Italy : Fashion brand Prada EBITDA mounts 8.6% in 2013

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Fashion brand Prada EBITDA mounts 8.6% in 2013

07
Apr '14

The Prada spa Board of Directors met to review and approve the separate financial statements of Prada spa and the consolidated financial statements for the year ended January 31, 2014.

Highlights:

-Consolidated net revenues of Euro 3,587 million, +9%

-EBITDA of Euro 1,143 million, +9%

-EBIT of Euro 939 million, +6%

-Net income of Euro 628 million, in line with prior year

-Positive net financial position of Euro 296 million

In 2013, the PRADA Group successfully continued its expansion in the global luxury goods market. By combining quality, stylistic innovation, excellent customer service and a retail presence in the most prestigious international locations, for the fourth consecutive year, the Group achieved a high rate of growth and operating profit among the highest in the sector.

Consolidated net revenues totaled Euro 3,587.3 million, an 8.8% increase (+13.3% at constant exchange rates) on the Euro 3,297.2 million reported for 2012.

EBITDA grew by 8.6% compared to 2012 to reach Euro 1,143.2 million, remaining stable at 31.9% of consolidated net revenues.

EBIT also grew by 5.6% to stand at Euro 939.2 million even though the major capex program carried out in recent years has led to higher depreciation and amortization.

Net income was somewhat hit by foreign exchange losses and a greater tax burden but still amounted to Euro 627.8 million, broadly in line with prior year.

The net financial position was positive by Euro 296 million and benefited from strong cash flow generation which financed major investing activities during the year – including the purchase of a prestigious property on Old Bond Street, London – and the distribution of dividends of Euro 230 million to the shareholders.

The Board proposes payment of a dividend of Euro 0.11 per share. This proposal will be put to the Shareholders’ General Meeting convened on May 22.

Click here to view full results.

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