Aeffe S.p.a. · MIL:AEF
Aeffe — 9M 2007 Earnings Presentation
19 slides from Aeffe's earnings presentation, Nov 12, 2007
Slide 1: Nine Months 07 Results Presentation
Nine Months 07 Results Presentation 12, November 2007
Slide 2: 9M 2007 Key Facts
9M 2007 Key Facts Consolidated Revenues +10.7% at € 234.0m (+14% at constant exchange rates) Consolidated EBITDA +38.1% at € 39.2m (margin of 16.8%) (+39.8% at constant exchange rates), +31% at € 37.2m net of non recurring items (margin of 15.9%) (+32.2% at constant exchange rates) Consolidated Net
Slide 3: Net Sales Breakdown by Division
Net Sales Breakdown by Division 9M 2007 9M 2006 (€m) (€m) 188.9 172.8 180 180 160 160 73.8 140 140 68.5 120 120 100 100 45.1 40.8 80 80 58.7 60 49.2 60 23.3 40 40 21.0 70.0 63.5 14.6 20 20 10.8 20.8 17.4 0 0 Prêt à porter (1) Footwear & Leather Goods(1) Prêt à porter (1) Footwear & Leather Goods(1)
Slide 4: Net Sales Breakdown by Brand
Net Sales Breakdown by Brand 9M 2007 9M 2006 (€m) (€m) 105.6 96.6 100 100 90 90 38.2 80 80 37.6 70 70 60 51.1 60 30.0 50 40.7 50 43.2 26.2 36.9 40 21.5 40 17.7 16.8 30 21.2 30 16.5 19.1 10.5 15.5 15.4 9.1 20 37.4 8.9 20 10.0 32.8 7.7 8.3 5.9 5.5 10 19.1 2.3 3.6 10 16.4 2.6 3.3 14.9 12.7 8.9 5.9 8.1
Slide 5: Net Sales Breakdown by Region
Net Sales Breakdown by Region 9M 2007 9M 2006 (€m) 90.4 (€m) 90 90 82.0 80 80 35.3 70 70 32.8 60 52.0 60 50 50 43.6 20.8 40 21.7 40 31.1 20.2 31.1 25.4 18.5 30 30 24.9 19.6 11.9 12.7 17.9 13.8 20 15.5 8.6 8.9 20 11.8 9.5 34.3 8.2 6.6 6.6 29.0 7.1 5.8 5.7 6.7 10 5.9 18.4 3.6 10 4.0 16.2 4.0 10.2 11.8
Slide 6: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel 9M 2007 9M 2006 (€m) 169.8 (€m) 152.9 160 140 140 70.0 120 64.8 120 100 100 34.3 80 80 29.4 60 51.5 60 47.1 40 17.8 40 16.5 65.5 58.7 16.6 12.7 15.5 11.3 20 20 17.1 4.6 4.3 4.4 15.1 4.1 0 3.7 2.9 0 Wholesale Retail Royalties Wholesale Retail Royalties 9M 07 % Growth 11
Slide 7: Mono-brand Stores Network
Mono-brand Stores Network DOS 9M 07 1H 07 FY06 Europe 36 36 36 USA 1 1 1 Asia 38 38 38 Total 75 75 75 Franchising 9M 07 1H 07 FY06 Europe 40 37 33 USA 5 5 4 Asia 48 44 37 Total 93 86 74 7
Slide 8: Profitability Analysis
Profitability Analysis EBITDA(1): + 31% (€m) 33.3 37.2 26.5 Prêt-à-porter(1) EBITDA 17.6% 28.4 15.3% (€m) 15.9% 9M 06 9M07 13.4% (€m) 3.98 Footwear & Leather Goods(1) EBITDA 1.92 6.8% 3.9% 9M 06 9M 07 9M 06 9M 07 EBITDA (1) EBITDA Margin (1) Net of non recurring items 8
Slide 9: Group Net Income and Income Taxes
Group Net Income and Income Taxes +72.6% 9M Ending September 30, (€m) 2006A 2007A PBT 15.6 25.4 (€m) 12.18 Current Taxes 6.8 10.6 Deferred Taxes 1.1 0.9 7.06 Total Taxes 7.9 11.5 5.2% 3.3% Effective Tax Rate 50.8% 45.2% 9M 2006 9M 2007 Net Income Net income Margin 9
Slide 10: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS 9M07 FY2006 9M06 Net Working Capital 63.2 44.0 57.6 Net Tangible Assets 70.6 69.9 65.3 Net Intangible Assets 172.4 175.1 176.1 Net Financial Assets 2.8 3.0 3.3 Severance Staff, Provisions & Others (70.6) (74.2) (70.6) Net Capital Employed 238.4 217.8 231.7 Group Shareh
Slide 11: Summary Cash Flow
Summary Cash Flow IAS-IFRS 9M 2007 FY2006 9M 2006 PBT 25.4 19.3 15.6 Operating Cash Flow 7.0 33.0 11.1 Capital Expenditure (5.7) (3.9) (2.4) Free Cash Flow 1.3 29.1 8.7 Cash Flows from Financing Activities 0.8 (20.8) (0.6) Cash and cash equivalents at the beginning of the year 15.3 7.0 7.0 Cash Flow
Slide 12: Appendices
Appendices
Slide 13: Company Profile
Company Profile (1) Organisational Structure Ownership Structure Aeffe Fashion Group Chairman: Massimo Ferretti Julius CEO: Simone Badioli JP Baer Bipiemme General Manager Morgan Marcello Tassinari Morgan 5.7% 3.3% 2.0% CFO COO Marcello Tassinari Roberto Gigli Stanley Investor Relation Communication
Slide 14: Income Statement – 9 Months 2006/2007
Income Statement – 9 Months 2006/2007 IAS-IFRS 3Q 2007 9M 2007 3Q 2006 9M 2006 Net Sales 92.4 234 85.7 211.3 % growth 7.8% 10.7% Other Revenues 0.3 2.5 0.9 2.8 Non-Recurring Revenues 0.0 2.0 0.0 0.0 Total Revenues 92.7 238.5 86.6 214.1 % growth 7.1% 11.4% Raw Materials Costs 29.5 67.1 30.6 61.2 Serv
Slide 15: Cash Flow Statement – 9 Months 2006/2007
Cash Flow Statement – 9 Months 2006/2007 IAS-IFRS 9M 2007 FY2006 9M 2006 PBT 25.4 19.3 15.6 Depreciation, Amortisation and Provisions 5.4 10.8 8.1 Taxes (5.7) (4.9) (1.7) Net Interest 6.0 7.0 4.7 Change in other liabilities / (assets) (24.2) 0.6 (15.7) Operating Cash Flow 7.0 33.0 11.1 Capital Expen
Slide 16: Revenues Breakdown
Revenues Breakdown (€m) FY Ending December 31, Growth 2004A (1) 2005A 2006A CAGR 2004/06A 2005/06A By Region Italy 86.2 90.4 104.1 9.9% 15.2% Europe (excluding Italy) 49.7 51.8 60.1 10.0% 16.1% USA 35.2 33.8 33.0 (3.2%) (2.3%) Russia n.a. n.a. 13.1 n.a. n.a. (2) (2) RoW 64.0 66.0 55.8 n.m. n.m. Tota
Slide 17: Income Statement Full Year 2004-2006
Income Statement Full Year 2004-2006 ITA GAAP IAS-IFRS (€m) FY Ending December 31, 2004A 2005A 2006A Net Sales 235.1 241.9 266.1 Includes currency gains, sale of raw materials % growth 2.9% 10.0% and rents received Other Revenues 5.2 2.6 4.7 Non-Recurring Revenues 25.7 5.4 4.2 In 2006, sale of Narci
Slide 18: Balance Sheet Full Year 2004-2006
Balance Sheet Full Year 2004-2006 ITA GAAP IAS-IFRS (€m) As of December 31, 2004A 2005A 2006A In 2006, efficient Net Working Capital Net Working Capital 45.4 46.8 44.0 Management: 16.5% of net sales (vs. 19.3% in 2004) Net Tangible Assets 47.3 68.0 69.9 Net Intangible Assets 143.1 178.8 175.1 Net Fi
Slide 19: Cash Flow Statement Full Year 2005/2006
Cash Flow Statement Full Year 2005/2006 IAS-IFRS (€m) FY Ending December 31, 2005A 2006A PBT 13.6 19.3 Depreciation & Amortisation 10.7 10.2 Provisions & Impairments (4.0) 0.7 Taxes (5.1) (4.9) Net Interest 4.6 7.0 Change in other liabilities / (assets) (3.4) 0.6 Operating Cash Flow 16.4 33.0 Capita