Slide 1: 9M17 Financial Results
9M17 FINANCIAL RESULTS December 11, 2017
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: 9M17 Highlights
2 9M17 Highlights Total Net Sales reached €1,124m, or €1,031m excluding the sell-in to Charles Vögele. The growth was mainly driven by network expansion, despite the YTD contraction of 1.7% in the domestic market. +4.6% Increase in Net Sales (excluding Charles Vögele sell-in) 9M17 EBITDA continued t
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance confirmed in 9M17 9M17 9M16 €mln 31 October '17 % on Net Sales** 31 October '16 % on Net Sales Growth Net Sales** 1,031.4 986.2 4.6% EBITDA* 138.0 13.4% 125.9 12.8% 9.6% EBIT* 99.0 9.6% 88.5 9.0% 11.8% EBT* 91.5 8.9% 76.8 7.8% 19.2% • Net Sales grew
Slide 5: Performance By Brand
4 Sales and EBITDA Performance in 9M17 Net Sales (€mln) EBITDA (€mln) Aggregate Performance 1,124 986 12.8% 13.4% Performance By Brand 13.3% 13.7% 9.6% 11.7% Margin % Net sales by brand exclude sell-in to Charles Vögele.
Slide 6: Consolidated Trade Working Capital
5 Consolidated Trade Working Capital Improvement of €46.7m compared to 9M16 €46.7m of lower cash absorption • Trade working capital is €9.7m higher compared to the one at 31Oct16. Most importantly, we underline that in the first nine months of 2017, where trade working capital is cash absorbing, ref
Slide 7: Capex
6 Capex 9M 2017 Capex breakdown (€ mln) Refurbishment, maintenance and other commercial projects of the existing network (c. 31.9%) New openings (c. 30.4% of total) IT and special projects (c. 21.1%), mainly related to operational projects Capex for the maintenance of the headquarter building, logis
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 31 October '17 31 October '16 Net Debt 365.7 351.5 Net Debt excluding MtM derivatives 334.8 366.6 EBITDA LTM 198.7 187.3 Leverage excluding MtM derivatives 1.7x 2.0x • As of 31st October 2017 net debt was equal to €334.8m excluding MtM derivatives, and to €365.7m report
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement € mln 9M17 9M16 EBITDA 138.0 125.9 Change in Net Working Capital (73.7) (120.4) Operating cash flow improved by +€52.6m, Change in other assets (liabilities) 3.8 6.0 even in presence of capex increase of about Capex (46.8) (42.9) +€4m compared to last year. This is
Slide 10: Outlook
9 Outlook • In November, sales performances were positevely affected by autumn temperatures, while physical stores and the e-commerce channel took full advantage of «Black Friday», resulting in a positive contribution in absolute terms at gross margin level. • The network continued to expand in the
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Profit and Loss and related adjustments
11 Consolidated Profit and Loss and related adjustments o/w: o/w: non recurring; non recurring; 31.10.2017 31.10.2017 31.10.2016 31.10.2016 € mln Stock Option; Stock Option; Reported Derivatives; Adjusted Reported Derivatives; Adjusted PPA PPA Net Sales 1,124.3 1,124.3 986.2 986.2 EBITDA 135.8 (2.2)
Slide 13: Consolidated Balance Sheet Statement
12 Consolidated Balance Sheet Statement Var. Oct17- Var. Oct16- €mln 31 October '17 31 October '16 Jan17 Jan16 Trade Receivables 148.5 113.5 73.2 42.5 Inventory 374.0 344.1 33.4 54.5 Trade Payables (400.6) (345.4) (32.9) 23.4 Net Operating Working Capital 121.9 112.2 73.7 120.4 Other assets/(liabili