Moncler Spa · MIL:MONC
Moncler Spa — H1 2014 Earnings Presentation
23 slides from Moncler Spa's earnings presentation, 2014
Slide 1: H1 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 might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events an
Slide 3: Development of Monobrand
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Slide 4: moncler.com
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Slide 5: K2 - 60 Years Later
moncler.com K2—60 YEARS LATER July 31st 1954 — Julyy26th 2014. Moncler again on the top of K2 - e. 5
Slide 6: H1 2014 Results Key Highlights
H1 2014 Results Key Highlights (*) • 1 Consolidated Revenues: Eur 218.3m, +19% YoY growth reported (+22% constant currencies) •2 International markets: Eur 170.8m, 78% of total revenues (74% in H1 2013) •3 Retail Revenues: Eur 121.9m, +28% YoY growth reported, 56% of total revenues (52% in H1 2013)
Slide 7: Revenues by Region
Revenues by Region H1 2014 REVENUES ANALYSIS (€m) YoY growth YoY growth reported const. curr. 1• Strong sales performance 218.3 +19% +22% continued, +22% YoY growth at constant 183.2 21.6 +28% +33% currencies 16.9 66.6 +38% +48% 2• All markets showed 48.3 positive performances 82.6 3• International
Slide 8: Revenues by Distribution Channel
Revenues by Distribution Channel H1 2014 REVENUES ANALYSIS (€m) YoY growth YoY growth 1• Revenues growth driven by reported const. curr. the retail channel (+33% 218.3 +19% +22% at constant currencies), now 56% of total revenues 183.2 vs. 52% in H1 2013 121.9 +28% +33% 2• Sales of comparable DOS 95.
Slide 9: Monobrand Stores Network
Monobrand Stores Network 1• 7 retail monobrand net openings in H1 2014 (including a combination of two stores in one in Japan) 2• 3 travel retail openings in Q2 (Hong Kong Airport, Fiumicino and Malpensa) 3• 18 secured stores to be 30/06/2013 31/12/2013 30/06/2014 opened by December Retail 87 107 11
Slide 10: Financial Review
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Slide 13: Consolidated Income Statement
Consolidated Income Statement H1 2014 H1 2013 FY 2013 €m % €m % €m % Revenues 218.3 100.0% 183.2 100.0% 580.6 100.0% YoY growth 19.2% 18.2% 18.7% Cost of sales (63.3) (29.0%) (54.9) (30.0%) (166.5) (28.7%) Gross margin 155.0 71.0% 128.3 70.0% 414.1 71.3% Selling expenses (71.5) (32.8%) (57.8) (31.6%
Slide 14: Consolidated EBITDA
Consolidated EBITDA EBITDA ANALYSIS (€m) 12 27 3 2 51 48 46 46 36 H1 2013 Gross Margin Selling Costs G&A A&P H1 2014 EBITDA Margin 19.7% 21.3% 14
Slide 15: Consolidated Capex
Consolidated Capex CAPEX ANALYSIS (€m) 1• H1 2014 capex mainly (%) on revenues 11% 8% 6% related to the retail expansion 24.8 14.1 34.3 2• Retail capex driven by 4.3 increasing number of 3.0 openings in 2014E and by a larger number of openings 2.5 already made in H1 4.2 3• Wholesale capex largely in
Slide 16: Consolidated Net Working Capital
Consolidated Net Working Capital NET WORKING CAPITAL ANALYSIS (€m) (%) on LTM 6% 8% 6% revenues 1• Net working capital 36.3 46.9 33.0 decreased to Eur 36.3m, 36,9 equal to 6% of Last- Twelve-Months (LTM) 76.5 47.8 revenues. 143.2 2• Inventories rose in line 77.2 98.3 with expectations, driven by man
Slide 17: Consolidated Net Financial Position
Consolidated Net Financial Position NET DEBT ANALYSIS (€m) 206.3 171.1 244.0 1• At the end of June, net debt amounted to Eur 206m, compared to Eur 171m as of Dec. 2013 and 158.8 185.7 below Eur 244.0m as of 160.1 June 2013 2• Compared to the same period of the previous 134.5 116.3 107.4 year, net de
Slide 18: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement 30/06/2014 31/12/2013 30/06/2013 €m €m €m Intangible Assets 414.1 408.3 409.9 Tangible Assets 65.9 58.2 49.2 Other Non-current Assets/(Liabilities) (23.9) (37.8) (38.2) Total Non-current Assets 456.1 428.7 420.9 Net Working Capital 36.3 46.9 33.0 Other Current As
Slide 19: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement H1 2014 H1 2013 FY 2013 €m €m €m EBITDA Adjusted 46.4 36.0 191.7 Change in NWC 10.6 3.6 (10.4) Change in other curr./non-curr. assets/(liabilities) (26.1) (26.6) (17.0) Capex (24.8) (14.1) (34.3) Disposals 0.4 0.2 0.4 Operating Cash Flow 6.5 (0.9) 130.4 Net financial
Slide 20: Appendix & Back-Up Material
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Slide 21: Quarterly Revenues Breakdown by Region and Channel
Quarterly Revenues Breakdown by Region and Channel Q1 2014 Q1 2013 YoY Growth % Q2 2014 Q2 2013 YoY Growth % H1 2014 H1 2013 YoY Growth % €m % €m % Reported ex FX €m % €m % Reported ex FX €m % €m % Reported ex FX Italy 32.6 22% 33.8 27% (4%) (4%) 14.9 21% 13.1 23% 14% 14% 47.5 22% 46.9 26% 1% 1% EME
Slide 22: Quarterly Consolidated Income Statement
Quarterly Consolidated Income Statement Q1 2014 Q1 2013 Q2 2014 Q2 2013 H1 2014 H1 2013 FY 2013 €m % €m % €m % €m % €m % €m % €m % Revenues 145.4 100.0% 125.6 100.0% 72.9 100.0% 57.6 100.0% 218.3 100.0% 183.2 100.0% 580.6 100.0% YoY growth 15.8% 16.2% 26.6% 22.5% 19.2% 18.2% 18.7% Cost of sales (40.
Slide 23: Shareholding Structure, Upcoming Events, IR Contacts
Shareholding Structure, Upcoming Events, IR Contacts SHAREHOLDING 2014 Upcoming Events • November, 11 - Board of Directors: Approval of Third Quarter Results as of September 30, 2014 Investor Relations Team [email protected] • Paola Durante Investor Relations and Strategic Planning Dire