Moleskine SpA - Moleskine ® Investor Relations

Transcription

Moleskine S.p.A.
STAR Conference 2014, London
Moleskine Group | STAR Conference 2014
1
Disclaimer

This presentation and the information, statements and opinions contained herein have been prepared by Moleskine S.p.A. (“Moleskine” or the
“Company”) for information purposes only and for use in presentations of the results and strategies of the Company and its subsidiaries (the
“Group”).

This presentation may contain “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts
and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and
provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of
the Group. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit
contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance.
Moleskine undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable law. The information and opinions contained in this presentation are provided as at
the date hereof and are subject to change without notice. Moreover, reference to past performance of the Company or the Group shall not be taken
as an indication of future performance.

This presentation contains certain non-IFRS alternative financial indicators which the Company’s management uses as supplemental indicators to
monitor the economic, financial and operating performance of the Group . An explanation of such alternative financial indicators is contained in
the presentation. Such indicators are not recognized as measures of financial performance or liquidity under IFRS, do not have any standardized
meanings prescribed by IFRS and therefore may not be comparable to the calculation of similar measures used by other companies, and should
not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Therefore, investors should not place
undue reliance on such data and information.

In addition, this presentation includes certain ‘‘Adjusted’’ financial and operating indicators and other measures, which have been adjusted to
reflect extraordinary events, non-recurring transactions and activities which are not directly related to the Group’s ordinary business. Such
“Adjusted” information has been included to allow a better comparison of financial information across the periods; however, it should be noted
that such information are not recognized as measures of financial performance or liquidity under IFRS and/or do not constitute an indication of
the historical performance of the Company or the Group. Therefore, investors should not place undue reliance on such data and information.

This presentation does not constitute an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or
any advice or recommendation with respect to such securities or other financial instruments or to effect any transaction.

Any further information on the Group is available on the website http://corporate.moleskine.com
2
Key Investment Highlights
 Unique brand asset, providing significant leverage
 Broad consumer appeal
 A global business managed through a scalable and flexible business model
 Multichannel distribution platform
 Solid long term vision grounded in consumer insights
 Clear and executable short and mid-term growth plans
 Strong financial performance
3
Unique brand asset, providing significant leverage
A brand built on intangible values…
A brand

solidly grounded on intangible values driving distinctiveness, competitive advantage and
commercial leverage

authentically devoted to envisioning, designing and commercializing platforms to support
the expression of contemporary talent that will be the cultural heritage of tomorrow
Moleskine brand core values
Culture
Imagination
Memory
Travel
Personal identity
Moleskine is a
cultural icon, a brand
that tells a story. A
Moleskine object
connects the owner to
a heritage in art,
literature, cultural and
geographical
exploration.
Moleskine
collections are
open platforms
for creativity,
trusty companions
for meaningful
existential
experiences.
Moleskine is a
brand connected to
the collection of
memories, the
organization of
time and priorities
in our working life
and in leisure time.
Celebrating
contemporary
nomadism,
Moleskine offers a
collection of tools to
accompany
everyday and
extraordinary
journeys.
A Moleskine object
becomes an
integral part of
one’s personality.
Symbolic and
practical design
elements are
combined, releasing
energy and
emotions collected
over time.
4
…continuously expanding its product offering coherently with core values
WRITING, TRAVELLING AND
READING (“WTR”)
PAPER
NOTEBOOKS
NOTEBOOKS
NOTEBOOKS
WRITING
COLLECTION
DIARIES AND
PLANNERS
DIGITAL(*)
APPS
BOOK53
TRAVELLING
COLLECTION
HOME OFFICE, ARTS
& GIFTING
LIMITED EDITIONS
(*) Digital
revenues
booked as
paper
revenues
PHOTOBOOKS
READING COLLECTION
93% OF 2013 REVENUES
7% OF 2013 REVENUES
MORE THAN 600 SKUS IN 2013
150 TOTAL SKUS IN 2013
EVERNOTE SMART
NOTEBOOKS (*)
MORE THAN 300,000 EVERNOTE
SMART NOTEBOOKS SOLD SINCE
LAUNCH

As an inclusive brand, Moleskine operates a demand creation model which is in line with
brand platforms that can support multiple business categories

This long-term perspective has given the brand the authenticity to credibly claim and
command a premium across a wider offering
5
Started from key consumers’ actions: taking memories, sketching, planning time…
Classic Black and Red extended in
2012 to a full colour palette to meet
an extended target and further
expanded in 2014
Volant Collection &
Cahier collection
Planners
6
…expanding to art, business and gifting
Home Office
Arts
Limited
Editions
7
Strong brand asset, providing significant leverage
…extending to the wider needs of our urban, nomadic target
Bags
Travel
Accessories
Digital Device
Accessories
8
Broad consumer appeal
Moleskine Target: a global niche

The community of the contemporary
nomads
and
knowledge
professionals which is global, crosscultural, well-defined, seamlessly
bridging analog/digital, relatively
price inelastic, brand loyal

In advanced industrial societies the
Moleskine public corresponds to
around 20% of the total population.
BROADER SOCIO DEMOGRAPHIC TARGET
Sources: “The
creative class”
by Richard
Florida,
Moleskine
internal data
9
A global business managed through a scalable and flexible business model
Efficient and effective global reach
AMERICAS
EMEA
APAC
35%
53%
12%
% of
Group Sales
Brand Equity
OUTSOURCED
Marketing
Product
development
Sourcing &
production
control
(“Operations”)
Manufacturing
OUTSOURCED
Strategic
distribution
management
Indirect distribution,
sales & logistic
Direct distribution
Information technology
Source:
company
data,
management
elaboration
10
Multichannel distribution platform
Multichannel distribution strategy enables reach to a wide customer base
WHOLESALE
2012-13
Revenues
(€m)
B2B
RETAIL
ECOMMERCE
+4%
61,0
63,5
+21%
+340%
12,7
+12%
15,4
4,4
3,3
3,7
2013
2012
2013
1,0
2012
2013
Continued
optimization of
distribution
footprint leading to
dedicated
platforms by
country
2012
2013
2012
 31 DOS worldwide
An efficient and
effective mixed
distribution
model
 15 in EMEA
 3 in Americas
 13 in APAC
Growing presence in the
digital space to boost
ecommerce traffic
Source:
company
data
11
Brand lifecycle
From a cult item to a global icon
A Cultural icon
A Global icon
Business
A cult item
Life Cycle
1996 - 2006
Source:
management
elaboration
2006 - 2011
 Rebirth of the legendary notebook,
development of the strong link with
design, culture, art and travel
 Strong network expansion in Wholesale
channel, beyond traditional bookstore
channel
 Wholesale as the only channel
 B2B activities launch
 Development of spontaneous
online communities of fans
 E-commerce start-up and development
 Retail format start-up in China
 Organizational structure to support the
growth
2011 – 2016
 Continue network expansion in
Wholesale & key account penetration
 Retail network development across all
store formats
 E-commerce roll-out and Analog-toDigital-to-Analog initiatives
 Expansion into new product categories
12
Solid long term vision grounded in consumer insights
Positive underlying macro trends
Growing customer base underpinned by positive secular
trends(1)
Premiumization: increasing weight of brands in key
product categories(2)
Unbranded
Branded
Watches
Stationary market enduring technology(3)
Leather
goods
Eyewear
Jewelry
Seamless analog / digital interaction driving customer
value proposition(2)
PAPER BASED STATIONERY MARKET (€B @ RETAIL VALUE)
(1)
(2)
(3)
Moleskine
elaboration
based on Ales
data (Market
research,
2012) and
Euromonitor
sociodemographic
data
Management
elaboration
Euromonitor,
13
Effective growth strategy
Increase brand
offering
Increase brand
accessibility
Increase brand
awareness
14
Strong financial performance
Longstanding superior top line growth in multiple geographies and channels…
Net Sales1
CAGR 21%
66,7
87,0
78,0
53,3
40,7
2009
2010
Revenues by geography
eCOMM. 4%
EMEA 53%
Americas
35%
2012
2013
Revenues by channel
APAC 12%
Source: company
data
1 Net Sales are
adjusted figures
2011
Retail 5%
B2B
18%
B2C 73%
15
…set to continue to evolve in line with track record
Moleskine Net Sales 14-16 [M€]
CAGR +16%
FY13
135-140
12
13
13-16 Net Sales by Channel [M€]
87,0
5%
4%
18%
13
14
15
13-16 Net Sales by Region [M€]
135-140
87,0
135-140
19%
12%
16%
16
13-16 Net Sales by Product [M€]
87,0
7%
135-140
93%
86%
14%
5%
35%
18%
73%
99-101
87
78
115-120
59%
16
Retail
eCOMM
B2B
Wholesale
53%
13
35%
49%
16
APAC
Americas
WTR
EMEA
Paper
13
16
Source: Company data
16
… and associated with strong profitability and cash flow conversion
EBITDA evolution 13-16 [M€]
CAGR: +10%
33,6
37 - 38
42 - 44
32,1
33 - 34
13 Restated
14B
15F
16F
36,9%
33,5%
32,0%
32,0%
-1,5
13A
%
Listed company
running costs (*)
38,6%
(*) Listed company running costs include all recurring costs related to the status of public company
NFP Evolution
Source: company
data
1 Net Sales,
EBITDA and Net
Income are
adjusted figures
12
13
14
15
16
17
Key Investment Highlights
 Unique brand asset, providing significant leverage
 Broad consumer appeal
 A global business managed through a scalable and flexible business model
 Multichannel distribution platform
 Solid long term vision grounded in consumer insights
 Clear and executable short and mid-term growth plans
 Strong financial performance
18
Appendix
Group Structure
MOLESKINE S.p.A
Moleskine
America
100%
Moleskine
France
100%
Moleskine
Germany
100%
+20
Moleskine
Asia
100%
Moleskine
Shanghai
100%
Moleskine
UK
100%
Moleskine
Singapore
100%
20

Moleskine SpA - Moleskine ® Investor Relations

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Interim Management Report as of March 31, 2015