aeffe first half 2019 consolidated financial results ... filenet profit for the group net of ifrs 16...

AEFFE First Half 2019 Consolidated Financial Results Presentation30th July 2019

2

1H 2019 Key Facts

Consolidated Revenues +1.0% at € 173.3m, (+1.3% at current exchange rates);

Consolidated EBITDA net of IFRS 16 effect for € 18.3m (10.6% of sales), compared to an EBITDA of € 21.0m (12.3% of sales) in 1H 2018

Net Profit for the Group net of IFRS 16 effect at € 5.2m, compared to a Net Profit of € 8.3m in 1H 2018

Consolidated Financial Debt net of IFRS 16 effect of € 36.6m, compared to € 40.9m as of 30 June 2018, with a € 3.4m improvement (€ 31.3m as of 31 December 2018)

242 Mono Brand Stores

First-time application of the new Lease standard IFRS 16 from January 1st, 2019

Net Sales Breakdown by Division(1)

72,1

32,0

59,6

26,1

0

20

40

60

80

100

120

140

Prêt à porter Footwear & Leather Goods

Prêt à porter

Footwear & Leather

Goods

77,9

33,3

54,3

27,4

0

20

40

60

80

100

120

140

Prêt à porter Footwear & Leather Goods

(€m)% on Total Sales

Prêt à porter

Footwear & Leather

Goods

1H 2019 1H 2018

69%

31%

(€m)% on Total Sales

69%

31%

(1) Before inter-divisional eliminations

+0.0% * vs 1H 2018

+4.4% * vs 1H 2018

3

131,7

58,1

132,2

60,7

* At constant exchange rates 1Q 2Q

Grafico1

Prêt à porterPrêt à porterPrêt à porterPrêt à porter

Footwear & Leather GoodsFootwear & Leather GoodsFootwear & Leather GoodsFootwear & Leather Goods

1q

2q

3q

4q

72.1

59.6

32

26.1

Sheet1

Prêt à porterFootwear & Leather Goods

1q72.132.0

2q59.626.1

3q

4q

Grafico1

Prêt à porter

Footwear & Leather Goods

East

0.76

0.24

Sheet1


East76.00%24.00%

Grafico1

Prêt à porterPrêt à porterPrêt à porterPrêt à porter

Footwear & Leather GoodsFootwear & Leather GoodsFootwear & Leather GoodsFootwear & Leather Goods

1q

2q

3q

4q

77.9

54.3

33.3

27.4

Sheet1


1q77.933.3

2q54.327.4

3q

4q

Foglio1

Grafico1

Prêt à porter

Footwear & Leather Goods

East

0.8

0.2

Sheet1


East80.00%20.00%

11,0 6,6

71,4

10,4 2,8

3,22,3

58,7

6,1

0,80

20

40

60

80

100

120

140

AlbertaFerretti

Philosophy Moschino Pollini Others

Net Sales Breakdown by Brand

10,7 6,6

64,6

10,0 3,3

6,33,0

57,7

7,1

1,80

20

40

60

80

100

120

140

AlbertaFerretti

Philosophy Moschino Pollini Others

% on Total Sales

(16.4)% *

+6.1% *

(4.0)% *

(7.2%) *

1H 2019 1H 2018

Alberta Ferretti

Moschino

PolliniPhilosophy di

Lorenzo Serafini

Others71% 3%

12%

10%

% on Total Sales

75% 2%

10%

8%

(€m) (€m)

41Q* At constant exchange rates

6%10%

5%

(31.4%) *

diLorenzo Serafini

diLorenzo Serafini

17,0

5,1

17,1

122,3

9,6

2Q

14,28,9

130,1

16,5

3,6

Grafico1

Alberta Ferretti

Moschino

Pollini

Philosophy

Others

East

Alberta Ferretti

Philisophy di Lorenzo Serafini

0.09

0.63

0.13

0.06

0.09

Sheet1

Alberta FerrettiMoschinoPolliniPhilosophyOthers

East9.00%63.00%13%6%9%

Grafico1

Alberta FerrettiAlberta FerrettiAlberta FerrettiAlberta Ferretti

PhilosophyPhilosophyPhilosophyPhilosophy

MoschinoMoschinoMoschinoMoschino

PolliniPolliniPolliniPollini

OthersOthersOthersOthers

1q

2q

3q

4q

11

3.2

6.6

2.3

71.4

58.7

10.4

6.1

2.8

0.8

Sheet1

Alberta FerrettiPhilosophyMoschinoPolliniOthers

1q11.06.671.410.42.8

2q3.22.358.76.10.8

3q

4q

Grafico1

Alberta FerrettiAlberta FerrettiAlberta FerrettiAlberta Ferretti

PhilosophyPhilosophyPhilosophyPhilosophy

MoschinoMoschinoMoschinoMoschino

PolliniPolliniPolliniPollini

OthersOthersOthersOthers

1q

2q

3q

4q

10.7

6.3

6.6

3

64.6

57.7

10

7.1

3.3

1.8

Sheet1

Alberta FerrettiPhilosophyMoschinoPolliniOthers

1q10.76.664.610.03.3

2q6.33.057.77.11.8

3q

4q

Grafico1

Alberta Ferretti

Moschino

Pollini

Philosophy

Others

East

Philosophy di Lorenzo Serafini

0.08

0.6

0.13

0.08

0.11

Sheet1

Alberta FerrettiMoschinoPolliniPhilosophyOthers

East8%60%13%8%11%

46,1

23,227,8

5,1

34,0

15,5

17,7

3,9

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

Italy Europe Asia & RoW Americas

45,3

23,5 21,5

4,9

35,9

17,8 18,1

4,1

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

Italy Europe Asia & RoW Americas

Net Sales Breakdown by Region

Italy (1)

EuropeAsia & RoW

Americas

% on Total Sales

Italy (1)

Europe

Asia & RoW

Americas

1H 2019 1H 2018

22%27%

46%

5%

% on Total Sales(€m) (€m)

(2) Italy excluded

(1.3)% *

(6.5%) *

+14.8% *

(5.5)% *

21% 26%

48%

5%

(2) (2)

5

1Q

* At constant exchange rates

(1) ITALY sales incidence on total revenues ADJUSTED by foreign customers effect and royalties income is estimated equal to, respectively, 34% and 36% in 1H 2019 and in 1H 2018

(1) (1)

81,2

41,3 39,6

9,0

2Q

80,1

38,7

45,5

9,0

Grafico1

ItalyItalyItalyItaly

EuropeEuropeEuropeEurope

Asia & RoWAsia & RoWAsia & RoWAsia & RoW

AmericasAmericasAmericasAmericas

1q

2q

3 q

4q

46.1

34

23.2

15.5

27.8

17.7

5.1

3.9

Sheet1

ItalyEuropeAsia & RoWAmericas

1q46.123.227.85.1

2q34.015.517.73.9

3 q

4q

Grafico1

ItalyItalyItalyItaly

EuropeEuropeEuropeEurope

Asia & RoWAsia & RoWAsia & RoWAsia & RoW

AmericasAmericasAmericasAmericas

1q

2q

3 q

4q

45.3

35.9

23.5

17.8

21.5

18.1

4.9

4.1

Sheet1

ItalyEuropeAsia & RoWAmericas

1q45.323.521.54.9

2q35.917.818.14.1

3 q

4q

Grafico1

Italy (1)

Europe

Asia & RoW

Americas

East

Americas

0.48

0.25

0.21

0.05

Sheet1

Italy (1)EuropeAsia & RoWAmericas

East48%25%21%5.00%

Grafico1

Italy (1)

Europe

Asia & RoW

Americas

East

Americas

Asia & RoW

0.49

0.23

0.23

0.05

Sheet1

Italy (1)EuropeAsia & RoWAmericas

East49%23%23%5%

71,2

21,5

2,5

52,7

20,7

2,50

20

40

60

80

100

120

Wholesale Retail Royalties

Net Sales Breakdown by Channel

75,7

23,3

3,2

45,2

22,9

3,00

20

40

60

80

100

120

Wholesale Retail Royalties

% on Total Sales

Wholesale

Retail

Royalties

1H 2019 1H 2018

3%70%

% on Total Sales(€m) (€m)

27%

(2.8)% *

+9.2% *

+23.2% *

Wholesale

Retail

Royalties3%

72%

25%

6

* At constant exchange rates

1Q

123,9

42,2

5,0

2Q

120,9

46,2

6,2

Grafico1

WholesaleWholesaleWholesaleWholesale

RetailRetailRetailRetail

RoyaltiesRoyaltiesRoyaltiesRoyalties

1q

2q

3q

4q

71.2

52.7

21.5

20.7

2.5

2.5

Sheet1

WholesaleRetailRoyalties

1q71.221.52.5

2q52.720.72.5

3q

4q

Grafico1

WholesaleWholesaleWholesaleWholesale

RetailRetailRetailRetail

RoyaltiesRoyaltiesRoyaltiesRoyalties

1q

2q

3q

4q

75.7

45.2

23.3

22.9

3.2

3

Sheet1


1q75.723.33.2

2q45.222.93.0

3q

4q

Grafico1

Wholesale

Retail

Royalties

East

0.7

0.26

0.04

Sheet1


East70.00%26.00%4.00%

Grafico1

Wholesale

Retail

Royalties

East

0.72

0.25

0.03

Sheet1


East72.00%25.00%3.00%

7

Mono-brand Stores Network

DOS

Franchising

1H19 FY18

Europe 44 44

America 2 2

Asia 18 18

Total 64 64

1H19 FY18

Europe 44 45

America 1 1

Asia 133 138

Total 178 184

Negozi

1H19FY181H19FY18

Europe4444Europe4445

America22America11

Asia1818Asia133138

Total6464Total178184

CE

1Q 19 con Effetto IFRS 16IFRS 16 effect (See Note 1)1Q 19 senza Effetto IFRS 161Q 18

Net Sales102.2102.295.2

% change7.4%7.4%

Other Revenues2.82.80.9

Total Revenues105.0105.096.1

% change9.2%9.2%

Raw Materials Costs(30.1)(30.1)(26.6)

Service Costs(27.7)(27.7)(25.1)

Costs for use of third parties(2.0)(4.5)(6.5)(6.5)

Personnel(17.8)(17.8)(16.9)

Other Operating Expenses(0.8)(0.8)(0.7)

Total Operating Expenses(78.4)(82.9)(75.8)

EBITDA26.6(4.5)22.220.3

Margin (% of Net sales)26.0%21.7%21.4%

Depreciation and Amortisation(6.7)3.7(3.0)(3.0)

EBIT19.9(0.8)19.117.3


Net Financial Income / (Expenses)(0.8)0.7(0.1)(0.5)

Profit before taxes19.1(0.1)19.016.9


Taxes(6.2)(6.2)(5.1)

Net income/(loss) before Minorities12.9(0.1)12.811.8


Minority Interests(1.1)(1.1)(0.5)

Net Income/(Loss) for the Group11.8(0.1)11.811.3


Bs

1Q 19FY 181Q 18

Net Working Capital104.085.794.8

Net Tangible Assets60.160.358.5

Net Intangible Assets78.7103.1108.4

Net Intangible Assets for Rights of use - IFRS 16 (see Note 2)131.5

Net Financial Assets2.92.93.3

Severance Staff, Provisions & Others(22.1)(23.3)(20.9)

Net Capital Employed355.2228.7244.1

Group Shareholders' Equity172.8164.6157.4

Minorities33.332.832.9

Shareholders' Equity & Minorities206.1197.4190.3

Net financial Debt29.025.848.3

Net financial debt for Lease liabilities - IFRS 16 (see Note 2)114.6

Shares Buyback5.55.55.5

Net Financial Debt and Shareholders' Equity355.2228.7244.1

Accounts Receivables52.943.149.3

Accounts Payables(60.2)(76.9)(58.9)

Inventory101.5104.397.8

Operating NWC94.270.588.2

As % of LTM sales26.6%20.3%26.9%

Other Current Assets/Liabilities9.815.26.6


CF

1Q 19FY 181Q 18

PBT19.128.816.9

Operating Cash Flow2.525.51.9

Capital Expenditure(3.2)(7.9)(5.1)

Free Cash Flow(0.7)17.6(3.2)

Cash Flows from Financing Activities0.6(12.4)6.3

Cash and cash equivalents at the beginning of the year28.022.822.8

Cash Flow of the Period(0.1)5.23.1

Cash and cash equivalents at the end of the year27.928.025.9

1Q 17FY 161Q 17

PBT12.218.912.2

Depreciation & Amortisation2.913.92.9

Provisions & Impairments(0.4)(0.6)(0.4)

Taxes(1.0)(12.2)(1.0)

Net Interest0.33.80.3

Change in other liabilities / (assets)(17.5)(6.5)(17.5)

Operating Cash Flow(3.4)17.2(3.4)

Capital expenditure for intangible assets(0.4)(1.1)(0.4)

Capital expenditure for tangible assets(0.7)(2.7)(0.7)

(Increase) / decrease in investments in other fixed assets0.00.00.0

Cash Flows from Financing Activities(1.0)(3.8)(1.0)


Equity Issue(0.4)(1.1)(0.4)

Change in short term debt3.6(2.2)3.6

Change in long term debt0.32.00.3

Net Interest(0.3)(3.8)(0.3)



Cash Flow of the Period(1.3)8.3(1.3)


Foglio2

FY 18FY 17FY 18

PBT28.818.928.8



Free Cash Flow17.613.417.6



Cash Flow of the Period5.28.35.2


FY 16FY 16FY 16

PBT18.918.918.9



Taxes(12.2)(12.2)(12.2)










Change in short term debt(2.2)(2.2)(2.2)







CE FY 16 17 18

2018A2017A2016A

Net Sales346.6312.6280.7

% change10.9%11.4%4.4%



% change11.2%10.1%4.9%


Service Costs(100.6)(91.0)(81.3)

Cost for use of third parties assets(25.4)(23.3)(22.8)

Personnel(68.5)(65.3)(63.5)



EBITDA43.336.625.2


Depreciation and Amortisation(13.7)(13.9)(15.1)

EBIT29.622.710.1


Net Financial Income / (Expenses)(0.9)(3.7)(1.8)

PBT28.719.08.3


Taxes(11.6)(7.4)(4.0)

Net income before Minorities17.111.54.4



Net Income for the Group16.711.53.6


Negozi

1H19FY181H19FY18


America22America11

Asia1818Asia133138


CE

1Q 19 con Effetto IFRS 16IFRS 16 effect (See Note 1)1Q 19 senza Effetto IFRS 161Q 18

Net Sales102.2102.295.2

% change7.4%7.4%



% change9.2%9.2%


Service Costs(27.7)(27.7)(25.1)


Personnel(17.8)(17.8)(16.9)



EBITDA26.6(4.5)22.220.3



EBIT19.9(0.8)19.117.3



Profit before taxes19.1(0.1)19.016.9


Taxes(6.2)(6.2)(5.1)

Net income/(loss) before Minorities12.9(0.1)12.811.8



Net Income/(Loss) for the Group11.8(0.1)11.811.3


Bs

1Q 19FY 181Q 18















Accounts Receivables52.943.149.3

Accounts Payables(60.2)(76.9)(58.9)

Inventory101.5104.397.8


As % of LTM sales26.6%20.3%26.9%

Other Current Assets/Liabilities9.815.26.6


CF

1Q 19FY 181Q 18

PBT19.128.816.9






Cash Flow of the Period(0.1)5.23.1


1Q 17FY 161Q 17

PBT12.218.912.2



Taxes(1.0)(12.2)(1.0)

















Foglio2

FY 18FY 17FY 18

PBT28.818.928.8








FY 16FY 16FY 16

PBT18.918.918.9



Taxes(12.2)(12.2)(12.2)

















CE FY 16 17 18

2018A2017A2016A

Net Sales346.6312.6280.7

% change10.9%11.4%4.4%



% change11.2%10.1%4.9%


Service Costs(100.6)(91.0)(81.3)


Personnel(68.5)(65.3)(63.5)



EBITDA43.336.625.2



EBIT29.622.710.1



PBT28.719.08.3


Taxes(11.6)(7.4)(4.0)






8

Income Statement – 1H 2019/2018(€m)

Note 1: IFRS 16 effects on Profit & Lossstatement:Lease installments are cancelled fromCosts for use of third parties for €8.4m;€7.4m are posted as Amortisation ofright of use assets and €1.2m asFinancial charges linked to the financialdebt for leasing.

1H 19 including IFRS 16 effects

IFRS 16 effects (See Note 1)

1H 19 excluding IFRS 16 effects 1H 18

Net Sales 173,3 173,3 171,1% change 1,3% Other Revenues 4,3 4,3 2,3Total Revenues 177,6 177,6 173,4% change 2,4% Raw Materials Costs (55,5) (55,5) (54,9) Service Costs (53,6) (53,6) (49,3) Costs for use of third parties (4,2) (8,4) (12,6) (12,6) Personnel (35,9) (35,9) (33,8) Other Operating Expenses (1,7) (1,7) (1,8)Total Operating Expenses (150,9) (159,3) (152,4)EBITDA 26,7 (8,4) 18,3 21,0Margin (% of Net sales) 15,4% 10,6% 12,3% Depreciation and Amortisation (13,5) 7,4 (6,1) (6,4)EBIT 13,2 (1,0) 12,2 14,5Margin (% of Net sales) 7,6% 7,0% 8,5%Net Financial Income / (Expenses) (1,7) 1,2 (0,5) (0,6)Profit before taxes 11,5 0,2 11,7 13,9Margin (% of Net sales) 6,6% 6,8% 8,1%Taxes (6,2) (0,1) (6,3) (5,5)Net income/(loss) before Minorities 5,3 0,1 5,4 8,4Margin (% of Net sales) 3,1% 3,1% 4,9%Minority Interests (0,2) 0,0 (0,2) (0,1)Net Income/(Loss) for the Group 5,1 0,1 5,2 8,3Margin (% of Net sales) 2,9% 3,0% 4,9%

Negozi

1H19FY181H19FY18


America22America11

Asia1818Asia133138


CE

1H 19 including IFRS 16 effectsIFRS 16 effects (See Note 1)1H 19 excluding IFRS 16 effects1H 18

Net Sales173.3173.3171.1

% change1.3%



% change2.4%


Service Costs(53.6)(53.6)(49.3)


Personnel(35.9)(35.9)(33.8)



EBITDA26.7(8.4)18.321.0



EBIT13.2(1.0)12.214.5



Profit before taxes11.50.211.713.9


Taxes(6.2)(0.1)(6.3)(5.5)

Net income/(loss) before Minorities5.30.15.48.4


Minority Interests(0.2)0.0(0.2)(0.1)

Net Income/(Loss) for the Group5.10.15.28.3


Bs

1H 19FY 181H 18















Accounts Receivables43.144.0

Accounts Payables(76.9)(64.7)

Inventory104.397.7


As % of LTM sales20.3%23.1%

Other Current Assets/Liabilities15.26.8


CF

1H 19FY 181H 18

PBT11.528.813.9



Capital Expenditure for Rights of use - IFRS 16(1.8)




Cash Flow of the Period1.45.2(0.7)


1Q 17FY 161Q 17

PBT12.218.912.2



Taxes(1.0)(12.2)(1.0)

















Foglio2

FY 18FY 17FY 18

PBT28.818.928.8








FY 16FY 16FY 16

PBT18.918.918.9



Taxes(12.2)(12.2)(12.2)

















CE FY 16 17 18

2018A2017A2016A

Net Sales346.6312.6280.7

% change10.9%11.4%4.4%



% change11.2%10.1%4.9%


Service Costs(100.6)(91.0)(81.3)


Personnel(68.5)(65.3)(63.5)



EBITDA43.336.625.2



EBIT29.622.710.1



PBT28.719.08.3


Taxes(11.6)(7.4)(4.0)






9

Summary Balance Sheet

(€m)

Note 2: IFRS 16 effects on Balance Sheet:- Fixed Assets increase of €126.8m from theright to use the leased assets (including thereclassification of €23.0m relating to the keymoney previously recorded in “Intangibleassets”);- Financial debt for Lease liabilities for€110.6m posted in Financial liabilities

1H 19 FY 18 1H 18

Net Working Capital 98,6 85,7 83,9

Net Tangible Assets 60,0 60,3 58,7

Net Intangible Assets 77,8 103,1 106,5

Net Intangible Assets for Rights of use - IFRS 16 (see Note 2) 126,8

Net Financial Assets 3,2 2,9 3,0

Severance Staff, Provisions & Others (21,0) (23,3) (23,5)

Net Capital Employed 345,4 228,7 228,6

Group Shareholders' Equity 165,9 164,6 155,3

Minorities 32,4 32,8 32,4

Shareholders' Equity & Minorities 198,3 197,4 187,7

Net financial Debt 31,1 25,8 35,4

Net financial debt for Lease liabilities - IFRS 16 (see Note 2) 110,6

Shares Buyback 5,5 5,5 5,5

Net Financial Debt and Shareholders' Equity 345,4 228,7 228,6

RelatoreNote di presentazione...efficient Net Working Capital management...reduction of net debt by €18m in 2006; without considering the exceptional charges incurred in the year, the reduction would have been €30m, which, as you can see on the next page, is approximately our free cash flow generation capacity...

Negozi

1H19FY181H19FY18


America22America11

Asia1818Asia133138


CE

1H 19 including IFRS 16 effectsIFRS 16 effects (See Note 1)1H 19 excludind IFRS 16 effects1H 18

Net Sales173.3173.3171.1

% change1.3%



% change2.4%


Service Costs(53.6)(53.6)(49.3)


Personnel(35.9)(35.9)(33.8)



EBITDA26.7(8.4)18.321.0



EBIT13.2(1.0)12.214.5





Taxes(6.2)0.0(6.2)(5.5)






Bs

1H 19FY 181H 18

















Inventory104.397.7





CF

1H 19FY 181H 18

PBT28.813.9

Operating Cash Flow25.511.5

Capital Expenditure(7.9)(2.8)


Cash Flows from Financing Activities(12.4)(9.4)

Cash and cash equivalents at the beginning of the year22.822.8

Cash Flow of the Period5.2(0.7)

Cash and cash equivalents at the end of the year028.022.1

1Q 17FY 161Q 17

PBT12.218.912.2



Taxes(1.0)(12.2)(1.0)

















Foglio2

FY 18FY 17FY 18

PBT28.818.928.8








FY 16FY 16FY 16

PBT18.918.918.9



Taxes(12.2)(12.2)(12.2)

















CE FY 16 17 18

2018A2017A2016A

Net Sales346.6312.6280.7

% change10.9%11.4%4.4%



% change11.2%10.1%4.9%


Service Costs(100.6)(91.0)(81.3)


Personnel(68.5)(65.3)(63.5)



EBITDA43.336.625.2



EBIT29.622.710.1



PBT28.719.08.3


Taxes(11.6)(7.4)(4.0)






1H 19 FY 18 1H 18

PBT 11,5 28,8 13,9

Operating Cash Flow 6,8 25,5 11,5

Capital Expenditure (2,3) (7,9) (2,8)

Capital Expenditure for Rights of use - IFRS 16 (1,8)

Free Cash Flow 4,5 17,6 8,7

Cash Flows from Financing Activities (1,4) (12,4) (9,4)

Cash and cash equivalents at the beginning of the year 28,0 22,8 22,8

Cash Flow of the Period 1,4 5,2 (0,7)

Cash and cash equivalents at the end of the year 29,4 28,0 22,1

10

Summary Cash Flow

(€m)

Negozi

1H19FY181H19FY18


America22America11

Asia1818Asia133138


CE

1H 19 including IFRS 16 effectsIFRS 16 effects (See Note 1)1H 19 excludind IFRS 16 effects1H 18

Net Sales173.3173.3171.1

% change1.3%



% change2.4%


Service Costs(53.6)(53.6)(49.3)


Personnel(35.9)(35.9)(33.8)



EBITDA26.7(8.4)18.321.0



EBIT13.2(1.0)12.214.5





Taxes(6.2)0.0(6.2)(5.5)






Bs

1H 19FY 181H 18

















Inventory104.397.7





CF

1H 19FY 181H 18

PBT11.528.813.9



Capital Expenditure for Rights of use - IFRS 16(1.8)




Cash Flow of the Period1.45.2(0.7)


1Q 17FY 161Q 17

PBT12.218.912.2



Taxes(1.0)(12.2)(1.0)

















Foglio2

FY 18FY 17FY 18

PBT28.818.928.8








FY 16FY 16FY 16

PBT18.918.918.9



Taxes(12.2)(12.2)(12.2)

















CE FY 16 17 18

2018A2017A2016A

Net Sales346.6312.6280.7

% change10.9%11.4%4.4%



% change11.2%10.1%4.9%


Service Costs(100.6)(91.0)(81.3)


Personnel(68.5)(65.3)(63.5)



EBITDA43.336.625.2



EBIT29.622.710.1



PBT28.719.08.3


Taxes(11.6)(7.4)(4.0)






Appendices

12

Income Statement – Full Year 2016-2018

(€m)

2018A 2017A 2016ANet Sales 346,6 312,6 280,7% change 10,9% 11,4% 4,4% Other Revenues 5,4 3,8 6,8Total Revenues 352,0 316,4 287,5% change 11,2% 10,1% 4,9% Raw Materials Costs (110,3) (96,1) (90,7)Serv ice Costs (100,6) (91,0) (81,3)Cost for use of third parties assets (25,4) (23,3) (22,8)Personnel (68,5) (65,3) (63,5)Other Operating Expenses (3,9) (4,1) (4,0)Total Operating Expenses (308,7) (279,8) (262,3)EBITDA 43,3 36,6 25,2Margin (% of Net sales) 12,5% 11,7% 9,0% Depreciation and Amortisation (13,7) (13,9) (15,1)EBIT 29,6 22,7 10,1Margin (% of Net sales) 8,5% 7,3% 3,6% Net Financial Income / (Expenses) (0,9) (3,7) (1,8)PBT 28,7 19,0 8,3Margin (% of Net sales) 8,3% 6,1% 3,0%Taxes (11,6) (7,4) (4,0)Net income before Minorities 17,1 11,5 4,4Margin (% of Net sales) 4,9% 3,7% 1,6%Minority Interests (0,4) (0,0) (0,7)Net Income for the Group 16,7 11,5 3,6Margin (% of Net sales) 4,8% 3,7% 1,3%

Negozi

FY18FY17FY18FY17


America23America11

Asia1816Asia138135


CE

2018A2017A

Net Sales346.6312.6

% change10.9%

Other Revenues5.43.8

Total Revenues352.0316.4

% change11.2%10.1%

Raw Materials Costs(110.3)(96.1)

Service Costs(100.6)(91.0)

Costs for use of third parties(25.4)(23.3)

Personnel(68.5)(65.3)

Other Operating Expenses(3.9)(4.1)

Total Operating Expenses(308.7)(279.8)

EBITDA43.336.6

Margin (% of Net sales)12.5%11.7%

Depreciation and Amortisation(13.7)(13.9)

EBIT29.622.7


Net Financial Income / (Expenses)(0.9)(3.7)

Profit before taxes28.719.0


Taxes(11.6)(7.4)

Net income/(loss) before Minorities17.111.5


Minority Interests(0.4)(0.0)

Net Income/(Loss) for the Group16.711.5


Bs

FY 18FY 17

Net Working Capital85.781.3

Net Tangible Assets60.359.1

Net Intangible Assets103.1109.7

Net Financial Assets2.93.7

Severance Staff, Provisions & Others(23.3)(24.8)

Net Capital Employed228.7229.0

Group Shareholders' Equity164.6146.1

Minorities32.832.3

Shareholders' Equity & Minorities197.4178.4

Net Debt25.845.1

Shares Buyback5.55.5

Net Financial Debt and Shareholders' Equity228.7229.0



Inventory104.397.8

Operating NWC70.571.3

As % of sales20.3%22.8%


Net Working Capital85.781.3

CF

FY 18FY 17

PBT28.818.9


Capital Expenditure(7.9)(3.8)

Free Cash Flow17.613.4



Cash Flow of the Period5.28.3


FY 16FY 16

PBT18.918.9

Depreciation & Amortisation13.913.9

Provisions & Impairments(0.6)(0.6)

Taxes(12.2)(12.2)

Net Interest3.83.8

Change in other liabilities / (assets)(6.5)(6.5)


Capital expenditure for intangible assets(1.1)(1.1)

Capital expenditure for tangible assets(2.7)(2.7)

(Increase) / decrease in investments in other fixed assets0.00.0


Free Cash Flow13.413.4

Equity Issue(1.1)(1.1)

Change in short term debt(2.2)(2.2)

Change in long term debt2.02.0

Net Interest(3.8)(3.8)



Cash Flow of the Period8.38.3


CE FY 14 15 16

2018A2017A2016A

Net Sales346.6312.6280.7

% change10.9%11.4%4.4%



% change11.2%10.1%4.9%


Service Costs(100.6)(91.0)(81.3)


Personnel(68.5)(65.3)(63.5)



EBITDA43.336.625.2



EBIT29.622.710.1



PBT28.719.08.3


Taxes(11.6)(7.4)(4.0)






13

Company Profile

Fratelli FerrettiHolding 37%

Market34%

Aeffe5%

IM Fashion24%

N° of shares outstanding: 107,362,504

Italian Stock Exchange – STAR Segment

Specialist: Mediobanca S.p.A.

Tickers: AEF IM (Bloomberg) AEF MI (Reuters), AEF (Borsa Italiana)

Investor Relations

AEFFE S.p.A

Annalisa Aldrovandi

+39 0541 965494

[email protected]

www.aeffe.com

(1) Source: Consob as of 30th July 2019

Prêt-à-porter division

Footwear and leather goods division

AEFFE FASHION GROUP Chairman: Massimo Ferretti

Managing Director Marcello Tassinari

Investor Relation ManagerAnnalisa Aldrovandi

Human ResourcesFausto Bacchini

Communication and Marketing Andrea Caravita

Chief Information Officer Diego Picciani,

VELMARManaging Director Luca Gori

StyleProduct

Sales

SalesStyle

Retail

AEFFE Managing DirectorMarcello Tassinari

StyleFinance and Administration

Sales Product

Planning and Production

Retail

POLLINIManaging Director Marco Piazzi

StyleFinance and Admin.

Sales Product


Retail


MOSCHINO Managing DirectorGabriele Maggio

Chief Executive Officer Simone Badioli

Organisational Structure Ownership Structure (1)

Share Information Investor Relations

mailto:[email protected]

Disclaimer

This presentation is being furnished to you solely for your information on a confidential basis and may not be reproduced orredistributed to any other person.

This presentation does not constitute or form part of any offer to sell or invitation to purchase or subscribe for, or otherwise acquire ordispose of any Aeffe S.p.A. securities.

This presentation includes forward-looking statements which are based on the Company’s management’s current views with respect tofuture events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements aresubject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements maynot occur and any targets or projections may differ materially from those expressed in or implied by these statements due to anynumber of different factors.

You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the daterof this presentation. Aeffe S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-lookingstatements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of Aeffe Group shall not be taken as a representation or indication that suchperformance, trends or activities will continue in the future.

14

Diapositiva numero 1Diapositiva numero 2Net Sales Breakdown by Division(1)Net Sales Breakdown by BrandNet Sales Breakdown by RegionNet Sales Breakdown by ChannelDiapositiva numero 7Income Statement – 1H 2019/2018Summary Balance SheetSummary Cash Flow Diapositiva numero 11Income Statement – Full Year 2016-2018Company ProfileDiapositiva numero 14

aeffe first half 2019 consolidated financial results ... filenet profit for the group net of ifrs 16...

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