Aeffe S.p.a. · MIL:AEF
Aeffe — 9M 2008 Earnings Presentation
19 slides from Aeffe's earnings presentation, Nov 14, 2008
Slide 1: Nine Months 08 Results Presentation
Nine Months 08 Results Presentation 14, 14, November 2008
Slide 2: 9M 08 Key Facts
9M 08 Key Facts Consolidated Revenues at € 239.9m, +4.6% at constant exchange rates and excluding the effect of the termination of the Narciso Rodriguez licence (+1.2% reported) Consolidated EBITDA at € 36.3m (margin of 15.3%) Consolidated Net Income at € 12.7m (margin of 5.4%) Consolidated Net Fina
Slide 3: Net Sales Breakdown by Division
Net Sales Breakdown by Division (1) 9M 2008 9M 2007 (€m) (€m) 188.9 188.0 200 200 150 73.8 150 71.4 100 100 46.0 45.1 62.1 58.7 50 25.0 50 23.3 70.6 70.0 12.9 14.6 24.2 20.8 0 0 9M 08 Prêt à porter Footwear & Leather Goods Prêt à porter Footwear & Leather Goods % Organic Growth 3.8% 5.8% 9M 08 % Rep
Slide 4: Net Sales Breakdown by Brand
Net Sales Breakdown by Brand 9M 2008 9M 2007 (€m) (€m) 120 111.0 120 105.6 100 100 40.3 38.2 80 80 60 51.7 60 51.1 30.6 42.7 30.0 40.7 40 20.9 40 21.5 17.8 16.8 20.0 21.2 12.1 10.5 15.4 20 40.1 7.9 11.3 20 37.4 8.9 10.1 10.0 2.3 5.9 18.7 17.0 1.6 3.1 19.1 14.9 3.6 2.0 8.3 6.2 8.9 5.9 0 0 Alberta Mos
Slide 5: Net Sales Breakdown by Region
Net Sales Breakdown by Region 9M 2008 9M 2007 (€m) (€m) 100 92.9 100 90.4 90 90 80 35.7 80 70 35.3 70 60 51.7 60 52.0 50 20.1 50 35.8 20.8 40 21.3 40 21.7 31.1 30 22.1 14.4 30 25.4 10.6 20.2 19.6 11.9 12.7 20 14.1 15.5 8.6 37.1 8.5 7.0 7.7 20 34.3 8.2 6.6 5.4 5.7 6.6 10 6.5 19.8 5.9 10 5.9 18.4 3.5
Slide 6: Net Sales Breakdown by Channel
Net Sales Breakdown by Channel 9M 2008 9M 2007 (€m) 172.0 180 180 (€m) 169.8 160 160 140 69.3 140 70.0 120 120 100 100 33.4 34.3 80 80 49.1 51.5 60 60 40 16.9 40 17.8 69.3 65.5 15.6 16.1 16.6 12.7 20 20 5.9 4.6 16.1 4.8 17.1 4.4 0 4.9 3.7 0 9M 08 Wholesale Retail Royalties % Organic Wholesale Retail
Slide 7: Mono-brand Stores Network
Mono-brand Stores Network DOS 9M 08 FY07 Europe 37 36 USA 3 1 Asia 38 38 Total 78 75 Franchising 9M 08 FY07 Europe 46 41 USA 7 6 Asia 74 52 Total 127 99 7
Slide 8: Profitability Analysis
Profitability Analysis (€m) EBITDA(1):( 2.4%) 33.3 30.4 (€m) Prêt-à-porter 17.6% 37.23 16.2% EBITDA(1) 36.33 9M 07 9M 08 15.9% 15.3% (€m) 5.89 3.98 Footwear & Leather Goods EBITDA(1) 9.5% 6.8% 9M 07 9M 08 9M 07 9M 08 (1) EBITDA EBITDA Margin (1) Net of Non Recurring Items 8
Slide 9: Group Net Income and Income Taxes
Group Net Income and Income Taxes +4.6% (€m) 12.74 9M Ending September 30, 12.18 (€m) 2007A 2008A PBT 25.4 24.2 Current Taxes (10.6) (9.2) 5.2% 5.4% Deferred Taxes (0.9) 0.3 Total Taxes (11.5) (8.9) Effective Tax Rate 45.2% 36.8% 9M 07 9M 08 Net Income Net income Margin 9
Slide 10: Summary Balance Sheet
Summary Balance Sheet IAS-IFRS 9M 08 FY 2007 9M 07 Net Working Capital 81.6 51.6 63.2 Net Tangible Assets 75.3 71.2 70.6 Net Intangible Assets 171.7 171.8 172.4 Net Financial Assets 2.6 3.1 2.8 Severance Staff, Provisions & Others (64.0) (64.6) (70.6) Net Capital Employed 267.2 233.1 238.4 Group Sha
Slide 11: Summary Cash Flow
Summary Cash Flow IAS-IFRS 9M 08 FY2007 9M 07 PBT 24.2 25.6 25.4 Operating Cash Flow (3.5) 23.1 7.0 Capital Expenditure (11.6) (9.5) (5.7) Free Cash Flow (15.1) 13.6 1.3 Cash Flows from Financing Activities 14.5 (14.4) 0.8 Cash and cash equivalents at the beginning of the year 14.5 15.3 15.3 Cash Fl
Slide 12: Appendices
Appendices
Slide 13: Company Profile
Company Profile Organisational Structure Ownership Structure (1) Aeffe Fashion Group Aeffe, 2.79% Chairman: Massimo Ferretti Mediobanca, Henderson CEO: Simone Chief Badioli Executive Merril Lynch, 2.06% Global Officer Simone Badioli 2.94% Investor, General 2.98% Manager/CFO Marcello Tassinari COO Ro
Slide 14: Income Statement – 9 Months 2008/2007
Income Statement – 9 Months 2008/2007 IAS-IFRS 3Q 2008 9M 2008 3Q 2007 9M 2007 Net Sales 92.2 236.8 92.4 234 % growth (0.2%) 1.2% 7.8% 10.7% Other Revenues 1.8 4.3 0.3 2.5 Non-Recurring Revenues 0.0 0.0 2.0 Total Revenues 94.0 241.1 92.7 238.5 % growth 1.4% 1% 7.1% 11.4% Raw Materials Costs (27.8) (
Slide 15: Cash Flow Statement – 9 Months 2008/2007
Cash Flow Statement – 9 Months 2008/2007 IAS-IFRS 9M 08 FY 2007 9M 07 PBT 24.2 25.6 25.4 Depreciation, Amortisation and Provisions 7.4 8.3 5.4 Taxes (9.4) (9.4) (5.7) Net Interest 4.2 8.1 6.0 Change in other liabilities / (assets) (29.9) (9.5) (24.2) Operating Cash Flow (3.5) 23.1 7.0 Capital Expend
Slide 16: Income Statement Full Year 2005-2007
Income Statement Full Year 2005-2007 IAS-IFRS (€m) FY Ending December 31, 2005A 2006A 2007A Net Sales 241.9 266.1 293.2 Includes currency gains, sale of raw materials % growth 2.9% 10.0% 10.2% and rents received Other Revenues 2.6 4.7 3.5 Non-Recurring Revenues 5.4 4.2 2.2 In 2007 sale of Narciso Ro
Slide 17: Revenues Breakdown
Revenues Breakdown (€m) FY Ending December 31, Growth 2005A 2006A 2007A CAGR 2005/07A 2006/07A By Region Italy 90.4 104.1 113.0 11.8% 8.6% Europe (excluding Italy) 51.8 60.1 69.7 16% 15.9% USA 33.8 33.0 32.3 (2.2%) (2.2%) Russia n.a. 13.1 22.1 n.a. 68.8% (1) RoW 66.0 55.8 56.1 (7.8%) 0.6% Total 241.
Slide 18: Balance Sheet Full Year 2005-2007
Balance Sheet Full Year 2005-2007 IAS-IFRS (€m) FY Ending December 31, 2005A 2006A 2007A Net Working Capital 46.8 44.0 51.6 Net Tangible Assets 68.0 69.9 71.2 Net Intangible Assets 178.8 175.1 171.8 Net Financial Assets 4.6 3.0 3.1 Severance Staff, Provisions & Others (69.0) (74.2) (64.6) Net Capita
Slide 19: Cash Flow Statement Full Year 2005/2007
Cash Flow Statement Full Year 2005/2007 IAS-IFRS FY Ending December 31, 2005A 2006A 2007A PBT 13.6 19.3 25.6 Depreciation & Amortisation 10.7 10.2 10.7 Provisions & Impairments (4.0) 0.7 (2.4) Taxes (5.1) (4.9) (9.4) Net Interest 4.6 7.0 8.1 Change in other liabilities / (assets) (3.4) 0.6 (9.5) Ope