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Aeffe — Investor Presentation 2016
Jul 28, 2016
4140_ip_2016-07-28_249a6b5a-356c-4016-b77d-be7d568446a1.pdf
Investor Presentation
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AEFFE First Half 2016 Results Presentation28thJuly 2016
1H 2016 Key Facts
Consolidated Revenues +7.0% at € 137.8m, (+7.3% at constant exchange rates)
- Consolidated EBITDA for € 12.2m, compared to an EBITDA of € 9.8m in 1H 2015, with a €2.4m increase
- Net Profit for the Group at €1.47m, compared to a Net Profit of € 0.035m in 1H 2015, with a €1.43m improvement
- Consolidated Net Financial Debt of € 76.3m (€ 80.5m as of 31 December 2015)
- 250 Mono Brand Stores
Net Sales Breakdown by Division(1)
(1) Before inter-divisional eliminations
1Q
2Q
3
Net Sales Breakdown by Brand
* At constant exchange rates
1Q
2Q
4
Net Sales Breakdown by Region
(1) Italy and Russia excluded
* At constant exchange rates
1Q2Q
Net Sales Breakdown by Channel
* At constant exchange rates
1Q2Q
Mono-brand Stores Network
| D O S |
|
|---|---|
| i i F h r a n c s n g |
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|---|---|---|
Income Statement - 1H 2016/2015
| 1H 16 | 1H 15 | |
|---|---|---|
| Net Sales | 137,8 | 128,7 |
| % change | 7,0% | |
| Other Revenues | 5,8 | 3,3 |
| Total Revenues | 143,6 | 132,0 |
| % change | 9,0% | |
| Raw Materials Costs | (45,2) | (40, 0) |
| Service Costs | (40,6) | (37,6) |
| Costs for use of third parties | (11,5) | (11,4) |
| Personnel | (31,8) | (30,7) |
| Other Operating Expenses | (2,3) | (2,6) |
| Total Operating Expenses | (131,4) | (122, 2) |
| EBITDA | 12,2 | 9,8 |
| Margin (% of Net sales) | 8,9% | 7,6% |
| Depreciation and Amortisation | (6,1) | (6,3) |
| EBIT | 6,1 | 3,4 |
| Margin (% of Net sales) | 4,5% | 2,7% |
| Net Financial Income / (Expenses) | (1, 4) | (1,7) |
| Profit before taxes | 4,7 | 1,7 |
| Margin (% of Net sales) | 3.5% | 1,3% |
| Taxes | (2,9) | (1,6) |
| Net income/(loss) before Minorities | 1,8 | 0,10 |
| Margin (% of Net sales) | 1,3% | 0.1% |
| Minority Interests | (0, 4) | (0,1) |
| Net Income/(Loss) for the Group | 1,4 | 0,03 |
| Margin (% of Net sales) | 1.1% | 0.0% |
Summary Balance Sheet
| Other Current Assets/Liabilities | 8,6 | 15,5 | 17,7 |
|---|---|---|---|
| As % of LTM sales | 27,3% | 24,8% | 30.9% |
| Operating NWC | 75,9 | 66,8 | 80,2 |
| Inventory | 88,9 | 90,0 | 93,9 |
| Accounts Payables | (50, 8) | (61, 4) | (51, 9) |
| Accounts Receivables | 37,8 | 38,3 | 38,2 |
| Net Financial Debt and Shareholders' Equity | 241,0 | 230,2 | 246,2 |
| Shares Buyback | 5,5 | 5,5 | 5,5 |
| Net Debt | 70,8 | 75,0 | 92,6 |
| Shareholders' Equity & Minorities | 164,7 | 149,6 | 148,1 |
| Minorities | 32,3 | 17,9 | 18,0 |
| Group Shareholders' Equity | 132,4 | 131,7 | 130,1 |
| Net Capital Employed | 241,0 | 230,2 | 246,2 |
| Severance Staff, Provisions & Others | (27, 2) | (42, 6) | (46, 0) |
| Net Financial Assets | 3,9 | 4,4 | 4,6 |
| Net Intangible Assets | 117,7 | 122,8 | 125,6 |
| Net Tangible Assets | 62,1 | 63,3 | 64,1 |
| Net Working Capital | 84,5 | 82,3 | 97,9 |
| 1H 16 | FY 15 | 1H 15 |
Cash Flow Statement
| (€m) | ||||
|---|---|---|---|---|
| 1H 16 | FY 15 | 1H 15 | ||
| PBT | 4,8 | 2,9 | 1,7 | |
| Depreciation & Amortisation | 6,1 | 13,5 | 6,3 | |
| Provisions & Impairments | (0, 2) | (1, 9) | (1,5) | |
| Taxes | (2,3) | (3.6) | (1, 4) | |
| Net Interest | 1,4 | 3,0 | 1,7 | |
| Change in other liabilities / (assets) | (18,2) | (1,1) | (15,5) | |
| Operating Cash Flow | (8, 4) | 12,8 | (8,7) | |
| Capital expenditure for intangible assets | 1,7 | (2,0) | (1,3) | |
| Capital expenditure for tangible assets | (1, 4) | (5,0) | (2,9) | |
| (Increase) / decrease in investments in other fixed assets | 0,0 | (0,1) | (0,1) | |
| Cash Flows from Financing Activities | 0,3 | (7,1) | (4,3) | |
| Free Cash Flow | (8,1) | 5,7 | (13, 0) | |
| Equity Issue | 13,3 | (0,1) | 0,0 | |
| Change in short term debt | (1,8) | 1,4 | 17,3 | |
| Change in long term debt | (1, 2) | (0,7) | (1,3) | |
| Net Interest | (1, 4) | (3,0) | (1,7) | |
| Cash Flows from Financing Activities | 9,0 | (2, 4) | 14,3 | |
| Cash and cash equivalents at the beginning of the year | 10,0 | 6,7 | 6,7 | |
| Cash Flow of the Period | 0,8 | 3,3 | 1,3 | |
| Cash and cash equivalents at the end of the year | 10,8 | 10,0 | 8,0 | |
NEFFE
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 ) |
||
|---|---|---|
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.