[PDF] Dr. Martens plc FY21 results presentation





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Dr. Martens plc FY21 results presentation

17 giu 2021 INTRODUCTION TO DR. MARTENS. Iconic brand and iconic product. Broad appeal. Consumers love their Docs. Direct to consumer led model.



DR. MARTENS PLC ANNUAL REPORT 2022

31 mag 2022 The first boot was born on 1 April 1960 in Wollaston England



Prospectus - Dr. Martens plc

29 gen 2021 attached prospectus (the "Prospectus") relating to Dr. Martens plc (the "Company") dated 29 January 2021 accessed from this page or.



Dr. Martens plc Annual Report 2021

27 lug 2021 Annual Report 2021 Dr. Martens plc. WHAT WE DO. Dr. Martens is an iconic global brand and one of the most recognised footwear brands in the ...



Dr. Martens plc Sustainability Report

Creating a fairer and more sustainable world is a challenge. But if there's one thing. Dr. Martens is good at it's being brave and standing up for what.



FY22 results presentation

1 giu 2022 Dr. Martens brand is stronger than ever. Confident in year ahead and continued delivery of strategy. Page 4. Page 5. AGENDA.



FIRST HALF RESULTS FY22

9 dic 2021 THIS IS WHERE DR. MARTENS IS HEADING. THIS IS WHAT WE'RE WORKING TOWARDS ... Barnes@drmartens.com. Mobile: +44 7825 187465. Sunena Dhuna.



AND TRANSPARENCY IN THE SUPPLY CHAIN STATEMENT

This statement covers Dr. Martens plc and other group companies and is made pursuant to section 54 of the Modern Slavery Act 2015 and California Transparency in 



Dr. Martens plc FY21 results statement

17 giu 2021 Dr. Martens is an iconic British brand founded in 1960 in Northamptonshire. Originally produced for workers looking.



Dr. Martens Modern Slavery and transparency in the supply chain

This statement covers Dr. Martens Airwair Group Ltd. and other group companies. This statement is made pursuant to Section 54 of the Modern Slavery Act 2015 and 



What is Dr Martens?

What is Dr. Martens? Docs will forever remain the coolest thing in your closet—even after you've worn them down to their soles. Dr. Martens, commonly d? "Doc Martens" or "Docs," may initially evoke images of 6-inch goth-looking combat boots, but its beginnings are a little more humble.

How versatile is Dr Martens 2976?

The outer sole and heel area, usually wooden on most boots, has the signature Dr. Martens rubber with grooved sides that looks sleek. How Versatile is Dr. Martens 2976? These boots are very versatile. You can wear and pair them with just about anything, which is why I got them.

Are Dr Martens good boots?

– Review Dr. Martens boots are the most common boots I’ve seen worn. You can spot a person wearing docs by the heel tag or famous yellow stitching on the soles. There has been this hype over them for years that I never quite understood. A few months ago, I needed a comfortable pair of versatile boots, one I can easily slip on and slip off.

Does Dr Martens kick against the norm?

Whatever you call them (Doc Martens, Docs, DMs), one thing’s for certain: Dr. Martens kicks against the norm.

17THJUNE 2021

FULL YEAR RESULTS FY21

Introduction ʹKenny Wilson, CEO

AGENDA

Financials ʹJon Mortimore, CFO

Review of the year ʹKenny Wilson, CEO

BRAND CUSTODIAN MINDSET DELIVERING STRONG RESULTS

3

INTRODUCTION TO DR. MARTENS

Iconic brand and iconic

product

Broad appeal

Consumers love their Docs

Direct to consumer led model,

driven by ecommerce and supported by stores as profitable brand beacons

Track record of sustainable

and profitable growth

Significant headroom for

global growth 5

AGENDA

Financials ʹJon Mortimore, CFO

Review of the year ʹKenny Wilson, CEO

Introduction ʹKenny Wilson, CEO

FINANCIAL OVERVIEW: YEAR ENDED 31 MARCH 2021

7

GROUP PERFORMANCE SUMMARY

% change (£M)FY21FY20ActualConstant currency

Pairs (m)12.711.114%14%

Revenue773.0672.215%16%

Gross Margin470.5401.517%18%

OPEX(243.4)(217.0)(12%)(13%)

-PLC costs(2.9)---

EBITDA1224.2184.522%22%

Gross Margin %60.9%59.7%+1.2 pts

EBITDA Margin %29.0%27.4%+1.6 pts

Adjusted PBT1151.4113.034%

Continued volume-led

growth

Margin expansion largely via

accelerated supply chain efficiencies 8

1 Before exceptionalsof £80.5m related to IPO

REVENUE PERFORMANCE BY CHANNEL

(£M)FY21FY20% change

Ecommerce235.4136.473%

Retail99.7165.2(40%)

DTC335.1301.611%

Wholesale*437.9370.618%

Total773.0672.215%

DTC mix43%45%(2 pts)

Ecommerce mix30%20%+10 pts

Own stores135122+13

Wholesale accounts*1,8271,910(83)

Very strong ecommerce

Retail decline due to Covid-

19 restrictions

Quality wholesale growth

and continued to focus on brand enhancing and larger accounts * Including distributors9

REVENUE BRIDGE

Volume represents 95% of

revenue growth

Price increase

c. 2.5%

DTC 45%

Wholesale

55%

DTC 43%

Wholesale

57%

Incremental pairs on

FY20 revenue / pair

Pairs (m)

DTC mix

11.1

45%1.6(2%)

12.7 43%
£m 10

GROSS MARGIN BRIDGE

Gross margin up 1.2%pts

Mainly supply chain

efficiencies

Price funds COGS

inflation 401.5
470.5

59.7% -+1.1 (0.3) (0.8) +1.0 +0.2 60.9%

Incremental pairs on

FY20 revenue / pair

Inflation c. 2.2%

£m 11

SUPPLY CHAIN EFFICIENCIES

FY21FY20

Gross savings (£m)4017

% Revenue5.2%2.6% Supply chain efficiency target achieved a lot earlier than anticipated: mainly due to cross cost comparison between factories, and duty optimisation from country of origin Raw material cost headwinds from SS22 and increasing freight/container costs broadly funded by incremental future savings 12

EMEA PERFORMANCE

(£M)FY21FY20% change

Revenue335.6287.917%

EBITDA115.392.425%

EBITDA Margin34.4%32.1%+2.3 pts

Own stores6862+6

Very strong ecommerce, with

retail negative

Opened 9 stores and closed 3

Wholesale* accounts increase,

by 82 accounts to 1,044, due to Nordics conversion

First full year of direct

operations in Germany * Including distributors13

GERMANY CASE STUDY

RATIONALE

Directly control the brand

Implement DOCS strategy

Broaden assortment and range

Own in-market margin

PERFORMANCE

Year of conversion: FY20 (from AW19)

Closed c.200 accounts out of c.500 in first

year

Since added c.50 Amp accounts

Fusion increased to 30% mix

Opened 10 stores

Germany now second-largest market in

EMEA

Revenue by product category

14

FY19FY20FY21

OriginalsFusionOther

Germany

revenue +88% 71%
67%
63%
30%
23%
18%

Germany

revenue +56% Stores3 6 10

AMERICAS PERFORMANCE

(£M)FY21FY20% change

Revenue295.8252.217%

EBITDA91.975.422%

EBITDA Margin31.1%29.9%+1.2 pts

Own stores3429+5

USA least impacted by

Covid-19 restrictions

Very strong ecommerce,

with retail negative

Opened 6 stores and

closed 1

Focus on larger and Amp

wholesale accounts; closed 158 accounts to take total wholesale* accounts to 694 * Including distributors15

APAC PERFORMANCE

(£M)FY21FY20% change

Revenue141.6132.17%

EBITDA39.735.512%

EBITDA Margin28.0%26.9%+1.1 pts

Own stores3331+2

Own concessions4952(3)

Franchise stores:

-China8550+35 -Japan3233(1) -Other6156+5

Largest market is Japan; this

was most impacted by Covid-

19 restrictions

Mainly retail: own stores

and franchise stores

Second-largest market is

China: revenue growth of 46%

Opened net 35 franchise

stores to 85

Continue to build

infrastructure to support long-term ambitions 16

EARNINGS

(£M)FY21FY20% change

EBITDA3224.2184.522%

Depreciation & amortisation1(35.0)(29.5)(19%)

FX gains/ (losses)3.8(0.5)N/A

Operating profit3193.0154.525%

Finance expense ʹPrefs(28.5)(31.5)10%

ʹOther2(13.1)(10.0)(31%)

Profit before tax3151.4113.034%

Exceptional Items(80.5)(12.0)N/A

Tax expense(35.2)(26.2)N/A

Profit after tax35.774.8(52%)

Diluted EPS -Basic (p)3.67.5(52%)

-Adjusted3(p)11.68.635% -Normalised4Adj.3(p)14.511.823%

1 Including depreciation of ROU assets

2Including interest on bank debt,

amortisation of loan issue costs and interest on leases

3Excluding exceptionals

4Excluding legacy funding costs of preference

shares

PBT grew 34%

Exceptionalsall IPO related

Cash cost of £27m,

compared to guidance of

£30m-£35m

Tax expense 49.6%, mainly non-

deductabilityof preference shares and exceptionals

Underlying tax 2%pts

higher than UK rate 17

OPERATING CASH FLOW AND CAPEX

(£M)FY21FY20

EBITDA1224.2184.5

Change in working capital28.5(20.6)

Capex(18.6)(21.9)

Operating cash flow1234.1142.0

% conversion104%77%

Capex breakdown (£M)FY21FY20

Stores7.76.8

IT7.99.2

Other3.05.9

Total Capex18.621.9

% revenue2.4%3.3%

Very good cash conversion

Timing of inventory

purchases and payment normalisation post

Covid-19

Focus on trade debtor

collection

Capex low due to project

deferrals

Will return to 3.0% to

3.5% of revenue

181Excluding exceptionals

CASH FLOW BRIDGE

In line with guidance

IPO funds flow

£m

New financing300

Repay ʹbank debt(93)

ʹpreference shares (341)

Exceptionals(27)

Own resources161

Net gearing11.2x

denominated), with £200m working capital facility

Five year bullet, net gearing

covenant

Interest cost 2.75%2

Wholesale

55%

Wholesale

57%
£m 19

1Including IFRS16 leases

2 Variable on EUROBOR plus amortisation of fees of £1.2m p.a.

GUIDANCE

H1 FY22

Increase in operating costs

including c.£5m of discretionary spend which was deferred through FY21

Annualisationof Plc and LTIP

costs, c.£5m cost headwind in H1

Cash outflow of c.£100m due

to normal seasonal timing of inventory flowquotesdbs_dbs12.pdfusesText_18
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