Aeffe S.p.a. · MIL:AEF
Aeffe — Q1 2008 Earnings Presentation
19 slides from Aeffe's earnings presentation, May 13, 2008
Slide 1: First Quarter 08 Results Presentation
First Quarter 08 Results Presentation 13, 13, May 2008 Insert Docbank ID here 1
Slide 2: Q1 08 Key Facts
Q1 08 Key Facts Consolidated Revenues at € 91 m, +8.2% at constant exchange rates and excluding the effect of the termination of the Narciso Rodriguez licence (+4.6% at current exchange rates) Consolidated EBITDA at € 16.16 m (margin of 17.6%), +6.2% at constant exchange rates (+5.3% at current exch
Slide 3: Net Sales Breakdown by Division
Net Sales Breakdown by Division Q1 2008 Q1 2007 (€m) (€m) 200 200 150 150 100 100 70.6 70.0 50 50 24.2 20.8 0 0 Q1 08 Prêt à porter(1) Footwear & Leather Goods(1) Prêt à porter(1) Footwear & Leather Goods(1) % Organic Growth 5.2% 16.6% Q1 08 % Reported 1% 16.6% Growth % on Total 74.5% 25.5% 77.1% 22
Slide 4: Net Sales Breakdown by Brand
Net Sales Breakdown by Brand Q1 2008 Q1 2007 100 100 (€m) (€m) 90 90 80 80 70 70 60 60 50 40.1 50 40 37.4 40 30 18.7 30 17.0 19.1 20 14.9 8.3 20 6.2 8.9 10 5.9 10 0 Alberta Moschino Pollini J.P.Gaultier Others 0 Ferretti Alberta Moschino Pollini J.P.Gaultier Others Ferretti Q1 08 % Organic Growth (1
Slide 5: Net Sales Breakdown by Region
Net Sales Breakdown by Region Q1 2008 Q1 2007 (€m) (€m) 100 100 90 90 80 80 70 70 60 60 50 50 37.1 40 40 34.3 30 19.8 30 18.4 20 13.7 20 11.7 7.1 7.3 10.2 5.2 5.5 6.2 10 10 0 0 Italy Russia Europe (1) Japan USA Rest of Italy Russia Europe (1) Japan USA Rest of Q1 08 the World the World % Organic Gro
Slide 6: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel Q1 2008 Q1 2007 (€m) (€m) 80 80 69.3 70 70 65.5 60 60 50 50 40 40 30 30 17.1 16.1 20 20 10 4.9 10 3.7 0 0 Q1 08 Wholesale Retail Royalties Wholesale Retail Royalties % Organic Growth 9.4% (1.7%) 32.8% Q1 08 % Reported 5.8% (5.8%) 32.8% Growth % on Total 76.8% 17.8% 5.4
Slide 7: Mono-brand Stores Network
Mono-brand Stores Network DOS Q108 FY07 Europe 37 36 USA 1 1 Asia 38 38 Total 76 75 Franchising Q108 FY07 Europe 44 41 USA 7 6 Asia 57 52 Total 108 99 7
Slide 8: Profitability Analysis
Profitability Analysis 13.9 13.6 EBITDA(1): + 6.2% (€m) EBITDA: + 5.3% 19.8% 19.3% (€m) (€m) 16.16 16.04 Prêt-à-porter EBITDA 15.22 15.22 Q1 07 Q108 17.6% 17.8% 17.6% 17.6% (€m) Footwear & Leather Goods 2.4 EBITDA 1.4 10.0% 6.6% Q1 07 Q1 08 Q1 07 Q1 08 Q1 07 Q1 08 (1) EBITDA EBITDA Margin EBITDA EBI
Slide 9: Group Net Income and Income Taxes
Group Net Income and Income Taxes +20.3% Q1 Ending March 31, (€m) 2007A 2008A PBT 10.4 11.7 6.04 Current Taxes (4.4) (3.5) (€m) 5.02 Deferred Taxes (0.4) (0.9) Total Taxes (4.8) (4.4) Effective Tax Rate 46% 37.9% 5.8% 6.7% Q1 07 Q1 08 Net Income Net income Margin 9
Slide 10: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS 3M 2008 FY 2007 3M 2007 Net Working Capital 68.7 51.6 53.8 Net Tangible Assets 70.7 71.2 70.1 Net Intangible Assets 170.9 171.8 174.6 Net Financial Assets 3.2 3.1 2.9 Severance Staff, Provisions & Others (65.4) (64.6) (74.8) Net Capital Employed 248.2 233.1 226.6 Group
Slide 11: Summary Cash Flow
Summary Cash Flow IAS-IFRS 3M 2008 FY2007 3M 2007 PBT 11.7 25.6 10.4 Operating Cash Flow (4.6) 23.1 1.3 Capital Expenditure (2.0) (9.5) (2.3) Free Cash Flow (6.6) 13.6 (1) Cash Flows from Financing Activities 9.1 (14.4) (0.1) Cash and cash equivalents at the beginning of the year 14.5 15.3 15.3 Cash
Slide 12: Appendices
Appendices
Slide 13: Company Profile
Company Profile Organisational Structure Ownership Structure (1) Aeffe Fashion Group Mediobanca, Chairman: Massimo Ferretti Julius Baer, 2.06% Henderson Morgan 3.26% GeneralBadioli CEO: Simone Manager/CFO Global Marcello Tassinari COO Stanley, Investor, Roberto Gigli 2.17% 2.98% Investor Relation Co
Slide 14: Income Statement – Q1 2008/2007
Income Statement – Q1 2008/2007 IAS-IFRS Q1 2007 Q1 2008 Net Sales 86.3 90.3 % growth 4.6% Other Revenues 0.8 1.3 Total Revenues 87.1 91.6 % growth 5.1% Raw Materials Costs (25.2) (24.7) Service Costs (26.1) (28.5) Rental Costs (4.6) (4.5) Personnel (15.4) (16.6) Other Operating Expenses (0.6) (1.3)
Slide 15: Cash Flow Statement – Q1 2008/2007
Cash Flow Statement – Q1 2008/2007 IAS-IFRS 3M 2007 FY 2007 3M 2008 PBT 10.4 25.6 11.7 Depreciation, Amortisation and Provisions 2.5 8.3 2.52 Taxes (1.1) (9.4) (1.1) Net Interest 2.2 8.1 1.8 Change in other liabilities / (assets) (12.9) (9.5) (19.2) Operating Cash Flow 1.3 23.1 (4.6) Capital Expendi
Slide 16: Income Statement Full Year 2005-2007
Income Statement Full Year 2005-2007 IAS-IFRS (€m) FY Ending December 31, 2005A 2006A 2007A Net Sales 241.9 266.1 293.2 Includes currency gains, sale of raw materials % growth 2.9% 10.0% 10.2% and rents received Other Revenues 2.6 4.7 3.5 Non-Recurring Revenues 5.4 4.2 2.2 In 2007 sale of Narciso Ro
Slide 17: Revenues Breakdown
Revenues Breakdown (€m) FY Ending December 31, Growth 2005A 2006A 2007A CAGR 2005/07A 2006/07A By Region Italy 90.4 104.1 113.0 11.8% 8.6% Europe (excluding Italy) 51.8 60.1 69.7 16% 15.9% USA 33.8 33.0 32.3 (2.2%) (2.2%) Russia n.a. 13.1 22.1 n.a. 68.8% (1) RoW 66.0 55.8 56.1 (7.8%) 0.6% Total 241.
Slide 18: Balance Sheet Full Year 2005-2007
Balance Sheet Full Year 2005-2007 IAS-IFRS (€m) FY Ending December 31, 2005A 2006A 2007A Net Working Capital 46.8 44.0 51.6 Net Tangible Assets 68.0 69.9 71.2 Net Intangible Assets 178.8 175.1 171.8 Net Financial Assets 4.6 3.0 3.1 Severance Staff, Provisions & Others (69.0) (74.2) (64.6) Net Capita
Slide 19: Cash Flow Statement Full Year 2005/2007
Cash Flow Statement Full Year 2005/2007 IAS-IFRS FY Ending December 31, 2005A 2006A 2007A PBT 13.6 19.3 25.6 Depreciation & Amortisation 10.7 10.2 10.7 Provisions & Impairments (4.0) 0.7 (2.4) Taxes (5.1) (4.9) (9.4) Net Interest 4.6 7.0 8.1 Change in other liabilities / (assets) (3.4) 0.6 (9.5) Ope