Moncler Spa · MIL:MONC
Moncler Spa — Q1 2014 Earnings Presentation
19 slides from Moncler Spa's earnings presentation, Jun 11, 2014
Slide 1: Q1 2014 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 contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and fin
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Slide 4: Moncler Fall Winter 2014-15
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Slide 5: Q1 2014 Results Key Highlights
Q1 2014 Results Key Highlights (*) 1• Consolidated Revenues: Eur 145.4m, +16% YoY growth reported (+19% constant currencies) 2• International markets: Eur 112.8m, 78% of total revenues vs. 73% in Q1 2013 3• Retail Revenues: Eur 81.8m (+23% YoY growth), 56% of total revenues vs. 53% in Q1 2013 4 • Q1
Slide 6: Revenues by Region
Revenues by Region Q1 2014 REVENUES ANALYSIS (€m) 1 YoY growth YoY growth • Strong sales performance reported const. curr. continued, 19% YoY +16% +19% growth at constant 145 currencies 126 14 +12% +15% 2• Achieved double-digit 13 45 +31% +42% growth in all 35 International markets, driven by Japan
Slide 7: Revenues by Distribution Channel
Revenues by Distribution Channel Q1 2014 REVENUES ANALYSIS (€m) YoY growth YoY growth 1• Revenues growth driven reported const. curr. by the retail channel +16% +19% 145 (+28% YoY growth at constant currencies), 126 accounting for 56% of Q1 2014 revenues (53% in 82 +23% +28% Q1 2013) 67 2• Sales of
Slide 8: Monobrand Stores Network
Monobrand Stores Network 1• 4 retail monobrand openings in Q1 2014 (of which 2 conversions from SiS to concessions) 2• 2 important openings in April (Moscow and Hong Kong Airport) 3• 18 secured stores to be opened by December 31/03/2013 31/12/2013 31/03/2014 Retail 83 107 111 Italy 15 17 17 EMEA (ex
Slide 9: Moscow
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Slide 10: Hamburg
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Slide 11: Consolidated Income Statement
Consolidated Income Statement Q1 2014 Q1 2013 FY 2013 €m % €m % €m % Revenues 145,4 100,0% 125,6 100,0% 580,6 100,0% YoY growth 15,8% 16,2% 18,7% Cost of sales (40,2) (27,7%) (36,4) (29,0%) (166,5) (28,7%) Gross margin 105,2 72,3% 89,2 71,0% 414,1 71,3% Selling expenses (38,6) (26,5%) (31,4) (25,0%)
Slide 12: Consolidated EBITDA
Consolidated EBITDA EBITDA ANALYSIS (€m) 6 16 3 1 49 46 45 45 39 Q1 2013 Gross Margin Selling Costs G&A A&P Q1 2014 EBITDA Margin 31,2% 31,0% 12
Slide 13: Consolidated Capex
Consolidated Capex CAPEX ANALYSIS (€m) (%) on 6% 5% 6% revenues 1• Q1 2014 capex mainly 9,0 6,4 34,3 related to the retail 4,3 expansion 3,0 2• Wholesale capex largely includes investments for the new showroom in Milan 3• Additional investments 27,0 mainly related to IT 0,6 infrastructure (SAP) 1,8
Slide 14: Consolidated Net Working Capital
Consolidated Net Working Capital NET WORKING CAPITAL ANALYSIS (€m) (%) on LTM 8% 8% 8% revenues 1• Net working capital 47,0 46,9 43,0 remained stable at Eur 47m, equal to 8% of last 59,4 twelve months (LTM) 76,5 revenues, in line with FY 60,2 2013 incidence on sales. 99,3 2• Inventories rose in line
Slide 15: Consolidated Net Financial Position
Consolidated Net Financial Position NET DEBT ANALYSIS (€m) 163,9 171,1 216,8 1• Net debt reduction continued in Q1 2014 2• As of 31 March 2014, net 160,1 195,8 debt declined to Eur 164m, compared to Eur 174,6 171m as of Dec 2013 3• Quarterly net financial 116,3 76,8 104,4 position’s trend reflects s
Slide 16: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement 31/03/2014 31/12/2013 31/03/2013 €m €m €m Intangible Assets 407,5 408,3 410,6 Tangible Assets 62,6 58,2 46,1 Other Non-current Assets/(Liabilities) (37,4) (37,8) (44,8) Total Non-current Assets 432,7 428,7 411,9 Net Working Capital 47,0 46,9 43,0 Other Current As
Slide 17: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Q1 2014 Q1 2013 FY 2013 €m €m €m EBITDA Adjusted 45,0 39,3 191,7 Change in NWC (0,1) (6,5) (10,4) Change in other curr./non-curr. assets/(liabilities) (13,4) (1,1) (17,0) Capex (9,0) (6,4) (34,3) Disposals 0,1 0,0 0,4 Operating Cash Flow 22,7 25,3 130,4 Net financial
Slide 18: Appendix
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Slide 19: Shareholding Structure, Upcoming Events, IR Contacts
Shareholding Structure, Upcoming Events, IR Contacts SHAREHOLDING 2014 Upcoming Events • August, 6 - Board of directors: Approval of Half Year Financial Statements as of June 30, 2014 • November, 11 - Board of directors: Approval of Third Quarter Results as of September 30, 2014 Investor Relations T