Ovs S.p.a. · MIL:OVS
Ovs — Q1 2020 Earnings Presentation
10 slides from Ovs's earnings presentation, Jul 9, 2020
Slide 1: 1Q20 Financial Results
1Q20 FINANCIAL RESULTS July 9, 2020
Slide 2: Disclaimer
1 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
Slide 3: 1Q20 Highlights
2 1Q20 Highlights The first quarter (February-April) was penalized by the lockdown period. The impacts deriving from the pandemic are reflected as recurring in the economic and financial performance of the company, even though the Group operated in an absolutely exceptional context. The Group's stor
Slide 4: Key Income Statement Items
3 Key Income Statement Items Results affected by the extraordinary context. Remarkable response on the costs side • Net Sales amounted to €102.7m as a result of almost two months of store closures. As anticipated, since stores reopened in May, sales performance has been above expectations. € mln 30.
Slide 5: Performance By Brand and Aggregate Performance
4 Aggregate Sales and EBITDA Performance in 1Q20 Net Sales (€mln) EBITDA (€mln) 30 April 30 April €mln Var. Var. % '20 '19 Aggregate Performance DOS & e-commerce 75.9 239.9 (164.0) (68.4%) Franchise & Marketplace 26.8 77.6 (50.8) (65.5%) Total 102.7 317.5 (214.8) (67.7%) (A) Only the adjusted result
Slide 6: 30Apr20 Consolidated Trade Working Capital
5 30Apr20 Consolidated Trade Working Capital Change 30Apr20 30Apr19 Change Apr20- Change €mln Apr20-Apr19 Jan20 Apr19-Jan19 Trade Receivables 93.1 130.8 (37.7) 7.1 32.4 Inventory 442.5 388.9 53.6 49.4 (22.1) Trade Payables (330.8) (300.3) (30.5) (0.1) 50.7 Trade Working Capital 204.8 219.3 (14.6) 56
Slide 7: Capex decreased by €7.3m vs. 1Q19
Given the focus on liquidity during the lockdown period, capex decreased by 6 €7.3m vs. 1Q19 1Q2020 Capex breakdown (€m) OVS Full Refurbishments–new project (c. 33% of total) • Capex were significantly reduced in 1Q20 vs. 1Q19. In New openings (c. 30% of total) 1Q20, total capex amounted to €2.1m vs
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 30th April 2020 30th April 2019 Net Debt excluding MtM & IFRS16 428.8 445.4 Leverage on EBITDA (*) Adjusted Net Debt/EBITDA Adjusted LTM 4.42x 3.20x Leverage on EBITDA (**) Adj. Average last 12 months Net Debt/EBITDA 4.07x 3.12x Adjusted LTM Notes: (*) calculated on Net
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement €mln 1Q20 1Q19 EBITDA Adjusted (34.0) 25.1 Change in Trade Working Capital (56.4) (60.9) Other changes in Working Capital (23.1) (17.4) Capex (2.1) (9.4) Operating Cash Flow (115.7) (62.6) Financial charges (5.1) (3.7) Taxes & others 1.9 (3.3) Net Cash Flow (118.9)
Slide 10: Outlook
9 Outlook • As anticipated following the publication of FY19 results, also thanks to the positioning of our offer (40% toward kids, with families as our main target), sales performance was above our expectations, and the trend is continuing. As of now, on the back of this result, our outlook for the