Slide 1: 1Q16 Financial Results
1Q16 FINANCIAL RESULTS June, 2016
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: 1Q16 Highlights
2 1Q16 Highlights +5.4% Strong sales growth 5,4% driven by network expansion Increase in Net Sales Network expanded by 56 stores, of which 9 Full Format DOS +9 Further market share increase to 7.1% (+10bps vs. Jan 2015 and +60 bps vs. Apr 2015) Full format DOS €26.3m EBITDA, €2.8m higher than 1Q15 (
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance confirmed in 1Q16 1Q16 1Q15 Key Metrics* € mln % of Net Sales € mln % of Net Sales Growth Net Sales 299.9 284.6 5.4% EBITDA 26.3 8.8% 23.5 8.3% 11.9% EBIT 14.4 4.8% 12.3 4.3% 17.7% PBT 10.7 3.6% 4.7 1.7% 128.2% • 1Q16 Net Sales increased by 5.4% main
Slide 5: Sales and EBITDA Performance in 1Q16
4 Sales and EBITDA Performance in 1Q16 Net Sales (€mln) EBITDA (€mln) Aggregate Performance 299.9 284.6 8.3% 8.8% Performance By Brand 9.3% 9.6% 3.2% 4.2% Margin %
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 30 April '16 30 April '15 Change Accounts Receivable 92.3 95.8 (3.6) Inventory 290.3 291.1 (0.8) Accounts Payable (325.9) (344.6) 18.7 Net Working Capital 56.7 42.4 14.3 • The working capital structure remained substantially stable vs. April last year: – Slig
Slide 7: Capex
6 Capex 1Q 2016 Capex split (€ mln) New openings (c. 58% of total) IT and special projects (c. 18%), mainly related to operational projects Refurbishment of the existing network (c. 14%) Capex for a new show room and the headquarter building (c. 6%) Automated logistics equipment (c. 5%), mainly rela
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 30 April '16 30 April '15 Net Debt 319.3 349.0 EBITDA LTM 182.4 161.2 Leverage on EBITDA 1.8x 2.2x • In the last 12 months, EBITDA leverage declined by 0.4x vs. 30 April 2015 mainly due to the strong operating cash generation • The interest rate of the period was 3.00%
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement € mln 1Q16 1Q15 • Seasonality must be taken into account when EBITDA 26.3 23.5 considering quarterly cash generation: the business is Change in Net Working Capital (64.8) (56.2) usually cash absorbing in 1Q, slightly cash generative Change in other assets (liabilit
Slide 10: Outlook
9 Outlook • Despite the unfavourable weather in May, management confirms its targets for the fiscal year 2016. • The network expansion plan continued during the second quarter with an additional 14 new store openings, 3 of which directly operated. • In May, OVS launched “Arts of Italy”, a limited-ed
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Balance Sheet Statement
11 Consolidated Balance Sheet Statement € mln 30 April ‘16 30 April '15 Change Receivables 92.3 95.8 (3.6) Inventory 290.3 291.1 (0.8) Payables (325.9) (344.6) 18.7 Net Operating Working Capital 56.7 42.4 14.3 Other Short-term Non-financial Receivables (Payables) (78.5) (71.6) (6.9) Net Working Capi