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

Moleskine
Net profit jumped from €7.6m at YE2009 to €18.2m at YE 2012 (3Y CAGR of approx 34%), as a result
of:
the increase in group profitability, as mentioned above;
an increase in net financial charges in 2011 vs. 2010 for €4.3m due to higher debt toward the
shareholder Appunti, following the LBO to acquire 70% of Ex-Moleskine;
a steady reduction in the tax rate, to 32.8% in 2012 from 35.4% in 2009, with total taxes
including IRES (tax rate at 27.5%) and IRAP (3.9% on EBIT+ labour costs).
MOLESKINE: taxes (2009-12) (€m)
10
Source: company data
9
8
7
6
5
4
3
2
1
0
4.2
0.7
3.4
THIS DOCUMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR JAPAN.
1.0
5.5
2009 2010 2011 2012
Ires Irap
MOLESKINE: net income (2009-12) (€m) MOLESKINE: net income adj. (2009-12)
25
20
15
10
5
0
7.6
18.6%
12.1
22.7%
13.8
20.5%
18.2
23.3%
2009 2010 2011 2012
% Margin
Source: Mediobanca Securities on company data
300%
250%
200%
150%
100%
50%
0%
6.5
7.6
7.5
1.3
6.2
12.2
8.9
1.4
7.5
15.7
18.6% 22.8% 23.6%
With regard to the group’s balance sheet, note the following key issues:
a) Working capital management
25
20
15
10
5
0
19.7
2009 2010 2011 2012
Over the period, the group’s net working capital grew from €7.0m in 2009 to €11.1m in 2012, and
since the top line increased over the same period at a higher rate, its percentage of total sales
declined from 17.2% in 2009 to 14.2% in 2012.
% Margin
25.1%
IPO
300%
250%
200%
150%
100%
50%
0%
04 March 2013 ◆ 48