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

Moleskine
Looking at the 2012 figures, working capital increased by €3.5m last year, putting the NWC/Sales
figure at 14.2% of sales from 11.2% in 2011. This is the result of:
Higher inventories due to both the currency effect of the appreciation of the USD against
the Euro (€1.2m) and the increase in stock of both final products and displays to support its
growth strategy in the B2C channel, E-commerce and Retail. Moreover inventories were
also impacted by stock build-up in 4Q12 for new products to be launched at the beginning
of 2013;
Higher receivables relating to business development and some payment delays from a
distributor in Italy due to its corporate reorganization and some delayed payments to
customers authorized by Moleskine for new products (diaries and new products);
These two effects were partially offset by the increase in trade payables due to inventory
build-up.
MOLESKINE: NWC (2009-12)
2009 2010 2011 2012 09/12 CAGR
INVENTORIES 4.2 7.5 8.9 12.3 44%
ACCOUNTS RECEIVABLE 8.2 10.4 12.2 16.3 26%
ACCOUNTS PAYABLE -4.5 -9.7 -9.7 -15.8 52%
OTHER ACTIVITIES 0.3 0.4 0.2 1.8 90%
OTHER LIABILITIES -1.2 -4.6 -4.0 -3.6 45%
NET WORKING CAPITAL (NWC) 7.0 4.0 7.5 11.1 17%
as % of sales 17.2% 7.5% 11.2% 14.2%
days of inventory (DSI) 124 128 158 208
days of receivables (DSO) 69 58 60 62
days of payables (DPO) 101 75 95 119
Source: Company data
MOLESKINE: NWC (2009-12) (€m)
40
30
20
10
0
-10
-20
Source: company data
7.0
17.2% of sales
0.3
8.2
4.2
-4.5
-1.2
4.0
7.5% of sales
10.4
THIS DOCUMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR JAPAN.
0.4
7.5
12.2
8.9
-9.7 -9.7
-4.6
7.5
11.2% of sales
0.2
-4.0
11.1
14.2% of sales
1.8
16.3
12.3
-15.8
-3.6
2009 2010 2011 2012
INVENTORIES TRADE RECEIVABLES TRADE PAYABLES OTHER DEBT CREDIT/(DEBT) FOR TAXES
IPO
04 March 2013 ◆ 49