Press release
Piquadro S.p.A: The Board of Directors approved the consolidated
interim report as of December 31, 2013
· Consolidated revenue of 45.3 million in the first nine months of
fiscal year 2013-14 (+11.9% compared to the 40.5 million of the
first nine months of the previous year); 15,4 million in the third
quarter of financial year 2013-14 (+17,7% compared to the same
quarter of the financial year 2012-13); · EBITDA of 6.4 million
equal to 14% of consolidated turnover in the first nine months of
financial year 2013-14 (6.6 million of revenues in the first nine
months of the previous year); 1.8 million in the third quarter of
financial year 2013-14 (+20.1% compared to the same quarter of the
financial year 2012-13); · Consolidated net profit of 2.6 million
in the first nine months of financial year 2013-14 ( 2.9 million in
the first nine months of the previous year); 0.6 million in the
third quarter of financial year 2013-14 (+37% compared to the same
quarter of the financial year 2012-13); · At present, there are 57
DOSs and 44 franchises for a total of 101 Piquadro brand boutiques
around the world.
Milan, 11 February 2014 Â Today the Board of Directors of Piquadro
S.p.A., which designs, manufactures and distributes professional
and travel leather goods featuring cutting edge designs and
innovative technology, approved the Consolidated Quarterly report
as of December 31, 2013 for the first nine months of financial year
2013/2014. For the first nine months of the year as of December 31,
2013 consolidated revenue amounted to 45.3 million, up 11.9%
compared to about 40.5 million for the same period of the previous
year. That increase was determined by the growth of both DOS and
Wholesale distribution channels. The revenues reported by the DOS
channel showed an increase of about 16.8% compared to the same
period of the 2012/2013 financial year. On a like for like basis,
deducting the sales recorded by the shops which were not yet opened
as at 1st April 2012, the performance of sales revenues reported by
the DOS channel was about 1.7%. The Same Store Sales Growth (SSSG)
assuming an equal number of days open and constant exchange rates
reported a 2.5% growth in the first nine months. The revenues of
the Wholesale channel, which represented 64.1% of the Group total
turnover on 31 December 2013, showed a 9.3% increase due to a 29.4%
increase in sales in foreign markets. Sales in the European
Wholesale market grew by 20.9% and, on 31 December 2013, represent
27% of net sales. On 31 December 2013 the Foreign Market Wholesale
channel (which includes Europe and the area outside of Europe
defined as the "Rest of the World"), represented 19.2% of
consolidated net sales (16.6% as of December 31, 2012). The Italian
Wholesale channel represents 44.9% of consolidated net sales (49.0%
on 31 December 2012) with a 2.5% increase. In the third quarter
2013/2014 (October-December 2013) the consolidated revenue was up
17.7% compared to the third quarter of 2012/2013, with the DOS
channel at +16.0% and the Wholesale channel at +18.9%. Sales in the
Italian market, which accounted for a 70.7% of the Group's
turnover, were up 8.7%, also due to the opening of 6 DOS Directly
operated stores and 1 franchised store. The European market
recorded increasing revenues up by 25.0% (Euro 9.7 million with a
ratio of 21.4% of the net sales revenues) compared to the same
period in 2012/2013 (19.2% as of December 31, 2012). The Extra
European market (called the "Rest of the World" with Piquadro
selling its products in 16 countries) showed a 9.9% increase
compared to the first nine months of 2012/2013.
As to the earning results of the first nine months of the financial
year 2013-14, the Piquadro Group reported an EBITDA of 6.4 million
compared to 6.6 million registered during the first nine months of
the year ended December 31, 2012. EBITDA margin was 14.0%. In the
quarter October-December 2013 the Piquadro Group reported an EBITDA
of 1.8 million, up 20.1% compared to 1.5 million registered during
the third quarter of the year ended December 31, 2012. EBITDA
margin of the third quarter of financial year 2013-14 was 11.5%.
EBIT stood at 4.5 million compared to 4.7 million registered as of
December 31, 2012. EBIT margin was 10.0%. EBIT of the third quarter
2013/14 stood at 1.1 million, up 44% compared to 0.8 million
registered in the third quarter of the previous year. EBIT margin
was 7.4%. Consolidated Net Profit was 2.6 million, down 10.5%
compared to December 31, 2012. Consolidated Net Profit for the
third quarter of 2013/14 was 0.6 million, up 37.0% compared to the
same quarter of 2012/13. Net Financial Debt as of December 31, 2013
was approximately 14.5 million. The main reasons for the dynamics
of the Net Financial Debt compared to March 31, 2013 ( 8.5 million)
are the distribution of 1 million dividend, investments for 3
million in tangible and intangible assets and 6.2 million increase
in net working capital due to the diverse seasonal dynamics.
Compared to December 31, 2013 Net Financial Position rose by about
1.3 million due to the increased net working capital of the growing
Group. «The growth of the first nine months and the considerable
increase in sales and earnings performance recorded in the third
quarter testify the validity of the strategies so far and allow us
to look toward the future with confidence even in the present
uncertain economic scenario» said Marco Palmieri, President and CEO
of Piquadro. «The positive trend of the directly operated stores
(DOS), which are growing even in the difficult economic situation
of the Italian market, also demonstrate that the originality of the
brand positioning and the strong distinctive features of the
product, can be successful elements on the domestic as well as on
the international market, if they are supported by suitable
communication campaigns and solid operations".
Outlook 2013/2014 The development of the Piquadro Group in the
financial year 2013/2014 will be influenced by the economic
scenario in which it operates, mainly Italy which represents an
important share, and by the Group's ability to pursue the
international growing process which has showed its initial
successes in the first nine months. The increased revenues
registered at 31 December 2013 and the improving sales and revenues
performance of the third quarter, together with the positive trend
of the directly operated stores, which grew even in the difficult
economic scenario of the domestic market, testify that the Group's
investments in a glamorous brand repositioning are generating the
results expected by the Management. The Group is focusing on global
development and is consistently pursuing a strategy to increase the
international visibility and awareness of the Piquadro brand, a
strategy that brought the openings of singlebrand stores in Paris,
Venice, Florence, Forte dei Marmi, Turin and Beijing, London will
follow in March 2014. The management foresees the fourth quarter of
the financial year 2013-14 will register the same trend as the
third quarter of the year. Relevant facts after December 31, 2013
Since January 1, 2014 to the date of this report, there were no
significant events occurring at the Group level. The manager
responsible for preparing the Piquadro S.p.A.'s, financial reports,
Roberto Trotta, declares  pursuant to paragraph 2 of Article
154-bisof Italy's Legislative Decree 58/1998 Â that the accounting
information contained in this press release, corresponds to the
documented results, books and accounting records. The interim
consolidated financial report as of December 31, 2013 will be made
available to the public at the company's Registered Office and
through the NIS circuit at the Italian Stock Market as well as on
the website www.piquadro.com in the Investor Relations section
within today.
Piquadro S.p.A Piquadro is an Italian brand of professional and
travel items characterized by innovative design and technological
content. In Piquadro products, the flair of Italian craftsmanship,
the quality of selected leather and attention to detail combine
with the three distinctive values that inspire the brand: design,
functionality and technology. The Company's origins date back to
1987 and an idea of Marco Palmieri, its Chairman and Chief
Executive Officer. Piquadro is based in Silla di Gaggio Montano,
near Bologna, where all design, project, planning, acquisition,
quality control, logistics, marketing, communications and
distribution activities are carried out. In financial year
2012/2013, which ended on March 31, 2013, the Group's consolidated
sales amounted to Euro 56.3 million and its consolidated net profit
was approximately Euro 3.3 million. Piquadro sells its products in
over 50 countries worldwide, through a distribution network that
includes 101 single - brand boutiques (56 in Italy and 45 abroad,
57 DOS Â directly operated stores and 44 franchised). Piquadro has
been listed on the Italian Stock Exchange since October 2007.
Piquadro S.p.A. Media relations  Paola Di Giuseppe Tel +39 0534
409079 paoladigiuseppe@piquadro.com
Piquadro S.p.A. Investor relationship - Roberto Trotta Tel +39 0534
409001 investor.relator@piquadro.com
Consolidated statement of financial position as at December 31,
2013 and March 31, 2013 (in thousands of Euro) 31 December 2013 31
March 2013 Restated1) ASSETS NON-CURRENT ASSETS Intangible assets
Property, plant and equipment Receivables from others Deferred tax
assets TOTAL NON-CURRENT ASSETS 4,957 12,894 779 1,525 20,155 3,951
12,684 877 1,424 18,936
CURRENT ASSETS Inventories Trade receivables Others current assets
Tax receivables Receivables for derivative financial instruments
Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS 16,808
24,434 1,433 1,286 15,088 59,049 79,204 14,227 21,517 870 1,447
20,476 58,537 77,473
Consolidated statement of financial position as at December 31,
2013 and March 31, 2013 31 March 2013 (in thousands of Euro)
LIABILITIES 31 December 2013 Restated1)
EQUITY Share Capital Share premium reserve Other reserves Retained
earnings Group profit for the period Total equity attributable to
the Group Capital and Reserves attributable to minority interests
Profit/(loss) attributable to minority interests Total share
attributable to minority interests EQUITY NON-CURRENT LIABILITIES
Borrowings Payables to other lenders for lease agreements Provision
for employee benefits Provision for risk and chargers Deferred tax
liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES
Borrowings Payables to other lenders for lease agreements Payables
for derivative financial instruments Trade Payables Other current
liabilities Current income tax liabilities TOTAL CURRENT
LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES
1,000 1,000 623 25,575 2,567 30,765 20 (6) 14 30,779
1,000 1,000 678 23,312 3,263 29,253 40 (20) 20 29,273
13,221 2,753 249 1,039 102 17,364
17,420 3,180 252 1,069 196 22,117
13,036 571 57 12,540 3,230 1,627 31,061 48,425 79,204
7,796 562 15,030 2,695 26,083 48,200 77,473
Consolidated income statement for the period ended December 31,
2013 and December 31, 2012 31 December 2012 Restated1) 40,509
612
(in thousands of Euro) Revenues from sales Other income
31 December 2013 45,327 634
OPERATING COSTS Change in inventories Costs for purchases Costs for
services and leases and rental Personnel costs Amortisation,
depreciation and write-downs Other operating costs TOTAL OPERATING
COSTS OPERATING PROFIT FINANCIAL INCOME AND CHARGES Financial
income Financial charges TOTAL FINANCIAL INCOME AND CHARGES PRE-TAX
RESULT INCOME TAX ESPENSES PROFIT FOR THE PERIOD Attributable to:
EQUITY HOLDERS OF THE COMPANY MINORITY INTERESTS EARNING PER SHARE
(Basic) EARNING PER SHARE (Diluted) EARNING PER SHARE
1)
(2,877) 8,706 22,582 10,592 2,166 250 41,419 4,542
(2,649) 9,461 18,197 9,153 2,249 58 36,469 4,652
397 (950) (553) 3,989 (1,428) 2,561
467 (715) (248) 4,404 (1,542) 2,862
2,567 (6)
2,862 -
0.05134 0.04775
0.05724 0.05525
Starting from the Half Year Financial Report as at 31 December
2013, the Piquadro Group applied, on a mandatory and retrospective
basis, the revised version of IAS 19 Â Employee benefits, in
relation to the financial statements of the financial years that
commenced from 1 April 2013; therefore, the 2012/2013 comparative
data were re-determined consistently. The effects of the
retrospecitive application of said changes entailed the failure to
recognize an actuarial loss, reported for an amount of Euro 6
thousand in the income statement of the first nine months of the
2012/2013, with an increase in the net profit for the above
mentioned period, including the related tax effect of Euro 3
thousand.
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