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Aeffe — Investor Presentation 2017
May 11, 2017
4140_10-q_2017-05-11_7678a9a4-6ebe-4945-aea9-41bd2cd3bd70.pdf
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AEFFE First Quarter 2017 Consolidated Results Presentation 11th May 2017
1Q 2017 Key Facts
Consolidated Revenues +4.4% at € 79.6m, (+4.1% at constant exchange rates); Consolidated EBITDA for € 15.4m (19.4% of sales), compared to an EBITDA of € 13.9m (18.3% of sales) in 1Q 2016, with a € 1.5m improvement (+11%)
Net Profit for the Group at € 8.1m, compared to a Net Profit of € 5.8m in 1Q 2016, with a €2.3m improvement (+41%) Consolidated Net Financial Debt of € 64.4m, compared to € 87.2m as of 31 March 2016, with a € 22.8m improvement (€ 59.5m as of 31 December 2016) 239 Mono Brand Stores
Net Sales Breakdown by Division(1)
Net Sales Breakdown by Brand
Net Sales Breakdown by Region
38,3 18 2,6 5,9 14,8 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 Italy Europe Russia USA RoW % on Total Sales Italy Europe Russia USA RoW 1Q 2017 1Q 2016 % on Total Sales (€m) (€m) (1) Italy and Russia excluded +15.9% * +1.2% * +9.1% * (14.5)% * (9.6)% * (1) (1)
33,1 17,9 2,3 6,7 16,2 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 Italy Europe Russia USA RoW Italy Europe Russia USA RoW 23% 19% 3% 48% 7% 24% 21% 3% 43% 9%
* At constant exchange rates
Net Sales Breakdown by Channel
* At constant exchange rates
Mono-brand Stores Network
| Mono-brand Stores Network | |||
|---|---|---|---|
| DOS | |||
| Europe | 1Q17 46 |
FY16 45 |
|
| America | 3 | 3 | |
| Asia | 15 | 16 | |
| Total | 64 | 64 | |
| Franchising | |||
| 1Q17 | FY16 | ||
| Europe | 48 | 50 | |
| America | 1 | 2 | |
| Asia | 126 | 139 | |
Franchising
Income Statement – 1Q 2017/2016
(€m)
| 1Q 17 | 1Q 16 | ||
|---|---|---|---|
| Net Sales | 79,6 | 76,2 | |
| % change | 4,4% | ||
| Other Revenues | 1,8 | 1,2 | |
| Total Revenues | 81,4 | 77,4 | |
| % change | 5,2% | ||
| Raw Materials Costs | (21,7) | (20,9) | |
| Service Costs | (21,1) | (19,1) | |
| Costs for use of third parties | (5,9) | (6,1) | |
| Personnel | (16,1) | (15,8) | |
| Other Operating Expenses | (1,2) | (1,5) | |
| Total Operating Expenses | (66,0) | (63,5) | |
| EBITDA | 15,4 | 13,9 | |
| Margin (% of Net sales) | 19,4% | 18,3% | |
| Depreciation and Amortisation | (2,9) | (3,0) | |
| EBIT | 12,5 | 10,9 | |
| Margin (% of Net sales) | 15,7% | 14,3% | |
| Net Financial Income / (Expenses) | (0,3) | (0,9) | |
| Profit before taxes | 12,2 | 10,0 | |
| Margin (% of Net sales) | 15,4% | 13,1% | |
| Taxes | (3,5) | (3,7) | |
| Net income/(loss) before Minorities | 8,7 | 6,3 | |
| Margin (% of Net sales) | 10,9% | 8,3% | |
| Minority Interests | (0,6) | (0,5) | |
| Net Income/(Loss) for the Group | 8,1 | 5,8 | |
| Margin (% of Net sales) | 10,2% | 7,6% |
Balance Sheet
| Balance Sheet | |||
|---|---|---|---|
| 1Q 17 | FY 16 | 1Q 16 | |
| Net Working Capital | 88,6 | 73,1 | 97,2 |
| Net Tangible Assets | 60,8 | 61,4 | 62,4 |
| Net Intangible Assets | 113,8 | 115,1 | 121,4 |
| Net Financial Assets | 3,9 | 4,1 | 4,4 |
| Severance Staff, Provisions & Others | (26,3) | (26,1) | (42,9) |
| Net Capital Employed | 240,8 | 227,6 | 242,5 |
| Group Shareholders' Equity | 143,5 | 135,8 | 136,9 |
| Minorities | 32,9 | 32,3 | 18,4 |
| Shareholders' Equity & Minorities | 176,4 | 168,1 | 155,3 |
| Net Debt | 58,9 | 54,0 | 81,7 |
| Shares Buyback | 5,5 | 5,5 | 5,5 |
| Net Financial Debt and Shareholders' Equity | 240,8 | 227,6 | 242,5 |
| Accounts Receivables | 42,5 | 40,7 | 41,8 |
| Accounts Payables | (53,6) | (61,9) | (48,6) |
| Inventory | 95,0 | 89,4 | 90,7 |
| Operating NWC | 84,0 | 68,2 | 83,9 |
| As % of LTM sales | 29,6% | 24,3% | 30,7% |
| Other Current Assets/Liabilities | 4,6 | 4,8 | 13,3 |
| Net Working Capital | 88,6 | 73,1 | 97,2 |
Summary Cash Flow
| Summary Cash Flow | |||
|---|---|---|---|
| (€m) | |||
| 1Q 17 | FY 16 | 1Q 16 | |
| PBT | 12,2 | 8,3 | 10,0 |
| Operating Cash Flow | (3,4) | 10,7 | (4,4) |
| Capital Expenditure | (1,0) | (2,3) | (0,7) |
| Free Cash Flow | (4,4) | 8,4 | (5,1) |
| Cash Flows from Financing Activities | 3,1 | (3,9) | 6,7 |
| Cash and cash equivalents at the beginning of the year | 14,5 | 10,0 | 10,0 |
| Cash Flow of the Period | (1,3) | 4,5 | 1,6 |
| Cash and cash equivalents at the end of the year | 13,2 | 14,5 | 11,6 |
Company Profile
IM Fashion 24% Aeffe 5% Tullio Badioli 6% Market 28% Fratelli Ferretti Holding 37%
N° of shares outstanding: 107,362,504
Specialist: Mediobanca S.p.A.
Tickers: AEF IM (Bloomberg) AEF MI (Reuters), AEF (Borsa Italiana)
Share Information Investor Relations
Investor Relations
AEFFE S.p.A
Annalisa Aldrovandi
+39 0541 965494
www.aeffe.com
Income Statement – Full Year 2014-2016
(€m)
| 2016A | 2015A | 2014A | ||
|---|---|---|---|---|
| Net Sales | 280,7 | 268,8 | 251,5 | |
| % change | 4,4% | 6,9% | 0.2% | |
| Other Revenues | 6,8 | 5,2 | 4,3 | |
| Total Revenues | 287,5 | 274,0 | 255,9 | |
| % change | 4,9% | 20,1% | $(1.0\%)$ | |
| Raw Materials Costs | (90,7) | (86, 2) | (77, 9) | |
| Service Costs | (81,3) | (79, 2) | (68, 6) | |
| Cost for use of third parties assets | (22,8) | (23, 5) | (21, 2) | |
| Personnel | (63, 5) | (61,1) | (58, 6) | |
| Other Operating Expenses | (4, 0) | (4,7) | (3,8) | |
| Total Operating Expenses | (262,3) | (254, 7) | (230, 2) | |
| EBITDA | 25,2 | 19,3 | 25,7 | |
| Margin (% of Net sales) | 9,0% | 7,2% | 10,2% | |
| Depreciation and Amortisation | (15,1) | (13, 5) | (13,7) | |
| EBIT | 10,1 | 5,9 | 12,0 | |
| Margin (% of Net sales) | 3,6% | 2,2% | 4,8% | |
| Net Financial Income / (Expenses) | (1,8) | (3,0) | (5, 9) | |
| PBT | 8,3 | 2,9 | 6,1 | |
| Margin (% of Net sales) | 3.0% | 1.1% | 2,4% | |
| Taxes | (4, 0) | (1,1) | (2,1) | |
| Net income before Minorities | 4,4 | 1,70 | 4,01 | |
| Margin (% of Net sales) | 1,6% | 0,6% | 1,6% | |
| Minority Interests | (0,7) | (0, 2) | (1,3) | |
| Net Income for the Group | 3,6 | 1,5 | 2,7 | |
| Margin (% of Net sales) | 1,3% | 0,6% | 1.1% |
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.