Aeffe S.p.a. · MIL:AEF
Aeffe — H1 2007 Earnings Presentation
20 slides from Aeffe's earnings presentation, Sep 18, 2007
Slide 1: First Half 2007 Results Presentation
First Half 2007 Results Presentation
Slide 2: 1H 2007 Key Facts
1H 2007 Key Facts Consolidated Revenues +12.7% at € 141.6m (+14.9% at constant exchange rates) Consolidated EBITDA +51.6% at € 22.9m (margin of 16.2%), € 20.9m net of non recurring items (margin of 14.7%) Consolidated Net Income +121% at € 5.9m Consolidated Net Financial Debt of € 118.9m (€115.3m as
Slide 3: Net Sales Breakdown by Division
Net Sales Breakdown by Division 1H 2007 1H 2006 115.1 120 (€m) 120 (€m) 104.3 100 100 45.1 40.8 80 80 60 60 35.4 40 40 70.0 28.2 63.5 14.6 10.8 20 20 20.8 17.4 0 0 Prêt à porter (1) Footwear & Leather Goods (1) Prêt à porter(1) Footwear & Leather Goods (1) % of Growth 10.4% 25.7% 1H07 (1) % on Total
Slide 4: Net Sales Breakdown by Brand
Net Sales Breakdown by Brand 1H 2007 1H 2006 70 67.4 70 (€m) (€m) 59.0 60 60 30.0 50 50 26.2 40 40 29.6 30 30 25.5 23.8 10.5 20.4 9.1 20 37.4 8.9 20 11.2 32.8 7.7 10.7 9.5 10.0 10 19.1 2.3 10 16.4 2.6 3.3 14.9 3.6 12.7 8.9 8.1 6.7 5.9 0 0 Alberta Moschino Pollini J.P.Gaultier Others Alberta Moschino
Slide 5: Net Sales Breakdown by Region
Net Sales Breakdown by Region 1H 2007 1H 2006 70 70 (€m) (€m) 60 55.1 60 49.2 50 50 20.8 40 40 20.2 30.3 30 30 \ 25.1 11.9 18.4 20 16.8 8.9 17.2 34.3 20 15.4 11.3 9.8 6.6 6.6 29.0 10.8 5.8 7.8 6.7 10 5.9 18.4 10 3.6 16.2 4.0 10.2 11.8 3.3 11.4 5.5 6.2 6.8 8.7 4.5 0 (1) 0 (1) Italy Russia Europe Japa
Slide 6: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel 1H 2007 1H 2006 99.8 100 (€m) (€m) 88.1 100 90 80 34.3 80 29.4 70 60 60 50 40 33.7 40 30.6 65.5 30 58.7 16.6 15.5 20 20 8.1 7.0 17.1 4.4 10 15.1 3.7 4.1 0 2.9 Wholesale Retail Royalties 0 Wholesale Retail Royalties % of Growth 13.2% 10.4% 16.8% 1H07 % on Total Sales 70
Slide 7: Mono-brand Stores Network
Mono-brand Stores Network DOS 1H07 FY06 Europe 36 36 USA 1 1 Asia 38 38 Total 75 75 Franchising 1H07 FY06 Europe 37 33 USA 5 4 Asia 44 37 Total 86 74 7
Slide 8: Profitability Analysis
Profitability Analysis (€m) EBITDA(1): +38.2% 19.1 14.4 Prêt-à-porter(1) EBIT(1): +61.8% EBITDA 16.6% 13.8% (€m) 20.9 1H 2006 1H 2007 14.7% 15.1 15.7 12.0% 11.1% 9.7 (€m) 1.8 7.7% Footwear & Leather Goods(1) 0.7 EBITDA 5.0% 1H 2006 1H 2007 2.4% 1H 2006 1H 2007 EBITDA (1) EBITDA Margin (1) EBIT EBIT
Slide 9: Group Net Income and Income Taxes
Group Net Income and Income Taxes 1H Ending June 30, +120.8% (€m) 2006A 2007A PBT 6.6 13.4 (€m) 5.9 Current Taxes 3.8 6.1 4.1% Deferred Taxes 0.1 0.7 2.7 Total Taxes 3.9 6.8 2.1% Effective Tax Rate 59.3% 50.5% 1H 2006 1H 2007 Net Income Net income Margin 9
Slide 10: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS 1Q07 1H 2007 1Q06 1H 2006 FY2006 Net Working Capital 53.8 54.0 55.5 57.7 44.0 Net Tangible Assets 70.1 70.0 67.3 65.9 69.9 Net Intangible Assets 174.6 173.3 177.9 176.9 175.1 Net Financial Assets 3.0 2.9 4.5 3.3 3.0 Severance Staff, Provisions & Others (74.9) (72.6) (6
Slide 11: Summary Cash Flow
Summary Cash Flow IAS-IFRS 1H 2007 1H 2006 FY2006 PBT 13.4 6.6 19.3 Operating Cash Flow 4.3 0.7 33.0 Capital Expenditure (3.2) (1.1) (3.9) Free Cash Flow 1.1 (0.4) 29.1 Cash Flows from Financing Activities (5.3) 3.4 (20.8) Cash and cash equivalents at the beginning of the year 15.3 7.0 7.0 Cash Flow
Slide 12: Orders Backlog Fall/Winter 2007
Orders Backlog Fall/Winter 2007 160 (€m) +12% 140 120.1 120 107.6 100 80 60 40 20 0 2006 2007 12
Slide 13: Appendices
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Slide 14: Company Profile
Company Profile (1) Organisational Structure Ownership Structure Aeffe Fashion Group Chairman: Massimo Ferretti CEO: Simone Badioli JP Julius General Manager Morgan Morgan Baer Marcello Tassinari CFO COO Stanley 5.7% 3.3% Marcello Tassinari Roberto Gigli 3.8% Investor Relation Communication and Tull
Slide 15: Income Statement – First half 2006/2007
Income Statement – First half 2006/2007 IAS-IFRS 1Q07 2Q07 1H 2007 1Q 2006 2Q 2006 1H2006 Net Sales 86.3 55.3 141.6 76.7 48.9 125.6 % growth 12.5% 13.2% 12.7% Other Revenues 0.8 1.4 2.2 0.9 0.9 1.9 Non-Recurring Revenues 0.0 2.0 2.0 0.0 0.0 0.0 Total Revenues 87.1 58.7 145.8 77.7 49.9 127.5 % growth
Slide 16: Cash Flow Statement – First half 2006/2007
Cash Flow Statement – First half 2006/2007 IAS-IFRS 1H 2007 1H 2006 FY2006 PBT 13.4 6.6 19.3 Depreciation, Amortisation and Provisions 2.9 5.0 10.8 Taxes (5.6) (1.8) (4.9) Net Interest 4.3 3.1 7.0 Change in other liabilities / (assets) (10.7) (12.2) 0.6 Operating Cash Flow 4.3 0.7 33.0 Capital Expen
Slide 17: 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 18: 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 2.9% 10.0% Includes currency gains, sale of raw materials % growth 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 19: Balance Sheet Full Year 2004-2006
Balance Sheet Full Year 2004-2006 ITA GAAP IAS-IFRS (€m) As of December 31, 2004A 2005A 2006A Net Working Capital 45.4 46.8 44.0 In 2006, efficient Net Working Capital Management: 16.5% of net sales (vs. Net Tangible Assets 47.3 68.0 69.9 19.3% in 2004) Net Intangible Assets 143.1 178.8 175.1 Net Fi
Slide 20: 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