Aeffe S.p.a. · MIL:AEF
Aeffe — FY2008 Earnings Presentation
17 slides from Aeffe's earnings presentation, Mar 12, 2009
Slide 1: Full Year 2008 Results Presentation
Full Year 2008 Results Presentation 12, 12, March 2009
Slide 2: FY 08 Key Facts
FY 08 Key Facts Consolidated Revenues +0.5% at € 294.7m, (+3.2% at constant exchange rates and excluding the effect of the termination of the Narciso Rodriguez licence ) Consolidated EBITDA at € 34.3m (margin of 11.6%) Adjusted Consolidated Net Income at € 8.5m (margin of 2.9%) Consolidated Net Fina
Slide 3: Net Sales Breakdown by Division
Net Sales Breakdown by Division (1) FY 2008 Current Currencies FY 2007 Current Currencies (€m) 236.7 (€m) 235.2 48,7 200 46,3 200 150 71,4 150 73,8 100 75.4 46,0 100 45,1 74.5 13,3 15,8 50 25,0 50 23,3 70,6 12,9 70,0 14,6 24,2 20,8 0 0 FY 08 Prêt à porter Footwear & Leather Goods % Growth Prêt à por
Slide 4: Net Sales Breakdown by Brand
Net Sales Breakdown by Brand FY 2008 Current currencies FY 2007 Current Currencies 142.9 136.9 (€m) (€m) 31,9 120 120 31,3 100 100 40,3 38,2 80 65.2 80 63.0 60 13,5 50.9 60 52.3 30,6 11,9 30,0 8,2 11,7 40 20,9 40 21,5 17,8 22.5 23.7 16,8 12,1 17.3 7,9 2,5 13.2 1,9 10,5 2,5 20 40,1 20 8,9 1,9 10,1 37
Slide 5: Net Sales Breakdown by Region
Net Sales Breakdown by Region FY 2008 Current currencies FY 2007 Current Currencies 115 (€m) (€m) 113.0 100 22,1 100 90 22,6 90 80 35,7 68.9 80 69.7 70 35,3 70 60 17,2 17,7 60 50 20,1 40.6 50 21,3 20,8 36.8 40 4,8 40 21,7 32.3 27.6 24.4 5,7 30 14,4 30 22.1 10,6 18.2 6,9 19.3 2,3 7,4 11,9 12,7 20 37,
Slide 6: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel FY 2008 Current currencies FY 2007 Current Currencies 212.0 206.9 (€m) 180 40,0 180 (€m) 37,1 160 160 140 69,3 140 70,0 120 120 100 100 33,4 80 64.3 34,3 71.3 80 60 15,2 60 19,8 40 16,9 69,3 17,8 18.4 40 16,1 2,8 65,5 20 15.0 5,9 16,6 2,3 16,1 4,8 20 4,6 0 4,9 17,1 4,4
Slide 7: Mono-brand Stores Network
Mono-brand Stores Network DOS FY 08 FY 07 Europe 38 36 USA 3 1 Asia 38 38 Total 79 75 Franchising FY 08 FY 07 Europe 50 41 USA 7 6 Asia 81 52 Total 138 99 7
Slide 8: Profitability Analysis
Profitability Analysis EBITDA(1): (18.9%) (€m) 36,9 42,30 30,2 (€m) Prêt-à-porter EBITDA(1) 15,7% 12,7% 34,30 FY 07 FY 08 (€m) 14,4% 5,3 11,6% 4,0 Footwear & Leather Goods EBITDA(1) 7,2% 5,5% FY 07 FY 08 FY 07 FY 08 (1) EBITDA EBITDA Margin (1) Net of Non Recurring Items 8
Slide 9: Group Net Income and Income Taxes
Group Net Income and Income Taxes (1) (25%) (49%) 15,32 11,42 (€m) (€m) 8,54 5,2% 7,71 3,9% 2,9% 2,6% FY 07 FY 08 FY 07 FY 08 (1) Net Income adjusted Net Income Net income Margin Net income Margin FY Ending December 31, (1) Net of Non Recurring Items (€m) 2008A 2007A PBT 15.2 25.6 Current Taxes (8.8
Slide 10: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS FY 2008 FY 2007 Net Working Capital 73.5 51.6 Net Tangible Assets 78.5 71.2 Net Intangible Assets 169.2 171.8 Net Financial Assets 2.7 3.1 Severance Staff, Provisions & Others (60.9) (64.6) Net Capital Employed 262.8 233.1 Group Shareholders' Equity 165.0 164.7 Minorit
Slide 11: Summary Cash Flow
Summary Cash Flow IAS-IFRS FY 2008 FY2007 PBT 15.2 25.6 Operating Cash Flow 2.3 23.1 Capital Expenditure (17.1) (9.5) Free Cash Flow (14.8) 13.6 Cash Flows from Financing Activities 7.9 (14.4) Cash and cash equivalents at the beginning of the year 14.5 15.3 Cash Flow of the Period 6.8 (0.8) Cash and
Slide 12: Appendices
Appendices
Slide 13: Company Profile
Company Profile Organisational Structure Ownership Structure (1) Aeffe Fashion Group Henderson Chairman: Massimo Ferretti Global CEO: Simone Chief Badioli Executive Investor Officer Simone Aeffe 4,91% Badioli 2,98% General Manager/CFO Marcello Tassinari Mediobanca 2,06% Investor Relation Communicati
Slide 14: Income Statement – Full Year 2006-2008
Income Statement – Full Year 2006-2008 IAS-IFRS (€m) FY Ending December 31, 2006A 2007A 2008A Net Sales 266.1 293.2 294.7 % growth 10.0% 10.2% 0.5% Includes currency gains, sale of raw materials and Other Revenues 4.7 3.5 6.0 rents received Non-Recurring Revenues 4.2 2.2 - Total Revenues 275.1 298.9
Slide 15: Balance Sheet Full Year 2006-2008
Balance Sheet Full Year 2006-2008 IAS-IFRS (€m) FY Ending December 31, 2006A 2007A 2008A Net Working Capital 44.0 51.6 73.4 Net Tangible Assets 69.9 71.2 78.5 Net Intangible Assets 175.1 171.8 169.2 Net Financial Assets 3.0 3.1 2.7 Severance Staff, Provisions & Others (74.2) (64.6) (61) Net Capital
Slide 16: Cash Flow Statement Full Year 2006-2008
Cash Flow Statement Full Year 2006-2008 IAS-IFRS FY Ending December 31, 2006A 2007A 2008A PBT 19.3 25.6 15.2 Depreciation & Amortisation 10.2 10.7 12.4 Provisions & Impairments 0.7 (2.4) (0.7) Taxes (4.9) (9.4) (12.3) Net Interest 7.0 8.1 6.6 Change in other liabilities / (assets) 0.6 (9.5) (18.9) O
Slide 17: Revenues Breakdown
Revenues Breakdown (€m) FY Ending December 31, Growth 2006A 2007A 2008A CAGR 2006/08A 2007/08A By Region Italy 104.1 113.0 115.0 5.1% 1.8% Europe (excluding Italy) 60.1 69.7 68.9 7.1% (1.2%) USA 33.0 32.3 27.6 (8.5%) (14.5%) Russia 13.1 22.1 24.4 36.5%. 10.5% RoW 55.8 56.1 58.7 2.6% 4.6% Total 266.1