2011 Half-year report - Tod's

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Net financial income for the period was slightly above th e break-even point, at a positive 0.4
million. Consolidated net income in H1 2011 was 66.1 million euros, representing growth of
26.0% from the figure for the same period of the previous year (first six months of 2010: 52.4
million euros). At June 30 th 2011, net income was equal to 15.0% of revenue, compared with
13.9% in H1 2010. Net income shows the result after income taxes accrued for the period
(including the effects of deferred taxes) totalling 30.8 million euros, for a tax rate of 31.8%
(31.9% in H1 2010).
Capital expenditures. Capital expenditure in H1 2011 totalled 37.7 million euros. This increase
includes about 20.0 million euros to reflect the intangible asset in relation to the agreement
signed for financing of restoration work on the Coliseum. Net of this asset, the outlay for
operating capital expenditure totalled 17.7 million euros, compared with 16.1 million euros in
the same period of 2010.
Tangible & intangible assets -
Capital expenditures
(Euro mn)
96.1
37.7
40.8
16.1
21.3
H1 2011 H1 2010 FY 2010 FY 2009 FY 2008
The capital expenditure during the period by the DOS network totalled about 8.6 million euros.
This amount was used primarily to expand the
DOS network in mainland China, with four new
store openings in H1 2011, as well as the
fitting out of two new TOD’S brand store
corners in Milan and Madrid. TOD’S retail
outlet space in Madrid was expanded and
TOD’S boutique in Düsseldorf was renovated
during the same period.
INVESTMENTS BY ALLOCATION
Other
65%
Prod.
12%
DOS
23%
18 Interim report