FY 20 1 8 Financial Results
Only 1 5 years ago, I acquired a small Brand I believed a lot in. In 201 8, this Brand generated more than 1 .4 billion euros in revenues, reached 500 million euros of EBITDA and had more than 450m euros of net cash
Thomas Edison said vision without execution is just hallucination . I believe we should be really proud of what we have achieved. Moncler Genius has been a succe ccess ss
8 RESULTS KEY HIGHLIGHTS (*) FY 20 1 CONSOLIDATED REVENUES RETAIL REVENUES CSSG EUR 1 ,420.1 M , +22% EUR 1 ,0 86.5M , +26% +1 8% COMPARABLE STORE SALES AT CONSTANT EXCHANGE RATES AT CONSTANT EXCHANGE RATES GROWTH (+1 9% REPORTED) (+22% REPORTED), WITH STRONG RESULTS IN ALL REGIONS WITH OUTSTANDING DOUBLE-DIGIT REPRESENTING 77% OF TOTAL REVENUES GROWTH IN ALL DISTRIBUTION CHANNELS AND IN ALL REGIONS ONLINE EBITDA ADJ (**) W HOLESALE REVENUES STRONGLY OUTPERFORMED THE EUR 50 0.2M WITH A MARGIN ON EUR 333.6M , +1 3% REST OF THE BUSINESS SALES OF 35.2% (34.5% IN FY 20 1 AT CONSTANT EXCHANGE RATES 7) (+1 1 % REPORTED) EBIT NET INCOME, GROUP SHARE NET FINANCIAL POSITION EUR 41 4.1 M WITH A MARGIN ON EUR 332.4M , +33% COMPARED TO FY EUR 450.1 M OF NET CASH VS. SALES OF 29.2% (28.6% IN FY 20 1 EUR 30 4.9M AS OF 31 DECEMBER 20 1 7 7, WITH A MARGIN ON SALES OF 7); 20 1 23.4% (20 .9% IN FY 20 1 7) (*) This applies to all pages: rounded figures 5 (**) Before non-cash costs related to stock-based compensations plans
REVENUE BREAKDOW N BY REGION In FY 20 1 8 Mo ncler posted an outstanding REVENUE ANALYSIS (Eur M) 22% growth in revenues (*) YoY Growth YoY Growth The Group continued to record superior Reported Const. FX revenue results also in Q4 (+20 %) with all +1 9% +22% regions growing double-digits notwithstanding the challenging compariso n 1 1 , ,4 20 . 0 .1 base +1 6% +23% 228.5 1 1 , ,1 1 93.7 9 In FY 20 1 8, Italy posted an excellent 1 2% 1 96.5 growth, accelerating in Q4 in both distribution channels +24% +28% 61 6.1 In EMEA Mo ncler reached double-digit 495.5 growth in all markets, with Germany and UK outperforming in Q4 +1 6% +1 7% 407.6 352.4 Asia & & Ro W registered an ongoing strong growth despite the demanding base of +1 2% +1 2% compariso n. 1 67.8 1 49.3 FY 20 1 7 FY 20 1 8 performance normalised in Q4, due to a late starting of the winter season Americas 1 3% 1 2% 1 6% 1 6% Revenues in the Americ as showed so lid Asia & RoW double-digit growth driven by excellent EMEA 29% 30 % performances in both channels and in the Italy two main markets 41 % 43% 6 (*) All growth rates are at constant exchange rates, unless otherwise stated
REVENUE BREAKDOW N BY DISTRIBUTION CHANNEL REVENUE ANALYSIS (Eur M) YoY Growth YoY Growth In FY 20 1 8 Mo ncler posted double-digit Reported Const. FX growth in both distribution channels (*) +1 9% +22% Notwithstanding the challenging base of 1 1 ,4 20 . , 0 .1 compariso n, the retail division continued to deliver outstanding results in Q4 20 1 8 1 1 , ,1 1 93.7 9 leading to a 26% growth in FY 20 1 8 with excellent double-digit organic growth and space contribution 1 ,086.5 +22% +26% • 1 8% Comp Store Sales Growth (CSSG) 892.4 • E-commerce continued to strongly outperform Who lesale revenues rose by 1 3% in FY +1 1 % +1 3% 333.6 20 1 8 in acceleration in Q4 20 1 8, driven by 301 .3 Spring/ Summer (SS) 20 1 9 collections, the expansion of the mo nobrand stores FY 20 1 7 FY 20 1 8 network and the e- growth 23% 25% Retail Wholesale 75% 77% (*) All growth rates are at constant exchange rates, 7 unless otherwise stated
MONOBRAND STORES NETWORK In line with business management, starting from method with regard to multiple stores (man/ woman/ enfant) located at the same address (department store/ mall). These stores are no longer reported separately given that, from a business stand point, they are managed as a single entity retail netwo rk reached 1 93 mo nobrand stores at 31 December 20 1 8, Previo us us New (*) compared to 1 81 at 31 December 20 1 7 31 / 1 2/ 20 1 7 31 / 1 2/ 20 1 8 31 / 1 2/ 20 1 7 31 / 1 2/ 20 1 8 (1 2 new DOS) Retail 20 1 21 9 1 81 1 93 • 4 new DOS opened in Q4 20 1 8 Italy 21 23 1 8 20 Rest of EMEA 59 64 51 55 • At least 1 5 DOS secured for 20 1 9 Asia & ROW 96 1 05 87 91 Americas 25 27 25 27 Who lesale mo no brand sto res reached 55 locations at 31 December 20 1 8, compared to 46 at 31 December 20 1 7 with 4 new who lesale 31 / 1 2/ 20 1 7 31 / 1 2/ 20 1 8 31 / 1 2/ 20 1 7 31 / 1 2/ 20 1 8 mo nobrand stores opened in Q4 20 1 8 W ho ho lesale 59 59 75 75 46 46 55 55 8 (*) In line with business management, from FY 20 1 8 stores related to the same address are no longer counted separately
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INCOME STATEMENT FY 20 1 8 FY 20 1 7 Eur ur m % Eur ur m % Revenu nues 1 ,420 .1 1 0 0 .0 % 1 ,1 93. 3.7 1 0 0 .0 % YoY g rowth +1 9% +1 5% Cost of sales (320.2) (22.6%) (276.2) (23.1 %) Gro ss marg in 1 ,0 99.8 77.4% 91 7.5 76.9% Selling expenses (428.9) (30.2%) (365.1 ) (30.6%) General & Administrative expenses (1 27.8) (9.0%) (1 08.6) (9.1 %) Marketing expenses (99.5) (7.0%) (79.4) (6.7%) Stock-based compensation* (29.6) (2.1 %) (23.5) (2.0%) EBIT 41 4.1 29.2% 34 340 .9 28.6% Net financial result** (1 .9) (0.1 %) (5.2) (0.4%) EBT 41 2.2 29.0 % 335 335.7 28.1 % Taxes (79.7) (5.6%) (85.9) (7.2%) Tax Rate 1 9.3% 25.6% Net Inc nc o me, inc nc lud uding ng No n- n-c o nt ntro lling ng int nterests 332 332.5 23.4% 249.8 20 .9% Non-controlling interests (0.1 ) 0.0% (0.1 ) 0.0% Net Inc nc o me, Gro up up sha hare 332 332.4 23.4% 249.7 20 .9% YoY g rowth +33% +27% EBITDA ADJ 50 50 0 .2 35.2% 41 1 .6 34.5% YoY g rowth +22% +1 6% 1 1 (*) Non-cash costs related to stock based compensation plans (**) Net financial result includes FX Gain/ (Losses): Eur (1 .3)m in FY 20 1 8 and Eur (3.8)m in FY 20 1 7
NET CAPEX NET CAPEX ANALYSIS (Eur M) (%) on revenues Conso lidated capex reached Eur 91 .5m in FY 20 1 8 equal to 6.4% of revenues compared to 6.1 % in FY 20 1 7 6.1 % 6.4% Retail investments were equal to Eur 51 .0 m, or 56% of total capex, including 91 .5 relocations and expansions 72.5 32.6 1 0 .8 Corporate investments rose significantly in 5.2 FY 20 1 8 to Eur 32.6m, reflecting the costs 7.9 related to the enlargement and the automation of the logistics hub in Italy and the investments made in the production plant and in Information Technology 56.5 51 .0 FY 20 1 7 FY 20 1 8 Corporate Wholesale Retail 1 2
NET WORKING CAPITAL NET W ORKING CAPITAL ANALYSIS (Eur M) Net working capital remained stable (%) on revenues at around 7% of revenues 7.5% 7.3% Receivables increased to Eur 1 55.0 m also reflecting the excellent results, in 1 0 3.2 December, of the concessions business 89.7 1 55.0 Inventory largely included raw materials 1 24.3 and finished products for the forthcoming seasons 1 73.1 1 37.5 (1 72.1 ) (225.0 ) Accounts receivable 31 / 1 2/ 20 1 7 Restated* 31 / 1 2/ 20 1 8 Inventory Accounts payable 1 3 (*) Due to the new accounting principle, IFRS 1 5, adopted in 20 1 8, the Net W orking Capital breakdown at 31 / 1 2/ 20 1 7 has been restated
NET FINANCIAL POSITION NET FINANCIAL POSITION (Eur M) At 31 December 20 1 8, net financial position was positive for Eur 450.1 m The Group net cash generation remained 450 .1 strong. In FY 20 1 8, Mo ncler generated Eur 1 45.2m of cash after Eur 70.5m dividends payment and two shares buy back programs for Eur 1 48.6m 30 4.9 For FY 20 1 8 BoD proposed a 546.3 dividend per share of Eur 0.40, equal to 0 0 m (*) (30 % pay-out total dividends of Eur 1 394.1 ratio) (1 5.4) (21 .3) (67.9) (80 .8) 31 / 1 2/ 20 1 7 31 / 1 2/ 20 1 8 Long-term borrowings, net Short-term borrowings, net Cash and cash equivalents 1 4 (*) Based on outstanding shares as of 31 December 20 1 8 and excluding treasury shares
BALANCE SHEET STATEMENT 31 31 / 1 2/ 20 1 8 31 31 / 1 2/ 20 1 7 Eur ur m Eur ur m Intang ible Assets 424.4 426.3 Tang ible Assets 1 77.0 1 38.1 Other Non-current Assets/ (Liabilities) 35.9 22.1 To tal No n- n-c ur urrent nt Assets/ (Li Liabilities) 637 37.2 586.5 58 Net Working Capital 1 03.2 89.7 Other Current Assets/ (Liabilities) (1 08.2) (47.0) To tal Cur urrent nt Assets/ (Li Liabilities) (5. 5.0 ) 42.7 Inv nvested Capital 632 32.2 629.2 Net Debt/ (Net Cash) (450.1 ) (304.9) Pension and Other Provisions 1 3.4 1 0.6 Shareholders' Equity 1 ,068.9 923.5 To tal So ur urc es 632 32.2 629.2 1 5
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