Investor Presentation • Jul 31, 2015
Investor Presentation
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H1 2015 Financial Results
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This presentation might contain certain forward-looking statements that reflect the Company's management's current viewswith respect to future events and financial and operational performance of the Company and its subsidiaries. These forwardlooking statements are based on Moncler S.p.A.'s current expectations and projections about future events. Because theseforward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materiallyfrom those expressed in or implied by these statements due to any number of different factors, many of which are beyond theability of Moncler S.p.A. to control or estimate. You are cautioned not to place undue reliance on the forward-lookingstatements contained herein, which are made only as of the date of this presentation. Moncler S.p.A. does not undertake anyobligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstancesafter the date of this presentation.
Any reference to past performance or trends or activities of the Moncler Group shall not be taken as a representation orindication that such performance, trends or activities will continuein the future.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy Moncler's securities, nor shall thedocument form the basis of or be relied on in connection with any contract or investment decision relating thereto, orconstitute a recommendation regarding the securities of Moncler.
Moncler's securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registrationrequirements.
Luciano Santel, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154 bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained hereincorrespond to document results, books and accounting records.
(*) This applies to all pages: rounded figures
(**) Before non-cash costs related to stock option plans (Eur 2.8m H1 2015, Eur 1.8m H1 2014) and a revised valuation of receivables related to the «Other Brands Division» sale, equal to Eur 3.0m
Revenues by Region
Strong sales performance continued (+26% at constant exchange rates)
1
• Good performance in Italy 6
| / / 3 1 1 2 2 0 1 4 |
/ / 3 0 0 6 2 0 1 5 |
|
|---|---|---|
| l R i t e a |
1 3 4 |
1 5 3 |
| l I t a y |
9 1 |
9 1 |
| ( l. l ) E M E A I t e c a x y |
5 1 |
5 1 |
| A R W i & s a o |
5 0 |
6 9 |
| A i m e r c a s |
4 1 |
4 1 |
| h l l W o e s a e |
3 8 |
3 1 |
| O A T T L |
2 1 7 |
8 1 4 |
At the end of June, the retail network reached 153 monobrand stores1
MACAU
| H 1 2 0 1 5 |
H 1 2 0 1 4 |
F Y 2 0 1 4 |
||||
|---|---|---|---|---|---|---|
| E u r m |
% | E u r m |
% | E u r m |
% | |
| R e v e n u e s |
2 9 5. 8 |
1 0 0. 0 % |
2 1 8. 3 |
1 0 0. 0 % |
6 9 4. 2 |
1 0 0. 0 % |
| Yo Y g h t ro w |
% 3 5 + |
% 1 9 + |
% 2 0 + |
|||
| C f l t o s o s a e s |
( 8 0. 8 ) |
( % ) 2 7. 3 |
( 6 3. 3 ) |
( % ) 2 9. 0 |
( 1 9 2. ) 5 |
( % ) 2 7. 7 |
| G i r o s s m a r g n |
2 1 5. 0 |
7 2. 7 % |
1 5 5. 0 |
7 1. 0 % |
5 0 1. 7 |
7 2. 3 % |
| S l l i e n g e x p e n s e s |
( 1 0 2. ) 5 |
( % ) 3 4. 6 |
( 1. ) 7 5 |
( % ) 3 2. 8 |
( 1 8 3. 0 ) |
( % ) 2 6. 4 |
| G l & A d i i i t t e n e r a m n s r a v e e x p e n s e s |
( 3 9 ) 7. |
( 1 2. 8 % ) |
( 3 1. 3 ) |
( 1 4. 3 % ) |
( 6 6. 0 ) |
( 9. % ) 5 |
| A d i i & P i t t v e r s n g r o m o o n |
( ) 2 0. 8 |
( 0 % ) 7. |
( ) 1 7. 1 |
( 9 % ) 7. |
( ) 4 6. 1 |
( 6. 6 % ) |
| E B I T A D J |
3. 8 5 |
8. 2 % 1 |
3 5. 1 |
6. % 1 1 |
2 0 6. 6 |
2 9. 8 % |
| * N i i t o n- r e c u r r n g e m s |
( ) 5. 8 |
( ) 2. 0 % |
( ) 1. 8 |
( ) 0. 8 % |
( ) 5. 0 |
( ) 0. 7 % |
| E B I T |
9 4 7. |
1 6. 2 % |
3 3. 3 |
1 5. 3 % |
2 0 6 1. |
2 9. 0 % |
| ** N f i i l l t t e n a n c a r e s u |
3. 2 |
% 1. 1 |
( 1 ) 5. |
( % ) 2. 4 |
( 6. 1 ) |
( % ) 0. 9 |
| E B T |
5 1. 1 |
1 7. 3 % |
2 8. 2 |
1 2. 9 % |
1 9 5. 5 |
2 8. 2 % |
| T a x e s |
( 1 0 ) 7. |
( % ) 5. 7 |
( 1 0. 1 ) |
( % ) 4. 6 |
( 6 4 ) 5. |
( % ) 9. 4 |
| Ta Ra te x |
% 3 3. 2 |
% 3 6. 0 |
% 3 3. 4 |
|||
| C l i d d N I t t o n s o a e e n c o m e |
3 4. 1 |
1 1. 5 % |
1 8. 1 |
8. 3 % |
1 3 0. 1 |
1 8. 7 % |
| M i i l t t n o r y r e s u |
( 0. 1 ) |
( % ) 0. 0 |
0. 0 |
% 0. 0 |
0. 2 |
% 0. 0 |
| N I t e n c o m e |
3 4. 0 |
1 1. 5 % |
1 8. 1 |
8. 3 % |
1 3 0. 3 |
1 8. 8 % |
| Yo Y g h t ro w |
% 8 8 + |
% 1 1 7 + |
% 7 1 + |
|||
| E B I T D A A D J |
0. 9 7 |
2 4. 0 % |
6. 4 4 |
2 1. 3 % |
2 3 2. 9 |
3 3. 5 % |
| Yo Y g h t ro w |
5 3 % + |
2 9 % + |
2 1 % + |
(*) Non-recurring items include non-cash costs related to the stock option plans and a revised valuation of receivables related to the «Other Brands Division» sale
(**) Net Financial Result includes FX Gain/(Losses): Eur 5.9m in H1 2015, Eur 0.5m in H1 2014, Eur 5.8m in FY 2014
• Net Working Capital at Eur 91.8m, equal to 12% of Last-Twelve-Months sales (11% at constant exchange rates)1
• Inventory driven by retail expansion, including conversion of Korean business2
• Receivables increased for timing effect3
NET DEBT ANALYSIS (€m)
| / / 3 0 0 6 2 0 1 5 |
/ / 3 1 1 2 2 0 1 4 |
/ / 3 0 0 6 2 0 1 4 |
|
|---|---|---|---|
| E u r m |
E u r m |
E u r m |
|
| I i b l A t t n a n g e s s e s |
4 1 4. 0 |
4 1 4. 4 |
4 1 4. 1 |
| T i b l A t a n g e s s e s |
8 6. 3 |
7 7. 3 |
6 5. 9 |
| O / ( ) h N A L i b i l i i t t t t e r o n- c u r r e n s s e s a e s |
7. 7 |
( ) 1 4. 7 |
( ) 2 3. 9 |
| T l N A t t t o a o n- c u r r e n s s e s |
0 8. 0 5 |
0 4 7 7. |
6. 4 5 1 |
| N W k i C i l t t e o r n g a p a |
9 1. 8 |
9 7. 1 |
3 6. 3 |
| O h C A / ( L i b i l i i ) t t t t e r r r e n s s e s a e s u |
( 0. 3 ) |
( 3 4. 1 ) |
2 7. 5 |
| T l C A t t t o a r r e n s s e s u |
9 1. 5 |
6 3. 0 |
6 3. 8 |
| I d C i l t t n e s e a p a v |
5 9 9. 5 |
5 4 0. 0 |
5 1 9. 9 |
| N D b t t e e |
1 3 7 5. |
1 1 1. 2 |
2 0 6. 3 |
| O P i d h P i i t e n s o n a n e r r o s o n s v |
8. 4 |
8. 2 |
9. 3 |
| S h h l d ' E i t a r e o e r s q u y |
4 1 5. 8 |
4 2 0. 6 |
3 0 4. 3 |
| S T l t o a o u r c e s |
5 9 9. 5 |
5 4 0. 0 |
5 1 9. 9 |
| H 1 2 0 1 5 |
H 1 2 0 1 4 |
F Y 2 0 1 4 |
|
|---|---|---|---|
| E r m u |
E r m u |
E r m u |
|
| E B I T D A A d j d t u s e |
7 0. 9 |
4 6. 4 |
2 3 2. 9 |
| C h i N W k i C i l t t r a n g e n e o n g a p a |
3 5. |
1 0. 6 |
( 0. 2 ) 5 |
| C / / ( ) h i h l i b i l i i t t t a n g e n o e r c r r. n o n- c r r. a s s e s a e s u u |
( ) 5 5. 9 |
( ) 2 6. 1 |
2 5. 1 |
| C t a p e x, n e |
( ) 2 1. 6 |
( ) 2 4. 4 |
( ) 4 9. 5 |
| O C i h F l t p e r a n g a s o w |
( ) 1. 3 |
6. 5 |
1 5 8. 3 |
| f N i i l l t t e n a n c a r e s u |
3. 2 |
( ) 5. 1 |
( ) 6. 1 |
| T a x e s |
( 1 0 ) 7. |
( 1 0. 1 ) |
( 6 4 ) 5. |
| C F h F l r e e a s o w |
( ) 1 5. 1 |
( ) 8. 7 |
8 6. 8 |
| D i i d d i d e n s p a v |
( 3 0. 4 ) |
( 2 6 ) 7. |
( 2 8. 6 ) |
| C h i i d h h t t a n g e s n e q u y a n o e r c a n g e s |
( ) 1 8. 6 |
1. 1 |
1. 7 |
| N h F l t e c a s o w |
( ) 6 4. 1 |
( ) 3 5. 2 |
5 9. 9 |
| N F i i l P i i B i i f P i d t t e n a n c a o s o n e g n n n g o e r o - |
1 1 1. 2 |
1 7 1. 1 |
1 7 1. 1 |
| f N F i i l P i i E d P i d t t e n a n c a o s o n n o e r o - |
1 7 5. 3 |
2 0 6. 3 |
1 1 1. 2 |
| C h i N F i i l P i i t t a n g e n e n a n c a o s o n |
( 6 ) 4. 1 |
( 3 2 ) 5. |
9. 9 5 |
| Q 2 0 1 1 5 |
Q 2 0 1 1 4 |
Yo Y G h % t ro w |
Q 2 2 0 1 5 |
Q 2 2 0 1 4 |
Yo Y G h % t ro w |
H 2 0 1 1 5 |
H 2 0 1 1 4 |
Yo Y G h % t ro w |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| €m | % | €m | % | Re p. |
F X ex |
€m | % | €m | % | Re p. |
F X ex |
€m | % | €m | % | Re p. |
F X ex |
|
| I ly ta |
3 4. 9 |
1 7 % |
3 2. 6 |
2 2 % |
7 % + |
7 % + |
1 6. 6 |
1 8 % |
1 4. 9 |
2 1 % |
1 1 % + |
1 1 % + |
5 1. 5 |
1 7 % |
4 7. 5 |
2 2 % |
8 % + |
8 % + |
| ( ) E M E A l. I ta ly ex c |
6 4. 6 |
3 2 % |
5 3. 3 |
3 % 7 |
2 1 % + |
1 9 % + |
3 4. 3 |
3 6 % |
2 9. 3 |
4 0 % |
1 % 7 + |
1 % 5 + |
9 8. 9 |
3 3 % |
8 2. 6 |
3 8 % |
2 0 % + |
1 8 % + |
| As ia & Ro W |
7 5. 3 |
3 8 % |
4 5. 4 |
3 1 % |
6 6 % + |
4 8 % + |
2 7. 4 |
2 9 % |
2 1. 3 |
2 9 % |
2 9 % + |
1 0 % + |
1 0 2. 7 |
3 % 5 |
6 6. 6 |
3 0 % |
4 % 5 + |
3 6 % + |
| Am ica er s |
2 6. 2 |
% 1 3 |
1 4. 1 |
% 1 0 |
% 8 5 + |
% 6 1 + |
1 6. 5 |
% 1 7 |
7. 4 |
% 1 0 |
% 1 2 2 + |
% 8 3 + |
4 2. 7 |
% 1 5 |
2 1. 6 |
% 1 0 |
% 9 8 + |
% 6 9 + |
| To l Re ta ve nu es |
2 0 0 1. |
0 0 % 1 |
1 4 5. 4 |
0 0 % 1 |
3 8 % + |
3 0 % + |
9 8 4. |
0 0 % 1 |
2. 9 7 |
0 0 % 1 |
3 0 % + |
2 0 % + |
2 9 8 5. |
0 0 % 1 |
2 8. 3 1 |
0 0 % 1 |
3 % 5 + |
2 6 % + |
| Q 2 0 1 1 5 |
Q 2 0 1 1 4 |
Yo Y G h % t ro w |
Q 2 2 0 1 5 |
Q 2 2 0 1 4 |
Yo Y G h % t ro w |
H 2 0 1 1 5 |
H 2 0 1 1 4 |
Yo Y G h % t ro w |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| €m | % | €m | % | Re p. |
F X ex |
€m | % | €m | % | Re p. |
F X ex |
€m | % | €m | % | Re p. |
F X ex |
|
| Re i l ta |
1 3 8. 1 |
6 9 % |
8 1. 8 |
5 6 % |
6 9 % + |
5 4 % + |
6 3. 2 |
6 7 % |
4 0. 1 |
5 5 % |
5 8 % + |
4 3 % + |
2 0 1. 4 |
6 8 % |
1 2 1. 9 |
5 6 % |
6 5 % + |
5 1 % + |
| W ho les le a |
6 2. 9 |
3 1 % |
6 3. 6 |
4 4 % |
-1 % |
-2 % |
3 1. 6 |
3 3 % |
3 2. 8 |
4 % 5 |
-4 % |
-9 % |
9 4. 4 |
3 2 % |
9 6. 4 |
4 4 % |
-2 % |
% -5 |
| To l Re ta ve nu es |
2 0 1. 0 |
1 0 0 % |
1 4 5. 4 |
1 0 0 % |
3 8 % + |
3 0 % + |
9 4. 8 |
1 0 0 % |
7 2. 9 |
1 0 0 % |
3 0 % + |
2 0 % + |
2 9 5. 8 |
1 0 0 % |
2 1 8. 3 |
1 0 0 % |
3 5 % + |
2 6 % + |
| Q 1 2 0 1 5 |
Q 1 2 0 1 4 |
Q 2 2 0 1 5 |
Q 2 2 0 1 4 |
H 1 2 0 1 5 |
H 1 2 0 1 4 |
|
|---|---|---|---|---|---|---|
| € % m |
€ % m |
€ % m |
€ % m |
€ % m |
€ % m |
|
| R e v e n u e s Yo Y g h t ro w |
2 0 0 1. 1 0 0. 0 % 3 8 % + |
1 4 5. 4 1 0 0. 0 % 1 6 % + |
9 8 4. 1 0 0. 0 % 3 0 % + |
2. 9 7 1 0 0. 0 % 2 7 % + |
2 9 8 5. 1 0 0. 0 % 3 5 % + |
2 8. 3 1 1 0 0. 0 % 1 9 % + |
| C f l t o s o s a e s |
( ) 5 2. 7 ( 2 6. 2 % ) |
( ) 4 0. 2 ( 2 % ) 7. 7 |
( ) 2 8. 1 ( 2 9. 6 % ) |
( ) 2 3. 1 ( 3 1. % ) 7 |
( ) 8 0. 8 ( 2 3 % ) 7. |
( ) 6 3. 3 ( 2 9. 0 % ) |
| G i r o s s m a r g n |
1 4 8. 3 7 3. 8 % |
1 0 5. 2 7 2. 3 % |
6 6. 7 7 0. 4 % |
4 9. 8 6 8. 3 % |
2 1 5. 0 7 2. 7 % |
1 5 5. 0 7 1. 0 % |
| S l l i e n g e x p e n s e s |
( 3 ) 5 7. ( % ) 2 8. 5 |
( 3 8. 6 ) ( % ) 2 6. 5 |
( 4 1 ) 5. ( % ) 4 7. 6 |
( 3 2. 9 ) ( % ) 4 5. 2 |
( 1 0 2. ) 5 ( % ) 3 4. 6 |
( 1. ) 7 5 ( % ) 3 2. 8 |
| G l & A d i i i t t e n e r a m n s r a v e e x p e n s e s |
( 1 8. 8 ) ( 9. 3 % ) |
( 1 6. 4 ) ( 1 1. 3 % ) |
( 1 9. 1 ) ( 2 0. 2 % ) |
( 1 4. 8 ) ( 2 0. 3 % ) |
( 3 9 ) 7. ( 1 2. 8 % ) |
( 3 1. 3 ) ( 1 4. 3 % ) |
| A d i i & P i t t v e r s n g r o m o o n |
( 1 4. 9 ) ( % ) 7. 4 |
( 1 0. ) 5 ( % ) 7. 2 |
( 6. 0 ) ( % ) 6. 3 |
( 6. ) 7 ( % ) 9. 1 |
( 2 0. 8 ) ( % ) 7. 0 |
( 1 1 ) 7. ( % ) 7. 9 |
| E B I T A D J |
3 5 7. 2 8. % 5 |
3 9. 7 2 3 % 7. |
( 3. ) 5 ( 3. % ) 7 |
( 6 ) 4. ( 6. 3 % ) |
3. 8 5 8. 2 % 1 |
3 5. 1 6. % 1 1 |
| N i i t o n- r e c u r r n g e m s |
( ) 1. 4 ( ) 0. 7 % |
( ) 0. 6 ( ) 0. 4 % |
( ) 4. 4 ( ) 4. 7 % |
( ) 1. 2 ( ) 1. 6 % |
( ) 5. 8 ( ) 2. 0 % |
( ) 1. 8 ( ) 0. 8 % |
| E B I T |
9 5 5. % 2 7. 8 |
3 9. 1 % 2 6. 9 |
( 9 ) 7. ( % ) 8. 4 |
( 8 ) 5. ( % ) 7. 9 |
9 4 7. % 1 6. 2 |
3 3. 3 % 1 5. 3 |
| f N i i l l t t e n a n c a r e s u |
3. 8 1. 9 % |
( ) 3. 1 ( 2. 1 % ) |
( ) 0. 7 ( 0. 7 % ) |
( ) 2. 0 ( 2. 8 % ) |
3. 2 1. 1 % |
( ) 5. 1 ( 2. 4 % ) |
| E B T |
5 9. 7 2 9. 7 % |
3 6. 0 2 4. 8 % |
( ) 8. 6 ( ) 9. 1 % |
( ) 7. 8 ( ) 1 0. 7 % |
5 1. 1 1 7. 3 % |
2 8. 2 1 2. 9 % |
| T a e s x |
( ) 2 0. 0 ( 1 0. 0 % ) |
( ) 1 2. 6 ( 8. % ) 7 |
3. 1 3. 2 % |
2. 5 3. 4 % |
( ) 1 7. 0 ( % ) 5. 7 |
( ) 1 0. 1 ( 4. 6 % ) |
| C l i d d N I t t o n s o a e e n c o m e |
3 9. 7 1 9. 8 % |
2 3. 4 1 6. 1 % |
( ) 5. 6 ( 5. 9 % ) |
( ) 5. 3 ( 7. 3 % ) |
3 4. 1 1 1. 5 % |
1 8. 1 8. 3 % |
| M i i l t t n o r y r e s u |
( 0. 1 ) ( 0. 0 % ) |
0. 1 0. 1 % |
0. 0 0. 0 % |
( 0. 1 ) ( 0. 1 % ) |
( 0. 1 ) ( 0. 0 % ) |
0. 0 0. 0 % |
| N I t e n c o m e |
3 9. 6 1 9. 7 % |
2 3. 5 1 6. 1 % |
( 5. 6 ) ( 5. 9 % ) |
( 5. 4 ) ( 7. 4 % ) |
3 4. 0 1 1. 5 % |
1 8. 1 8. 3 % |
| E B I T D A A D J |
6 5. 7 3 2. % 7 |
4 5. 0 3 0 % 1. |
5. 2 % 5. 5 |
1. 4 9 % 1. |
7 0. 9 2 0 % 4. |
4 6. 4 2 3 % 1. |
| Yo Y g h t ro w |
4 6 % + |
1 % 5 + |
2 1 % 7 + |
d. n. |
3 % 5 + |
2 9 % + |
Source: Consob, MonclerLast update: 29 July 2015
Investor Relations and Strategic Planning Director[email protected]
• Anna Rita TrevisanInvestor Relations Associate[email protected]
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