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

Moleskine
c) Capital expenditures
MOLESKINE: capex trend (2009-12)
Capital expenditure amounted to €3.2m in the FY12, double that of one year before. The main areas of
investment for Moleskine are visual merchandising (ateliers, islands and displays), which are
classified as tangible investment, and software investment and brand registration costs, classified as
intangible capex.
The increase reported in intangible capex over the period 2009-12 is mostly related to the registration
of the trademark in new countries and for new product categories.
(€m) 2009 % 2010 % 2011 % 2012 %
INTANGIBLE 0.2 64% 0.6 55% 0.7 48% 1.8 57%
TANGIBLE 0.1 36% 0.6 45% 0.8 52% 1.4 43%
TOTAL CAPEX 0.3
Source: company data
1.0
MOLESKINE: Capex (2009-12) (€m)
4
3
3
2
2
1
1
0
Source: company data
0.7%
0.3
36%
64%
1.9%
1.0
45%
55%
2.2%
2009 2010 2011 2012
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1.5
52%
48%
1.5
INTANGIBLE TANGIBLE CAPEX/REVENUES
3.2
4.1%
43%
57%
3.2
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
IPO
04 March 2013 ◆ 51