PRESS RELEASE
AEFFE: Strong Improvement In Profitability In First Semester 2012
Compared To First Semester 2011: Ebitda +63%; Revenues At 121.6M
(+1.4%)
San Giovanni in Marignano, 27 July 2012 - The Board of Directors of
Aeffe SpA approved today the consolidated results for the First
Semester of 2012. The company, listed on the STAR segment of Borsa
Italiana, operates in the luxury sector, with a presence in the
prêt-à-porter, footwear and leather goods division under renowned
brand names such as Alberta Ferretti, Moschino, Pollini and JP
Gaultier. · · · · ·
Consolidated revenues of 121.6m, compared to 119.97m in 1H 2011
(+1.4%) Ebitda of 7.1m, compared to 4.4m in 1H 2011 (+63%), with a
2.7m increase Loss before taxes of 3.6m, compared to 4.6m in 1H
2011, with a 1m improvement Net Loss for the Group of 4.3m,
compared to a net loss of 5.1m in 1H 2011, with a 0.8m improvement
Net financial debt of 101.6m, compared to 103.5m as of June 30,
2011 (98.1m as of December 31, 2011)
Consolidated Revenues In the first semester of 2012, AEFFE
consolidated revenues amounted to 121.6m compared to 119.9m in the
first semester of 2011, with a 1.4% increase at current exchange
rates (-0.2% at constant exchange rates). Revenues of the
prêt-à-porter division amounted to 96.9m, down by 1.3% at current
exchange rates and by 3.2% at constant exchange rates compared to
1H 2011, while revenues of the footwear and leather goods division
increased by 13.5% to 32.3m, before interdivisional eliminations.
Massimo Ferretti, Executive Chairman of Aeffe Spa, has commented:
"The results achieved by our group in the first semester 2012
continue to show a significant recovery in operating profitability,
which increased more than proportionally to the trend of revenues.
In the current difficult economic conditions, the Group remains
also strongly focused on growth through the geographic
diversification; in fact, by the end of the year, it is scheduled
the opening of around twenty new franchised stores, of which more
than half in Asia".
1
Revenues Breakdown by Region
(In thousands of Euro)
Italy Europe (Italy and Russia excluded) Russia United States Japan
Rest of the World Total 1H 12 Reported 49,894 24,564 10,153 9,311
11,205 16,536 121,663 1H 11 Reported 52,075 24,689 7,929 8,821
9,565 16,887 119,967 % Change (4.2%) (0.5%) 28.1% 5.6% 17.1% (2.1%)
1.4% % Change* (4.2%) (1.1%) 28.1% (1.0%) 6.0% (2.8%) (0.2%)
(*) Calculated at constant exchange rates In 1H 2012 sales in
Italy, amounting to 41% of consolidated sales, decreased by 4.2% to
49.9m. At constant exchange rates, sales in Europe, contributing to
20.2% of consolidated sales, decreased by 1.1%. The Russian market,
representing 8.3% of consolidated sales, grew by 28.1%. Sales in
the United States, contributing to 7.7% of consolidated sales,
decreased by 1% at constant exchange rates. Japanese sales,
contributing to 9.2% of consolidated sales, increased by 6.0%. In
the Rest of the World, the Group's sales totalled 16.5m, amounting
to 13.6% of consolidated sales, recording a decrease by 2.8%
compared to 1H 2011.
Network of Monobrand Stores
DOS
Europe United States As i a Total 1H 12 45 3 41 89 FY 11 44 3 42
89
Franchising
Europe United States Asia Total
1H 12 63 4 113 180
FY 11 60 7 100 167
Operating and Net Result Analysis 1H 2012 profitability showed a
significant improvement with consolidated Ebitda equal to 7.1m
(with an incidence of 5.8% of consolidated sales), compared to 4.4m
in 1H 2011 (3.6% of total sales). Ebitda growth has been positively
influenced especially by the lower incidence of the operating costs
thanks to the policy of costs' reduction and efficiency improvement
implemented at Group level. The improvement in Ebitda has involved
both divisions. Ebitda of the prêt-à-porter division amounted to
7.7m (representing 8% of sales), compared to 6.1m in 1H 2011 (6.2%
of sales), posting a 1.6m increase. Ebitda of the footwear and
leather goods division was negative for 0.6m compared to a negative
Ebitda of 1.7m in 1H 2011, with a 1.1m improvement. Consolidated
Ebit was equal to 0.3m, compared to a negative Ebit of 2.6m in 1H
2011, with a 2.9m increase. Thanks to the improvement in operating
profit, in 1H 2012 the Group has showed a good growth in the net
result, posting a net loss of 4.3m, compared to a net loss of 5.1m
in 1H 2011.
Balance Sheet Analysis Looking at the balance sheet as of June 30,
2012, Shareholders' equity was equal to 130.4m and net financial
debt amounted to 101.6m compared to 103.5m as of June 30, 2011. As
of June 30, 2012 operating net working capital amounted to 60.9m
(24.6% of LTM sales) compared to 57.4m as of June 30, 2011 (24.3%
of LTM sales).
2
Capex in H1 2012 amounted to 3.1m and were mainly related to the
maintenance and stores' refurbishment; disinvestments were equal to
8.3m and mainly referred to the sale of the Moschino store in Paris
(Rue de Grenelle) and to the sale of the Pollini store in Milan
(Piazza Duomo).
Income Statement, Reclassified Balance Sheet and Cash Flow
Statement are attached below. 1H 2012 data included in this press
release were subject to limited review by the Auditors' company.
Please note that the Financial Report and the Results Presentation
at 30 June 2012 are available at the following link:
http://www.aeffe.com/aeffeHome.asp?pattern=11&lang=ita. "The
executive responsible for preparing the company's accounting
documentation Marcello Tassinari declares pursuant to paragraph 2
of art. 154 bis of the Consolidate Financial Law, that the
accounting information contained in this document agrees with the
underlying documentation, records and accounting entries".
Contacts: Investor Relations AEFFE S.p.A Annalisa Aldrovandi +39
0541 965494 annalisa.aldrovandi@aeffe.com www.aeffe.com Press
Relations Barabino & Partners Marina Riva m.riva@barabino.it
+39 02 72023535
3
(In thousands of Euro)
Revenues from sales and services Other revenues and income Total
Revenues Total operating costs EBITDA Total Amortization and
Write-downs EBIT Total Financial Income /(expenses) Profit/(Loss)
before taxes Taxes Net Profit/(Loss) net of taxes (Profit)/Loss
attributable to minority shareholders Net Profit/(Loss) for the
Group
1H 12 121,663 3,205 124,868 (117,751) 7,116 (6,761) 355 (3,928)
(3,573) (606) (4,178) (174) (4,352)
% 100.0% 2.6% 102.6% (96.8%) 5.8% (5.6%) 0.3% (3.2%) (2.9%) (0.5%)
(3.4%) (0.1%) (3.6%)
1H 11 119,967 2,536 122,502 (118,138) 4,365 (6,925) (2,561) (2,047)
(4,607) (531) (5,138) 21 (5,117)
% 100.0% 2.1% 102.1% (98.5%) 3.6% (5.8%) (2.1%) (1.7%) (3.8%)
(0.4%) (4.3%) 0.0% (4.3%)
Change 1,697 669 2,365 386 2,751 164 2,916 (1,881) 1,034 (75) 960
(195) 765
Change % 1.4% 26.4% 1.9% (0.3%) 63.0% (2.4%) (113.9%) 91.9% (22.5%)
14.1% (18.7%) (943.6%) (14.9%)
4
(In thousands of Euro)
Trade receivables Stock and inventories Trade payables Operating
net working capital Other receivables Other liabilities Net working
capital Tangible fixed assets Intangible fixed assets Investments
Other long term receivables Fixed assets Post employment benefits
Long term provisions Assets available for sale Other long term
liabilities Deferred tax assets Deferred tax liabilities NET
CAPITAL INVESTED Capital issued Other reserves Profits/(Losses)
carried-forward Profit/(Loss) for the period Group share capital
and reserves Minority interests Shareholders' equity Short term
financial receivables Liquid assets Long term financial payables
Short term financial payables NET FINANCIAL POSITION SHAREHOLDERS'
EQUITY AND NET FINANCIAL INDEBTEDNESS
1H 12 29,588 77,654 (46,252) 60,989 36,950 (20,670) 77,270 73,840
141,077 30 2,918 217,865 (7,769) (1,007) 437 (14,241) 13,437
(38,098) 247,893 25,371 119,366 (10,011) (4,352) 130,374 15,917
146,292 (1,015) (6,164) 5,520 103,260 101,601 247,893
FY 11 32,547 74,260 (54,809) 51,997 33,508 (18,287) 67,218 74,537
145,091 30 2,915 222,572 (7,943) (1,071) 7,712 (14,241) 14,549
(40,516) 248,280 25,371 117,064 (3,938) (4,280) 134,218 15,979
150,197
1H 11 33,119 72,728 (48,418) 57,429 36,345 (20,611) 73,162 73,235
151,118 65 3,014 227,432 (8,475) (1,177) 794 (14,241) 15,594
(40,676) 252,413 25,371 116,836 (3,938) (5,117) 133,152 15,786
148,938
(8,444) 7,060 99,467 98,083 248,280
(3,858) 10,995 96,338 103,475 252,413
5
(In thousands of Euro)
OPENING BALANCE Profit before taxes Amortizations, provisions and
depreciations Accruals (availments) of long term provisions and
post employment benefits Taxes Financial incomes and financial
charges Change in operating assets and liabilities NET CASH FLOW
FROM OPERATING ASSETS Increase (decrease) in intangible fixed
assets Increase (decrease) in tangible fixed assets Investments and
Write-downs (-)/Disinvestments and Revaluations (+) CASH FLOW
GENERATED (ABSORBED) BY INVESTING ACTIVITIES Other changes in
reserves and profit carried-forward to shareholders'equity Proceeds
(repayment) of financial payments Increase (decrease) in long term
financial receivables Financial incomes and financial charges CASH
FLOW GENERATED (ABSORBED) BY FINANCING ACTIVITIES CLOSING
BALANCE
1H 12 8,444 ( 3,573) 6,761 ( 237) ( 1,768) 3,928 ( 10,194) ( 5,083)
146 ( 2,162) 7,239 5,223 272 2,254 ( 1,018) ( 3,928) ( 2,420)
6,164
FY 11 4,512 ( 1,247) 14,823 ( 1,605) ( 2,579) 4,811 ( 233) 13,970 (
6,082) ( 4,820) 353 ( 10,549) ( 1,240) 6,489 73 ( 4,811) 511
8,444
1H 11 4,512 ( 4,607) 6,925 ( 967) ( 1,030) 2,047 ( 5,254) ( 2,886)
( 287) ( 1,170) ( 65) ( 1,522) ( 1,468) 7,295 ( 26) ( 2,047) 3,754
3,858
6
Aeffe (BIT:AEF)
Historical Stock Chart
From Oct 2024 to Nov 2024
Aeffe (BIT:AEF)
Historical Stock Chart
From Nov 2023 to Nov 2024
