Slide 1: 1Q19 Financial Results
1Q19 FINANCIAL RESULTS June 19, 2019
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: 1Q19 Highlights
2 1Q19 Highlights Market share increased at 8% (+15bps vs. Apr 2018). Net Sales amounted to €317.5m, stable vs. 1Q18. The network expanded by 16 stores, of which 3 Full Format 8% Italian market share DOS in Italy. In line with our expectations, adjusted EBITDA reached €25.1m, €5.0m lower than 1Q18,
Slide 4: Key Income Statement Items
3 Key Income Statement Items Results in line with expectations and continuous improvement at cash flow level • Net Sales amounted to €317.5m, down by €2.9m (or -0.9%) 30.04.2019 30.04.2018 Chg. Chg. % compared to the same period of last year despite a market € mln 30.04.2019 Adjusted 30.04.2018 Adju
Slide 5: Aggregate Sales and EBITDA Performance in 1Q19
4 Aggregate Sales and EBITDA Performance in 1Q19 Net Sales (€mln) EBITDA (€mln) Aggregate Performance 9.4% 321(**) 317 7.9% Performance By Brand 9.4% 7.6% 9.5% 9.1% (*) EBITDA margin calculated excluding the sell-in to Sempione Fashion AG Margin % (*) (**) Excluding the sell-in to Sempione Fashion A
Slide 6: 30Apr19 Consolidated Trade Working Capital
5 30Apr19 Consolidated Trade Working Capital €mln 30Apr19 30Apr18 Trade Receivables 130.8 111.3 Inventory 388.9 382.1 Trade Payables (*) (300.3) (358.2) Trade Working Capital 219.3 135.2 The trade working capital structure shows the recovery at inventory level, which after the peak reached in the 3Q
Slide 7: Capex: lower investments dedicated to new openings
Capex: lower investments dedicated to new openings. In March, additional 20 stores have 6 been refurbished at a lower capex per sqm compared to the past 1Q2019 Capex breakdown (€ mln) New openings (c. 14% of total) OVS Full Refurbishments–new project (c. 44% of total) General Refurbishments & mainte
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 30 April 2019 30 April 2018 Net Debt excluding MtM & IFRS16 445.4 423.5 Leverage on EBITDA (*) 3.2x 2.1x Adjusted Net Debt/EBITDA Adjusted LTM Leverage on EBITDA (**) 3.1x 1.8x Adj. Average last 12 months Net Debt/EBITDA Adjusted LTM Notes: (*) calculated on Net Debt at
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement €mln 1Q19 1Q18 Eur/mln 31Oct18 Net Debt 440.4 EBITDA Adjusted 25.1 30.1 30Apr19 Net Debt 445.4 Actual last 2 Quarters cash generation/(absorption) (5.0) Change in Trade Working Capital (60.9) (88.1) Change in other Assets (liabilities) (17.4) (14.9) 31Oct17 Net Deb
Slide 10: Outlook
9 Outlook • After a good start of 2019, April and May were both impacted by heavily unfavorable weather temperatures (the reference market declined by -9.4% and by -10.9% in April and May respectively). June temperatures went back to normal and consumer reaction was impressive: this testifies once a
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Profit and Loss and related adjustments
11 Consolidated Profit and Loss and related adjustments Adjustments, Adjustments, 30.04.2019 30.04.2018 Chg. Chg. % € mln 30.04.2019 Normalizations IFRS16 30.04.2018 Normalization & Reclass. Adjusted s & Reclass. Adjusted (Adjusted) (Adjusted) Net Sales 317.5 317.5 353.0 353.0 (35.5) (10.1%) Net Sal
Slide 13: IFRS16 main Impacts
12 IFRS16 main Impacts EBITDA EBIT PBT Net Debt Eur/mln 1Q19 Eur/mln 1Q19 Eur/mln 1Q19 Eur/mln 30Apr19 Adjusted EBITDA 25.1 Adjusted EBIT 11.3 Adjusted PBT 7.6 Adjusted Net Debt 445.4 IFRS16 impact 43.3 A. IFRS16 impact 6.5 B. IFRS16 impact (6.1) C. IFRS16 impact 896.1 D. Other Adj/Reclass (6.4) Oth