PRADA(01913)2025-03-04 12:39Financial Performance - Prada Group recorded a net revenue of €5,431.6 million, representing a 17.0% increase compared to 2023 at constant exchange rates[3]. - The group's net income was €838.9 million, a 25.0% increase compared to 2023[3]. - EBIT was €1,279.6 million, accounting for 23.6% of net revenue, an increase of 20.5% from €1,061.7 million (22.5% of net revenue) in 2023[3]. - The total sales net revenue for the year ending December 31, 2024, was €5,310,026 thousand, a 14.9% increase from €4,622,882 thousand in the previous year[20]. - Net income for the year was €843,400 thousand, reflecting a 25.2% increase from €673,392 thousand in the prior year[20]. - The gross profit margin decreased slightly to 79.8% from 80.4%, with gross profit amounting to €4,336,692 thousand, up 14.1% year-over-year[20]. - The adjusted EBIT for the year was €1,279,550 thousand, which is 23.6% of net revenue, up from €1,061,692 thousand or 22.5% in 2023[27]. - The total comprehensive income for the year was €884,231 thousand, up from €648,094 thousand in 2023[25]. - The net revenue for the year ending December 31, 2024, was €838,907,132, an increase from €671,026,021 in 2023, representing a growth of approximately 25%[32]. Retail Sales Performance - Retail sales net revenue increased by 18.0% at constant exchange rates compared to 2023[3]. - Retail sales net revenue for the Prada and Miu Miu brands increased by 4.2% and 93.2% respectively at constant exchange rates[3]. - Significant double-digit growth in retail sales net revenue was observed in Japan (+45.8%), the Middle East (+26.0%), Europe (+17.5%), and the Asia-Pacific region (+13.1%); the Americas recorded a high single-digit growth of +8.9%[3]. - Retail sales net revenue in the Asia-Pacific region increased by 13.1%, with significant improvement in the fourth quarter despite a challenging market[69]. - Retail sales net revenue in Europe rose by 17.5%, supported by local customer and tourist demand[70]. - Retail sales net revenue in the Americas increased by 8.9%, achieving double-digit growth in the second half of the year[71]. - Miu Miu recorded exceptional growth of 93.2% year-on-year, with strong performance across regions and product categories[68]. Store Operations - The group operates 609 directly managed stores globally as of December 31, 2024[4]. - The group opened 38 new stores and closed 35, resulting in a total of 609 directly operated stores by year-end[14]. - The total number of stores as of December 31, 2024, was 609, slightly up from 606 in 2023, with a notable increase in the Asia-Pacific region[30]. - The company reported a total of 215 directly operated stores in the Asia-Pacific region as of December 31, 2024, compared to 196 in 2023, marking an increase of approximately 9.7%[30]. Financial Position and Cash Flow - As of December 31, 2024, the net financial position was positive at €599.6 million[3]. - The group's cash position at year-end was €600 million, after capital expenditures of €460 million[13]. - Cash flow from operating activities amounted to €1,998,769 thousand, an increase from €1,694,951 thousand in the previous year[24]. - The net cash flow from operating activities after interest and taxes was €1,651,617 thousand, compared to €1,155,281 thousand in 2023[24]. - The net financial position as of December 31, 2024, was €599.6 million, a significant improvement from €196.9 million in 2023[82][83]. - Cash and cash equivalents rose significantly to €1,011,563 thousand in 2024, compared to €689,519 thousand in 2023, marking an increase of 46.8%[21]. Capital Expenditures and Investments - Capital expenditures for the year reached €493.3 million, with non-current assets (net value) increasing to €3,260.5 million from €3,007 million in 2023[79]. - Capital expenditures for the period included €415,577 thousand for new acquisitions, with significant investments in retail property renovations and store resets[41]. - The company signed a new €800 million sustainable-linked revolving credit facility on April 17, 2024, to replace an existing €400 million facility[84]. Dividends - The proposed dividend is €0.164 per share[3]. - The board proposed a final dividend of €419,647,136 for the year ending December 31, 2024, translating to €0.164 per share, compared to €350,558,888 or €0.137 per share in 2023[33]. - The company paid dividends of €350,559 thousand to shareholders, an increase from €281,471 thousand in the previous year[24]. - The record date for the proposed final dividend is April 28, 2025[102]. - The dividend payment date is set for May 19, 2025[102]. Assets and Liabilities - Total assets increased to €8,549,959 thousand in 2024, up from €7,615,051 thousand in 2023, representing a growth of 12.3%[21]. - Total liabilities increased to €4,130,529 thousand in 2024, compared to €3,738,242 thousand in 2023, which is an increase of 10.5%[21]. - Current liabilities rose to €1,683,452 thousand in 2024, compared to €1,450,381 thousand in 2023, representing an increase of 16.1%[21]. - The company's equity attributable to owners increased to €4,399,365 thousand in 2024, up from €3,853,795 thousand in 2023, a growth of 14.2%[22]. - Non-current assets totaled €5,990,551 thousand in 2024, up from €5,452,303 thousand in 2023, indicating an increase of 9.8%[21]. - The company's inventory increased to €866,160,000 in 2024 from €782,978,000 in 2023, a rise of about 10.6%, primarily to support sales growth[37]. Impairment and Provisions - The company reported a net impairment loss of €8.6 million on cash-generating units' right-of-use assets as of December 31, 2024[58]. - Other provisions as of December 31, 2024, amounted to €62.2 million, primarily related to contractual obligations to restore leased commercial properties[65]. - The provision for obsolete and slow-moving inventory increased by €18,500,000 in 2024, totaling €128,822,000[37]. - The impairment loss recognized for property, plant, and equipment totaled €16 million for the year, with €3.2 million specifically attributed to identified impairment signs[45]. Strategic Initiatives - The company is advancing its digital transformation plan to enhance technical capabilities across various activities[15]. - The company remains committed to achieving robust, sustainable growth above market levels despite complex industry conditions[89].