Transcript Presentazione di PowerPoint

13th
World Continuous Auditing & Reporting Symposium
University of Ferrara
Giuseppe Gullo
Group CFO
Ferrara, June 15-16, 2007
INDEX
001.
Who we are
002.
The CFO role in MBFG
.
.
p.1
001. Who we are
p.2
001.
BRANDS
MBFG MANAGES A PRESTIGIOUS PORTFOLIO OF OWNED AND LICENCED BRANDS
WITH THE AIM TO BECOME A LEADER IN ITS MARKETS
LICENCE
SHOPS
PRINCIPAL OWNED BRANDS
BAGS
47
15
Mugler, Fuchsia (Ungaro),
Anglomania (Vivienne Westwood),
1000 Miglia,
Alviero Martini,
Patrizia Pepe
FASHION
JEWELLERY
LEATHER GOODS
ABBIGLIAMENTO
APPAREL
18
15
SHOUSE
45
Vivienne Westwood,
Warner Bros,
Miss Sixty
Missoni, Luigi Borrelli
p.3
44
6
NEW
ACQUISITIONS:
FACCO,
ROSATO,
CALGARO,
VALENTE
001.
DISTRIBUTION NETWORK
THE RETAIL NETWORK AT DECEMBER 31, 2006 CONSISTED OF 311 MONO AND MULTI-BRAND
BOUTIQUES (169 DOS+142 FRANCHISEES)
EUROPE (14)
GERMANY, AUSTRIA,
SWITZERLAND (75)
(4)
(5)
(2)
(1)
(2)
RUSSIA+BALTIC
COUNTRIES (32)
Mariella Burani
Coccinelle
Rene Lezard
Braccialini
Francesco Biasia
(27) Baldinini
(1) Mariella Burani
(3) Coccinelle
(1) Braccialini
JAPAN (10)
(38) Don Gil
(16) Bernies
(15) Rene Lezard
(2) Mila Schon
(2) Revedi
(1) Baldinini
(1) Coccinelle
(6) Mila Schön
(3) Mariella Burani
(1) Coccinelle
FAR EAST (18)
ITALY (126)
(30) Mariella Burani
(27) Coccinelle
(20) Revedi
(15) Baldinini
(11) Mila Schön
(9) Braccialini
(7) Francesco Biasia
(6) Antichi Pellettieri
(1) Junior fashion
(5)
(4)
(2)
(4)
(2)
(1)
EASTERN EUROPE
(17)
(12) Baldinini
(3) Francesco Biasia
(1) Mariella Burani
(1) Coccinelle
FEBRUARY 2007
p.7p.4
MIDDLE EAST –
REST OF THE WORLD
(19)
(5)
(3)
(3)
(2)
(3)
(3)
Coccinelle
Mariella Burani(1)
Baldinini
Francesco Biasia
Braccialini
Antichi Pellettieri
Mariella Burani
Braccialini
Baldinini
Francesco Biasia
Coccinelle
Mila Schön
001.
DINAMIC GROWTH
FROM 2000, THE AVARAGE GROWTH RATE OF THE REVENUES WAS 27,4%, WITH
A MORE THAN PROPORTIONAL GROWTH OF THE EBITDA (+46,6%), AND OF THE
EBIT (+60,2%)
ITALIAN GAAP
CAGR
IAS / IFRS
CAGR
MILLIONS OF EURO
2000
2001
2002
2003
2004
2000-2004
2004
2005
2006
2000-2006
NET REVENUES
157,0
221,7
273,9
358,8
428,9
28,6%
429,6
483,1
672,6
27,4%
41,2%
23,5%
31,0%
19,3%
12,5%
39,2%
34,0%
6,0%
10,5%
5,4%
8,1%
14,3%
16,1%
12,6
22,8
32,4
43,5
53,3
61,4
125,1
81,0%
42,3%
34,1%
22,6%
35,9%
103,7%
8,0%
10,3%
11,8%
12,1%
12,4%
10,5%
12,7%
18,6%
5,5
11,5
19,9
25,9
32,6
29,0
42,7
92,6
na
109,6%
72,9%
30,0%
25,8%
47,0%
117,1%
3,5%
5,2%
7,3%
7,2%
7,6%
8,8%
13,8%
2,4
6,2
13,7
17,3
20,8
27,9
68,8
na
160,3%
118,7%
26,9%
20,3%
72,1%
146,6%
1,5%
2,8%
5,0%
4,8%
4,9%
5,8%
10,2%
% TOTAL GROWTH
% ORGANIC GROWTH
EBITDA
% TOTAL GROWTH
EBITDA Margin
EBIT
% TOTAL GROWTH
EBIT Margin
PRETAX
% TOTAL GROWTH
Margin
ROCE
4,2%
7,3%
9,8%
10,5%
43,4%
56,1%
72,2%
45,2
16,2
3,8%
11,0%
p.5
8,3%
10,3%
19,5%
46,6%
60,2%
75,3%
WHO WE ARE AT ALL

40 consolidated companies

2.480 employees

A worldwide presence
 A sub-holding, Antichi Pellettieri, listed on Italian Stock Exchange
market “EXPANDI segment” with a capitalization of about euro 480 mln.
 A stock capitalization of about euro 780 mln. at STAR segment
(a growth of the share price from 2006 of about 70% and from IPO of
about 250%)
 Italian and international shareholders (with the presence of 2
important Private Equity funds)
 LCapital (LVMH) and Tamburi & Partners important shareholders
with 6,5% of equity stake of MBFG
 20 financial analysts cover the stock
p.6
002. The CFO role in MBFG
p.7
002.
THE CFO ROLE IN MBFG
• CFO as a “transition manager”
• CFO as a “Business Integrator”
• CFO as a “Process Administrator” inside and
outside of the Group
p.8
002.
THE CFO ROLE IN MBFG
CFO as a “transition manager”
• Globalization implies “daily changes”
• Basilea 2 (a rating for each company)
• IAS/IFRS
• Information Systems / Business Intelligence
• Speed to manage transition as a competitive advantage
p.9
002.
THE CFO ROLE IN MBFG
CFO AS a Business Integrator
• Growth plan through acquisitions (with minorities as an
important asset for the Group)
• Management of minorities with integrated criteria
• Developement of synergies among acquired companies for
an accelerated growth (focus on “made in Italy” sector)
• Diffusion of an integrated Group culture and philosophy
(“Thinking Group concept”)
p.10
002.
THE CFO ROLE IN MBFG
CFO AS a Process Administrator
• Process codification of accounting methodology (Consolidation
manual)
• Developement of an “Organization chart” and a “Responsability
tree” for companies’ decision makers
• Information systems’ developement to better manage information
flows inside and outside of the Group
p.11
002.
THE CFO ROLE IN MBFG
CONTINUOUS AUDITING AND
INFORMATION TOOLS
• Introduction of new information and comunication tools
like Business Intelligence Systems
• Continuous monitoring on monthly basis on a single legal
entity level of data and performances
• Performance measurement and creation of a Performance
Manager role to monitor “Intangible Asset Value”
p.12
002.
THE INTANGIBLE ASSETS IN THE BALANCE SHEET:
the performance focus
From accounting figures to “value”
Employees
Client base
Intangibles Value
left to third parties
“Sustenability”
financial
statement
“Real value”
Community
Others
GOODWILL
Equity
(Goodwill +
Specific intangibles specific intangibles)
Specific intangibles
Specific intangibles
“Accounting”
financial
statement
Book value
“Market Value”
financial statement
Book value
p.13
002.
SOME KEY PERFORMANCE
INDICATORS
INTERRELATED
PROSPECTIVES
Stakeholder
Satisfaction
Strategies
SUB FACETS
Investor Satisfaction
PERFORMANCE INDICATORS
RATIOS
PROFITABILITY
(Ros, Roa, Roe, Roic, EVA) (Sales, Ebitda,Ebitda margin, Ebit)
BRAND EQUITY/BRAND VALUE
Price Premium, Layer Approach (to control intangible assets value)
DEMAND/PRODUCTION (D/P Ratio)
demand lead time / production lead time
Brand, Product & Service Strategy
Processes
Fulfil Demand
Capabilities
Infrastructure
OVERALL EQUIPMENT EFFECTIVENESS
Stakeholder
Contribution
Customer Contribution
COSTUMER RETANTION/TURNOVER/LOYALTY
p.14
Overall Equipment Effectiveness = Availability x Performance x
Quality
% of existing customers that return to purchase from the company
in a given period;
% of orders / sales turnover which are from existing customer
002.
STRATEGY AND VALUE CREATION IN MBFG
MBFG 2-Y Stock Performance
p.15