Sant'Elpidio a Mare - March 12th, 2020
TOD'S S.p.A. - Group's sales totalled 916 million Euros in FY 2019, strong growth of e- commerce and DOS; net income: 46.3 million Euros. Proposal of a dividend of 0.6 Euro per share
The Board of Directors approved the draft of 2019 Annual Report
Sales revenues: 916 million Euros
EBITDA adjusted: 255.4 million Euros1
EBIT adjusted: 104.4 million Euros
Group's Net Income: 46.3 million Euros
Net Financial Debt adjusted: 12.1 million Euros
Dividend: 0.60 Euro per share
Tod's S.p.A., the Italian company listed on the Milan Stock Exchange and holding of the luxury goods group of the same name operating in luxury and quality shoes, accessories and apparel with the Tod's, Hogan, Fay and Roger Vivier brands, today approved the draft of the Group's 2019 Annual Report.
Message from the Group's Chairman and CEO
Diego Della Valle, Chairman and CEO of the Group, commented as follows:
In 2019, we continued the execution of our medium-term strategic plan, trying to get closer to the set objectives as quickly as possible.
The last months of the year gave us positive signals, and even better results were being achieved in the first weeks of this year, until the arrival of the Coronavirus. This confirms that all the initiatives undertaken were going in the right direction, also considering the desirability that makes our products special and therefore competitive with the collections of other famous brands of worldwide importance. The large investments made in the Dos network and in research and development also go in this direction propertly. The most important goal remains to increase traffic in our direct stores and
- With the introduction of the new IFRS 16 accounting principle, as of January 1, 2019 leasing contracts are accounted differently from the past, with significant impacts on EBITDA, EBIT, Net Invested Capital, Net Financial Position and Operating Cash Flow. All the figures "adjusted" are referred to the values calculated net of this accounting principle.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
in our franchised stores, in order to increasingly control the direct distribution, which today represents more than 70% of our turnover.
E-commerce is growing very well and we will increasingly invest in this sales channel to accelerate its growth. When our stores and e-commerce are fully operational, the turnover, but even more, the Group' profits will grow more than proportionally.
This is the medium term strategy, but we come to today.
The arrival of Coronavirus has forced us to review the strategy of the first half of 2020 and now, in a climate of strong uncertainty, we have prepared a plan that allows us to cut immediate costs and manage the flow of goods with great prudence, trying to dose at best the quantities of goods that we will put on the market. However, we are ready to start quickly as soon as the market normalizes. I believe that before the end of April it will not be possible to perceive how the semester will look like..
But now our first goal is to take care of the health of our employees, helping them for all the problems that Coronavirus can create, even indirectly, in managing the daily life of each family.
Notoriously our Group has always been close to its employees and this time it will be even more."
Comments to the Group's sales
In fiscal year 2019, consolidated sales were 916 million Euros, down 2.6% from 2018.
Revenues amounted to 238.3 million Euros in the fourth quarter of 2019, up 1.7% from Q4 2018.
In 2018, currency fluctuations gave a positive contribution, particularly to the Tod's and Roger Vivier brands, which have the greatest presence abroad. At constant exchange rates, meaning by using the average exchange rates of 2018, including the related effects of hedging contracts, sales would have been 905.6 million Euros.
Breakdown of consolidated sales by brand
(million Euros) | ||||||
FY 2019 | FY | % change | ||||
reported rates | constant rates | 2018 | reported rates | constant rates | ||
Tod's | 461.8 | 455.3 | 498.7 | - 7.4% | - 8.7% | |
Roger Vivier | 200.5 | 197.3 | 173.5 | +15.5% | +13.7% | |
Hogan | 196.5 | 195.8 | 206.1 | - 4.7% | - 5.0% | |
Fay | 56.3 | 56.3 | 61.3 | - 8.0% | - 8.1% | |
Other | 0.9 | 0.9 | 0.9 | n.m. | n.m. | |
TOTAL | 916.0 | 905.6 | 940.5 | -2.6% | -3.7% |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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Tod's sales totaled 461.8 million Euros in 2019; positive results in the retail channel. Healthy start of the new T Timeless project, both for shoes and leather goods.
Revenues of Roger Vivier amounted to 200.5 million Euros, up 15.5% from 2018. The brand registered positive results in all the geographical areas in which it operates; excellent feedback on new product families.
Hogan sales totalled 196.5 million Euros; double-digit growth in Greater China, despite the delicate situation in Hong Kong.
Finally, sales of Fay amounted to 56.3 million Euros; the decrease, as compared to 2018, is mainly due to the weakness of the Italian market.
Breakdown of consolidated sales by product category
(million Euros) | |||||||||
FY 2019 | FY | % change | |||||||
reported rates | constant rates | 2018 | reported rates | constant rates | |||||
Shoes | 730.7 | 722.9 | 743.7 | -1.7% | -2.8% | ||||
Leather goods | 121.7 | 119.2 | 128.6 | -5.4% | -7.3% | ||||
and accessories | |||||||||
Apparel | 62.7 | 62.6 | 67.3 | -6.7% | -6.9% | ||||
Other | 0.9 | 0.9 | 0.9 | n.m. | n.m. | ||||
TOTAL | 916.0 | 905.6 | 940.5 | -2.6% | -3.7% |
Revenues from shoes amounted to 730.7 million Euros in 2019; positive trend in the fourth quarter of the year.
Sales from leather goods and accessories totalled 121.7 million Euros. The new lines of handbags of the Tod's brand are registering positive feedback.
Finally, sales from apparel amounted to 62.7 million Euros; the trend broadly reflects the performance registered by the Fay brand.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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Breakdown of consolidated sales by region
(million Euros) | |||||||||
FY 2019 | FY | % change | |||||||
reported rates | constant rates | 2018 | reported rates | constant rates | |||||
Italy | 260.6 | 260.6 | 282.2 | -7.7% | -7.7% | ||||
Europe | 237.6 | 236.8 | 243.9 | -2.6% | -2.9% | ||||
(excl. Italy) | |||||||||
Americas (*) | 70.6 | 67.9 | 73.0 | -3.2% | -7.0% | ||||
Greater | 215.1 | 211.0 | 210.3 | +2.3% | +0.4% | ||||
China (**) | |||||||||
Rest of | 132.1 | 129.2 | 131.1 | +0.8% | -1.4% | ||||
World | |||||||||
TOTAL | 916.0 | 905.6 | 940.5 | -2.6% | -3.7% |
- This line includes the whole American continent (Northern and Southern America). (**) This line includes: mainland China, Hong Kong SAR, Macao SAR and Taiwan Region.
In 2019, domestic sales amounted to 260.6 million Euros; the performance in the fourth quarter of the year was positive, with an improvement in the trend of both distribution channels.
In the rest of Europe, the Group's revenues totaled 237.6 million Euros; the fourth quarter of the year was positive, thanks to the contribution of retail.
In the Americas sales amounted to 70.6 million Euros; also in this region, the fourth quarter registered a positive performance, with an improvement in results on both the distribution channels.
The Group's sales in Greater China totaled 215.1 million Euros, up 2.3% from 2018. The positive results recorded in Mainland China, which represents more than 60% of this region, were partially offset by the sharp slowdown in the Hong Kong market, due to well-known political tensions.
Finally, in the area "Rest of the World" the Group's revenues were 132.1 million Euros, up 0.8% from 2018.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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Breakdown of consolidated sales by distribution channel
(million Euros) | ||||||
FY 2019 | FY | % change | ||||
reported rates | constant rates | 2018 | reported rates | constant rates | ||
Retail | ||||||
(DOS+online) | 645.8 | 636.9 | 607.8 | +6.2% | +4.8% | |
Third parties | ||||||
(Franchised | ||||||
stores + | 270.2 | 268.7 | 332.8 | -18.8% | -19.2% | |
Independent | ||||||
retailers) | ||||||
TOTAL | 916.0 | 905.6 | 940.5 | -2.6% | -3.7% |
In 2019, retail revenues totalled 645.8 million Euros, up 6.2% from 2018, and represent more than 70% of the Group's turnover. On a homogeneous basis2, the increase in sales of this channel was 4.4% in the fourth quarter of the year, thanks to the double-digit growth of e-commerce and the contribution of the new openings.
The Same Store Sales Growth (SSSG) rate, calculated at constant exchange rates as the worldwide average of sales growth rates registered by the DOS network, is -4.0% in the year, progressively improving in the last months. At reported rates, this figure improves by more than 100 bps.
As of December 31st, 2019 the Group's distribution network was composed by 290 DOS and 115 franchised stores, compared to 284 DOS and 120 franchised stores as of December 31st, 2018.
Revenues to third parties totaled 270.2 million Euros; the double-digit decline is mainly due to the weakness of the domestic and European markets.
Comments on the Profit & Loss key figures
The key economic and financial figures of 2019 Financial Statements have been significantly impacted by the adoption of the IFRS16 accounting principle, related to the new accounting of the lease agreements, starting from January 1st, 2019. In compliance with the new IFRS 16 accounting principle, in FY 2019 the Group's EBITDA was
- As already mentioned in the previous press releases, with the acquisition of Italiantouch, starting from October 1st, 2018, the relative part of the e-commerce revenues has been accounted for in retail revenues, and no longer in the wholesale channel. Consequently, in the first nine months of 2019, the comparison of revenues by distribution channel was uneven, while, starting from the fourth quarter, figures return to be comparable.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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255.4 million Euros, with a 27.9% margin on sales. It includes an extraordinary not recurring income of 97.5 million Euros, related to the disposal of the Omotesando real estate, as disclosed on March 11th, 2019 (please refer to the press release issued on that day for all the details of that transaction). Net of the above mentioned IFRS 16 effect, 2019 EBITDA adjusted was 150.2 million Euros, equal to 16.4% of sales. Despite the small improvement of the industrial margin, as compared with the figure of 2018, the operating result was strongly affected by the significant increase in operating costs, necessary to preserve the positioning of the brands in a very competitive environment, and in the costs for the development of the distribution network, which are necessary to pursue the Group's business strategy. In particular, the following lines increased significantly: labour costs (23.4% of sales in 2019, compared to 21.1% of 2018), mainly related to the increase in the Group's workforce3, in particular to expand the direct retail network and to strengthen the Corporate teams, costs for the use of third parties assets (17.6% of sales in 2019 excluding IFRS16, compared to 15.1% in 2018) and cost for services (26.1% of sales in 2019, compared to 25% of 2018), mainly due to communication and external productions costs.
In 2019, the Group's EBIT adjusted was 104.4 million Euros, with a 11.4% margin on sales; the incidence on sales of depreciation, amortisation and provisions was broadly stable, net of the depreciation for rights of use assets (equal to 105.2 million Euros).
At constant exchange rates and in compliance with IFRS16, EBITDA and EBIT would have been, respectively, 245.2 million Euros and 93.9 million Euros.
The Group's profit before taxes was 77 million Euros, also due to higher interests calculated on lease liabilities in compliance with IFRS16. Net of taxes for the period and of minority interests, the Group's net income was 46.3 million Euros.
Comments on the Balance Sheet and Cash Flow key figures
In 2019, the Group invested 47.2 million Euros in tangible and intangible fixed assets, slightly higher than the 44 million Euros invested in 2018. As usual, the majority of these investments were devoted to the widening and update of the DOS network; as an example, we mention the opening of the new Tod's flagship store in Milan, Via Montenapoleone. The rest of the investments are, as usual, referred to the continuous renewal at industrial and corporate level.
The net operating working capital totalled 344.6 million Euros as of December 31st, 2019, higher than the figure as of the end of 2018, mainly due to the more favorable trend of the production processes, which led to an increase in the stocks of the spring collections, ready for shipment.
- 4,815 employees as of December 31st, 2019, compared to 4,705 as of December 31st, 2018.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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As of December 31st, 2019, the Group's net debt adjusted is equal to 12.1 million Euros; this figure is 451.2 million Euros, including the IFRS 16 impact.
As of December 31st, 2019, consolidated shareholders' equity was 1,080.5 million Euros, compared to the 1,064.7 million balance as of December 2018.
Comments on the key figures of the Parent Company Tod's SpA
The Board of Directors also approved the draft of the 2019 Annual Report for the parent company Tod's SpA, whose sales were 606.8 million Euros, compared to 665.4 million Euros sales of 2018 pro-forma financial statements (which include the effect of the mergers of Del.Com Srl, Italiantouch Srl and Holpaf BV) .
Net income was 30.3 million Euros, or 5% of sales; earning per share was 0.92 Euro.
In 2019, the parent company invested a total amount of 15.9 million Euros in tangible and intangible fixed assets, excluding the transfers of assets related to the mergers, which compares to 17.6 million Euros invested in the previous year.
As of December 31st, 2019 the parent company's net debt adjusted was 78.1 million Euros; the shareholders' equity of the parent company was 959 million Euros.
Dividend proposal
The Board approved also to propose the distribution of a dividend of Euro 0.604 per share, which corresponds to a pay-out of approx. 43% on the Group's net income per share.
This proposal will be submitted to the approval of the Annual General Meeting, taking place in the company's registered office next April 22nd, 2020, at 11.00 a.m. on first call, as well as the proposal to allocate 1% of consolidated net income - which corresponds to 456,588 Euros, to pursue solidarity projects.
4 Gross of withholding tax, if due.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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As for the second call, today the Board resolved to change the date of any second call from April 29th, 2020 to May 29th, 2020, the same place and time, to take into account the possible impediments related to a possible negative course of the ongoing COVID-19 epidemic.
In any case, the dividend will be paid on June 24th, 2020 (coupon nr. 21; ex-dividend date: June 22nd, 2020, record
date: June 23rd, 2020).
COVID-19 - Emergency situation
The emergency situation that has arisen in recent months due to the coronavirus pandemic has led to major changes around the world. In response, the Group has implemented a series of actions to protect the health and safety of its employees, including the adoption of smart working, the closure of stores in high-risk areas, and the recommendation to employees to follow specific health protection rules. Additionally, the Group has also deemed appropriate to take charge of assisting its employees, also by providing financial support, for the specific needs related to the management of the emergency situation.
Due to the constantly shifting events, the economic impact of this situation is still difficult to evaluate. However, the Group quickly has implemented measures to contain all operating costs, concentrating efforts on core business activities, and limiting investments only to priority and necessary activities.
What remains unchanged is our commitment and our mission to offer our customers products of the highest quality, the result of the renowned Italian manufacturing expertise and the creative passion that characterizes the Italian DNA in the world.
We stand by and are grateful to all those people, in Italy and around the world, who have and are dedicating themselves to the prevention and treatment of the people affected by this global emergency. We strongly believe that compliance with the rules and provisions of safety and health protection are at this moment more than ever of fundamental importance for the quickest possible restoration of a normal situation.
Other resolutions
Furthermore, the Board of Directors approved: (i) the Report on Corporate Governance and Ownership Structures for fiscal year 2019 prepared pursuant to article 123-bis of Legislative Decree no. 58/1998, and (ii) the Remuneration Report prepared pursuant to Article 123-ter of Legislative Decree no. 58/1998.
The above documents shall be made available to the public, together with the 2019 Financial Annual Report (including, the non-financial statement pursuant to Legislative Decree no. 254/16), by April 1st, 2020, at the Company's registered office, in the Company's website www.todsgroup.com and in the authorized storage device 1info at www.1info.it.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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Please note that the audit process on the data presented in this press release has not been
completed yet.
The manager responsible for preparing the company's financial reports, Mr. Rodolfo Ubaldi, declares, pursuant to article 154 bis, paragraph 2, of Legislative Decree n. 58/98 (the "Unified Financial Act"), that the accounting information contained in this press release corresponds to the document results, books and accounting records.
Should you need explanations, please contact: Investor Relations Office - tel. +39 02 77 22 51
e-mail: c.oglio@todsgroup.com
Corporate website: www.todsgroup.com
PLEASE FIND BELOW THE FINANCIAL STATEMENTS OF TOD'S GROUP AND TOD'S SPA
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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TOD'S Group
Consolidated Income Statement
Unaudited
euro 000's
Year 19 | Year 18 | ||
Revenues | |||
Sales revenues | 915,983 | 940,499 | |
Other income | 108,641 | 10,850 | |
of which non-recurring other income | 97,503 | ||
Total revenues and income | 1,024,624 | 951,349 | |
of which non-recurring other income | 97,503 | ||
Operating Costs | |||
Change in inventories of work in progress and finished goods | 19,130 | 47,033 | |
Cost of raw materials, supplies and materials for consumption | (244,114) | (272,656) | |
Costs for services | (238,732) | (234,680) | |
Costs of use of third party assets | (55,736) | (142,141) | |
Personnel costs | (213,884) | (198,368) | |
Other operating charges | (35,891) | (32,201) | |
Total operating costs | (769,228) | (833,014) | |
EBITDA | 255,396 | 118,335 | |
of which non-recurring other income | 97,503 | ||
Amortisation, depreciation and write-downs | |||
Amortisation of intangible assets | (8,775) | (9,073) | |
Depreciation of tangible assets | (35,113) | (34,001) | |
Depreciation of right of use assets | (105,269) | ||
Other adjustments | (3,210) | (1,402) | |
Total amortisation, depreciation and write-downs | (152,367) | (44,475) | |
Provisions | (1,969) | (2,100) | |
EBIT | 101,060 | 71,760 | |
of which non-recurring other income | 97,503 | ||
Financial income and expenses | |||
Financial income | 21,855 | 21,818 | |
Financial expenses | (45,945) | (27,827) | |
Total financial income (expenses) | (24,090) | (6,009) | |
Income (losses) from equity investments | |||
Profit before taxes | 76,971 | 65,751 | |
of which non-recurring other income | 97,503 | ||
Income taxes | (31,312) | (19,293) | |
of which non-recurring income taxes | (30,078) | ||
Profit/(loss) for the period | 45,659 | 46,458 | |
of which non-recurring other income net of income taxes | 67,425 | ||
Non-controlling interests | 625 | 688 | |
Profit/(loss) of the Group | 46,283 | 47,146 | |
of which non-recurring other income net of income taxes | 67,425 | ||
EPS (in euro) | 1.40 | 1.42 | |
EPS diluted (in euro) | 1.40 | 1.42 |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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euro 000's | |||
Reconciliation of main economic indicators | Year 19 | % | |
EBITDA | (a) | 255,396 | 27.9 |
Rents IFRS 16 | (b) | 105,173 | |
EBITDA adjusted | (c) = (a) - (b) | 150,223 | 16.4 |
Amortiz., deprec. and write-downs (*) | (d) | (45,857) | |
EBIT adjusted | (c) + (d) | 104,366 | 1.5 |
(*) Excluded depreciations of right of use assets and devaluations
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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TOD'S Group
Consolidated Statement of Comprehensive Income
Unaudited
euro 000's
Year 19 | Year 18 | ||
Profit (loss) for the period (A) | 45,659 | 46,458 | |
Other comprehensive income that will be reclassified subsequently to profit and | |||
loss: | |||
Gains/(Losses) on derivative financial instruments (cash flow hedge) | 481 | (81) | |
Gains/(Losses) on currency translation of foreign subsidiaries | 3,611 | 7,518 | |
Gains/(Losses) on net investments in foreign operations | (3,697) | (2,508) | |
Total other comprehensive income that will be reclassified subsequently to profit | |||
and loss (B) | 395 | 4,929 | |
Other comprehensive income that will not be reclassified subsequently to profit | |||
and loss: | |||
Cumulated actuarial gains/(losses) on defined benefit plans | 383 | 183 | |
Total other comprehensive income that will not be reclassified subsequently to | |||
profit and loss (C) | 383 | 183 | |
Total Comprehensive Income (A) + (B) + (C) | 46,437 | 51,570 | |
Of which: | |||
Attributable to Shareholders of the Parent company | 47,075 | 52,247 | |
Attributable to non-controlling interests | (638) | (677) | |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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TOD'S Group
Consolidated Statement of Financial Position
Unaudited
euro 000's
12.31.19 | 12.31.18 | |
Non current assets | ||
Right of use assets | ||
Right of use assets | 446,126 | |
Total Right of use assets | 446,126 | |
Intangible fixed assets | ||
Assets with indefinite useful life | 565,934 | 565,934 |
Key money | 13,510 | |
Other intangible assets | 24,619 | 25,264 |
Total Intangible fixed assets | 590,552 | 604,708 |
Tangible fixed assets | ||
Buildings and land | 55,533 | 112,587 |
Plant and machinery | 11,086 | 12,169 |
Equipment | 11,945 | 11,498 |
Leasehold improvement | 37,229 | 33,867 |
Others | 34,796 | 33,769 |
Total Tangible fixed assets | 150,589 | 203,890 |
Other assets | ||
Investment properties | 15 | 18 |
Equity investments | ||
Deferred tax assets | 51,913 | 56,151 |
Others | 19,027 | 19,598 |
Total other assets | 70,955 | 75,767 |
Total non current assets | 1,258,222 | 884,364 |
Current assets | ||
Inventories | 384,632 | 362,168 |
Trade receivables | 97,170 | 101,222 |
Tax receivables | 12,954 | 11,577 |
Derivative financial instruments | 1,393 | 1,998 |
Others | 91,355 | 64,326 |
Cash and cash equivalents | 184,072 | 191,268 |
Total current assets | 771,576 | 732,559 |
Total assets | 2,029,798 | 1,616,923 |
To be continued | ||
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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euro 000's
12.31.19 | 12.31.18 | |
Equity | ||
Share capital | 66,187 | 66,187 |
Capital reserves | 416,588 | 416,588 |
Hedging and translation reserves | 15,441 | 11,348 |
Other reserves | 537,138 | 523,882 |
Profit/(loss) attributable to the Group | 46,283 | 47,146 |
Total Equity attributable to the Group | 1,081,637 | 1,065,151 |
Non-controlling interests | ||
Share capital and reserves | (464) | 236 |
Profit/(loss) attributable to non-controlling interests | (625) | (688) |
Total Equity attributable to non-controlling interests | (1,089) | (452) |
Total Equity | 1,080,548 | 1,064,699 |
Non-current liabilities | ||
Provisions for risks | 11,530 | 5,476 |
Deferred tax liabilities | 39,047 | 47,740 |
Employee benefits | 16,416 | 14,189 |
Derivative financial instruments | 225 | 672 |
Bank borrowings | 84,023 | 77,804 |
Non-current lease liabilities | 344,201 | |
Others | 13,779 | 14,569 |
Total non-current liabilities | 509,221 | 160,450 |
Current liabilities | ||
Trade payables | 137,191 | 148,989 |
Tax payables | 22,869 | 5,851 |
Derivative financial instruments | 2,385 | 3,170 |
Others | 69,409 | 43,850 |
Banks | 112,130 | 188,715 |
Current lease liabilities | 94,879 | |
Provisions for risks | 1,166 | 1,200 |
Total current liabilities | 440,028 | 391,774 |
Total Equity and liabilities | 2,029,798 | 1,616,923 |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
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TOD'S Group
Consolidated Statement of Cash Flows
Unaudited
euro 000's | |||
Year 2019 | Year 2018 | ||
Profit/(Loss) for the period | 45,659 | 46,458 | |
Adjustments to reconcile net profit (loss) to net cash provided by | |||
(used in) operating activities | |||
Amortiz., deprec., revaluat., and write-downs | 157,798 | 47,448 | |
Other non monetary expenses/(income) | (84,717) | (7,528) | |
Income taxes for the period | 31,312 | 19,293 | |
Changes in operating assets and liabilities | |||
Trade receivables | 4,514 | 6,011 | |
Inventories | (28,356) | (52,640) | |
Tax receivables and tax payables | (1,397) | (3,237) | |
Trade payables | (11,797) | (18,101) | |
Other assets and liabilities | (2,937) | (8,330) | |
Change in reserve for employee | 1,830 | 1,266 | |
Cash flows from operating activities | 111,908 | 30,640 | |
Interests (paid)/collected | (124) | ||
Interests (paid) on lease liabilities | (13,105) | ||
Income taxes (paid)/refunded | (2,898) | (5,085) | |
Net cash flows from operating activities (A) | 95,905 | 25,431 | |
Net investments in intangible and tangible assets | (47,538) | (41,116) | |
Italiantouch group acquisition | (19,350) | ||
Acquisition of other subsidiaries | (1,150) | ||
Other changes in fixed assets | |||
Sale of the building in Omotesando | 140,477 | ||
Cash flows generated (used) in investing activities (B) | 92,939 | (61,615) | |
Dividends paid | (33,094) | (46,331) | |
Capital increase | |||
Other changes in equity | |||
Repayment of lease liabilities | (91,645) | ||
Repayment of financial liabilities | (225,961) | (48,883) | |
Proceeds from financial liabilities | 150,000 | 100,000 | |
Cash flows generated (used) in financing (C) | (200,700) | 4,786 | |
Translation difference (D) | (880) | (956) | |
Cash flows from continuing operations (E) = (A)+(B)+(C)+(D) | (12,735) | (32,355) | |
Cash flow from assets held for sales (F) | |||
Cash flows generated (used) (G) = (E)+(F) | (12,735) | (32,355) | |
Net cash and cash equivalents at the beginning of the period | 173,344 | 205,699 | |
Net cash and cash equivalents at the end of the period | 160,609 | 173,344 | |
Change in net cash and cash equivalents | (12,735) | (32,355) | |
euro 000's | |||
Cash flow statement | Year 2019 | Year 2018 | |
Net cash flows from operating activities | (a) | 95,905 | 25,431 |
Repayment of financial liabilities | (b) | (91,645) | |
Net cash flows from operating activities adjusted | (a) + (b) | 4,260 | 25,431 |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
15
TOD'S Group
Consolidated Statement of changes in equity
Unaudited
Year 2019 | Hedging | ||||||
euro 000's | and reserve | Non- | |||||
Share | Capital | for | Retained | Group | controlling | ||
Capital | reserves | translation | earnings | interests | interests | Total | |
Balances as of 01.01.19 | 66,187 | 416,588 | 11,348 | 571,027 | 1,065,150 | (452) | 1,064,698 |
Profit & Loss account | 46,283 | 46,283 | (625) | 45,659 | |||
Directly in equity | 4,092 | (3,301) | 791 | (13) | 778 | ||
Total Comprehensive Income | 4,092 | 42,982 | 47,075 | (638) | 46,437 | ||
Dividend paid | (33,094) | (33,094) | (33,094) | ||||
Capital increase | |||||||
Share based payments | |||||||
Other | 2,505 | 2,505 | 2,505 | ||||
Balances as of 12.31.19 | 66,187 | 416,588 | 15,441 | 583,421 | 1,081,637 | (1,089) | 1,080,548 |
Year 2018 | Hedging | ||||||
euro 000's | and reserve | Non- | |||||
Share | Capital | for | Retained | Group | controlling | ||
Capital | reserves | translation | earnings | interests | interests | Total | |
Balances as of 01.01.18 | 66,187 | 416,588 | 6,360 | 597,137 | 1,086,272 | 880 | 1,087,152 |
Changes accounting standards (IFRS 15) | (4,334) | (4,334) | (4,334) | ||||
Balances as of 01.01.18 | 66,187 | 416,588 | 6,360 | 592,803 | 1,081,938 | 880 | 1,082,818 |
Profit & Loss account | 47,146 | 47,146 | (688) | 46,458 | |||
Directly in equity | 4,988 | 113 | 5,101 | 11 | 5,112 | ||
Total Comprehensive Income | 4,988 | 47,259 | 52,247 | (677) | 51,570 | ||
Dividend paid | (46,331) | (46,331) | (46,331) | ||||
Capital increase | |||||||
Share based payments | |||||||
Other (1) | (22,704) | (22,704) | (655) | (23,359) | |||
Balances as of 12.31.18 | 66,187 | 416,588 | 11,348 | 571,027 | 1,065,150 | (452) | 1,064,699 |
Note:
- They mainly include the use of the specific reserve for promoting territorial solidarity projects, the effects of the acquisition of 100% of quotas representing the share capital of the company Italiantouch S.r.l., and it's subsidiaries, and the effects of a further acquisition of 50% of quotas representing the share capital of Delpav S.r.l. (already consolidated in accordance with the global integral method).
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
16
TOD'S Group
Net financial Debt
Unaudited
euro 000's | ||
Net financial debt | 12.31.19 | 12.31.18 |
Current financial assets | ||
Cash and cash equivalents | 184,072 | 191,268 |
Cash and cash equivalents (A) | 184,072 | 191,268 |
Current financial liabilities | ||
Current account overdraft | 23,463 | 17,924 |
Current share of medium-long term financing | 88,668 | 170,792 |
Current lease liabilities | 94,879 | |
Current financial liabilities (B) | 207,009 | 188,715 |
Current net financial debt/(surplus) (C) = (B) - (A) | 22,937 | (2,553) |
Non current financial liabilities | ||
Medium-long term financing | 84,023 | 77,804 |
Non-current lease liabilities | 344,201 | |
Non current net financial debt (D) | 428,225 | 77,804 |
Net financial debt/(surplus) (C) + (D) | 451,162 | 75,252 |
euro 000's | ||
Net financial debt adjusted | 12.31.19 | 12.31.18 |
Net financial debt/(surplus) (a) | 451,162 | 75,252 |
Current lease liabilities | 94,879 | |
Non-current lease liabilities | 344,201 | |
Total lease liabilities (b) | 439,080 | |
Net financial debt/(surplus) adjusted (a) - (b) | 12,082 | 75,252 |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
17
TOD'S S.p.A.
Income Statement
Unaudited
euro 000's | |||
Year 19 | Year 18 | ||
Revenues | |||
Sales revenues (1) | 606,834 | 636,863 | |
Other income | 6,997 | 6,196 | |
Total revenues and income | 613,831 | 643,059 | |
Operating costs | |||
Change in inventories of work in progress and finished goods | 3,026 | 42,084 | |
Cost of raw materials, supplies and material for consumption | (223,267) | (250,682) | |
Costs for services | (191,990) | (193,228) | |
Costs of use of third party assets | (25,533) | (27,484) | |
Personnel costs | (107,088) | (88,704) | |
Other operating charges | (17,492) | (15,539) | |
Total operating costs | (562,344) | (533,553) | |
EBITDA | 51,488 | 109,506 | |
Amortisation, depreciation and write-downs | |||
Amortisation of intangible assets | (8,407) | (7,157) | |
Depreciation of tangible assets | (13,623) | (10,863) | |
Depreciation of right of use assets | (24,753) | ||
Revaluations (Devaluations) | |||
Total amortisation, depreciation and write-downs | (46,783) | (18,020) | |
Provisions | (1,907) | (1,774) | |
EBIT | 2,797 | 89,712 | |
Financial income and expenses | |||
Financial income | 15,838 | 14,689 | |
Financial expenses | (31,180) | (19,824) | |
Total financial income (expenses) | (15,341) | (5,135) | |
Income (losses) from equity investments | 37,757 | 6,072 | |
Profit before taxes | 25,213 | 90,650 | |
Income taxes | 5,131 | (21,954) | |
Profit/(loss) for the period | 30,344 | 68,696 | |
EPS (Euro) | 0.92 | 2.08 | |
EPS diluted (Euro) | 0.92 | 2.08 | |
euro 000's | |||
Reconciliation of main economic indicators | Year 19 | % | |
EBITDA | (a) | 51,488 | 8.5 |
Rents IFRS 16 | (b) | 25,645 | |
EBITDA adjusted | (c) = (a) - (b) | 25,843 | 4.3 |
Amortiz., deprec. and write-downs (*) | (d) | (23,937) | |
EBIT adjusted | (c) + (d) | 1,906 | 0.3 |
(*) Excluded depreciations of right of use assets and devaluations
Note:
- Sales revenues include transactions with Group's entities for 236.1 e 278.7 milion euros, respectively, in the fiscal year 2019 and 2018.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
18
TOD'S S.p.A.
Statement of Comprehensive Income
Unaudited
euro 000's | ||
Year 19 | Year 18 | |
Profit (loss) for the period (A) | 30,344 | 68,696 |
Other comprehensive income that will be reclassified subsequently to | ||
profit and loss: | ||
Gains/(Losses) on derivative financial instruments (cash flow hedge) | 328 | (270) |
Total other comprehensive income that will be reclassified | ||
subsequently to profit and loss (B) | 328 | (270) |
Other comprehensive income that will not be reclassified subsequently | ||
to profit and loss: | ||
Cumulated actuarial gains/(losses) on defined benefit plans | (474) | 156 |
Total other comprehensive income that will not be reclassified | ||
subsequently to profit and loss (C) | (474) | 156 |
Total Comprehensive Income (A) + (B) + (C) | 30,198 | 68,582 |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
19
TOD'S S.p.A.
Statement of Financial Position
Unaudited
euro 000's | |||
12.31.19 | 12.31.18 | ||
Non current assets | |||
Right of use assets | |||
Right of use assets | 158,839 | ||
Total Right of use assets | 158,839 | ||
Intangible fixed assets | |||
Assets with indefinite useful life | 150,919 | 150,919 | |
Other intangible assets | 22,928 | 22,431 | |
Total Intangible fixed assets | 173,847 | 173,350 | |
Tangible fixed assets | |||
Buildings and land | 55,432 | 56,353 | |
Plant and machinery | 10,278 | 11,171 | |
Equipment | 9,421 | 9,061 | |
Leasehold improvement | 12,058 | 3,173 | |
Others | 8,306 | 4,576 | |
Total Tangible fixed assets | 95,494 | 84,335 | |
Other assets | |||
Investment properties | 15 | 18 | |
Investment in subsidiaries | 505,699 | 608,734 | |
Deferred tax assets | |||
Others | 4,353 | 4,320 | |
Total other assets | 510,067 | 613,072 | |
Total non current assets | 938,246 | 870,757 | |
Current assets | |||
Inventories | 252,306 | 233,277 | |
Trade receivables (1) | 186,062 | 211,575 | |
Tax receivables | 9 | 11 | |
Derivative financial instruments | 1,246 | 1,307 | |
Others | 78,317 | 44,468 | |
Cash and cash equivalents | 86,426 | 66,703 | |
Total current assets | 604,367 | 557,342 | |
Total assets | 1,542,613 | 1,428,099 | |
To be continued | |||
Note:
- Trade receivables include transactions with Group's entities for 120.1 and 138.4 million euros, respectively, in the fiscal year 2019 and 2018.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
20
euro 000's
12.31.19 | 12.31.18 | |
Equity | ||
Share capital | 66,187 | 66,187 |
Capital reserves | 416,507 | 416,507 |
Treasury stock | ||
Hedging reserves | (128) | (456) |
Other reserves | 446,072 | 374,291 |
Profit/(loss) for the period | 30,344 | 68,696 |
Shareholder's equity | 958,983 | 925,225 |
Non-current liabilities | ||
Provisions for risks | 5,912 | 5,394 |
Deferred tax liabilities | 5,816 | 16,261 |
Employee benefits | 9,725 | 7,586 |
Derivative financial instruments | 225 | 672 |
Bank borrowings | 84,023 | 69,666 |
Non-current lease liabilities | 136,272 | |
Others | 14,015 | 14,476 |
Total non-current liabilities | 255,988 | 114,055 |
Current liabilities | ||
Trade payables (2) | 137,733 | 145,665 |
Tax payables | 13,194 | 6,142 |
Derivative financial instruments | 2,186 | 2,842 |
Others | 63,913 | 65,516 |
Bank borrowings | 87,822 | 167,999 |
Current lease liabilities | 22,084 | |
Provisions for risks | 710 | 655 |
Total current liabilities | 327,643 | 388,818 |
Total Equity and liabilities | 1,542,613 | 1,428,099 |
Nota:
- Trade payables include transactions with Group's entities for 22.4 and 26.7 milion euros, respectively, in the fiscal year 2019 and 2018.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
21
TOD'S S.p.A.
Statement of Cash Flows
Unaudited
euro 000's | |||
12.31.19 | 12.31.18 | ||
Profit/(Loss) for the period | 30,344 | 68,696 | |
Adjustments to reconcile net profit (loss) to net cash provided by (used | |||
in) operating activities | |||
Amortiz., deprec., revaluat., and write-downs | 52,450 | 23,520 | |
Other non monetary expenses/(income) | 664 | (1,117) | |
Income taxes for the period | (5,131) | 21,954 | |
Changes in operating assets and liabilities | |||
Trade receivables | 6,442 | (29,100) | |
Inventories | (1,366) | (73,447) | |
Tax receivables and tax payables | (7,699) | (1,685) | |
Trade payables | (18,711) | (11,604) | |
Other assets and liabilities | (31,021) | 12,097 | |
Change in reserve for employee | 1,596 | 372 | |
Cash flows from operating activities | 27,567 | 9,686 | |
Interests (paid)/collected | (805) | (121) | |
Interests (paid) on lease liabilities | (5,247) | ||
Income taxes (paid)/refunded | (1,055) | (5,378) | |
Net cash flows from operating activities (A) | 20,461 | 4,186 | |
Net investments in intangible and tangible assets | (21,539) | (17,058) | |
Acquisition of Italiantouch group | (24,101) | ||
(Increase) decrease of equity investments | (2,272) | ||
(Increase)/decrease deriving from mergers | 135,329 | ||
Reduction/Increase in other non current assets | (2,333) | 569 | |
Cash flows generated (used) in investing activities (B) | 111,456 | (42,863) | |
Dividends paid | (33,094) | (46,331) | |
Capital increase | |||
Other changes in equity | |||
Loan to subsidiaries | 7,422 | (2,842) | |
Repayment of lease liabilities | (20,543) | ||
Repayment of financial liabilities | (216,042) | (46,250) | |
Proceeds from financial liabilities | 150,000 | 100,000 | |
Cash flows generated (used) in financing (C) | (112,256) | 4,577 | |
Translation difference (D) | |||
Cash flows from continuing operations (E) = (A)+(B)+(C)+(D) | 19,661 | (34,099) | |
Cash flow from assets held for sales (F) | |||
Cash flows generated (used) (G) = (E)+(F) | 19,661 | (34,099) | |
Net cash and cash equivalents at the beginning of the period | 66,703 | 100,802 | |
Net cash and cash equivalents at the end of the period | 86,364 | 66,703 | |
Change in net cash and cash equivalents | 19,661 | (34,099) | |
euro 000's | |||
Cash flow statement | 12.31.19 | 12.31.18 | |
Net cash flows from operating activities | (a) | 20,461 | 4,186 |
Repayment of financial liabilities | (b) | (20,543) | |
Net cash flows from operating activities adjusted | (a) + (b) | (82) | 4,186 |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
22
TOD'S S.p.A.
Statement of changes in equity
Unaudited
Year 2019 | ||||||
euro 000's | Share Capital | Capital | Hedging | Retained | Total | |
reserves | reserve | earnings | ||||
Balances as of 01.01.19 | 66,187 | 416,507 | (456) | 442,986 | 925,225 | |
Profit & Loss account | 30,344 | 30,344 | ||||
Directly in equity | 328 | (474) | (146) | |||
Total Comprehensive Income | 328 | 29,870 | 30,198 | |||
Dividend paid | (33,094) | (33,094) | ||||
Capital increase | ||||||
Share based payments | ||||||
Other (1) | 36,653 | 36,653 | ||||
Balances as of 12.31.19 | 66,187 | 416,507 | (128) | 476,416 | 958,983 | |
Year 2018 | ||||||
euro 000's | Share Capital | Capital | Hedging | Retained | Total | |
reserves | reserve | earnings | ||||
Balances as of 01.01.18 | 66,187 | 416,507 | (186) | 425,705 | 908,213 | |
Changes accounting standards (IFRS 15) | (4,545) | (4,545) | ||||
Balances as of 01.01.18 | 66,187 | 416,507 | (186) | 421,160 | 903,668 | |
Profit & Loss account | 68,696 | 68,696 | ||||
Directly in equity | (270) | 156 | (114) | |||
Total Comprehensive Income | (270) | 68,852 | 68,582 | |||
Dividend paid | (46,331) | (46,331) | ||||
Capital increase | ||||||
Share based payments | ||||||
Other (1) | (694) | (694) | ||||
Balances as of 12.31.18 | 66,187 | 416,507 | (456) | 442,986 | 925,225 | |
Note:
-
The other variations in the fiscal year 2019 are related to the effects deriving from three mergers through acquisition occurred in the year.
More in details, the merger through acquisition of the companies Del.Com S.r.l. and Italiantouch S.r.l. with fiscal and accounting effectiveness starting from 01.01.19 and cross-border merger of the company entirely controlled Holpaf B. V. located in Netherlands with effectiveness starting from 12.09.19.
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
23
TOD'S S.p.A.
Net financial Debt
Unaudited
euro 000's | |||
Net financial debt | 12.31.19 | 12.31.18 | Change |
Current financial assets | |||
Cash and cash equivalents | 86,426 | 66,703 | 19,723 |
Other current financial assets | 9,200 | (9,200) | |
Current financial assets (A) | 86,426 | 75,903 | 10,523 |
Current financial liabilities | |||
Current account overdraft | 63 | 63 | |
Current share of medium-long term financing | 87,760 | 167,999 | (80,239) |
Current lease liabilities | 22,084 | 22,084 | |
Current financial liabilities (B) | 109,906 | 167,999 | (58,092) |
Current net financial debt/(surplus) (C) = (B) - (A) | 23,480 | 92,095 | (68,615) |
Non current financial assets | |||
Other non-current financial assets | 7,348 | 2,639 | 4,709 |
Non current financial assets (D) | 7,348 | 2,639 | 4,709 |
Non current financial liabilities | |||
Medium-long term financing | 84,023 | 69,666 | 14,357 |
Non-current lease liabilities | 136,272 | 136,272 | |
Non-current financial liabilities (E) | 220,295 | 69,666 | 150,629 |
Non-current net financial debt/(surplus) (F) = (E) - (D) | 212,947 | 67,027 | 145,920 |
Net financial debt/(surplus) (C) + (F) | 236,427 | 159,122 | 77,305 |
euro 000's | |||
Net financial debt adjusted | 12.31.19 | 12.31.18 | Change |
Net financial debt/(surplus) (a) | 236,427 | 159,122 | 77,305 |
Current lease liabilities | 22,084 | 22,084 | |
Non-current lease liabilities | 136,272 | 136,272 | |
Total lease liabilities (b) | 158,356 | 158,356 | |
Net financial debt/(surplus) adjusted (a) - (b) | 78,071 | 159,122 | (81,051) |
TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1
FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
24
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Tod's S.p.A. published this content on 12 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2020 18:39:08 UTC