Moncler Spa · MIL:MONC
Moncler Spa — FY2017 Earnings Presentation
18 slides from Moncler Spa's earnings presentation, February 2018
Slide 1: FY 2017 Financial Results
FY 2017 Financial Results 1
Slide 2: FY 2017 Results Highlights
FY 2017 RESULTS HIGHLIGHTS (*) • Consolidated revenues: Eur 1,193.7m, +17% at constant exchange rates (+15% reported) • Retail revenues: Eur 892.4m, +19% at constant exchange rates (+17% reported), representing 75% of total revenues • Comparable Store Sales Growth: +14% • EBITDA Adj (**): Eur 411.6m
Slide 3: Revenue Breakdown by Region
REVENUE BREAKDOWN BY REGION Moncler revenues increased by 17%* in REVENUE ANALYSIS (Eur M) YoY Growth YoY Growth Q4 and in FY 2017, with international Reported Const. FX markets reporting a strong double-digit 1,193.7 +15% +17% growth 1,040.3 196.5 +12% +14% Italy recorded a good performance, driven
Slide 4: Revenue Breakdown by Distribution Channel
REVENUE BREAKDOWN BY DISTRIBUTION CHANNEL REVENUE ANALYSIS (Eur M) YoY Growth YoY Growth Reported Const. FX Retail revenues rose 19%* in FY 2017 (+17% in Q4 2017) mainly driven by 1,193.7 +15% +17% organic growth 1,040.3 • 14% Comp Store Sales Growth • E-Commerce continued to outperform +17% +19% •
Slide 5: Monobrand Stores Network
MONOBRAND STORES NETWORK Moncler’s retail network reached 201 monobrand stores at 31 December 2017 6 new retail stores opened in Q4 2017, including Firenze, Stockholm, and the second store in Toronto Key relocations and expansions finalised in Q4, including the expansion of Milano Montenapoleone (Oc
Slide 6: Stockholm
ia STOCKHOLM
Slide 7: Income Statement
INCOME STATEMENT FY 2017 FY 2016 Eur m % Eur m % Revenues 1,193.7 100.0% 1,040.3 100.0% YoY growth +15% +18% Cost of sales (276.2) (23.1%) (252.3) (24.3%) Gross margin 917.5 76.9% 788.0 75.7% Selling expenses (365.1) (30.6%) (312.4) (30.0%) General & Administrative expenses (108.6) (9.1%) (94.1) (9.
Slide 8: Net Capex
NET CAPEX NET CAPEX ANALYSIS (Eur M) (%) on Consolidated capex rose to Eur 72.5m revenues 6% 6% in FY 2017, equal to 6% of revenues 72.5 62.3 Retail investments accounted for c.80% of consolidated capex 10.8 5.2 10.7 Corporate investments included capex to reinforce Moncler’s IT platform 4.1 56.5 47
Slide 9: Net Working Capital
NET WORKING CAPITAL NET WORKING CAPITAL ANALYSIS (Eur M) (%) on LTM Strong control on working capital revenues 8% 10% continued 89.7 108.1 Net working capital reached Eur 89.7m at 31 December 2017, equal to 8% of LTM revenues (10% in FY 2016) 120.7 104.9 Accounts payable’s increase mainly associated
Slide 10: Net Financial Position
NET FINANCIAL POSITION Net financial position was positive at Eur 304.9m NET FINANCIAL POSITION ANALYSIS (Eur M) at 31 December 2017, compared to Eur 105.8m at 31 December 2016 304.9 105.8 Moncler generated Eur 244.3m of free cash flow in FY 2017, versus Eur 210.6m in FY 2016 The Group paid Eur 45.6
Slide 11: Balance Sheet Statement
BALANCE SHEET STATEMENT 31/12/2017 31/12/2016 Eur m Eur m Intangible Assets 426.3 422.5 Tangible Assets 138.1 123.9 Other Non-current Assets/(Liabilities) 22.1 16.4 Total Non-current Assets 586.5 562.8 Net Working Capital 89.7 108.1 Other Current Assets/(Liabilities) (47.0) (56.0) Total Current Asse
Slide 12: Cash Flow Statement
CASH FLOW STATEMENT FY 2017 FY 2016 Eur m Eur m EBITDA Adjusted 411.6 355.1 Change in Net Working Capital 18.5 2.7 Change in other curr./non-curr. assets/(liabilities) (22.2) 16.5 Capex, net (72.5) (62.3) Operating Cash Flow 335.4 312.0 Net financial result (5.2) (4.6) Taxes (85.9) (96.8) Free Cash
Slide 13: Appendix
Appendix 13
Slide 14: Quarterly Revenue Breakdown by Region and Channel 2017
2017 QUARTERLY REVENUE BREAKDOWN BY REGION AND CHANNEL Q1 YoY growth Q2 YoY growth Q3 YoY growth Q4 YoY growth Eur m 2017 2016 Rep. ex FX 2017 2016 Rep. ex FX 2017 2016 Rep. ex FX 2017 2016 Rep. ex FX Italy 39.2 36.6 +7% +7% 19.0 17.5 +9% +9% 55.7 55.5 +0% +0% 35.5 33.6 +6% +6% EMEA (excl. Italy) 82
Slide 15: Quarterly Revenue Breakdown by Region and Channel 2016
2016 QUARTERLY REVENUE BREAKDOWN BY REGION AND CHANNEL Q1 YoY growth Q2 YoY growth Q3 YoY growth Q4 YoY growth Eur m 2016 2015 Rep. ex FX 2016 2015 Rep. ex FX 2016 2015 Rep. ex FX 2016 2015 Rep. ex FX Italy 36.6 34.9 +5% +5% 17.5 16.6 +6% +6% 55.5 56.0 -1% -1% 33.6 29.6 +13% +13% EMEA (excl. Italy)
Slide 16: Half-Yearly Consolidated Income Statement
2017 HALF-YEARLY CONSOLIDATED INCOME STATEMENT H1 2017 H1 2016 H2 2017 H2 2016 Eur m % Eur m % Eur m % Eur m % Revenues 407.6 100.0% 346.5 100.0% 786.1 100.0% 693.8 100.0% YoY growth +18% +17% +13% +19% Cost of sales (99.3) (24.4%) (89.7) (25.9%) (176.9) (22.5%) (162.6) (23.4%) Gross margin 308.3 75
Slide 17: Shareholding Structure, Upcoming Events, IR Contacts
SHAREHOLDING STRUCTURE , UPCOMING EVENTS, IR CONTACTS SHAREHOLDING 2018 Upcoming Events • 16 April 2018 Annual Shareholders’ Meeting • 4 May 2018 Q1 2018 Interim Management Statement Investor Relations Team investor.relations@moncler.com • Paola Durante 26.3% Ruffini Partecipazioni S.r.l. Investor R
Slide 18: 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