2024-07-24 17:49:09 ET
Moncler S.p.A. (MONRF)
H1 2024 Earnings Conference Call
July 24, 2024 1:00 PM ET
Company Participants
Elena Mariani – Strategic Planning and Investor Relations Director
Gino Fisanotti – Chief Brand Officer
Roberto Eggs – Chief Business Strategy and Global Market Officer
Luciano Santel – Chief Corporate and Supply Officer
Conference Call Participants
Edouard Aubin – Morgan Stanley
Erwan Rambourg – HSBC
Oriana Cardani – Intesa Sanpaolo
Melania Grippo – BNP Paribas
Chris Huang – UBS
Luca Solca – Bernstein
Louise Singlehurst – Goldman Sachs
Charles Scotti – Kepler
Piral Dadhania – RBC
Chris Gao – CLSA
Liwei Hou – CICC
Rogerio Fujimori – Stifel
Paola Carboni – Equita SIM
Thomas Chauvet – Citi
Presentation
Operator
Good evening. This is the Chorus Call conference operator. Welcome and thank you for joining the Moncler First Half 2024 Financial Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
At this time, I would like to turn the conference over to Ms. Elena Mariani, Strategic Planning and Investor Relations Director of Moncler. Please go ahead, madam.
Elena Mariani
Good evening everybody and thank you for joining our call today on Moncler Group's first half 2024 financial results. As usual, let me introduce you to the speakers of today's call. Besides myself, you have Gino Fisanotti, Moncler Chief Brand Officer; Roberto Eggs, Chief Business Strategy and Global Market Officer; and Luciano Santel, Chief Corporate and Supply Officer.
Before starting, I need to remind you that this presentation may contain certain statements that are neither reported financial results, nor other historical information. Any forward-looking statements are based on Group current expectations and projections about future events. By their nature, forward-looking statements are subject to risks, uncertainties and other factors that could cause results to differ even materially from those expressed in or implied by these statements, many of which are beyond the ability of the Group to control or estimate. Let me also highlight that given the nature of our business, interim results can be influenced by seasonal effects and therefore cannot be taken as a proxy for full year trends or results. Finally, I remind you that the press has been invited to participate to this conference in a listen-only mode.
So before handing it over to Gino, let me just present the key highlights of today's results on Page 4. Group revenues in the first half of the year were up 11% at constant effects, with the Moncler brand for the first time exceeding the €1 billion revenue mark in the first half of the year, up 15%, and Stone Island down 5% at €189 million. The group also reached a notable H1 operating profit exceeding €250 million with an EBIT margin of 21% compared to 19.2% last year. Net income was €181 million and our net cash position at the end of June was very healthy at €846 million compared to €471 million in June 2023.
Let me now hand it over to Gino for the key highlights of the Moncler brand. Gino, over to you.
Gino Fisanotti
Thank you, Elena. Good afternoon to everyone. Again, a few things from my end, I think on the back of a very strong Q1 in terms of executions and brand momentum for us. In Q2, first of all, we have the opportunity to really create an interaction between Moncler and art, creativity and design. This was the first time for the brand to be present during Milan Design Week. And again, we were by design and lucky enough to have the Venice Biennale and Design Week happening at the same time. So we strategically took the decision to take over one of the most iconic landmarks of the city, which is the Stazione Centrale, the train station, the main central station. And by doing that, we were able to transform that space into an exhibit space that, as we discussed before, was all about art, creativity and design....
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Moncler S.p.A. (MONRF) H1 2024 Earnings Call Transcript