Industria De Diseno Textil, S.a. · BME:ITX
Industria De Diseno Textil — Inditex — FY2001 Earnings Presentation
25 slides from Industria De Diseno Textil's earnings presentation, April 2002
Slide 1: FY2001 Results Presentation
FY2001 Results Presentation April 2002
Slide 2: Disclaimer
DISCLAIMER This document is of a purely informative nature and does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, securities issued by any of the companies mentioned herein. This document contains forward-looking statements. All statements other than state
Slide 3: Introduction
Introduction • 1,315 1,315 stores stores 6 independent concepts • 39 39 countries countries • Sales (FY2001) 3.25 Sales (FY2001) 3.25 Bn Bn €€ • Net Net Income (FY2001) 340 Income (FY2001) 340 MM MM €€ • Market Market Cap. (09/04/02) 13.3 Cap. (09/04/02) 13.3 Bn Bn €€ Unique business model
Slide 4: FY2001: Overview (I)
FY2001: Overview (I) • Strong Strong growth growth despite despite economic economic slowdown slowdown • Sales Sales +24%. +24%. LFL LFL Sales Sales +9% +9% • Improved Improved margins margins ••inventory inventory management management ••savings savings in in Other Other Operating Operating costs c
Slide 5: FY2001: Overview (II)
FY2001: Overview (II) • CAPEX CAPEX 431 431 MM MM €€ -- 204 204 net net store store openings openings -- 77 new new countries countries -- Launch Launch of of Oysho Oysho • RoCE RoCE 39% 39% (vs. (vs. 34% 34% in in F2000). F2000). • Initial Initial collection collection Spring-Summer Spring-Summer 0
Slide 6: Financial summary
INDITEX Financial summary
Slide 7: Highlights
Highlights 2001 2000 01/00 million € SALES 3,250 2,615 24.3% % growth 24.3% 28.5% GROSS MARGIN 1,687 1,338 26.1% % margin 51.9% 51.2% EBITDA 705 521 35.1% EBITDA margin 21.7% 19.9% EBIT 518 380 36.3% EBIT margin 15.9% 14.5% NET INCOME 340 259 31.3% Net income margin 10.5% 9.9%
Slide 8: Store openings
Store openings 2001 2000 total net total net stores openings stores openings ZARA 507 58 449 54 PULL & BEAR 249 20 229 26 MASSIMO DUTTI 223 25 198 18 BERSHKA 151 47 104 35 STRADIVARIUS 120 20 100 25 OYSHO 34 34 total net openings 1,284 204 1,080 158
Slide 9: Like-for-like growth
Like-for-like growth 11% 9% 9% 7% 5% 4% 1996 1997 1998 1999 2000 2001
Slide 10: Consolidated EBITDA and EBITDA margin
Consolidated EBITDA and EBITDA margin GM: millions € % on net sales 74 bp51.9% 51.4% 51.2% 705,0 50.5% 49.2% 521,0 410,0 326,0 21.7% 254,0 20.8% 180 bp 20.2% 20.2% 19.9% 1997 1998 1999 2000 2001
Slide 11: Consolidated operating costs
Consolidated operating costs % on net sales 31.3% 30.2% 15.6% Other 15.1% Operating costs 15.7% Personnel 15.1% expenses 2000 2001 N. employees 24,004 26,700
Slide 12: Consolidated EBIT by concept
Consolidated EBIT by concept 2001 margins 17.8% 15.9% 14.5% 12.5% 10.5% 6.6% Zara P&B MD BSK STV Inditex
Slide 13: ROCE by concept (2001)
ROCE by concept (2001) 51% 46% 42% 39% 31% 12% (1) ZARA P&B MD BSK STV Inditex (1) Before goodwill amortisation Group
Slide 14: Inditex concepts
INDITEX Inditex concepts
Slide 15: Store sales breakdown by concept
Store sales breakdown by concept 2001 2000 STD BSK 3% STD 5% BSK 3% MD 8% 6% PB MD OYS 6% 8% 0% PB ZARA 7% 78% ZARA 76%
Slide 16: Zara
million € 2001 2000 % Var Sales 2,477.4 2,044.4 21.2% EBIT 441.0 327.9 34.5% EBIT margin 17.8% 16.0% Stores 507 449 ROCE 42% 35%
Slide 17: Pull & Bear
Pull & Bear million € 2001 2000 % var. Sales 225.7 172.6 31% EBIT 32.8 24.1 36% (millones de euros) EBIT margin 14.5% 14.0% Stores 249 229 ROCE 51% 49%
Slide 18: Massimo Dutti
Massimo Dutti million € 2001 2000 % var. Sales 241.4 184.1 31% EBIT 25.3 20.3 25% EBIT margin 10.5% 11.0% Stores 223 198 ROCE 46% 49%
Slide 19: Bershka
Bershka million € 2001 2000 % var. Sales 202.0 134.9 50% EBIT 25.2 8.4 200% EBIT margin 12.5% 6.2% Stores 151 104 ROCE 31% 10%
Slide 20: Stradivarius
Stradivarius million € 2001 2000 % var. Sales 93.5 72.5 29% EBIT 6.2 6.2 0% EBIT margin 6.6% 8.5% Stores 120 100 ROCE 12% 20% (*) Before Goodwill amortisation
Slide 21: Oysho
Oysho million € 2001 2000 Sales 4.5 EBIT (6.3) EBIT margin - Stores 34 ROCE -
Slide 22: Growth prospects
INDITEX Growth prospects
Slide 23: Outlook
Outlook Significant growth potential l Increase depth in international markets where already present l Enter selected new international markets l Increase depth of Spanish coverage l Further development of non-Zara concepts
Slide 24: Outlook 2002
Outlook 2002 l Expected CAPEX 500-550 MM € l Store openings program: % Intnal Range openings ZARA 55 65 80% PULL & BEAR 35 45 50% MASSIMO DUTTI 15 25 50% 35 40 40% BERSHKA 20 25 15% STRADIVARIUS OYSHO 40 50 50% total net openings 200 250
Slide 25: FY2001 Results Presentation
FY2001 Results Presentation April 2002