Cash flow Moncler Cinnober Boat

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0QII

IT0004965148

Apparel & Accessories

Delayed Cinnober Boat			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-

09-10	MIB slightly below flat, ECB raises all three rates	AN
09-10	Milan stock market cautiously higher, ECB in focus, Technoprobe and Leonardo bought	RE

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Published financial data: MONCLER

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenues	2.05B	2.6B	2.98B	3.11B	3.13B
Total Revenues	2.05B	2.6B	2.98B	3.11B	3.13B
Cost of Goods Sold, Total	479M	615M	683M	682M	686M
Gross Profit	1.57B	1.99B	2.3B	2.43B	2.45B
Selling General & Admin Expenses, Total	984M	1.21B	1.41B	1.51B	1.54B
Stock-Based Compensation (IS)	-	-	-	-	-
Other Operating Expenses, Total	984M	1.21B	1.41B	1.51B	1.54B
Operating Income	583M	775M	894M	916M	906M
Interest Expense, Total	-23.34M	-26.27M	-32.34M	-33.78M	-42.8M
Interest And Investment Income	3.06M	3.54M	11.34M	28.96M	25.81M
Net Interest Expenses	-20.28M	-22.74M	-20.99M	-4.81M	-16.99M
Currency Exchange Gains (Loss)	-1.33M	-4.48M	-2.21M	-1.7M	-9.19M
EBT, Excl. Unusual Items	561M	747M	871M	910M	880M
Merger & Related Restructuring Charges	-3.6M	-	-	-	-
Insurance Settlements	-	-	-	-	7.5M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	558M	747M	871M	910M	887M
Income Tax Expense	164M	141M	259M	270M	261M
Earnings From Continuing Operations	394M	607M	612M	640M	627M
Net Income to Company	394M	607M	612M	640M	627M
Minority Interest	-20K	-9K	29K	-	2K
Net Income - (IS)	394M	607M	612M	640M	627M
Net Income to Common Incl Extra Items	394M	607M	612M	640M	627M
Net Income to Common Excl. Extra Items	394M	607M	612M	640M	627M
Per Share Items
Net EPS - Basic	1.48	2.26	2.27	2.36	2.31
Basic EPS - Continuing Operations	1.48	2.26	2.27	2.36	2.31
Basic Weighted Average Shares Outstanding	266M	269M	270M	271M	271M
Net EPS - Diluted	1.47	2.24	2.26	2.36	2.31
Diluted EPS - Continuing Operations	1.47	2.24	2.26	2.36	2.31
Diluted Weighted Average Shares Outstanding	268M	271M	271M	271M	271M
Normalized Basic EPS	1.32	1.74	2.01	2.1	2.03
Normalized Diluted EPS	1.31	1.72	2.01	2.1	2.03
Dividend Per Share	0.6	1.12	1.15	1.3	1.4
Payout Ratio	30.67	26.53	49.59	48.63	56.37
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	677M	860M	983M	1.01B	994M
EBITA	608M	779M	898M	921M	910M
EBIT	583M	775M	894M	916M	906M
EBITDAR	821M	1.06B	1.23B	1.29B	1.27B
Effective Tax Rate - (Ratio)	29.42	18.82	29.72	29.7	29.36
Total Current Taxes	179M	381M	267M	260M	265M
Total Deferred Taxes	-14.9M	-240M	-8.09M	9.74M	-4.28M
Normalized Net Income	351M	467M	544M	569M	550M
Interest on Long-Term Debt	19.59M	21.94M	28.26M	30.6M	39.98M
Non-Cash Pension Expense	-	27K	163K	-	150K
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Marketing Expenses	142M	172M	208M	221M	219M
Selling and Marketing Expenses	607M	734M	828M	875M	899M
General and Administrative Expenses	234M	284M	331M	352M	365M
Net Rental Expense, Total	144M	195M	247M	283M	277M
Imputed Operating Lease Interest Expense	32.95M	44.97M	72.64M	84.81M	90.85M
Imputed Operating Lease Depreciation	111M	150M	175M	199M	186M
Stock-Based Comp., S&M Exp. (Total)	5.4M	6.2M	6.1M	7.4M	5.3M
Stock-Based Comp., G&A Exp. (Total)	23.2M	30.9M	33.8M	39.6M	28.1M
Stock-Based Comp., Other (Total)	-	-	66K	-	-
Total Stock-Based Compensation	28.6M	37.1M	39.97M	47M	33.4M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Cash And Equivalents	933M	882M	999M	1.19B	1.23B
Short Term Investments	-	-	-	149M	235M
Total Cash And Short Term Investments	933M	882M	999M	1.34B	1.46B
Accounts Receivable, Total	234M	297M	326M	326M	292M
Other Receivables	20.6M	37.16M	35.24M	63.04M	64.27M
Total Receivables	255M	334M	361M	389M	356M
Inventory	264M	378M	453M	470M	539M
Prepaid Expenses	12.12M	16.14M	15.91M	-	-
Other Current Assets, Total	722K	11.35M	78.31M	4.6M	16.1M
Total Current Assets	1.46B	1.62B	1.91B	2.2B	2.37B
Gross Property Plant And Equipment	1.63B	2B	2.22B	2.63B	2.93B
Accumulated Depreciation	-714M	-926M	-1.14B	-1.37B	-1.43B
Net Property Plant And Equipment	913M	1.07B	1.08B	1.25B	1.5B
Long-term Investments	862K	944K	3.45M	4.01M	2.7M
Goodwill	603M	603M	603M	603M	603M
Other Intangibles, Total	1.07B	1.09B	1.1B	1.11B	1.11B
Deferred Tax Assets Long-Term	179M	206M	252M	287M	318M
Other Long-Term Assets, Total	37.05M	46.83M	46.96M	51.24M	56.14M
Total Assets	4.27B	4.64B	4.99B	5.5B	5.96B
Liabilities
Accounts Payable, Total	349M	482M	539M	541M	527M
Accrued Expenses, Total	86.73M	95.82M	116M	114M	107M
Short-term Borrowings	130M	-	15.23M	17.84M	13.05M
Current Portion of Long-Term Debt	33.59M	30.88M	1.51M	-	-
Current Portion of Leases	126M	163M	168M	178M	177M
Current Income Taxes Payable	131M	159M	135M	136M	135M
Unearned Revenue Current, Total	1.6M	2.08M	699K	-	-
Other Current Liabilities	36.96M	30.47M	36.66M	31.78M	20.78M
Total Current Liabilities	895M	964M	1.01B	1.02B	980M
Long-Term Debt	40.05M	44.42M	26.52M	15.27M	6.03M
Long-Term Leases	585M	674M	638M	746M	932M
Unearned Revenue Non Current	163K	117K	103K	-	-
Pension & Other Post Retirement Benefits	12.45M	12.04M	12.14M	11.88M	12.15M
Deferred Tax Liability Non Current	226M	15.19M	63.03M	103M	155M
Other Non Current Liabilities	11.32M	27.26M	27.69M	22.9M	24.26M
Total Liabilities	1.77B	1.74B	1.78B	1.92B	2.11B
Common Stock, Total	54.74M	54.74M	54.93M	54.96M	54.96M
Additional Paid In Capital	745M	745M	745M	745M	745M
Retained Earnings	1.7B	2.07B	2.42B	2.77B	3.09B
Comprehensive Income and Other	3.08M	27.37M	-10.06M	11.42M	-45.38M
Total Common Equity	2.5B	2.9B	3.21B	3.59B	3.85B
Minority Interest	108K	116K	94K	88K	95K
Total Equity	2.5B	2.9B	3.21B	3.59B	3.85B
Total Liabilities And Equity	4.27B	4.64B	4.99B	5.5B	5.96B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	270M	269M	270M	271M	272M
ECS Total Common Shares Outstanding	270M	269M	270M	271M	272M
Book Value / Share	9.27	10.8	11.9	13.25	14.17
Tangible Book Value	825M	1.21B	1.51B	1.88B	2.14B
Tangible Book Value Per Share	3.06	4.51	5.61	6.93	7.87
Total Debt	914M	913M	849M	957M	1.13B
Net Debt	-18.8M	30.52M	-150M	-380M	-333M
Debt Equivalent Oper. Leases	1.15B	1.56B	1.98B	2.27B	2.21B
Minority Interest, Total (Incl. Fin. Div)	108K	116K	94K	88K	95K
Equity Method Investments, Total	862K	944K	3.45M	4.01M	2.7M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	98.69M	135M	142M	162M	194M
Inventories - Work In Process, Total	52.34M	60.71M	54.17M	59.88M	55.13M
Inventories - Finished Goods, Total	342M	424M	520M	559M	623M
Land - (BS)	1.02B	1.3B	1.41B	1.7B	1.92B
Machinery, Total	202M	220M	255M	284M	325M
Full Time Employees	5.29K	6.04K	7.2K	7.35K	7.77K
Part Time Employees	-	-	-	821	762
Accumulated Allowance for Doubtful Accounts (Supple)	13.87M	15.01M	14.76M	15.27M	15.04M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	394M	607M	612M	640M	627M
Depreciation & Amortization - CF	208M	243M	265M	275M	302M
Amortization of Goodwill and Intangible Assets - (CF)	24.93M	4.65M	4.3M	4.39M	4.24M
Depreciation & Amortization, Total	233M	247M	270M	280M	306M
Amortization of Deferred Charges, Total - (CF)	13.31M	17.51M	22.09M	27.15M	30.43M
Stock-Based Compensation (CF)	28.43M	36.92M	39.97M	46.95M	33.36M
Other Operating Activities, Total	38.61M	-174M	5.13M	39.83M	58.33M
Change In Accounts Receivable	24.66M	-88.12M	-47.93M	-3.68M	-4.44M
Change In Inventories	-20.56M	-120M	-72.86M	-13.8M	-70.39M
Change In Accounts Payable	106M	163M	67.28M	-1.17M	-2.75M
Change in Other Net Operating Assets	48.34M	-26.66M	19.65M	-25.07M	-16.95M
Cash from Operations	865M	663M	915M	990M	961M
Capital Expenditure	-132M	-170M	-176M	-195M	-220M
Sale of Property, Plant, and Equipment	7.15M	2.75M	2.36M	8.52M	4.52M
Cash Acquisitions	-497M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-80.75M	-84.44M
Cash from Investing	-621M	-167M	-174M	-267M	-300M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-44.84M	-2.57M	-15.58M	-11.93M	-8.1M
Long-Term Debt Repaid, Total	-179M	-182M	-209M	-212M	-241M
Total Debt Repaid	-224M	-185M	-225M	-224M	-249M
Issuance of Common Stock	-	2.93M	-	-	-
Repurchase of Common Stock	-721K	-48.35M	-	-	-
Common Dividends Paid	-121M	-161M	-303M	-311M	-353M
Common & Preferred Stock Dividends Paid	-121M	-161M	-303M	-311M	-353M
Other Financing Activities, Total	-	-	-68.6M	-	-
Cash from Financing	-345M	-391M	-597M	-535M	-602M
Foreign Exchange Rate Adjustments	-19.49M	-24.69M	-27.63M	2.27M	-19.92M
Net Change in Cash	-121M	79.54M	117M	189M	38.3M
Supplemental Items
Cash Interest Paid	362K	-	-	-	-
Cash Income Tax Paid (Refund)	147M	342M	285M	263M	251M
Levered Free Cash Flow	585M	557M	581M	682M	609M
Unlevered Free Cash Flow	600M	573M	601M	703M	636M
Change In Net Working Capital	-92.52M	43.28M	113M	27.94M	79.99M
Net Debt Issued / Repaid	-224M	-185M	-225M	-224M	-249M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	10.37	10.87	11.6	10.91	9.88
Return on Total Capital	12.66	13.39	14.18	13.31	11.89
Return On Equity %	19.08	22.46	20.01	18.81	16.85
Return on Common Equity	19.08	22.47	20.01	18.81	16.85
Margin Analysis
Gross Profit Margin %	76.58	76.37	77.1	78.05	78.1
SG&A Margin	48.1	46.61	47.15	48.58	49.18
EBITDA Margin %	33.09	33.06	32.95	32.39	31.74
EBITA Margin %	29.7	29.94	30.1	29.62	29.06
EBIT Margin %	28.48	29.76	29.95	29.47	28.92
Income From Continuing Operations Margin %	19.23	23.31	20.5	20.57	20.01
Net Income Margin %	19.23	23.31	20.51	20.57	20.01
Net Avail. For Common Margin %	19.23	23.31	20.51	20.57	20.01
Normalized Net Income Margin	17.14	17.94	18.24	18.29	17.55
Levered Free Cash Flow Margin	28.61	21.38	19.45	21.95	19.46
Unlevered Free Cash Flow Margin	29.33	22.01	20.13	22.63	20.31
Asset Turnover
Asset Turnover	0.58	0.58	0.62	0.59	0.55
Fixed Assets Turnover	2.38	2.62	2.77	2.66	2.28
Receivables Turnover (Average Receivables)	10.02	9.81	9.59	9.54	10.13
Inventory Turnover (Average Inventory)	2.06	1.92	1.65	1.48	1.36
Short Term Liquidity
Current Ratio	1.64	1.68	1.89	2.16	2.42
Quick Ratio	1.33	1.26	1.35	1.7	1.86
Operating Cash Flow to Current Liabilities	0.97	0.69	0.91	0.97	0.98
Days Sales Outstanding (Average Receivables)	36.43	37.22	38.05	38.38	36.04
Days Outstanding Inventory (Average Inventory)	177.58	190.22	221.85	247.6	268.43
Average Days Payable Outstanding	189.57	208.11	245.49	282.51	258.33
Cash Conversion Cycle (Average Days)	24.45	19.33	14.4	3.47	46.14
Long Term Solvency
Total Debt/Equity	36.57	31.45	26.4	26.69	29.31
Total Debt / Total Capital	26.78	23.93	20.89	21.07	22.67
LT Debt/Equity	25	24.76	20.66	21.22	24.38
Long-Term Debt / Total Capital	18.3	18.84	16.35	16.75	18.85
Total Liabilities / Total Assets	41.45	37.44	35.61	34.84	35.4
EBIT / Interest Expense	24.97	29.48	27.64	27.13	21.16
EBITDA / Interest Expense	34.97	38.9	35.98	35.41	28.32
(EBITDA - Capex) / Interest Expense	29.32	32.43	30.52	29.63	23.17
Total Debt / EBITDA	1.12	0.89	0.73	0.8	0.93
Net Debt / EBITDA	-0.02	0.03	-0.13	-0.32	-0.27
Total Debt / (EBITDA - Capex)	1.34	1.07	0.86	0.96	1.14
Net Debt / (EBITDA - Capex)	-0.03	0.04	-0.15	-0.38	-0.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	42.05	27.21	14.65	4.18	0.75
Gross Profit, 1 Yr. Growth %	43.8	26.86	15.74	5.46	0.81
EBITDA, 1 Yr. Growth %	54.19	27.49	13.99	2.14	-1.56
EBITA, 1 Yr. Growth %	62.21	28.97	15.26	2.51	-1.15
EBIT, 1 Yr. Growth %	58.02	33.72	15.4	2.52	-1.14
Earnings From Cont. Operations, 1 Yr. Growth %	31.02	54.16	0.86	4.53	-2.02
Net Income, 1 Yr. Growth %	31.02	54.17	0.86	4.52	-2.02
Normalized Net Income, 1 Yr. Growth %	62.43	34.03	16.51	4.49	-3.31
Diluted EPS Before Extra, 1 Yr. Growth %	24.58	52.38	0.89	4.42	-2.18
Accounts Receivable, 1 Yr. Growth %	34.53	26.58	9.8	0.24	-10.49
Inventory, 1 Yr. Growth %	29.96	43.27	20.03	3.73	14.62
Net Property, Plant and Equip., 1 Yr. Growth %	13.74	17.65	0.74	15.56	19.79
Total Assets, 1 Yr. Growth %	54.83	8.7	7.6	10.27	8.26
Tangible Book Value, 1 Yr. Growth %	-30.58	46.83	24.95	23.9	13.92
Common Equity, 1 Yr. Growth %	53.59	16.13	10.76	11.58	7.34
Cash From Operations, 1 Yr. Growth %	112.9	-23.43	38.08	8.16	-2.93
Capital Expenditures, 1 Yr. Growth %	42.42	28.84	3.87	10.64	12.77
Levered Free Cash Flow, 1 Yr. Growth %	89.95	-4.57	4.31	5.1	-10.69
Unlevered Free Cash Flow, 1 Yr. Growth %	86	-4.16	4.85	5.08	-9.56
Dividend Per Share, 1 Yr. Growth %	33.33	86.67	2.68	13.04	7.69
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	12.12	34.43	20.77	9.29	2.45
Gross Profit, 2 Yr. CAGR %	11.28	35.07	21.18	10.49	3.11
EBITDA, 2 Yr. CAGR %	10.46	39.97	20.7	8.05	0.41
EBITA, 2 Yr. CAGR %	10.4	44.21	21.93	8.7	0.66
EBIT, 2 Yr. CAGR %	8.86	44.92	24.22	8.77	0.67
Earnings From Cont. Operations, 2 Yr. CAGR %	4.75	42.12	24.69	2.67	1.2
Net Income, 2 Yr. CAGR %	4.75	42.13	24.7	2.68	1.2
Normalized Net Income, 2 Yr. CAGR %	9.19	47.07	24.96	10.34	0.52
Diluted EPS Before Extra, 2 Yr. CAGR %	1.75	37.78	23.99	2.64	1.07
Accounts Receivable, 2 Yr. CAGR %	18.12	30.5	17.89	4.91	-5.28
Inventory, 2 Yr. CAGR %	12.32	36.45	31.14	11.58	9.04
Net Property, Plant and Equip., 2 Yr. CAGR %	6.41	15.68	8.87	7.9	17.65
Total Assets, 2 Yr. CAGR %	28.98	29.73	8.15	8.93	9.26
Tangible Book Value, 2 Yr. CAGR %	-2.66	0.96	35.45	24.42	18.81
Common Equity, 2 Yr. CAGR %	38.31	33.56	13.41	11.17	9.44
Cash From Operations, 2 Yr. CAGR %	21.25	27.68	2.82	22.21	2.46
Capital Expenditures, 2 Yr. CAGR %	3.25	35.46	15.68	7.2	11.7
Levered Free Cash Flow, 2 Yr. CAGR %	21.77	34.37	-0.23	10.72	-3.11
Unlevered Free Cash Flow, 2 Yr. CAGR %	21.21	33.27	0.25	10.8	-2.51
Dividend Per Share, 2 Yr. CAGR %	-	57.76	38.44	7.74	10.34
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	12.95	16.94	27.48	14.96	6.36
Gross Profit, 3 Yr. CAGR %	12.52	16.25	28.29	15.7	7.16
EBITDA, 3 Yr. CAGR %	13.29	15.74	30.83	14.27	4.84
EBITA, 3 Yr. CAGR %	13.02	16.05	33.83	15.08	5.31
EBIT, 3 Yr. CAGR %	12.07	16.35	34.32	16.52	5.36
Earnings From Cont. Operations, 3 Yr. CAGR %	5.78	19.15	26.77	17.57	1.08
Net Income, 3 Yr. CAGR %	5.79	19.15	26.77	17.57	1.09
Normalized Net Income, 3 Yr. CAGR %	10.85	16.66	36.08	17.73	5.59
Diluted EPS Before Extra, 3 Yr. CAGR %	3.92	16.41	24.19	17.09	1.01
Accounts Receivable, 3 Yr. CAGR %	14.75	20.87	23.2	11.69	-0.5
Inventory, 3 Yr. CAGR %	15.03	21.81	30.74	21.28	12.59
Net Property, Plant and Equip., 3 Yr. CAGR %	72.81	10.03	10.47	11.05	11.72
Total Assets, 3 Yr. CAGR %	37.95	21.83	21.89	8.85	8.71
Tangible Book Value, 3 Yr. CAGR %	8.61	11.63	8.39	31.48	20.82
Common Equity, 3 Yr. CAGR %	32.73	30.49	25.48	12.8	9.88
Cash From Operations, 3 Yr. CAGR %	22.93	4.03	31.05	4.57	13.18
Capital Expenditures, 3 Yr. CAGR %	12.78	11.16	23.99	13.98	9.02
Levered Free Cash Flow, 3 Yr. CAGR %	24.48	12.12	23.5	5.37	3.07
Unlevered Free Cash Flow, 3 Yr. CAGR %	25.4	11.95	23.03	5.57	3.55
Dividend Per Share, 3 Yr. CAGR %	14.47	-	36.72	29.4	7.72
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	14.49	16.87	16.01	13.82	16.81
Gross Profit, 5 Yr. CAGR %	14.74	16.72	15.91	13.91	17.56
EBITDA, 5 Yr. CAGR %	15.04	17.5	16.13	12.66	17.75
EBITA, 5 Yr. CAGR %	14.91	17.59	16.36	13.05	19.42
EBIT, 5 Yr. CAGR %	14.38	17.84	16.64	13.25	19.69
Earnings From Cont. Operations, 5 Yr. CAGR %	14.92	19.42	12.97	12.26	15.84
Net Income, 5 Yr. CAGR %	14.95	19.43	12.98	12.26	15.85
Normalized Net Income, 5 Yr. CAGR %	13.91	17.37	16.14	14.09	20.55
Diluted EPS Before Extra, 5 Yr. CAGR %	13.51	17.98	11.52	10.69	14.36
Accounts Receivable, 5 Yr. CAGR %	17.44	19.69	16	14.22	10.9
Inventory, 5 Yr. CAGR %	14.17	22.63	21.22	17.61	21.59
Net Property, Plant and Equip., 5 Yr. CAGR %	49.11	50.72	43.65	9.17	13.29
Total Assets, 5 Yr. CAGR %	29.95	27.44	25.16	16.5	16.67
Tangible Book Value, 5 Yr. CAGR %	24.05	19.51	18.64	16.58	12.44
Common Equity, 5 Yr. CAGR %	28.86	25.74	24.63	22.38	18.8
Cash From Operations, 5 Yr. CAGR %	25.54	16.1	14.45	10.95	18.77
Capital Expenditures, 5 Yr. CAGR %	15.8	18.24	13.94	9.56	18.92
Levered Free Cash Flow, 5 Yr. CAGR %	25.23	20.64	13.85	11.56	14.6
Unlevered Free Cash Flow, 5 Yr. CAGR %	25.58	21.21	14.57	11.49	14.54
Dividend Per Share, 5 Yr. CAGR %	27.23	31.95	23.52	-	25.48