Worldwide insurance market...Sales by Brand 2005 EUR mill. 2004 EUR mill. Change in % BOSS Menswear...
Transcript of Worldwide insurance market...Sales by Brand 2005 EUR mill. 2004 EUR mill. Change in % BOSS Menswear...
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Analyst Conference March 23, 2006 HUGO BOSS AG © 2 / 44
Analyst Conference
March 23, 2006
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Analyst Conference March 23, 2006 HUGO BOSS AG © 3 / 44
Brands and Markets
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Analyst Conference March 23, 2006 HUGO BOSS AG © 4 / 44
HUGO BOSS 2005
• Net sales EUR 1,309.4 million (+12% versus previous year)
• Gross margin EUR 731.7 million (+16% versus previous year)
• EBIT EUR 162.9 million (+20% versus previous year)
• Earnings before taxes EUR 157.2 million (+21% versus previous year)
• Net income EUR 108.2 million (+23% versus previous year)
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Analyst Conference March 23, 2006 HUGO BOSS AG © 5 / 44
Share Price Development
0
5
10
15
20
25
30
35
40
Jan 0
0
Jan 0
1
Jan 0
2
Jan 0
3
Jan 0
4
Jan 0
5
Jan 0
6
Vz
St
Dax (indexed: Preferred Shares in January 2000)
MDAX (indexed: Preferred Shares in January 2000)
EUR
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Analyst Conference March 23, 2006 HUGO BOSS AG © 6 / 44
Sales by Region
2005EUR mill.
2004EUR mill.
Changein %
2005sales split in %
Germany
Other European countries
Americas
Asia / other regions
Royalties
318.4
582.5
233.4
134.2
40.9
292.2
519.0
205.1
111.7
40.4
9
12
14
20
1
24
45
18
10
3
TOTAL 1,309.4 1,168.4 12 100
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Analyst Conference March 23, 2006 HUGO BOSS AG © 7 / 44
Sales by Brand
2005EUR mill.
2004EUR mill.
Changein %
BOSS
Menswear
Womenswear
HUGO
BALDESSARINI
1,167.5
1,071.8
95.7
124.5
17.4
1,044.5
975.2
69.3
106.6
17.3
12
10
38
17
1
TOTAL 1,309.4 1,168.4 12
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Analyst Conference March 23, 2006 HUGO BOSS AG © 8 / 44
BOSS Menswear
• Market presence in 104 countries with more than 4,400 points of sale (apparel only)
• Sales split - Businesswear 52%- Leisurewear 39%- Shoes & Leather Accessories 9%
• BOSS Stores achieve 32% of net sales
• BOSS Selection achieves EUR 21 million net sales in 44 countries
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Analyst Conference March 23, 2006 HUGO BOSS AG © 9 / 44
BOSS Womenswear
• Market presence in 62 countries with more than 750 points of sale (apparel only)
• Sales split - Businesswear 60%- Leisurewear 28%- Shoes & Leather Accessories 12%
• BOSS Stores achieve 62% of net sales
• Further dynamic development
2002 2003 2004 2005
Net sales in EUR million
(Development in %)
37.0
(23.6)
50.8
37.4
69.3
36.3
95.7
38.1
Net income in EUR million (18.1) (3.0) 0.2 2.1
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Analyst Conference March 23, 2006 HUGO BOSS AG © 10 / 44
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Analyst Conference March 23, 2006 HUGO BOSS AG © 11 / 44
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Analyst Conference March 23, 2006 HUGO BOSS AG © 12 / 44
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Analyst Conference March 23, 2006 HUGO BOSS AG © 13 / 44
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Analyst Conference March 23, 2006 HUGO BOSS AG © 14 / 44
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Analyst Conference March 23, 2006 HUGO BOSS AG © 15 / 44
HUGO
• Market presence in 43 countries with more than
1,100 HUGO Menswear points of sale and 360 HUGO Womenswear points of sale (apparel only)
• Sales split - HUGO Menswear 73%- HUGO Womenswear 21%- Shoes & Leather Accessories 6%
• HUGO Stores achieve 24% of net sales
• The progressive and unconventional fashion direction remains successful
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Analyst Conference March 23, 2006 HUGO BOSS AG © 16 / 44
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Analyst Conference March 23, 2006 HUGO BOSS AG © 17 / 44
BALDESSARINI
• Market presence in 29 countries with 110 points of sale
• 49% of net sales achieved in HUGO BOSS stores
Jj
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Analyst Conference March 23, 2006 HUGO BOSS AG © 18 / 44
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Analyst Conference March 23, 2006 HUGO BOSS AG © 19 / 44
Shoes & Leather Accessories
• Integration of shoes and leather accessories into the own business essential for the brands‘ identity and style
• EUR 118 million net sales (+ 32% versus previous year)
• Sales split - Menswear 88%- Womenswear 12%
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Analyst Conference March 23, 2006 HUGO BOSS AG © 20 / 44
Extension of Core Competencies
Core Competence Extension of Core Competence Key Value Factor
Businesswear
Clothing
BOSS Lifestyle World
Menswear
Clothing
Leisure- and Sportswear
Clothing-related Accessories
HUGO Lifestyle World
Womenswear
Shoes & Leather Accessories
Youth & Health
Brand Showcase
Fashion & Trend
Fashion Competence
Style & Identity
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Analyst Conference March 23, 2006 HUGO BOSS AG © 21 / 44
• 145 own stores (+48 versus previous year) in 12 countries, thereof- 47 freestanding Stores- 98 shop-in-shops
• EUR 138 million net sales (+41% versus previous year)
• 12% sales increase on comparable selling space
• 11% share of total net sales
Directly Operated Stores
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Analyst Conference March 23, 2006 HUGO BOSS AG © 22 / 44
HUGO BOSS Stores by Region
Market presence in 77 countries with 877 Stores, thereof- 355 freestanding Stores- 542 shop-in-shops
2005 2004
Germany
Other European countries
Americas
Asia / other regions
156
370
104
247
113
313
88
215TOTAL
Share of net sales in %
877
34
729
31
Thereof Directly Operated Stores
Share of net sales in %
145
11
97
8
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Analyst Conference March 23, 2006 HUGO BOSS AG © 23 / 44
HUGO BOSS Stores
Berlin – HUGO Concept Store
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Analyst Conference March 23, 2006 HUGO BOSS AG © 24 / 44
HUGO BOSS Stores
Frankfurt – Shoes & Accessories Store
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Analyst Conference March 23, 2006 HUGO BOSS AG © 25 / 44
Highlights 2005
Berlin – BOSS Fashion Show
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Analyst Conference March 23, 2006 HUGO BOSS AG © 26 / 44
Highlights 2005
Los Angeles – HUGO Event
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Analyst Conference March 23, 2006 HUGO BOSS AG © 27 / 44
Highlights 2005
Monte Carlo – HUGO BOSS Boat
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Analyst Conference March 23, 2006 HUGO BOSS AG © 28 / 44
Highlights 2005
Tokio – BOSS Fashion Event
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Analyst Conference March 23, 2006 HUGO BOSS AG © 29 / 44
Royalties
• The remaining licensed out product groups fragrances, eyewear and watches achieve EUR 41 million (+4% versus previous year)
• Successful market launch of care line BOSS Skin
• New license partners for watches (MGI Luxury Group S.A., a Suisse subsidiary of Movado Group, Inc., US) since March 2005 and watches (Safilo SpA) as from July 2006
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Analyst Conference March 23, 2006 HUGO BOSS AG © 30 / 44
Sales Trends 2006 by Region
2006 2005EUR mill.
Germany
Other European countries
Americas
Asia / other regions
Royalties
318.4
582.5
233.4
134.2
40.9
TOTAL 1,309.4
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Analyst Conference March 23, 2006 HUGO BOSS AG © 31 / 44
Earnings Trends 2006
2006 2005EUR mill.
Sales
Gross marginin % of sales
EBIT
Earnings before taxes
1,309.4
731.755.9
162.9
157.2
Net income 108.2
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Analyst Conference March 23, 2006 HUGO BOSS AG © 32 / 44
Employees – by Region
Full-time equivalents 2005 2004 Changein %
Germany
Other European countries
Americas
Asia / other regions
1,911
4,262
1,063
348
1,747
3,936
958
301
9
8
11
16
TOTAL 7,584 6,942 9
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Analyst Conference March 23, 2006 HUGO BOSS AG © 33 / 44
Employees – by Function
Full-time equivalents 2005 2004 Change in %
Production / Logistics
Sales / Creation / Marketing
Administration
4,992
2,025
567
4,774
1,649
519
5
23
9
TOTAL 7,584 6,942 9
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Analyst Conference March 23, 2006 HUGO BOSS AG © 34 / 44
Financials
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Analyst Conference March 23, 2006 HUGO BOSS AG © 35 / 44
Income Statement
2005EUR mill.
2004EUR mill.
Changein %
Sales 1,309.4 1,168.4 12Cost of materials incl. changes in inventories (577.7) (537.3) (8)Gross margin 731.7 631.1 16in % of sales 55.9 54.0Other operating income and expenses (289.3) (260.1) (11)Personnel expenses (238.2) (198.3) (20)Depreciation / amortization1 (41.3) (36.0) (15)Operating result 162.9 136.7 19Goodwill amortization (0.0) (1.4)EBIT 162.9 135.3 20Net financial result (5.7) (5.2) (10)Income before taxes 157.2 130.1 21Taxes on income (49.0) (41.9) (17)Net income 108.2 88.2 23
1 Incl. Impairments.
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Analyst Conference March 23, 2006 HUGO BOSS AG © 36 / 44
Income Development
EUR mill.Net income 2004 88.2Change in gross margin 100.6
Effect of sales volume on gross margin 73.6Effect from changes in the gross margin percentage 26.5Change in royalties 0.5
Change in operating expenses and depreciation / amortization (73.0)From other operating expenses (29.2)From personnel expenses (39.9)From depreciation / amortization (3.9)
Change in financial result (0.5)Change in taxes (7.1)
Change in income before taxes (8.7)Other tax effects 1.6
Net income 2005 108.2
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Analyst Conference March 23, 2006
1 Payable with one year.
HUGO BOSS AG © 37 / 44
Analysis of Financial Requirements
2005EUR mill.
2004EUR mill.
Changein %
Trade receivables, other assets1 196.8 176.7 11Inventories 265.7 250.7 6Trade payables and other liabilities1 (146.6) (110.7) (32)Current provisions (36.4) (26.4) (38)Net current assets 279.5 290.3 (4)Other non-recurrent assets 26.0 38.0 (32)Net deferred taxes 19.4 16.6 17Other non-current liabilities (22.3) (18.6) (20)Non-current assets 303.3 268.9 13Non-current provisions (31.0) (24.8) (25)Medium- and long-term net assets 295.4 280.1 5Net assets 574.9 570.4 1Balance of cash at banks and due to banks 107.1 154.8 (31)Shareholders‘ equity 467.8 415.6 13Net asset coverage 574.9 570.4 1
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Analyst Conference March 23, 2006 HUGO BOSS AG © 38 / 44
Free Cash Flow
2005EUR mill.
2004EUR mill.
Changein %
Net income 108.2 88.2 23Depreciation / amortization 41.3 37.4 10Change in pension provisions 4.4 (5.7)Cash flow 153.9 119.9 28Net additions to fixed assets (75.7) (78.3) 3Change in remaining net capital invested 25.5 9.0Currency translation and other equity changes 3.2 (10.5)Free cash flow – before dividend 106.9 40.1Dividend payment (59.2) (55.2) (7)Free cash flow 47.7 (15.1)
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Analyst Conference March 23, 2006 HUGO BOSS AG © 39 / 44
Expansion of HUGO BOSS Headquarters
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Analyst Conference March 23, 2006 HUGO BOSS AG © 40 / 44
Appendix
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Analyst Conference March 23, 2006 HUGO BOSS AG © 41 / 44
Disclaimer
Forward-looking Statements Contain Risks
This document contains forward-looking statements that reflect management's current views with respect to future events. The words "anticipate“, "assume“, "believe“, "estimate“, "expect“, "intend“, "may“, "plan“, "project“, "should" and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties. If any of these or other risks and uncertainties occur, or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.
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Analyst Conference March 23, 2006 HUGO BOSS AG © 42 / 44
Financial Calendar
March 23, 2006 Annual Press and Analyst Conference
April 27, 2006 Publication of the First Quarter Report 2006
May 04, 2006 Annual Shareholders‘ Meeting in Stuttgart
July 27, 2006 Publication of the Interim Report January - June 2006
November 02, 2006 Publication of the Third Quarter Report 2006
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