Slide 1: 1H16 Financial Results
1H16 FINANCIAL RESULTS September 21, 2016
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: 1H16 Highlights
2 1H16 Highlights Sales (€640.1m) grew 4.7% driven by network expansion Improved gross margin and good cost control +4.7% Increase in Net Sales generated sound profitability increase both at OVS and UPIM €75.1m EBITDA, €7.4m higher than 1H15 (+10.9%), with EBITDA margin increasing to 11.7% of sales
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance confirmed in 1H16 1H16 1H15 Key Metrics* € mln % of Net Sales € mln % of Net Sales Growth Net Sales 640.1 611.1 4.7% EBITDA 75.1 11.7% 67.7 11.1% 10.9% EBIT 51.0 8.0% 44.4 7.3% 14.8% PBT 44.5 7.0% 37.5 6.1% 18.7% Net Income 30.8 4.8% 24.3 4.0% 26.9%
Slide 5: Sales and EBITDA Performance in 1H16
4 Sales and EBITDA Performance in 1H16 Net Sales (€mln) EBITDA (€mln) Aggregate Performance 611 640 11.1% 11.7% Performance By Brand 12.3% 12.4% 4.3% 8.0% Margin %
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 31 July '16 31 July '15 Change Trade Receivables 83.7 65.0 18.6 Inventory 317.9 301.9 16.0 Trade Payables (350.1) (367.6) 17.4 Net Working Capital 51.4 (0.7) 52.1 • The working capital increased vs. July last year: – Higher trade receivables (+€18.6m vs 31 Ju
Slide 7: Capex
6 Capex 1H 2016 Capex breakdown (€ mln) New openings (c. 59% of total) IT and special projects (c. 16%), mainly related to operational projects Refurbishment of existing network (c. 15%) Total €29.7m Other investments related to network and logistics (c. 6%) Capex for a new show room and the mainten
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 31 July '16 31 July '15 Net Debt 321.7 319.2 EBITDA LTM 187.0 168.5 Leverage 1.7x 1.9x • As of 31st July 2016 net debt was broadly in line vs. the same period last year, despite the €34m dividend pay out in June 2016. • In the last 12 months, leverage declined to 1.7x (
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement € mln 1H16 1H15 EBITDA 75.1 67.7 Change in Net Working Capital (59.6) (13.1) Change in other assets (liabilities) (9.9) (11.5) Drivers of operating cash absorption in 1H16 (-€ 24.1), were mainly (i) the seasonality of the business Capex (29.7) (33.9) and (ii) the i
Slide 10: Outlook
9 Outlook • After a slow start in August, albeit a small month for OVS, and the beginning of September, trading has materially improved as temperatures returned to normal levels for the season. • The network continued to expand in the first part of the second semester: +31 stores, including 5 full f
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Balance Sheet Statement
11 Consolidated Balance Sheet Statement Delta vs. Delta vs. € mln 31 July ‘16 31 July ‘15 31 January ‘16 31 July ‘15 31 January ‘16 Trade Receivables 83.7 65.0 71.0 18.6 12.6 Inventory 317.9 301.9 289.7 16.0 28.2 Trade Payables (350.1) (367.6) (368.8) 17.4 18.7 Net Operating Working Capital 51.4 (0.