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Aeffe
Investor Presentation • Nov 10, 2023
4140_ir_2023-11-10_c3510ae5-78a3-451a-9337-21842132b462.pdf
Investor Presentation
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AEFFE GROUP 9M Consolidated Results Presentation 10th November 2023
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 forwardlooking 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.
FEMININE ELEGANT
IRONIC GLAMOROUS CONTEMPORARY GLAMOUR
INNOVATIVE HIGH QUALITY
*At constant exchange rates
*At constant exchange rates
Before inter -divisional eliminations
2022 2023
Q1 Q2 Q3
Euro millions
*At constant exchange rates
Before inter -divisional eliminations
* At constant exchange rates
2022 2023
Euro millions
* At constant exchange rates
76.1
2022 2023
66.2
79.0
68.5
2022 2023
| INCOME STATEMENT | 9M 23 | 9M 22 |
|---|---|---|
| Net Sales | 252.8 | 277.1 |
| % change | (8.8%) | |
| Other Revenues | 7.4 | 7.3 |
| Total Revenues | 260.2 | 284.4 |
| % change | (8.5%) | |
| Raw Materials Costs | (100.3) | (103.6) |
| Service Costs | (83.9) | (80.7) |
| Costs for use of third parties | (4.8) | (6.4) |
| Personnel | (54.9) | (52.1) |
| Other Operating Expenses | (4.1) | (4.6) |
| Total Operating Expenses | (248.0) | (247.4) |
| EBITDA | 12.2 | 37.0 |
| Margin (% of Net sales) | 4.8% | 13.4% |
| Depreciation and Amortisation | (23.9) | (22.9) |
| EBIT | (11.7) | 14.1 |
| Margin (% of Net sales) | (4.6%) | 5.1% |
| Net Financial Income / (Expenses) | (7.5) | (3.2) |
| Profit before taxes | (19.3) | 10.9 |
| Margin (% of Net sales) | (7.6%) | 3.9% |
| Taxes | 1.5 | (6.3) |
| Net income/(loss) before minorities | (17.8) | 4.7 |
| Margin (% of Net sales) | (7.0%) | 1.7% |
| Minority Interests | (0.2) | 0.0 |
| Net income/(loss) gor the Group | (17.9) | 4.7 |
| Margin (% of Net sales) | (7.1%) | 1.7% |
| BALANCE SHEET | 9M 23 | 2022Y | 9M 22 |
|---|---|---|---|
| Net Working Capital | 126.9 | 113.0 | 127.1 |
| Net Tangible Assets | 61.0 | 61.3 | 61.0 |
| Net Intangible Assets | 63.6 | 66.0 | 67.0 |
| Net Intangible Assets for Rights of use - IFRS 16 | 104.5 | 110.6 | 93.6 |
| Net Financial Assets | 0.0 | 0.2 | 3.0 |
| Severance Staff, Provisions & Others | (7.1) | (9.5) | (7.2) |
| Net Capital Employed | 348.8 | 341.6 | 344.4 |
| Shareholders' Equity | 92.5 | 109.8 | 124.1 |
| Net financial Debt | 154.6 | 126.9 | 134.4 |
| Net financial debt for Lease liabilities - IFRS 16 | 101.7 | 104.9 | 85.9 |
| Net Financial Debt and Shareholders' Equity | 348.8 | 341.6 | 344.4 |
| Accounts Receivables | 70.1 | 62.9 | 76.4 |
| Accounts Payables | (70.3) | (88.6) | (78.1) |
| Inventory | 113.8 | 116.7 | 115.2 |
| Operating NWC | 113.5 | 91.0 | 113.5 |
| As % of LTM sales | 34.6% | 25.8% | 32.3% |
| Other Current Assets/Liabilities | 13.4 | 22.0 | 13.6 |
| Net Working Capital | 126.9 | 113.0 | 127.1 |
| CASH FLOW | 9M 23 | 2022Y | 9M 22 |
|---|---|---|---|
| PBT | (19.3) | (3.8) | 10.9 |
| Amortisation / write-downs | 23.9 | 34.3 | 22.9 |
| Accrual (+)/availment (-) of long term provisions | 0.1 | (0.3) | 0.1 |
| Paid income taxes | (0.6) | (2.2) | (5.2) |
| Financial income (-) and financial charges (+) | 7.5 | 5.0 | 3.2 |
| Change in operating assets and liabilities | (15.0) | (34.6) | (48.8) |
| Operating Cash Flow | (3.3) | (1.5) | (16.9) |
| Capital Expenditure | (4.8) | (8.8) | (7.4) |
| Capital Expenditure for Rights of use - IFRS 16 | (9.6) | (47.7) | (22.0) |
| Free Cash Flow (Operating CF + Capital expenditure) | (17.6) | (58.1) | (46.3) |
| Changes in shareholders' equity | 0.5 | (1.3) | (0.7) |
| Proceeds (+)/ repayments (-) of financial payments | 17.3 | 21.3 | 34.6 |
| Proceeds (+)/ repayment (-) of lease payments | (3.2) | 29.2 | 10.2 |
| Increase (-)/ decrease (+) in long term financial receivables | 0.2 | 4.3 | 1.5 |
| Financial income (+) and financial charges (-) | (7.5) | (5.0) | (3.2) |
| Cash Flows from Financing Activities | 7.3 | 48.5 | 42.5 |
| Cash and cash equivalents at the beginning of the year | 21.7 | 31.3 | 31.3 |
| Cash Flow of the Period | (10.4) | (9.7) | (3.8) |
| Cash and cash equivalents at the end of the year | 11.3 | 21.7 | 27.5 |