Hugo Boss AG · XETR:BOSS
Hugo Boss — Q1 2022 Earnings Presentation
77 slides from Hugo Boss's earnings presentation, May 6, 2022
Slide 1: Investor Meeting Presentation Q1 2022
INVESTOR MEETING PRESENTATION I Q1 2022
Slide 2: Agenda
PAGE 2 01 CLAIM 5 STRATEGY Q1 2022 02 RESULTS 03 GENERAL INFORMATION AGENDA
Slide 3: Vision and Mission
PAGE 3 VISION MISSION BECOME THE PREMIUM TECH- WE LOVE DRIVEN FASHION FASHION, PLATFORM WE CHANGE WORLDWIDE FASHION
Slide 4: Ambition
I PAGE 4 BECOME AMBITION ONE OF THE TOP 100 GLOBAL BRANDS 4 12 EUR BILLION EBIT IN SALES % MARGIN
Slide 5: Financial Ambition
I PAGE 5 GROUP € 4B SALES in 2025 SALES ~ 6% GROWTH CAGR 2019 - 2025 EBIT ~ 12% MARGIN OF GROUP SALES FINANCIAL EBIT GROWTH ~ 6% CAGR 2019 - 2025 AMBITION FCF ~ € 2B 2025 GENERATION 2021 - 2025
Slide 6: Balanced growth to exploit the full potential
PAGE 6 BALANCED GROWTH TO EXPLOIT THE FULL POTENTIAL ALL BRANDS, REGIONS AND CHANNELS CONTRIBUTE TO “CLAIM 5” BRANDS REGIONS CHANNELS BOSS MENSWEAR EUROPE RETAIL B&M BOSS WOMENSWEAR ASIA/PACIFIC WHOLESALE B&M HUGO AMERICAS DIGITAL LICENSES LICENSES LICENSES ~ € 2.2B ~ € 2.0B ~ € 2.6B ~ € 1.5B ~ € 1.
Slide 7: CLAIM 5 Strategy
PAGE 7 CLAIM 5 STRATEGY WHY CONSUMER FIRST 1 2 3 4 5 WHAT BOOST PRODUCT LEAD IN REBALANCE ORGANIZE BRANDS IS KING DIGITAL OMNICHANNEL FOR GROWTH SUSTAINABLE THROUGHOUT HOW RIGOROUS EXECUTION EMPOWER PEOPLE AND TEAMS
Slide 8: Boost Brands
PAGE 8 I BOOST BRANDS CLAIM 1
Slide 9: Brand Portfolio Strategy
PAGE 9 I BRAND PORTFOLIO STRATEGY One HUGO BOSS platform with currently two brands
Slide 10: Be Your Own BOSS
PAGE 10 I “BE YOUR OWN BOSS” 24/7 LIFESTYLE addresses customers in the BRAND premium segment who lead a self-determined life, show a clear attitude, and pursue ambitions with determination offers the perfect outfit for every occasion – from business to leisure – with casualness and comfort being key
Slide 11: Hugo Your Own Way
PAGE 11 I “HUGO YOUR OWN WAY” FIRST TOUCHPOINT targets customers who consider FOR their way of dressing as an CONSUMERS expression of their individual personality and who see themselves as trendsetters broad range of trendy and modern products reflecting the brand’s authentic and unconventional styl
Slide 12: Global campaigns for BOSS & HUGO
PAGE 12 LAUNCH OF STAR-STUDDED GLOBAL CAMPAIGNS FOR BOSS & HUGO AS PART OF BRANDING REFRESH BE YOUR OWN HOW DO YOU BOSS HUGO
Slide 13: Social media KPIs for BOSS strongly improve in Q1
PAGE 13 SOCIAL MEDIA KPIS FOR BOSS STRONGLY IMPROVE IN Q1 ~10 M | +5% FOLLOWERS ON BOSS INSTAGRAM 16% ENGAGEMENT RATE ON INSTAGRAM MORE THAN DOUBLES >32 M VIEWS RECORD-BREAKING RESULTS OF DUBAI SHOW ON YOUTUBE
Slide 14: HUGO kicks off the music festival season at Coachella
PAGE 14 HUGO KICKS OFF THE MUSIC FESTIVAL SEASON AT COACHELLA >1.3 BN IMPRESSIONS ~200 M VIEWS ON TIKTOK 26% ENGAGEMENT RATE ON INSTAGRAM
Slide 15: Branding refresh leads to record-breaking results
PAGE 15 I BRANDING REFRESH LEADS TO RECORD- ~24 BN ~1 BN BREAKING RESULTS Impressions Engagements within 3 months within 3 months
Slide 16: Product is King
PAGE 16 I PRODUCT IS KING CLAIM 2
Slide 17: 24/7 Lifestyle Brand
PAGE 17 24/7 LIFESTYLE BRAND Quality, casual chic, and restrained elegance paired with understatement refined with a pinch of luxury DESK DINNER WEEKEND TRAVEL ATHLEISURE Casualization and comfort are key to modern, innovative tailoring Growth opportunities in outerwear, sportswear, shoes & accessor
Slide 18: New design codes introduced
PAGE 18 I NEW DESIGN CODES INTRODUCED IN SPRING/ SUMMER 2022 New logo BOSS monogram Iconic color palette
Slide 19: HUGO style to self-express 24/7
PAGE 19 HUGO STYLE TO SELF- EXPRESS 24/7 Modern and authentic HUGO style to regain relevance for younger and unconventional consumers (Gen Z) WORK CELEBRATE HANG OUT EXPLORE MOVE Balanced offer of commercial and contemporary pieces Growth opportunities in jeans, streetwear, shoes & accessories, and
Slide 20: New HUGO branding incorporated
PAGE 20 I NEW HUGO BRANDING New logo INCORPORATED Iconic colors IN SPRING/ SUMMER 2022 HUGO monogram
Slide 21: Lead in Digital
PAGE 21 I LEAD IN DIGITAL CLAIM 3
Slide 22: Lead in Digital
PAGE 22 LEAD IN DIGITAL FURTHER DIGITALIZATION OF ALL BUSINESS ACTIVITIES ALONG THE ENTIRE VALUE CHAIN INVEST IN DIGITAL Additional > € 150M digital investments (between 2019 and 2025) in online business, digital campus and IT capabilities DIGITAL DIGITAL DIGITAL Multiple initiatives along the CREAT
Slide 23: Digital Campus successfully established in 2021
PAGE 23 DIGITAL CAMPUS SUCCESSFULLY ESTABLISHED IN 2021 Elevate Strengthen Leverage customer digital data and experience know-how analytics PORTO PORTO PORTO PORTO PORTO PORTO PORTO
Slide 24: Relaunch of hugoboss.com
PAGE 24 RELAUNCH OF HUGOBOSS.COM STRENGTHENING OUR E-COM ACTIVITIES PERSONALIZATION LOCALIZATION Engaging experience with new look & feel APP Improved usability and customer interaction WEBSITE REFRESH SITE PERFORMANCE PERFORMANCE MARKETING EXPANSION
Slide 25: Digital Showroom 2.0
PAGE 25 I DIGITAL SHOWROOM 2.0 USHERING IN A INTERACTIVE NEW ERA IN FUNCTIONS DIGITAL SELLING INNOVATIVE SELLING PROCESS IMPULSIVE BRAND EXPERIENCE
Slide 26: Rebalance Omnichannel
PAGE 26 I REBALANCE OMNICHANNEL CLAIM 4
Slide 27: Total digital sales reach 20% for the first time
PAGE 27 TOTAL DIGITAL SALES REACH 20% FOR THE FIRST 25- TIME IN HISTORY 30 % 20 Ambition % 10 %
Slide 28: Bringing the retail experience to the next level
PAGE 28 BRINGING THE RETAIL EXPERIENCE TO THE NEXT LEVEL NEW LOOK SALES & FEEL PRODUCTIVITY Bringing the branding refresh to life across all regions Improvement by +3% per year
Slide 29: Elevate store experience
PAGE 29 >100 STORES TO BE I REFRESHED ELEVATE IN 2022 STORE EXPERIENCE
Slide 30: Reclaim wholesale
PAGE 30 I RECLAIM WHOLESALE NEW KEY DRIVE LOOK PART- RELEVANCE & FEEL NERS & VISIBILITY FOR OUR Introduce branding refresh at our Strengthen relationship BRANDS wholesale POS with key partners &
Slide 31: Branding refresh resonates with wholesale partners
PAGE 31 I BRANDING REFRESH RESONATES STRONGLY WITH OUR WHOLESALE PARTNERS +40% ORDER INTAKE FALL/WINTER 2022 (VS. 2019)
Slide 32: Organize for Growth
PAGE 32 I ORGANIZE FOR GROWTH CLAIM 5
Slide 33: Organize for growth
PAGE 33 ORGANIZE FOR GROWTH MORE SPEED & FLEXIBILITY, CLOSER TO DEMAND MODULAR & DIGITAL FLEXIBLE PRODUCTION SUPPLY CHAIN SHORTER CREATION & LOGISTICS NETWORK DIGITAL TWIN CREATION TRACKS > 90% OF PRODUCTS KEEP 2025 UNIT COGS > 90% ON-TIME ~ 30% LEAD-TIME CREATED DIGITALLY AT 2019 LEVEL AVAILABILITY
Slide 34: Resilient supply chain secures product availability
PAGE 34 RESILIENT SUPPLY CHAIN SECURES SUFFICIENT PRODUCT AVAILABILITY WELL-BALANCED OWN PRODUCTION LONG-TERM STRATEGIC GLOBAL SOURCING MIX FACILITIES PARTNERSHIPS 49% 17% ~10 Y EUROPE OWN PRODUCTION STRATEGIC FINISHED Share of total Share of total GOODS SUPPLIERS sourcing volume sourcing volume Ave
Slide 35: Sustainable Throughout
PAGE 35 I SUSTAINABLE THROUGHOUT
Slide 36: Clear and viable ESG strategy
PAGE 36 CLEAR AND VIABLE ESG STRATEGY WITH BEST-IN-CLASS SUSTAINABILITY CREDENTIALS C+ PRIME RATING B CLIMATE CHANGE RISK RATING 12.4 5TH TIME IN A ROW RATING + SUPPLIER ENGAGEMENT LEADER 2ND BEST SCORE IN 2021 AA ESG RATING in the textile, apparel, and luxury segments € 600M WORLD ESG LINKED REVOLV
Slide 37: Our strategy is built upon recognized standards
PAGE 37 OUR STRATEGY IS BUILT UPON RECOGNIZED STANDARDS Underlying frameworks and reporting guidelines: One focus is on the Sustainable Development Goals (SDGs) of the United Nations. We make a contribution to these SDGs. STANDARDS AND GUIDELINES:
Slide 38: Sustainable Throughout
PAGE 38 SUSTAINABLE THROUGHOUT CONSCIOUSNESS AT THE CORE OF EVERYTHING WE DO PRODUCT PLANET PEOPLE Quality, durability, Climate-neutrality High social health & care for environment & reduced resource consumption standards
Slide 39: Always. Our ongoing commitment
PAGE 39 PRODUCT ALWAYS. OUR ONGOING COMMITMENT PLANET PEOPLE OUR UNDERSTANDING OF MORE SUSTAINABLE PRODUCTS HUGO BOSS products always fulfill these criteria Main criteria for RESPONSIBLE styles STRIVE FOR RESPECT ENSURE USE MORE HIGHEST QUALITY ANIMAL PRODUCT SUSTAINABLE & LONGEVITY WELFARE SA
Slide 40: Product achievements: our responsible styles
PAGE 40 PRODUCT PRODUCT ACHIEVEMENTS: OUR RESPONSIBLE STYLES PLANET PEOPLE A CONTINUOUS JOURNEY 2018 2019 2020 2021 2022 Traceable Piñatex® Olivenleder® Plastic Traceable Vegan Kapok THE CUYA THE THE Less Water Wool Free Wool Suit Capsule JOURNEY JOURNEY JOURNEY Sneaker Capsule Sneaker Capsule
Slide 41: Strategic partnership with HeiQ AeoniQ
PAGE 41 PRODUCT STRATEGIC PARTNERSHIP PLANET PEOPLE WITH HEIQ AEONIQ Replace polyester Reduce waste and Bind carbon from through cellulosic push circularity the atmosphere yarn WE LOVE FASHION, WE CHANGE FASHION
Slide 42: Reducing our environmental footprint
PAGE 42 PRODUCT ALWAYS. OUR ONGOING COMMITMENT PLANET PEOPLE REDUCING OUR ENVIRONMENTAL FOOTPRINT MINIMIZE REDUCE THE USE CHEMICALS IMPACT ON CONSUMPTION RESPONSIBLY CLIMATE CHANGE OF RESOURCES by e.g. operating a by using innovative by requesting our suppliers comprehensive technologies, redu
Slide 43: Taking responsibility for employees & suppliers
PAGE 43 PRODUCT ALWAYS. OUR ONGOING COMMITMENT PLANET PEOPLE TAKING RESPONSIBILITY FOR OUR EMPLOYEES & SUPPLIERS FOSTER CREATIVITY, PERFORM DEFINED WORK TOWARDS QUALIFICATION ONBOARDING SYSTEMIC CHANGE AND COMMITMENT PROCESS & OF EMPLOYEES COMPLIANCE CHECKS AT SUPPLIERS e.g. new work model e.g
Slide 44: Tomorrow. What we want to achieve
PAGE 44 TOMORROW. WHAT WE WANT TO ACHIEVE OUR MOST IMPORTANT ESG TARGETS PRODUCT PLANET PEOPLE 8 IN 10 PRODUCTS CLIMATE SOURCING ALL MEET NEUTRALITY OF GOODS FROM CIRCULARITY THROUGHOUT THE SUPPLIERS CRITERIA BY 2030 ENTIRE VALUE SCORING IN ONE CHAIN BY 2045 OF THE TOP 2 & WITHIN OWN SOCIAL AUDIT IN
Slide 45: First Quarter 2022 Results
PAGE 45 FIRST QUARTER 2022 RESULTS I
Slide 46: HUGO BOSS with record Q1 sales
PAGE 46 HUGO BOSS WITH RECORD Q1 SALES +17% +12% +7% (4)% (23)% GROUP SALES EUR 772 MILLION Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 +52% * VS Q1 2021 SALES GROWTH* VS 2019 *CURRENCY-ADJUSTED
Slide 47: Sales growth by brand
PAGE 47 +53%* +41%* +52%* *CURRENCY-ADJUSTED +17%* 0%* +26% * VS Q1 2021 VS Q1 2021 VS Q1 2021 VS Q1 2019 VS Q1 2019 VS Q1 2019
Slide 48: Momentum in Europe further accelerates
PAGE 48 MOMENTUM IN EUROPE FURTHER ACCELERATES EUROPE SALES INCL. MIDDLE EAST AND AFRICA Momentum further accelerates, driven by robust local demand in key European markets +69% +21% * * Revenues in the UK and France strongly exceed pre-pandemic levels, up double-digits vs 2019 vs Q1 2021 vs Q1 2019
Slide 49: Strong growth trajectory in the Americas continues
PAGE 49 STRONG GROWTH TRAJECTORY IN THE AMERICAS CONTINUES AMERICAS SALES All of the region’s markets with robust sales increases vs 2019 levels +56% +17% * * Momentum in the U.S. market continues, due to strong progress in fostering 24/7 brand image vs Q1 2021 vs Q1 2019 Latin America with particul
Slide 50: Renewed COVID-19 restrictions weigh on sentiment in China
PAGE 50 RENEWED COVID-19 RESTRICTIONS WEIGH ON SENTIMENT IN CHINA ASIA/PACIFIC SALES Mainland China with double-digit sales improvements in the run-up to Chinese New Year +3% (1)% * * Lockdowns weigh on sentiment and traffic in mainland China from mid-March onwards vs Q1 2021 vs Q1 2019 Robust growt
Slide 51: Digital business continues double-digit growth
PAGE 51 DIGITAL BUSINESS CONTINUES DOUBLE-DIGIT GROWTH TRAJECTORY +22% * Double-digit improvements across all regions and digital touchpoints vs Q1 2021 Successful relaunch of hugoboss.com drives increase in traffic and AOV +145% * Digital sales account for ~20% of overall Group sales vs Q1 2019
Slide 52: Brick-and-mortar retail business
PAGE 52 SUCCESSFUL EXECUTION OF “CLAIM 5” DRIVES BRICK-AND-MORTAR RETAIL BUSINESS +76% * Robust consumer sentiment in key regions drives overall momentum vs Q1 2021 Prior-year period impacted by an average store closure rate of ~25% +5% * New store concept implemented in ~30 points of sale vs Q1 201
Slide 53: Brick-and-mortar wholesale returns to 2019 levels
PAGE 53 BRICK-AND-MORTAR WHOLESALE RETURNS TO 2019 LEVELS +44% * Robust demand of wholesale partners for the Spring/Summer vs Q1 2021 2022 collections Delivery shift effects limit growth in B&M wholesale by ~10pp +2% * Strong order book for Fall/Winter vs Q1 2019 2022 to drive wholesale growth in H2
Slide 54: Gross margin improvement
PAGE 54 GROSS MARGIN IMPROVEMENT MAINLY REFLECTS HIGHER SHARE OF FULL-PRICE SALES Q1 2021 Full price Channel Inventory Sourcing & FX Q1 2022 mix valuation freight cost 61.6% 60.4% +120 bp
Slide 55: Significant step-up in brand and digital investments
PAGE 55 SIGNIFICANT STEP-UP IN BRAND AND DIGITAL INVESTMENTS EUR EUR 80 +98% 51 +43% MILLION vs Q1 2021 MILLION vs Q1 2021 BRAND DIGITAL INVESTMENTS INVESTMENTS
Slide 56: Strong bottom-line improvements despite significant investments
PAGE 56 STRONG BOTTOM-LINE IMPROVEMENTS DESPITE SIGNIFICANT INVESTMENTS GROSS MARGIN SELLING & ADMINISTRATION EBIT NET INCOME Q1 2022 DISTRIBUTION EXPENSES Q1 2022 ATTRIBUTABLE TO EXPENSES Q1 2022 SHAREHOLDERS Q1 2022 Q1 2022 EUR EUR EUR EUR 61.6% 344 92 40 24 MILLION MILLION MILLION MILLION +120 bp
Slide 57: Free cash flow with strong improvements year on year
PAGE 57 FREE CASH FLOW WITH STRONG IMPROVEMENTS YEAR ON YEAR TNWC CAPITAL FREE Inventories decrease 3%* EXPENDITURE CASH FLOW reflecting strong sales growth MARCH 31, 2022 JANUARY–MARCH 2022 JANUARY–MARCH 2022 in the first quarter EUR EUR EUR TNWC in % of sales declines to 15.0%, well below the 472
Slide 58: Sales outlook for full year 2022
PAGE 58 SALES OUTLOOK FOR FULL +10% TO +15% YEAR 2022 Broad-based growth across all brands, channels, and key regions expected 2.8 3.1-3.2 EUR BILLION EUR BILLION Strong brand momentum and robust order intake for Fall/Winter 2022 to drive top-line growth 2021 2022e
Slide 59: EBIT outlook for full year 2022
PAGE 59 EBIT OUTLOOK FOR FULL +10% TO +25% YEAR 2022 Robust bottom-line improvements anticipated, despite significant step-up 228 250-285 in investments as part of “CLAIM 5” EUR MILLION EUR MILLION Expected top-line growth and robust market positioning to compensate for current macroeconomic uncerta
Slide 60: Financial calendar & investor relations contact
PAGE 60 FINANCIAL CALENDAR & INVESTOR RELATIONS CONTACT MAY 24 AGM CHRISTIAN STÖHR VICE PRESIDENT INVESTOR RELATIONS 2022 E-MAIL [email protected] 2022 PHONE +49 7123 94 80903 AUGUST 3 LENA BIBERACHER INVESTOR RELATIONS MANAGER 2022 PUBLICATION OF E-MAIL [email protected] Q2 2
Slide 61: General Information
PAGE 61 I GENERAL INFORMATION
Slide 62: HUGO BOSS at a glance
PAGE 62 HUGO BOSS AT A GLANCE 2.8 EUR BILLION 228 EUR MILLION 8.2% EBIT 559 EUR MILLION SALES EBIT MARGIN FREE CASH FLOW 128 ~ 14,000 20% 6,800 COUNTRIES EMPLOYEES SHARE OF POINTS DIGITAL SALES OF SALE
Slide 63: Sales by brand
PAGE 63 SALES BY BRAND 2021 BOSS BOSS HUGO MENSWEAR WOMENSWEAR 78% 7% 15% of Sales of Sales of Sales 2,181 EUR MILLION 192 EUR MILLION 413 EUR MILLION
Slide 64: Global market presence
PAGE 64 HUGO BOSS GLOBAL MARKET PRESENCE AMERICAS EUROPE ASIA/PACIFIC (INCL. MIDDLE EAST AND AFRICA) 20% 63% 15% of Sales of Sales of Sales 543 EUR million Sales 1,742 EUR million Sales 423 EUR million Sales ~1,600 Points of sale ~4,650 Points of sale ~550 Points of sale 98 Freestanding retail store
Slide 65: Distribution channels
PAGE 65 DISTRIBUTION CHANNELS
Slide 66: Sales by distribution channel
PAGE 66 SALES BY DISTRIBUTION CHANNEL SALES BY DISTRIBUTION CHANNEL1 (IN EUR MILLION) 1 As compared to the previous year, presentation has been aligned to the 2025 targets set out in the “CLAIM 5” strategy.
Slide 67: Retail store network
PAGE 67 RETAIL STORE NETWORK NUMBER OF OWN RETAIL STORES 1,228 TOTAL OPERATED BY HUGO NUMBER OF BOSS INCLUDING RETAIL POINTS SHOP-IN-SHOPS AND OF SALE OUTLETS
Slide 68: Sourcing footprint
PAGE 68 SOURCING FOOTPRINT WELL BALANCED REGIONAL SOURCING & PRODUCTION MIX REGIONALLY BALANCED OWN PRODUCTION COMPLEMENTS STRATEGIC SOURCING MIX THIRD-PARTY SOURCING ACTIVITIES 14% Izmir, Turkey (Largest single Asia Americas Europe External Sourcing Own Production source of production) 49% 2% 49% 8
Slide 69: Strong organizational set-up
PAGE 69 STRONG ORGANIZATIONAL SET-UP EMPLOYEE EMPLOYEES IN MANAGEMENT (2021) SATISFACTION 76% CONDUCTED ANNUALLY WITH GREAT PLACE TO WORK® GERMANY
Slide 70: Highly experienced management team
PAGE 70 HIGHLY EXPERIENCED MANAGEMENT TEAM WITH MULTI-YEAR INDUSTRY EXPERTISE AND SUCCESSFUL TRACK RECORD DANIEL GRIEDER YVES MÜLLER OLIVER TIMM HEIKO SCHAEFER CEO CFO CSO COO JOINED HUGO BOSS IN 2021 JOINED HUGO BOSS IN 2017 JOINED HUGO BOSS IN 2021 JOINED HUGO BOSS IN 2020 FURTHER STRENGTHENED BY
Slide 71: Compensation system
PAGE 71 COMPENSATION SYSTEM STRONGLY SUPPORTING LONG-TERM TARGETS STI LTI Components Short-term variable compensation Long-term variable compensation Performance EBIT SALES Trade net Relative Return on Employee Perfor- Targets working total capital satisfaction mance in capital shareholder employed
Slide 72: Shareholder structure
PAGE 72 SHAREHOLDER STRUCTURE SHAREHOLDER STRUCTURE INSTITUTIONAL INVESTORS AS OF DECEMBER 31 (FREE FLOAT) BY REGION (IN % OF SHARE CAPITAL) AS OF DECEMBER 31 (IN %) TOTAL NUMBER OF SHAREHOLDERS OF SHARES HELD BY PRIVATE SHAREHOLDERS
Slide 73: Analyst recommendations
PAGE 73 ANALYST RECOMMENDATIONS ANALYSTS ARE Buy: 10 COVERING HUGO BOSS Hold: 12 Sell: 0 SHARE PRICE TARGET As of April 14, 2022. EUR
Slide 74: HUGO BOSS share price
PAGE 74 HUGO BOSS SHARE PRICE +24% (2)% 70 2020-2021 Q1 2022 60 50 40 30 AS OF MAR. 31, 2022 20 EUR 52.64 10 0 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Slide 75: Multi-year overview: sales
PAGE 75 MULTI-YEAR-OVERVIEW SALES 2021 2020 2019 2,018 2017 2016 Sales (in EUR million) 2,786 1,946 2,884 2,796 2,733 2,693 Sales by segments Europe incl. Middle East and Africa 1,742 1,231 1,803 1,736 1,681 1,660 Americas 543 308 560 574 577 582 Asia/Pacific 423 343 438 410 396 382 Licenses 77 64 8
Slide 76: Multi-year overview: P&L, balance sheet and key figures
PAGE 76 MULTI-YEAR-OVERVIEW P&L, BALANCE SHEET AND OTHER KEY FIGURES 2021 2020 2019 2,018 2017 2016 Results of operations (in EUR million) Gross profit 1,721 1,187 1,875 1,824 1,808 1,777 Gross margin in % 61.8 61.0 65.0 65.2 66.2 66.0 EBIT 228 (236) 344 347 341 263 EBIT margin in % 8.2 (12.1) 11.9
Slide 77: Forward-looking statements contain risks
PAGE 77 FORWARD-LOOKING STATEMENTS CONTAIN RISKS This document contains forward-looking statements that reflect management's current views with respect to future events. The words “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “should”, and similar expre