VALENTINO FASHION GROUP : premier trimestre 2007 - le 11 mai...
LE CONSEIL D'ADMINISTRATION APPROUVE
LE RAPPORT DU PREMIER TRIMESTRE 2007
VENTES CONSOLIDEES : + 8,4 % (+11 % à taux de change constant)
RESULTAT NET DU GROUPE +17,1 %
- Ventes consolidées : 637,7 millions d'euros (+ 8,4 % par rapport à 2006 : 588,5 millions d'euros)
- EBIT : 117,8 millions d'euros (+14,4% par rapport à 2006 : 103,0 millions d'euros)
- Résultat net du Groupe : 48,6 millions d'euros (+17,1 % par rapport à 2006 : 41,5 millions d'euros)
- Dette financière nette : 344,7 millions d'euros (contre 310,1 millions d'euros au 31/03/2006)
Milan, le 11 mai 2007 - Le Conseil d'Administration de Valentino Fashion Group S.p.A, qui s'est réuni aujourd'hui, a approuvé le rapport du premier trimestre 2007.
Sales
Net consolidated sales in the first quarter of 2007 totalled 637.7 million euro, up by 8.4% (+11% at constant exchange rates) compared to the first quarter of 2006 (588.5 million euro).
Growth in the period was the result of a positive performance by Hugo Boss and Marlboro Classics.
| 2007 | 2006 | |||
| Hugo Boss | 499.6 | 458.9 | +8.9 | 12 |
| Valentino | 62.9 | 61.8 | +1.8 | 5 |
| Marlboro Classics/other brands | 90.3 | 83.1 | +8.7 | 10 |
| Other and elisions | (15.1) | (15.3) | ||
| Total | 637.7 | 588.5 | +8.4 | 11 |
In geographical terms Group sales continued to record organic growth on all markets, especially in the United States where turnover rose by 18% at constant exchange rates, as follows:
| Europe | 464.0 | 420.4 | +10.4 | 10 |
| Americas | 93.3 | 90.1 | +3.6 | 13 |
| Asia | 53.8 | 53.4 | +0.7 | 9 |
| Other countries | 10.9 | 10.6 | +2.8 | 5 |
| Total products and services | 622.0 | 574.5 | +8.3 | 11 |
| Royalties | 15.7 | 14.0 | +12.1 | 12 |
| Total | 637.7 | 588.5 | +8.4 | 11 |
[1] On the basis of constant exchange rates compared with 2006
EBIT
Group EBIT rose by 14.4%, reaching 117.8 million euro (18.5% of turnover), by virtue of the progress recorded by all the brands, as follows:
| quarter 2007 | quarter 2006 | ||
| Hugo Boss | 98.6 | 87.2 | +13.1 |
| Valentino | 11.1 | 10.0 | +11.0 |
| Marlboro Classics/other brands | 10.3 | 7.8 | +32.1 |
| Other and elisions | (2.2) | (2.0) | |
| Total | 117.8 | 103.0 | +14.4 |
Pre-tax result
Pre-tax result at 31 March 2007 was 113.9 million euro, up by 12.1% (2006: 101.6 million euro).
Net income
Consolidated net income, including minority interest, totalled 83.2 million euro, up by 17.0% (2006: 71.1 million euro).
Group net income
Net income attributable to the Parent Company's Shareholders totalled 48.6 million euro, up by 17.1% (2006: 41.5 million euro).
Net financial debt
Group net financial debt at 31 March 2007 was 344.7 million euro, compared to 310.1 million at 31 March 2006 and 340.9 million at 31 December 2006.
Outlook for the current year
The trend in the first few months of 2007, the size of the autumn/winter order book and the growth in direct retail enable a prediction for the current year of a rising trend in sales of between 8 and 10% at constant exchange rates; operating and pre-tax income are expected to improve at a more than proportional rate to turnover growth.
******
This press release is available on the following website: www.valentinofashiongroup.com
For further information:
Investor Relations
Tel. +39 02/62491442
e-mail: investor.relations@valentino.com
| (millions of euro) | 2007 | 2006 | ||||
| Net sales | 637,7 | 100,00% | 588,5 | 100,00% | 49,2 | 8,40% |
| Cost of good sold | -324,8 | -50,90% | -309,4 | -52,60% | -15,4 | -5,00% |
| Gross margin | 312,9 | 49,10% | 279,1 | 47,40% | 33,8 | 12,10% |
| Product research and development costs | -14,1 | -2,20% | -13,6 | -2,30% | -0,5 | -3,70% |
| Advertising, marketing and promotion costs | -37,3 | -5,90% | -35,9 | -6,10% | -1,4 | -3,90% |
| Selling and distribution costs | -100,9 | -15,80% | -91,9 | -15,60% | -9 | -9,80% |
| General and administrative costs | -42,1 | -6,60% | -35,1 | -6,00% | -7 | -19,90% |
| Operating income | 118,5 | 18,60% | 102,6 | 17,40% | 15,9 | 15,50% |
| Other (costs)/revenues | -0,7 | -0,10% | 0,4 | 0,10% | -1,1 | n.s. |
| EBIT | 117,8 | 18,50% | 103 | 17,50% | 14,8 | 14,40% |
| Net financial income/(charges) | -3,9 | -0,60% | -1,4 | -0,20% | -2,5 | -178,60% |
| Income before taxes | 113,9 | 17,90% | 101,6 | 17,30% | 12,3 | 12,10% |
| Taxes | -30,7 | -4,90% | -30,5 | -5,20% | -0,2 | -0,70% |
| Net income | 83,2 | 13,00% | 71,1 | 12,10% | 12,1 | 17,00% |
| Minority interest | -34,6 | -5,40% | -29,6 | -5,00% | -5 | -16,90% |
| Group net income | 48,6 | 7,60% | 41,5 | 7,10% | 7,1 | 17,10% |
| (millions of euro) | ||||
| Net trade receivables | 398 | 363,6 | 34,4 | 264,1 |
| Other receivables | 72,6 | 57,6 | 15 | 84,9 |
| Inventories | 351,7 | 300,1 | 51,6 | 391 |
| Short-term non-financial liabilities | -376,3 | -359,4 | -16,9 | -372,5 |
| Net working capital | 446 | 361,9 | 84,1 | 367,5 |
| Assets due beyond 12 month | 125,7 | 114,3 | 11,4 | 120,3 |
| Equity investments | 0,4 | 0,4 | - | 0,4 |
| Net tangible fixed assets | 280,5 | 259,2 | 21,3 | 285,9 |
| Intangible fixed assets | 95,9 | 87,4 | 8,5 | 96 |
| Goodwill and trademarks | 304,8 | 303,7 | 1,1 | 304,2 |
| Medium/long-term assets | 807,3 | 765 | 42,3 | 806,8 |
| Medium/long-term non-financial liabilities | -117,3 | -88,9 | -28,4 | -114,8 |
| Deferred tax provision | -52,3 | -44,9 | -7,4 | -51,2 |
| Net invested capital | 1.083,7 | 993,1 | 90,6 | 1.008,3 |
| Short-term financial liabilities | 186,3 | 182,3 | 4 | 174,2 |
| Cash & cash equivalents and short-term financial | ||||
| assets | -58,3 | -76,2 | 17,9 | -66,6 |
| Medium/long-term financial liabilities | 216,7 | 204,4 | 12,3 | 233,3 |
| Medium/long-term financial assets | - | -0,4 | 0,4 | - |
| Net financial debt | 344,7 | 310,1 | 34,6 | 340,9 |
| Minority interest | 275 | 262,8 | 12,2 | 246,2 |
| Group net equity | 464 | 420,2 | 43,8 | 421,2 |
| Financing of net invested capital | 1.083,7 | 993,1 | 90,6 | 1.008,3 |
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