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

Moleskine
MOLESKINE: Gross margin on adj. sales(09-12) (€m) MOLESKINE: purchasing costs (2009-12) (%)
70
60
50
40
30
20
10
0
27.2
66.7%
38.2
47.8
71.6% 71.7%
58.4
2009 2010 2011 2012
% Margin
Source: Mediobanca Securities on company data
74.8%
300%
250%
200%
150%
100%
50%
0%
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35%
30%
25%
20%
15%
10%
5%
0%
33%
27%
6%
29% 29%
25%
4%
27%
25%
23%
2% 2%
2009 2010 2011 2012
Third party manufactoring costs Purchases of raw materials and finished products Purchasing costs/Revenues
As for operating expenses, the major items are represented by labour costs and G&A expenses:
MOLESKINE: Opex (2009-12)
40%
35%
30%
25%
20%
15%
10%
5%
0%
Source: company data
30%
13%
9%
32%
12%
12%
6% 6% 6% 9%
2% 2% 2% 1%
2009 2010 2011 2012
Other operating costs Commercial costs General expenses Labour costs SG&A/Revenues
Labour costs, accounting for approx 36% of total opex and 13% of FY12 group
revenues, which over the last three years recorded CAGR of 22%, keeping their contribution
as a percentage of revenues steady at 12%-13%. The 31% YoY increase reported in 2012 was due
to new hires to strengthen and support Moleskine’s growth path (125 FTE as the average for the
FY12 vs. 100 in 2011 );
Commercial costs, accounting for approx 27% of total opex and 9% of FY12 group
revenues, over the last three years grew at a faster pace than sales (3Y CAGR of 40%), thereby
increasing their percentage of revenues from 6% in 2009 to 9% in 2012. This cost item includes
PR & communication activities (marketing expenses, events sponsorships, fairs and events)
and commercial sales expenses (including commission to distributors for B2B developments)
and paid traffic in e-commerce.
29%
11%
10%
35%
13%
12%
IPO
04 March 2013 ◆ 45