moleskine-ipo-report-04-03-2013-mediobanca

Moleskine
MOLESKINE: group sales breakdown by market (2009-12)
(€m) 2009 % 2010 % 2011 % 2012 % 09/12 CAGR
EMEA 25.5 63% 32.0 60% 41.1 61% 41.2 53% 17%
YoY Chge%
25%
AMERICAS 12.1 30% 17.4 33% 20.0 30% 28.1 36% 32%
YoY Chge%
43%
APAC 3.1 7% 4.1 7% 6.2 9% 8.8 11% 42%
YoY Chge%
31%
GROUP REVENUES 40.8 100% 53.4 100% 67.3 100% 78.1 100% 24%
YoY Chge%
Source: company data
31%
MOLESKINE: sales bridge by market (2009-12)(€m) MOLESKINE: sales by market (2009-12) (€m)
90
80
70
60
50
40
30
20
10
0
40.8
42%
43%
REVENUES 2009 EMEA AMERICAS APAC REVENUES 2012
Source: Mediobanca Securities on company data
15%
78.1
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90
80
70
60
50
40
30
20
10
0
29%
15%
52%
26%
30%
63%
33%
60%
0%
41%
42%
16%
9%
30%
11%
36%
61% 53%
2009 2010 2011 2012
EMEA Americas APAC
By channel, although the B2C business still accounts for around 78% of consolidated revenues, it has
steadily reduced its contribution to group turnover from 87% at YE 2009, despite showing a 3Y CAGR
of 20%, assisted by the increase in the number of doors and sales density. This was the result of
proactive expansion in the B2B business (3Y CAGR of 34%) in terms of number of customers,
following the strengthening of the division’s sales organizations.
The 10% YoY increase reported in the B2C channel in 2012 resulted from a weak performance in Italy
(overall the domestica market was -11.3% in 2012 due to the business reorganization in bookstores)
and Germany (following the shift from a non consignment to a consignment model) while the turnover
grew double digit in France and UK.
Lastly the strong growth reported in APAC region benefited from the launch of activities in Australia
and Korea.
In 2011-2012, the group added two more channels, namely E-commerce, which in 2012 experienced a
3x YoY rise, driven by the increase in traffic and opening of new countries, and Retail, with the first
shop opened in 2012.
7%
7%
IPO
04 March 2013 ◆ 41