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Giglio.Com
Earnings Release • Sep 5, 2023
4456_10-q_2023-09-05_b52c2bf8-a6a5-4c33-aaeb-5e6775e40182.pdf
Earnings Release
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| Informazione Regolamentata n. 2116-32-2023 |
Data/Ora Inizio Diffusione 05 Settembre 2023 11:21:15 |
Euronext Growth Milan | |
|---|---|---|---|
| Societa' | : | GIGLIO.COM | |
| Identificativo Informazione Regolamentata |
: | 180784 | |
| Nome utilizzatore | : | GIGLIO.COMN01 - FAVARETTO | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 05 Settembre 2023 11:21:12 | |
| Data/Ora Inizio Diffusione |
: | 05 Settembre 2023 11:21:15 | |
| Oggetto | : | REPORT AT 30 JUNE 2023 | BoD APPROVES HALF-YEAR FINANCIAL |
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
BoD APPROVES HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2023
Palermo, September 5, 2023 - The Board of Directors of GIGLIO.COM S.p.A (Company or GIGLIO.COM) - a Company operating in the online sales sector for multi-brand luxury fashion, listed on the Euronext Growth Milan - approved today the results for the first half of 2023 according to the national accounting standards (OIC).
Strong business growth in the first half of 2023: revenues exceeding 27 million euros (+23% compared to the first half of 2022)
Profitability improved by 8 points in just two years, with Adjusted EBITDA Margin equal to -0.9% compared to -4.8% recorded in the first half of 2022 and -8.9% in the first half of 2021
Exceeded 145,000 active customers in the last twelve months1
Acceleration of international development, with the share of foreign markets equal to two-thirds of the total Gross Merchandising Value, against the 55% registered in the first half of 2019, pre-pandemic.
Main results of the first half of 2023 compared to the first half of 2022:
- Gross Merchandising Value2 : 31.6 million euros, +28% compared to 24.6 million euros in the first half of 2022 and +84% compared to 17.1 million euros in 2021;
- Revenues from sales and services: 27.1 million euros, +23% compared to 22 million euros in the first half of 2022 and +78% compared to 15.2 million euros in the first half of 2021;
- Customer base: 145,000 active customers in the last 12 months (+23% compared to the same KPI in June 2022);
- Adjusted3 EBITDA4 Margin: -0.9% (-0.2 million euros), a clear improvement compared to -4.8% in the first half of 2022 (-1 million euros) and compared to -8.9% in the first half of 2021 (-1.3 million euros);
- Net result: equal to -0.9 million euros, a net improvement compared to -1.6 million euros in the first half of 2022 and -1.8 million euros in the first half of 2021;
1 Active customers = customers with at least one finalized order in the last 12 months.
2 Gross Merchandising Value: value of sales before returns.
3 Adjusted EBITDA: EBITDA excluding extraordinary (non-recurring) components, the latter amounting to €0.04 million and relating to the loss generated by the disposal of some company assets.
4 Earnings Before Interest, Taxes, Depreciation, and Amortization represent a measure of gross operating profit and indicate the result before financial charges, taxes, and depreciation of fixed assets.
● Adjusted Net Financial Position5 : solidly cash positive and equal to 8.5 million euros.
"Despite the critical macroeconomic environment, this semester is a reconfirmation of our ambitions, thanks to results that are both brilliant and counter-current to those of our competitors. Close to break-even and with strong revenue growth, we look to the second half of the year and the future with confidence and determination", commented Giuseppe Giglio, President and CEO of GIGLIO.COM.
In the first half of 2023, GIGLIO.COM continued to follow the path of growth and profitability already undertaken in 2022.
The Company achieved Revenues from sales and services of 27.1 million euros, +23% compared to the first half of 2022, confirming the validity of the business model that consolidates the offer of over 200 partners in the high-end fashion sector.
The main factor that has determined these countertrend results compared to the main competitors is the assortment of the store, steadily growing thanks to the development of the Community Store, i.e. the community of active boutiques that make up the assortment of the Company. The Company sold more than 700 brands and shot 78,000 spring/summer 2023 products at the photographic studios in Palermo, now capable of reaching a production peak of 1,500 product shots per day. Therefore, the season experienced a 40% increase compared to the spring/summer 2022 in terms of the number of product sheets, as well as a 95% increase in terms of catalog value. Additionally, in qualitative terms the Company continues to pursue an increasingly high-end positioning, achieving an increase in the average value of products sold in the half-year close to 10%.
A competitive marketing plan has led to a strong customer base growth. Namely, the number of new customers acquired in the half-year marked a growth of 29% thanks to a lower acquisition cost compared to the first half of 2022. The customer base therefore exceeds 145,000 customers active in the last twelve months.
The half-year was also characterized by important events for the Company that had an impact on sales volumes. Among these, the entry into circular fashion thanks to a strategic partnership with a leading market player such as Vestiaire Collective. In addition, the launch of the mobile APP brought about significant optimizations to the UX of the mobile channel, thus resulting in a 6% increase in the conversion rate compared to the same period last year. Finally, the partial opening of the new logistics hub in Palermo has allowed the Company to significantly increase its order fulfillment capacity.
The strong growth in revenues is also combined with a strong improvement in profitability and in particular in Adjusted EBITDA (-0.2 million euros), with an impact on revenues of -0.9%, which represents a radical improvement compared to -4.8% in the first half of 2022 and -8.9% in the first half of 2021. The main reasons that explain this progression of 8 profitability points in just two years are:
5Adjusted Net Financial Position: calculated including the VAT credit, equal to 6.3 million euros as of June 30, 2023 (NFP reported 2.2 million euros + 6.3 million euros in VAT credit).
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The Gross Margin6 equal to 28.8% which shows a progression of 1.1 points compared to 2022 and 4.3 points compared to 2021. In absolute value, this amounts to 7.8 million euros, an increase of +29% compared to the first half of 2022 and of +111% compared to the first half of 2021.
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A rationalization of costs through which the Company has improved for all cost items their incidence on revenues. In particular, the incidence of logistics costs (transport, handling and packaging) on revenues decreased by 1.2 points compared to the first half of 2022.
EBIT7 amounts to -0.9 million euros compared to -1.6 million euros at 30 June 2022.
The Net Result amounts to -0.9 million euros compared to -1.6 million euros in the first half of 2022.
Net equity amounts to 10.2 million euros.
The Adjusted Net Financial Position as at 30 June 2023 totals 8.5 million euros compared to 11.9 million euros as at 31 December 2022. This negative change is attributable to two main factors. On the one hand, operational management still suffers from a condition where costs are higher than revenues. On the other hand, a deterioration in adjusted net working capita8 l, mainly due to the increase in other assets and the decrease in payables to suppliers, both due to the implementation of targeted commercial policies that are more profitable for the Company.
Significant events as at 30 June 2023
In order to expand the spaces and the ability to evade logistics, in January 2023 the Company closed the Palermo logistics headquarters in via Sammuzzo and at the same time created a partial set-up of the new largest operational and logistics center in Palermo in via San Lorenzo, opening half of the 7,000 square meters of the structure. The center - which already houses part of the logistics for the fulfillment of orders - from the second half of 2023 will also host the digital production of the catalog, i.e. the shooting department.
In May 2023, the Company completed the official launch of its mobile APP in order to provide its customers with an impeccable shopping experience on mobile devices.
At the end of May 2023, the shareholder Equilybra S.p.A. informed the Company of the reduction of its shareholding below the materiality threshold of 5% of the capital, following a distribution of the shares of Giglio.com S.p.A. to its shareholders.
On 29 June 2023, the Company announced a partnership with Vestiaire Collective, an international leader in second-hand fashion, for a circular economy project. In particular, customers now have the opportunity to sell their used clothes to Vestiaire Collective and
6 Gross margin: sales revenues on cost of product sold.
7 Earnings Before Interest and Taxes indicate the result before financial charges and taxes of the period.
8 Adjusted net working capital: calculated net of VAT credit, equal to 6.3 million euros as atf June 30, 2023 (4.2 million euros as at December 31, 2022).
receive in exchange a voucher to be spent on the GIGLIO.COM website, to buy new items that are worth the value of the item they sold, plus an additional 10% offered by GIGLIO.COM.
Significant events as at 30 June 2023
Following the shareholders' resolution of 26 July 2023, the Company launched a buy-back plan in August 2023, pursuant to articles 2357 et seq. of the Italian Civil Code.
Performance outlook
In light of the uncertain macroeconomic scenario and consistent with the priorities already pursued in the first half, the Company will continue to aim for a return to profitability through a prudent approach to costs. Growth will therefore be sought through cost-effective strategies such as the development of international markets as well as the depth and breadth of the catalog, thanks to new brands and product categories guaranteed by the evolution of the Community Store.
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This press release also modifies the financial calendar of corporate events relating to the year 2023 as follows:
| Event | Date |
|---|---|
| Board of Directors for the approval of unaudited | |
| management data relating to the third quarter of | November 7, 2023 |
| 2023 |
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This press release is available in the Investors / Press Releases section on GIGLIO.COM
GIGLIO.COM S.p.A. transmits and stores Regulated Information through the eMarket and the eMarket STORAGE mechanism available at managed by Teleborsa S.r.l. - Piazza Priscilla, 4 - Roma.
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GIGLIO.COM
GIGLIO.COM - a Company operating in the online sales sector for multi-brand luxury fashion on a global scale - is a style destination that reaches its customers in over 150 countries, featuring some of the most prestigious fashion and luxury brands for women, men, and kids. The Company was founded in 1965 by the Giglio family, owner of high fashion boutiques in the city of Palermo, and in 1996 became the first online fashion store in Italy, placing itself among the pioneers of the sector in our country.
GIGLIO.COM is an international e-tailer operating in the fashion & luxury sector thanks to a proprietary platform, developed and managed internally with innovative technological solutions. Today GIGLIO.COM is a community of independent boutiques that share the same values by constantly dedicating themselves to the quest for beauty and innovation and offering collections by the most creative and iconic designers.
For further information:
Contacts
Investor Relation
GIGLIO.COM S.p.A.Laura Favaretto Investor Relator 7, Via Solferino 20121 – Milan +39 091 7339980 [email protected]
Media Relations
Twister Communications Group3, Via Valparaiso 20144 - Milan +39 02 438114200 [email protected]
Euronext Growth Advisor
Alantra 16, Via Borgonuovo 20121 – Milan Tel. +39 02 6367 1601 [email protected]
CONTO ECONOMICO RICLASSIFICATO
| Dati in migliaia di € | 30/06/2023 | % | 30/06/2022 | % | Variazione | % |
|---|---|---|---|---|---|---|
| Ricavi netti di vendita | 27.130 | 21.971 | 5.159 | 23% | ||
| Costo del venduto | (19.322) | (71,2) | (15.897) | (72,4) | (3.425) | 22% |
| Primo margine | 7.807 | 28,8 | 6.074 | 27,6 | 1.733 | 29% |
| Costi di marketing | (1.175) | (4,3) | (986) | (4,5) | (189) | 19% |
| Costi di trasporto, imballaggi e logistica | (2.119) | (7,8) | (1.984) | (9,0) | (135) | 7% |
| Dazi e oneri | (680) | (2,5) | (640) | (2,9) | (40) | 6% |
| Commissioni pagamenti | (677) | (2,5) | (596) | (2,7) | (81) | 14% |
| Trading Profit | 3.157 | 11,6 | 1.869 | 8,5 | 1.287 | 69% |
| Costi del personale | (2.178) | (8,0) | (1.804) | (8,2) | (374) | 21% |
| Costi di amministrazione e generali | (1.778) | (6,6) | (1.558) | (7,1) | (219) | 14% |
| Altri ricavi e contributi | 516 | 1,9 | 447 | 2,0 | 69 | 15% |
| EBITDA | (284) | (1,0) | (1.047) | (4,8) | 763 | -73% |
| Proventi e oneri non ricorrenti | 36 | 0,1 | 0 | 0,0 | 36 | |
| EBITDA Adjusted | (247) | (0,9) | (1.047) | (4,8) | 799 | -76% |
| Ammortamenti | (592) | (2,2) | (535) | (2,4) | (57) | 11% |
| EBIT | (876) | (3,2) | (1.582) | (7,2) | 706 | -45% |
| Proventi e oneri finanziari | (33) | (0,1) | (28) | (0,1) | (5) | 20% |
| Risultato netto | (909) | (3,4) | (1.610) | (7,3) | 701 | -44% |
STATO PATRIMONIALE RICLASSIFICATO
| Dati in migliaia di € | 30/06/2023 | 31/12/2022 | Variazione | % |
|---|---|---|---|---|
| Immobilizzazioni immateriali | 6.328 | 6.330 | (2) | 0% |
| Immobilizzazioni materiali | 1.304 | 812 | 492 | 61% |
| Attivo fisso netto | 7.632 | 7.142 | 490 | 7% |
| Rimanenze | 89 | 78 | 10 | 13% |
| Crediti commerciali | 563 | 814 | (252) | -31% |
| Debiti commerciali | (6.576) | (7.622) | 1.047 | -14% |
| Capitale circolante operativo (CCO) | (5.924) | (6.730) | 805 | -12% |
| Altre attività | 9.065 | 5.775 | 3.290 | 57% |
| Altre passività | (2.310) | (2.450) | 140 | -6% |
| Capitale circolante netto (CCN) | 831 | (3.405) | 4.236 | -124% |
| Capitale circolante netto Adjusted* | (5.510) | (7.651) | 2.141 | -28% |
| Fondo rischi e oneri | (11) | (30) | 19 | -63% |
| Trattamento di fine rapporto | (428) | (365) | (63) | 17% |
| Capitale investito netto (CIN) | 8.025 | 3.343 | 4.682 | 140% |
| Attività finanziarie a breve | 4.365 | 9.847 | (5.481) | -56% |
| Passività finanziarie a breve | (389) | (386) | (3) | 1% |
| Passività finanziarie a medio/lungo | (1.821) | (1.714) | (106) | 6% |
| Posizione finanziaria netta (PFN) | 2.156 | 7.747 | (5.591) | -72% |
| Posizione finanziaria netta Adjusted* | 8.497 | 11.993 | (3.496) | -29% |
| Patrimonio netto | 10.181 | 11.090 | (909) | -8% |
| RENDICONTO FINANZIARIO, METODO INDIRETTO | 30/06/2023 | 30/06/2022 |
|---|---|---|
| A. Flussi finanziari derivanti dell'attività operativa (metodo indiretto) |
||
| Utile (perdita) dell'esercizio | (908.950) | (1.609.908) |
| Interessi passivi/ (attivi) | 27.874 | 21.193 |
| (Plusvalenze)/minusvalenze derivanti dalla cessione di attività | 36.223 | |
| 1. Utile (perdita) dell'esercizio prima d'imposte sul reddito, interessi, dividendi e plus/minusvalenze da cessione |
(844.853) | (1.588.716) |
| Rettifiche per elementi non monetari che non hanno avuto | ||
| contropartita nel capitale circolante netto | ||
| Accantonamenti ai fondi | 9.894 | |
| Ammortamenti delle immobilizzazioni | 591.937 | 535.409 |
| Altre rettifiche in aumento/(in diminuzione) per elementi non monetari |
99.479 | 83.268 |
| Totale rettifiche per elementi non monetari che non hanno avuto contropartita nel capitale circolante netto |
691.416 | 628.570 |
| 2. Flusso finanziario prima delle variazioni del capitale circolante | (153.437) | (960.145) |
| netto | ||
| Variazioni del capitale circolante netto | ||
| Decremento/(incremento) delle rimanenze | (10.170) | (58.949) |
| Decremento/(incremento) dei crediti verso clienti | 251.710 | (268.096) |
| Incremento/(decremento) dei debiti verso fornitori | (1.049.910) | (488.289) |
| Decremento/(incremento) ratei e risconti attivi | 15.046 | 2.530 |
| Incremento/(decremento) ratei e risconti passivi | 13.739 | 429.429 |
| Altri decrementi/(altri incrementi) del capitale circolante netto | (3.455.915) | (1.816.762) |
| Totale variazioni del capitale circolante netto | (4.235.500) | (2.200.137) |
| 3. Flusso finanziario dopo le variazioni del capitale circolante netto |
(4.388.500) | (3.160.282) |
| Altre rettifiche | ||
| Interessi incassati/(pagati) | (27.874) | (21.193) |
| (Utilizzo dei fondi) | (18.786) | (44.369) |
| Altri incassi/ (pagamenti) | (36.775) | (22.380) |
| Totale altre rettifiche | (83.435) | (87.942) |
| Flusso finanziario dell'attività operativa (A) | (4.472.372) | (3.248.225) |
| B. Flussi finanziari derivanti dall'attività d'investimento | ||
| Immobilizzazioni materiali | ||
| (Investimenti) | (596.858) | (102.670) |
| Disinvestimenti | 28.000 | |
| Immobilizzazioni immateriali | ||
| (Investimenti) | (561.402) | (331.136) |
| Disinvestimenti | 12.000 | |
| Flusso finanziario dell'attività di investimento (B) | (1.118.260) | (433.806) |
| C. Flussi finanziari derivanti dall'attività di finanziamento | ||
| Mezzi di terzi |
| (190.586) | (174.940) |
|---|---|
| 299.841 | |
| (100.000) | |
| (109.255) | (274.940) |
| (5.481.377) | (3.956.971) |
| 9.846.536 | 14.650.035 |
| 9.844.996 | 14.648.149 |
| 1.540 | 1.886 |
| 4.365.158 | 10.693.064 |
| 4.362.156 | 10.691.562 |
| 3.002 | 1.502 |