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Italian luxury brand Brunello Cucinelli H1 sales up 16.5%
30
Aug '13
The Board of Directors of Brunello Cucinelli S.p.A. – an Italian maison operating in the luxury goods sector, listed on the Borsa Italiana Electronic StockExchange –reviewed and approved the 2013 half year financial report.

The results for the first half of 2013 confirm the considerable improvements seen in the previous quarters, supported by the Company's strategy to position itself in the highest range of the absolute luxury sector and characterized by a path of sustainable growth which acts as the company's DNA.

Financial Highlights:

-Net revenues of Euro 157.6 million (+16.5% compared to 1H 2012 Net revenues);

- EBITDA of Euro 27.1 million (+19.7% compared with normalized EBITDA1 in the first half of 2012);

-Significant growth in international markets (+23.1%), driven by the USA and Europe, while the Italian market holds up extremely well (-1.2%);

-The key investment project continues (Euro 27.0 million in 1H 2013compared to Euro 8.8 million in 1H 2012), focused on the development of the mono brand network and the extension of the Solomeo factory, with the relative increase in D&A (Euro 5.3 million in 1H 2013 compared to Euro 3.0million in 1H 2012);

-Net profit of Euro 13.3 million (+10.6% compared with normalized NetProfit1 in the first half of 2012);

-Net debt of Euro 32.2 million (Euro 14.2 million at 30th June 2012) as a result of the investment program.

Revenues:

Net revenues for the first half of 2013 reached Euro 157.6 million, a rise of 16.5% (+17.2% at constant exchange rates) compared to Euro 135.2 million for the six months ended 30th June2012.

Revenues, including other operating income, totaled Euro 158.8 million in the first half of 2013, an increase of 16.2% over the figure of Euro 136.7 million in the corresponding period of the previous year, including a capital gain of Euro 0.8 million2 (the results of the first half of the previous year included a capital gain of Euro 1.0 million3).

The increase in sales in the North American and European markets was of particular significance, as already announced following the meeting of the Board of Directors on18th July.

The North American market posted an increase of 32.3% (turnover of Euro 46.9 million compared to Euro 35.4 million for the first half of 2012), while growth in the European market reached 24.5%(Euro 54.8 million compared to the previous Euro 44.0 million).

Greater China achieved a rise in revenues of 16.8% (Euro 7.2 million compared to the previous Euro 6.2 million) while the Rest of the World posted sales of Euro 12.4 million compared to Euro 12.9 million in the first half of 2012 (a result affected by certain deliveries made over the end of the half year with sales recognized in July).

The domestic market held up extremely well, with revenues amounting to Euro 36.2 million (in line with the turnover of Euro 36.6 millionachieved in the first six months of 2012).

Brunello Cucinelli


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