Time to take stock also for fashion and luxury companies. At closed markets Luxottica and Moncler presented their accounts relating to the previous year.
Luxottica it closed 2017 with a consolidated turnover of 9,15 billion (+0,8% on 2016), while the operating profit marked a fall of 3,3% to 1,3 billion. Net income increased, reaching 1,03 billion (+22,4%) against a record cash flow generation of 1,028 billion. "Net profits and cash generation exceed one billion euros for the first time in the group's history and the net margin is back above 10%", underlines a note which specifies that the merger with Essilor is subject to approval of the Antitrust Authorities and should be finalized during the first half of 2018.
By virtue of these numbers, the board of directors decided to propose an ordinary dividend of 1,01 euro, up 10% compared to 2017. 2018 is expected to be another year "of growth and important investments for the group". In particular, the expectations are for a turnover growth of 2-4% at constant exchange rates, an increase in the adjusted operating profit and in the adjusted net profit in line with the growth in turnover, with a multiplier respectively equal to 0,8-1,0, 1 times and 2-0,3 times, an adjusted net debt/EBITDA ratio of 0,4-XNUMX times.
For Moncler, 2017 closed with revenues of 1,1 billion euros, up 17% at constant exchange rates and 15% at current exchange rates. “The growth in the fourth quarter was significant, which was 17% at constant exchange rates and 14% at current exchange rates'”, underlines the duvet company.
Adjusted EBITDA settled at 411,6 million, up from 355,1 million in 2016, with a percentage incidence on revenues of 34,5% (34,1% in 2016). “This result is mainly linked to the improvement of the gross margin and to a good control over the selling costs, in particular those related to the management of the retail stores”.
Moncler's net profit amounted to 249,7 million, a figure that represents an increase of 27%. The 2017 tax rate fell to 25,6%, compared to 33% in 2016, mainly due to a reduction in tax rate in Italy and the tax benefits of the Patent Box.
The board of directors will propose a dividend of 0,28 euros, equal to a total of 70,8 million.
