welcome. [] · 2014. 10. 20. · poland eastern austria europe/ other sri lanka group employee...
TRANSCRIPT
Welcome.
Q3 2013/14
Frankfurt/ Main, October 21, 2014
Analysts´ Conference October 2014
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• The company – structure and strategy
• The shares
• Q1-Q3 2013/14 at a glance
• Forecast 2014
• Financial calendar
Content
- 03 -
• Fashion manufacturer – focus on menswear
• Sales of EUR 247 million (2012/13)
• 2,200 employees
• Founded 1919
• Stock Exchange: listed since 1987
• Stock Market Segment: Prime Standard
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The company
(Status Q1-Q3 2013/14)
The brands
®
8%
27%
65%
Jeans & Workwear
Premium Brands
Men‘s & Sportswear
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Coverage of all
price segments in
the upper menswear
brand business
Lifestyle brands and
product specialists
Two thirds of business
in the Premium segment
•
•
•
BALDESSARINI PIERRE CARDIN OTTO KERN ELSBACH
Germany | Austria | Poland | Czech Republic | Slovakia | Hungary | Lithuania | Latvia
Ahlers retail stores
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Retail expansion - Elsbach Denim Library concept
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• Elsbach
The new style library for the man
• Denim Library
Multilabel concept designed in the style of a British library
Retail expansion - Elsbach Denim Library concept
• The brands
Differentiated by location Big city mix:
Commercial mix:
• The product range
- Jeans, shirts, knitwear, jackets, casual sports jackets - Casual menswear
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Baldessarini, Otto Kern, Pierre Cardin
Pierre Cardin, Otto Kern, Pioneer
Retail expansion - Elsbach Denim Library concept
• Opened in September 2014
• Further stores in large and mid-sized
German cities to follow
• The location
Hamburg, Kaufmannshaus Bleichenbrücke
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• Openings in 2014
Hamburg (Elsbach Denim Library) Riga, Latvia (Multibrand)
Riga, Latvia (Baldessarini)
• Retail revenues Q1-Q3: +3.1%
Contribution to total revenues: 10 percent (previous year: 10.5 percent)
Retail expansion 2013/14
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• Existing online shops
Pionier Workwear (2013)
Baldessarini (2012)
Otto Kern (2011)
Gin Tonic (2010)
• Presence of Ahlers brands on
various multi-brand platforms
• 55 percent growth in Q1-Q3 2014
E-commerce
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(Status Q1-Q3 2013/14)
The markets
54%
26%
20%
In % of total sales(previous year)
Germany
54 % (54 %)
Western Europe
26 % (25 %)
Central/
Eastern Europe,
Misc.
20 % (21 %)
• Ahlers serves all upscale specialist retailers
• Strong market position in Eastern Europe
• Synergies in international distribution
• Building up business in Asia
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(Status 2013, basis pieces)
Full
package service
Own production
Cut-make-trim35%
33%
32%
High procurement expertise for all important
products and procurement markets
Own production facilities in Poland and Sri Lanka
Cut-make-trim in Eastern Europe and Far East
Far East accounts for growing share
(2013: 51 percent)
•
•
•
•
Procurement
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• Premium – Strengthening and further expansion of the Premium brands
– Intensified shop-in-shop distribution
– Clearly structured brand portfolio opens up synergies
• Growth based on – Growing number of shop-in-shops with integrated product ranges
shop-in-shops and – Opening of own Pierre Cardin and Baldessarini stores
own stores – Transforming the Pioneer brand from a product specialist
to an integrated brand
• Growth of the – Intensification of own e-commerce channels
e-commerce activities – Further internationalisation
• International – Consistent development of the distribution structures
expansion in European markets outside Germany
– Building up distribution structures in Asia
• Cost leadership – Procurement expertise for all key products and regions
The strategy
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WTW GmbH
Free float
WTW KG et al.
Common shares
Free float
WTW GmbH
WTW KG et al.
Preferred shares
Ahlers family holds 52 percent
of all shares through
WTW GmbH/KG and others
Family-managed in the third generation
by Dr. Stella A. Ahlers
Traditionally high payout ratios,
solid financial structure
•
•
•
(As at November 30, 2013)
The shares // SHAREHOLDERS
76.3 %
0.3 %
23.4 %
79.2 %
0.1 %
20.7 %
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Q1-Q3 2014 at a glance
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• Strong revenue growth of 8.6 percent in Q3 2014.
• Total nine-month sales climb 7.9 percent to EUR 197.9 million.
• Revenue growth leads to high double-digit increase in all earnings figures.
• Equity ratio stays at solid 56 percent.
• All relevant measures initiated to shut down the Sindelfingen branch and to integrate Gin Tonic
into the headquarter.
The nine-month period 2014 at a glance
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• Revenue growth of 8.2 percent
• Strong growth at Baldessarini and Pierre Cardin
• Share in total sales revenues remains stable at 65 percent
• Earnings growth of 37 percent
Segment performance // PREMIUM BRANDS
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BALDESSARINI
• New design team in H2 2014
• Successful e-commerce store
• Ongoing internationalisation
Segment performance // PREMIUM BRANDS
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PIERRE CARDIN
• Good, successful sales of suits,
jackets and sportswear
• Spain becomes new sales
territory
• New store concept: Appartement
Français
Segment performance // PREMIUM BRANDS
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Segment performance // PREMIUM BRANDS
as of August
in EUR million 2013/14 2012/13 Change in % Sales* 128.6 118.8 8.2Germany 60.8 55.3 9.9Abroad 67.8 63.5 6.8Segment result** 11.1 8.1 37.0
* incl. “others” EUR 0.2 million (previous year EUR 0.2 million)** before special effects, incl. others EUR 0.4 million (previous year: EUR 0.0 million)
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• Revenue growth of 10 percent also due to temporary decline in 2013
• Strong growth at Pioneer Jeans
• New management for Workwear
• Joined trade fair presentation of Pioneer and Gin Tonic
• Earnings increase by 30 percent due to higher revenues
Segment performance // JEANS & WORKWEAR
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Segment performance // JEANS & WORKWEAR
as of August
in EUR million 2013/14 2012/13 Change in % Sales 53.0 48.0 10.4Germany 38.7 34.9 10.9Abroad 14.3 13.1 9.2Segment result* 4.8 3.7 29.7
* before special effects
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Segment performance // MENS & SPORTSWEAR
• Stable revenues despite reduced Retail business at Gin Tonic
• Jupiter revenues pick up due to successful activities abroad
• Earnings climb 38 percent due to reduced
costs at Gin Tonic and increased revenues at Jupiter
• All relevant steps taken to relocate Gin Tonic from Sindelfingen to Herford
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Segment performance // MENS & SPORTSWEAR
as of August
in EUR million 2013/14 2012/13 Change in % Sales 16.3 16.6 -1.8Germany 7.8 7.7 1.3Abroad 8.5 8.9 -4.5Segment result* -2.1 -3.4 38.2
* before special effects
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Income statement
in EUR million 2013/14 2012/13 Change in %
Sales revenues 197.9 183.4 7.9 Gross profit 101.1 94.6 6.9 in % of sales revenues 51.1 51.6 Personnel expenses* -39.8 -39.5 -0.8Balance of other expenses/income* -43.8 -42.8 -2.3EBITDA* 17.5 12.3 42.3Depreciation and amortisation* -3.7 -3.9 5.1EBIT* 13.8 8.4 64.3Special effects -2.4 0.0 Financial result -0.7 -0.5 -40.0Earnings before income taxes 10.7 7.9 35.4Income taxes -3.2 -1.8 -77.8Consolidated net income 7.5 6.1 23.0* before special effects
as of August
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Balance Sheet Indicator
in EUR million 2014 2013
Total assets 199.4 195.9 Equity 111.2 110.2 Equity ratio in % 55.8 56.3
Net working capital 114.4 106.5 Net investments 1.8 4.2
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Free cash flow
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in EUR million 2013/14 2012/13 Change in %
Consolidated net income 7.5 6.1 23.0 Depreciation, amortisation, and impairment losses 4.0 4.0 +/- Change in net working capital* -22.7 -22.8 0.4Change in current provisions 0.0 -0.1 n.a.Other changes** 6.5 0.2 >200Cash flow from operating activities -4.7 -12.6 62.7 Net investments (prev. year incl. equity investments) -1.8 -4.2 57.1Effects of changes in the scope of consolidation and exchange rates -0.1 -0.3 66.7Free cash flow before financing activity -6.5 -17.1 61.4Additions to (+), repayment of (-) non-current liabilities -2.8 -3.2 12.5Dividend payments -6.5 -8.6 -24.4Free cash flow -15.9 -28.9 45.0* Seasonally higher figures: In the fashion industry, trade receivables and trade payables at the end of the first and third quarter are much higher than at the end of the year due to the delivery of the summer/winter collections.
** Other non-cash expenses and income: EUR 3.9 million (previous year: EUR 0.9 million), change in non-current provisions and other liabilities: EUR 2.7 million (previous year: EUR -0.3 million)..
as of August
647
546
871
13060
Employee structure
Germany
Poland
AustriaEastern
Europe/
Other
Sri Lanka
Group employee structure as of August 31
2014 2013Germany 647 641 Poland 546 530Sri Lanka 871 824Eastern Europe / Other 130 129Austria 60 68Total 2,254 2,192
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Forecast 2014
- 30 -
Forecast 2014 and subsequent year
Forecast 2014
• 5 - 6 percent revenue growth projected for full 2014
• High one-time expences due to restructuring of Gin Tonic
• Consolidated net income expected to grow by 5 - 10 percent (previous year: EUR 5.6 million)
Forecast 2015
• Good growth opportunities for the company contrast with economic risks
• Earnings likely to increase as costs are expected to decline in full year 2015
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DATES
German Equity Forum in Frankfurt/ Main November 26, 2014
Annual accounts press conference March 10, 2015
Interim report Q1 2014/15 April 14, 2015
Annual Shareholders’ Meeting in Düsseldorf May 7, 2015
Half year report 2014/15 July 14, 2015
Interim report Q3 2014/15 October 14, 2015
CONTACT
Dr. Karsten Kölsch Phone: +49 (0) 5221 / 979 - 211
E-mail [email protected]
Internet www.ahlers-ag.com
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Thank You.
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Q3 2013/14
Frankfurt/ Main, October 21, 2014
Analysts´ Conference October 2014
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Disclaimer
This presentation of AHLERS AG does not represent an offer to sell securities of AHLERS AG and is not soliciting an offer to buy securities of AHLERS AG in the USA
or in any other country in which such an offer or solicitation is prohibited by law. AHLERS AG assumes no liability or guarantee for the accuracy or completeness of
the information or other content presented in this presentation.
This presentation contains forward-looking statements that do not describe past events, but reflect future assumptions and expectations. Forward-looking statements
are based on forecasts, estimates and projections on the basis of information presently available to the management of the AHLERS Group. Such information is subject
to risks and uncertainties which could cause actual results to differ materially from those projected. Many of these risks and uncertainties are based on factors that
cannot by influenced or precisely assessed by the AHLERS Group. These factors include, but are not limited to, changes with regard to the legal framework, the future
market and economic situation, the conduct of other market participants and the ability to successfully implement corporate goals. The users of this presentation are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The AHLERS Group undertakes no
obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or revised management forecasts.
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AHLERS AGINVESTOR RELATIONSELVERDISSER STR. 313
32052 HERFORDGERMANY
PHONE +49 5221-979-211TELEFAX +49 5221-72538