Aeffe S.p.a. · MIL:AEF
Aeffe — FY2007 Earnings Presentation
17 slides from Aeffe's earnings presentation, Feb 14, 2008
Slide 1: Full Year 2007 Results Presentation
Full Year 2007 Results Presentation 14, 14, February 2008 Insert Docbank ID here 1
Slide 2: FY 2007 Key Facts
FY 2007 Key Facts Consolidated Revenues +10.2% at € 293.2 m (+12.2% at constant exchange rates; +13.4% excluding also the effect of the termination of the Narciso Rodriguez licence) Consolidated EBITDA +19.8% at € 44.5 m (margin of 15.2%) (+21.7% at constant exchange rates), +28.5% at € 42.3 m net o
Slide 3: Net Sales Breakdown by Division
Net Sales Breakdown by Division FY 2007_Current Currencies FY 2006_Current Currencies (€m) 235.2 (€m) 214.3 214.3 46.3 200 200 41.5 150 73.8 150 68.5 100 74.5 100 45.1 40.8 65.5 15.8 16.3 50 23.3 50 70.0 21.0 14.6 63.5 10.8 20.8 17.4 0 0 Prêt à porter(1) Footwear & Leather Goods(1) Prêt à porter (1)
Slide 4: Net Sales Breakdown by Brand
Net Sales Breakdown by Brand FY 2007_Current Currencies FY 2006_Current Currencies (€m) (€m) 136.9 125.5 120 31.3 120 28.9 100 100 38.2 80 80 63.0 37.6 52.3 60 52.8 11.9 60 47.9 30.0 11.7 9.6 26.2 40 21.5 11.0 23.7 40 16.8 17.7 21.5 17.3 16.5 18.4 10.5 20 37.4 8.9 2.5 9.1 1.9 20 2.5 2.9 10.0 32.8 7.
Slide 5: Net Sales Breakdown by Region
Net Sales Breakdown by Region FY 2007_Current Currencies FY 2006_Current Currencies (€m) (€m) 113.0 104.1 100 22.6 100 22.1 80 80 69.7 35.3 60.1 32.8 60 17.7 60 16.5 20.8 36.8 34.0 21.7 32.3 33.0 40 40 20.2 22.1 5.7 18.5 21.8 3.0 19.3 6.9 8.1 11.9 12.7 13.1 13.8 20 2.5 8.6 20 8.9 3.9 9.5 34.3 8.2 3.
Slide 6: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel FY 2007_Current Currencies FY 2006_Current Currencies (€m) 206.9 (€m) 200 200 187.1 37.1 34.2 150 150 70.0 64.8 100 100 71.3 34.3 66.3 29.4 19.8 19.2 50 50 17.8 16.5 65.5 15.0 12.7 1.4 2.3 58.7 16.6 4.6 15.5 4.3 4.4 4.1 17.1 15.1 2.9 0 3.7 0 Wholesale Retail Royalties
Slide 7: Mono-brand Stores Network
Mono-brand Stores Network DOS FY07 FY06 Europe 36 36 USA 1 1 Asia 38 38 Total 75 75 Franchising FY 07 FY06 Europe 41 33 USA 6 4 Asia 52 37 Total 99 74 7
Slide 8: Profitability Analysis
Profitability Analysis EBITDA(1): + 28.5% (€m) 36.9 42.3 28.8 Prêt-à-porter(1) EBITDA 15.7% 13.4% (€m) FY 06 FY 07 14.4% 32.9 12.4% (€m) 5.4 4.1 Footwear & Leather Goods(1) EBITDA 6.3% 7.2% FY 06 FY 07 FY 06 FY 07 (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 +62.2% FY Ending December 31, (€m) 2007A 2006A PBT 25.6 19.3 (€m) 12.94 Current Taxes (11.1) (7.4) Deferred Taxes 0.6 (3.3) 7.98 Total Taxes (10.5) (10.7) 4.4% 3.0% Effective Tax Rate 40.9% 55.6% FY 06 FY 07 Net Income Net income Margin 9
Slide 10: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS FY2007 FY2006 Net Working Capital 51.5 44.0 Net Tangible Assets 71.2 69.9 Net Intangible Assets 171.8 175.1 Net Financial Assets 3.1 3.0 Severance Staff, Provisions & Others (63.4) (74.2) Net Capital Employed 234.2 217.8 Group Shareholders' Equity 166.6 76.0 Minorities
Slide 11: Summary Cash Flow
Summary Cash Flow IAS-IFRS FY2007 FY2006 PBT 25.6 19.3 Operating Cash Flow 23.1 33.0 Capital Expenditure (9.5) (3.9) Free Cash Flow 13.6 29.1 Cash Flows from Financing Activities (15.6) (20.8) Cash and cash equivalents at the beginning of the year 15.3 7.0 Cash Flow of the Period (2.0) 8.3 Cash and
Slide 12: Appendices
Appendices
Slide 13: Company Profile
Company Profile Organisational Structure Ownership Structure (1) Aeffe Fashion Group Chairman: Massimo Ferretti Julius Baer CEO: Simone Badioli Mediobanca General Manager 3% 2% Marcello Tassinari Henderson CFO COO JP Morgan Marcello Tassinari Roberto Gigli Global 6% Investor Investor Relation Commun
Slide 14: 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 15: 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 16: 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 51.5 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) (63.4) Net Capita
Slide 17: 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