Slide 1: 9M21 Financial Results - 15 December 2021
9M21 Financial Results - 15 December 2021
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: 9M21 Highlights
2 9M21 Highlights Strong growth in Sales, EBITDA and cash generation 9M21 Net Sales amounted to €978m, +32.8% compared to the same period of 2020 and in line with those of 2019 (-1.3%). Strong IIQ and IIIQ sales performances allowed almost full recovery of sales lost in IQ21 due to lockdowns. Excell
Slide 4: Key Income Statement Items
3 Key Income Statement Items Fast recovery in profitability and excellent cash generation • Net Sales amounted to €978m, up by +32.8% vs. 9M20 and substantially in line with 9M19 (-1.3%), reporting a strong recovery in IIQ21 and IIIQ21 performances (IQ21 Net sales were down by -27.7% 31.10.2021 31.1
Slide 5: Aggregate Sales and EBITDA Performance in 9M21
4 Aggregate Sales and EBITDA Performance in 9M21 All brands and distribution channels are reporting good performances Net Sales (€mln) EBITDA (€mln) Dos&On line Aggregate Performance Franchising&Marketplace +33% 978.0 104,5 736.7 +161% 788,9 40,1 594,1 5.4% 10.7% 142,6 189,2 31 October 2020 31 Octob
Slide 6: 2019-2021 Net Debt and EBITDA Bridge – Pre and Post Covid-19
2019-2021 Net Debt and EBITDA Bridge – Pre and Post Covid-19 Group results 5 Improved financial structure with economic performances above pre-pandemic levels 9M21 EBITDA was €3.4m higher than 9M19 EBITDA, despite IQ21 still being affected by lockdowns. Flexibility on the cost structure, positive LF
Slide 7: 31Oct21 Consolidated Trade Working Capital
6 31Oct21 Consolidated Trade Working Capital Trade working capital in line vs. a year ago despite a significant increase in sales 31Oct21 31Oct20 Change €mln Oct21-Oct20 Trade Receivables 114.5 119.5 (5.1) Inventory 408.6 432.5 (24.0) Trade Payables (317.2) (354.1) 36.9 Trade Working Capital 205.9 1
Slide 8: 9M21 Capex
7 9M21 Capex Capex increase reflects a rebound after a 2020 with extraordinary focus on liquidity management A portion of DOS new openings are due to relocations of pre-existing stores. Additional sales contributions are expected in the coming quarters. 7,7 OVS Full Refurbishments-new project 16,3 5
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement Excellent cash generation thanks to solid economic performance and net working capital improvement €mln 9M21 9M20 EBITDA Adjusted 104.5 40.1 Adjustments (5.7) (9.1) Change in Trade Working Capital 21.8 (49.6) Other changes in Working Capital 29.6 6.5 Capex (56.8) (
Slide 10: Net Debt and Leverage
9 Net Debt and Leverage Solid cash flow allowed the target expected at YE to be reached with a quarter in advance € mln 31 October 2021 31 October 2020 Net Debt excluding MtM & IFRS16 254.8 356.9 Leverage on EBITDA (*) Adjusted Net Debt/EBITDA Adjusted LTM 1.9x 3.7x Leverage on EBITDA (**) 2.8x 4.0x
Slide 11: Outlook
10 Outlook • In November, more than one year in advance, the Company repaid the €250m bullet credit line, using proceeds from the issue of the Sustainability-Linked Bond in the amount of €160m and using €90m of the Group's available cash. All this will allow a significant saving in financial expense
Slide 12: FY21 updated guidance
11 FY21 updated guidance Considering the IIIQ Group performance and current trading, the FY21 F’cast Results have been updated: Old Guidance New Guidance Chg in estimates KPIs €/mln €/mln €/mln FY21 Net Sales 1.300 – 1.320 1.330 – 1.350 +30 / +30 FY21 Adjusted EBITDA 120 – 135 135 – 145 +15 / +10 (P
Slide 13: Appendix
12 Appendix Piombo F/W Collection – OVS housbrand
Slide 14: Consolidated Profit and Loss and related adjustments
13 Consolidated Profit and Loss and related adjustments 31.10.2021 Adjustments, 31.10.2020 Adjustments, 31.10.2021 31.10.2020 € mln Reported pre Normalizations Reported pre Normalizations IFRS16 & Reclass. Adjusted IFRS16 & Reclass. Adjusted Net Sales 978.0 978.0 736.0 (0.7) 736.7 EBITDA 97.9 (6.6)