AI Terminal
Aeffe
Earnings Release • Nov 11, 2020
4140_ir_2020-11-11_d2c765a8-3883-4001-8108-716ea9278eb4.pdf
Earnings Release
Open in ViewerOpens in native device viewer
AEFFE 9M 2020 Consolidated Financial Results Presentation 11th November 2020
Consolidated Revenues -23.1% ex forex at € 206.8m, (-23.2% at current exchange rates) due to Covid-19 pandemic effects
Consolidated EBITDA adjusted at € 12.2m (5.9% of sales), net of € 4.0m extraordinary inventory write-down due to the pandemic impact, compared to an EBITDA of € 46.1m (17.1% of sales) in 9M 2019. Consolidated EBITDA reported at € 8.2m
Net Loss adjusted for the Group at € 7.4m, net of non-recurring costs of € 5.1m, compared to a Net Profit of € 13.2m in 9M 2019. Net Loss reported for the Group at € 12.5m
Consolidated Financial Debt of € 148.7m compared to € 149.9m at the end of September 2019. Consolidated financial debt net of IFRS 16 effect of € 60.1m
208 Mono Brand Stores
Net Sales Breakdown by Division(1)
Net Sales Breakdown by Brand
4
Net Sales Breakdown by Region
(1) Italy excluded
(*) At constant exchange rates
1Q 2Q 3Q
Net Sales Breakdown by Channel
* At constant exchange rates
1Q 2Q 3Q
Mono-brand Stores Network
| DOS | ||
|---|---|---|
| 9M20 | FY19 | |
| Europe | 43 | 42 |
| America | 1 | 3 |
| Asia | 16 | 16 |
| Total | 60 | 61 |
Franchising
| 9M20 | FY19 | |
|---|---|---|
| Europe | 40 | 40 |
| America | 1 | |
| Asia | 108 | 122 |
| Total | 148 | 163 |
Income Statement – 9M 2020/2019
(€m)
| 9M 20 | 9M 19 | ||
|---|---|---|---|
| Net Sales | 206,8 | 269,0 | |
| % change | (23,2%) | ||
| Other Revenues | 6,6 | 6,4 | |
| Total Revenues | 213,3 | 275,5 | |
| % change | (22,6%) | ||
| Raw Materials Costs | (77,9) | (86,1) | |
| Service Costs | (71,3) | (79,8) | |
| Costs for use of third parties | (4,5) | (7,0) | |
| Personnel | (46,9) | (53,3) | |
| Other Operating Expenses | (4,6) | (3,2) | |
| Total Operating Expenses | (205,2) | (229,4) | |
| EBITDA | 8,2 | 46,1 | |
| Margin (% of Net sales) | 3,9% | 17,1% | |
| Depreciation and Amortisation | (20,6) | (20,1) | |
| EBIT | (12,5) | 26,0 | |
| Margin (% of Net sales) | (6,0%) | 9,7% | |
| Net Financial Income / (Expenses) | (2,3) | (1,9) | |
| Profit before taxes | (14,8) | 24,1 | |
| Margin (% of Net sales) | (7,2%) | 9,0% | |
| Taxes | 0,8 | (10,5) | |
| Net income/(loss) before Minorities | (14,0) | 13,6 | |
| Margin (% of Net sales) | (6,8%) | 5,0% | |
| Minority Interests | 1,4 | (0,3) | |
| Net Income/(Loss) for the Group | (12,5) | 13,2 | |
| Margin (% of Net sales) | (6,1%) | 4,9% | |
| (€m) | 9M 20 | FY 19 | 9M 19 | |
|---|---|---|---|---|
| Net Working Capital | 115,9 | 107,2 | 113,0 | |
| Net Tangible Assets | 62,6 | 62,8 | 60,9 | |
| Net Intangible Assets | 73,2 | 76,1 | 76,9 | |
| Net Intangible Assets for Rights of use | 102,2 | 110,7 | 123,3 | |
| Net Financial Assets | 3,1 | 2,9 | 2,8 | |
| Severance Staff, Provisions & Others | (19,0) | (20,3) | (20,8) | |
| Net Capital Employed | 338,0 | 339,3 | 356,1 | |
| Group Shareholders' Equity | 158,0 | 171,4 | 173,6 | |
| Minorities | 31,3 | 32,7 | 32,6 | |
| Shareholders' Equity & Minorities | 189,3 | 204,1 | 206,2 | |
| Net financial Debt excluding IFRS 16 | 60,1 | 39,4 | 42,2 | |
| Net financial debt for Lease liabilities | 88,6 | 95,8 | 107,7 | |
| Net Financial Debt and Shareholders' Equity | 338,0 | 339,3 | 356,1 | |
| Accounts Receivables | 47,9 | 41,5 | 49,1 | |
| Accounts Payables | (63,1) | (74,3) | (60,5) | |
| Inventory | 112,3 | 112,1 | 108,7 | |
| Operating NWC | 97,1 | 79,3 | 97,3 | |
| As % of LTM sales | 33,6% | 22,6% | 27,7% | |
| Other Current Assets/Liabilities | 18,8 | 27,9 | 15,7 | |
| Net Working Capital | 115,9 | 107,2 | 113,0 |
Summary Cash Flow
| 9M 20 | FY 19 | 9M 19 | ||
|---|---|---|---|---|
| PBT | (14,1) | 21,8 | 24,1 | |
| Operating Cash Flow | (2,3) | 19,2 | 7,1 | |
| Capital Expenditure | (4,5) | (9,7) | (6,0) | |
| Capital Expenditure for Rights of use | (3,2) | (1,1) | (1,1) | |
| Free Cash Flow | (10,0) | 8,5 | 0,0 | |
| Cash Flows from Financing Activities | 15,4 | (8,1) | (3,3) | |
| Cash and cash equivalents at the beginning of the year | 28,4 | 28,0 | 28,0 | |
| Cash Flow of the Period | 5,4 | 0,4 | (3,3) | |
| Cash and cash equivalents at the end of the year | 33,8 | 28,4 | 24,7 | |
(€m)
Appendices
Income Statement – Full Year 2017-2019
(€m)
| FY 19 net of IFRS 16 effects | 2018A | 2017A | |
|---|---|---|---|
| Net Sales | 351,4 | 346,6 | 312,6 |
| % change | 1,7% | 10,9% | 11,4% |
| Other Revenues | 10,1 | 5,4 | 3,8 |
| Total Revenues | 361,5 | 352,0 | 316,4 |
| % change | 2,8% | 11,2% | 10,1% |
| Raw Materials Costs | (115,3) | (110,3) | (96,1) |
| Service Costs | (108,3) | (100,6) | (91,0) |
| Cost for use of third parties assets | (25,6) | (25,4) | (23,3) |
| Personnel | (72,4) | (68,5) | (65,3) |
| Other Operating Expenses | (3,3) | (3,9) | (4,1) |
| Total Operating Expenses | (324,9) | (308,7) | (279,8) |
| EBITDA | 36,6 | 43,3 | 36,6 |
| Margin (% of Net sales) | 10,4% | 12,5% | 11,7% |
| Depreciation and Amortisation | (13,0) | (13,7) | (13,9) |
| EBIT | 23,6 | 29,6 | 22,7 |
| Margin (% of Net sales) | 6,7% | 8,5% | 7,3% |
| Net Financial Income / (Expenses) | (1,0) | (0,9) | (3,7) |
| PBT | 22,7 | 28,7 | 19,0 |
| Margin (% of Net sales) | 6,4% | 8,3% | 6,1% |
| Taxes | (10,0) | (11,6) | (7,4) |
| Net income before Minorities | 12,6 | 17,1 | 11,5 |
| Margin (% of Net sales) | 3,6% | 4,9% | 3,7% |
| Minority Interests | (0,3) | (0,4) | (0,0) |
| Net Income for the Group | 12,3 | 16,7 | 11,5 |
| Margin (% of Net sales) | 3,5% | 4,8% | 3,7% |
Company Profile
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.
