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Giglio.Com — Earnings Release 2022
Mar 23, 2023
4456_10-k_2023-03-23_093f98c2-c3c2-4e72-adfc-5f7697519dd4.pdf
Earnings Release
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| Informazione Regolamentata n. 2116-3-2023 |
Data/Ora Ricezione 23 Marzo 2023 12:02:32 |
Euronext Growth Milan | |
|---|---|---|---|
| Societa' | : | GIGLIO.COM | |
| Identificativo Informazione Regolamentata |
: | 173930 | |
| Nome utilizzatore | : | GIGLIO.COMN01 - FAVARETTO | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 23 Marzo 2023 12:02:32 | |
| Data/Ora Inizio Diffusione presunta |
: | 23 Marzo 2023 12:02:33 | |
| Oggetto | : | THE BoD APPROVES THE DRAFT FINANCIAL STATEMENTS AS AT 31 DECEMBER 2022 |
|
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
THE BoD APPROVES THE DRAFT FINANCIAL STATEMENTS AS AT 31 DECEMBER 2022
Palermo, 23 March 2022 - 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 2022 according to the national accounting standards (OIC).
Strong business growth: +35% revenues compared to 2021, exceeding 50 million Euros. Gross margin +40% compared to 2021.
Return to profitability in the second half with a positive EBITDA
Exceeded 125,000 active customers in the year, with a significantly higher average annual spending per customer compared to 2021 (+13%)
Acceleration of international development, with the share of foreign markets reaching 70% of the Gross Merchandising Value, against 55% in 2019 before the pandemic.
Main results of the year 2022:
- Gross Merchanding Value 1 : 57.5 millions Euros, a +38% increase compared to 41,6 millions Euros in 2021;
- Revenues from sales and services: 51.1 million Euros, a +35% increase compared to 37.9 million Euros in 2021;
- Gross Merchanding Value: 57.5 millions Euros, a +38% increase compared to 41,6 millions Euros in 2021;
- Active customers: exceeded 125,000 customers (+22% vs. 2021) with a higher average annual spending per customer (+13%);
- International markets: the share of GMV generated in foreign markets is close to 70% (vs. 67% in 2021), mainly thanks to the growth registered in MENA (+73%) and South Korea (+66%);
- EBITDA Margin 2 : -2% (-1 million Euros), a considerable improvement compared to -4.8% in 2021 (-1.8 million Euros) also thanks to a second semester with a positive EBITDA;
- Net Result: equal to -2.3 million Euros compared to -2.9 million Euros in 2021;
- Adjusted Net Financial Position 3 : solidly cash positive and equal to 11.9 million Euros.
1 Gross Merchandising Value: value of sales before returns.
2 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.
3 Adjusted Net Financial Position: calculated including the VAT credit, equal to 4.2 million Euros at 31 December 2022 (PFN reported 7,7 million Euros + 4,2 million Euros of VAT credit)
"In some ways, in 2022 we navigated a context that for our industry proved even more challenging than the already critical 2020. I am proud to say that the team has once again demonstrated the right determination and resilience to confirm a significant revenue growth of +35%, coupled with a return to business profitability in the second half of the year. The turbulence that is affecting technology-intensive companies such as ours requires caution, but this beginning of 2023 already gives us encouraging signs that confirm our strength," commented Giuseppe Giglio, President, and CEO of GIGLIO.COM.
In 2022, GIGLIO.COM achieved Sales and performance revenues equal to 51.1 million Euros, an increase of +35% compared to the 37.9 million Euros recorded in 2021, confirming solid growth despite a certain decline in demand that has hit the industry and the main competitors. A combination of factors determined the excellent results:
- A product offer largely increased by the growth of the partners part of our Community Store (a community of more than 200 boutiques and brands that make up the Company's assortment). The online value of the fall/winter 2022 collection has in fact almost doubled compared to the previous fall/winter 2021 collection and the offer of brands, although selected, has risen to over 750.
- An internationalization process that brings international markets to almost 70% of the total GMV, a strong growth compared to the 55% recorded in 2019 before the pandemic. In particular, the Company has invested in development plans dedicated to Asia. In 2022, the e-commerce website was translated into Japanese and Korean, registering a strong growth in South Korea (+66%). In addition, performances in Taiwan (+79%), MENA (+73%), North America (+41%), and France (+83%) have been remarkable.
- A customer base that exceeds 125,000 customers and consolidates virtuous behaviors that lead the individual active customer to increase their average annual spending by 13%, compared to the average spending of active customers in 2021, maintaining a return rate (12%) well below market benchmarks.
- A constantly evolving proprietary platform that has benefited from considerable optimizations to the UX, thus recording a 7% increase in the conversion rate compared to that obtained in 2021.
- A poor business exposure in Russia, Ukraine, and Belarus, which in 2021 weighed only 1.2% of the entire GMV.
The strong growth is also accompanied by a return to a positive EBITDA during the second half of 2022. For the full year, EBITDA amounted to -1 million Euros, with an impact on revenues of -2% and a net improvement compared to 2021, when the Company recorded a -4.8%. The main reasons for this progress:
- Gross margin significantly improved thanks to the development of international markets and the rationalization of pricing and discount policies. The incidence of this item on revenues registered an increase of 0.9 percentage points compared to 2021.
-
Widely rationalized transportation, handling, and packaging costs despite the inflatable process that has involved the sector. The incidence of this item on revenues registered a decrease of 0.9 percentage points compared to 2021.
-
Fixed costs rationalized thanks to economies of scale.
EBIT 4 amounted to -2.2 million Euros compared to -2.7 million Euros in 2021. This value is affected - in addition to what has been reported so far - on the one hand by the higher depreciation mainly due to the expenses incurred for the listing and capitalization of further research and development projects, and on the other hand by lower financial charges.
The Net Result is equal to -2.3 million Euros compared to -2.9 million Euros in 2021.
Net assets amount to 11.8 million Euros.
The Adjusted Net Financial Position at 31 December 2022 amounted to a total of 11.9 million Euros compared to 14.6 million Euros at 31 December 2021. 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 worsening of the adjusted net working capital mainly due to a lower number of payables to suppliers, despite the growth in turnover, following the implementation of new commercial development policies.
Also at 31 December 2022, the Company registered a negative Adjusted Net Working Capital 5 , equal to 7.7 million Euros, deriving from the platform's business model, which allows cash to be generated.
Significant events at 31 December 2022
In March 2022 the Company inaugurated the new Vimodrone logistics hub, with a view to strengthening its international presence, multiplying the fulfillment processes to reach its international customers even faster.
In April 2022, the company Michele Giglio, a party related to Giglio.com, was reimbursed a non-interest-bearing loan of €100,000 granted in the context of the loan called "Giglio.com Bond 6.25% 2018-2024", disbursed to the Company by Zenit SGR S.p.A. and already fully repaid by the Company.
In 2022, the Company participated in the call, launched by Simest S.p.A., for "Refinancing and Redefinition of the 394/81 Fund managed by SIMEST - Digital and Ecological Transition of SMEs with an international vocation" and obtained financing and co-financing for a total amount of €999,467.
Significant events at 31 December 2022
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
4 EBIT: Earnings Before Interest and Taxes indicate the result before financial charges and taxes of the period.
5 Adjusted Net Working Capital: Calculated net of VAT credit, equal to 4.2 million Euros at 31 December 2022 (2.6 million Euros at 31 December 2021).
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.
Foreseeable management evolution
Consistent with its business plan, the Company will continue to pursue international development, the depth and breadth of its catalog (on account of new brands and product categories guaranteed by the evolution of the Community Store), as well as technological developments to support marketing and operations. This will be done with a view to continuing to acquire market shares, despite the instability of the macroeconomic context-
Allocation of the operating profit for the year
In relation to the financial statements of Giglio.com S.p.A., the Board of Directors proposes to the Shareholders' Meeting to carry forward the operating profit of 2,866,531 Euros.
Convening of the Shareholders' Meeting
The Board of Directors resolved to convene the Shareholders' Meeting in ordinary session, in a single call on 27 April 2023, for the approval of the financial statements as of December 31, 2022, and for the allocation of the operating profit.
The notice of call, with the detailed modalities of participation, as well as the documentation relating to the Shareholders' Meeting provided for by current legislation will be published on the Company's website www.giglio.com (section "Corporate Governance" – "Shareholders' Meetings") in accordance with the law.
The resolution of today's Board of Directors relating to the approval of the audited financial statements as at 31 December 2022 will be made available to the public, within the terms of the applicable law and regulations, on the website www.giglio.com in the "Corporate Governance / Shareholders' Meetings " section.
Availability of the documentation
The documentation relating to the financial statements at 31 December 2022, required by current legislation, will be made available to the public at the Company's headquarters as well as through publication on the website www.giglio.com, section "Investor Relations / Financial Statements and Reports", within the terms of the law.
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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. - based in Piazza Priscilla, 4 - Rome.
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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 Relation Twister Communications Group 3, Via Valparaiso 20144 – Milan +39 02 438114200 [email protected]
Euronext Growth Advisor
Alantra 16, Via Borgonuovo 20121 – Milan +39 02 6367 1601 [email protected]
It should be noted that the reclassified income statement and balance sheet and the cash flow statement attached to this press release have not been subject to verification by the Independent Auditors and the Board of Statutory Auditors.
| טוז וט בטטווטוווטט וזוטבאטוו וטא וט | ||||||
|---|---|---|---|---|---|---|
| Dati in migliaia di € | 2022 | $\frac{9}{6}$ | 2021 | $\frac{9}{6}$ | Variazione | $\frac{9}{6}$ |
| Ricavi netti di vendita | 51.112 | 37.923 | 13.189 | 35% | ||
| Costo del venduto | (36.957) | (72, 3) | (27.777) | (73, 2) | (9.181) | 33% |
| Primo margine | 14.154 | 27,7 | 10.146 | 26,8 | 4.008 | 40% |
| Costi di marketing | (2.307) | (4, 5) | (1.856) | (4, 9) | (451) | 24% |
| Costi di trasporto, imballaggi e logistica | (4.224) | (8, 3) | (3.472) | (9, 2) | (752) | 22% |
| Dazi e oneri | (1.385) | (2, 7) | (843) | (2, 2) | (542) | 64% |
| Commissioni pagamenti | (1.383) | (2, 7) | (867) | (2, 3) | (516) | 60% |
| Trading Profit | 4.855 | 9,5 | 3.108 | 8,2 | 1.747 | 56% |
| Costi del personale | (3.763) | (7, 4) | (3.059) | (8, 1) | (704) | 23% |
| Costi di amministrazione e generali | (3.168) | (6, 2) | (2.767) | (7,3) | (401) | 14% |
| Altri ricavi e contributi | 1.034 | 2,0 | 911 | 2,4 | 123 | 14% |
| EBITDA | (1.042) | (2,0) | (1.807) | (4, 8) | 765 | $-42%$ |
| Proventi e oneri non ricorrenti | 0 | 0,0 | 469 | 1, 2 | (469) | $-100%$ |
| EBITDA Adjusted | (1.042) | (2,0) | (1.338) | (3, 5) | 296 | $-22%$ |
| Ammortamenti | (1.207) | (2, 4) | (914) | (2, 4) | (293) | 32% |
| EBIT | (2.248) | (4, 4) | (2.721) | (7, 2) | 473 | $-17%$ |
| Proventi e oneri finanziari | (48) | (0, 1) | (146) | (0, 4) | 98 | -67% |
| Risultato netto | (2.296) | (4, 5) | (2.867) | (7, 6) | 570 | $-20%$ |
| Dati in migliaia di € | 31/12/2022 | 31/12/2021 | Variazione | $\%$ |
|---|---|---|---|---|
| Immobilizzazioni immateriali | 6.330 | 6.814 | (484) | $-7%$ |
| Immobilizzazioni materiali | 812 | 304 | 508 | 167% |
| Attivo fisso netto | 7.142 | 7.117 | 25 | 0% |
| Rimanenze | 78 | 36 | 43 | 119% |
| Crediti commerciali | 814 | 430 | 385 | 89% |
| Debiti commerciali | (7.622) | (7.707) | 85 | $-1\%$ |
| Capitale circolante operativo (CCO) | (6.730) | (7.242) | 512 | $-7%$ |
| Altre attività | 5.775 | 3.142 | 2.633 | 84% |
| Altre passività | (2.450) | (1.366) | (1.084) | 79% |
| Capitale circolante netto (CCN) | (3.405) | (5.466) | 2.062 | $-38%$ |
| Capitale circolante netto Adjusted* | (7.651) | (8.065) | 414 | $-5%$ |
| Fondo rischi e oneri | (30) | (73) | 43 | $-59%$ |
| Trattamento di fine rapporto | (365) | (255) | (110) | 43% |
| Capitale investito netto (CIN) | 3.343 | 1.323 | 2.019 | 153% |
| Attività finanziarie a breve | 9.847 | 14.650 | (4.803) | $-33%$ |
| Passività finanziarie a breve | (386) | (389) | 3 | $-1\%$ |
| Passività finanziarie a medio/lungo | (1.714) | (2.199) | 484 | $-22%$ |
| Posizione finanziaria netta | 7.747 | 12.062 | (4.316) | $-36%$ |
| Posizione finanziaria netta Adjusted* | 11.993 | 14.661 | (2.668) | $-18%$ |
| Patrimonio netto | 11.090 | 13.386 | (2.296) | $-17%$ |
| RENDICONTO FINANZIARIO, METODO INDIRETTO | 31/12/2022 | 31/12/2021 |
|---|---|---|
| A. Flussi finanziari derivanti dell'attività operativa (metodo indiretto) | ||
| Utile (perdita) dell'esercizio | (2.296.364) | (2.866.531) |
| Interessi passivi/(attivi) | 41.929 | 138,975 |
| 1. Utile (perdita) dell'esercizio prima d'imposte sul reddito, interessi, dividendi e plus/minusvalenze da cessione Rettifiche per elementi non monetari che non hanno avuto contropartita nel capitale circolante netto |
(2.254.435) | (2.727.557) |
| Accantonamenti ai fondi | 100.870 | 81.900,24 |
| Ammortamenti delle immobilizzazioni | 1.206.523 | 913.717 |
| Altre rettifiche in aumento/(in diminuzione) per elementi non monetari | 197.729 | 205,306 |
| Totale rettifiche per elementi non monetari che non hanno avuto contropartita nel | 1.505.122 | 1.200.923 |
| capitale circolante netto | (749.313) | (1.526.634) |
| Variazioni del capitale circolante netto | ||
| Decremento/(incremento) delle rimanenze | (42.652) | 2.880 |
| Decremento/(incremento) dei crediti verso clienti | (384.599) | 731.360 |
| Incremento/(decremento) dei debiti verso fornitori | 6.525 | 3.318.224 |
| Decremento/(incremento) ratei e risconti attivi | (200.943) | (69.273) |
| Incremento/(decremento) ratei e risconti passivi | 445.135 | 60.236 |
| Altri decrementi/(altri incrementi) del capitale circolante netto | (1.906.293) | (634.550) |
| Totale variazioni del capitale circolante netto | (2.082.827) | 3.408.878 |
| 2.832.140 | 1.882.244 | |
| Altre rettifiche | ||
| Interessi incassati/(pagati) | (41.929) | (134.275) |
| (Utilizzo dei fondi) | (143.744) | (9.338) |
| Altri incassi/(pagamenti) | (87.800) | (50.683) |
| Totale altre rettifiche | (273.473) | (194.296) |
| Russo finanziario dell'attività operativa (A) | (3.105.613) | 1.687.948 |
| B. Flussi finanziari derivanti dall'attività d'investimento | ||
| Immob ilizzazioni materiali | ||
| (Investimenti) | (604.103) | (143.824) |
| Immob ilizzazioni immateriali | ||
| (Investimenti) | (627.182) | (1.525.281) |
| Russo finanziario dell'attività di investimento (B) | (1.231.285) | (1.669.105) |
| C. Flussi finanziari derivanti dall'attività di finanziamento | ||
| Mezzi di terzi | ||
| Incremento/(decremento) debiti a breve verso banche | (366.602) | (15.743) |
| Accensione finanziamenti | 0 | 1.482.161 |
| (Rimborso finanziamenti) | (100.000) | (2.000.000) |
| Mezzi propri | ||
| Aumento di capitale a pagamento | 0 | 10.560.000 |
| Russo finanziario dell'attività di finanziamento (C) | (466.602) | 10.026.419 |
| Incremento (decremento) delle disponibilità liquide (A ± B ± C) | (4.803.499) | 10.045.262 |
| Disponibilità liquide all'inizio dell'esercizio | 14.650.035 | 4.604.773 |
| di cui: | ||
| depositi bancari e postali | 14.648.149 | 4.601.922 |
| denaro e valori in cassa | 1.886 | 2.851 |
| Disponibilità liquide alla fine dell'esercizio | 9.846.536 | 14.650.035 |
| di cui: | ||
| depositi bancari e postali | 9.844.996 | 14.648.149 |
| denaro e valori in cassa | 1.540 | 1.886 |