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Aeffe — Investor Presentation 2016
Nov 10, 2016
4140_ip_2016-11-10_5b8a0e11-d41e-4dcf-be90-4b69934f5c15.pdf
Investor Presentation
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9M 2016 Key Facts
- Consolidated Revenues +3.5% at € 213.8m, (+3.8% at constant exchange rates)
- Consolidated EBITDA for € 21.3m, compared to an EBITDA of € 17.9m in 9M 2015, with a €3.4m increase (+19%)
- Consolidated Net Profit for the Group at €4.9m, compared to a Net Profit of € 1.5m in 9M 2015, with a €3.4m increase (+217%)
- Consolidated Net Financial Debt of € 77.6m (€ 80.5m as of 31 December 2015)
- 253 Mono Brand Stores
Net Sales Breakdown by Division(1)
(1) Before inter-divisional eliminations
1Q2Q 3Q
3
Net Sales Breakdown by Brand
Net Sales Breakdown by Region
90,0 100,0 Europe % on Total SalesEuropeRussia USARoW9M 2016 9M 2015 22% 22% 3%8%% on Total Sales (€m) (€m) +4.2% *22%3%92.696.5
(1) Italy and Russia excluded
90,0
100,0
* At constant exchange rates
2Q3Q
1Q
Net Sales Breakdown by Channel
* At constant exchange rates
1Q2Q3Q
Mono-brand Stores Network
| 9 6 M 1 |
F Y 1 5 |
|
|---|---|---|
| Eu ro p e |
4 5 |
4 7 |
| U S A |
3 | 3 |
| As ia |
1 6 |
1 1 |
| To ta l |
6 4 |
6 1 |
DOS
| 9 6 M 1 |
F Y 1 5 |
|
|---|---|---|
| Eu ro p e |
4 8 |
4 5 |
| U S A |
2 | 3 |
| ia As |
3 9 1 |
3 1 7 |
| To ta l |
1 8 9 |
1 8 5 |
Income Statement – 9M 2016/2015
| 9 M 1 6 |
9 M 1 5 |
||
|---|---|---|---|
| Sa les Ne t |
2 3, 8 1 |
2 0 6, 5 |
|
| % ha c ng e |
3, % 5 |
||
| O t he Re r ve nu es |
5, 3 |
3, 2 |
|
| To ta l Re ve nu es |
2 1 9, 1 |
2 0 9, 7 |
|
| % ha c ng e |
4, 5 % |
||
| ia ls Co Ra Ma te ts r s w |
( 6 8, 8 ) |
( 6 6, 8 ) |
|
| ice Se Co ts rv s |
( ) 6 1, 6 |
( ) 5 8, 6 |
|
| Co ts fo f t h ir d t ies s r u se o p ar |
( 1 7, 4 ) |
( 1 7, 7 ) |
|
| l Pe rso nn e |
( 4 0 ) 7, |
( 4 2 ) 5, |
|
| O t he Op t ing Ex r er a p en se s |
( 3, 0 ) |
( 3, 4 ) |
|
| ta l O t ing To Ex p er a p en se s |
( 9 8 ) 1 7, |
( 9 8 ) 1 1, |
|
| E B I T D A |
2 3 1, |
9 1 7, |
|
| in ( % f les ) M Ne t s ar g o a |
0, 0 % 1 |
8, % 7 |
|
| De ia t io d Am t isa t io p re c n an or n |
( 9, 1 ) |
( 9, 6 ) |
|
| E B I T |
1 2, 2 |
8, 4 |
|
| in ( % f t s les ) M Ne ar g o a |
% 5, 7 |
4, 0 % |
|
| ina ia ( ) Ne t F l Inc / Ex nc om e p en se s |
( ) 1, 7 |
( ) 2, 7 |
|
| f i fo Pr t be ta o re xe s |
1 0, 5 |
5, 7 |
|
| in ( % f ) M Ne t s les ar g o a |
% 4, 9 |
% 2, 8 |
|
| Ta xe s |
( ) 5, 1 |
( 4, 0 ) |
|
| Ne t in / ( lo ) be fo M in i t ie co m e ss re or s |
5, 4 |
1, 7 1 |
|
| in ( % f les ) M Ne t s ar g o a |
2, % 5 |
0, 8 % |
|
| ino i M ty In te ts r re s |
( ) 0, 5 |
( ) 0, 2 |
|
| Ne t In / ( Lo ) fo t he Gr co m e ss r ou p |
4, 9 |
1, 5 |
|
| M in ( % f Ne t s les ) ar g o a |
2, 3 % |
0, 7 % |
|
(€m)
Summary Balance Sheet
| 9M16 | FY 15 | 9M15 | |
|---|---|---|---|
| Net Working Capital | 91,7 | 82,3 | 103,1 |
| Net Tangible Assets | 61,5 | 63,3 | 63,7 |
| Net Intangible Assets | 116,4 | 122,8 | 124,2 |
| Net Financial Assets | 3,9 | 4,4 | 4,6 |
| Severance Staff, Provisions & Others | (27,3) | (42, 6) | (46, 4) |
| Net Capital Employed | 246,2 | 230,2 | 249,1 |
| Group Shareholders' Equity | 136,2 | 131,7 | 131,5 |
| Minorities | 32,4 | 17,9 | 18,1 |
| Shareholders' Equity & Minorities | 168,6 | 149,6 | 149,6 |
| Net Debt | 72,1 | 75,0 | 94,0 |
| Shares Buyback | 5,5 | 5,5 | 5,5 |
| Net Financial Debt and Shareholders' Equity | 246,2 | 230,2 | 249,1 |
| Accounts Receivables | 45,6 | 38,3 | 50,0 |
| Accounts Payables | (47,6) | (61, 4) | (46, 8) |
| Inventory | 88,8 | 90,0 | 87,4 |
| Operating NWC | 86,8 | 66,8 | 90,6 |
| As % of LTM sales | 31,4% | 24,8% | 34,2% |
| Other Current Assets/Liabilities | 4,9 | 15,5 | 12,5 |
| Net Working Capital | 91,7 | 82,3 | 103,1 |
Cash Flow Statement
(€m)
| 9 M 1 6 |
F Y 1 |
9 M 1 5 |
|---|---|---|
| 1 0, 5 |
2, 9 |
5, 7 |
| 9, 1 |
1 3, 5 |
9, 6 |
| ( 0, 4 ) |
( 1, 9 ) |
( 1, 7 ) |
| ( 3, ) 1 |
( 3, 6 ) |
( 3, ) 5 |
| 1, 7 |
3, 0 |
2, 7 |
| ( ) 2 6, 4 |
( ) 1, 1 |
( ) 2 0, 6 |
| ( 8, 6 ) |
2, 8 1 |
( 8 ) 7, |
| 3 1, |
( 2, 0 ) |
( 6 ) 1, |
| ( 2, ) 1 |
( 0 ) 5, |
( 4, 0 ) |
| 0, 0 |
( 0, ) 1 |
( 0, ) 1 |
| ( 0, 8 ) |
( 7, 1 ) |
( 5, 7 ) |
| ( 9, 4 ) |
5, 7 |
( 3, ) 1 5 |
| 1 3, 6 |
( 0, 1 ) |
( 0, 1 ) |
| ( 2, ) 7 |
4 1, |
8 1 7, |
| ( ) 1, 1 |
( ) 0, 7 |
( ) 1, 2 |
| ( 1, 7 ) |
( 3, 0 ) |
( 2, 7 ) |
| 8, 0 |
( 2, 4 ) |
3, 9 1 |
| 1 0, 0 |
6, 7 |
6, 7 |
| ( 1, 4 ) |
3, 3 |
0, 4 |
| 8, 6 |
0, 0 1 |
7, 1 |
| 5 |
Company Profile
Share Information
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
Investor Relations
AEFFE S.p.A
Annalisa Aldrovandi
+39 0541 965494
www.aeffe.com
Income Statement – Full Year 2013-2015
(€m)
| 2015A | 2014A | 2013A | |
|---|---|---|---|
| Net Sales | 268,8 | 251,5 | 251,1 |
| % change | 6,9% | 0.2% | $(1, 2\%)$ |
| Other Revenues | 5,2 | 4,3 | 7,5 |
| Total Revenues | 274,0 | 255,9 | 258,6 |
| % change | 20,1% | (1.0%) | (1.0%) |
| Raw Materials Costs | (86, 2) | (77, 9) | (79, 2) |
| Service Costs | (79, 2) | (68, 6) | (66, 9) |
| Cost for use of third parties assets | (23, 5) | (21, 2) | (25,5) |
| Personnel | (61,1) | (58, 6) | (63,1) |
| Other Operating Expenses | (4,7) | (3,8) | (3,3) |
| Total Operating Expenses | (254, 7) | (230, 2) | (238, 0) |
| EBITDA | 19,3 | 25,7 | 20,6 |
| Margin (% of Net sales) | 7,2% | 10,2% | 8,2% |
| Depreciation and Amortisation | (13,5) | (13,7) | (14, 6) |
| EBIT | 5,9 | 12,0 | 6,0 |
| Margin (% of Net sales) | 2,2% | 4,8% | 2,4% |
| Net Financial Income / (Expenses) | (3, 0) | (5, 9) | (6,7) |
| PBT | 2,9 | 6,1 | (0,7) |
| Margin (% of Net sales) | 1.1% | 2,4% | n.a |
| Taxes | (1,1) | (2,1) | (1,3) |
| Net income before Minorities | 1,70 | 4,01 | (1, 97) |
| Margin (% of Net sales) | 0,6% | 1,6% | n.a |
| Minority Interests | (0, 2) | (1,3) | (1, 2) |
| Net Income for the Group | 1,5 | 2,7 | (3,2) |
| Margin (% of Net sales) | 0,6% | 1.1% | n.a |
Disclaimer
This presentation is being furnished to you solely for your information on a confidential basis and may not be reproduced orredistributed 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 tofuture events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements aresubject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements maynot occur and any targets or projections may differ materially from those expressed in or implied by these statements due to anynumber 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 daterof this presentation. Aeffe S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-lookingstatements 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 suchperformance, trends or activities will continue in the future.