Brunello Cucinelli S.p.a. · MIL:BC
Brunello Cucinelli — FY2021 Earnings Presentation
24 slides from Brunello Cucinelli's earnings presentation, Mar 11, 2022
Slide 1: FY 21 Results
FY 21 Results March 10th , 2022
Slide 2: I have firm faith in the wisdom of men
Brunello Cucinelli "I have firm faith in the wisdom of men" "At a dramatic time for humanity, in this winter of our struggles, a new era of responsibility is required of us, the search for a peace forged by great thoughts. I grew up in the land of Francis of Assisi, from whom I learnt the great valu
Slide 3: "Designer of the Year" award
"Designer of the Year" award In London at the Tate Modern Museum, at the beginning of September Brunello Cucinelli was named "Designer of the Year" by the prestigious British men's fashion magazine GQ. Brunello Cucinelli's acceptance speech: "I would like to dedicate my award to the minds and hearts
Slide 4: Humanistic Capitalism and Human Sustainability
Humanistic Capitalism and Human Sustainability Brunello Cucinelli's participation as a speaker at the G20 in Rome on October 31, with a testimony on Humanistic Capitalism and Human Sustainability: in our idea of Sustainability, the important environmental dimension coexists with three other fundamen
Slide 5: Brunello Cucinelli speech at the G20 in Rome
Brunello Cucinelli speech in front of the "great of the earth“ at the G20 in Rome “I am honoured to be here among you, the distinguished leaders of our wonderful Earth. I will try with some emotion to express to you my idea of Human Sustainability and what I mean by Humanistic Capitalism. I spent th
Slide 6: Universal Library of Solomeo: a Project for Humanity
Universal Library of Solomeo: a Project for Humanity In the near future Solomeo will be We would like to follow up the enriched by the construction of its thought of Imperator Adriano: Universal Library, promoted by "Books have shown me the way the Brunello and Federica of life, when I grew up life
Slide 7: Revenues by Region
Revenues by Region € mln YoY % FY 21 FY 20 FY 21 FY 19 Chg vs FY 19 Revenues 544.0 712.2 +30.9% 607.8 +17.2% Constant exchange rates performance +32.4% Europe 173.1 219.2 +26.6% 176.9 +23.9% Italy 68.3 84.2 +23.3% 89.7 -6.1% Americas 174.2 238.2 +36.7% 205.8 +15.8% Asia 128.4 170.6 +32.9% 135.4 +26.
Slide 8: Revenues Highlights
Revenues Highlights Europe Results supported by domestic connotation and loyalty of end customers; excellent balance between retail and multibrand channel. Luxury capitals have shown significant responsiveness in the recovery of sales and especially in the desire of customers to return to "live" the
Slide 9: Revenues by Distribution Channel
Revenues by Distribution Channel € mln YoY % FY 21 FY 20 FY 21 FY 19 Chg vs FY 19 Retail 268.8 419.8 +56.2% 339.4 +23.7% Wholesale 275.2 292.4 +6.2% 268.3 +9.0% Retail Wholesale 58.9% 41.1% on sales on sales 9
Slide 10: Monobrand Network
Monobrand Network Retail Monobrand Wholesale Monobrand 114 boutiques as of December ‘21 30 boutiques as of December ‘21 107 boutiques as of December ‘20 31 boutiques as of December ’20 10
Slide 11: Distribution Channel
Distribution Channel Retail Channel Sales increase driven by the solidity of like-for-like and the growth of the network (new openings, expansion of existing spaces and conversions to the direct management of certain spaces within Luxury Department Stores); increased traffic and sell-out in the last
Slide 12: Income Statement
Income Statement FY 2019 FY 2020 FY 2021 Revenues 607,8 544,0 712,2 First Margin 416,1 369,3 479,0 % 68,5% 67,9% 67,3% SG&A -246,5 -279,8 -285,7 % 40,6% 51,4% 40,1% FY 2019 FY 2020 FY 2021 * 1 2 EBITDA 169,6 89,5 193,3 EBITDA restated 106,1 41,8 110,0 % 27,9% 16,4% 27,1% % 17,4% 7,7% 15,4% D&A -86,3
Slide 13: Income Statement Highlights
Income Statement Highlights Preserve the solidity of the corporate structure and to maintain all the activities and investments planned before the pandemic, pursuing a fully sustainable model, both towards Creation and towards human beings In the comparison with 2020, analysis must take into account
Slide 14: Income Statement highlights
Income Statement highlights € mln Personnel cost Rent cost 18.7% 16.2% % on sales 18.5% 14.1% 4.3% 112.2 119.6 132.9 85.6 96.4 115.3 3.6% 21.8 30.6 17.9 FY 19 FY 20 FY 21 FY 19 FY 20 FY 21 FY 19 FY 20 FY 21 Pre IFRS 16 Pre IFRS 16 Pre IFRS 16 Investments in Communication D&A 16.3% 14.2% 5.1% 86.3 10
Slide 15: Income Statement highlights
Income Statement highlights € mln Total FTE 1,890 2,045 2,160 75 Managers & 69 Middle Mgmt. 64 542 532 Manual 513 Average FTE – Workers Workforce Analysis Store 1,543 1,444 Employees & 1,313 Office Staff FY 19 FY 20 FY 21 106 +1 107 +7 114 DOS Network from 31/12/19 to 31/12/21 31/12/19 31/12/20 31/1
Slide 16: Net Working Capital
€ mln Net Working Capital FY 2020 FY 2021 delta Trade Receivables 78,9 72,8 -6,1 Inventories 208,3 199,3 -9,1 Trade Payables -91,4 -102,7 -11,2 Trade Net Working Capital 195,8 169,4 -26,4 Incidence on FY Net Revenues 36,0% 23,8% Other Credits/(Debts) * -9,1 -27,3 -18,2 Net Working Capital 186,7 142,
Slide 17: Investments
Investments € mln 61.6 TOTAL CAPEX including 51.6 15.7 Others, including Production/ 12.0 Logistics/IT/ Digital 39.6 45.9 Commercial FY 20 FY 21 Commercial investments mainly allocated to the expansion of prestigious boutiques, the renovation of our showrooms, and the increase in sales space, while
Slide 18: Characteristic Financial Indebtedness
Characteristic Financial Indebtedness € mln 93.5 30.1 23.0 Characteristic Characteristic Characteristic Financial Financial Financial Indebtedness Indebtedness Indebtedness as of 31.12.19 as of 31.12.20 as of 31.12.21 Solid corporate structure supported the significant multi-year investment plan
Slide 19: Outlook
Outlook The first part of 2022 shows very, very good results in both sales channels. The retail channel is sustained by the very positive sell-outs of the Spring Summer 2022 men's and women's collections, with customer appreciation confirming the very positive feedback gathered during the presentati
Slide 20: Annex
BRUNELLO CUCINELLI FY 21 Annex
Slide 21: Detailed Income Statement
€ mln Detailed Income Statement FY 2019 FY 2020 FY 2021 Revenues 607,8 544,0 712,2 Consumption Costs (72,3) (53,7) (113,6) Raw Material Cost (112,4) (98,0) (96,0) Inventories Change 40,1 44,3 (17,6) Outsourced Manufacturing (119,4) (121,0) (119,6) First Margin 416,1 369,3 479,0 Services Costs (excl.
Slide 22: Detailed Balance Sheet & Cash Flow Statement
€ mln Detailed Balance Sheet & Cash Flow Statement FY 2020 FY 2021 FY 2020 FY 2021 Trade receivables 78,9 72,8 Net Income (32,1) 56,3 Inventories 208,3 199,3 D&A 104,3 116,3 Trade payables (-) (91,4) (102,7) Ch. In NWC and other (35,8) 35,6 Other current assets/(liabilities) (9,1) (27,3) Cash flow f
Slide 23: Investor Relations
Investor Relations Board of Directors Andrea Pontremoli Independent Director Brunello Cucinelli Excutive Chairman and Creative Director Stefano Domenicali Independent Director Riccardo Stefanelli C.E.O. Anna Chiara Svelto Independent Director Luca Lisandroni C.E.O. Emanuela Bonadiman Independent Dir
Slide 24: Forward looking statements
This presentation may contain forward looking statements which reflect Management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potenti