investor day - Antichi Pellettieri

Transcription

INVESTOR DAY
Monte ‐ Carlo, November 28, 2008
INDEX
001.
ANTICHI PELLETTIERI – OVERVIEW
002.
STRATEGIC AND OPERATING HIGHLIGHTS ‐ 2008 003.
FINANCIAL HIGHLIGHTS ‐ 9M 2008 004.
STRATEGIC DIRECTION & OUTLOOK
APPENDICES
A.
B
B.
C.
HISTORICAL FINANCIAL PERFORMANCE
REVENUE BREAKDOWNS 9M 2008
REVENUE BREAKDOWNS 9M 2008
AP BRANDS AND PRODUCTS
001
001.
ANTICHI PELLETTIERI
001. ANTICHI PELLETTIERI
Who are we
Who are we
Unique in the market
Proven development model
European leader in the accessible segment of the luxury goods market
segment of the luxury goods market
Flexible business model
An international retail network that includes 309 boutiques (89
includes 309
boutiques (89 DOS & 220
DOS & 220
franchisees) situated in the most prestigious shopping areas world‐
wide. Group structure comprised of complementary companies, operating within their respective divisions each managed by its
divisions, each managed by its founder/entrepreneur
International presence with 63% of revenues generated from export markets, including 41% from “emerging” luxury markets
Diversified brand portfolio of renowned own and licensed brands
Strong partner network world‐wide
Investor Day Monte ‐ Carlo, November 28, 2008
4
Group structure
Group structure
Group structure comprised of complementary companies, operating within their respective divisions, each managed by its founder/entrepreneur
HANDBAGS & ACCESSORIES
HANDBAGS & ACCESSORIES (AP BAGS )
FOOTWEAR
LEATHER APPAREL
BIASIA FRANCESCO S.p.A.
BALDININI S.r.l.
ENRICO MANDELLI S.p.A.
BRACCIALINI S.r.l.
ANTICHI PELLETTIERI S.p.A.
GFM INDUSTRIA S.p.A.
COCCINELLE S.p.A.
FINDUCK S.r.l.
DADOROSA S.r.l. Investor Day Monte ‐ Carlo, November 28, 2008
5
Brands and Product
Brands and Product
Diversified portfolio of renowned own and licensed brands
HANDBAGS & ACCESSORIES (AP BAGS)
FOOTWEAR
PRINCIPAL BRANDS
BOUTIQUES
30
28
50
88
3
98
12
Andrea Pfister The Saddler Ter et Bantine Enrico Mandelli Mario Cerutti
Missoni Gherardini ‐ Aquascutum ‐ Vivienne Westwood ‐ Warner Bros
Missoni ‐
Warner Bros ‐ Luigi Borrelli ‐
Luigi Borrelli Amazon Life ‐
Amazon Life Y’s Mandarina
Y’s Mandarina
OTHER OWN BRANDS
LICENSES
6
International presence
International presence
With 65% of revenues generated from export markets, including 41% from “emerging” luxury markets. FFar East
E t
8%
“emerging” luxury
markets 41%
Rest of Europe
11%
North
America
North America
4%
German speaking
7%
E. Europe & Russia
29%
Italy
37%
Rest of world
4%
7
International retail network
International retail network
The retail network at September 30, 2008 includes 309 boutiques (89 DOS + 220 franchisees) situated in the most prestigious shopping areas world‐wide.
GERMANY, AUSTRIA, SWITZERLAND (17)
ITALY (121)
(13) Mandarina Duck
(3) Baldinini
(1) C i ll
(1) Coccinelle
(40) Mandarina Duck
(29) Coccinelle
(23) B ldi i i
(23) Baldinini (9) Braccialini
(9) Francesco Biasia
(8) Antichi Pellettieri
(3) Dadorosa (Gherardini)
RUSSIA + BALTIC COUNTRIES (58)
(39) Baldinini
(9) Braccialini
(4) Coccinelle
(3) Mandarina Duck
(3) Mandarina Duck EASTERN EUROPE (35)
(22) Baldinini
(5) Mandarina Duck
(4) Coccinelle
(1) Braccialini
(1) Braccialini
MIDDLE EAST & REST OF THE WORLD (29)
(7) Coccinelle
(6) Baldinini
(6) Braccialini
(3) Mandarina Duck
FAR EAST & JAPAN (21)
(8) Mandarina Duck
(4) Baldinini
(1) Coccinelle
REST OF EUROPE (28)
(16) Mandarina Duck
(4) Coccinelle
(3) Braccialini
(1) Baldinini
(1) Baldinini
8
002
002.
Strategic and Operating highlights 2008
002. STRATEGIC AND OPERATING HIGHLIGHTS 2008
Strategic and Operating highlights
Strategic and Operating highlights
STRATEGIC HIGHLIGHTS
• 3i acquired 49% of AP Bags (2H 2008)
3i acquired 49% of AP Bags (2H 2008)
• AP acquired 100% of Finduck Srl (1H 2008)
• AP acquired the remaining 14% of Francesco Biasia (1H 2008)
OPERATING HIGHLIGHTS
• Continued focus on emerging markets
• Further extension of the international retail network
• Further development of licenses
Further development of licenses
• Further Brand extension
10
3i acquired 49% of AP Bags
3i acquired 49% of AP Bags
The Transaction
• Transaction date: • Purchase Price: • Debt APBags (pre‐money)
• Enterprise Value (EV): August 7, 2008 € 128 million ( € 10 million performance based)
€ 93.5 million
€ 334.3 million
Transaction multiples (pre‐money)
• EV/ SALES (Pro Forma * 2007):
• EV / Ebitda (Pro‐forma * 2007):
1.3 x
9.5 x *Pro‐Forma numbers include Mandarina Duck
Strategic reasoning and opportunities: • Accelerate the growth of APBags in the Chinese and Indian markets , also by extending AP’s
retail network in these markets to include over 100 multi‐brand AP boutiques / doors over
the next 4 years;
• Leverage on 3i’s network, know‐how, and experience in the region and in the sector
particularly via the development of relationships with Printemps China Department Stores
and Ports.
Ports
11
The acquisition of Finduck Srl (Mandarina Duck)
The acquisition
Finduck Srl (Mandarina Duck)
Finduck ‐ the Company
• Founded in Bologna in 1977
• Owns the Mandarina Duck brand, well established in the accessible luxury goods market
• The company designs, produces and distributes a full range of handbags and accessories
for travel, office, and sports markets world‐wide
• The brand caters to a younger, dynamic clientele
Finduck ‐ Financial highlights
• 2007 Revenues:
€ 67 million
• 2007 Ebitda:
€ 8.7 million
The Transaction
• Transaction date:
• Purchase Price:
• Debt assumed:
• Enterprise Value (EV):
• Transaction multiples:
June 24, 2008:
€ 36.9 million, of which:
€ 33.9 million cash
€ 3.0 million in seller finance;
€ 18.9 million;
€ 55.8 million;
2007 EV/Ebitda: 6.2 x
12
Continued focus on emerging markets
Continued focus on emerging markets
Emerging markets generated 41% of revenues in 9M 2008
Emerging markets have grown at 28% during 9M 2008, notably:
•
Russia and Baltic Countries
+45.1%
•
Far East
+38.2%
35 boutiques were inaugurated in emerging markets in 9M 2008 (over 60% of total)
Group boutiques situated in emerging markets (137) at September 30 2008 include:
Group boutiques situated in emerging markets (137) at September 30, 2008 include:
•
Eastern Europe 35
•
Russia and Baltic 58
•
Middle East 23
•
Asia
21
13
International retail network expansion
International retail network expansion
Antichi Pellettieri inaugurated 54 boutiques in the 9M 2008 (12 DOS and 42 franchisees). 9M 2008 – STORE OPENINGS
12 DOS: • 7
7 Baldinini: 5 in Italy (Florence, Mondovi, Palmanova, Fidenza, Venezia), B ldi i i 5 i It l (Fl
M d i P l
Fid
V
i )
2 in Germany (Wolfsburg, Zweibrücken)
• 1 Biasia: Italy (Rome)
• 2 Sebastian: 1in France (Paris), 1 in Italy (Brescia)
• 1 Pfister: Italy (Milan) • 1 Coccinelle: Italy (S.S. Rubicone)
42 Franchisees: • 19 Baldinini: 9 in Russia, 2 in Ukraine, 3 in Turkey, 1 in Romania, 1 in Montenegro, 1 in Polonia, 2 in United Arab Emirates
• 10 Braccialini: 6 in Russia, 1 in USA, 1 in Turkey, 1 in Greece, 1 in Kuwait
l
k
• 7 Biasia: 1 in Italy, 3 in Lithuania, 1 in Croatia, 1 in Kuwait, 1 in Japan
• 5 Coccinelle: 2 in Italy (1 in Rome, 1 in Bolzano) , 2 in Mexico, 1 in Poland
• 1 Mandarina Duck: Hong Kong
14
003
003.
Financial Highlights 9m 2008
003. FINANCIAL HIGHLIGHTS 9M 2008
In summary
In summary…
INCOME STATEMENT
The dynamic growth registered in the past years continues with 43 5% total growth realized in 9M 2008
43.5% total growth realized in 9M 2008.
REVENUE MIX
Focus on product categories distribution channels and geographic
Focus on product categories, distribution channels, and geographic markets offering faster growth and higher margins.
BALANCE SHEET
BALANCE
SHEET
Debt / equity ratio of 0.11 at September 30, 2008
The Net Financial Position of €33.8 million at September 30, 2008 (vs
€ 107.7 million) reflect s the receipt of proceeds from the sale of 49% 107.7 million) reflect s the receipt of proceeds from the sale of 49%
of AP Bags to 3i as well as the consolidation of the net financial position of Finduck. Investor Day Monte ‐ Carlo, November 28, 2008
16
Income Statement (IAS/IFRS)
Statement (IAS/IFRS)((1))
The dynamic growth registered in the past years continues with 43.5% total growth realized in 9M 2008
9M
2007
9M
2008
9M 2008
Growth
2006
2007
257,5
(222,5)
300,2
(252,4)
16,6%
232,5
(194,5)
333,7
(252,8)
43,5%
EBITDA
% of net revenues
Deprec. Ammort & write-offs
35,0
13,6%
(8,9)
47,8
15,9%
(11,9)
36,6%
38,0
16,3%
(6,9)
80,9
24,2%
(6,8)
112,8%
EBIT
% of net revenues
net financial items
26,2
26
2
10,2%
(7,3)
35,9
35
9
12,0%
(8,1)
37 3%
37,3%
31,1
31
1
13,4%
(5,7)
74,1
74
1
22,2%
(7,3)
138 6%
138,6%
PRETAX
% of net revenues
18,9
7,3%
27,8
9,3%
47,1%
25,4
10,9%
66,7
20,0%
162,9%
€ MILLION
NET REVENUES
production cost
(1)
FY 2007
Growth
Income statements prepared in accordance with IAS/IFRS and include the impact of extraordinary income and expense items in revenues as
well as profits.
17
Revenue Mix
Focus on product categories, distribution channels, and geographic markets offering faster growth and higher margins
€ MILLION
% of
revenues
9M
2008
% of
revenues
%
Growth
Apparel
Shoes
Handbags and accessories (1)
18,3
70,3
143,9
7,9%
30,2%
61,9%
21,9
96,2
169,8
7,6%
33,4%
59,0%
20,0%
36,9%
18,0%
SUB-TOTAL
232,5
100,0%
288,0
100,0%
23,9%
Other revenues
-
45,7
TOTAL
232,5
100,0%
333,7
100,0%
43,5%
Own brands
Direct clients (2)
Foreign
g markets
201,9
129,4
143,5
86,9%
55,7%
61,7%
245,1
156,6
181,1
85,2%
54,4%
63,0%
21,4%
21,0%
26,3%
(1)
(2)
9M
2007
Including royalties
Direct clients: DOS, franchisees and wholesale customers acquiring directly from the Group's showrooms
18
Balance Sheet
Balance Sheet
Debt/Equity ratio at September 30, 2008 of 0.11
Net Financial Position of € 33.8 million at September 30, 2008 reflects the sale of 49% of AP Bags to 3i as well as the Net Financial Position of Finduck.
2006
2007
9M 2008
Net financial position (NFP)
Sh h ld ' E
Shareholders'
Equity
it
62,6
154 0
154,0
63,5
175 0
175,0
33,8
300 4
300,4
TOTAL INVESTED CAPITAL
216,6
238,5
334,2
0,41
0,29
0,36
0,27
0,11
0,10
€ MILLION
INDICES:
NFP / Equity
NFP / Total invested capital
19
004
004.
Strategic Direction & Outlook
004. STRATEGIC DIRECTION AND OUTLOOK
Strategic Direction and Outlook
Strategic Direction and Outlook
Optimization of the sales mix with focus on:
• Handbags, Footwear and Accessories • Emerging luxury markets Emerging luxury markets
Increased brand awareness
• Retail network expansion R t il t
k
i
• Increased A&P spend
• Brand extension
Continued development of licenses
Continued integration of acquired companies
21
APPENDICES
A. Historical Financial Performance
B R
B. Revenue Breakdowns 9M 2008 B kd
9M 2008
C. AP Brands and Products
APPENDIX A. HISTORICAL FINANCIAL PERFORMANCE
Income Statements (IAS/IFRS)
Income Statements (IAS/IFRS)
CAGR
2007 2004-2007
300,2
31,5%
2004
132,0
2005
153,7
2006
257,5
% total growth
EBITDA
n.a
15,5
16,4%
20,3
67,6%
35,0
16,6%
47,8
growth
% total g
n.a.
30,9%
,
71,9%
,
36,7%
,
Ebitda margin
EBIT
11,8%
10,6
13,2%
15,4
13,6%
26,1
15,9%
35,9
49,9%
% total growth
PRETAX
n.a.
9,4
44,5%
9,5
69,8%
18,9
37,3%
27,8
43,4%
% total growth
Pretax margin
NET INCOME
n.a.
7,1%
4,8
1,3%
6,2%
4,9
97,8%
7,3%
12,2
47,1%
9,2%
26,4
76,4%
% total growth
% of revenues
n.a.
3,6%
2,5%
3,2%
147,9%
4,7%
116,2%
8,8%
MILLIONS OF EURO
NET REVENUES
45,4%
23
Revenue Mix
Revenue Mix
% of revenues generated from
MILLIONS OF EURO
2004
% of
revenues
apparel
handbags, shoes and accessories
16,2
115,8
TOTAL
own brands
direct clients(1)
foreign markets
(1)
2005
% of
revenues
2006
% of
revenues
12,3%
87,7%
16,6
137,1
132,0
100,0%
113,4
78,0
81,8
85,9%
59,1%
62,0%
2007
% of
revenues
%
Growth
10,8%
89,2%
19,1
238,4
7,4%
92,6%
22,5
277,6
7,5%
92,5%
18,2%
16,5%
153,7
100,0%
257,5
100%
300,2
100%
16,6%
126,1
93,4
101,8
82,0%
60,8%
66,2%
221,9
153,2
154,5
86,2%
59,5%
60,0%
258,8
176,1
183,7
86,3%
58,7%
61,3%
16,6%
15,0%
18,9%
Direct clients: DOS, franchisees and wholesale customers acquiring directly from the Group showrooms
24
Balance Sheet
Balance Sheet
MILLIONS OF EURO
2004
2005
2006
2007
net working capital
net fixed assets
provisions
other long term rec
rec./payab.
/payab
deffered taxes
40,3
154,6
(5,0)
00
0,0
(45,1)
22,8
168,9
(5,3)
01
0,1
(43,9)
36,3
245,8
(8,1)
23
2,3
(59,7)
49,8
244,0
(7,9)
14
1,4
(48,8)
144,8
142,5
216,6
238,5
net financial position (NFP) / debt
shareholders' equity
59,1
85,7
43,7
98,8
62,6
154,0
63,5
175,0
144,8
142,5
216,6
238,5
30,5%
0,69
0,41
14,8%
0,44
0,31
14,1%
0,41
0,29
16,6%
0,36
0,27
INDICES
Net working capital / revenues
NFP / equity
NFP / total invested capital
25
APPENDIX B. REVENUE BREAKDOWNS 9M 2008
Revenues by brand category
Revenues by brand category
9M 2007
% of
subtot.
Own brands
201,9
,
Licensed brands
SUB TOTAL
MILLIONS OF EURO
Royalties
Other revenues
TOTAL
9M 2008
% of
subtot.
%
Growth
86,8%
,
245,1
,
73,4%
,
21,4%
,
30,4
13,1%
42,5
12,7%
39,7%
232,4
99,9%
287,6
86,2%
23,8%
0,1
0,1%
0,4
0,1%
-
45,7
13,7%
100,0%
333,7
100,0%
232,5
43,5%
26
Revenues by distribution channel
Revenues by distribution channel
€ MILLION
9M
2007
% of
Subtot
DOS (1)
Franchising (1)
Direct clients(2)
% of
Subtot
21,4
25,6
82,4
9,2%
11,0%
35,5%
29,4
91,2
36,1
10,2%
31,7%
12,5%
37,1%
255,5%
-56,2%
129,4
55,7%
156,6
54,4%
21,0%
13,0
89,9
5,6%
38,7%
23,5
107,5
8,2%
37,4%
80,4%
19,6%
SUBTOTAL
Royalties
Other revenues
232,4
232
4 100,0%
100 0%
0,1
287,6
287
6
0,4
45,7
100 0%
100,0%
23 8%
23,8%
TOTAL REVENUES
232,5
333,7
DIRECT DITRIBUTION CHANNELS
Importers/distributors
Indirect wholesale
(1)
(2)
%
Growth
9M
2008
43,5%
Average boutique size - Leather: m2 75 - 90
Direct clients: wholesale customers acquiring directly from the Group's showrooms
27
Revenues by geographic area
Revenues by geographic area
9M 2007
% of
subtotal
9M 2008
% of
subtotal
%
GROWTH
Italy
88,9
38,3%
106,5
37,0%
19,7%
Foreign Markets
143,5
61,7%
181,1
63,0%
26,3%
German speaking
15,6
6,7%
20,9
7,3%
34,3%
E. Europe & Russia
59,5
25,6%
81,9
28,5%
37,7%
Rest of Europe
28,3
12,2%
31,5
10,9%
11,3%
Far East
20,0
,
8,6%
,
24,3
,
8,4%
,
21,4%
,
Rest of world
12,0
5,2%
10,9
3,8%
-8,8%
North America
8,2
3,5%
11,7
4,1%
42,9%
100,0%
287,6
04
0,4
45,7
333,7
100,0%
23,8%
SUB TOTAL
Royalties
Other revenues
TOTAL REVENUES
232,4
01
0,1
232,5
43,5%
28
APPENDIX C. BRANDS AND PRODUCTS
Brands and Products
Brands and Products
HANDBAGS & ACCESSORIES
HANDBAGS & ACCESSORIES (AP BAGS )
FOOTWEAR
LEATHER APPAREL
BIASIA FRANCESCO S.p.A.
BALDININI S.r.l.
ENRICO MANDELLI S.p.A.
BRACCIALINI S.r.l.
ANTICHI PELLETTIERI S.p.A.
GFM INDUSTRIA S.p.A.
COCCINELLE S.p.A.
DADOROSA S.r.l.
FINDUCK S.r.l. Investor Day Monte ‐ Carlo, November 28, 2008
29
Francesco Biasia
Francesco Biasia
APB
APBags
Perfect for creating a high‐impact personal look
Lines Women and Men
Product range Handbags & Accessories
Target age 20-40
Collections Francesco Biasia
Main markets Italy, Eastern Europe & Russia, Far East, USA
Distribution 44% of sales generated from direct distribution channels
Retail network at September 30, 2008: 30 (6 DOS, 24 franchisees)
Including: Milan, Rome, Florence, London, Paris, Beirut, Jakarta, Hong Kong and Tokyo
Average
retail price € 350 - 450
Competitive strenghts High
High fashion content
Price/quality trade off highly appreciated by customers
Successful franchise model
Licenses Aquascutum
30
Braccialini
APB
APBags
“In your handbag , there’s all your life!”
Carla Braccialini Lines
Women
Product range Handbags & Accessories, Jewellery, Eyewear
Target age 25-50
Collections Braccialini, Tua by Braccialini
Main markets Italy, Far East, Russia
Including Milan, Rome, Forte dei Marmi, London, Paris, New York, Moscow, Shanghai, Dubai and Istanbul
Average
retail price € 300 - 400
Competitive strenghts Creativity
Creativity and fantasy
Designed and produced in Florence, Italy’s most important industrial district for leather
goods
Licenses
Vivienne Westwood, Warner Bros, Gherardini, Amazon Life
31
APPENDIX C . BRANDS AND PRODUCTS
Coccinelle
APB
APBags
Portrait of a Woman
Lines
Women
Target age 30-45
Collections Coccinelle
Main markets Italy, German speaking countries and rest of world
Distribution  36% of sales generated from direct distribution channels
Including: Milan, Rome, Venice, Forte dei Marmi, Lisbon, London, Tokyo, Dubai, St. Petersburg, Köln
Average
€ 200 - 300
retail p
price
Competitive strenghts Consistent brand identity refined over the years
Price/quality trade off highly appreciated by customers
32
Mandarina Duck
APB
APBags
Utility, which changed the rules of the game
Lines Women and Men
Target age 20-40
Collections Handbags (women / men); Travel (business / suitcase)
Main markets Italy, Western Europe
Distribution  50% of sales generated from direct distribution channels
 Retail network at September 30, 2008: 88 (35 DOS and 53 franchisees)
Including: Milan, Rome, Bologna, London, Paris, Dusseldorf and Hong Kong
Average
€ 100 - 200
retail price
Competitive strenghts successful franchising model
extensive distribution network
use of unconventional, functional and light materials
trade off price / quality highly
Licenses Yohji Yamamoto
33
Baldinini
Deluxe footwear: the imprint of a unique and international style
Lines Women and Men
Product range Footwear, Handbags & Accessories, Eyewear, Apparel, Jewellery,
Perfumes & Skincare
25-50
50
Target age 25
Collections Baldinini, Trend
Main markets Eastern Europe & Russia, Italy and Rest of the world
Including: Milan, Rome, Florence, Moscow, St Petersburg, Dubai, Prague, Pechino and Shanghai
Average
€ 350 - 450
retail price
Competitive strenghts Russian market leader
Designed and produced in San Mauro Pascoli, Italy's most important industrial district for
footwear
34
Sebastian
Fashion and luxury footwear
Lines
Women and Men
Product range Footwear
Target age 30-50
Collections Sebastian, The Saddler
Main markets Italy and Russia
Retail network at September 30, 2008: 12 (9 DOS and 3 franchisees)
Including: Milan, Paris and Forte dei Marmi
Average
€ 350 - 450
retail price
Competitive strenghts Excellent Italian craftsmanship
Recognized brand quality
Sophisticated design
Licenses
Missoni, Acquascutum
35
Disclaimer
This document has been prepared by Antichi Pellettieri S.p.A. (or the “Group”) and comprises written material concerning the Group. The information contained
in this document has been provided for informational purposes and does not purport to be comprehensive. Neither the Company nor any of its directors,
officers, employees or any other person accepts any responsibility for, or makes any representation or warranty, express or implied, as to the accuracy or
completeness of the information in this presentation.
presentation
This document has been prepared in Italy. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession
this document comes should inform themselves about, and observe, any such restrictions.
Thi document
This
d
d
does
not constitute
i
or form
f
part off any offer
ff to sellll or issue,
i
or invitation
i i i to purchase
h
or subscribe
b ib for,
f or any solicitation
li i i off any offer
ff to purchase
h
or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any
contract or investment decision.
The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Certain
of such information and/or opinions may have not been independently verified.
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By attending the presentation you agree to be bound by the foregoing limitations
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investor day - Antichi Pellettieri

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