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Interim Management
Report
30/09/2014
Interim Report as of 30 September 2014
CONTENTS
Company information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Boards of directors and of auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Group structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Group organization chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distribution network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTERIM MANAGEMENT REPORT
3
4
5
6
7
Group operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Performance of the Group as at September 30, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Analysis of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
– Analysis by geographical area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
– Analysis by distribution channel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
– Analysis by product line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Analysis of operating performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Analysis of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Significant events after the reporting period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Business outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Principles applied in preparing the interim report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Accounting standards and consolidation principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Related-party transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
FINANCIAL STATEMENTS
Consolidated statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated statement of comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Condensed consolidated statement of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DECLARATION PURSUANT TO ARTICLE 154BIS(2) OF THE TUF
45
46
47
48
2
COMPANY INFORMATION
REGISTERED OFFICE OF THE GROUP HOLDING COMPANY
Moleskine S.p.A.
Viale Stelvio 66
20159 Milan (Italy)
LEGAL INFORMATION OF THE GROUP HOLDING COMPANY
Approved share capital Euro 2,121,802.05
Subscribed and fully paid-up share capital Euro 2,121,802.05
Milan Company Register no. 07234480965
Milan Economic and Administrative Index (REA) no. 1945400
Tax code and VAT no. 07234480965
Company web site www,moleskine,com
3
BOARDS OF DIRECTORS AND OF AUDITORS
Board of Directors
Marco Ariello
Arrigo Berni Philippe Claude Sevin
Giuseppe Zocco
Daniele Raynaud Fabio Brunelli Daniela Della Rosa
Claudia Parzani
Chairman
Chief Executive Officer
Director
Director
Director
Independent Director
Independent Director
Director
Remuneration Committee
Daniela Della Rosa
Fabio Brunelli
Marco Ariello
Chairman
Control and Risks Committee
Board of Statutory Auditors
Independent auditors
Financial Reporting Manager
Fabio Brunelli
Daniela Della Rosa
Marco Ariello
Chairman
Paola Maiorana
Rocco Santoro
Roberto Spada
Sabrina Pugliese
Cristiano Proserpio
Chairman
Statutory Auditor
Statutory Auditor
Alternate Auditor
Alternate Auditor
Alessandro Strati PricewaterhouseCoopers SpA
4
GROUP STRUCTURE
The Group includes the parent company Moleskine S.p.A. (“Moleskine” or the “Company”), Moleskine
America, Inc. (“Moleskine America”), a wholly owned direct subsidiary headquartered in New York (210
Eleventh Avenue, Suite 1004); Moleskine Asia Ltd (“Moleskine Asia”), a wholly owned direct subsidiary
headquartered in Hong Kong (Suite 3202A, 32/F, The Centrium); Moleskine Trade and Commerce Shanghai
Co. Ltd (“Moleskine Shanghai”), headquartered in Shanghai (500 Xiangyang Road South, Suite 1406, Xuhui
District); Moleskine Singapore Pte Ltd (“Moleskine Singapore”), headquartered in Singapore (6001 Beach
Road HEX 13-04 Golden Mile Tower); and, since September 18, 2014, Moleskine Japan K.K. (“Moleskine
Japan”), headquartered in Tokyo (5-4-35-1301 Minami Aoyama, Minato-ku), the latter three of which are
wholly owned by Moleskine Asia.
Companies also included within the Group are Moleskine France Sarl ("Moleskine France"), headquartered
in Paris (81, Boulevard Suchet), Moleskine Germany Gmbh ("Moleskine Germany"), based in Cologne
(Spichernstrasse 73), and Moleskine UK Ltd ("Moleskine UK"), with registered offices in London (Second
floor, Cardiff House, Tilling Road), all of which are wholly owned by the parent company, Moleskine.
The following chart shows the structure of the Group and Moleskine’s subsidiaries, along with the percentages
held.
Moleskine SpA
Moleskine
America
100%
Moleskine
France
100%
Moleskine
Germany
100%
Moleskine
UK
100%
Moleskine
Shanghai
100%
Moleskine
Asia
100%
Moleskine
Singapore
100%
Moleskine
Japan
100%
5
GROUP ORGANIZATION CHART
The Group organization chart as of September 30, 2014, is shown below. As of October 15, 2014, the
organization of the Group has changed to support plans for growth. For more information, see the section
“Significant events after the reporting period” below.
CEO
Internal
Audit
Manager
Executive
Sales &
Marketing
Director
Executive
Brand
Equity
Director
Executive
Publishing
& New
Business
Development
Director
CFO
Executive
Product
Development
& Operations
Director
Digital
Director
HR
Director
6
DISTRIBUTION NETWORK
The Group markets its products through various distribution channels. From the perspective of the consumer,
the Group is present on the market through:
- the retail distribution channel, i.e. the direct distribution channel in which the Group relies on stores
managed either by third-parties or directly, the latter of which are referred to as Directly Operated
Stores (DOSs);
- the wholesale channel, i.e. the channel which makes use of intermediaries to sell to consumers, in which
case the Group’s customers are these intermediaries;
- the B2B channel, aimed at the direct sale of customized Moleskine products to businesses, institutions and
a variety of organizations by way of a combined direct and indirect model;
- the e-commerce channel, i.e. online product sales through our own websites.
7
Interim
Management
Report
01
GROUP OPERATIONS
INTRODUCTION
With reference to the nine months ended September 30, 2014, the figures given in this report, together with
the associated remarks, are meant to give an overview of the Group's financial performance and standing, the
changes that occurred during the period under review, and any significant events that affected these results.
OPERATING CONDITIONS AND BUSINESS DEVELOPMENT
Moleskine is the brand through which the Group develops, distributes and sells a family of products for the
modern-day nomad: notebooks, portfolios, agendas, bags, writing tools and reading accessories dedicated
to the mobile individual, products that embody personal flair and sophistication in both the real and the
digital worlds.
Moleskine sells three lines of products and services:
i) paper collections (“Paper Collections”), such as notebooks, agendas, other home-office products, and gifts;
ii) writing, travelling and reading collections (“WTR Collections”), such as pens and pencils, bags, eyewear,
and reading lights; and
iii)digital products and services (“Digital”), such as templates, online tools and applications for smartphones
and tablets, a virtual Artist Marketplace, and our line of Evernote Smart Notebooks, as well as the creation
of a print-on-demand service through a partnership with Milk Books for the creation of photo books and
photo albums.
The Group distributes its products to 105 countries:
i) indirectly through a network of 73 distributors (i.e. the wholesale channel), which serve bookshops,
department stores, stationers, museums and other specialty stores (i.e. the retailers); and
ii) a) through a mixed direct and indirect model for the custom editions designed for our business customers
(i.e. the B2B channel); b) through our e-commerce site; and c) through a retail network of 30 single-brand
stores (12 in China, 1 in Singapore, 7 in Italy, 4 in the U.K., 2 in France, 1 in Germany and 3 in the U.S.).
9
ACTIVITIES CARRIED OUT BY THE GROUP TO INCREASE BRAND RECOGNITION
During 2014, activities aimed at supporting brand recognition have continued along the main lines pursued
in 2013:
- Limited editions and special cult editions. Of particular note was the launch of the limited edition The
Simpsons backed by marketing efforts aimed at reaching new segments of our target market, namely fans of
this famous Fox television series, and at making full use of the potential of viral marketing. Marketing support
for new product launches also included campaigns for the B2B editions: Andy Warhol, Hermitage, Museum
Cinelli, Corso Como 10.
Other special editions include a notebook by the Brazilian street artist Speto for @instagrafite, Instagram’s
extraordinary gallery of street art. This notebook was presented for the first time at SXSW, America’s leading
music and film festival, with interactive conferences held in Austin, Texas, and is being used by students at
RUA, a street art training program in Sao Paulo, Brazil. Moleskine’s Instagrafite Custom Edition is available
exclusively through the Moleskine Shop.
A sostegno del posizionamento culturale della marca, prosegue la comunicazione di supporto per la divisione
Moleskine Publishing, con due nuove uscite: la monografia sul grande illustratore John Alcorn e la raccolta
di campagne per il non profit di Good50x70.
John Alcorn, Evolution by design
- Events. One of the most significant initiatives was the development of the partnerships with Fabrica (the
think tank of the Benetton Group), with the Italian Environmental Fund (FAI), with Politecnico di Milano, and
with a number of other partners for Fuorisalone in Milan. In 2014, a new format of in-store event was also
successfully tested in collaboration with an international community of artists through Urban Sketchers,
the leading network that brings together tens of thousands of designers, illustrators and architects around
the world, who love to meet in and around town and online to share the work they do. The format consists
in open-air sketch sessions connected with one of the brand’s original themes, that of the notebook as the
“original mobile device”. The artists’ performances are open to the public, and audience members can sign
up to play an active part. The work that results from the performance is then put on display in-store for the
weeks that follow and disseminated via media relations and the web/social channels.
10
The media relations efforts of the communication agencies have also continued in order to tell the Moleskine
business story and the other great brand stories (e.g. the future of writing, the interaction of analog and digital
in creative professions, and the objects of the “analog cloud” that define our personality). Maria Sebregondi,
Executive Brand Equity Director for the Moleskine Group, spoke of these initiatives at the Future Concept
Lab in Sao Paulo, Brazil.
Other important events included an itinerant exhibition of the works of Project Detour, which was held in
Moleskine’s four London stores (in Covent Garden, Old Street, Harrods, and Canary Wharf) in conjunction with
one of the world’s most important design festivals. A prominent feature of the festival’s guidebook, the exhibit
brings traffic to the brand’s stores and increases their visibility. Detour is a rich archive of over 250 notebooks
of some of the last century’s greatest architects, photographers, writers, directors, designers and thinkers.
City Stories instore event
Moleskine Detour al London Design Festival
11
- New product launches: Art Plus, Soft Cover journals, myCloud Bag Series, Evernote Business
Notebook, White Pens, the Journal app for Android, the Voyager notebook, and Livescribe. During the
first nine months of 2014, several new collections were launched for the public, including Art Plus, the Soft
Cover, Voyager and Livescribe journals, the myCloud bag series (in an extended range of colors), White Pens,
and the new colored pens in our Writing collection.
All of the marketing for these product launches (which targeted creative professionals, and visual artists –
designers, architects, graphic designers, etc. – in particular) underscores the brand’s cultural positioning and
its ties to our past heritage, but with a modern feel, in order to build a bridge between the avant-garde of the
past and today’s creative professions.
Art Plus Collection
12
EXPANSION OF BRAND DISTRIBUTION
In line with the strategy for augmenting brand distribution, the Group has increased the number of points
of sale served by the wholesale channel and has also intensified our presence and visibility within the top
retailers, while continuing to invest in trade marketing and visual merchandising through Ateliers and
other displays for a total of 176 installations worldwide as of September 30, 2014 (vs. 163 installations as
of June 30, 2014).
New installations include Ateliers at WHSmith Doha Ezdan Mall, Qatar; at Exclusive Book in Hydepark
Johannesburg and Sandton City, South Africa; at Lume Relox, Mexico; at two Staples flagship stores in the
U.S.; at the Gramedia bookstore in Bali, Indonesia; and 5 light ateliers in Ark bookstores in Norway. Our
presence has also been expanded with various other retailers, such as Feltrinelli and Mondadori in Italy
and Indigo in the U.S., and with the installation of new Atelier display areas at various points of sale of
the FNAC chain in France, at the Times NewsLink bookstore in the Singapore airport, and at Mag Nation
Emporium in Melbourne.
Moleskine Store to Montparnasse – Paris
13
During the first nine months of 2014, activities aimed at supporting a pillar of our growth strategy, i.e.
the opening of direct, single-brand stores, included 11 new stores: 1 in Italy inside Terminal 1 of the
Malpensa airport; 3 in London (Covent Garden, Canary Wharf and the temporary store at the Old Street
tube station); 2 in Paris at the St. Lazare and Montparnasse train stations; 1 freestanding store in Berlin;
3 in China (2 in Beijing, at the Oriental Plaza and at the La Fayette Galerie, and 1 in Naijing at the Golden
Eagle Mall) , and one in Singapore, at Ion Orchard Mall. During the first nine months of 2014, 11 stores were
closed, Paris Aéroville, Turin Porta Nuova, Milan Malpensa (satellites A and B), and 6 temporary stores, i.e.
Bloomingdale’s in Chicago and New York, Roma Fiumicino, Verona Porta Nuova, the freestanding store in
Paris in the Le Marais district, Heathrow airport in Terminal 1, and the shop-in-shop at Coin in Florence.
Moleskine Store to Ion Orchard mall - Singapore
14
EXPANSION OF THE PRODUCT LINE
In 2014, the Group has continued efforts to expand our product portfolio in order to meet the increasing
needs of Moleskine customers.
With regard to the WTR collections, product launches included the myCloud bag series, a new line of classic
bags to complete the offering for a complementary target to the classic bags in order to meet the needs of
Moleskine customers looking for highly functional bags with that iconic Moleskine design and with a touch
of color on the inside.
These new myCloud bags embody the myAnalogCloud concept for a set of objects that the contemporary
nomad – Moleskine’s primary target – chooses to carry every day and which is right at home in these bags. In
the second quarter of 2014, the series appeared in Moleskine stores and, at the same time, was distributed
through the wholesale channel to the Moleskine distributors and retailers served by way of this channel. In the
wholesale channel, the addition of this line of bags was accompanied in the points of sale most representative
of the new Moleskine Ateliers. In the third quarter of 2014, the line of myCloud bags was expanded with a
new color across all four models, as well as with a line of accessories for digital devices in the market’s two
key sizes (10 and 13 inches) in the colors khaki and Payne’s grey.
myCloud Bag Series - new Moss Green colour
myCloud Cases
15
In the third quarter of 2014, the range of Moleskine writing utensils offered around the world was extended
with the new white classic pencil and pen, which join the classic black pen. Four new colors have been added
to the line of classic click/ball-point pens. This new color palette is part of a broader direction that Moleskine
is taking in terms of color aimed at better meeting the needs of our target markets and the strong desire for
more color to enhance the day-to-day activities of the contemporary nomad.
Classic click ball pens - new colours
The line of Travelling Accessories has also been expanded with the addition of khaki shoulder bags and three
new articles in our line of wallets: Card, Passport and vertical.
myCloud Accessories Collection
In the Paper categories, work continues on expansion of available colors on the back of the success of the five
colors launched in 2013 in the Hard Cover Classic Notebook family, with three new colors being available since
the start of 2014 for soft cover notebooks: underwater blue, orchid purple, and khaki beige. The flexibility of
the soft cover is complemented by a new layout that is ideal for artists and designers, i.e. a dotted grid that
facilitates page creation (ruled or squared) or the inclusion of sketches, symmetrical graphics and more.
16
In the third quarter of 2014, we launched Voyageur, the new travel journal for the digital age. Voyageur is the
perfect companion throughout one’s travels, from collecting ideas before the trip to the actual travelling from
one place to another and looking back on the best memories, in both physical and digital form, which can even
be shared with others. As such, Voyageur has been designed to provide a toolkit to extend its utility (msk2,
downloadable templates, photo books), as well as connections and interrelationships (maps) and other fun
elements (B-Side I’m Here) to encourage a constant connection between travellers and their journals.
Voyageur - Travel Notebook for Digital Age
Voyageur - Travel Notebook for Digital Age
Pose with the back of the voyageur paperband and post your selfie on moleskine,com
17
In the third quarter of 2014, Lego is again a featured part of the Moleskine Limited Editions with four
new interpretations that unite the creativity of these iconic building blocks to the high-energy colors of
Moleskine covers.
LEGO Limited Edition Notebooks
The Hobbit, a continuing presence in the world of film, is also back with an excellent new canvas cover and
new, inspiring contributions in design in the internal add-ons. The elegant Box is an original gift idea that
completes the ideal combination of articles for the holiday season.
The Hobbit - Clothbound Limited Edition Notebook
The Hobbit - Clothbound Limited Edition Notebook
18
The union of pen and notebook has finally been achieved in a box set that combines these two elements of the
Moleskine experience as a sort of celebration of the "perfect match" of a pen created specifically for clipping
onto its notebook, available in both pocket and large versions.
Livescribe Notebook by Moleskine
In terms of digital products and services, Moleskine also has a notebook created for use with the Livescribe
smartpens and the Livescribe+ app, which extends our range of products spanning the analog/digital
continuum. The special pattern of microdots of the Livescribe notebook makes it possible to convert
handwritten notes into digital form at surprising levels of speed and accuracy and with an extraordinary user
experience. Text, sketches and notes go from the page to the screen in real time and remain both editable,
with the help of handwriting recognition technology, and shareable. Tagging can be used to organize notes
written on paper and stored in the app so that they are easier to find later on. Off-white paper, rounded
corners, place marker, and elastic closure complement the pattern stamped into the cover, which reflects
the design of the Livescribe 3 smartpen. Once again, the Moleskine notebook and its unmistakable, classic
detailing makes for an innovative, creative environment.
19
PERFORMANCE OF THE GROUP AS AT SEPTEMBER 30, 2014
The following tables show i) the condensed consolidated statement of comprehensive income as at September
30, 2014, compared to the same period of the previous year, ii) the sources and uses of funds statement as
of September 30, 2014, compared to December 31, 2013, and iii) capital expenditures for the nine months of
2014, compared to the same figures as at September 30, 2013.
It should also be noted that, for the sake of clarity, the following reclassifications have been made:
1. currency gains and losses, which were previously recognized as an adjustment to revenue (net gains/
(losses) on sales transactions) and expenses for the purchase of finished products, raw materials and
consumables (net gains/(losses) on sales transactions), have now been reclassified as other operating
income and other operating expenses;
2. costs for employee insurance, which were previously recognized among service costs, are now included
under employee benefit expense.
These reclassifications have also been applied to the financial statements for the corresponding period of the
previous year for the sake of comparability.
In addition to the conventional financial statements and indicators required under the IFRSs, this document
also presents certain reclassified statements and alternative performance indicators in order to better
assess the Group’s financial performance. Nonetheless, these statements and indicators should not be
considered to be replacements for the conventional ones required by the IFRSs.
It should also be noted that, although the Group business does not undergo significant seasonal or cyclical
changes in overall annual sales, it is influenced by a different distribution of business performance for the
direct (e-commerce and retail) channels over the course of the year, as this area tends to be concentrated in
the later part of the year. For this reason, an analysis of financial standing and performance for the first half
of the year should not be considered a fully proportionate share of the entire year.
20
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of Euro and
percentage of revenues
Revenues
EBITDA (1)
Operating income
Net profit
Adjusted revenues (2)
Adjusted EBITDA (3)
Adjusted operating profit (3)
Adjusted net profit (3)
Period ended September 30,
Change
2014 %
2013 %
2014 Vs
2013 %
65,122
18,864
16,095
10,025
65,023
20,810
18,041
11,379
100.0%
29.0%
24.7%
15.4%
100.0%
32.0%
27.7%
17.5%
61,661
16,002
14,472
7,633
61,522
24,266
22,736
14,201
100.0%
26.0%
23.5%
12.4%
100.0%
39.4%
37.0%
23.1%
3,461
2,862
1,623
2,392
3,501
(3,456 )
(4,695 )
(2,822 )
5.6%
17.9%
11.2%
31.3%
5.7%
(14.2%)
(20.7%)
(19.9%)
(1) The Group defines EBITDA as operating income (EBIT) before depreciation amortization, and impairment of non-current assets.
EBITDA is not recognized as a measure of financial performance or liquidity under IFRS; therefore, it should not be considered
an alternative measure for assessing the performance of Group operating income. Since the method for calculating EBITDA is not
governed by reference accounting standards, the method applied by the Group may not be the same as that adopted by others and
therefore may not be comparable.
(2) Adjusted revenues represent revenues from the statement of comprehensive income net of revenues generated by the sale of displays
and other revenues and income not relating to the ordinary business.
(3) Adjusted EBITDA, adjusted EBIT, and adjusted net income are net of non-recurring transactions and transactions that are not directly
related to our core business and are presented along with their percentages of adjusted revenues.
***
SOURCES AND USES OF FUNDS STATEMENT
In thousands of Euro
As of
September 30, 2014
December 31, 2013
Net working capital
Non-current assets
Non-current liabilities, net deferred taxes and current provisions for risks and charges
Net invested capital
23,198
87,525
(14,603 )
96,120
16,143
86,495
(15,037)
Net financial indebtedness
Net Equity
13,809
82,311
16,057
71,544
Total sources of financing
96,120
87,601
87,601
21
OTHER INFORMATION
Capital expenditures
As of
(4)
September 30, 2014
September 30, 2013
3,185
4,109
(4) Capital expenditures refer to gross investments in property, plant and equipment and in intangible assets
***
The tables below show how certain adjusted indicators used to represent the Group’s operating performance,
net of extraordinary events and non-recurring transactions, are calculated. These indicators make it easier to
compare financial information across periods since they are based on the key financials of the Group net of
non-recurring transactions and other events which are not directly related to our core business.
The Group has calculated adjusted revenues as follows:
2014
2013
Revenues
65,122
61,661
Revenues from display
Other operating income
(128)
29
(232)
93
Adjusted revenues
65,023
61,522
Adjusted EBITDA, i.e. earnings before interest, taxes, depreciation, amortization and impairment, includes
non-recurring and extraordinary items, such as:
i) severance costs and other costs related to company reorganizations;
ii) legal fees and other costs related to extraordinary transactions (e.g. changes in distribution models, the
termination of agreements with distributors or suppliers, lump-sum and other types of costs paid in
settlements with third parties, etc.);
iii)costs related to fiscal disputes;
iv)other one-off costs non related to ordinary operations (e.g. costs related to recalls, costs for adaptations to
applicable national and/or international laws and regulations, etc.);
v) extraordinary and non-recurring income (e.g. insurance settlement in the event of a warehouse fire, etc.).
22
The Group has calculated adjusted EBITDA as follows:
2014
2013
EBITDA
18,864
16,002
Costs related to the IPO process
Management incentive plan (5)
Costs of renegotiation of the Facility Agreement
237
-
4,193
2,467
300
Total costs which are not directly related to the ordinary business (B)
1,709
1,304
Total non-recurring transactions (A)
Change in the business model (6)
Ancillary costs related to the IPO process (7)
Other consulting fees (7)
Other costs
Stability bonuses and early retirement incentives for employees (6)
237
1,346
183
3
43
134
6,960
861
258
185
-
Total non-recurring transactions and activities which are not directly related to the
ordinary business (A+B)
1,946
8,264
Adjusted EBITDA
20,810
24,266
(5) Included among employee benefit expense
(6) Included among costs for finished products, raw materials and consumables; Service costs, and Other operating expenses.
(7) Included among service costs
The Group has calculated adjusted EBIT as follows:
2014
2013
Operating profit (EBIT)
16,095
14,472
Total non-recurring transactions and activities which are not directly
related to the ordinary business (8)
1,946
8,264
Adjusted EBIT
18,041
22,736
(8) See the reconciliation of adjusted EBITDA.
23
The Group has calculated adjusted net income as follows:
2014
2013
Net income
10,025
7,633
Total non-recurring transactions and activities which are not directly
related to the ordinary business
Income tax effect
1,946
9,370
11,379
14,201
Adjusted Net profit (9)
(592)
(2,802)
(9) Adjusted net income is therefore calculated net of the effect of non-recurring expenses and others not directly related to our core business and net of the
relative tax effect.
24
ANALYSIS OF REVENUES
Revenues increased by Euro 3,461 thousand, or 5.6%, from Euro 61,661 thousand for the first nine months
of 2013 to Euro 65,122 thousand for the same period of 2014. Adjusted revenues went from Euro 61,522
thousand for the first nine months of 2013 to Euro 65,023 thousand for the same period of 2014 for an
increase of 5.7%. This solid sales performance may be attributed to an increase in the average per-unit price
of our products, which was driven both by the increasing importance of the retail and e-commerce channels
relative to indirect distribution and by a favorable product mix due to an increase in categories with higher
product prices. Also having a positive impact on sales was the change in the American business model with
the implementation of mixed, direct and indirect, distribution.
ANALYSIS OF GEOGRAPHICAL AREA
The following tables show the breakdown by geographical area of revenues and adjusted revenues for the
nine months ended September 30, 2014 and 2013:
ADJUSTED REVENUES BY GEOGRAPHICAL AREA
AMERICAS 37.2%
EMEA 50.5%
APAC 12.3%
32,860
+9.1%
+3.5%
7,988
+4.8%
25
Change
Revenues by geographical area
2014 %
2013 %
2014 Vs
2013 %
EMEA (Europe, Middle East, Africa)
Americas (USA, Canada, Latin America)
APAC (Asia Pacific)
32,942
24,175
8,005
50.6%
37.1%
12.3%
32,395
21,563
7,703
52.5%
35.0%
12.5%
547
2,612
302
1.7%
12.1%
3.9%
Revenues
65,122
100.0%
61,661
100.0%
3,461
5.6%
Change
Adjusted revenues by geographical area
2014
%
2013
%
2014 vs
2013
%
EMEA (Europe, Middle East, Africa)
32,860
50,5%
31,743
51.6%
1,117
3.5%
Adjusted Revenues
65,023
100.0%
61,522
100.0%
3,501
5.7%
Americas (USA, Canada, Latin America)
APAC (Asia Pacific)
24,175
7,988
37.2%
12.3%
22,154
7,625
36.0%
12.4%
2,021
363
9.1%
4.8%
For the first nine months of 2014, the EMEA area generated Euro 32,943 thousand in revenues, posting a
slight increase (+1.7%) compared to those of the same period of the previous year (Euro 32,395 thousand).
Growth in adjusted revenues for the EMEA area, however, was greater at 3.5%.
The Americas posted an increase in revenues of Euro 2,612 thousand (+12.1%) and in adjusted revenues of
Euro 2,021 thousand (+9.1%) compared to the same period of the previous year. At constant exchange rates,
rather than at current rates, this increase would rise to 12.3%.
Finally, the APAC area posted an increase in revenues and adjusted revenues of Euro 302 thousand (+3.9%)
and Euro 363 thousand (+4.8%), respectively. This growth was driven by the change in distributor in Japan.
26
The following is a breakdown of adjusted revenues at current and constant exchange rates by geographical area.
AMERICAS
+9.1%
+12.3%
EMEA
APAC
+3.5%
+4.8%
+2.9%
+7.9%
CURRENT
EXCHANGE RATE
CONSTANT
EXCHANGE RATE
+5.7%
+6.9%
27
ANALYSIS OF DISTRIBUTION CHANNEL
The following tables show the breakdown by distribution channel of revenues and adjusted revenues for the
nine months ended September 30, 2014 and 2013. It should be noted that adjusted wholesale revenues for
the first nine months of 2013 have been reduced by Euro 296 thousand and adjusted B2B revenues increased
by the same amount because a customer, which was previously included under the wholesale channel, has
been more appropriately categorized within the B2B channel.
Change
Revenues by distribution channel
2014 %
2013 %
2014 Vs
2013 %
Wholesale
B2B
e-Commerce
Retail
48,190
9,649
2,481
4,802
74.0%
14.8%
3.8%
7.4%
48,348
8,505
2,303
2,505
78.4%
13.8%
3.7%
4.1%
(158)
1,144
178
2,297
(0.3%)
13.4%
7.7%
91.7%
Revenues
65,122
100.0%
61,661
100.0%
3,461
5.6%
ADJUSTED REVENUES BY DISTRIBUTION CHANNEL
Wholesale
B2B
Retail
e-Commerce
80.000
65,023
61,522
48,075
60.000
48,110
40.000
20.000
9,650
8,716
2,496
4,802
0
2014
2,497
2,199
2013
000
28
ADJUSTED REVENUES BY PRODUCT LINE
Change
Adjusted Revenues by distribution channel
2014 %
2013 %
2014 Vs
2013 %
Wholesale
B2B
e-Commerce
Retail
48,075
9,650
2,496
4,802
73.9%
14.8%
3.8%
7.4%
48,110
8,716
2,199
2,497
78.2%
14.2%
3.6%
4.1%
(35)
934
297
2,305
(0.1%)
10.7%
13.5%
92.3%
Adjusted Revenues
65,023
100.0%
61,522
100.0%
3,501
5.7%
WHOLESALE
Both revenues and adjusted revenues for the wholesale channel remained essentially stable for the first
nine months of 2014 as compared to the same period of the previous year, declining by just 0.3% and 0.1%,
respectively. At constant exchange rates, adjusted revenues for the wholesale channel increased by 1%.
B2B
Revenues through the B2B channel increased by Euro 1,144 thousand, going from Euro 8,505 thousand for
the first nine months of 2013 to Euro 9,649 thousand for the same period of 2014 (+13.4%), while adjusted
revenues for the B2B channel increased somewhat slower (+10.7%). This growth was driven by the “indirect”
B2B model, which is based on commercial partnerships with trade agencies that make it possible to meet a
broader demand for custom editions internationally.
E-COMMERCE
Revenues through the e-commerce channel went from Euro 2,303 thousand for the first nine months of 2013
to Euro 2,481 thousand for the same period of 2014 for an increase of 7.7%, which is slightly slower than the
increase seen in adjusted revenues (+13.5%). The trend in sales for the e-commerce channel also benefitted
from the recognition of revenues at the e-commerce retail price.
RETAIL
In the retail channel for the first nine months of 2014, the Group continued implementing the strategy of
opening directly operated stores (DOSs), through which articles from all Moleskine product categories are
distributed directly to the consumer. These new points of sale follow the Group strategy of guaranteeing
consumers a broad and rich product mix, while promoting brand and product awareness to benefit the entire
distribution network. Revenues generated through the retail channel during the first nine months of 2014
came to Euro 4,802 thousand, up Euro 2,297 thousand compared to the same period of 2013 (+91.7%). This
increase in sales volumes was the result of the strategy of opening new shops, which has continued in 2014
with the opening of eleven new shops.
29
65,023
61,522
48,075
60.000
48,110
40.000
20.000
9,650
8,716
2,496
0
ANALYSIS OF PRODUCT LINE
2014
4,802
2,497
2,199
2013
000
The following tables show the breakdown of revenues and adjusted revenues by product line for the
nine months of 2014 and 2013. It should be noted that adjusted revenues for the Paper collection for the
first nine months of the previous year have been increased by Euro 24 thousand due to a change in the
classification of revenues from Publishing products, which has led to a reduction in revenues for the WTR
collection by the same amount.
ADJUSTED REVENUES BY PRODUCT LINE
WTR Collezioni
Paper Collezioni
80.000
65,023
61,522
59,774
60.000
57,569
40.000
20.000
5,249
0
3,953
2014
2013
000
Change
000
Revenues by product line
2014 %
2013 %
2014 Vs
2013 %
Paper collection
WTR collection
59,873
5,249
91.9%
8.1%
57,721
3,940
93.6%
6.4%
2,152
1,309
3.7%
33.2%
Revenues
65,122
100.0%
61,661
100.0%
3,461
5.6%
30
Change
Adjusted Revenues by product line
2014 %
2013 %
2014 Vs
2013 %
Paper collection
WTR collection
59,774
5,249
91.9%
8.1%
57,569
3,953
93.6%
6.4%
2,205
1,296
3.8%
32.8%
Adjusted Revenues
65,023
100.0%
61,522
100.0%
3,501
5.7%
PAPER COLLECTION
During 2014, the Group has continued developing the Paper Collection with the launch of new products
and, in particular, by expanding the offering of colors for our Soft Covers, launching the Art Plus concept,
and adding the Business Notebook to our Evernote Smartbooks. Revenues generated by Paper Collections
increased by 3.7%.
WTR COLLECTION
With regard to the WTR Collection of products, in 2014, the Group has launched the myCloud bag series
and expanded the line with the new classic white pencils and pens.
Revenues generated by the WTR Collection increased by 33.2% (or by 32.8% in terms of adjusted
revenues), resulting in an increase in its relative weight in overall sales revenues thanks, above all, to
the strong performance posted in the writing and cases segments, while also being driven by the direct
channel, where WTR sales are of relatively greater importance than in the indirect channel.
31
ANALYSIS OF OPERATING PERFORMANCE
The following table provides a breakdown of the operational profitability indicators EBITDA and EBIT and
their respective adjusted figures:
Operating profit (EBIT)
+ Depreciation, amortization and impairments
EBITDA (*)
+ Total non-recurring transactions and activities which
are not directly related to the ordinary business
Adjusted EBITDA
As % of Adjusted revenues
Adjusted Operating profit (EBIT)
As % of Adjusted revenues
2014
2013
16,095
2,769
18,864
1,946
14,472
1,530
16,002
8,264
20,810
32.0%
18,041
27.7%
24,266
39.4%
22,736
37.0%
(*) The Group defines EBITDA as EBIT gross of depreciation, amortization and impairment of non-current assets. EBITDA is not recognized as a measure
of financial performance or liquidity under IFRS; therefore, it should not be considered an alternative measure for assessing the performance of Group
operating income. Since the method for calculating EBITDA is not governed by reference accounting standards, the method applied by the Group may
not be the same as that adopted by others and therefore may not be comparable.
It should also be noted that, in application of CONSOB Resolution no. 15519 of July 27, 2006, when income
items deriving from non-recurring events or transactions are significant, they must be shown separately in
management remarks and in financial reporting.
EBITDA has grown by 17.8%, going from Euro 16.002 thousand for the first nine months of 2013 to Euro
18,864 thousand for the same period of 2014. It should be specified that EBITDA for the first nine months
of 2013 included the negative impact of non-recurring charges related to the company’s IPO on the Italian
screen-based market, Mercato Telematico Azionario (MTA), on April 3, 2013.
For the first nine months of 2014, adjusted EBITDA settled at Euro 20,810 thousand, or 32% of adjusted revenues,
a decline of around seven percentage points compared to the same period of the previous year.
This trend in adjusted EBITDA is mainly due to the following factors:
i) the now full effect of overhead costs to support the Group’s growth, to develop new channels (and the
retail channel in particular), and to expand into new territories;
ii) the dilution, in percentage terms, of margins from the wholesale channel as a consequence of the change in the
American and German business models with the implementation of mixed (direct and indirect) distribution.
Operating income (EBIT) was also affected by these factors, as well as by the increase in depreciation and
amortization in the first nine months of 2014 as compared to 2013 and related to the investments made in
order to increase the size of the organization and expand the direct channels. As a result, it went from the Euro
14,472 thousand of the first nine months of 2013 to Euro 16,095 thousand for the same period of 2014. Net
of non-recurring and other costs not directly related to our core business, adjusted EBIT came to Euro 18,041
thousand for the first nine months of 2014 (Euro 22,736 thousand for the first nine months of 2013).
32
The following is a combined analysis of costs for finished products, raw materials and consumables and of
costs for external processing for the first nine months of both 2013 and 2014. As can be seen in the table
below, the impact of these costs as a percentage of revenues has increased from 22.7% in 2013 to 25.1% in
2014, due mainly to unfavorable changes in the euro-dollar exchange rate.
In thousands of Euro and
percentage of revenues
Finished products, raw materials
and consumables
Processing costs
Total
Change
2014 %
2013 %
2014 Vs
2013 %
(15,250)
23.4%
(13,036)
21,1%
(2,214)
17.0%
(16,323)
25.1%
(14,026)
22.7%
(2,297)
16.4%
(1,073)
1.6%
(990)
1.6%
(83)
8.4%
33
ANALYSIS OF FINANCIAL POSITION
NET WORKING CAPITAL
A breakdown of the Group’s net working capital as of September 30, 2014, December 31, 2013, and
September 30, 2013, is provided below:
September 30,2014
December 31, 2013
September 30,2013
Inventories
Trade receivables
Trade payables
Trade Working Capital (A)
18,121
25,775
(16,481)
27,415
15,590
18,207
(15,845)
17,952
16,504
19,908
(12,969)
Other current assets
Income tax payables
Income tax receivables
Other current liabilities
Other items of Trade Working Capital (B)
1,798
(2,171)
(3,844)
(4,217)
921
1,276
(4,006)
(1,809)
1,390
(4,847)
(3,395)
Net Working Capital (A+B)
23,198
16,143
16,591
23,443
(6,852)
The cyclical nature mentioned above should be taken into consideration to better understand the main
changes in net working capital. Therefore, the remarks below comparing the figures at September 30, 2014,
and at the same date of 2013 take account of the relative weights of the individual aggregates as a percentage
of sales over the last 12 months, as follows:
As of September 30,
2014
%
2013
%
Inventories
Trade receivables
Trade payables
18,121
25,775
(16,481)
20%
28%
(18%)
16,504
19,908
(12,969)
20%
24%
(16%)
Trade Working Capital (A)
27,415
30%
23,443
28%
As shown in the tables above, we see that:
i) inventories as at September 30, 2014, increased in relation to both December 31, 2013 (up Euro 2,531
thousand, or 16.2%) and September 30, 2013 (up Euro 1,617 thousand, or 9.7%). The increase compared
to the end of the prior year has been driven by the growth in business volumes for the Group, as well as by
the seasonal nature of inventories, which feature an assortment of new products. The change compared
to September 30, 2013, is in line with the growth in business volumes, with inventories as a percentage of
sales for the previous twelve months coming to 20% both in 2014 and in 2013;
34
ii)trade receivables increased by Euro 5,867 thousand (+29.4%) compared to September 30, 2013, and
by Euro 7,568 thousand (+41.5%) compared to December 31, 2013. In addition to being influenced by
the favorable trend in sales, trade receivables at September 30, 2014, reflect the change in distribution
models in both Germany and Japan;
iii)trade payables as at September 30, 2014, increased in relation to both December 31, 2013 (up Euro 636
thousand, or 4%) and September 30, 2013 (up Euro 3,512 thousand, or 27.1%). This increase was due to
the greater sales volumes and consequent increase in the purchase of goods and in inventories
CAPITAL EXPENDITURES
Capital expenditures for the first nine months of 2014, in the amount of Euro 2,363 thousand, relate primarily
to new installations of in-store exhibition structures, the setting up of new stores, the purchase of hardware,
and the molds for the new WTR products.
Investments in intangible assets in 2014, in the amount of Euro 822 thousand, refer mainly to the data
warehousing and business intelligence project, which is currently under way.
For the first nine months of 2013, capital expenditures, totaling Euro 1,990 thousand, referred mainly to the
installation of new in-store display structures, office furnishings and other improvements, and molds for the
new WTR products, while investments in intangible assets, in the amount of Euro 2,056 thousand, mainly
referred to the development of IT platforms for the integrated management of inventories and retail stores.
35
NET FINANCIAL INDEBTEDNESS
The following table shows a breakdown of net financial indebtedness as of September 30, 2014, and December
31, 2013, calculated in accordance with CONSOB Communication No. 6064293 of July 28, 2006, and with the
ESMA/2013/319 Recommendations:
As of September 30
As of December 31
Net financial indebtedness
2014
2013
A
B
C
Cash and cash equivalents
Other cash equivalents
Available-for-sales financial assets
8,106
-
5,750
-
F
G
Current financial position (F) + (G)
(2,444)
(123)
-
H
Short term financial receivables
Long term loans (current portion)
Othe current financial payables
(2,568)
(12,506)
(357)
I
Net current financial indebtedness (H) + (E) + (D)
5,538
(7,113)
J
K
L
Long term loans (non current portion)
Issued bonds
Othe non-current financial payables
(19,347)
-
(8,944)
-
N
Net financial indebtedness (I) + (M)
(13,809)
(16,057)
D
E
Cash (A) + (B) + ( C)
M Non current financial position (J) + (K) + (L)
8,106
(19,347)
5,750
(12,863)
(8,944)
As can be seen in the statement of cash flows, net financial indebtedness for the Group has declined by Euro
2,248 thousand, going from the Euro 16,057 thousand of December 31, 2013, to Euro 13,809 thousand as of
September 30, 2014, thanks to cash flows of Euro 6,279 thousand generated by operating activities, which
were only partially offset by uses of funds for investments made in the first nine months of 2014 in the
amount of Euro 3,185 thousand.
On July 16, 2014, we completed a debt refinancing operation through which we repaid financing outstanding
with the pool of banks lead by GE Capital S.p.A., and including Intesa San Paolo S.p.A. and Mediocreval S.p.A.,
for a total of Euro 21,882 thousand. At the same time, new financing in the amount of Euro 22 million was
obtained, Euro 12 million of which provided by Mediobanca S.p.A. and Euro 10 million by Intesa San Paolo
S.p.A.. Both of these new loans have a duration of sixty months and are, therefore, to be paid in full by June 30,
2019. The amortization plan calls for half-yearly installments beginning on June 30, 2015, and the interest
rate applied is equal to the six-month Euribor rate plus a spread of 2.25%. These loans require that we respect
certain covenants and envisage a number of default events that are to be verified on December 31 of each
year.
36
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
On October 16, the Company announced a number of changes to the organization with the goal of enabling the
managing director, Arrigo Berni, to dedicate additional resources to developing business strategy, to building
partnerships, and to pursuing other initiatives of strategic importance to the future growth of the business.
Within the scope of such changes, both the retail channel and the area of Digital Innovation now report
directly to the managing director, as do the functions of Administration, Finance & Control; Brand Equity;
New Business & Publishing; and Human Resources. At the same time, the role of Chief Operating Officer (COO)
was introduced and assigned to Lorenzo Viglione, currently head of Operations & Product Development.
This position, which also reports to the managing director, will be coordinating the efforts of the heads of
the wholesale, B2B and e-commerce channels and of the heads of Marketing, Product Development and
Operations.
Finally, and as a part of these organizational changes, Fabio Rosciglione, currently the head of Sales &
Marketing, will be leaving the Company, but will continue to collaborate with us as a senior advisor to the
COO, Lorenzo Viglione, throughout the initial stages of his new role.
Also in October, the network of single-brand stores was further expanded with additional store openings,
including another store in the U.S. in Sarasota, one in downtown Paris, and one in China. The Company is
expected to open nine more locations by the end of the year, including two in Italy in the centers of Milan and
Rome and another at the prestigious IFC mall in Hong Kong.
37
BUSINESS OUTLOOK
Although the figures for the first nine months of 2014 are not particularly representative of performance
for the full year given that more than half of all business is concentrated in the second have due to the
greater importance of the direct channels, as mentioned when presenting the strategy for 2014-2016, the
Group has posted results at of September 30, 2014, that are in line with the forecasts for the period.
In consideration of such performance and of the trends now being seen in the marketplace, the Company
believes that it will be possible to achieve results for the full year 2014 that are in line with the guidance,
which called for revenues of between Euro 99 and 101 million and EBITDA of between Euro 33 and 34 million.
Development of the network of direct stores, the innovative products currently in the pipeline, and recent
developments in the area of licensing are reinforcing our ability to achieve the medium-term growth
targets set in our Strategic Plan.
38
PRINCIPLES APPLIED IN PREPARING THE INTERIM REPORT
The Group’s interim management report as of September 30, 2014, has been prepared in accordance with
Article 154-ter, paragraph 5, of the Consolidated Law on Finance (“TUF”), as introduced by way of Italian
Legislative Decree no. 195/2007 in implementation of Directive 2004/109/EC. This interim management
report has was approved by the Moleskine S.p.A. Board of Directors on November 5, 2014, at which time the
board also approved its publication.
The interim management report as of September 30, 2014, has not been submitted for an independent audit.
39
ACCOUNTING STANDARDS AND CONSOLIDATION PRINCIPLES
The accounting standards followed in preparing the financial statements for the period ended September 30,
2014, include the International Accounting Standards (IAS), the International Financial Reporting Standards
(IFRS), and related interpretations as issued by the IASB and endorsed by the European Union as of the
balance sheet date.
The consolidation principles, accounting standards and measurement criteria adopted for the purpose
of preparing the interim management report as of September 30, 2014, are the same as those utilized for
the consolidated financial statements as of December 31, 2013, which should be referred to for complete
information, with the exception of:
1, income tax expense, which is recognized based on the best estimate of the weighted-average rate expected
for the entire year;
2, the elements noted in the principles and amendments indicated below, which are applicable as of January 1,
2014, as they became compulsory following completion of the endorsement procedures by the competent
authorities
It should also be noted that these principles have been adopted solely for the financial statements as of
September 30, 2014, and not applied in their entirety to the disclosures such principles require.
The preparation of this interim report requires that management make certain estimates and assumptions
that have an impact on revenues and costs, assets and liabilities, and on the disclosures related to contingent
assets and liabilities as of the date of this interim report. Although based on the best knowledge available
to management, should these estimates and assumptions prove to differ in the future from the actual
circumstances, they will be appropriately adjusted in the period in which such circumstances arise.
40
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLIED
AS OF JANUARY 1, 2014
The new or revised principles of the International Accounting Standards Board (IASB) and interpretations of
the International Financial Reporting Interpretations Committee (IFRIC) which must be applied beginning on
January 1, 2014, are indicated below.
Description
IFRS 10. ‘Consolidated financial statements’
IFRS 11. ‘Joint arrangements’
IFRS 12. ‘Disclosures of interests in other entities’
Amendments to IFRS 10. 11 and 12 on transition guidance
IAS 27 (revised 2011) ‘Separate financial statements’
IAS 28 (revised 2011) ‘Associates and joint ventures’
Endorsed as of
the date of this
document
Effective date stated in the standard
December 2012
Financial years beginning on or after January 1, 2014
December 2012
December 2012
April 2013
December 2012
December 2012
Amendment to IAS 32. ‘Financial instruments: Presentation’. on
December 2012
offsetting financial assets and financial liabilities
Amendments to IFRS 10. Consolidated financial statements’.
IFRS 12 and IAS 27 for investment entities
Amendments to IAS 36. ‘Impairment of assets’
Amendment to IAS 39 ‘Financial instruments: Recognition and
measurement’. on novation of derivatives and hedge accounting
December 2013
December 2013
December 2013
The adoption of the accounting standards, amendments and interpretations listed above had no significant
effect on the Group’s financial standing or performance.
41
NEW ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET
APPLICABLE OR NOT YET ADOPTED BY THE GROUP
The table below shows the international accounting standards, interpretations, amendments to existing
accounting standards and interpretations, or specific provisions included in standards or interpretations of
the IASB, with an indication of those which have and have not been endorsed for use in Europe as of the date
of these financial statements:
Description
Amendments to IAS 19. ‘Employee benefits’ on defined
benefit plans
Amendment to IFRS 2 ‘Shared based payment’
IFRS 3 ‘Business combination’
IFRS 8 ‘Operating segment’
IAS 16 ‘property. plant and equipment’ and IAS 38
‘Intangible assets’
IAS 24 ‘Related party disclosures’
Annual improvements IFRS 13 ‘Fair Value measurement’
IAS 40 ‘Investment property’
IFRIC 21 ‘Levies’
Endorsed as of
the date of this
document
Effective date stated in the standard
No
Financial years beginning on or after July 1, 2014
No
No
No
No
No
No
No
Yes
Financial years beginning on or after June, 17 2014
It should be noted that the Group has not adopted any accounting standards and/or interpretations in
advance where application would be mandatory for periods commencing subsequent to September 30, 2014.
The Group is assessing the effects of the application of these new standards and amendments, which are
currently not considered to be significant.
42
RELATED-PARTY TRANSACTIONS
As of September 30, 2014, there were no other transactions with related parties that were atypical
in terms of their characteristics or significant in terms of their amount, other than those that are of a
recurring nature.
43
Financial
statements
10
02
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June, 30
2014
Property, plant and equipment
Goodwill and trademarks
Other intangible assets
Other non-current assets
Deferred tax assets
5,629
76,853
3,613
1,430
3,670
Total current assets
53,800
TOTAL ASSETS
-
Share capital
Other reserves
Net income
2,122
70,164
10,025
Total non-current assets
Inventories
Trade receivables
Income tax receivables
Other current assets
Cash and cash equivalents
Attività destinate alla dismissione
TOTAL NET EQUITY
Non-current financial liabilities
Deferred tax
Post-employment and other employee benefits
Non-current provisions for risks and charges
Total non-current liabilities
Trade payables
Income tax payables
Current financial liabilities
Current provisions for risks and charges
Other current liabilities
91,195
18,121
25,775
1,798
8,106
144,995
of which with
related parties
82,311
19,347
16,059
1,700
105
81
37,211
320
16,481
2,171
2,568
409
3,844
69
25,473
TOTAL LIABILITIES
TOTAL LIABILITIES AND EQUITY
Total current liabilities
As of December, 31
2013
4,682
76,836
4,161
816
3,017
89,512
15,590
18,207
1,276
921
5,750
of which with
related parties
41,744
-
131,256
2,120
57,511
11,913
71,544
8,944
16,042
1,325
105
34
26,416
237
5
143
15,845
12,863
582
4,006
33,296
365
62,684
59,712
144,995
131,256
22
18
45
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended June 30,
2014
Revenues
Other income
Finished products, raw materials and consumables
Service costs
Personnel costs
Other operating expenses
Depreciation, amortization and impairments
Operating income
65,122
2,215
(15,250)
(19,828)
(11,735)
(1,660)
(2,769)
Finance expense
Finance income
Net income before taxes
(1,253)
121
Income tax expense
Net income
(4,938)
10,025
(4,049)
EARNINGS FOR SHARE
Basic (euro)
Diluted (euro)
0.0248
0.0248
0.0122
0.0122
196
(54)
499
(137)
493
354
Other comprehensive income
- items that may be reclassified subsequently
to profit or loss:
Fair value cash flow hedge derivatives
Fair value cash flow hedge derivatives - tax effect
Foreign exchange from the translation of fin stat
in currencies other than Euro
Total items that may be reclassified subsequently
to profit or loss
16,095
14,964
351
of which with
related parties
(32)
(1,917)
(113)
(54)
2013
61,661
486
(13,036)
(20,134)
(11,562)
(1,413)
(1,530)
14,472
of which with
related parties
(262)
(3,710)
(75)
(2,850)
60
11,683
7,633
(8)
- items that will not be reclassified to profit or loss:
Actuarial gain/losses on post-employment
and other employee benefits
Actuarial gain/losses on post-employment
and other employee benefits-tax effect
(100)
Total items that will not be reclassified to profit or loss
28
(66)
(72)
18
(48)
Other comprehensive income
421
(306)
Total comprehensive income for the period
10,447
7,940
46
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
2014
2013
Cash flow from operating activities before movements in working capital
Cash flow from operating activities
Cash flow used in investing activities
Cash flow used in financing activities
19,252
6,279
(3,185)
(726)
16,704
2,764
(4,109)
(2,206)
Change in cash and cash equivalents
2,368
(3,551)
47
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
capital
Share
premium
reserve
Translation
reserve
Cash
Flow
Hedge
Reserve
Other
reserves
Result for
the period
Equity
As of January 1, 2013
2,000
63,506
8
(643)
(51,093)
18,197
31,975
7,6
7,633
(78)
362
Profit for the period
Currency translation reserve
Cash flow hedge reserve changes
Actuarial gain/losses on
post−employment and other
employee benefits
Comprehensive income for the period
Allocation of net profit 2012
Share Capital Increase
Incentives for management
(78)
(48)
(48)
18,197
7,633
(18,197)
(32,694)
7,633
Cash
Flow
Hedge
Reserve
Other
reserves
Result for
the period
Equity
(142)
(32,633)
11,913
71,544
142
-
10,025
10,025
327
142
71
-
(72)
(72)
11,913
10,025
(11,913)
(72)
10,422
-
-
(20,449)
10,025
82,311
-
-
120
26,900
90,406
(70)
(281)
Share
capital
Share
premium
reserve
Translation
reserve
As of January 1, 2014
2,120
90,406
(120)
As of September 30, 2013
2,120
(78)
362
Profit for the period
Currency translation reserve
Cash flow hedge reserve changes
Actuarial gain/losses on
post−employment and other
employee benefits
Comprehensive income for the period
Allocation of net profit 2013
-
-
327
-
As of September 30, 2014
2,122
90,406
207
Share Capital Increase
Incentives for management
327
2
-
-
362
-
250
(2)
345
(48)
7,869
27,020
250
67,114
345
48
Declaration
pursuant
to article 154-BIS(2)
of the tuf
10
03
DECLARATION PURSUANT TO ARTICLE 154-BIS(2) OF THE TUF
In accordance with Article 154-bis, paragraph 2, of the Consolidated Law on Finance (“TUF”), the financial
reporting manager hereby declares that the financial information provided herein corresponds to the
underlying accounting entries and records.
Alessandro Strati
Financial Reporting Manage
50

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