Brunello Cucinelli S.p.a. · MIL:BC
Brunello Cucinelli — Q2 2024 Earnings Presentation
30 slides from Brunello Cucinelli's earnings presentation, Aug 29, 2024
Slide 1: 1H 24 Results
1H 24 Results August 28, 2024
Slide 2: Brunello Cucinelli
Brunello Cucinelli We closed the first half of 2024 with particularly pleasing results. Sales were excellent, profits were positive and balanced, the brand is fit and healthy, and the feedback on our product offering was highly favourable. We completed the 2024 summer sales very successfully, and th
Slide 3: 1H 2024 Financials Highlights
1H 2024 Financials Highlights REVENUES EBIT NET PROFIT €620.7 mln €104.6 mln €66.1 mln +14.1% +19.3% +31.1%* +14.7% cost. curr 16.9% on sales 10.6% on sales Compared with Net Profit (vs. 16.1% last year) • as of 30.06.23 sterilized from an extraordinary capital gain reported last year EUROPE AMERICA
Slide 4: 1H 24 – Business Update
1H 24 – Business Update 4
Slide 5: Revenues by Region
Revenues by Region € mln 1H 23 1H 24 YoY % Chg Net Revenues 543.9 620.7 +14.1% Constant exchange rates +14.7% Italy 60.9 68.1 +11.8% Europe (excl. Italy) 141.9 153.0 +7.8% Total Europe 202.8 221.1 +9.0% Americas 189.0 225.6 +19.4% Asia 152.1 174.0 +14.3% 1H 23 1H 24 Americas Europe Americas Europe 3
Slide 6: Region Highlights
Region Highlights EUROPE SS 25 collection presentation reported very positive comments from specialized press and multibrand clients, which makes us decidedly optimistic about the closing of order intake Strength of upper end of the luxury segment demand within all markets in Europe; constant presen
Slide 7: Revenues by Channel
Revenues by Channel € mln 1H 23 1H 24 YoY % Chg Net Revenues 543.9 620.7 +14.1% Retail Channel 344.6 395.2 +14.7% Wholesale Channel 199.3 225.5 +13.1% 1H 23 1H 24 Wholesale Wholesale Channel Channel 36.6% 36.3% Retail Channel Retail 63.4% Channel 63.7% 7
Slide 8: Channel Highlights
Channel Highlights RETAIL CHANNEL The retail channel is experiencing fair and healthy growth on a like-for-like basis, with interesting results in all geographical areas Nice growth in the second quarter confirming the increase in the 1st quarter Major opening in Miami Design District in May, the on
Slide 9: Monobrand Network
Monobrand Network WHOLESALE MONOBRAND 27 boutiques as of 30 June 24 27 boutiques as of 31 December 23 27 boutiques as of 30 June 23 RETAIL MONOBRAND 126 boutiques as of 30 June 24 125 boutiques as of 31 December 23 124 boutiques as of 30 June 23 9
Slide 10: The BrunelloCucinelli.AI project
The BrunelloCucinelli.AI project 10
Slide 11: Human Artificial Intelligence: Brunello Cucinelli's new website
Human Artificial Intelligence: Brunello Cucinelli’s new website Presented in mid-July the new website based on Artificial Intelligence based on the Solomei AI platform New website resulting from the union of what human creativity can imagine and the great potential that artificial intelligence can o
Slide 12: Brand Image and Awards
Brand Image and Awards 12
Slide 13: WWD John B. Fairchild Award 2024
“WWD John B. Fairchild Award 2024” On October 29th, Brunello Cucinelli will receive the “WWD John B. Brunello Cucinelli commented as follows: Fairchild Award” in New York during the Apparel and Retail CEO “I am deeply honoured to receive such a prestigious award which I Summit. consider a tribute to
Slide 14: Style and Recognition: the brand and the philosophy
Style and Recognition: the brand and the philosophy This prestigious award is in addition to the other beautiful ones given to Brunello Cucinelli over the past few years DESIGNER OF THE YEAR NEIMAN MARCUS FASHION AWARD AWARD In September 2021, Brunello Prestigious "Neiman Marcus Cucinelli received t
Slide 15: 1H 2024 Financials
eae Be oy te eg 1H 2024- Financials ® BRUNELLO CUCINELLI
Slide 16: Income Statement
Income Statement € mln 1H 2023 1H 2024 Ch. % Revenues 543.9 620.7 + 14.1% First Margin 389.0 462.2 + 18.8% % 71.5% 74.5% + 300 b.p. SG&A -234.2 -284.4 + 21.4% % 43.1% 45.8% + 270 b.p. EBITDA 154.8 177.8 + 14.8% % 28.5% 28.6% + 10 b.p. D&A -67.1 -73.2 + 9.0% % 12.3% 11.8% - 50 b.p. 1H 24 NET PROFIT i
Slide 17: Income Statement Highlights
Income Statement Highlights 1H 24 showed excellent results in terms of both revenue growth and margins, with EBIT amounting to 104.6 million euros, up 19.3% from 87.7 million euros last year, with a margin of 16.9% compared to 16.1% as of June 30, 2023 First Margin First Margin Improvement from 71.5
Slide 18: Income Statement Highlights
Income Statement Highlights € mln Personnel cost 2,531 Total FTE 3,021 Investments in Communication 112 Managers & Middle Mgmt. 91 18.2% 911 % on sales 667 Manual 17.2% Workers 113.2 Store 7.2% 1,773 Employees & 1,998 6.7% 93.3 Office Staff 44.6 36.3 1H 23 1H 24 1H 23 1H 24 1H 23 1H 24 Rent cost D&A
Slide 19: Total Net Financial Expense details
Total Net Financial Expense details € mln 1H 23 1H 24 delta Financial charges/(income) from ordinary 2.5 3.2 0.7 operations Financial charges/(income) from lease 5.9 9.2 3.3 * operations Financial charges/(income) for adjustment 2.2 0.9 -1.3 of derivatives to fair value Financial charges/(income) re
Slide 20: Net Working Capital
Net Working Capital € mln 1H 2023 FY 23 1H 2024 TRADE RECEIVABLES Trade Receivables 75.2 78.2 83.3 Extremely healthy situation despite a major increase in wholesale channel Inventories 262.8 287.3 341.4 revenues of +13.1 percent in the first half of 2024 Trade Payables -141.5 -166.2 -162.0 Trade Net
Slide 21: Investments
Investments € mln 44.8 34.9 Others, including 24.7 18.6 Production/ Logistics/IT/ Digital Commercial 16.3 20.1 1H 23 1H 24 “Commercial” investments dedicated to selected openings, major boutique expansions, dedicated spaces in Luxury Department Stores, renewal and expansion of our showrooms worldwid
Slide 22: New Industrial Projects
New Industrial Projects Doubling of the Solomeo factory New production facilities New plant that will rise in our valley, in a Opening of new production facilities ➢ welcoming new specialist figures in manufacturing excellence former industrial compendium that has in the Italian territory for the ➢
Slide 23: Characteristic Financial Indebtedness
Characteristic Financial Indebtedness € mln Characteristic 68.7 Financial 38.6 Indebtedness Excluded IFRS 16* as of as of 30 June 2023 30 June 2024 The characteristic Net Financial Indebtedness amounted to €68.7 million, compared to the €38.6 million as of 30 June 2023 Solidity of Corporate Structur
Slide 24: Outlook
BRUNELLO CUCINELLI
Slide 25: Outlook
Outlook The high quality of the revenues in the first half of the year, the business performance, the very decent sales we are reporting, and the punctuality of shipments mean we can fully confirm our planned revenue growth for 2024 of approximately 10%, with healthy and balanced profits The expecte
Slide 26: ANNEX
BRUNELLO CUCINELLI ANNEX
Slide 27: Detailed Income Statement
Detailed Income Statement € mln 1H 2023 1H 2024 Revenues 543.9 620.7 Consumption Costs (54.0) (39.3) Raw Material Cost (81.4) (89.7) Inventories Change 27.4 50.4 Outsourced Manufacturing (100.9) (119.2) First Margin 389.0 462.2 Services Costs (excl. Out. Manuf.) (127.0) (162.3) Personnel costs (93.3
Slide 28: Detailed Balance Sheet & Cash Flow Statement
Detailed Balance Sheet & Cash Flow Statement € mln 1H 2023 1H 2024 FY 2023 1H 2023 1H 2024 FY 2023 Trade receivables 75.2 83.3 78.2 Net Income 66.7 66.1 123.8 Inventories 262.8 341.4 287.3 D&A 67.1 73.2 138.8 Trade payables (-) (141.5) (162.0) (166.2) Ch. In NWC and other (54.2) (37.1) (53.6) Other
Slide 29: Board of Directors
Board of Directors Brunello Cucinelli Excutive Chairman and Creative Director Riccardo Stefanelli C.E.O. Luca Lisandroni C.E.O. Camilla Cucinelli Vice Chairman Carolina Cucinelli Vice Chairman Alessio Piastrelli Director Giovanna Manfredi Director Andrea Pontremoli Director Investor Relations & Corp
Slide 30: 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