The Prada Spa Board of Directors met at the company premises in Terranuova Bracciolini and approved the separate financial statements of Prada Spa and the consolidated financial statements for the year ended January 31, 2012.
In 2011, the PRADA Group successfully pursued its strategy of growth on the global luxury goods market. For the second consecutive year, by combining an ongoing search for stylistic quality and innovation, the international expansion of its retail network and constant attention to efficiency, the Group achieved one of the highest growth in the sector and a further, significant improvement in profitability.
Consolidated net revenues totaled Euro 2,555.6 million, a 24.9% increase (+26.4% at constant exchange rates) on the Euro 2,046.7 million reported in 2010.
EBITDA amounted to Euro 759.3 million, a 41.7% increase on 2010, and represented 29.7% of net revenues.
EBIT amounted to Euro 628.9 million, a 50.3% increase on prior year, and represented 24.6% of net revenues.
Net income increased by 72.2% from Euro 250.8 million in 2010 to Euro 431.9 million this year and represented 16.9% of consolidated net revenues.
Cash flows from the share capital increase from the IPO and, above all, the high level of operating cash flow enabled the Group to finance its capital investment during the year and achieve a positive net financial position of Euro 15.8 million at January 31, 2012. Earnings per share rose from Euro 0.10 to Euro 0.17 per share.
The Board proposes payment of a dividend of Euro 0.05 per share. This proposal will be subject for approval to the Annual General Meeting to be convened on May 22, 2012 in Hong Kong.
Distribution Channels In line with Group strategy, sales growth has been driven by the retail channel where a 37.6% increase on 2010 (+39.2% at constant exchange rates) was achieved thanks to newly opened DOS and like for like growth.
Like-for-like growth of 23% was recorded in 2011, in excess of +20% for the second consecutive year.
The retail channel now contributes 77.9% of the Group's net revenues, a significant increase on the 70.8% contributed in prior year.
Coherently with the selective strategy now followed by the Group for some years, the wholesale channel contracted by 5.2% while contributing 22.1% of consolidated net revenues.
Brands and products All regions performed well with an increasingly important role played by the Asia Pacific market which was once again the leading market, both in absolute terms and for growth: it generated net revenues of Euro 873 million (+42.2% compared to 2010 and +45.1% at constant exchange rates) while its contribution towards consolidated net revenues rose from 30.4% to 34.6%. Net sales in the Asia Pacific area were almost entirely generated by the retail network which included 115 DOS at January 31, 2012. 8 of the 18 new DOS opened by the Group in the Asia Pacific area are located in China.