Slide 1: 9M16 Financial Results
9M16 FINANCIAL RESULTS December 14, 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: 9M16 Highlights
2 9M16 Highlights Sales (€986.2m) grew by 4.0% driven by network expansion +4.0% Increase in Net Sales €125.9m EBITDA, €7.7m higher than 9M15 (+6.5%), with EBITDA margin increasing to 12.8% of sales (+30 bps) €76.9m EBT, €6.2m higher than 9M15, benefitting from the improved EBITDA +28 Full format DO
Slide 4: Key Income Statement Items
3 Key Income Statement Items Positive performance confirmed in 9M16 9M16 9M15 Key Metrics* € mln % of Net Sales € mln % of Net Sales Growth Net Sales 986.2 948.7 4.0% EBITDA 125.9 12.8% 118.2 12.5% 6.5% EBIT 88.5 9.0% 82.3 8.7% 7.6% PBT 76.9 7.8% 70.7 7.4% 8.8% • 9M16 Net Sales increased by 4.0% dri
Slide 5: Sales and EBITDA Performance in 9M16
4 Sales and EBITDA Performance in 9M16 Net Sales (€mln) EBITDA (€mln) Aggregate Performance 948 986 12.5% 12.8% Performance By Brand 13.7% 13.3% 5.9% 9.8% Margin %
Slide 6: Consolidated Net Working Capital
5 Consolidated Net Working Capital € mln 31 October '16 31 October '15 Change Trade Receivables 113.5 103.1 10.4 Inventory 344.1 311.0 33.1 Trade Payables (345.4) (390.8) 45.4 Net Working Capital 112.2 23.3 88.9 • The working capital increased vs. October last year: – Higher trade receivables (+€10.
Slide 7: Capex
6 Capex 9M 2016 Capex breakdown (€ mln) New openings (c. 50% of total) IT and special projects (c. 28%), mainly related to operational projects Refurbishment of existing network (c. 13%) Total €42.9m Other investments related to network and logistics (c. 5%) Capex for a new show room and the mainten
Slide 8: Net Debt and Leverage
7 Net Debt and Leverage € mln 31 October '16 31 October '15 Net Debt 351.5 304.5 EBITDA LTM 187.3 173.5 Leverage 1.9x 1.8x • As of 31sr October 2016 net debt was slightly higher vs. the same period last year, given (i) the €34m dividend pay out in June 2016 and (ii) the payment in August 2016 of abo
Slide 9: Consolidated Cash Flow Statement
8 Consolidated Cash Flow Statement € mln 9M16 9M15 EBITDA 125.9 118.2 Change in Net Working Capital (120.4) (37.1) Change in other assets (liabilities) 6.0 8.6 Drivers of operating cash absorption in 9M16 (-€ 116.5), were mainly (i) the seasonality of the Capex (42.9) (50.8) business and (ii) the in
Slide 10: Outlook
9 Outlook • The weather conditions in 2016 have again not been particularly positive. In November, weeks of temperatures well above normal, alternated with weeks that were more in line with the seasonal average, when sales suddenly recovered. • The network continued to expand in November: +20 stores
Slide 11: Appendix
OVS Appendix
Slide 12: Consolidated Balance Sheet Statement
11 Consolidated Balance Sheet Statement Delta vs. Delta vs. € mln 31 October ‘16 31 October ‘15 31 January ‘16 31 October ’15 31 January ‘16 Trade Receivables 113.5 103.1 71.0 10.5 42.5 Inventory 344.1 311.0 289.7 33.1 54.5 Trade Payables (345.4) (390.8) (368.8) 45.4 23.4 Net Operating Working Capit