2011 Half-year report - Tod's

TOD’S Group
2011 Half Year Financial Report
06.30.2011
As previously mentioned, the positive effects on
operating results were generated by a
composition of sales where higher margin
components made a greater contribution
(geographical areas and product categories),
which were only partially absorbed by the
structural growth in overhead costs, tied to
development of business volumes. Lease and rental
expenses (leases of locations and royalties for use
of licenses) totalled 30.4 million euros at June
30 th 2011, up 2.2 million euros from 2010. They
represented 7.5% of revenue at June 30 th 2010
and 6.9% at June 30 th 2011.
EBITDA (Euro mn)
114,2 115,6
H1 2011 comparable
exch. rate basis
90,7
H1 2011 H1 2010
The cost for Group employee remuneration totalled 63.1 million euros, compared with 57.8
million euros in the first six m onths of the previous year. The change is mainly connected with
the increase in headcount, with a total of 3,416 employees at June 30 th 2011, or 222 and 314
persons more than at December 31 st and June 30 th 2010, respectively. The increase in employees
stems mainly from reinforcement of the Group production organisation, as well as opening of new
boutiques during the first half. At June 30 th
revenue, as compared with 15.3% in the first six months of 2010.
2011, employee costs equalled 14.4% of Group
Amortisation and depreciation expenses grew,
from 15.8 million euros in H1 2010, to 18.4 million
euros in H1 2011, while their ratio to revenue
remained constant at 4.2%. Net of additional
operating provisions of 0.8 million euros, EBIT in
H1 2011 totalled 96.4 million euros (74.3 million
euros in H1 2010) and was equal to 21.9% of
Group sales, up significantly from 19.7% in H1
2010).
On a comparable exchange rate basis, EBIT would
have been 94.9 million euros, and would be equal
to 21.6% of revenues.
EBIT (Euro mn)
94,9 96,4
H1 2011 comparable
exch. rate basis
74,3
H1 2011 H1 2010
17 Interim report