Slide 1: 1H17 Financial Results
1H17 FINANCIAL RESULTS September 20, 2017
Slide 2: Disclaimer
1 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
Slide 3: 1H17 Highlights
2 1H17 Highlights Sales (€697.1m) grew 8.9% driven by network expansion (+4.1%), sales to Charles Vögele (+4.8%) and flat like-for-like performance (0%). Over the first six months of the year, network +8.9% Increase in Net Sales expanded by 16 full format DOS and 48 other stores (mainly Kids formats
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance confirmed in 1H17 1H17 1H16 Key Metrics € mln % of Net Sales € mln % of Net Sales Growth Net Sales 697.1 640.1 8.9% EBITDA (*) 82.1 11.8% 75.1 11.7% 9.4% EBIT (*) 56.3 8.1% 51.0 8.0% 10.3% Net Income (*) 38.4 5.5% 30.8 4.8% 24.8% Reported Net Income
Slide 5: Sales and EBITDA Performance in 1H17
4 Sales and EBITDA Performance in 1H17 Net Sales (€mln) EBITDA (€mln) Aggregate Performance 697 640 11.7% 11.8% Performance By Brand(1)(2) 12.4% 12.7% 8.0% 10.6% Margin % (1) Excluding sales to Charles Vögele and related royalties. (2) EBITDA Margins are calculated on the above sales.
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 31 July '17 31 July '16 Change Trade Receivables 99.7 83.7 16.0 Inventory 373.8 317.9 55.9 Trade Payables (366.2) (350.1) (16.0) Net Working Capital 107.3 51.4 55.9 • 1H17 Net working capital increase is in line with the one experienced in 1H16 (+€59.1m vs. +
Slide 7: Capex
6 Capex 1H 2017 Capex breakdown (€ mln) Refurbishment, maintenance and other commercial projects of the existing network (c. 38.8%) New openings (c. 37.0% of total) IT and special projects (c. 19.4%), mainly related to operational projects Capex for the maintenance of the headquarter building, logis
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 31 July '17 31 July '16 Net Debt 408.5 321.7 Net Debt excluding MtM derivatives 363.3 331.7 EBITDA LTM 193.7 187.0 Leverage excluding MtM derivatives 1.9x 1.8x • As of 31st July 2017 net debt was equal to €363.3m excluding MtM derivatives, and to €408.5m reported, consi
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement € mln 1H17 1H16 EBITDA 82.1 75.1 Change in Net Working Capital (59.1) (59.6) Operating cash flow improved by +€11.1m mainly Change in other assets (liabilities) (4.9) (9.9) driven by an increase of cash generation at EBITDA Capex (31.1) (29.7) level. Drivers of ope
Slide 10: Outlook
9 Outlook • Year to date sales performances positively impacted by favourable weather conditions expecially during the first half of September. • The network continued to expand in the first part of the second semester: +17 stores, including 1 full format DOS. • Our strategy will remain based on two
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Profit and Loss and related adjustments
11 Consolidated Profit and Loss and related adjustments o/w: o/w: non recurring; non recurring; 31.07.2017 31.07.2017 31.07.2016 31.07.2016 € mln Stock Option; Stock Option; Reported Derivatives; Adjusted Reported Derivatives; Adjusted PPA PPA Net Sales 697.1 697.1 640.1 640.1 Purchases of consumabl
Slide 13: Consolidated Balance Sheet Statement
12 Consolidated Balance Sheet Statement Delta vs. Delta vs. € mln 31 July ‘17 31 July ‘16 31 January ‘17 31 July ‘16 31 January ‘17 Trade Receivables 99.7 83.7 75.3 16.0 24.4 Inventory 373.8 317.9 340.6 55.9 33.2 Trade Payables (366.2) (350.1) (367.7) (16.0) 1.5 Net Operating Working Capital 107.3 5