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2 Highlights H1 2019/20 5 79% 21% 84% 16% 6 79% - - PowerPoint PPT Presentation
2 Highlights H1 2019/20 5 79% 21% 84% 16% 6 79% - - PowerPoint PPT Presentation
2 Highlights H1 2019/20 5 79% 21% 84% 16% 6 79% 21% 84% 16% 7 8 10 11 12
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Highlights H1 2019/20
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- 79%
21% 84% 16%
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- 79%
21% 84% 16%
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- Reported (* €M)
H1 2019/20 H1 2018/19 REPORTED GROWTH % ORGANIC GROWTH % Revenue 46,3 45,2 2,5% 0,0% Cost of sales
- 19,2
- 18,9
1,8% 0,8% GROSS PROFIT 27,1 26,3 3,0%
- 0,5%
Gross margin % 58,5% 58,3% # D&A expenses
- 14,2
- 13,3
6,6% 5,1%
% of revenues
- 30,7%
- 29,5%
OPERATING PROFIT 12,9 13,0
- 0,7%
- 6,2%
Operating margin % 27,9% 28,8% # Share of profit of JVs, net of tax 0,4
- 0,1
49,5% EBIT 13,3 12,9 2,6%
- 5,2%
EBIT margin % 28,6% 28,6% # Finance costs
- 1,7
- 1,8
- 5,8%
- 5,9%
PROFIT BEFORE TAX 11,6 11,2 4,0%
- 5,2%
Income tax
- 3,1
- 3,3
- 6,1%
- 13,5%
PROFIT FOR THE PERIOD 8,5 7,9 8,1%
- 1,8%
Earnings per share € 0,68 € 0,63 8,1%
- 1,8%
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2.4
- 1.3
- 0.8
78.5%
H1 2018/19
0.2
Δ Global Brands
- 0.2
Δ Regional Brands
1.1
Δ FX H1 2019/20
45.2 46.3 +2.5%
58.5% 62.3% 44.9% 58.3%
Revenue (* €M) H1 2019/20 H1 2018/19 REPORTED GROWTH % ORGANIC GROWTH % Global brands 36,4 35,2 3,5% 0,6% 78,5% 78,5% Regional brands 9,9 10,1
- 1,1%
- 1,9%
0,2 Total 46,3 45,2 2,5% 0,0%
21.5% 21
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2.4 0.6
- 0.8
92.2 92.5
- 12.8%
H1 2018/19 Δ Asia-Pacific
0.2
Δ Western Europe Δ North America
0.2
- 0.7
0.3
Δ Emerging Markets
1.1
Δ FX H1 2019/20
45.2 46.3 +2.5%
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2.4 0.6
- 0.8
92.2 92.5
- 18.5%
H1 2018/19 H1 2019/20
0.2
Δ Western Europe
0.2
Δ Asia-Pacific
- 0.7
46.3
Δ North America
0.3
Δ Emerging Markets
1.1
Δ FX
45.2 +2.5%
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2.4
- 1.3
- 0.8
58.5% 56.1% 70.8% 58.3% Δ North America Δ Western Europe
- 0.3
H1 2018/19
- 0.1
0.1
Δ Asia-Pacific
0.2
Δ Emerging Markets Δ FX
0.9
H1 2019/20
26.3 27.1 +3.0%
55.0% 55.6%
Reported gross margin
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2.4
- 1.3
- 0.8
78.5%
Δ FX H1 2018/19
- 0.3
0.3
One-off costs
- 0.4
H1 2018/19 normalized
0.0 0.7
Δ Overheads and Depreciation Δ Regional Brands Δ Global Brands
12.9 13.2 13.3
H1 2019/21
+2.6%
28.6% 46.5% 43.5% 28.6%
- Reported EBIT margin
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- Reported (* €M)
H1 2019/20 H1 2018/19 REPORTED GROWTH % ORGANIC GROWTH % Revenue 36,4 35,2 3,5% 0,6% Cost of sales
- 13,7
- 13,6
0,6%
- 0,7%
GROSS PROFIT 22,7 21,5 5,4% 1,4%
Gross margin % 62,3% 61,2%
D&A expenses
- 5,8
- 5,4
7,3% 5,6%
% of revenues
- 16,0%
- 15,4%
OPERATING PROFIT 16,8 16,1 4,7% 0,0%
Operating margin % 46,3% 45,8%
Share of profit of JVs, net of tax 0,1
- 0,1
EBIT 16,9 16,0 5,8% 0,1%
EBIT margin % 46,5% 45,5%
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- Reported (* €M)
H1 2019/20 H1 2018/19 REPORTED GROWTH % ORGANIC GROWTH % Revenue 9,9 10,1
- 1,1%
- 1,9%
Cost of sales
- 5,5
- 5,2
4,8% 4,9% GROSS PROFIT 4,5 4,8
- 7,5%
- 9,2%
Gross margin % 44,9% 48,0%
D&A expenses
- 0,4
- 0,5
- 8,2%
- 8,1%
% of revenues
- 4,3%
- 4,7%
OPERATING PROFIT 4,0 4,4
- 7,5%
- 9,3%
Operating margin % 40,5% 43,3%
Share of profit of JVs, net of tax 0,3 0,0 EBIT 4,3 4,4
- 1,3%
- 6,8%
EBIT margin % 43,5% 43,6%
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- Reported (* €M)
H1 2019/20 H1 2018/19 REPORTED GROWTH % ORGANIC GROWTH % Revenue 46,3 45,2 2,5% 0,0% Cost of sales
- 19,2
- 18,9
1,8% 0,8% GROSS PROFIT 27,1 26,3 3,0%
- 0,5%
Gross margin % 58,5% 58,3% # D&A expenses
- 14,2
- 13,3
6,6% 5,1%
% of revenues
- 30,7%
- 29,5%
OPERATING PROFIT 12,9 13,0
- 0,7%
- 6,2%
Operating margin % 27,9% 28,8% # Share of profit of JVs, net of tax 0,4
- 0,1
49,5% EBIT 13,3 12,9 2,6%
- 5,2%
EBIT margin % 28,6% 28,6% # Finance costs
- 1,7
- 1,8
- 5,8%
- 5,9%
PROFIT BEFORE TAX 11,6 11,2 4,0%
- 5,2%
Income tax
- 3,1
- 3,3
- 6,1%
- 13,5%
PROFIT FOR THE PERIOD 8,5 7,9 8,1%
- 1,8%
Earnings per share € 0,68 € 0,63 8,1%
- 1,8%
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- Reported (* €M)
H1 2019/20 FY 2018/19 H1 2018/19 Deferred tax assets 2,1 3,3 6,9 Deferred tax liabilities
- 43,4
- 43,2
- 29,6
Total deferred tax
- 41,3
- 39,9
- 22,7
Reported (* €M) H1 2019/20 FY 2018/19 H1 2018/19 Intangible assets 306,8 306,8 306,9 Investments in joint ventures 7,6 7,6 6,8 Other 8,2 11,0 7,4 NON-CURRENT ASSETS 322,6 325,4 321,0 Cash and cash equivalents 33,8 21,2 12,2 Net working capital 22,1 18,5 19,9 Other 2,4 0,0 2,6 CURRENT ASSETS 58,4 39,8 34,7 TOTAL 380,9 365,2 355,7 Funded by equity and liabilities EQUITY 196,9 192,2 188,1 Loans and borrowings 49,7 47,6 41,0 Deferred tax liabilities 41,3 40,0 45,2 Other 78,8 77,4 76,3 NON-CURRENT LIABILITIES 169,7 165,0 162,5 Loans and borrowings 14,0 7,6 4,6 Derivative financial instruments 0,4 0,4 0,4 CURRENT LIABILITIES 14,3 8,0 5,0 TOTAL 380,9 365,2 355,7
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- 445
- 93
Δ Operating income
166
Δ Depreciation
- 294
Δ Working capital
2,049 6,536 8,878
Δ Income taxes Δ CAPEX
69
Δ Other FOCF September 2018
FOCF September 2019
+35.8%
Free operating cash flow vs. last year
6,536
CAPEX Operating profit September 2019 Working capital
830
- 4,043
Depreciation
- 1,039
- 377
Other Income tax
596
FOCF September 2019 FOCF September 2018
12,911 8,878
Cash conversion
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0.6
- 0.8
12.8%
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