Aeffe S.p.a. · MIL:AEF
Aeffe — H1 2008 Earnings Presentation
19 slides from Aeffe's earnings presentation, Jul 31, 2008
Slide 1: First Half 08 Results Presentation
First Half 08 Results Presentation 31, 31, July 2008 1
Slide 2: 1H 08 Key Facts
1H 08 Key Facts Consolidated Revenues at €146.5 m, +5.9% at constant exchange rates and excluding the effect of the termination of the Narciso Rodriguez licence (+2.1% reported) Consolidated EBITDA at € 20.9 m (margin of 14.5%), +0.2% compared to 1H07 net of non recurring items Consolidated Net Inco
Slide 3: Net Sales Breakdown by Division
Net Sales Breakdown by Division 1H 2008 1H 2007 (€m) (€m) 200 200 150 116.6 150 115.1 100 100 46.0 45.1 37.1 35.4 50 50 70.6 12.9 70.0 14.6 24.2 20.8 0 0 (1) (1) (1) (1) 1H 08 Prêt à porter Footwear & Leather Goods Prêt à porter Footwear & Leather Goods % Organic Growth 6% 4.9% 1H 08 % Reported 1.3%
Slide 4: Net Sales Breakdown by Brand
Net Sales Breakdown by Brand 1H 2008 1H 2007 100 100 (€m) (€m) 90 90 80 80 70.7 67.4 70 70 60 60 30.6 30.0 50 50 40 30.8 40 29.6 24.9 30 23.8 30 10.5 12.1 7.9 20 37.4 8.9 11.2 20 40.1 9.9 9.5 8.2 10 19.1 2.3 10 18.7 17.0 1.6 14.9 3.6 2.0 8.9 8.3 5.9 6.2 0 0 Alberta Moschino Pollini J.P.Gaultier Othe
Slide 5: Net Sales Breakdown by Region
Net Sales Breakdown by Region 1H 2008 1H 2007 (€m) 100 (€m) 100 90 90 80 80 70 70 57.2 60 60 55.1 50 50 20.1 20.8 40 40 30.4 30.3 30 30 21.4 10.6 11.9 18.4 16.8 20 37.1 13.6 13.2 7.7 20 34.3 11.3 9.8 8.7 6.6 6.7 10 6.5 19.8 5.9 10 3.5 13.7 5.9 18.4 3.6 7.1 7.3 10.2 11.7 5.2 5.5 6.2 0 0 Italy Russia
Slide 6: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel 1H 2008 1H 2007 (€m) (€m) 120 120 102.7 99.8 100 100 33.4 34.3 80 80 60 60 32.2 33.7 40 40 69.3 65.5 16.1 16.6 20 9.7 20 8.1 16.1 4.8 17.1 4.4 4.9 3.7 0 0 1H 08 Wholesale Retail Royalties Wholesale Retail Royalties % Organic Growth 6.9% (0.3%) 19.2% 1H 08 % Reported 2.
Slide 7: Mono-brand Stores Network
Mono-brand Stores Network DOS 1H08 FY07 Europe 37 36 USA 1 1 Asia 38 38 Total 76 75 Franchising 1H08 FY07 Europe 45 41 USA 7 6 Asia 66 52 Total 118 99 7
Slide 8: Profitability Analysis
Profitability Analysis (€m) EBITDA(1): 0.2% 19.1 18.8 (€m) 20.88 20.91 Prêt-à-porter 16.6% 16.2% EBITDA(1) 1H 07 1H08 (€m) 14.7% 14.5% Footwear & Leather Goods 2.1 1.8 EBITDA(1) 5.0% 5.6% 1H07 1H08 1H07 1H08 (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) +2.0% +28.7% 1H Ending June 30, (€m) 2007A 2008A (€m) (€m) 5.97 5.86 PBT 13.4 12.5 5.97 Current Taxes (6.1) (4.4) Deferred Taxes (0.7) (1.0) Total Taxes (6.8) (5.4) 4.1% 4.1% Effective Tax Rate 50.5% 43.2% 4.1% 4.64 3.3% 1H 07 1H 08 1H 07 (1) 1H 08 Net Income Ne
Slide 10: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS 1H08 FY 2007 1H07 Net Working Capital 70.7 51.6 54.0 Net Tangible Assets 71.3 71.2 70.0 Net Intangible Assets 168.6 171.8 173.3 Net Financial Assets 3.2 3.1 2.9 Severance Staff, Provisions & Others (65.2) (64.6) (72.6) Net Capital Employed 248.6 233.1 227.6 Group Share
Slide 11: Summary Cash Flow
Summary Cash Flow IAS-IFRS 1H08 FY2007 1H07 PBT 12.5 25.6 13.4 Operating Cash Flow (3) 23.1 4.3 Capital Expenditure (2.8) (9.5) (3.2) Free Cash Flow (5.8) 13.6 1.1 Cash Flows from Financing Activities 6.3 (14.4) (5.3) Cash and cash equivalents at the beginning of the year 14.5 15.3 15.3 Cash Flow of
Slide 12: Appendices
Appendices
Slide 13: Company Profile
Company Profile Organisational Structure Ownership Structure (1) Aeffe Fashion Group Mediobanca, Chairman: Massimo Ferretti Artio Global, 2.06% Henderson GeneralBadioli CEO: Simone Manager/CFO 3.26% Global Marcello Tassinari COO Investor, Roberto Gigli Morgan 2.98% Investor Relation Communication an
Slide 14: Income Statement – 1H 2008/2007
Income Statement – 1H 2008/2007 IAS-IFRS 1H07 1H08 Net Sales 141.6 144.6 % growth 12.7% 2.1% Other Revenues 2.2 2.4 Non-Recurring Revenues 2.0 0 Total Revenues 145.8 147.0 % growth 14.4% 0.8% Raw Materials Costs -37.6 -35.4 Service Costs -47.1 -51.0 Rental Costs -8.6 -8.1 Personnel -28.1 -29.6 Other
Slide 15: Cash Flow Statement – 1H 2008/2007
Cash Flow Statement – 1H 2008/2007 IAS-IFRS 1H07 FY 2007 1H 2008 PBT 13.4 25.6 12.5 Depreciation, Amortisation and Provisions 2.9 8.3 4.6 Taxes (5.6) (9.4) (7.8) Net Interest 4.3 8.1 3.3 Change in other liabilities / (assets) (10.7) (9.5) (15.6) Operating Cash Flow 4.3 23.1 (3) Capital Expenditure (
Slide 16: Income Statement Full Year 2005-2007
Income Statement Full Year 2005-2007 IAS-IFRS (€m) FY Ending December 31, 2005A 2006A 2007A Net Sales 241.9 266.1 293.2 Includes currency gains, sale of raw materials % growth 2.9% 10.0% 10.2% and rents received Other Revenues 2.6 4.7 3.5 Non-Recurring Revenues 5.4 4.2 2.2 In 2007 sale of Narciso Ro
Slide 17: Revenues Breakdown
Revenues Breakdown (€m) FY Ending December 31, Growth 2005A 2006A 2007A CAGR 2005/07A 2006/07A By Region Italy 90.4 104.1 113.0 11.8% 8.6% Europe (excluding Italy) 51.8 60.1 69.7 16% 15.9% USA 33.8 33.0 32.3 (2.2%) (2.2%) Russia n.a. 13.1 22.1 n.a. 68.8% (1) RoW 66.0 55.8 56.1 (7.8%) 0.6% Total 241.
Slide 18: Balance Sheet Full Year 2005-2007
Balance Sheet Full Year 2005-2007 IAS-IFRS (€m) FY Ending December 31, 2005A 2006A 2007A Net Working Capital 46.8 44.0 51.6 Net Tangible Assets 68.0 69.9 71.2 Net Intangible Assets 178.8 175.1 171.8 Net Financial Assets 4.6 3.0 3.1 Severance Staff, Provisions & Others (69.0) (74.2) (64.6) Net Capita
Slide 19: Cash Flow Statement Full Year 2005/2007
Cash Flow Statement Full Year 2005/2007 IAS-IFRS FY Ending December 31, 2005A 2006A 2007A PBT 13.6 19.3 25.6 Depreciation & Amortisation 10.7 10.2 10.7 Provisions & Impairments (4.0) 0.7 (2.4) Taxes (5.1) (4.9) (9.4) Net Interest 4.6 7.0 8.1 Change in other liabilities / (assets) (3.4) 0.6 (9.5) Ope