Q1 2023 Financial results
14 June 2023
On 15 June 2023, at 15:00 local time (CEST), a conference call will take place during which the main results for the period ended 30 April 2023 will be presented.
The conference call may be joined by dialing +39 02 8020911 from Italy, +44 1 212818004 from the UK, +1 718 7058796 from the USA (and +39 02 8020927 for journalists).
Disclaimer
This presentation is being provided to you solely for information only and may not be reproduced or redistributed to any other person.
This presentation may contain certain forward-looking statements that reflect the current views of the Company's management with respect to future events and the financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on OVS S.p.A.'s current expectations and projections about future events. Since the latter are subject to risks and uncertainties, actual future results or performances may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are outside the control of OVS S.p.A. or beyond its projection. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as at the date of this presentation.
OVS S.p.A. shall not be under any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.
Any reference to past performance or trends or activities of the OVS S.p.A. shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy OVS's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of OVS. OVS's securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The manager in charge of preparing the corporate accounting documents, Nicola Perin, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the accounting figures, books and records.
This investor presentation contains measures that were not prepared in accordance with IAS/IFRS. The information presented in this document has not been audited.
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Q1 2023 Financial results, 14 June 2023
AGENDA
Q1 2023 Financial results
Outlook
Appendix
Q1 2023 Financial results
OVS maintains a strong momentum thanks to excellent quarterly results
Net sales
€336.5m
+12.2% vs. Q1 2022
EBITDA
€27.5m
+36.3% vs. Q1 2022
EBIT
€11.7m
+107.1% vs. Q1 2022
Net Debt
€250.9m
vs. 265.1m as of 30 Apr 2022
- Net Sales €336.5m, +12.2% compared to Q1 2022, mainly due to the excellent like-for-like performance in a context of growth in stores' traffic. All brands reported a positive trend;
- Market share increases at 9.5%;
- Adjusted EBITDA €27.5m, +36.3% compared to Q1 2022, 8.2% on Net sales increasing from 6.7% of Q1 2022, due to a leverage effect generated by higher sales and a solid gross margin;
- Adjusted EBITDA LTM May 22 - Apr 23 €187.5m, +€7.3m compared to FY2022;
- Adjusted EBIT €11.7m, +107.1% compared to Q1 2022;
- Adjusted Net debt €250.9m and Leverage ratio of the last twelve months down to 1.23x compared to 1.70x of 30 April 2022;
- Year-to-datesales are increasing despite the month of May characterized by unfavourable weather conditions.
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Q1 2023 Financial results, 14 June 2023
Q1 2023 Key income statement items
Strong increase in EBITDA generated by the operating leverage: higher sales at a solid gross margin
• Net sales €336.5m, +12.2% compared to Q1 2022, mainly | |||||||||||
Q1 2023 | Q1 2022 | Change | Change % | thanks to the increase in the like-for-like perimeter and a | |||||||
€m | context of growth in stores' traffic; | ||||||||||
Adjusted | Adjusted | Adjusted | Adjusted | ||||||||
• EBITDA €27.5m, +€7.3m compared to Q1 2022, thanks to the | |||||||||||
Net Sales | 336.5 | 299.9 | 36.6 | 12.2% | operational leverage of higher sales at solid gross margin; | ||||||
EBITDA margin increases by 144 ppt to 8.2%, reducing the | |||||||||||
EBITDA | 27.5 | 20.1 | 7.3 | 36.3% | |||||||
seasonal gap of Q1 vs. year average; | |||||||||||
EBITDA% | 8.2% | 6.7% | +144ppt | ||||||||
EBIT | 11.7 | 5.7 | 6.1 | 107.1% | • | EBIT €11.7m, +107.1% compared to Q1 2022, benefitted from | |||||
EBIT% | 3.5% | 1.9% | +160ppt | higher EBITDA; | |||||||
PBT | 7.7 | 0.7 | 7.0 | 975.6% | • Further reduction in interest expense thanks to deleverage | ||||||
Adjusted results do not reflect the application of IFRS16 and non recurring items. | |||||||||||
drives PBT at €7.7m, from pure breakeven in Q1 2022. | |||||||||||
€m | FY2022 | LTM April 23 | |||||||||
• LTM EBITDA April 2023 reaches €187.5m, with a margin | |||||||||||
Net sales | 1,512.7 | 1,549.3 | |||||||||
above the 12%, confirming the growth trend on both | |||||||||||
EBITDA | 180.2 | 187.5 | |||||||||
absolute value and profitability ratio. | |||||||||||
EBITDA% | 11.9% | 12.1% | |||||||||
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Q1 2023 Financial results, 14 June 2023
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OVS S.p.A. published this content on 14 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2023 16:24:13 UTC.