FY23 Financial Results

March 1st 2024

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Disclaimer

FIGURES ARE REPORTED UNDER IAS/IFRS. CERTAIN STATEMENTS MADE IN THIS PRESENTATION ARE FORWARD LOOKING STATEMENT. SUCH STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ARE SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY EXPECTED FUTURE RESULTS IN FORWARD LOOKING STATEMENTS.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN INVITATION TO UNDERWRITE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE OR DISPOSE OF ANY GEOX S.P.A. SHARES. ANY REFERENCE TO PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE.

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Today's presenters

Andrea Maldi

Luca Amadini

CFO

IR Manager

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Agenda

2.Market Update

3.Business Review

4.Financial review

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Executive Summary

Business Overview

Financial Results

FY2023

Current Trading

Guidance

FY2024

AGM

Substantially stable performance in a very complex market environment with gross margin improvement driving increase in EBIT.

NET SALES amount to €719.6 m (-2.2% vs LY or +0.3% Organic c.Fx) mainly affected by strong perimeter reduction; GROSS MARGIN at 50.7% increasing by 320 bps vs FY22;

EBIT raises to €15.6m or 2.2% as % of Net Sales (€4.3m or 0.6% in FY22);

NFP (ante IFRS16) amounts to -€93.1m vs -€49.8m at Dec '22 (Net Bank debt -€90.1m vs -€75.7m at Dec'22 - Fair Value of Hedging instruments -€3m vs €25.9m at Dec'22);

NET WORKING CAPITAL amounts to €116.7m or 16.2% as % of Net Sales (€77.1m or 10.5% at December 22).

DOS (W8) LFL YTD: +9.4% vs 2023

2024 Macroeconomics and market scenario drive our expectations to prudence; FY24E Sales: Flat / FY24E Gross Margin : ( ~ 50 BPS FY)

Shareholders' Meeting called for April 19th, 2024

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Agenda

1.Executive summary

3.Business Review

4.Financial review

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Market and Industry Update

Families' purchasing power decreased over the year, influenced by high inflation and declining family confidence.

2023

Source: ASSOCALZATURIFICI

Source: European Economic Forecast (Feb-24)-EU Commission

High inflation and interest rate environment experienced in recent years deeply influenced families' spending power.

Source: ASSOCALZATURIFICI

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Agenda

1.Executive summary

2.Market Update

4.Financial review

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Net sales and Margins

Impressive last years positive EBIT progression

Net sales are strongly influenced by negative currencyimpact by €18 million.

Almost complete rationalization of the DOS and Franchising network resulted in overperforming gross margin despite a significant perimeter negative effect by approximately €18.7 million.

Gross margin improvement and cost rationalization drive impressive EBIT increase

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B&M Distribution network

Rationalization of the Retail network almost completed significantly contributes to margins improvement

- 62 Net Closures

Footprint at 31 Dec.'23 results smaller by 62 doors in respect to 31 Dec.'22 due to:

  • #60 DOS net closures caused a negative perimeter effect of -€17 million.
  • The positive B&M LFL +3.7% (€5.4m) only partially offsets the negative perimeter effect.
  • New #12 doors opened under Distribution agreements signed mainly in new strategic regions
  • #14 Franchise net closures result in negative €1.7 million perimeter effect

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Geox S.p.A. published this content on 01 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2024 16:57:01 UTC.