FY 2019 CONSOLIDATED RESULTS
FY 2019 - FY 2018 SALES GROWTH
Reported | Constant | |
rates | rates | |
Tod's | -7,4% | -8,7% |
Roger Vivier | +15,5% | +13,7% |
Hogan | -4,7% | -5,0% |
Fay | -8,0% | -8,1% |
TOTAL | -2,6% | -3,7% |
CONSOLIDATEDTURNOVER BY BRAND
FY 2019 CONSOLIDATED SALES | ||
other | ||
RV | 0,1% | |
21,9% | ||
Fay | Tod's | |
6,1% | 50,4% |
Hogan
21,4%
FY 2018 CONSOLIDATED SALES
other
RV0,1%
18,5%
Fay
6,5%
Tod's
53,0%
Hogan 21,9%
3
FY 2019 - FY 2018 SALES GROWTH
Reported | Constant | |
rates | rates | |
Shoes | -1,7% | -2,8% |
Leather Goods & accessories | -5,4% | -7,3% |
Apparel | -6,7% | -6,9% |
TOTAL | -2,6% | -3,7% |
CONSOLIDATEDTURNOVER BY PRODUCT
FY 2019 CONSOLIDATED SALES
apparel other
6,8% 0,1%
leather goods
13,3%
shoes
79,8%
FY 2018 CONSOLIDATED SALES
apparel other7,2% 0,1%
leather goods
13,7%
shoes
79,1%
4
CONSOLIDATEDTURNOVER BY REGION
FY 2019 CONSOLIDATED SALES
Rest of the
FY 2019 - FY 2018 SALES GROWTH
Reported | Constant | |
rates | rates | |
Italy | -7,7% | -7,7% |
World 14,4%
China
23,5%
Italy 28,5%
Rest of Europe | -2,6% | -2,9% |
Americas | -3,2% | -7,0% |
Greater China | +2,3% | +0,4% |
Rest of world | +0,8% | -1,4% |
TOTAL | -2,6% | -3,7% |
Americas | Europe |
7,7% | 25,9% |
FY 2018 CONSOLIDATED SALES
Rest of the
World Italy
13,9% 30,0%
China
22,4%
AmericasEurope
7,8%25,9%
5
FY 2019 - FY 2018 SALES GROWTH
Reported | Constant | |
rates | rates | |
Retail (Dos & online) | +6,2% | +4,8% |
Franchise & Independent | -18,8% | -19,2% |
TOTAL | -2,6% | -3,7% |
CONSOLIDATEDTURNOVER BY CHANNEL
FY 2019 CONSOLIDATED SALES
FS & Ind.
29,5%
DOS 70,5%
FY 2018 CONSOLIDATED SALES
FS & Ind.
35,4%
DOS 64,6%
6
PROFIT & LOSS KEY FIGURES
Figures in Euro/000s | FY 2019 | FY 2019 | impact | FY 2018 |
of | ||||
incl. IFRS16 | excl. IFRS16 | IFRS16 | ||
SALES | 915.983 | 915.983 | 940.499 | |
EBITDA (1) | 255.396 | 150.223 | 105.173 | 118.335 |
% of Sales | 27,9% | 16,4% | 12,6% | |
EBIT | 101.060 | 104.366 | -3.306 | 71.760 |
% of Sales | 11,0% | 11,4% | 7,6% | |
PROFIT BEFORE TAXES | 76.971 | 95.186 | -18.215 | 65.751 |
% of Sales | 8,4% | 10,4% | 7,0% | |
CONSOLIDATED NET INCOME | 45.659 | 46.458 | ||
% of Sales | 5,0% | 4,9% | ||
GROUP'S NET INCOME | 46.283 | 47.146 | ||
% of Sales | 5,1% | 5,0% | ||
GROUP'S NET INCOME PER SHARE | 1,40 | 1,42 | ||
DIVIDEND PER SHARE | 0,60 | 1,00 | ||
pay-out on Group's net income | 43% | 70% | ||
pay-out on parent company's net income | 65% | 48% |
(1) 2019 EBITDA includes 97,5 mln Euros of extraordinary income related to the disposal of the Omotesando real estate.
____________________
(*) 2019 figures are unaudited, approved by the Board of Directors on March 12th, 2020 and subject to the approval of the Shareholders' Meeting on April 22nd, 2020.
7
BALANCE SHEET KEY FIGURES
Figures in Euro/000s | December 31st | December 31st | December 31st, |
2019 | 2019 | 2018 | |
incl. IFRS16 | excl. IFRS16 | ||
Trade receivables | 97.170 | 101.222 | |
Inventories | 384.632 | 362.168 | |
Trade payables | (137.191) | (148.989) | |
NET WORKING CAPITAL | 344.611 | 314.401 | |
% of Sales | 37,6% | 33,4% | |
Right of use assets | 446.126 | 0 | 0 |
Intangible fixed assets | 590.552 | 590.552 | 604.708 |
Tangible fixed assets | 150.589 | 150.589 | 203.890 |
Other fixed assets | 70.955 | 70.955 | 75.767 |
TOTAL FIXED ASSETS | 1.258.222 | 812.096 | 884.364 |
NET FINANCIAL DEBT/(CASH) | 451.162 | 12.082 | 75.252 |
CONSOLIDATED SHAREHOLDERS' EQUITY | 1.080.548 | 1.064.698 | |
GROUP'S SHAREHOLDERS' EQUITY | 1.081.637 | 1.065.150 | |
net of minorities |
____________________
(*) 2019 figures are unaudited, approved by the Board of Directors on March 12th, 2020 and subject to the approval of the Shareholders' Meeting on April 22nd, 2020.
8
CASH FLOW KEY FIGURES
Figures in Euro/000s | December 31st, | December 31st, |
2019 | 2018 | |
CASH FLOW FROM OPERATING ACTIVITIES | 111.908 | 30.641 |
NET CASH FLOW FROM OPERATING ACTIVITIES | 95.905 | 25.431 |
CAPEX | (47.538) | (41.116) |
OTHER INVESTMENTS, NET | 140.477 | (20.500) |
CASH FLOW FROM FINANCING | (200.700) | 4.786 |
CASH FLOW | (12.735) | (32.355) |
____________________
(*) 2019 figures are unaudited, approved by the Board of Directors on March 12th, 2020 and subject to the approval of the Shareholders' Meeting on April 22nd, 2020.
9
APPENDIX
10
DISTRIBUTION NETWORK
DOS | FRANCHISED STORES | |||||||||||||||||
200 | 177 | 177 | 173 | 100 | 86 | 85 | 78 | |||||||||||
150 | 80 | |||||||||||||||||
100 | 60 | |||||||||||||||||
57 | ||||||||||||||||||
39 | 47 | 40 | 26 | 27 | ||||||||||||||
30 | 33 | 18 | ||||||||||||||||
50 | 26 | 23 | 20 | 20 | ||||||||||||||
10 | 10 | 20 | 8 | 9 | 10 | |||||||||||||
7 | 0 | 0 | 0 | 0 | ||||||||||||||
0 | 0 | |||||||||||||||||
0 | 0 | |||||||||||||||||
31 - dec - 17 | 31 - dec - 18 | 31 - dec - 19 | 31 - dec - 17 | 31 - dec - 18 | 31 - dec - 19 | |||||||||||||
TOD'S | HOGAN | DEV | FAY | RV | TOD'S | HOGAN | DEV | FAY | RV |
Rest of World | Italy | Italy | Europe | |
19% | ||||
13% | 16% | 2% | ||
Americas | ||||
4% | ||||
Greater China | Europe | |||
19% | ||||
32% | Rest of World | Japan | ||
Americas | ||||
Japan | 58% | 0% | ||
8% | ||||
12% | Greater China |
____________________ | 17% |
Percentages calculated on the stores as of December 31st, 2019 |
11
DETAILED FINANCIAL STATEMENTS
CONSOLIDATED PROFIT & LOSS
(€000's) | FY 2019 (IFRS16 compliant) | FY 2018 | FY 2017 | ||||||||
Sales | 915.983 | 100,0% | 940.499 | 100,0% | 963.287 | 100,0% | |||||
Other Revenues | 108.641 | 11,9% | 10.850 | 1,2% | 19.451 | 2,0% | |||||
Total Revenues | 1.024.624 | 111,9% | 951.349 | 101,2% | 982.738 | 102,0% | |||||
Raw Materials Costs | (224.984) | -24,6% | (225.623) | -24,0% | (242.419) | -25,2% | |||||
Costs for Services | (238.732) | -26,1% | (234.679) | -25,0% | (237.871) | -24,7% | |||||
Costs for the Use of Third Parties Assets | (55.736) | -6,1% | (142.141) | -15,1% | (118.229) | -12,3% | |||||
Labour Costs | (213.884) | -23,4% | (198.368) | -21,1% | (191.540) | -19,9% | |||||
Other Operating Costs | (35.891) | -3,9% | (32.201) | -3,4% | (32.188) | -3,3% | |||||
EBITDA | 255.396 | 27,9% | 118.335 | 12,6% | 160.492 | 16,7% | |||||
Depreciation | (35.113) | -3,8% | (34.001) | -3,6% | (35.405) | -3,7% | |||||
Amortisation | (8.775) | -1,0% | (9.073) | -1,0% | (8.814) | -0,9% | |||||
Depreciation for right of use assets | (105.269) | -11,5% | |||||||||
Provisions and Revaluations | (5.179) | -0,6% | (3.502) | -0,4% | (4.513) | -0,5% | |||||
EBIT | 101.060 | 11,0% | 71.760 | 7,6% | 111.760 | 11,6% | |||||
Net Financial Income (Expenses) | (24.090) | -2,6% | (6.009) | -0,6% | (9.863) | -1,0% | |||||
Profit Before Taxes | 76.971 | 8,4% | 65.751 | 7,0% | 101.897 | 10,6% | |||||
Taxes | (31.312) | -3,4% | (19.293) | -2,1% | (32.535) | -3,4% | |||||
Consolidated Net Income | 45.659 | 5,0% | 46.458 | 4,9% | 69.362 | 7,2% | |||||
Minority Interests | 625 | 0,1% | 688 | 0,1% | 1.645 | 0,2% | |||||
Group's Net Income | 46.283 | 5,1% | 47.146 | 5,0% | 71.007 | 7,4% |
____________________
(*) 2019 figures are unaudited, approved by the Board of Directors on March 12th, 2020 and subject to the approval of the Shareholders' Meeting on April 22nd, 2020.
12
DETAILED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
Dec 31st, | Dec 31st, | Dec 31st, | |||||||||||||
(€000's) | 2019 | 2018 | 2017 | ||||||||||||
Right of Use Assets | 446.126 | 0 | 0 | ||||||||||||
Intangible Fixed Assets | 590.552 | 604.708 | 602.005 | ||||||||||||
Tangible Fixed Assets | 150.589 | 203.890 | 200.932 | ||||||||||||
Other Fixed Assets | 70.955 | 75.767 | 68.979 | ||||||||||||
Total Fixed Assets | 1.258.222 | 884.365 | 871.916 | ||||||||||||
Inventories | 384.632 | 362.168 | 312.263 | ||||||||||||
Trade Receivables | 97.170 | 101.222 | 107.471 | ||||||||||||
Cash and Cash Equivalents | 184.072 | 191.268 | 221.609 | ||||||||||||
Other Current Assets | 105.702 | 77.901 | 71.274 | ||||||||||||
Total Current Assets | 771.576 | 732.559 | 712.618 | ||||||||||||
Total Assets | 2.029.798 | 1.616.923 | 1.584.534 | ||||||||||||
Share Capital | 66.187 | 66.187 | 66.187 | ||||||||||||
Reserves | 969.167 | 951.818 | 949.078 | ||||||||||||
Net Result for the Period | 46.283 | 47.145 | 71.007 | ||||||||||||
Group's Shareholders' Equity | 1.081.637 | 1.065.150 | 1.086.272 | ||||||||||||
Minority Interest Equity | (1.089) | (452) | 880 | ||||||||||||
Cons. Shareholders' Equity | 1.080.548 | 1.064.698 | 1.087.152 | ||||||||||||
Trade Payables | 137.191 | 148.989 | 158.388 | ||||||||||||
Staff Severance Provision | 16.416 | 14.189 | 13.157 | ||||||||||||
Bank Debts | 196.153 | 266.519 | 212.271 | ||||||||||||
Liase Liabilities | 439.080 | 0 | 0 | ||||||||||||
Other Liabilities | 160.410 | 122.528 | 113.567 | ||||||||||||
Total Liabilities | 949.250 | 552.225 | 497.383 | ||||||||||||
Total Equity and Liabilities | 2.029.798 | 1.616.923 | 1.584.534 | ||||||||||||
____________________ | |||||||||||||||
(*) 2019 figures are unaudited, approved by the Board of Directors on March 12th, 2020 and subject to the approval of the Shareholders' Meeting on April 22nd, 2020. | 13 |
DETAILED FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW | Dec 31st, 2019 | Dec 31st, 2018 | Dec 31st, 2017 | |||||||||
(€000's) | 12 months | 12 months | 12 months | |||||||||
Net income for the period | 45.659 | 46.458 | 69.632 | |||||||||
Income Statement adjustments | ||||||||||||
Depreciation, amortisation and provisions | 157.798 | 47.448 | 48.274 | |||||||||
Other not monetary charges | (84.717) | (7.528) | 1.756 | |||||||||
Taxes paid | 31.312 | 19.293 | 32.535 | |||||||||
Changes in operating assets and liabilities | ||||||||||||
Change in inventories, trade receivables and payables | (35.639) | (61.030) | 16.282 | |||||||||
Change in other current assets/liabilities | (2.504) | (14.000) | (2.444) | |||||||||
Cash Flow from Operating activities | 111.908 | 30.641 | 165.764 | |||||||||
Interests (paid)/collected | (124) | (1.189) | ||||||||||
Interests on lease (paid)/collected | (13.105) | |||||||||||
Income taxes (paid)/refunded | (2.898) | (5.085) | (16.380) | |||||||||
Net Cash Flow from Operating activities | 95.905 | 25.431 | 148.195 | |||||||||
Net Investments in tangible and intangible fixed assets | (47.538) | (41.116) | (35.868) | |||||||||
Acquisition of Italiantouch Group | (19.350) | |||||||||||
Disposal of Omotesando real estate | 140.477 | |||||||||||
Other acquisitions | (1.150) | |||||||||||
Cash Flow from Investments | 92.939 | (61.615) | (35.868) | |||||||||
Dividens paid | (33.094) | (46.331) | (56.259) | |||||||||
Changes in lease assets | (91.645) | |||||||||||
Change in financial liabilities and other not current liabilities | (75.961) | 51.117 | (49.713) | |||||||||
Cash Flow from Financing | (200.700) | 4.786 | (105.972) | |||||||||
Translation exchange differences | (880) | (956) | (12.648) | |||||||||
CASH FLOW | (12.735) | (32.335) | (6.293) | |||||||||
____________________
(*) 2019 figures are unaudited, approved by the Board of Directors on March 12th, 2020 and subject to the approval of the Shareholders' Meeting on April 22nd, 2020.
14
SHAREHOLDING INFORMATION
TOD'STICKERS
Bloomberg | TOD IM |
Reuters | TOD.MI |
OUTSTANDING SHARES (*) | |
33.093.539 ordinary shares, of which: | |
- 20.346.463 with increased vote | |
- 12.747.076 with unitary vote | |
SHAREHOLDING STRUCTURE (*) | |
Della Valle family | 71,25% |
Free float | 28,75% |
VOTING RIGHTS(*) | |
Della Valle family | 82,2% |
IR CONTACTS
Cinzia Oglio - Investor Relations Manager
Tel: +39 02 7722 5354 e-mail: c.oglio@todsgroup.com
____________________
(*) as of February 7th, 2020
15
SHAREHOLDING STRUCTURE
LIST OFTHE RELEVANT SHAREHOLDERS
(situation as of February 7th,2020
on the basis of the latest official communications received from shareholders)
percentage of | percentage of | |
share capital | voting rights | |
(1) | (2) | |
DI.VI. FINANZIARIA DI DIEGO DELLA VALLE & | 50,29% | 62,29% |
C. SRL | ||
DIEGO DELLA VALLE & C. SRL | 19,39% | 17,95% |
Diego Della Valle | 0,76% | 0,94% |
TOTALE DIEGO DELLA VALLE | 70,44% | 81,18% |
ANDREA DELLA VALLE | 0,81% | 1,01% |
CAISSE DE DÉPÔT ET PLACEMENT DU | 3,56% | 2,20% |
QUÉBEC | ||
DELPHINE SAS (Bernard Arnault) | 3,20% | 1,98% |
- calculated on the 33,093,539 number of shares
- calculated on the 53,440,002 number of voting rights
% OF OUTSTANDING SHARES (1)
Delphine Sas | |
other | 3,2% |
22,0% |
Caisse de
Depot
3,6% | Diego Della |
Andrea Della | Valle |
Valle | 70,4% |
0,8% | |
% OFVOTING RIGHTS (2) |
other | ||
13,6% | ||
Caisse de | Delphine Sas | Diego Della |
Depot | 2,0% | |
Valle | ||
2,2% | ||
81,2% | ||
Andrea Della | ||
Valle | ||
1,0% |
16
BROKERS' COVERAGE
Banca Akros | • | Bank of America | • | Bryan Garnier & Co. | • | Citigroup Global | • | Credit Suisse |
Merrill Lynch | Markets | |||||||
Deutsche Bank | • | Equita SIM | • | Exane BNP | • | Fidentiis Equities | • | Goldman Sachs |
Paribas | ||||||||
HSBC Bank | • | Intermonte Securities • | Jefferies International | • | J. P. Morgan | • | Kepler Cheuvreux |
MainFirst Bank | • | Mediobanca | • | Morgan Stanley | • | Société Générale | • | UBS |
Securities |
____________________
Note: for analysts' details, please visit the corporate website: www.todsgroup.com
17
DISCLAIMER
THIS PRESENTATION, ITS CONTENTS AND ANY STATEMENT MADE IN CONNECTION WITH IT DO NOT AMOUNT TO - AND CANNOT BE CONSTRUED AS AMOUNTING TO - ANY SOLICITATION OR OTHER OFFER TO SELL OR BUY ANY SECURITY OR FINANCIAL INSTRUMENT ISSUED BY TOD'S S.P.A., NOR TO A RECOMMENDATION, SUGGESTION, ADVOCACY OR OTHER MARKETING OR SIMILAR EFFORT OF ANY INVESTMENT IN ANY SECURITIES.
THEREFORE, ANY INVESTOR CONTEMPLATING PURCHASING SECURITIES OR FINANCIAL INSTRUMENTS ISSUED BY TOD'S S.P.A. SHOULD MAKE ITS OWN INDEPENDENT INVESTIGATION AND ASSESSMENT WITH RESPECT TO THE FINANCIAL CONDITION AND AFFAIRS OF THE ISSUER, AS WELL AS ITS OWN APPRAISAL OF TOD'S S.P.A.'S CREDITWORTHINESS, AND IT SHOULD CAREFULLY CONSIDER THE RISK INVOLVED IN PURCHASING SUCH SECURITIES OR FINANCIAL INSTRUMENTS.
ANY FORWARD LOOKING STATEMENT INCLUDED IN THIS PRESENTATION OR PROVIDED IN CONNECTION WITH IT REFLECTS MANAGEMENT'S CURRENT PLANS, VIEWS, ESTIMATES, PROJECTIONS AND OBJECTIVES. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM SUCH EXPECTATIONS, AS THEY RELATE TO FUTURE EVENTS AND CIRCUMSTANCES WHICH ARE BEYOND OUR CONTROL, INCLUDING, AMONGST OTHER THINGS, INTERNAL, INDUSTRY AND EXTERNAL FACTORS, SUCH AS GENERAL ECONOMIC CONDITIONS. ANY USER OF SUCH INFORMATION SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD LOOKING STATEMENTS.
THIS PRESENTATION, ITS CONTENTS AND ANY STATEMENT MADE IN CONNECTION WITH IT HAVE NOT BEEN INDEPENDENTLY VERIFIED. NO REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS, CORRECTNESS OR RELIABILITY OF THE INFORMATION PROVIDED. TOD'S S.P.A., ITS REPRESENTATIVES, DIRECTORS AND EMPLOYEES ARE NOT (AND CANNOT BE HELD) LIABLE, UNDER ANY CIRCUMSTANCE AND FOR ANY REASON, IN RELATION TO SUCH INFORMATION OR ANY DAMAGE, LOSS OR COST ARISING FROM ITS USE OR OTHERWISE. TOD'S S.P.A. IS UNDER NO OBLIGATION TO UPDATE OR KEEP CURRENT THE INFORMATION CONTAINED IN THIS PRESENTATION.
THIS PRESENTATION, ITS CONTENT AND ANY STATEMENT MADE IN CONNECTION WITH IT ARE STRICTLY CONFIDENTIAL TO THE RECIPIENT AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, OR OTHERWISE DISSEMINATED, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON. ALL COPYRIGHTS RESERVED.
BY ATTENDING THIS PRESENTATION OR OTHERWISE ACCESSING THESE MATERIALS, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS.
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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 22:22:02 UTC