AEFFE S.P.A. INTERIM CONSOLIDATED FINANCIAL STATEMENT AT 31 MARCH 2024
Disclaimer
This Interim consolidated financial statement at 31 March 2024 has been translated into English solely for the convenience of the International reader. In the event of conflict or inconsistency between the terms used in the Italian Version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the official document.
SUMMARY
INTERIM MANAGEMENT REPORT | 13 |
EXPLANATORY NOTES | 14 |
2
Corporate boards of the Parent Company
Board of Directors
Board of Risk and Sustainability Board of Compensation Control CommitteeCommitteeBoard of Statutory
Chairman
Massimo Ferretti - Member of Executive Committee
Deputy Chairman
Alberta Ferretti
Chief Executive Officer
Simone Badioli - Member of Executive Committee
Directors
Giancarlo Galeone - Member of Executive Committee
Roberto Lugano
Bettina Campedelli
Francesca Pace
Marco Francesco Mazzù
Daniela Saitta
Francesco Ferretti
President
Stefano Morri
Statutory Auditors
Fernando Ciotti
Carla Trotti
Alternate Auditors
Nevio Dalla Valle
Daniela Elvira Bruno
President
Daniela Saitta
Members
Roberto Lugano
Marco Francesco Mazzù
President
Bettina Campedelli
Members
Francesca Pace
Daniela Saitta
3
Organisation chart | |||||||||
AEFFE SPA | |||||||||
ITALY | |||||||||
100% | |||||||||
100% | Aeffe Group Inc | Pollini SpA | |||||||
100% | USA | ITALY | 100% | ||||||
Aeffe Netherland BV | Pollini Retail SpA | ||||||||
100% | HOLLAND | ITALY | 100% | ||||||
Aeffe Germany Gmbh | Pollini Suisse Sagl | ||||||||
100% | GERMANY | SWITZERLAND | 100% | ||||||
Aeffe Spagna Slu | Pollini Austria Gmbh | ||||||||
100% | SPAIN | AUSTRIA | |||||||
Fashoff UL Ltd | |||||||||
100% | UK | ||||||||
Moschino France Sarl | PRET A PORTER DIVISION | ||||||||
FRANCE | FOOTWEAR AND LEATHER | ||||||||
GOODS DIVISION | |||||||||
100% | Moschino Korea Ltd | ||||||||
70% | KOREA | ||||||||
Moschino Kids Srl | |||||||||
100% | ITALY | ||||||||
Moschino Asia Pacific Ltd | |||||||||
HONG KONG | |||||||||
100%
Moschino Shanghai Ltd
CHINA
4
Brands portfolio
5
Headquarters
AEFFE
Via Delle Querce, 51
47842 - San Giovanni in Marignano
Italy
POLLINI
Via Erbosa I° tratto, 92
47030 - Gatteo
Italy
Showrooms
MILAN
FERRETTI - PHILOSOPHY - POLLINI
Via Donizetti, 48
20122 - Milan
Italy
MILAN
MOSCHINO
Via San Gregorio, 28
20124 - Milan
Italy
NEW YORK
GROUP
30 West 56th Street 10019 - New York
USA
LONDON
MOSCHINO - FERRETTI - PHILOSOPHY
28-29 Conduit Street
W1S 2YB- London
UK
PARIS
GROUP
43, Rue du Faubourg Saint Honorè
75008 - Parigi
France
Main flagshipstore locations under direct management
MOSCHINO
Milan
Rome
Venice
Florence
Paris
London
New York
Seoul
Pusan
Daegu
Shanghai
Shenzen
Guangzhou
Beijing
ALBERTA FERRETTI
Milan
Rome
Paris
POLLINI
Milan
Venice
Bolzano
Main economic-financial data
Q I | Q I | ||
2024 | 2023 | ||
Total revenues | (Values in millions of EUR) | 81.9 | 96.9 |
Gross operating margin (EBITDA) | (Values in millions of EUR) | 6.3 | 11.5 |
Net operating profit/(loss) (EBIT) | (Values in millions of EUR) | (1.8) | 3.2 |
Profit/(loss) before taxes | (Values in millions of EUR) | (5.0) | 1.0 |
Net profit/(loss) for the Group | (Values in millions of EUR) | (5.6) | (0.3) |
Basic earnings per share | (Values in units of EUR) | (0.057) | (0.003) |
Cash Flow (net result + depreciation) | (Values in millions of EUR) | 2.5 | 7.7 |
Cash Flow/total revenues | Ratio | 3.1 | 8.0 |
- EBITDA is represented by operating profit before provisions and depreciation. EBITDA thus defined is a measure used by management to monitor and evaluate the operational performance and is not identified as an accounting measure under both Italian Accounting Principles and IFRS and therefore should not be considered an alternative measure for evaluating the Group's results. Since EBITDA is not regulated by applicable accounting standards, the criteria used by the Group might not be consistent with that adopted by others and therefore may not be comparable.
31 March | 31 December | 31 March | 31 December | ||
2024 | 2023 | 2023 | 2022 | ||
Net capital invested | (Values in millions of EUR) | 313.3 | 332.7 | 355.5 | 341.6 |
Net financial indebtedness | (Values in millions of EUR) | 239.5 | 253.5 | 245.8 | 231.8 |
Group net equity | (Values in millions of EUR) | 73.4 | 79.1 | 109.7 | 109.8 |
Group net equity per share | (Values in units of EUR) | 0.7 | 0.7 | 1.0 | 1.0 |
Current assets/Current liabilities | Ratio | 1.8 | 2.1 | 2.2 | 2.0 |
Current assets less invent./Current liabilities (ACID Test) | Ratio | 0.8 | 1.0 | 1.1 | 1.0 |
Net financial indebtedness/Net equity | Ratio | 3.2 | 3.2 | 2.2 | 2.1 |
8
Financial statements
Income statement at 31 March
(Values in units of EUR) | Notes | Q I | % on | Q I | % on | Change | % | |||||||||
2024 | revenues | 2023 | revenues | |||||||||||||
REVENUES FROM SALES AND SERVICES | (1) | 80,231,865 | 100.0% | 93,242,610 | 100.0% | (13,010,745) | (14.0%) | |||||||||
Other revenues and income | 1,635,684 | 2.0% | 3,647,978 | 3.9% | (2,012,294) | (55.2%) | ||||||||||
TOTAL REVENUES | 81,867,549 | 102.0% | 96,890,588 | 103.9% | (15,023,039) | (15.5%) | ||||||||||
Changes in inventory | (4,833,090) | (6.0%) | (921,498) | (1.0%) | (3,911,592) | 424.5% | ||||||||||
Costs of raw materials, cons. and goods for resale | (23,716,245) | (29.6%) | (32,041,698) | (34.4%) | 8,325,453 | (26.0%) | ||||||||||
Costs of services | (25,370,207) | (31.6%) | (29,741,965) | (31.9%) | 4,371,758 | (14.7%) | ||||||||||
Costs for use of third parties assets | (1,401,238) | (1.7%) | (1,488,456) | (1.6%) | 87,218 | (5.9%) | ||||||||||
Labour costs | (19,263,700) | (24.0%) | (19,499,898) | (20.9%) | 236,198 | (1.2%) | ||||||||||
Other operating expenses | (964,512) | (1.2%) | (1,679,337) | (1.8%) | 714,825 | (42.6%) | ||||||||||
Total Operating Costs | (75,548,992) | (94.2%) | (85,372,852) | (91.6%) | 9,823,860 | (11.5%) | ||||||||||
GROSS OPERATING MARGIN (EBITDA) | (2) | 6,318,557 | 7.9% | 11,517,736 | 12.4% | (5,199,179) | (45.1%) | |||||||||
Amortisation of intangible fixed assets | (1,048,031) | (1.3%) | (1,043,919) | (1.1%) | (4,112) | 0.4% | ||||||||||
Depreciation of tangible fixed assets | (1,297,112) | (1.6%) | (1,636,794) | (1.8%) | 339,682 | (20.8%) | ||||||||||
Depreciation of right-of-use assets | (5,556,162) | (6.9%) | (5,388,138) | (5.8%) | (168,024) | 3.1% | ||||||||||
Revaluations / (write-downs) and provisions | (201,724) | (0.3%) | (230,737) | (0.2%) | 29,013 | (12.6%) | ||||||||||
Total Amortisation, write-downs and | (8,103,029) | (10.1%) | (8,299,588) | (8.9%) | 196,559 | (2.4%) | ||||||||||
provisions | ||||||||||||||||
NET OPERATING PROFIT / LOSS (EBIT) | (1,784,472) | (2.2%) | 3,218,148 | 3.5% | (5,002,620) | n.a. | ||||||||||
Financial income | 81,026 | 0.1% | 135,235 | 0.1% | (54,209) | (40.1%) | ||||||||||
Financial expenses | (2,640,226) | (3.3%) | (1,741,011) | (1.9%) | (899,215) | 51.6% | ||||||||||
Financial expenses on right-of-use asset | (620,436) | (0.8%) | (614,839) | (0.7%) | (5,597) | 0.9% | ||||||||||
Total Financial Income/(expenses) | (3,179,636) | (4.0%) | (2,220,615) | (2.4%) | (959,021) | 43.2% | ||||||||||
PROFIT / LOSS BEFORE TAXES | (4,964,108) | (6.2%) | 997,533 | 1.1% | (5,961,641) | n.a. | ||||||||||
Total Income Taxes | (419,592) | (0.5%) | (1,327,803) | (1.4%) | 908,211 | (68.4%) | ||||||||||
NET PROFIT / LOSS | (3) | (5,383,700) | (6.7%) | (330,270) | (0.4%) | (5,053,430) | 1,530.1% | |||||||||
(Profit) / loss attributable to minority shareholders | (223,798) | (0.3%) | 14,561 | 0.0% | (238,359) | n.a. | ||||||||||
NET PROFIT / LOSS FOR THE GROUP | (5,607,498) | (7.0%) | (315,709) | (0.3%) | (5,291,789) | 1,676.2% | ||||||||||
9
Reclassified balance sheet
(Values in units of EUR) | Notes | 31 March | 31 December | 31 March |
2024 | 2023 | 2023 | ||
Trade receivables | 61,382,955 | 56,121,993 | 77,115,928 | |
Stocks and inventories | 107,757,763 | 112,249,596 | 115,672,120 | |
Trade payables | (67,810,432) | (78,734,518) | (82,698,627) | |
Operating net working capital | 101,330,286 | 89,637,071 | 110,089,421 | |
Other short term receivables | 22,676,105 | 26,200,359 | 30,757,493 | |
Tax receivables | 9,458,974 | 12,165,895 | 12,024,357 | |
Derivative assets | 31,805 | 63,229 | - | |
Other short term liabilities | (40,778,648) | (16,511,021) | (18,600,405) | |
Tax payables | (3,036,268) | (3,232,628) | (4,167,883) | |
Derivative liabilities | (35,508) | - | (19,461) | |
Net working capital | (4) | 89,646,746 | 108,322,905 | 130,083,522 |
Tangible fixed assets | 59,773,240 | 60,437,231 | 60,667,814 | |
Intangible fixed assets | 61,997,110 | 62,911,753 | 65,053,230 | |
Right-of-use assets | 102,876,170 | 102,226,024 | 108,058,395 | |
Other fixed assets | 39,696 | 41,196 | 39,197 | |
Equity investments | 81,600 | 93,927 | 189,833 | |
Fixed assets | (5) | 224,767,816 | 225,710,131 | 234,008,469 |
Post employment benefits | (3,194,563) | (3,205,866) | (3,510,793) | |
Provisions | (2,292,937) | (2,179,554) | (2,495,326) | |
Long term not financial liabilities | (1,164,956) | (1,397,873) | (1,401,623) | |
Deferred tax assets | 17,012,677 | 16,991,324 | 14,334,419 | |
Deferred tax liabilities | (11,429,314) | (11,527,794) | (15,530,542) | |
NET CAPITAL INVESTED | 313,345,469 | 332,713,273 | 355,488,126 | |
Share capital | 24,606,247 | 24,606,247 | 24,606,247 | |
Other reserves | 37,978,449 | 89,606,998 | 88,421,828 | |
Profits / (Losses) carried-forward | 16,463,309 | (2,973,651) | (2,973,651) | |
Profit / (Loss) of the period | (5,607,498) | (32,143,947) | (315,709) | |
Group interest in shareholders' equity | 73,440,507 | 79,095,647 | 109,738,715 | |
Minority interests in shareholders' equity | 368,459 | 144,661 | (23,613) | |
Total shareholders' equity | (6) | 73,808,966 | 79,240,308 | 109,715,102 |
Cash | (32,305,746) | (14,625,807) | (15,029,320) | |
Long term financial liabilities | 73,009,920 | 78,607,579 | 65,137,765 | |
Short term financial liabilities | 96,452,484 | 88,511,881 | 92,338,543 | |
NET FINANCIAL POSITION WITHOUT IFRS 16 EFFECTS | 137,156,658 | 152,493,653 | 142,446,988 | |
Short term lease liabilities | 19,675,608 | 17,791,381 | 15,513,616 | |
Long term lease liabilities | 82,704,237 | 83,187,931 | 87,812,420 | |
NET FINANCIAL POSITION | (7) | 239,536,503 | 253,472,965 | 245,773,024 |
SHAREHOLDERS' EQUITY AND NET FINANCIAL INDEBTEDNESS | 313,345,469 | 332,713,273 | 355,488,126 | |
10
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Disclaimer
Aeffe S.p.A. published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 12:33:05 UTC.
