Slide 1: 1H 23 Results
1H 23 Results August 29, 2023
Slide 2: Brunello Cucinelli
Brunello Cucinelli “The first half of 2023 ended with excellent results both in terms of sales and profits. Globally, we believe that there is a strong demand for ready-to-wear displaying high quality and craftsmanship, with a special focus on the exclusivity and rarity of these items. All this tran
Slide 3: 1H 2023 Financials Highlights
1H 2023 Financials Highlights REVENUES EBIT NET PROFIT €543.9 mln €87.7 mln €66.7 mln +31.0% +51.8% +31.9% +30.5% cost. curr 16.1% on sales 12.3% on sales EUROPE AMERICAS ASIA +22.9% +23.8% +55.6% 37.3% on sales 34.7% on sales 28.0% on sales RETAIL WHOLESALE +41.6% +15.8% 63.4% on sales 36.6% on sal
Slide 4: 1H 2023 - Business Update
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Slide 5: Revenues by Region
Revenues by Region € mln € mln 1H 22 1H 23 YoY % Chg Net Revenues 415.4 543.9 +31.0% Constant exchange rates +30.5% Italy 49.2 60.9 +23.8% Europe (excl. Italy) 115.8 141.9 +22.6% Total Europe 165.0 202.8 +22.9% Americas 152.6 189.0 +23.8% Asia 97.8 152.1 +55.6% 1H 22 1H 23 Europe Americas Europe Ame
Slide 6: Region Highlights
Region Highlights EUROPE AMERICAS ASIA Very strong local demand across the Structurally demand increasing in the Very high value growth in Asia, and continent high-end luxury segment particularly in China, considering in any case that our share of sales in these Growing presence of luxury tourism, i
Slide 7: Revenues by Channel
Revenues by Channel € mln € mln 1H 22 1H 23 YoY % Chg Net Revenues 415.4 543.9 +31.0% Retail Channel 243.3 344.6 +41.6% Wholesale Channel 172.0 199.3 +15.8% 1H 22 1H 23 Wholesale Wholesale Channel Channel 41.4% 36.6% Retail Retail Channel Channel 58.6% 63.4% 7
Slide 8: Channel Highlights
Channel Highlights RETAIL CHANNEL Very positive sell-outs and beautiful performance on a like-for-like basis, with the comparative base gradually normalising over the year The boutique network includes 124 direct shops, with the only new opening of the important 'Mall of Emirates' flagship in Dubai
Slide 9: Monobrand Network
Monobrand Network RETAIL MONOBRAND WHOLESALE MONOBRAND 124 boutiques* as of June ’23 27 boutiques as of June 23 119 boutiques as of December ‘22 30 boutiques as of December ‘22 * Including 2 conversions from wholesale monobrand channel to Retail channel 9
Slide 10: Brunello Cucinelli fragrances and exclusive distribution
Brunello Cucinelli fragrances and exclusive distribution Perfumes are currently on sale in our direct boutiques in Europe and 90 independent, top- level Italian perfumeries Positive judgment on the fragrances, defined as modern, contemporary and distinctive, consistent with the sobriety and quality
Slide 11: Agreement with Chanel to enhance Cariaggi's excellence
Agreement with Chanel to enhance Cariaggi's excellence Agreement with Chanel for a sale of 18.5% Brunello Cucinelli’s stake in the capital of Cariaggi Lanificio S.p.A; in the same agreement Cariaggi family has sold to Chanel 6% stake. Following the sale, Cariaggi family hold 51% stake, Brunello Cuci
Slide 12: 1H 2023 - Financials
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Slide 13: Income Statement Highlights
Income Statement Highlights Healthy EBIT margin of 16.1% compared to 13.9% at 30 June 2022, balanced cost structure and complete reabsorption of the transitory effects of the pandemic that had characterized previous periods First Margin The First Margin grew by +30.6% in line with the growth in turn
Slide 14: Income Statement Highlights
Income Statement Highlights Communications Investments in communication amounted to €36.3 million as of 30 June 2023 (6.7% on sales), up +77.7% compared to €20.4 million as of 30 June 2022 (4.9% on sales) “Silent" and “Refined" communication based on the desire to share the brand's values in the man
Slide 15: Income Statement
Income Statement € mln 1H 2022 1H 2023 Ch. % 1H 2022 1H 2023 Ch. % Revenues 415.4 543.9 + 31.0% First Margin 297.9 389.0 + 30.6% % 71.7% 71.5% - 20 b.p. SG&A -177.9 -234.2 + 31.6% % 42.8% 43.1% + 30 b.p. EBITDA 120.0 154.8 + 29.1% EBITDA ex-IFRS 16 75.3 104.8 + 39.2% % 28.9% 28.5% - 40 b.p. % 18.1%
Slide 16: Income Statement Highlights
Income Statement Highlights € mln Personnel cost 2,254 Total FTE 2,531 Investments in Communication 91 Managers & 82 Middle Mgmt. 17.2% 667 583 Manual % on sales 18.9% Workers 93.3 Store 6.7% 1,589 Employees & 1,773 78.4 4.9% Office Staff 36.3 20.4 1H 22 1H 23 1H 22 1H 23 1H 22 1H 23 Rent cost D&A 1
Slide 17: Net Working Capital
Net Working Capital € mln 1H 2022 1H 2023 FY 22 INVENTORY Trade Receivables 75.2 75.2 76.6 Increase related to business development and expansion of Inventories 243.1 262.8 242.8 commercial activities in the physical and digital world; incidence on 12 months rolling revenues as of 30 June 2023 was 2
Slide 18: Investments
Investments € mln 15.0 36.6 34.9 Purchase price for 43% 16.3 stake in Lanificio Cariaggi 18.6 Others, including Production/ Logistics/IT/ Digital 20.3 Commercial 16.3 15.05 1H 23 1H 22 Commercial investments dedicated to new boutiques, the renovation and expansion of existing ones, and the care of s
Slide 19: Characteristic Financial Indebtedness
Characteristic Financial Indebtedness € mln 63.8 Characteristic Financial 38.6 Indebtedness Pre IFRS 16 1H 22 1H 23 The characteristic Net Financial Indebtedness amounted to €38.6 million wit an improvement compared to the €63.8 million of 1H 22 Improvement mainly thanks the positive economic result
Slide 20: Outlook
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Slide 21: Outlook
Outlook The outlook is very positive for the full year 2023 and a growth in revenue in the region of +19% is expected, hence at the upper end of the previously disclosed +17% to +19% guidance, with healthy margins and very attractive growth in earnings. The results of the first half of the year, bus
Slide 22: Annex
Annex 22
Slide 23: Detailed Income Statement
Detailed Income Statement € mln 1H 2022 1H 2023 Revenues 415.4 543.9 Consumption Costs (33.6) (54.0) Raw Material Cost (65.7) (81.4) Inventories Change 32.1 27.4 Outsourced Manufacturing (83.9) (100.9) First Margin 297.9 389.0 Services Costs (excl. Out. Manuf.) (88.3) (126.9) Personnel costs (78.4)
Slide 24: Total net financial expense
Total net financial expense € mln 1H 22 1H 23 delta FY 22 Financial charges/(income) from ordinary operations 1.7 2.5 0.8 3.3 Foreign exchange losses/(gains) on leases* -10.2 6.7 16.9 -2.3 Foreign exchange losses/(gains)* -5.8 2.7 8.5 -1.7 Financial charges/(income) from participations ** -4.7 -17.6
Slide 25: Total Net Financial Expense details
Total Net Financial Expense details € mln 1H 2022 1H 2023 FY 2022 1H 2022 1H 2023 FY 2022 Trade receivables 75.2 75.2 76.6 Net Income 50.6 66.7 87.2 Inventories 243.1 262.8 242.8 D&A 62.2 67.1 131.9 Trade payables (-) (112.9) (141.5) (137.0) Ch. In NWC and other (34.3) (54.2) (3.2) Other current ass
Slide 26: Board of Directors
Board of Directors € mln Brunello Cucinelli Excutive Chairman and Creative Director Riccardo Stefanelli C.E.O. Luca Lisandroni C.E.O. Camilla Cucinelli Director Carolina Cucinelli Director Alessio Piastrelli Director Giovanna Manfredi Director Andrea Pontremoli Director Investor Relations & Corporat