Moncler Spa · MIL:MONC
Moncler Spa — Q1 2015 Earnings Presentation
22 slides from Moncler Spa's earnings presentation, 2015
Slide 1: Q1 2015 Financial Results
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Slide 2: Disclaimer
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 with respect to future events an
Slide 3: Quality, Passion and Innovation; Sustainable Growth
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Slide 6: Q1 2015 Results Key Highlights
Q1 2015 Results Key Highlights (*) •1 Consolidated Revenues: Eur 201m, +38% YoY growth reported (+30% at constant exchange rates) •2 International markets: Eur 166m, 83% of total revenues (78% in Q1 2014) •3 Retail Revenues: Eur 138m, 69% of total revenues (56% in Q1 2014) •4 Q1 2015 Comparable Stor
Slide 7: Revenues by Region
Revenues by Region Q1 2015 REVENUES ANALYSIS (€m) YoY Growth YoY Growth Reported Const. Curr. • Strong start of the year in all 1 +38% +30% regions (+30% at constant 201.0 exchange rates) 26.2 +85% +61% 2• Significant double-digit 145.4 growth in all International 14.1 75.3 +66% +48% markets driven
Slide 8: Revenues by Distribution Channel
Revenues by Distribution Channel Q1 2015 REVENUES ANALYSIS (€m) YoY Growth YoY Growth 1• Revenues growth driven by Reported Const. Curr. the retail channel (+54% at 201.0 +38% +30% constant exchange rates), now 69% of total revenues vs. 56% in Q1 2014 145.4 +69% +54% 2• Sales of comparable DOS 138.1
Slide 9: Monobrand Stores Network
Monobrand Stores Network 1• At the end of March, the retail network reached 151 DOS from 134 at the end of 2014 2• On January 1st the 12 Moncler monobrand stores in Korea have been converted from wholesale to retail 31/12/2014 31/03/2015 Retail 134 151 3• 5 additional retail Italy 19 19 monobrand st
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Slide 12: Consolidated Income Statement
Consolidated Income Statement Q1 2015 Q1 2014 FY 2014 Eur m % Eur m % Eur m % Revenues 201.0 100.0% 145.4 100.0% 694.2 100.0% YoY growth +38% +16% +20% Cost of sales (52.7) (26.2%) (40.2) (27.7%) (192.5) (27.7%) Gross margin 148.3 73.8% 105.2 72.3% 501.7 72.3% Selling expenses (57.3) (28.5%) (38.6)
Slide 13: Consolidated EBITDA
Consolidated EBITDA ADJUSTED EBITDA ANALYSIS (€m) 15.8 2.2 43.1 4.4 72 70 66 65.7 45.0 Q1 2014 Gross Margin Selling Costs G&A A&P Q1 2015 EBITDA Margin 31.0% 32.7% 13
Slide 14: Consolidated Capex
Consolidated Capex (*) NET CAPEX ANALYSIS (€m) (%) on 6% 6% 7% revenues 11.3 8.8 49.5 1• Q1 2015 capex mainly related to the retail expansion 7.2 2• Retail capex driven by 5.8 new openings and by the Korean take-over (Euro 1.6m) 3• Corporate investments 36.5 related to IT and headquarters’ 3.2 0.6 0
Slide 15: Consolidated Net Working Capital
Consolidated Net Working Capital NET WORKING CAPITAL ANALYSIS (€m) (%) on LTM 12% 14% 8% revenues 1 92.6 97.1 47.0 • Net Working Capital increased to Eur 92.6m equal to 12% of Last- Twelve-Months sales 74.2 86.6 59.4 2• At constant exchange rates, working capital on 132.8 122.8 99.3 sales ratio woul
Slide 16: Consolidated Net Financial Position
Consolidated Net Financial Position NET DEBT ANALYSIS (€m) 84.3 111.2 163.9 1• Net Debt amounted to Eur 84.3m, compared to Eur 111.2m as of December 2014 174.6 167.9 154.3 2• Strong Net Cash Flow generation (Eur 26.9m 72.8 80.3 76.8 in Q1 2015 vs Eur 7.2m in Q1 2014) (87.5) (123.4) (156.4) 31/03/201
Slide 17: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement 31/03/2015 31/12/2014 31/03/2014 Eur m Eur m Eur m Intangible Assets 415.5 414.4 407.5 Tangible Assets 84.8 77.3 62.6 Other Non-current Assets/(Liabilities) (8.4) (14.7) (37.4) Total Non-current Assets 491.9 477.0 432.7 Net Working Capital 92.6 97.1 47.0 Other Cu
Slide 18: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Q1 2015 Q1 2014 FY 2014 Eur m Eur m Eur m EBITDA Adjusted 65.7 45.0 232.9 Change in Net Working Capital 4.5 (0.1) (50.2) Change in other curr./non-curr. assets/(liabilities) (4.1) (13.4) 25.1 Capex, net (11.3) (8.8) (49.5) Operating Cash Flow 54.8 22.7 158.3 Net fina
Slide 19: Appendix
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Slide 20: FY 2014 Quarterly Performance: Revenues by Region and Channel
FY 2014 Quarterly Performance Revenues Breakdown by Region and Channel Q1 2014 Q1 2013 YoY Growth % Q2 2014 Q2 2013 YoY Growth % Q3 2014 Q3 2013 YoY Growth % Q4 2014 Q4 2013 YoY Growth % €m % €m % Rep. ex FX €m % €m % Rep. ex FX €m % €m % Rep. ex FX €m % €m % Rep. ex FX Italy 32.6 22% 33.8 27% -4% -
Slide 21: FY 2014 Quarterly Performance: Consolidated Income Statement
FY 2014 Quarterly Performance Consolidated Income Statement Q1 2014 Q1 2013 Q2 2014 Q2 2013 Q3 2014 Q3 2013 Q4 2014 Q4 2013 €m % €m % €m % €m % €m % €m % €m % €m % Revenues 145.4 100.0% 125.6 100.0% 72.9 100.0% 57.6 100.0% 231.0 100.0% 205.8 100.0% 244.9 100.0% 191.6 100.0% YoY growth +16% +16% +27%
Slide 22: Shareholding Structure, Upcoming Events, IR Contacts
Shareholding Structure, Upcoming events, IR Contacts SHAREHOLDING 2015 Upcoming Events • July, 29 – Board of Directors: Approval of Half Year Financial Statements as of June 30, 2015 • November, 9 – Board of Directors: Approval of Third Quarter Results as of September 30, 2015 Investor Relations Tea