2011 Half-year report - Tod's

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TOD’S Group 2011 Half Year Financial Report 06.30.2011 (Euro 000’s) 06.30.10 Main Balance sheet indicators 06.30.11 12.31.10 Change 1 9 3 , 3 8 2 N e t w o r k i n g c a p i t a l ( *) 2 0 9 , 8 1 0 1 9 2 , 6 8 8 1 7 , 1 2 2 3 0 1 , 6 2 1 Non- c u r r e n t a s s e t s 3 7 5 , 4 1 1 3 6 3 , 1 8 6 1 2 , 2 2 5 ( 2 8 , 3 0 0 ) O t h e r c u r r e n t a s s e t s / l i a b i l i t i e s ( 5 6 , 5 0 7 ) ( 3 3 , 9 2 8 ) ( 2 2 , 5 7 9 ) 466,703 Invested Capital 528,714 521,946 6,768 2 0 0 , 2 9 9 N e t f i n a n c i a l p o s i t i o n 8 8 , 7 4 8 9 6 , 4 9 5 ( 7 , 7 4 7 ) 667,002 Shareholder’s equity 617,462 618,441 (979) 1 6 , 1 1 2 C a p i t a l e x p e n d i t u r e s 3 7 , 6 7 7 9 6 , 0 6 7 ( 5 8 , 3 9 0 ) 8 9 , 5 5 3 C a s h f l o w f r o m o p e r a t i o n 7 0 , 1 7 7 1 6 8 , 9 5 0 ( 9 8 , 7 7 3 ) 2 2 , 3 2 3 F r e e c a s h f l o w ( 1 2 , 7 9 4 ) ( 4 4 , 7 0 8 ) 3 1 , 9 1 4 ( * ) Trade receivables + inventories – trade payables Revenues. Consolidated sales were 439.5 million euros in the first half of 2011, up 16.4% from H1 2010. All the distribution channels posted outstanding performances, in all the product categories and the geographical regions. In the first half of 2011, revenues to third parties totalled 212.5 million euros, with growth of 10.7% from H1 2010. The DOS network posted excellent results; in the first six months of 2011, revenues through DOS globally amounted to 227 million euros, with growth of 22.4% from H1 2010 (+21.6% in Q1 2011, +22.9% in Q2 2011). As of June 30 th 2011, the Group’s distribution network is represented by 161 DOS and 70 franchised stores, compared to 151 DOS and 71 (Euro mn) H1 2011 % H1 2010 % Change % DOS 227.0 51.6 185.5 49.1 41.5 22.4 Third parties (WS) 212.5 48.4 192.0 50.9 20.5 10.7 Total 439.5 100.0 377.5 100.0 62.0 16.4 Third Third parties parties (WS) (WS) 48,4% 48.4% DOS DOS 51.6% 51,6% 450 400 400 350 350 300 300 250 250 200 200 150 150 100 50 0 Third WS parties (WS) DOS Third WS parties (WS) DOS H1 2011 H1 2010 franchised stores as of June 30th 2010. The organic growth was brilliant: the Same Store Sales Growth (SSSG) rate, calculated as the worldwide average of sales growth rates reported by DOS opened as of January 1st, 2010 , was 17.2% for the first 31 weeks of the year (from January 1st to July 31st, 2011), showing an acceleration versus the first months of the year, despite a more challenging comparison basis. The Tod’s brand achieved excellent results, showing an acceleration of its growth (+19.3% in Q1 2011, +25.6% in Q2 2011), driven by the outstanding results of the DOS network, in all the product categories and the geographical regions. In the first half of 2011, the brand’s sales totalled 239.7 14 Interim report
TOD’S Group 2011 Half Year Financial Report 06.30.2011 million euros, up 22.3% from H1 2010. Revenues of the Hogan brand were 148.3 million euros, with growth of 7.9% from H1 2010, driven by the organic growth in It aly. The brand is currently focused on its expansion abroad, with emphasis on the Asian markets, where some stores are scheduled to be opened in the next few months. The Fay brand totalled 35.4 million euros of sales, with growth of 3.3% from H1 2010, driven by the Italian market, as well. Finally, the Roger Vivier brand’s revenues were 15.6 million euros in H1 2011, up 64.3% from H1 2010. This growth rate is considerable, (Euro mn) H1 2011 % H1 2010 % Change % TOD'S 239.7 54.5 195.9 51.9 43.8 22.3 HOGAN 148.3 33.8 137.5 36.4 10.8 7.9 FAY 35.4 8.1 34.3 9.1 1.1 3.3 RV 15.6 3.5 9.5 2.5 6.1 64.3 Other 0.5 0.1 0.3 0.1 0.2 n.s. Total 439.5 100.0 377.5 100.0 62.0 16.4 RV RV 3,5% 2,5% FAY FAY 8,1% 8,.% HOGAN 33.8% 33,7% TOD'S 54,5% TOD'S 54.5% 450 400 400 350 350 300 300 250 250 200 200 150 150 100 50 0 RV FAY HOGAN HOGAN TOD'S RV FAY RV FAY HOGAN HOGAN TOD'S H1 2011 H1 2010 despite we continue to remind that this brand is still consolidating its positio ning among the most exclusive luxury brands worldwide. The Group confirms its leadership in the core business of shoes, thanks to the outstanding performances of the Tod’s and Hogan brand. This product category totalled 325.5 million euros of revenues in H1 2011, up 15.3% from H1 2010. Sales from leather goods and accessories posted a significant acceleration of their performance (+21.6% in Q1 2011, +29.7% in Q2 2011), driven by the outstanding results of (Euro mn) H1 2011 % H1 2010 % Change % Shoes 325.5 74.1 282.4 74.8 43.1 15.3 Leather goods 72.7 16.5 57.8 15.3 14.9 25.7 Appareal 41.0 9.3 37.0 9.8 4.0 10.7 Other 0.3 0.1 0.3 0.1 0.0 n.s. Total 439.5 100.0 377.5 100.0 62.0 16.4 Other 0,1% Leather goods 16,5% 15.3% Appar. Appar. 9.8% 9,3% Shoes 74.8% Shoes 74,1% 450 400 400 350 350 300 300 250 250 200 200 150 100 50 0 Leather Appar. Leather goods goods Shoes Apparel Leather Appar. Leather goods goods Shoes H1 2011 H1 2010 the Tod’s brand in the whole collection of handbags and accessories. The Group’s revenues of this product category totalled 72.7 million euros in H1 2011, up 25.7% from H1 2010. Finally, sales from apparel totalled 41 million euros in H1 2011, with growth of 10.7% from H1 2010. All the regions, where the Group operates, posted double -digit growth rates. The Group confirmed its leadership in Italy, with all its brands. In H1 2011 sales on the domestic market totalled 226.1 15 Interim report
Page 1 and 2: Group 2011 IAS/IFRS Half Year Repor
Page 3 and 4: TOD’S Group 2011 Half Year Financ
Page 9 and 10: Euro TOD’S Group 2011 Half Year F
Page 11 and 12: Group Interim Report
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Page 23 and 24: Group Half-year Interim Report Supp
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2011 Half-year report - Tod's

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