Press Release
The Board of Directors of Piquadro S.p.A. Consolidated interim
report as of December 31, 2012 approved
· Consolidated revenue of 40.5 million (-12.34% compared to the
year ended December 31, 2012); · EBITDA of 6.5 million equal to
16.12% of consolidated turnover (10.5 million and 22.78% of
revenues of previous year); · Consolidated net profit of 2.9
million, down 52.16% compared to 5.9 million of the previous year;
· At present, there are 47 DOSs and 48 franchises for a total of 95
Piquadro brand boutiques around the world
Milan, February 11, 2013 Â Today the Board of Directors of Piquadro
S.p.A., which designs, manufactures and distributes professional
and travel leather goods featuring innovative designs and cutting
edge technology, approved the Consolidated Quarterly report as of
December 31, 2012 for the first nine months of financial year
2012/2013. For the first nine months of the year as of December 31,
2012 consolidated revenue amounted to 40.5 million, down 12.34%
compared to about 46.2 million for the same period of the previous
year. Sales volumes, in terms of quantities sold in the reporting
period, decreased about 16.6% compared to the same period of
2011/2012. Average prices increased about 2.6% compared to the same
period of 2011/2012 mainly following the growth in the DOS channel,
of overall Group sales. The decrease in consolidated revenues in
the first nine months of the year 2012/2013 was driven by the
19.97% drop of the Wholesale channel which represents 65.64% of
overall sales and therefore was only partially balanced by the
increase of sales in the DOS channel (+7,18%). The Same Store Sales
Growth (SSSG) data, calculated as average global growth rates of
profits registered in the existing DOS on April 1, 2011, was
positive and equal to 5.1% growth in the quarter at current
exchange rates (equal to the opening days and at constant exchange
rates, it was equal to a 3.2% growth rate). The area where the
highest growth rate was registered is Europe which reported sales
for 7.8 million equal to about 19.16% of consolidated revenues
(+5.48% compared to the first nine months of year 2011/2012). The
highest increase was reported in Germany (+13.7%) and Russia
(+26.5%). The Far East, on the contrary, paid the toll of a
reorganization of the retail system which led to a 14.77% decrease
in local sales as a consequence of the closing of two shops in Hong
Kong and six in China, only partially balanced by the opening of
three new Piquadro branded stores in Taiwan. As to the earning
results, the Piquadro Group reported an EBITDA of 6.5 million
compared to 10.5 million registered during the first nine months of
the year ended December 31, 2011. EBITDA margin was 16.12%. EBIT
stood at 4.6 million compared to 8.9 million registered as of
December 31, 2011. EBIT margin was 11.43%. Consolidated Net Profit
was 2.9 million, and 7.05% of sales.
Net Financial Debt, as of December 31, 2012, was approximately 13.2
million. Compared to December 31, 2011 Net Financial Debt rose by
about 1.7 million due to greater investments made during the period
(about 1.4 million more than in the first nine months of 2011/2012)
and to the increased net working capital. Compared to March 31,
2012 Net Financial Position rose by about 7 million due to the
seasonal effect, the dividend of 3 million paid in the month of
July 2012 and to the investments of the period which totaled over
4.5 million. "The results of the first nine months of the fiscal
year continue to confirm the difficult situation in the domestic
market where consumption is at an all-time low", comments Marco
Palmieri, President and CEO of Piquadro. "The turnover dynamics
were also affected by the repositioning of the Piquadro brand. This
required a revision of the number of sales locations and their
quality, especially in reference to the Italian market, with the
elimination of around 25% of multi-brand dealers. For this reason,
the company is committed to a strong investment strategy aimed at
developing our foreign markets. With this in mind, the Milan
showroom was opened, the export team was enhanced and considerable
resources were allocated to direct retail in order to give maximum
visibility to the brand on the international level through the
opening of shops like the upcoming one in Paris in Rue Saint Honoré
and the one planned in London. Collaboration with an
internationally renowned designer like Antonio Marras is also an
integral part of this strategy since it involves an investment
aimed at increasing global awareness of Piquadro and its brand
image. The positive trend of the DOS shops (with its positive SSSG
rates even in Italy) already confirms the validity of this retail
development strategy through single-brand shops. We will continue
to head in this direction, concentrating our investments in
projects and human resources aimed at retail development and the
internationalisation of the Piquadro brand" Outlook 2012/13 In the
first nine months of year 2012/2013 the development of the Piquadro
Group was influenced by the economic scenario in which it operates,
mainly Italy where the Group reports about 73% of its revenues. The
expectations for the 2012/2013 financial year, in terms of both
turnover and profitability, will probably match the results of the
first nine months because of the persistent Italian situation. The
results achieved in directly operated shops in the first nine
months go against the negative trend described above and provide
comfort to management regarding its growth strategy which hinges on
the opening of directly-operated shops also with a view to
improving distribution and positioning. The Group is also focusing
on global development and is consistently pursuing a strategy to
increase the visibility and awareness of the Piquadro brand
internationally. In this perspective, the plan to open the Paris
shop on Rue Saint Honoré by the end of 2012/2013 is an important
aspect which is to be followed by the flagship store in London;
these are places where there is the greatest concentration of the
target consumers (travel and business) and where the flow of Asian,
Russian, Middle-Eastern and American tourists is constantly
increasing; these will represent the greatest areas of expansion
for the Group in the immediate future. In this context, the
management will be and is engaged in constantly monitoring
operating costs in order to maintain gross profit margins higher
than the averages in the sector, which will allow the Company to
make greater commitments to research and development as well as
marketing and in retail, with the aim of further raising awareness
of the Piquadro brand around the world. In today's meeting, the
Board of Directors decided to adapt its corporate governance system
to the provisions in the new version of the Self-regulatory Code
that was updated by the Committee for Corporate
Governance of Borsa Italiana S.p.A. in December 2011. The Company
will present the changes to the market in the next Corporate
Governance Report that will be published during the 2013/2014
fiscal year. The Board of Directors also decided today on certain
changes to the regulations of the "Piquadro S.p.A. Stock Option
Plan 2012-2017" approved by the Board on September 26, 2011 in
order to clarify some of the conditions regarding vesting of the
options granted. These changes, which are required by the
regulations, were adopted with the consent of holders of a number
of options greater than the majority of the existing options, with
it being understood that the changes will be communicated to all
optionees in writing. The Company will make the new version of the
plan regulations and disclosure document set forth in Article
84-bis of the Issuers' Regulations available to the public in
accordance with the law. With reference to Legislative Decree
231/2001 regarding administrative liability of corporations
regarding a crime, the Board decided to add a new part (i) to the
Code of Ethics regarding relationships between private
organisations (corruption among private parties) and add another
special part (ii) to the Organisational model to reflect not only
the introduction of the criminal cases listed as "Computer-related
Crimes and unlawful handling of data" but also crimes against the
public administration listed in Articles 24 and 25 of Legislative
Decree 231/2001. The manager responsible for preparing the Piquadro
S.p.A.'s, financial reports, Roberto Trotta, declares  pursuant to
paragraph 2 of Article 154-bisof Italy's Legislative Decree 58/1998
 that the accounting information contained in this press release,
corresponds to the documented results, books, and accounting
records. The interim consolidated financial report as of December
31, 2012 will be made available to the public at the company's
Registered Office and through the NIS circuit at the Italian Stock
Market as well as on the website www.piquadro.com in the Investor
Relations section within today.
Piquadro S.p.A. Piquadro is an Italian brand of professional and
travel leather goods characterized by innovative design and
technological content. The company was born in 1987 out of the
perception of Marco Palmieri, the current Chairman and Chief
Executive Officer. The headquarters is near Bologna where the new
executive offices are located along with an efficient logistics
base for the gathering and fulfillment of orders from around the
world in 24/48 hours. The company has also offices and a showroom
in Milan. In the fiscal year ended on March 31, 2012 Piquadro
registered consolidated revenues of 64.4 million and Consolidated
Net Profit of 7.8 million. Piquadro sells its products in over 50
countries worldwide through a distribution network which includes
95 single brand boutiques (57 in Italy and 38 abroad, 47 directly
operated stores and 48 franchises). Piquadro has been listed on the
Italian Stock Exchange since October 2007.
Piquadro SpA Ufficio relazioni con i media  Paola Di Giuseppe Tel
+39 02 37052501 paoladigiuseppe@piquadro.com
Piquadro SpA Investor relationship - Roberto Trotta Tel +39 0534
409001 investor.relator@piquadro.com
Interim Consolidated statement of financial position as at December
31 , 2012 st and March 31 , 2012 st st December 31 , 2012 March 31
, 2012 (in thousands of Euro) NON-CURRENT ASSETS Intangible assets
Tangible fixed assets Other receivables Deferred tax assets TOTAL
NON-CURRENT ASSETS CURRENT ASSETS Inventories Trade receivables
Other current assets Tax receivables Receivables for derivative
financial instruments Cash and cash equivalents TOTAL CURRENT
ASSETS TOTAL ASSETS 14,590 24,960 995 1,328 12 15,528 57,413 76,257
11,911 23,113 1,437 714 12,813 49,988 66,086 4,095 12,350 886 1,513
18,844 1,528 12,132 977 1,461 16,098
st
LIABILITIES AND SHAREHOLDERS' EQUITY st (in thousands of Euro)
December 31 , 2012 SHAREHOLDERS' EQUITY Share capital 1,000 Share
premium reserve 1,000 Other reserves 661 Retained earnings 23,278
Group profit for the year 2,856 Total Group shareholders' equity
28,795 Minority interest capital and reserves 40 Net profit( loss)
pertaining to minority interests (4) Total minority interest share
36 SHAREHOLDERS' EQUITY 28,831 NON-CURRENT LIABILITIES Financial
payables Payables to other lenders for leasing contracts Provisions
for employee benefits Provisions for risks and charges Deferred tax
liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES
Financial payables Payables to other lenders for leasing contracts
Liabilities for derivative financial instruments Trade payables
Other current liabilities Tax payables TOTAL CURRENT LIABILITIES
TOTAL LIABILIITES TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
14,471 3,340 248 859 244 19,162 10,394 561 13,732 2,459 1,118
28,264 47,426 76,257
March 31
st
2012
1,000 1,000 512 18,499 7,779 28,790 28,790
2,628 3,706 261 785 327 7,707 11,997 709 3 13,856 3,024 29,589
37,296 66,086
Interim Consolidated income statement for the period ended December
31 , 2012 and st December 31 , 2011 st st (in thousands of euro)
December 31 , 2012 December 31 , 2011 REVENUE Revenues from sales
Other income TOTAL REVENUE (A) OPERATING COSTS Change in
inventories Purchases Service costs and rents, leases and similar
costs Personnel costs Amortization, depreciation and write-downs
Other operating costs TOTAL OPERATING COSTS (B) OPERATING PROFIT
(A-B) FINANCIAL INCOME AND CHARGES Financial income Financial
charges TOTAL FINANCIAL INCOME AND CHARGES PROFIT BEFORE TAXES
Income Taxes NET PROFIT attributable to: SHAREHOLDERS OF THE PARENT
COMPANY EARNINGS PER SHARE (basic ) in Euro EARNINGS PER SHARE
(diluted ) in Euro 2,856 0.05712 0.05514 5,970 0.11940 0.11570
(237) 4,395 (1,539) 2.856 155 9,019 (3,049) 5,970 467 (704) 1,235
(1,080) 18,197 9,173 2,249 58 36,489 4,632 21,390 8,475 1,865 177
37,831 8,864 (2,649) 9,461 (4,390) 10,314 40,509 612 41,121 46,212
483 46,695
st
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