Академический Документы
Профессиональный Документы
Культура Документы
FRANCESCO TRAPANI Chief Executive Officer FLAVIA SPENA Chief Financial and Organization Officer RENATA CASARO Head of IR
HSBC LUXURY CONFERENCE Paris, June 3rd 2009
1
EUR M.
Q1 2009 EUR M.
Q1 2008 EUR M.
REVENUES REVENUES AT COMP. FX CONTRIBUTION MARGIN % on Sales EBIT(OPERATING LOSS) % on Sales NET PROFIT (LOSS) % on Sales
178.1
231.7
-26.1%
* = Revenues in Directly Operated Stores decreased Mid Single-Digit at current exchange rates during Q1 09
FIRST QUARTER 2009 PRODUCT CATEGORY JEWELRY WATCHES PERFUME & COSMETICS ACCESSORIES HOTEL ROYALTIES AND OTHER TOTAL EUR M. 79.7 42.1 35.1 14.2 3.8 3.2 178.1 % ON TOTAL SALES 44.8% 23.6% 19.7% 8.0% 2.2% 1.7% 100%
% DELTA -15.3% -30.0% -25.6% -33.5% -19.7% -23.8% -23.1% -22.6% -37.6% -31.4% -44.7% -30.6%
44.8% of total revenues in Q1 2009 REVENUES Eur M. DELTA AT COMP. EXCHANGE RATES
PARENTESI COCKTAIL
Directly Operated Stores: -12.2% at comparable exchange rates No drastic mix changes Basel launches will have the main impact starting from Q2
BULGARI-BULGARI
23.6% of total revenues in Q1 2009 REVENUES Eur M. DELTA AT COMP. EXCHANGE RATES
Directly Operated Stores: -25.1% at comparable exchange rates; Basel Fair launches will impact from Q2 onwards; Tight Company control on commercial terms, credit limits, deliveries.
Direct Distribution* channel: -2.8% at comparable exchange rates; Travel Retail and Domestic Distribution: very strong destocking; Sales with final clients are up; Market share gain in Q1 2009.
BLV II
NEW LAUNCH, ON SHELF FROM SEP 09
* USA, Germany, France, Italy, Switzerland, Belgium, Holland, Austria, Spain, Portugal
8.0% of total revenues in Q1 2009 REVENUES Eur M. DELTA AT COMP. EXCHANGE RATES
Dedicated Accessories DOS: flattish performance; Wholesale channel suffers the most, especially in Japan.
DIRECTLY OPERATED STORES SALES PERFORMANCE AT COMPARABLE EXCHANGE RATES: Italy: flattish; France, Switzerland and UK: up, ranging from single-digit to double-digit: South Korea and Australia: up, ranging from strong to very strong double-digit; All other DOS performed better than the Total shown above.
Japan 22,3%
Q1 08: 21.2%
Europe 36,3%
Q1 08: 37.4%
Q1 2008 EUR M. 231.7 155.5 67.1% (10.3) (46.3) (38.5) (12.5) (26.0) (133.7) 57.7% 21.9 9.4% 1.7
5.6 (3.9)
Q1 2009/ Q12008 % DELTA -23.1% -26.1% - 18.6% +10.2% +2.5% +28.5% - 8.7% +3.8% -3.4% at comp. FX
REVENUES CONTRIBUTION MARGIN % on Sales VARIABLE SELLING EXPENSES PERSONNEL COSTS OTHER GENERAL EXPENSES AMORTIZATION AND DEPRECIATION ADVERTISING AND PROMOTION TOTAL OPERATING EXPENSES % on Sales EBIT % on Sales TOTAL FINANCIAL COST
FX Loss Interest
CURRENT AND DEFERRED TAXES MINORITY INTEREST PROFIT NET PROFIT % on Sales
10
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Note: as of Q1 2008 the Contribution Margin includes the economic impact of the gold hedging transactions.
11
OPERATING EXPENSES DETAIL Trends at both reported and comparable exchange rates TOTAL OPERATING EXPENSES Of which: PERSONNEL EXPENSES OTHER GENERAL EXPENSES AMORTIZATION AND DEPR.
Q1 2009 EUR M.
Q1 2008 EUR M.
138.8
133.7
51.0
46.3
+10.2%
+2.7%
39.5 16.1
38.5 12.5
+2.5% +28.5%
- 4.5% +19.3%
THE COST DEVELOPMENT IN Q1 2009 IS ON TRACK WITH THE FY 2009 COST ROADMAP PRESENTED TO THE FINANCIAL COMMUNITY IN APRIL, UPDATED AND AVAILABLE IN THE NEXT PAGES 12
+1.3% -8.7%
116 102 76 81 96
113
120
121
26 23,7
2001
2002
2003
2004
2005
2006
2007
2008
Q1 2008
Q1 2009
EUR MILLIONS
11.3% 11.2% 13.3%
14
15
16
17
EUR M. RECEIVABLES INVENTORY PAYABLES OTHER RECEIVABLES AND PAYABLES TOT NWC
18
* Both March 08 and March 09 include the Museum, 2008 figures were restated
19
700
756
830
792
AVAILABLE FACILITIES*
by MATURITY
<12 months: 454.2 M.Eur >12m, <24m: 37.8 M.Eur >24 months: 308.4 M.Eur TOTAL:
-63
EUR M
Q1 2006
NET EQUITY
NET DEBT
20
CURRENT TRADING TEMPERATURE: APRIL 2009 In our DOS, clear signs of improvement in the revenues at current FX: from minus mid-single-digit in Q1 09 to plus mid- to high-single-digit in April, although helped by High Jewellery Gradual improvement also in the wholesale business, even if to a lesser extent.
21
22
BASIS 2008 CHANNEL MIX GEO MIX PRICING COMMERC. TERMS NEW LAUNCHES
1075 -1.4%
1035 -4%
991 -8%
914 -15%
23
384
Gems
Neutral no big savings Almost neutral (even if we should decide to initiate CIG=Temporary layoff scheme financed by the State) Best estimate around 64% 691 -1.4% 64.3% 666 -4% 64.3% 624 -10% 63.0% 583 -16% 63.8%
Cost of Labour
GROSS MARGIN
24
FY 2008
Perfume variable selling expenses weigh more than JWA variable selling
Correlated with sales But with a negative nuance if perfume very strong
48
25
EXPECTED IMPACT on PROFITABILITY Modest Reduction vs 08 (at constant FX) Negative, significant
FY 2008 190
Negative, significant
RESTRUCTURING
Positive, significant
26
Negative
80
27
M.Eur
FURTHER ENHANCE BRAND AWARENESS 125 TH ANNIVERS. 125 th ANNIVERSARY, Save the Children ring, High Jewellery Auction, Exhibition
121
Negative
D&A
Significatly Negative
54
28
EXPECTATION
FY 2008
FY 2009 ANALYST CONSENSUS MAX AVG MIN 89 -20% 8.6% 68 -39% 6.8% 41 -63% 4.5%
NO GUIDANCE
29
FINANCIAL INCOME /COST DEBT Average Debt higher during 2009 Interest rate cost to go up because of maturity extension Impact of hedging of 2009 flows done in 2008 (see Gross Margin!!) On the rise, as guided for fy08 (in which we unexpectedly benefitted by a one-off reduction) Negative
Negative on H1 09
30
EXPECTATION
FY 2009 ANALYST CONSENSUS MAX AVG MIN 65.0 -22% 6.3% 43 -49% 4.3% 7 -92% 0.8%
NO GUIDANCE
31
CAPEX
+10/12 new DOS openings of which one is a flagship (San Francisco), another few in USA and the rest in Asia
81.4
81
CAPEX LATEST HISTORICAL DATA EUR M. TANGIBLE INTANGIBLE Excluding Goodwill - Including Key Money TOTAL Museum GRAND TOTAL
*see Cash Flow - Capex slide in the FY2008 presentation **see Cash Flow - Capex slide in the FY2008 presentation Museum figures were included in Other
32
M.Eur
NWC
33
M.Eur
FY 2008 304
DEBT
34
END
35
BVLGARI NEWSFLOW
NEXT IR EVENTS June 3 2009 HSBC Luxury Goods Conference - Paris July 30 2009 H1 2009 Results - Conference Call 18.00 CET
BULGARI INVESTOR RELATIONS WEBSITES: http://ir.bulgari.com http://ir.mobi.bulgari.com BULGARI CORPORATE WEBSITE http://www.bulgari.com
36
DISCLAIMER
This document is for institutional investors only and is not available to private customers. This document is being supplied to a limited number of recipients and it may not be distributed, published or reproduced in whole or in part or disclosed by recipients to any other person. Under no circumstances shall this document constitute an offer to sell, an invitation to acquire or the solicitation of an offer to buy securities in any jurisdiction. Each investor contemplating purchasing securities issued by Bulgari S.p.A or any of its subsidiaries should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of Bulgari S.p.A or any of its subsidiaries and should carefully consider the high risks involved in purchasing these securities. This document contains certain forward looking statements and key financial goals which reflect managements current views, estimates, and objectives. The forward looking statements and key financial goals involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements and key financial goals. Potential risks and uncertainties include, amongst other things, internal, industry and external factors, such as general economic conditions
37
38