Moncler Spa · MIL:MONC
Moncler Spa — FY2014 Earnings Presentation
23 slides from Moncler Spa's earnings presentation, 2015
Slide 1: FY 2014 Financial Results
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Slide 2: Disclaimer
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 an
Slide 3: Development of monobrand stores, quality, passion and innovation, sustainable growth
DEVELOPMENT OF» Bey MONOBRAND STORES, ‘ al igen Beg! he JE QUALITY, PASSION SUSTAINABLE AND INNOVATION | GROWTH
Slide 4: Ginza Tokyo
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Slide 5: FY 2014 Results Key Highlights
FY 2014 Results Key Highlights (*) •1 Consolidated Revenues: Eur 694m, +20% YoY growth reported (+21% constant currencies) •2 International markets: Eur 564m, 81% of total revenues (77% in FY 2013) •3 Retail Revenues: Eur 431m, +29% YoY growth, 62% of total revenues (57% in FY 2013) •4 FY 2014 Compa
Slide 6: Revenues by Region
Revenues by Region FY 2014 REVENUES ANALYSIS (€m) YoY growth YoY growth reported const. curr. 1• Strong sales performance 694.2 +20% +21% continued, +21% YoY growth at constant 580.6 95.7 +42% +42% currencies 67.6 235.2 +29% +35% 2• All international markets 181.6 showed solid double-digit performan
Slide 7: Revenues by Distribution Channel
Revenues by Distribution Channel FY 2014 REVENUES ANALYSIS (€m) YoY growth YoY growth reported const. curr. 1• Revenues growth driven by 694.2 +20% +21% the retail channel (+31% at constant currencies), 580.6 now 62% of total revenues +29% +31% vs. 57% in FY 2013 430.7 333.6 2• Sales of comparable D
Slide 8: Monobrand Stores Network
Monobrand Stores Network 1• 27 retail monobrand net openings in FY 2014, of which 7 in Q4 including, among the others, Seattle, Prague, Las Vegas 2• 4 additional stores opened as of February and 12 stores converted from wholesale to retail 31/12/2013 31/12/2014 in Korea Retail 107 134 3• Some 20 sto
Slide 9: Prague store
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Slide 10: MOINICILIER
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Slide 11: Consolidated Income Statement
Consolidated Income Statement FY 2014 FY 2013 €m % €m % Revenues 694.2 100.0% 580.6 100.0% YoY growth +20% +19% Cost of sales (192.5) (27.7%) (166.5) (28.7%) Gross margin 501.7 72.3% 414.1 71.3% Selling expenses (183.0) (26.4%) (147.7) (25.4%) General & Administrative expenses (66.0) (9.5%) (57.9) (
Slide 12: Consolidated EBITDA
Consolidated EBITDA ADJUSTED EBITDA ANALYSIS (€m) 29.3 7.0 87.6 10.1 250 243 233 232.9 191.7 FY 2013 Gross Margin Selling Costs G&A A&P FY 2014 EBITDA Margin 33.0% 33.5% 12
Slide 13: Consolidated Capex
Consolidated Capex CAPEX ANALYSIS (€m) (%) on 7% 6% 1 revenues • FY 2014 capex mainly related 50.2 34.3 to the retail expansion 2• Retail capex driven by 27 7.2 openings in 2014 and 4 5.8 expansions/relocations 4.3 3• Wholesale capex largely 3.0 includes investments for the new showroom in Milan 37.
Slide 14: Consolidated Net Working Capital
Consolidated Net Working Capital NET WORKING CAPITAL ANALYSIS (€m) (%) on LTM 14% 8% 1 revenues • Net working capital increased 97.1 46.9 to Eur 97.1m, equal to 14% of Last-Twelve-Months (LTM) revenues 86.6 2• At constant currencies, net 2 76.5 working capital on sales ratio would have been equal to
Slide 15: Consolidated Net Financial Position
Consolidated Net Financial Position NET DEBT ANALYSIS (€m) 1 • At the end of 2014, net debt 111.2 171.1 amounted to Eur 111.2m, compared to Eur 171.1m as of December 2013 160.1 2• Net debt reduction has been 154.3 driven by solid cash flow generation, notwithstanding the important investments made 1
Slide 16: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement 31/12/2014 31/12/2013 €m €m Intangible Assets 414.4 408.3 Tangible Assets 77.3 58.2 Other Non-current Assets/(Liabilities) (14.7) (37.8) Total Non-current Assets 477.0 428.7 Net Working Capital 97.1 46.9 Other Current Assets/(Liabilities) (40.3) (5.9) Assets/(Lia
Slide 17: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement FY 2014 FY 2013 €m €m EBITDA Adjusted 232.9 191.7 Change in Net Working Capital (50.2) (10.4) Change in other curr./non-curr. assets/(liabilities) 25.1 (17.0) Capex (50.2) (34.3) Disposals 0.7 0.4 Operating Cash Flow 158.3 130.4 Net financial result (6.1) (21.2) Taxe
Slide 18: Appendix
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Slide 19: Fourth Quarter 2014 Revenues Breakdown by Region and Channel
Fourth Quarter 2014 Revenues Breakdown by Region and Channel 9M 2014 9M 2013 YoY Growth % Q4 2014 Q4 2013 YoY Growth % FY 2014 FY 2013 YoY Growth % €m % €m % Rep. ex FX €m % €m % Rep. ex FX €m % €m % Rep. ex FX Italy 103.8 23% 105.4 27% -1% -1% 26.8 11% 25.6 13% +5% +5% 130.6 19% 131.0 23% 0% 0% EME
Slide 20: Fourth Quarter 2014 Consolidated Income Statement
Fourth Quarter 2014 Consolidated Income Statement 9M 2014 9M 2013 Q4 2014 Q4 2013 FY 2014 FY 2013 €m % €m % €m % €m % €m % €m % Revenues 449.3 100.0% 389.0 100.0% 244.9 100.0% 191.6 100.0% 694.2 100.0% 580.6 100.0% YoY growth +16% +17% +28% +21% +20% +19% Cost of sales (134.8) (30.0%) (119.7) (30.8%
Slide 21: Quarterly Performance Revenues Breakdown by Region and Channel
Quarterly Performance Revenues Breakdown by Region and Channel Q1 2014 Q1 2013 YoY Growth % Q2 2014 Q2 2013 YoY Growth % Q3 2014 Q3 2013 YoY Growth % Q4 2014 Q4 2013 YoY Growth % €m % €m % Rep. ex FX €m % €m % Rep. ex FX €m % €m % Rep. ex FX €m % €m % Rep. ex FX Italy 32.6 22% 33.8 27% -4% -4% 14.9
Slide 22: Quarterly Performance Consolidated Income Statement
Quarterly Performance Consolidated Income Statement Q1 2014 Q1 2013 Q2 2014 Q2 2013 Q3 2014 Q3 2013 Q4 2014 Q4 2013 €m % €m % €m % €m % €m % €m % €m % €m % Revenues 145.4 100.0% 125.6 100.0% 72.9 100.0% 57.6 100.0% 231.0 100.0% 205.8 100.0% 244.9 100.0% 191.6 100.0% YoY growth +16% +16% +27% +23% +1
Slide 23: Shareholding Structure, Upcoming events, IR Contacts
Shareholding Structure, Upcoming events, IR Contacts SHAREHOLDING 2015 Upcoming Events • April, 23 – AGM (Annual General Meeting) • May, 12 – Board of Directors: Approval of First Quarter Results as of March 31, 2015 Investor Relations Team investor.relations@moncler.com • Paola Durante Investor Rel