | (11.0%) | (8,103,029) | (10.1%) | 1,297,162 | (16.0%) | |
| NET OPERATING PROFIT / LOSS (EBIT) | (8,351,585) | (13.5%) | (1,784,472) | (2.2%) | (6,567,113) | 368.0% | |
| Financial income | 376,934 | 0.6% | 81,026 | 0.1% | 295,908 | 365.2% | |
| Financial expenses | (2,667,952) | (4.3%) | (2,640,226) | (3.3%) | (27,726) | 1.1% | |
| Financial expenses on right-of-use asset | (536,246) | (0.9%) | (620,436) | (0.8%) | 84,190 | (13.6%) | |
| Total Financial Income/(expenses) | (2,827,264) | (4.6%) | (3,179,636) | (4.0%) | 352,372 | (11.1%) | |
| PROFIT / LOSS BEFORE TAXES | (11,178,849) | (18.1%) | (4,964,108) | (6.2%) | (6,214,741) | 125.2% | |
| Total Income Taxes | 1,223,286 | 2.0% | (419,592) | (0.5%) | 1,642,878 | n.a. | |
| NET PROFIT / LOSS | (3) | (9,955,563) | (16.1%) | (5,383,700) | (6.7%) | (4,571,863) | 84.9% |
| (Profit) / loss attributable to minority shareholders | (169,786) | (0.3%) | (223,798) | (0.3%) | 54,012 | (24.1%) | |
| NET PROFIT / LOSS FOR THE GROUP | (10,125,349) | (16.4%) | (5,607,498) | (7.0%) | (4,517,851) | 80.6% |
Reclassified balance sheet
| (Values in units of EUR) | Notes | 31 March | 31 December | 31 March |
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| Trade receivables | 49,309,744 | 40,679,783 | 61,382,955 | |
| Stocks and inventories | 83,815,512 | 89,233,482 | 107,757,763 | |
| Trade payables | (51,274,741) | (63,781,185) | (67,810,432) | |
| Operating net working capital | 81,850,515 | 66,132,080 | 101,330,286 | |
| Other short term receivables | 23,226,907 | 26,089,738 | 22,676,105 | |
| Tax receivables | 5,891,010 | 8,848,183 | 9,458,974 | |
| Derivative assets | 23,042 | 503,364 | 31,805 | |
| Other short term liabilities | (13,613,263) | (14,081,399) | (40,778,648) | |
| Tax payables | (4,451,527) | (5,382,568) | (3,036,268) | |
| Derivative liabilities | - | - | (35,508) | |
| Net working capital | (4) | 92,926,684 | 82,109,398 | 89,646,746 |
| Tangible fixed assets | 56,489,344 | 57,363,541 | 59,773,240 | |
| Intangible fixed assets | 49,101,499 | 49,118,488 | 61,997,110 | |
| Right-of-use assets | 72,672,139 | 77,578,905 | 102,876,170 | |
| Other fixed assets | 41,196 | 41,196 | 39,696 | |
| Equity investments | 125,932 | 105,641 | 81,600 | |
| Fixed assets | (5) | 178,430,110 | 184,207,771 | 224,767,816 |
| Post employment benefits | (2,817,254) | (2,978,634) | (3,194,563) | |
| Provisions | (5,236,867) | (7,352,056) | (2,292,937) | |
| Assets available for sale | 4,154,496 | 4,349,496 | - | |
| Long term not financial liabilities | (880,917) | (1,090,833) | (1,164,956) | |
| Deferred tax assets | 16,694,647 | 18,898,568 | 17,012,677 | |
| Deferred tax liabilities | (23,504,907) | (27,599,221) | (11,429,314) | |
| NET CAPITAL INVESTED | 259,765,992 | 250,544,489 | 313,345,469 | |
| Share capital | 24,606,247 | 24,606,247 | 24,606,247 | |
| Other reserves | 74,344,757 | 37,467,751 | 37,978,449 | |
| Profits / (Losses) carried-forward | 113,786 | 16,392,528 | 16,463,309 | |
| Profit / (Loss) of the period | (10,125,349) | 19,328,033 | (5,607,498) | |
| Group interest in shareholders' equity | 88,939,441 | 97,794,559 | 73,440,507 | |
| Minority interests in shareholders' equity | 521,604 | 351,818 | 368,459 | |
| Total shareholders' equity | (6) | 89,461,045 | 98,146,377 | 73,808,966 |
| Cash | (11,995,358) | (20,818,807) | (32,305,746) | |
| Long term financial liabilities | 49,325,625 | 55,162,234 | 73,009,920 | |
| Short term financial liabilities | 53,200,321 | 33,396,452 | 96,452,484 | |
| NET FINANCIAL POSITION WITHOUT IFRS 16 EFFECTS | 90,530,588 | 67,739,879 | 137,156,658 | |
| Short term lease liabilities | 63,327,327 | 67,483,425 | 82,704,237 | |
| Long term lease liabilities | 16,447,032 | 17,174,808 | 19,675,608 | |
| NET FINANCIAL POSITION | (7) | 170,304,947 | 152,398,112 | 239,536,503 |
| SHAREHOLDERS' EQUITY AND NET FINANCIAL INDEBTEDNESS | 259,765,992 | 250,544,489 | 313,345,469 |
Cash flow
| (Values in thousands of EUR) | Q I | F Y | Q I |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Opening balance | 20,819 | 14,626 | 14,626 |
| Profit before taxes | (11,179) | 36,978 | (4,964) |
| Amortisation / write-downs | 6,806 | (52,181) | 8,103 |
| Accrual (+)/availment (-) of long term provisions and post employment benefits | (2,276) | 4,889 | 102 |
| Paid income taxes | (1,598) | (1,201) | (736) |
| Financial income (-) and financial charges (+) | 2,827 | 11,517 | 3,180 |
| Change in operating assets and liabilities | (10,154) | 18,833 | 18,394 |
| Cash flow (absorbed) / generated by operating activity | (15,574) | 18,835 | 24,079 |
| Increase (-)/ decrease (+) in intangible fixed assets | (138) | 98,000 | (133) |
| Increase (-)/ decrease (+) in tangible fixed assets | (349) | (2,210) | (633) |
| Increase (-)/ decrease (+) in right-of-use assets | (269) | (6,011) | (6,206) |
| Investments and write-downs (-)/ Disinvestments and revaluations (+) | - | - | 1 |
| Cash flow (absorbed) / generated by investing activity | (756) | 89,779 | (6,971) |
| Other variations shareholders' equity | 1,270 | (557) | (48) |
| Dividends paid | - | - | - |
| Proceeds (+)/ repayments (-) of financial payments | 13,967 | (74,014) | 2,318 |
| Proceeds (+)/ repayment (-) of lease payments | (4,884) | (16,321) | 1,401 |
| Increase (-)/ decrease (+) in long term financial receivables | (20) | (12) | 81 |
| Financial income (+) and financial charges (-) | (2,827) | (11,517) | (3,180) |
| Cash flow (absorbed) / generated by financing activity | 7,506 | (102,421) | 572 |
| Closing balance | 11,995 | 20,819 | 32,306 |
Changes in shareholders' equity
| (Values in thousands of EUR) | Share capital | Share premium reserve | Cash flow hedge reserve | Other reserves | Fair Value reserve | IAS reserve | Reamisurement of defined benefit plans reserve |
Translation reserve | Profits/(losses) carried-forward | Net profit/(loss) for the Group | Group interest in shareholders' equity | Minority interests in shareholders' equity |
Total shareholders' equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BALANCES AT 31 December 2024 | 24,606 | 10,683 | 363 | 13,475 | 7,901 | 7,607 | (1,337) (1,224) | 16,392 | 19,328 | 97,794 | 352 | 98,146 | |
| Allocation of 2024 profit / (loss) | - | - | - | 35,606 | - | - | - | - | (16,278) | (19,328) | - | - | - |
| Dividends paid | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Treasury stock (buy-back)/ sale | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total comprehensive income / (loss) of Q1 2025 |
- | - | (346) | - | - | - | - | 1,616 | - | (10,125) | (8,855) | 170 | (8,685) |
| Other changes | - | - | - | - | - | - | - | - | - | - | - | - | |
| BALANCES AT 31 March 2025 | 24,606 | 10,683 | 17 | 49,081 | 7,901 | 7,607 | (1,337) | 392 | 114 | (10,125) | 88,939 | 522 | 89,461 |
| (Values in thousands of EUR) | Share capital | Share premium reserve | Cash flow hedge reserve | Other reserves | Fair Value reserve | IAS reserve | Reamisurement of defined benefit plans reserve |
Translation reserve | Profits/(losses) carried-forward | Net profit/(loss) for the Group | Group interest in shareholders' equity |
Minority interests in shareholders' equity |
Total shareholders' equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BALANCES AT 31 December 2023 | 24,606 | 62,264 | 46 | 13,475 | 7,901 | 7,607 | (1,339) | (347) | (2,974) | (32,144) 79,095 | 145 | 79,240 | |
| Allocation of 2023 profit / (loss) | - | (51,581) | - | - | - | - | - | - | 19,437 | 32,144 | - | - | - |
| Dividends paid | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Treasury stock (buy-back)/ sale | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total comprehensive income / (loss) of Q1 2024 |
- | - | (48) | - | - | - | - | 1 | - | (5,607) | (5,654) | 223 | (5,431) |
| Other changes | - | - | - | - | - | - | - | - | - | - | - | - | - |
| BALANCES AT 31 March 2024 | 24,606 | 10,683 | (2) | 13,475 | 7,901 | 7,607 | (1,339) | (346) | 16,463 | (5,607) | 73,441 | 368 | 73,809 |
Interim management report
In the first quarter of 2025, consolidated revenues amount to 61,654 thousand euros compared to 80,232 thousand euros in the first quarter 2024, with a 23.2% decrease at current exchange rates (-23.3% at constant exchange rates).
In the first quarter of 2025, consolidated EBITDA has been negative for 1,546 thousand euros, recording a decrease compared to the EBITDA of the first quarter of 2024 equal to positive 6,319 thousand euros. Margins in the quarter decreased as a result of the contraction in revenues.
Looking at the balance sheet as of 31st March 2025, financial debt, IFRS 16 effect included, amounts to 170,305 thousand euros compared to 239,537 thousand euros as of 31st March 2024, with a 69,232 thousand euros improving. The financial debt net of IFRS 16 effect at 31st March 2025 amounts to 90,531 thousand euros, improving compared to 137,157 thousand euros at 31st March 2024.
At 31st March 2025 operating net working capital amounts to 81,851 thousand euros (35.2% of LTM sales) compared to 101,330 thousand euros at 31st March 2024 (33.2% of LTM sales).
Explanatory notes
Income statement
1. Revenues from sales and services
First quarter 2025 vs 2024
In the first quarter of 2025, consolidated revenues amount to 61,654 thousand euros compared to 80,232 thousand euros in the first quarter 2024, with a 23.2% decrease at current exchange rates (-23.3% at constant exchange rates).
The following table details the revenues by geographical area for the first quarters of 2025 and 2024.
| (Values in thousands of EUR) | Q I | Q I | ||||
|---|---|---|---|---|---|---|
| 2025 | % | 2024 | % | Change | % | |
| Italy | 26,516 | 43.0% | 35,216 | 43.9% | (8,700) | (24.7%) |
| Europe (Italy excluded) | 18,924 | 30.7% | 23,973 | 29.9% | (5,049) | (21.1%) |
| Asia and Rest of the World | 12,941 | 21.0% | 17,067 | 21.3% | (4,126) | (24.2%) |
| America | 3,273 | 5.3% | 3,976 | 4.9% | (703) | (17.7%) |
| Total | 61,654 | 100.0% | 80,232 | 100.0% | (18,578) | (23.2%) |
Sales in ITALY, with an incidence of 43.0% on turnover, reported a decrease of 24.7% compared to 2024 at 26,516 thousand euros: the wholesale channel decreased by 26%, while the retail channel decrease by 12% compared to the first quarter of 2024.
Sales in EUROPE, with an incidence on turnover of 30.7%, reported a decrease of 21.1% at 18,924 thousand euros.
In ASIA and in the REST OF THE WORLD, the Group achieved revenues for 12,941 thousand euros, with an incidence on turnover of 21.0%.
At current exchange rates, sales in AMERICA, with an incidence on turnover of 5.3%, recorded a decrease by 17.7%.
The following table details the revenues by brand for the first quarters of 2025 and 2024.
| (Values in thousands of EUR) | Q I | Q I | ||||
|---|---|---|---|---|---|---|
| 2025 | % | 2024 | % | Change | % | |
| Alberta Ferretti | 4,649 | 7.6% | 5,612 | 7.0% | (963) | (17.2%) |
| Philosophy | 5,024 | 8.1% | 5,330 | 6.6% | (306) | (5.7%) |
| Moschino | 43,332 | 70.3% | 59,895 | 74.7% | (16,563) | (27.7%) |
| Pollini | 8,043 | 13.0% | 8,934 | 11.1% | (891) | (10.0%) |
| Other | 606 | 1.0% | 461 | 0.6% | 145 | 31.5% |
| Total | 61,654 | 100.0% | 80,232 | 100.0% | (18,578) | (23.2%) |
In the first quarter of 2025, Alberta Ferretti brand decreases by 17.2%, generating 7.6% of consolidated sales, while Philosophy brand decrease by 5.7%, generating 8.1% of consolidated sales.
In the same period, Moschino brand sales decrease by 27.7% contributing to 70.3% of consolidated sales.
Pollini brand decreases by 10.0%, generating 13.0% of consolidated sales, while the other brands sales increase by 31.5% contributing to 1.0% of consolidated sales.
The following table details the revenues by distribution channel for the first quarters of 2025 and 2024.
| (Values in thousands of EUR) | Q I | Q I | ||||
|---|---|---|---|---|---|---|
| 2025 | % | 2024 | % | Change | % | |
| Wholesale | 43,134 | 70.0% | 55,733 | 69.4% | (12,599) | (22.6%) |
| Retail | 17,812 | 28.9% | 22,110 | 27.6% | (4,298) | (19.4%) |
| Royalties | 708 | 1.1% | 2,389 | 3.0% | (1,681) | (70.4%) |
| Total | 61,654 | 100.0% | 80,232 | 100.0% | (18,578) | (23.2%) |
The revenues of the WHOLESALE CHANNEL, which represents 70.0% of turnover (43,134 thousand euros), recorded a decrease of 22.6% at current exchange rates.
The revenues of the RETAIL CHANNEL, which represents 28.9% of Group sales (17,812 thousand euros), showed a decrease of 19.4% at current exchange rates compared to the corresponding period of the previous year.
The revenues for ROYALTIES amount to 708 thousand euros and represent 1.1% of consolidated turnover.
2. Gross Operating Margin (EBITDA)
First quarter 2025 vs 2024
In the first quarter of 2025, consolidated EBITDA has been negative for 1,546 thousand euros, recording a decrease compared to the EBITDA of the first quarter of 2024 equal to positive 6,319 thousand euros. Margins in the quarter decreased as a result of the contraction in revenues.
In Q1 2025 EBITDA of the prêt-à-porter division has amounted to negative 3,835 thousand euros, decreasing compared to positive 957 thousand euros in Q1 2024.
EBITDA of the footwear and leather goods division has been 2,289 thousand euros (8.4% of sales) compared to 5,362 thousand euros in Q1 2024 (16.2% of sales).
Consolidated EBIT has been negative for 8,352 thousand euros in Q1 25 and 1,784 thousand in Q1 2024.
3. Net result
First quarter 2025 vs 2024
In the first quarter 2025 the Group has posted a net loss of 9,956 thousand euros, increasing of 4,572 thousand compared to a net loss of 5,384 thousand in the first quarter 2024.
Segment information
Economic performance by Divisions
At international level, the Group is divided into two main business sectors:
- (i) Prêt-à porter Division;
- (ii) Footwear and leather goods Division.
First quarter 2025 vs 2024
The following tables indicate the main economic data for the first quarter of 2025 and 2024 of the Prêt-à porter and Footwear and leather goods Divisions.
| (Values in thousands of EUR) | Prêt-à porter Division |
Footwear and leather goods |
Elimination of intercompany |
Total |
|---|---|---|---|---|
| Q I 2025 | Division | transactions | ||
| SECTOR REVENUES | 38,718 | 27,138 | (4,202) | 61,654 |
| Intercompany revenues | (1,858) | (2,344) | 4,202 | - |
| Revenues with third parties | 36,860 | 24,794 | - | 61,654 |
| Gross operating margin (EBITDA) | (3,835) | 2,289 | - | (1,546) |
| Amortisation | (5,620) | (934) | - | (6,554) |
| Other non monetary items: | ||||
| Write-downs | (172) | (80) | - | (252) |
| Net operating profit / loss (EBIT) | (9,627) | 1,275 | - | (8,352) |
| Financial income | 3 | 374 | - | 377 |
| Financial expenses | (2,426) | (778) | - | (3,204) |
| Profit / loss before taxes | (12,050) | 871 | - | (11,179) |
| Income taxes | 1,424 | (201) | - | 1,223 |
| Net profit / loss | (10,626) | 670 | - | (9,956) |
| (Values in thousands of EUR) | Prêt-à porter Division |
Footwear and leather goods |
Elimination of intercompany |
Total |
|---|---|---|---|---|
| Q I 2024 | Division | transactions | ||
| SECTOR REVENUES | 55,221 | 33,168 | (8,157) | 80,232 |
| Intercompany revenues | (3,762) | (4,395) | 8,157 | - |
| Revenues with third parties | 51,459 | 28,773 | - | 80,232 |
| Gross operating margin (EBITDA) | 957 | 5,362 | - | 6,319 |
| Amortisation | (6,398) | (1,503) | - | (7,901) |
| Other non monetary items: | ||||
| Write-downs | (112) | (90) | - | (202) |
| Net operating profit / loss (EBIT) | (5,553) | 3,769 | - | (1,784) |
| Financial income | 18 | 63 | - | 81 |
| Financial expenses | (2,555) | (706) | - | (3,261) |
| Profit / loss before taxes | (8,090) | 3,126 | - | (4,964) |
| Income taxes | 667 | (1,087) | - | (420) |
| Net profit / loss | (7,423) | 2,039 | - | (5,384) |
Prêt-à porter Division
In the first three months of 2025, revenues of the prêt-à-porter division decrease by 29.9% (-30.1% at constant exchange rates), from 55,221 thousand euros to 38.718 thousand euros.
EBITDA of the prêt-à-porter division has been negative for 3,835 thousand euros in the first quarter of 2025, decreasing of 4,792 thousand euros compared to positive 957 thousand euros in the first quarter of 2024.
Footwear and leather goods Division
Revenues of the footwear and leather goods division decrease by 18.2% from 33,168 thousand euros in the first quarter of 2024 to 27,138 thousand euros in the first quarter of 2025.
EBITDA of the footwear and leather goods division has been positive for 2,289 thousand euros (representing 8.4% of sales), showing a 57.3% decrease compared to 5,362 thousand euros in the first quarter 2024 (representing 16.2% of sales), with a 3,073 thousand euros decrease.
Balance sheet
4. Net working capital
At 31st March 2025 operating net working capital amounts to 81,851 thousand euros (35.2% of LTM sales) compared to 101,330 thousand euros at 31st March 2024 (33.2% of LTM sales).
5. Fixed assets
Fixed assets decrease from 224,768 thousand euros at 31st March 2024 to 178,430 thousand euros at 31st March 2025. Capex in Q1 2025 amount to 487 thousand euros and are mostly related to refurbishment and IT technologies.
6. Shareholders' equity
The balance sheet shows a shareholder's equity that changes from 73,809 thousand euros at 31st March 2024 to 89,461 thousand euros at 31st March 2025.
Changes in shareholders' equity are presented in tables at page 11.
7. Net financial position
Looking at the balance sheet as of 31st March 2025, financial debt, IFRS 16 effect included, amounts to 170,305 thousand euros compared to 239,537 thousand euros as of 31st March 2024, with a 69,232 thousand euros improving. The financial debt net of IFRS 16 effect at 31st March 2025 amounts to 90,531 thousand euros, improving compared to 137,157 thousand euros at 31st March 2024.
Other information
Earnings per share
Reference earnings
The calculation of basic and dilutive earnings per share is based on the following elements:
| (Values in thousands of EUR) | Q I | Q I | ||
|---|---|---|---|---|
| From continuing and discontinued activities | 2025 | 2024 | ||
| From continuing activities | ||||
| Earnings for determining basic earnings per share | (10,125) | (5,607) | ||
| Earnings for determing earnings per share | (10,125) | (5,607) | ||
| Dilutive effects | - | - | ||
| Earnings for determing dilutive earnings per share | (10,125) | (5,607) | ||
| From continuing and discontinued activities | ||||
| Earnings for the period | (10,125) | (5,607) | ||
| Earnings from discontinued operations | - | - | ||
| Earnings for determining basic earnings per share | (10,125) | (5,607) | ||
| Dilutive effects | - | - | ||
| Earnings for determing dilutive earnings per share | (10,125) | (5,607) | ||
| Number of reference share | ||||
| Average number of shares for determing earnings per share | 98,425 | 98,425 | ||
| Share options | - | - | ||
| Average number of shares for determing diluted earnings per share | 98,425 | 98,425 | ||
Basic earnings per share
Group net losss attributable to holders of ordinary shares of parent company AEFFE S.p.A., amounts to 10,125 thousand euros (March 2024: net loss equal to 5,607 thousand euros).
Dilutive earnings per share
The calculation of diluted earnings per share for the period January - March 2025, matches with the calculation of basic earnings per share, as there are no tools with potential dilutive effects.
Significant events subsequent the balance sheet date
After the 31st March 2025 no significant events regarding the Group's activities have to be reported.
Outlook
The general global slowdown in consumption had an impact on both the wholesale and retail channels, reflecting in our group's results in the first quarter of the year. This situation, expected for the entire first part of the current year, has not caught us unprepared and we are continuing to implement processes to rationalize activities and all operating costs. We look with positivity and renewed confidence to a recovery of the retail market in the upcoming months, continuing to invest in the development of the Moschino, Alberta Ferretti and Pollini brands.
Atypical and/or unusual transactions
Pursuant to Consob communication n. DEM/6064293 dated 28 July 2006, it is confirmed that during the first quarter of 2025, the Group did not enter into any atypical and/or unusual transactions, as defined in that communication.
Significant non-recurring events and transactions
During the first quarter of 2025 no significant non-recurring events and transaction have been realized.
The executive responsible for preparing the company's accounting documentation Matteo Scarpellini declares, pursuant to paragraph 2 of art. 154b of the Consolidated Finance Law, that the accounting information contained in this document agrees with the underlying documentation, records and accounting entries.