Aeffe S.p.a. · MIL:AEF
Aeffe — Investor Day (October 2007)
79 slides from Aeffe's investor day presentation, Oct 16, 2007
Slide 1: Aeffe Analyst Day
Aeffe Analyst Day San Giovanni in Marignano,16 October 2007
Slide 2: Management Team
Management Team Name Position Age Massimo Ferretti Executive Chairman 51 Simone Badioli CEO 38 Marcello Tassinari General Manager and CFO 44 Roberto Gigli COO 44 Antonella Tomasetti Chief Executive Officer Pollini 47 Annalisa Aldrovandi Investor Relations 37 2
Slide 3: Agenda
Agenda Time Speaker 10.30 – 11.00 Welcome coffee Introduction 11.00 – 11.10 Massimo Ferretti Massimo Ferretti Brand Portfolio 11.10 – 11.45 Antonella Tomasetti Business Model Overview 11.45 – 12.15 Roberto Gigli Marketing & Communication 12.15 – 12.20 Simone Badioli Distribution 12.20 - 12.25 Simone
Slide 4: Introduction
Introduction Massimo Ferretti
Slide 5: Our History
Our History 1980 1983 1985 1994 1997 Alliance with Franco Opening of the first Alberta Licensing agreement with Licensing agreement with Aeffe S.p.A. is founded Moschino begins Ferretti boutique in Milan Jean Paul Gaultier Narciso Rodriguez 1999 2001 2002 2004 2005 Acquisition of majority Acquisitio
Slide 6: Unique Portfolio of International Luxury Brands
Unique Portfolio of International Luxury Brands Owned Licensed Strong brand personality Offering a broad range of products Philosophy Jean Paul Alberta Ferretti Gaultier2 di Alberta Ferretti Gaultier Product mix addressing most of high-end customers needs Strong international presence with further e
Slide 7: Brand Portfolio
Brand Portfolio Massimo Ferretti – Antonella Tomasetti
Slide 8: Complete and Complementary Brand Portfolio
Complete and Complementary Brand Portfolio Broad portfolio of 7 complementary brands High All positioned in the high-end of the market Medium Each with a unique appeal Image From the feminine elegance of Alberta Ferretti to the provocative collections of Jean Paul Gaultier Low Competing, both in ima
Slide 9: Alberta Ferretti – The Brand Value
Alberta Ferretti – The Brand Value Global brand, launched in 1981 Second largest brand with c.20% of total 2006 Group net sales Prêt-à-porter Beachwear Prêt-à-porter Loungewear Core value: contemporary feminine Runway elegance and glamour Since 1984, “Philosophy di Alberta Ferretti” brand Footwear B
Slide 10: Alberta Ferretti – The Products
Alberta Ferretti – The Products Broad range of products under the Alberta Ferretti brand 94% of sales still in the prêt-à-porter segment Rapidly expanding in footwear and leather goods (6% of sales in 2006) Prêt-à-porter Underwear Platform for brand extension now in place Kids’ wear Accessories Frag
Slide 11: Alberta Ferretti – Performance
Alberta Ferretti – Performance The Performance Strong topline growth momentum: (€m) +14.3% 2006 vs. 2005 +14.3% +16.2% 52.8 46.2 +16.2% 1H 07 vs. 1H 06 29.6 19.8% 19.1% 25.6 20.9% Future brand extension will further fuel growth 20.3% and profitability 2005A 2006A 1H 2006 1H 2007 Net Sales % on total
Slide 12: Alberta Ferretti – Future Strategy
Alberta Ferretti – Future Strategy Development of existing collections both internally and through new partnerships aimed at brand extension: Women’s wear • • Alberta Ferretti and Philosophy shoes, bags and leather goods Lingerie • • Alberta Ferretti and Philosophy lingerie and beachwear Beachwear •
Slide 13: Moschino – The Brand Value
Moschino – The Brand Value Brand known for challenging fashion stereotypes Group’s largest brand with c.47% of Group 2006 total net sales Runway Core values: playful glamour Strong couture technique and culture Distinctive features of brand image: strong use of social themes. Accessories 13
Slide 14: Moschino – The Products
Moschino – The Products Complete range of products under the Moschino brand Eyewear 77% of Moschino sales still in women’s prêt-à- Handbags porter Footwear Women’s Prêt-à-porter 11% of Moschino sales in footwear and leather goods Consolidated presence in fragrances (since 1985), eyewear (1995) and w
Slide 15: Moschino – Performance
Moschino – Performance 2006 vs 2005 increase is 7.0% The Performance Strong growth momentum in core segments (€m) Prêt-à-porter: +9% 2006 vs. 2005 +7.0% +14.2% 125.5 Footwear and leather goods: +27% 2006 vs. 117.3 67.4 2005 The growth in the FY 06 is affected by renegotiation 48.5% 59.0 47.6% of eye
Slide 16: Moschino – Future Strategy
Moschino – Future Strategy Strong development of the shoes and bags collections with the brands Moschino, Moschino Cheap and Chic and Moschino Jeans Women’s wear • • • Men’s wear • • Increase and strengthening of Moschino license agreements, specifically eyewear, Kids’ wear • watches and fragrances
Slide 17: Jean Paul Gaultier – The Brand Value
Jean Paul Gaultier – The Brand Value Jean Paul Gaultier is widely recognized as the “enfant prodige” of international couture, constantly reinventing the rules of fashion Since 1994, Aeffe produces and distributes the designer’s ready-to-wear collections Contributes c.8% to Group 2006 total net sale
Slide 18: Jean Paul Gaultier – The Products
Jean Paul Gaultier – The Products Group license covers exclusively worldwide production and distribution of ready-to-wear apparel for Jean Paul Gaultier and Gaultier2 brands New future projects include production of footwear Today, Jean Paul Gaultier brand is still focused on the Prêt-à-porter lines
Slide 19: Jean Paul Gaultier – Performance
Jean Paul Gaultier – Performance High growth in revenues: The Performance + 25%, 2006 vs. 2005 Growth supported by significant growth across nearly all geographies +24.9% +4.2% Far East (ex Japan): +62% 21.5 17.2 8.1% Europe (ex Italy): +52% 7.1% 10.7 11.2 Americas: +32% 7.9% 8.5% Italy: +15% 2005A
Slide 20: Jean Paul Gaultier – Future Strategy
Jean Paul Gaultier – Future Strategy Brand extension into footwear Women’s wear • • Rapid expansion of franchised stores over the next few years with 15-20 store openings, mainly in Europe and the Middle East New partnership agreements with importers Men’s underwear • (Middle East) Increased penetra
Slide 21: Pollini – The Brand Value
Pollini – The Brand Value Founded in 1953, Pollini is internationally acknowledged to represent the best tradition of Italian footwear and leather goods craftsmanship Represents c.18% of total 2006 Group net sales Footwear Bags Leather goods Core values: superior quality and design Accessories (“Mad
Slide 22: Pollini – The Products
Pollini – The Products The company’s core business since 1953 is the production of: Footwear Leather goods, specifically handbags Footwear “Studio Pollini” brand is the youth-oriented brand of the maison In 2003, introduction of prêt-à-porter product line, directed by Rifat Ozbek to improve Prêt-à-p
Slide 23: Pollini – Performance
Pollini – Performance The Performance Significant growth in revenues: (€m) +12.8% 2006 vs. 2005 +12.8% +16.9% + 16.9% 1H 07 VS. 1H 06 47.9 42.5 23.9 Significant growth supported by all 20.4 18.0% geographies in the 1H 07 17.6% 16.9% 16.3% Russia: +35% 2005A 2006A 1H 2006 1H 2007 Americas: +26% Net S
Slide 24: Pollini – Future Strategy
Pollini – Future Strategy Develop existing collections, with strong focus on: Further develop shoes and bags under Pollini brand Shoes • • New license agreements Leather goods • Eyewear • In Process: Women’s wear • Scarves Eyewear • Umbrellas • Scarves • Platform for brand extension now in place: Fr
Slide 25: Tactic Brands
Tactic Brands Sport chic Innovative and print Fresh and feminine Key Characteristics intensive Ski and après-ski apparel Prêt-à-porter Beachwear Products Lingerie Fitness Luxury active wear Young couture High-end active wear Positioning % of 2006 Group’s 0.6% 0.5% 2.6% Revenues 25
Slide 26: License Expiry and Renewals
Licenses Renewals Negotiations in Advanced Stages Expiry 2008 2009 2011 2013 2015 In final stage of After 2009, the negotiation process agreement will be for renewal of automatically licensing renewed every season 26
Slide 27: Business Model Overview
Business Model Overview Roberto Gigli
Slide 28: Business Model Overview
Business Model Overview Production Design and Sales Marketing & Research & Campaign & Quality Control Distribution Communication Development Procurement Logistics Consolidated Order-driven Flexible and Centralised Presence in over 80 experience of procurement efficient production communication count
Slide 29: Product Development and Relationship with Designers
Product Development and Relationship with Designers Designers/Brands The most significant element that characterises the business model of the Group is the independence of the individual maisons (“Modello a isole”) Uniqueness of each maison pursued by providing each designer with: Alberta Moschino P
Slide 30: Joint and Coordinated R&D Efforts
Joint and Coordinated R&D Efforts Conceptualisation of design Designer Choice of colours and materials Design creation Design Department Product development in accordance with the unique characteristics of each maison Creation of first paper pattern / 1st prototype Close collaboration between the de
Slide 31: Order-Driven System Through Pre-Production Sales Campaign
Order-Driven System Through Pre-Production Sales Campaign Orders by clients are made during the pre- production sales campaign Production Programming The sales campaign lasts ca. 5 Technical months Identify materials/components management required for production respecting cost targets Orders are ta
Slide 32: Integrated and Flexible Business Model
Integrated and Flexible Business Model Outsourced Production Complete outsourcing of production for Prêt-à- porter and partial outsourcing for Footwear and Stages Leather Goods • Embroidering • Printing • Manufacturing Segmentation of production in various phases, • Other special processes each outs
Slide 33: Outsourced Production (Prêt-à-porter – Woman)
Outsourced Production (Prêt-à-porter – Woman) Careful selection of best-in-class Italian manufacturers Agreement on Product & Materials Specifications Strict control of industrial process through on-site direct inspections Samples Check 18 individuals involved in control of industrial process Start
Slide 34: Footwear & Leather Goods
Footwear & Leather Goods The most sophisticated footwear collections are primarily produced in-house (c.35% of total production) High level of craftsmanship and complexity required for this process Leather goods production outsourced to selected Italian third party manufacturers The main phases of t
Slide 35: Strict Quality Control
Strict Quality Control Continuous and careful quality control over the entire production cycle Continuous monitoring of suppliers, which must comply with specific control requirements Specialised internal quality control personnel are responsible for analysing the quality of the products as well as
Slide 36: Logistics Network
Logistics Network Production Logistics Distribution Logistics Suppliers of Raw Materials Production Finished Products Markets Raw Materials Warehouses Facilities Warehouses/Regions Italy Prêt-à-porter (686) San Giovanni in San Giovanni in Gatteo Marignano Europe Marignano Gatteo Third parties Gatteo
Slide 37: Marketing & Communication
Marketing & Communication Simone Badioli
Slide 38: Distinctive and Effective Marketing and Promotion
Distinctive and Effective Marketing and Promotion As % of 3 pillars of communication strategy: Net Sales: 8.3% 8.2% Dedicated public relations activities (€m) 21.8 20.1 Dedicated advertising campaigns for each brand (in general 2 campaigns p.a.) 6.2 5.3 Fashion shows and events 3.2 3.0 Consolidated
Slide 39: Distribution
Distribution Simone Badioli
Slide 40: Tailored Distribution System
Tailored Distribution System Well-balanced distribution system based on strategic considerations 2006 Sales breakdown by channel Use of directly operated store (DOS) format only in prestigious and strategic Royalties 4.8% locations Use on mono-brand franchised stores to maximise economic return and
Slide 41: Global Reach of Mono-brand Retail Network
Global Reach of Mono-brand Retail Network Established retail presence with 161 mono-brand stores worldwide 75 DOS (28 Italy, 47 abroad) High visibility and control 86 mono-brand points of sale managed by third parties 43 franchised free-standing mono-brand stores 43 corners / shop-in-shops New agree
Slide 42: Moschino Far East Joint Venture
Moschino Far East Joint Venture Moschino DOS in Asia Singapore (1) Taiwan (3) Korea (7) Japan (15) Singapore (1) Kaoshiung (2) Daegu (1) Osaka (4) In December 2002, Moschino Core (1) Seoul (5) Fukuoka (1) Pusan (1) Tokyo (4) entered into a JV agreement with Kobe City (1) Kyoto (2) Bluebell, one of t
Slide 43: Financial Overview
Financial Overview Marcello Tassinari
Slide 44: Key financial data
Key financial data (€m) 1H 2007 1H 2006 FY2006 Net sales 141.6 125.6 266.1 12.7 % % of growth 10.0% (14.9 % at constant exchange rate) Ebitda 22.9 15.1 37.1 Margin (% of Net sales) 16.2% 12.0% 13.9% Ebitda adjusted 20.9 15.1 32.9 Margin (% of Net sales) 14.7 % 12.0% 12.4% Net income 5.9 2.7 8.0 Net
Slide 45: Net Sales Breakdown by Division
Net Sales Breakdown by Division 1H 2007 1H 2006 115.1 (€m) 120 (€m) 120 104.3 100 100 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) 1H07 % of 10.4% 25.7% Growth (1) % on Total
Slide 46: 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 47: 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 Japan
Slide 48: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel 1H 2007 1H 2006 99.8 100 (€m) (€m) 100 88.1 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 1H07 % of 13.2% 10.4% 16.8% Growth % on Total Sales 70
Slide 49: 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 49
Slide 50: 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 51: Group Net Income and Income Taxes
Group Net Income and Income Taxes 1H Ending June 30, +120.8% (€m) 2006A 2007A (€m) PBT 6.6 13.4 5.9 Current Taxes 3.8 6.1 2.7 4.1% Deferred Taxes 0.1 0.7 2.1% Total Taxes 3.9 6.8 1H 2006 1H 2007 Effective Tax Rate 59.3% 50.5% Net Income Net income Margin 51
Slide 52: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS (€m) 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.
Slide 53: Summary Cash Flow
Summary Cash Flow IAS-IFRS (€m) 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
Slide 54: 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 54
Slide 55: Strategy
Strategy Simone Badioli
Slide 56: The Path Ahead
The Path Ahead 1 Enhance Distribution Boost Profitability Growth in Footwear 2 & Cash Generation and Leather Goods Improve 4 Brand Extension 3 Operating Efficiency 56
Slide 57: Enhance Distribution - Internationalisation
1 Enhance Distribution - Internationalisation ad O S Abro 81-85 75 +6-10 D 47 c.67 % 63% DOS 28 37% c.33% 2006A 2009E 164-174 ised 0 0 franch +9 0- 1 road e s m a inly ab stor Franchised Stores 74 c. 91% 64 86% 10 14% c.9% 2006A 2009E Italy Abroad 57
Slide 58: Growth in Footwear & Leather Goods
2 Growth in Footwear & Leather Goods Further expand Alberta Ferretti footwear & leather goods Increase Moschino presence in the leather goods segment Positioning of the Pollini brand from footwear Alberta Ferretti - Footwear Moschino - Bag towards bags and leather accessories Introduce and develop J
Slide 59: Brand Extension
3 Brand Extension New license agreements Children’s apparel with Alberta Ferretti brand Further strengthening current license agreements Moschino - Eyewear Fragrances Moschino - Children Eyewear Watches Jeans Agreement with Elite Group for the license of eyewear line “Studio Pollini” Pollini - Eyewe
Slide 60: Capturing Benefits of Operating Leverage Effect
4 Capturing Benefits of Operating Leverage Effect Rationalisation of supply chain in footwear & COGS leather goods Increase retail presence Product mix improvement EBITDA Margin Strict control of overheads SG&A Fully exploit economies of scale Fixed costs expected to remain stable 60
Slide 61: Questions & Answers
Questions & Answers
Slide 62: Lunch Break
Lunch Break
Slide 63: Appendices
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Slide 64: 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 65: Market Overview - A Large Market
Market Overview - A Large Market Prêt-à-porter Woman In 2006, the global luxury market was estimated at €159bn 14% Luxury goods market is generally Prêt-à-porter characterised by products that are Other (1) Man 42% 14% distinguished by Absolute relevance of the brand 11% High design content Leather
Slide 66: Market Overview - A Global Market
Market Overview - A Global Market RoW Consumption of luxury goods is relatively Rest of Asia concentrated in developed economies 5% 10% Europe Europe, the Americas and Japan still 35% represent c.85% of the global market Japan 15% Asia (excluding Japan) is the area showing highest growth potential 3
Slide 67: Market Overview – A Growing Market
Market Overview – A Growing Market CAGR . Global Luxury Market by Category ’04 -’06E ’06E -’09E 199.0 9.9% 7.7% Positive growth momentum in the luxury 159.1 143.8 goods market: +9.9% CAGR 2004A/2006E 131.6 7.3% 6.1% 42% 43% Expected to continue: +7.7% CAGR 44% 5.7% 4.0% 11% 12.5% 8.6% 2006E/2009E 11
Slide 68: Market Overview - Driven by Increasing Number of High Net Worth Individuals
Market Overview- Driven by Increasing Number of High Net Worth Individuals 2005/10E Increasing number of HNWI, becoming 7.7m 8.2m 8.7m CAGR wealthier and wealthier 44.6 6.0% 1.0 4.6% 1,8 8.4% 5,5 5.5% HNWI financial wealth expected to (US$tn) 33.3 reach US$44.6tn by 2010, growing 0.8 10,6 6.9% 30.7
Slide 69: Aeffe History
Aeffe History Partnership agreement In 1984, the designer with Jean Paul Gaultier for the production and Opening of “Philosophy Aeffe acquires a majority Aeffe begins a creates the new Licensing agreement for distribution of the “Jean di Alberta Ferretti” stake in Pollini, company partnership with t
Slide 70: Moschino History
Moschino History Moschino designs the clothes of women bearing countries’ Opening of Moschino placards during 2006 Winter fashion house. On 7th Launch of the Olympics Opening October, the first prêt-à- The first Opening of the first man and Launching of Ceremony. Moschino was porter collection, frag
Slide 71: Pollini History
Pollini History Pollini signs a license It starts producing shoes Pollini starts distributing its agreement with Elite under the brand Pollini, own products through Group S.r.l. for the Pollini begins its activity presenting thematic collections franchised shops which, production and following the c
Slide 72: Group Structure
Group Structure Minority interests owned by: - Moschino S.p.A.: 30% by SINV S.p.A. - Moschino Far East: 49,9% by Bluebell Ltd. - Ozbek Ltd: 8% by Rifat Ozbek - Divè: 25% by Angela Filippini - AV Suisse: 30% by Gustavo Sangiorgi - Pollini S.p.A.: 28% by Four Pollini S.r.l. 72
Slide 73: Key Managers’ Curricula Vitae
Key Managers’ Curricula Vitae Name Description Age 38, Simone is CEO of Aeffe Group. He was born in Rimini in 1969. He earned a degree in Economics from the University of Bologna and is an entrepreneur in the field of fashion and real estate. In 1997 he was appointed Co-Chief Executive Officer of Ae
Slide 74: Board of Directors’ Curricula Vitae
Board of Directors’ Curricula Vitae Name Description Age 51, Massimo is Chairman of the Board of Directors of Aeffe Group. He was born in Cattolica (RN) in 1956. In 1980, Massimo and his sister Alberta Massimo Ferretti founded Aeffe. Currently he is Chairman of Aeffe, devoting himself to developing
Slide 75: Summary Income Statement
Summary Income Statement IAS-IFRS (€m) 1H 2007 1H2006 2006A 2005A Net Sales 141.6 125.6 266.1 241.9 % growth 12.7% 10.0% 2.9% Includes currency gains, sale of raw materials Other Revenues 2.2 1.9 4.7 2.6 and rents received Non-Recurring Revenues 2.0 0.0 4.2 5.4 In 1H07, sale of Narciso Rodriguez LLC
Slide 76: Revenues Breakdown
Revenues Breakdown (€m) FY 2005A FY 2006A Growth 2005/06A By Region Italy 90.4 104.1 15.2% Europe (excluding Italy) 51.8 60.1 16.1% USA 33.8 33.0 (2.3%) Russia n.a. 13.1 n.a. (2) RoW 66.0 55.8 n.m. Total 241.9 266.1 10.0% By Brand Alberta Ferretti 46.2 52.8 14.3% Moschino 117.4 125.5 7.0% Pollini 42
Slide 77: 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 78: Cash Flow Statement
Cash Flow Statement IAS-IFRS (€m) 1H 2007 1H 2006 FY2006 FY2005 PBT 13.4 6.6 19.3 13.6 Depreciation, Amortisation and Provisions 2.9 5.0 10.8 6.7 Taxes (5.6) (1.8) (4.9) (5.1) Net Interest 4.3 3.1 7.0 4.6 Change in other liabilities / (assets) (10.7) (12.2) 0.6 (3.4) Operating Cash Flow 4.3 0.7 33.0
Slide 79: Important Information
Important Information The information provided in this presentation is being furnished to you solely for your information on a confidential basis. Neither this document nor any copy thereof may be reproduced, redistributed or passed on, in whole or in part, to any other person. Neither this presenta