Slide 1: FY16 Financial Results
FY16 FINANCIAL RESULTS April 18, 2017
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: FY16 Highlights
2 FY16 Highlights Sales (€1,362.6m) grew by 3.3% driven by network expansion in a tough 2016 market €186.7m EBITDA, €7.1m higher than 2015 (+3.9%), +3.3% Increase in Net Sales with EBITDA margin increasing to 13.7% of sales (+10 bps), as a result of (i) a higher GM and (ii) effective cost control ac
Slide 4: Key Income Statement Items
3 Key Income Statement Items Sales and profitability growth driven by network development FY16 FY15 Key Metrics* € mln % of Net Sales € mln % of Net Sales Growth Net Sales 1,362.6 1,319.5 3.3% EBITDA 186.7 13.7% 179.6 13.6% 3.9% EBIT 136.2 10.0% 130.0 9.8% 4.8% PBT 121.6 8.9% 114.9 8.7% 5.8% Net Pro
Slide 5: Sales and EBITDA Performance in FY16
4 Sales and EBITDA Performance in FY16 Net Sales (€mln) EBITDA (€mln) Aggregate Performance 1,320 1,363 13.6% 13.7% Performance By Brand 14.5% 14.3% 8.6% 10.6% Margin %
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 31 January '17 31 January '16 Change Trade Receivables 75.3 71.0 4.2 Inventory 340.6 289.7 50.9 Trade Payables (367.7) (368.8) 1.2 Net Working Capital 48.2 (8.1) 56.3 • The working capital increased vs. January last year: – Higher trade receivables (+€4.2m vs
Slide 7: Capex
6 Capex FY 2016 Capex breakdown (€ mln) New openings (c. 45% of total) Refurbishment and maintenance of existing network (c. 27%) IT and special projects (c. 19%), mainly related to operational projects Capex for the maintenance of the headquarter building, logistics and others Total €62.5m
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 31 January '17 31 January '16 Net Debt 265.8 235.0 EBITDA LTM 186.7 179.6 Leverage 1.4x 1.3x • As of 31st January 2017 net debt was slightly higher vs. last year, given (i) the €34m dividend pay out in June 2016, (ii) the payment of higher taxes vs FY15, despite a decre
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement € mln FY16 FY15 EBITDA 186.7 179.6 Change in Net Working Capital (56.3) (5.6) Change in other assets (liabilities) 7.3 12.4 Capex (62.5) (68.3) Operating Cash Flow 75.2 118.0 Operating cash flow for the year reached €75.2m. Financial Expenses (15.3) (20.2) The incr
Slide 10: Outlook
9 Outlook • Positive top line performance in the first months of 2017 thanks to (i) more favorable weather conditions vs 2016 and (ii) new commercial initiatives. • The network continued to expand in the first months of the year: +37 stores, including 8 DOS. • The action taken in 2016 with the acqui
Slide 11: Appendix
OVS Appendix
Slide 12: OVS Lead times
11 OVS Lead times The average OVS Lead time is 145 days. The average lead time is estimated to decrease by about 30 days after the fully completion of the PLM roll-out (Product Life Cycle Management). Fast fashion and Speedy orders are characterized by lead times that go from 2 to 9 weeks. Source on
Slide 13: P&L Adjustments Bridge 1/2
12 P&L Adjustments Bridge 1/2 o/w Stock o/w Stock Options, Options, 31-Jan-17 o/w non- Derivatives 31-Jan-17 31-Jan-16 o/w non- Derivatives 31-Jan-16 € mln Reported Recurring and PPA Adjusted Reported Recurring and PPA Adjusted Net Sales 1362.6 1362.6 1,319.5 1,319.5 Purchases of consumables 576.8 5
Slide 14: P&L Adjustments Bridge 2/2
13 P&L Adjustments Bridge 2/2 Non-recurring items To give a clearer representation of the financial performance of the OVS Group, the income statement information shown for 2016 has been adjusted for: i) non-recurring expenses of €2.8 million, mainly related to costs incurred for M&A activities; ii)
Slide 15: Consolidated Balance Sheet Statement
14 Consolidated Balance Sheet Statement € mln 31 January '17 31 January ‘16 Delta Trade Receivables 75.3 71.0 4.2 Inventory 340.6 289.7 50.9 Trade Payables (367.7) (368.8) 1.2 Net Operating Working Capital 48.2 (8.1) 56.3 Other Short-term Non-financial Receivables (Payables) (79.0) (91.3) 12.3 Net W