Moncler Spa · MIL:MONC
Moncler Spa — FY2023 Earnings Presentation
39 slides from Moncler Spa's earnings presentation, February 2024
Slide 1: Financial Results FY 2023
FINANCIAL RESULTS FY 2023
Slide 2: Speakers
Moncler Group FY 2023 Financial Results 2 Speakers REMO RUFFINI GINO FISANOTTI ROBERT TRIEFUS Group Moncler Stone Island Chairman and CEO Chief Brand Officer CEO ROBERTO EGGS LUCIANO SANTEL ELENA MARIANI Group Group Group Chief Business Strategy Chief Corporate Strategic Planning and and Global Mark
Slide 3: Remo Ruffini, Group Chairman and CEO
Moncler Group FY 2023 Financial Results 33 REMO RUFFINI Group Chairman and CEO
Slide 4: CEO quote on 10-year listing anniversary
Moncler Group FY 2023 Financial Results 4 “2023 marked the 10-year anniversary of our listing on the Milan stock exchange. I am very proud today to celebrate this significant milestone with a record set of results, which is a testament to a decade of thinking beyond conventions, a relentless pursuit
Slide 5: Moncler Group FY 2023 Results Highlights
Moncler Group FY 2023 Financial Results 55 MONCLER GROUP | FY 2023 Results Highlights 1 GROWTH AT CFX YOY GROUP MONCLER STONE ISLAND REVENUES REVENUES REVENUES FY 2023 FY 2023 FY 2023 EUR 2,984.2m (+17%) EUR 2,573.2m (+19%) EUR 411.1m (+4%) Q4 2023 Q4 2023 Q4 2023 EUR 1,177.9m (+16%) EUR 1,076.9m (+
Slide 6: Gino Fisanotti, Moncler Chief Brand Officer
Moncler Group FY 2023 Financial Results 6 GINO FISANOTTI Moncler Chief Brand Officer
Slide 7: Moncler Grenoble Q4 Highlights
FY 2023 Financial Results 87 MONCLER | Grenoble Q4 HIGHLIGHTS "Beyond Performance" Starring champion athletes Xuetong Cai, Perrine Laffont, Richard Permin and Shaun White, the new campaign global campaign reveals the often-unseen side of champion athletes at the apex, exploring the human spirit and
Slide 8: Moncler Genius Q4 Highlights
FY 2023 Financial Results 98 MONCLER | Genius Q4 HIGHLIGHTS Moncler x adidas Originals The collection "The Art of Explorers" finds inspiration in the journey from mountainous peaks to the city below, unveiling puffers as well as track jackets and vests that epitomize signature Moncler shapes reimagi
Slide 9: Moncler Main Collection & Other Q4 Highlights
FY 2023 Financial Results 109 MONCLER | Main Collection & Other Q4 HIGHLIGHTS Winter24 A campaign focused on elevating and celebrating the best of Moncler Collection by sharing love “For the Love of Winter” and warmth with the world during Moncler’s favorite season. “For the Love of Winter” was leve
Slide 10: Robert Triefus, Stone Island CEO
Moncler Group FY 2023 Financial Results 10 11 ROBERT TRIEFUS Stone Island CEO
Slide 11: Stone Island | The Next Chapter
FY 2023 Financial Results 11 Stone Island | The Next Chapter BRAND PRODUCT DISTRIBUTION Accelerate Stone Island towards its full potential through a distinctive and compelling brand positioning, a better defined and richer product offer and an omnichannel customer-centric distribution strategy.
Slide 12: Establishing a Distinctive and Engaging Brand Positioning
FY 2023 Financial Results 12 Establishing a Distinctive and Engaging Brand Positioning New Brand Image Integrated Media Celebrities and Influence Experience MAIN Full funnel approach Proactively harnessing the Embracing all our customer Core product. across media. visibility and influence of segment
Slide 13: A Defined and Elevated Collection Architecture
FY 2023 Financial Results 13 A Defined and Elevated Collection Architecture Double down on key core categories Drive a new level of product desirability Selected category expansion Focus on outerwear and knitwear, Implement a 360 strategy for sub-collections Continued partnership with New Balance em
Slide 14: Delivering an Omnichannel Customer-Centric Distribution Strategy
FY 2023 Financial Results 14 Delivering an Omnichannel Customer-Centric Distribution Strategy Focus on DTC and Selective and Upgraded Full E-Commerce Omnichannel Customer Experience Wholesale Distribution Internalization Mindset Focus on organic growth. Selective approach and Full internalization of
Slide 15: Roberto Eggs, Group Chief Business Strategy and Global Market Officer
Moncler Group FY 2023 Financial Results 15 18 ROBERTO EGGS Group Chief Business Strategy and Global Market Officer
Slide 16: Moncler Revenues by Geography
FY 2023 Financial Results 16 19 MONCLER | Revenues by Geography MONCLER REVENUES (EUR M; CFX GROWTH %) Q4 FY FY 2023 Moncler brand revenues reached EUR 2,573.2m, +19% vs 2022. AMERICAS EMEA Q4 recorded 17% growth vs 2022, accelerating ASIA sequentially compared to Q3. +19% 2,573.2 ASIA (which includ
Slide 17: Moncler Revenues by Channel
FY 2023 Financial Results 17 20 MONCLER | Revenues by Channel MONCLER REVENUES (EUR M; CFX GROWTH %) Q4 FY WHOLESALE DTC Moncler DTC1 revenues rose to EUR 2,163.9m in FY 2023, +25% vs 2022. +19% Comparable Store Sales Growth (CSSG)2 was +19% in FY 2023. 2,573.2 In the fourth quarter, DTC revenues gr
Slide 18: Stone Island Revenues by Geography
FY 2023 Financial Results 18 21 STONE ISLAND | Revenues by Geography STONE ISLAND REVENUES (EUR M; CFX GROWTH %) Q4 FY Stone Island FY 2023 brand revenues reached EUR 411.1m, +4% vs 2022. AMERICAS ASIA Q4 was up 7% compared with the same period EMEA last year, led by double-digit growth in the +4% D
Slide 19: Stone Island Revenues by Channel
FY 2023 Financial Results 19 22 STONE ISLAND | Revenues by Channel STONE ISLAND REVENUES (EUR M; CFX GROWTH %) Q4 FY DTC WHOLESALE +4% The revenues in the DTC channel grew to EUR 401.1 411.1 172.8m in FY 2023, +19% YoY. In Q4 revenues in this channel were up 16%, +7% mainly driven by the very solid
Slide 20: Group Mono-Brand Store Network
Moncler Group FY 2023 Financial Results 20 23 Group Mono-Brand Store Network Group retail network as of 31 December 2023: Changes occurred in Q4: • 269 Moncler DOS • Moncler: 7 net openings, including St. Moritz Grenoble, Amsterdam De Bijenkorf, Edmonton and Kobe Hankyu, in addition to • 81 Stone Is
Slide 21: Moncler Grenoble St. Moritz
FY 2023 Financial Results 21 24 Moncler Grenoble St. Moritz
Slide 22: Moncler Wien Kohlmarkt
FY 2023 Financial Results 22 25 Moncler Wien Kohlmarkt
Slide 23: Stone Island Chengdu Swire
FY 2023 Financial Results 23 26 Stone Island Chengdu Swire
Slide 24: Luciano Santel, Group Chief Corporate and Supply Officer
Moncler Group FY 2023 Financial Results 24 27 LUCIANO SANTEL Group Chief Corporate and Supply Officer
Slide 25: Group Income Statement
Moncler Group FY 2023 Financial Results 25 28 Group Income Statement FY 2023 gross profit margin increase YoY was primarily Marketing expenses represented 7.0% of revenues, The tax rate in 2023 was equal to 29.7% compared to driven by the channel mix, with a higher incidence of the compared with 6.6
Slide 26: Net Capex
Moncler Group FY 2023 Financial Results 26 29 Net Capex NET CAPEX (EUR M) FY INFRASTRUCTURE DISTRIBUTION Consolidated capex reached EUR 174.1m in FY 174.1 167.1 2023, compared with EUR 167.1m in FY 2022, with an incidence on revenues of 5.8% (6.4% in FY 2022), of which more than half was dedicated t
Slide 27: Net Working Capital
Moncler Group FY 2023 Financial Results 27 30 Net Working Capital NET WORKING CAPITAL (EUR M) FY ACCOUNTS RECEIVABLE INVENTORY ACCOUNTS PAYABLE Net consolidated working capital reached EUR 240.2 240.2m as of 31 December 2023, with the 191.7 incidence on revenues of 8.0%, compared with 325.6 EUR 191.
Slide 28: Net Financial Position
Moncler Group FY 2023 Financial Results 28 31 Net Financial Position 1 NET FINANCIAL POSITION (EUR M) FY FINANCIAL DEBT NET OF FINANCIAL CREDIT CASH AND CASH EQUIVALENTS As of 31 December 2023, the Group’s net 1,033.7 financial position was positive and equal to 34.9 EUR 1,033.7m. 818.2 Net cash flo
Slide 29: Balance Sheet Statement
Moncler Group FY 2023 Financial Results 29 32 Balance Sheet Statement 31/12/2023 31/12/2022 EUR m EUR m Brands 999.4 999.4 Goodwill 603.4 603.4 Fixed assets 442.1 388.3 Right-of-use assets 737.5 773.5 Net working capital 240.2 191.7 Other assets / (liabilities) 3.2 4.5 INVESTED CAPITAL 3,025.7 2,960
Slide 30: Cash Flow Statement
Moncler Group FY 2023 Financial Results 30 33 Cash Flow Statement 1 FY 2023 FY 2022 EUR m EUR m EBIT 893.8 774.5 D&A 114.2 105.6 Other non cash adjustments 15.3 14.6 Change in net working capital (48.5) (42.8) 2 Change in other assets / (liabilities) 3.7 (212.3) Net capex (174.1) (167.1) OPERATING C
Slide 31: Group Sustainability Achievements in 2023
Moncler Group FY 2023 Financial Results 31 34 24 Group Sustainability Achievements in 2023 FY 2023 • 100% of electricity used at own directly operated corporate sites worldwide (production sites, offices, logistic hubs Non-Financial and stores) from renewable sources (~90% in 2022) Statement • -50%
Slide 32: Recognition of the Performance of the Sustainability Strategy
Moncler Group FY 2023 Financial Results 32 35 24 Recognition of the Performance of the Sustainability Strategy 2024 2023 2023 DOW JONES SUSTAINALYTICS MSCI ESG RATING SUSTAINABILITY INDICES 1st in Textile, Apparel & Luxury Goods with Sustainalytics 2024 Industry Top-Rated the highest score (89/100)
Slide 33: Appendix
33 Moncler Group FY 2023 Financial Results Appendix
Slide 34: EBITDA Reconciliation
Moncler Group FY 2023 Financial Results 34 37 EBITDA Reconciliation FY 2023 FY 2022 EUR m % EUR m % EBIT 893.8 30.0% 774.5 29.8% D&A 114.2 3.8% 105.6 4.1% Rights-of-use-amortisation 177.5 5.9% 159.3 6.1% Stock-based compensation 40.0 1.3% 37.0 1.4% EBITDA adj. 1,225.5 41.1% 1,076.5 41.4% Rents assoc
Slide 35: 2021-2023 Half-Year Income Statement
Moncler Group FY 2023 Financial Results 35 38 2021-2023 Half-Year Income Statement 1 H1 2023 H2 2023 H1 2022 H2 2022 H1 2021 H2 2021 FY 2023 FY 2022 FY 2021 EUR m % EUR m % EUR m % EUR m % EUR m % EUR m % EUR m % EUR m % EUR m % REVENUES 1,136.6 100.0% 1,847.6 100.0% 918.4 100.0% 1,684.5 100.0% 621.
Slide 36: 2023 Revenues Quarterly Performance
Moncler Group FY 2023 Financial Results 36 39 2023 Revenues Quarterly Performance Group Q1 23 vs 22 Q2 23 vs 22 Q3 23 vs 22 Q4 23 vs 22 EUR m 2023 2022 cFX 2023 2022 cFX 2023 2022 cFX 2023 2022 cFX Moncler 604.8 473.4 +28% 330.2 250.9 +32% 561.2 528.2 +9% 1,076.9 949.3 +17% Stone Island 121.6 116.5
Slide 37: 2023 Revenues YTD Performance
Moncler Group FY 2023 Financial Results 37 40 2023 Revenues YTD Performance Group Q1 23 vs 22 H1 23 vs 22 9M 23 vs 22 FY 23 vs 22 EUR m 2023 2022 cFX 2023 2022 cFX 2023 2022 cFX 2023 2022 cFX Moncler 604.8 473.4 +28% 935.0 724.3 +29% 1,496.3 1,252.5 +21% 2,573.2 2,201.8 +19% Stone Island 121.6 116.5
Slide 38: Financial Calendar, Shareholding, IR contacts
Moncler Group FY 2023 Financial Results 38 41 Financial Calendar, Shareholding, IR contacts UPCOMING EVENT 24 April 2024 Q1 2024 Interim Management Statement SHAREHOLDING STRUCTURE1 % N. SHARES (M) IR CONTACTS Double R S.r.l. 23.7% 65.1 [email protected] ELENA MARIANI Moncler Group Stra
Slide 39: Disclaimer
FY 2023 Financial Results 39 42 Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views