Brunello Cucinelli S.p.a. · MIL:BC
Brunello Cucinelli — H1 2021 Earnings Presentation
20 slides from Brunello Cucinelli's earnings presentation, Aug 27, 2021
Slide 1: 1H 21 Results
1H 21 Results August 26th , 2021
Slide 2: Brunello Cucinelli
Brunello Cucinelli “The first half of 2021 closed with very, very interesting results. Sales of the Fall Winter 2021 collections got off to a very good start, and the brand seems to be gaining broad consensus both in its stylistic expression and in the way it relates to the local community and to hu
Slide 3: Revenues by Region
Revenues by Region € mln YoY % 1H 21 1H 20 1H 21 1H 19 Chg vs 1H 19 Revenues 205.1 313.8 +52.9% 291.4 +7.7% Constant exchange rates performance +57.7% +10.0% Europe 66.8 95.9 +43.5% 87.9 +9.1% Italy 28.9 41.0 +41.8% 44.3 -7.4% Americas 58.0 100.0 +72.5% 95.0 +5.2% Asia 51.4 76.8 +49.5% 64.2 +19.7% E
Slide 4: Revenues Highlights
Revenues Highlights Europe In the markets and cities characterized by the presence of the local customer, sales were particularly strong: considerable increases in the Russian Federation, in Central-Northern Europe and in general in 2nd tier cities throughout Europe The main European cities and capi
Slide 5: Revenues by Distribution Channel
Revenues by Distribution Channel € mln YoY % 1H 21 1H 20 1H 21 1H 19 Chg vs 1H 19 Retail 102.5 165.5 +61.4% 149.9 +10.4% Wholesale 102.6 148.3 +44.5% 141.5 +4.8% Retail Wholesale 52.7% 47.3% on sales on sales 5
Slide 6: Monobrand Network
Monobrand Network Retail Monobrand Wholesale Monobrand 112 boutiques as of June ‘21 31 boutiques as of June ‘21 107 boutiques as of June ’20 30 boutiques as of June ’20 102 boutiques as of June ’19 28 boutiques as of June ’19 6
Slide 7: Distribution Channel
Distribution Channel Retail Channel Wholesale Channel 112 boutiques as of June 30, 2021, compared to 107 boutiques as of June 30, 2020, Full health of the wholesale distribution network, which reports positive with the prestigious boutique expansions in London, Paris, St. Petersburg, Shanghai, sell-
Slide 8: Income Statement
Income Statement 1H 2019 1H 2020 1H 2021 Revenues 291.4 205.1 313.8 First Margin 193.8 137.2 209.4 % 66.5% 66.9% 66.8% SG&A -114.6 -140.6 -128.9 % 39.3% 68.6% 41.1% 1H 2019 1H 2020 * 1H 2021 EBITDA 79.2 -3.4 80.6 EBITDA pre-IFRS 16 49.9 -14.1 39.9 % 27.2% -1.7% 25.7% % 17.1% -6.9% 12.7% D&A -40.1 -4
Slide 9: Income Statement Highlights
Income Statement Highlights Preserve the soundness of our corporate structure, confirming developing projects and investments planned before the start of the pandemic Limited relevance for the comparison of the results of the first 6 months of 2021 with the figures at June 30, 2020, which were stron
Slide 10: Income Statement highlights
Income Statement highlights € mln Personnel cost Rent cost 19.6% 17.3% % on sales 18.5% 13.7% 53.8 57.5 61.5 4.1% 39.8 44.7 54.4 3.5% 10.3 12.9 4.7 1H 19 1H 20 1H 21 1H 19 1H 20 1H 21 1H 19 1H 20 1H 21 Pre IFRS 16 Pre IFRS 16 Pre IFRS 16 Investments in Communication D&A 17.6% 13.8% 40.1 49.9 55.3 6.
Slide 11: Income Statement highlights
Income Statement highlights € mln Total FTE 1,842 2,026 2,127 68 Managers & 68 Middle Mgmt. 64 541 536 Manual 498 Average FTE – Workers Workforce Analysis Store 1,518 1,422 Employees & 1,280 Office Staff 1H 19 1H 20 1H 21 102 +5 107 +5 112 DOS Network from 30/06/19 to 30/06/21 30/06/19 30/06/20 30/0
Slide 12: Net Working Capital
€ mln Net Working Capital 1H 2020 1H 2021 delta FY 20 Trade Receivables 72.4 75.7 3.3 78.9 Inventories 218.1 208.8 -9.3 208.3 Trade Payables -74.1 -76.3 -2.3 -91.4 Strict Net Working Capital 216.5 208.2 -8.3 195.8 Incidence on 12 months rolling Net Revenues 41.5% 31.9% 36.0% Other Credits/(Debts) *
Slide 13: Investments
Investments € mln TOTAL CAPEX 22.4 29.9 including 7.4 Production/ 6.4 Logistics/IT/ Digital 16.0 22.5 Commercial 1H 20 1H 21 Commercial investments supported the development of the network: - 112 retail boutiques, compared to 107 boutiques at December 31, 2020 (including the conversion of two wholes
Slide 14: Financial Indebtedness
Financial Indebtedness € mln 136.5 96.3 Financial Financial Indebtedness Indebtedness as of 30.06.20 as of 30.06.21 The characteristic Financial Indebtedness as of June 30, 2021 is equal to 96.3 million Euros, compared to 136.5 million Euros as of June 30, 2020, which had been impacted by the effe
Slide 15: Outlook
Outlook Sales of Spring Summer 2021 were very very positive, and we are absolutely satisfied that the trend of the Fall Winter 2021 season will show a similarly favorable result In the last few weeks we have presented our Spring Summer 2022 Men's, Women's and Children's collections, receiving very p
Slide 16: 1H 21 Annex
BRUNELLO CUCINELLI 1H 21 Annex
Slide 17: Detailed Income Statement
€ mln Detailed Income Statement 1H 2019 1H 2020 1H 2021 Revenues 291.4 205.1 313.8 Consumption Costs (39.6) (10.7) (46.9) Raw Material Cost (56.0) (55.8) (43.7) Inventories Change 16.5 45.2 (3.3) Outsourced Manufacturing (58.0) (57.3) (57.4) First Margin 193.8 137.2 209.4 Services Costs (excl. Out.
Slide 18: Detailed Balance Sheet & Cash Flow Statement
€ mln Detailed Balance Sheet & Cash Flow Statement 1H 2020 1H 2021 FY 2020 1H 2020 1H 2021 FY 2020 Trade receivables 72.4 75.7 78.9 Net Income (47.7) 21.9 (32.1) Inventories 218.1 208.8 208.3 D&A 49.9 55.3 104.3 Trade payables (-) (74.1) (76.3) (91.4) Ch. In NWC and other (56.0) (13.4) (35.8) Other
Slide 19: Investor Relations
Investor Relations Board of Directors Significant Shareholdings* Brunello Cucinelli Excutive Chairman and Creative Director Trust Brunello Cucinelli (Fedone s.r.l.) 50.05% Riccardo Stefanelli C.E.O. FMR LLC (Fidelity) 9.48% Luca Lisandroni C.E.O. Invesco LTD 4.16% Other 36.31% Camilla Cucinelli Dire
Slide 20: Forward looking statements disclaimer
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