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Aeffe — Investor Presentation 2016
May 12, 2016
4140_er_2016-05-12_5ec83ecf-8a13-4a4f-a287-f43280ed0769.pdf
Investor Presentation
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1Q 2016 Key Facts
Consolidated Revenues +7% at € 76.2m, (+7.0% at constant exchange rates);
Consolidated EBITDA for € 13.9m (18.3% of sales), compared to an EBITDA of € 12.5m (17.6% of sales) in 1Q 2015, with a € 1.4m improvement (+11%)
Net Profit for the Group at € 5.7m, compared to a Net Profit of € 4.5m in 1Q 2015, with a €1.2m improvement (+26.7%)
Consolidated Net Financial Debt of € 87.2m, compared to € 95.4m as of 31 March 2015, with a € 8.2m improvement (€ 80.5m as of 31 December 2015)
249 Mono Brand Stores
Net Sales Breakdown by Division(1)
1Q
3
Net Sales Breakdown by Brand
(1) Polllini Strong focus on offsetting Russian decline with a strenghtening of the brand positioning in other regions such as Italy and Eastern Europe. Positive trend of the orders' backlog of Autumn/Winter 2016 collections.
Net Sales Breakdown by Region
32,0 16,5 2,4 5,2 15,2 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 Italy Europe Russia USA RoW Italy Europe Russia USA RoW 33.117.92.36.716.20.05.010.015.020.025.030.035.0Italy Europe Russia USA RoW% on Total SalesItaly Europe Russia USA RoW 1Q 2016 1Q 2015 24% 21% 3%43%9%% on Total Sales (€m) (€m) +3.5% *+8.6% *(2.8%) *+27.0% *+7.3% *23% 21% 4%45%7%(1)(1)
(1) Italy and Russia excluded
* At constant exchange rates
1Q
Net Sales Breakdown by Channel
* At constant exchange rates
1Q
Mono-brand Stores Network
| 1Q16 | FY15 | |
|---|---|---|
| Europe | 46 | 47 |
| USA | 3 | 3 |
| Asia | 14 | 11 |
| Total | 63 | 61 |
DOS
| 1Q16 | FY15 | |
|---|---|---|
| Europe | 49 | 45 |
| USA | 3 | 3 |
| Asia | 134 | 137 |
| Total | 186 | 185 |
Income Statement - 1Q 2016/2015
| (€m) | ||
|---|---|---|
| 1Q 16 | 1Q 15 | |
| Net Sales | 76,2 | 71,2 |
| % change | 7,0% | |
| Other Revenues | 1,2 | 2,1 |
| Total Revenues | 77,4 | 73,3 |
| % change | 5,6% | |
| Raw Materials Costs | (20.9) | (19,6) |
| Service Costs | (19,1) | (18,2) |
| Costs for use of third parties | (6,1) | (5,7) |
| Personnel | (15,8) | (15,1) |
| Other Operating Expenses | (1, 5) | (2,1) |
| Total Operating Expenses | (63,5) | (60,7) |
| EBITDA | 13,9 | 12,5 |
| Margin (% of Net sales) | 18,3% | 17,6% |
| Depreciation and Amortisation | (3,0) | (3,1) |
| EBIT | 10,9 | 9,4 |
| Margin (% of Net sales) | 14,3% | 13,2% |
| Net Financial Income / (Expenses) | (0, 9) | (1,1) |
| Profit before taxes | 10,0 | 8,3 |
| Margin (% of Net sales) | 13,1% | 11,6% |
| Taxes | (3,7) | (3,1) |
| Net income/(loss) before Minorities | 6,3 | 5,2 |
| Margin (% of Net sales) | 8,3% | 7,3% |
| Minority Interests | (0, 5) | (0,6) |
| Net Income/(Loss) for the Group | 5,8 | 4,6 |
| Margin (% of Net sales) | 7,6% | 6,4% |
Balance Sheet
| 1Q16 | FY 15 | 1Q 15 | |
|---|---|---|---|
| Net Working Capital | 97,2 | 82,3 | 101,1 |
| Net Tangible Assets | 62,4 | 63,3 | 63,7 |
| Net Intangible Assets | 121,4 | 122,8 | 127,0 |
| Net Financial Assets | 4,4 | 4,4 | 4,9 |
| Severance Staff, Provisions & Others | (42,9) | (42,6) | (47, 4) |
| Net Capital Employed | 242,5 | 230,2 | 249,2 |
| Group Shareholders' Equity | 136,9 | 131,7 | 135,3 |
| Minorities | 18,4 | 17,9 | 18,6 |
| Shareholders' Equity & Minorities | 155,3 | 149,6 | 153,8 |
| Net Debt | 81,7 | 75,0 | 89,9 |
| Shares Buyback | 5,5 | 5,5 | 5,5 |
| Net Financial Debt and Shareholders' Equity | 242,5 | 230,2 | 249,2 |
| Accounts Receivables | 41,8 | 38,3 | 46,2 |
| Accounts Payables | (48, 6) | (61, 4) | (49, 4) |
| Inventory | 90,7 | 90,0 | 89,6 |
| Operating NWC | 83,9 | 66,8 | 86,4 |
| As % of LTM sales | 30,7% | 24,8% | 33,9% |
| Other Current Assets/Liabilities | 13,3 | 15,5 | 14,6 |
| Net Working Capital | 97,2 | 82,3 | 101,1 |
Summary Cash Flow
| 1Q 16 | FY 15 | 1Q 15 | |
|---|---|---|---|
| 10,0 | 2,9 | 8,3 | |
| (4, 4) | 12,8 | (9, 2) | |
| (0,7) | (7,1) | (2,1) | |
| (5,1) | 5,7 | (11,3) | |
| 6,7 | (2, 4) | 12,1 | |
| 10,0 | 6,7 | 6,7 | |
| 1,6 | 3,3 | 0,8 | |
| 11,6 | 10 | 7,5 | |
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
(1) Source: Consob as of 12 May 2016
Cash Flow Statement
| $(\epsilon m)$ | ||||
|---|---|---|---|---|
| 1Q16 | FY 15 | 1Q 15 | ||
| PBT | 10,0 | 2,9 | 8,3 | |
| Depreciation & Amortisation | 3,0 | 13,5 | 3,1 | |
| Provisions & Impairments | (0, 2) | (1, 9) | (1, 0) | |
| Taxes | (2,1) | (3,6) | (1,6) | |
| Net Interest | 0,9 | 3,0 | 1,1 | |
| Change in other liabilities / (assets) | (16,1) | (1,1) | (19,1) | |
| Operating Cash Flow | (4, 4) | 12,8 | (9,2) | |
| Capital expenditure for intangible assets | (0,3) | (2,0) | (0,8) | |
| Capital expenditure for tangible assets | (0, 4) | (5,0) | (1, 2) | |
| (Increase) / decrease in investments in other fixed assets | 0,0 | (0,1) | 0,0 | |
| Cash Flows from Financing Activities | (0,7) | (7,1) | (2,1) | |
| Free Cash Flow | (5,1) | 5,7 | (11,3) | |
| Equity Issue | (0,6) | (0,1) | 0,6 | |
| Change in short term debt | 8,2 | 1,4 | 13,5 | |
| Change in long term debt | 0,1 | (0,7) | (0, 9) | |
| Net Interest | (0, 9) | (3,0) | (1,1) | |
| Cash Flows from Financing Activities | 6,7 | (2, 4) | 12,1 | |
| Cash and cash equivalents at the beginning of the year | 10,0 | 6,7 | 6,7 | |
| Cash Flow of the Period | 1,6 | 3,3 | 0,8 | |
| Cash and cash equivalents at the end of the year | 11,6 | 10,0 | 7,5 |
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.