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Fope Earnings Release 2021
4361_10-q_2021-07-27_a13707d4-8b8e-4a0c-b8f9-713eabb4e03f.pdf
Earnings Release
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FOPE: REVENUES AND MARGINS INCREASED IN 1H2021; THE BRAND OPENS UP TO MEN AND PRESENTS THE NEW LINE OF JEWELLERY TO THE SALES TEAM
- Revenues: Euro 14.6 mln, +44% (1H2020: Euro 10.2 mln/ 1H2019: Euro 15.5 mln)
- EBITDA: Euro 2.4 mln (1H2020: Euro 0.7 mln/ 1H2019: Euro 3.2 mln)
- Net Profit: Euro 1.0 mln (1H2020: Euro -0.1 mln/ 1H2019: Euro 1.9 mln)
- Net Financial Position: Euro 2.0 mln (FY2020: Euro 2.4 mln)
- Equity: Euro 20.6 mln (FY2020: Euro 20.6 mln)
ZOOM Web Conference with the financial community for the presentation of 2021H1 preliminary results at 15.00 CET on 4 August 2021
Vicenza, 27 July 2021
The Board of Directors of FOPE (FPE:IM), a leading Italian fine jewellery company listed on AIM Italia, met, chaired by Umberto Cazzola, to examine the preliminary results at 30 June 2021.
FOPE also reports that the Product Development and Marketing Departments are today presenting the new lines of jewellery, which open up the FOPE brand proposal to include the world of men, to the sales team, present internationally. It is an innovative project that intercepts the demand of the male universe and develops the historic FOPE collections, interpreting the desires and character of the 2021 man.
Diego Nardin, FOPE Chief Executive Officer: "The figures of both the sales volumes and margins recorded during the first half of 2021 are comparable with those recorded in the same period of 2019, i.e. before Covid-19, despite the fact that they have been achieved in markets that are still facing challenging conditions, with closures and limited opportunities for contact with customers. These results provide yet further confirmation of our strategic vision and the importance of the FOPE brand with our retailers. The new collections unveiled at the start of the year have proven very popular and this has without doubt helped towards the achievement of the sales results seen from the early months. We look to the business development during the second half of the year with great optimism, albeit taking a prudent approach due to the impossibility of lifting the reservations brought about by the pandemic-related issues, and confirm the positive closing forecasts for this year."
Net Revenues amounted to Euro 14.6 million: the figure shows growth of +44% on the Euro 10.2 million seen in 1H2020 and is essentially in line with pre-Covid-19 results in 1H2019 (Euro 15.5 million).
EBITDA totalled Euro 2.4 million, showing strong growth on 1H2020 (Euro 0.7 million), and is comparable with the Euro 3.2 million in 1H2019; EBIT stood at Euro 1.5 million, as compared with a break-even result recorded in 1H2020 and Euro 2.6 million in 1H2019.
EBT amounted to Euro 1.6 million, as compared with Euro -0.2 million in 1H2020 and Euro 2.4 million in 1H2019; Net Profit came in at Euro 1.0 million, as compared with Euro -0.1 million in 1H2020.
The Net Financial Position amounted to Euro 2.0 million (Euro 2.4 million at 31/12/2020), while Equity stood at Euro 20.6 million (Euro 20.6 million at 31/12/2020).
Net Invested Capital, totalling Euro 22.6 million (Euro 23.0 million at 31/12/2020), consisted of Fixed Assets for Euro 13.2 million (Euro 13.7 million at 31/12/2020), Net Working Capital for Euro 12.4 million (Euro 12.2 million at 31/12/2020) and Provisions for Euro 2.9 million (Euro 3.0 million at 31/12/2020).
ZOOM Web Conference
At 15.00 CET on Wednesday, 4 August 2021, the Chief Executive Officer Diego Nardin will be meeting with the financial community to present the preliminary results for the first half of 2021.
The institutional presentation will be made available on the date of the Web Conference in the "Investor Relations/Events and Presentations" section of the website www.fopegroup.com.
In accordance with Art. 17 of the AIM Italia Rules for Companies, the company also informs that it has updated the 2021 calendar of corporate events to include the date on which the Web Conference will be held and this is available in the "Investor Relations/Events and Presentations" section of the website www.fopegroup.com.
Registration is free and mandatory; to attend, write to [email protected].
The press release is available on the websites www.fopegroup.com and
FOPE (FPE:IM) is a historic Italian jewellery company established in Vicenza in 1929 and a leader in the fine jewellery market. With Euro 26 million in revenues in 2020, 59 employees, and a strong international presence (it generates 91% of its revenues abroad), FOPE pursues a strategic growth project based on expanding and consolidating the brand in the international luxury market by leveraging 4 competitive advantages: product quality, perfect combination of Made-in-Italy craftsmanship and technology, recognisable design, and long-standing customer relationships. FOPE operates globally through a well-established and select network of over 700 stores in 50 countries (with a direct presence in the US, Arab, and UK markets through the subsidiaries FOPE USA Inc., FOPE Services DMCC, and FOPE Jewellery Limited, respectively). The business model focuses on maintaining direct business relationships with multi-brand jewellery retailers (either independent or part of groups) that specialise in luxury products such as fine jewellery and watches. FOPE does not work with intermediaries: instead, it enters into direct partnerships that ensure the loyalty and reliability of the customer/retailer as well as an outstanding after-sale service. In 2015, the Company opened its first mono-brand store in Venice's Piazza San Marco and in 2019 a flagship boutique in the prestigious Old Bond Street in London. The entire production cycle—from prototyping to the shipping of finished jewels to over 50 countries— takes place inside the headquarters in Vicenza. FOPE's investments in R&D have led to an extremely high level of standardisation and automation, with proprietary technology that allows to optimise processes and times in order to deliver products of world-class quality. FOPE's jewels range from timeless classics featuring the iconic Novecento mesh to the more recent Flex'it lines, which include the original bracelets made flexible thanks to a patented system of tiny gold springs embedded in the mesh—strikingly elegant collections that always stand out in terms of comfort and portability. FOPE has obtained the voluntary TF (Traceability & Fashion) certification and is a certified member of the Responsible Jewellery Council.
ISIN of FOPE ordinary shares: IT0005203424 –ISIN of "FOPE POC 4.5% 2016-2021": IT0005203671
CONTACTS
FOPE INVESTOR RELATIONS MANAGER Diego Nardin, [email protected]│ T +39 0444 286911
IR TOP CONSULTING INVESTOR RELATIONS Maria Antonietta Pireddu, [email protected] │ T +39 0245473884 FINANCIAL MEDIA RELATIONS Domenico Gentile, [email protected] │ Antonio Buozzi, [email protected] | T +39 0245473884
INTEGRAE SIM
NOMAD | T +39 02 87208720 │ Via Meravigli 13, Milan