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J Im M Y C H O O P L C 2 0 1 5 a N N U a L R E P O R T & F In 2015 ANNUAL REPORT & FINANCIAL STATEMENTS JIMMY CHOO PLC 2015 ANNUAL REPORT & FINANCIAL STATEMENTS A 21ST CENTURY LUXURY ACCESSORIES BRAND WITH SHOES AT ITS HEART, OFFERING AN EMPOWERED SENSE OF LUXURY AND A PLAYFULLY DARING SPIRIT JIMMY CHOO ICONIC POWERFUL BRAND ICONIC 360º COMMUNICATION POWERFUL STRATEGY FUELS BRAND WITH THE BRAND UNIQUE DNA RATED AS “GIFTED” BY L2 LUXURY SHOES SUCCESSFUL NEW COLLECTIONS PRODUCTS LEADING OF THE HIGHEST DESIGN TEAM QUALITY AND DRIVING PRODUCT INNOVATION AUTHORITY SHOES REMAIN AT THE HEART OF THE BUSINESS BUSINESS MODEL WELL INVESTED, SCALED FOR GROWTH CONTINUED STRONG DESIGN, ROLL OUT OF MERCHANDISING, SUCCESSFUL PRODUCTION AND NEW STORE DISTRIBUTION CONCEPT PLATFORM ONGOING EXPANSION OF RETAIL AND WHOLESALE CHANNELS FINANCIAL PERFORMANCE CONTINUED AND CONSISTENT GROWTH AHEAD OF THE MARKET STRONG 2015 WOMEN’S SHOES PERFORMANCE THE MAIN DRIVER OF REVENUE GROWTH EXCELLENT PROGRESS IN MEN’S LIVE THE LIFE YOU DARE CONTENTS STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 13 HIGHLIGHTS 48 BOARD OF DIRECTORS 83 INDEPENDENT AUDITOR’S REPORT 14 AT A GLANCE 52 CORPORATE GOVERNANCE REPORT 85 CONSOLIDATED INCOME STATEMENT 16 CHAIRMAN’S STATEMENT 63 REMUNERATION AND NOMINATIONS COMMITTEE 86 CONSOLIDATED STATEMENT OF OTHER 20 BUSINESS MODEL CHAIRMAN’S STATEMENT COMPREHENSIVE INCOME 26 OUR MARKET 64 REMUNERATION AND NOMINATIONS 87 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 27 STRATEGIC FRAMEWORK COMMITTEE REPORT 88 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 27 LONGER TERM VIABILITY STATEMENT 78 DIRECTORS’ REPORT 89 CONSOLIDATED STATEMENT OF CASH FLOWS 28 STRATEGIC PRIORITIES 90 NOTES TO THE CONSOLIDATED FINANCIAL 30 CHIEF EXECUTIVE’S REVIEW STATEMENTS 34 FINANCIAL REVIEW 120 COMPANY STATEMENT OF OTHER 37 SUSTAINABLE BUSINESS COMPREHENSIVE INCOME 40 OUR PEOPLE 121 COMPANY STATEMENT OF FINANCIAL POSITION 42 RISK MANAGEMENT 122 COMPANY STATEMENT OF CHANGES IN EQUITY 123 NOTES TO THE COMPANY ONLY FINANCIAL STATEMENTS 128 CORPORATE INFORMATION STRATEGIC REPORT HIGHLIGHTS FINANCIAL OPERATIONAL REVENUE (YEAR TO 31 DECEMBER) £317.9M • CONTINUED AND CONSISTENT GROWTH AHEAD OF THE MARKET • STRONG PERFORMANCE, IN PARTICULAR FROM 2015 £317.9M ASIA AND JAPAN 2014 £299.7M • ONGOING EXPANSION OF RETAIL AND 2013 £281.5M WHOLESALE CHANNELS • CONTINUED ROLL OUT OF THE SUCCESSFUL NEW STORE CONCEPT ADJUSTED EBITDA3 (YEAR TO 31 DECEMBER) • MEN’S REMAINS OUR FASTEST GROWING £51.0M CATEGORY • RATED AS “GIFTED” BY L2 • REVENUE +7.2% AT CONSTANT CURRENCY1 TO 2015 £51.0M £317.9M 2014 £50.2M • RETAIL REVENUE GROWTH OF 8.7% AT CONSTANT 2013 £46.9M CURRENCY, GIVING LIKE-FOR-LIKE GROWTH2 OF 1.1% DESPITE THE CHALLENGING COMPETITIVE ENVIRONMENT ADJUSTED EPS6 (YEAR TO 31 DECEMBER) • NET 13 NEW DIRECTLY OPERATED STORES (“DOS”) AND 3 STORES CONVERTED FROM 5.0P FRANCHISE TO DOS • ADJUSTED EBITDA3 GREW TO £51.0M, +1.5% DESPITE MARKET CONDITIONS 2015 5.0P • ADJUSTED EBIT4 OF £33.2M AND ADJUSTED EBT5 2014 6.1P OF £24.5M 2013 5.6P • CONSOLIDATED NET INCOME OF £19.4M VS LOSS OF £10.8M IN 2014 • 96.5% EBITDA CASH CONVERSION8 • CLOSING NET DEBT OF £121.4M 1 Constant currency revenue growth is calculated by applying the exchange rates for the year ended 31 December 2015 to the year ended 31 December 2014 on a month by month basis and by calculating the growth percentage by reference to the total year. 2 Like-for-like sales growth (“LFL”) is calculated by taking retail sales in all locations where trading occurred for a full financial year prior to the start of the period being measured and calculating sales growth for those locations at constant currency. 3 Adjusted EBITDA is defined as operating profit for the year, adjusted for exceptional costs, loss on disposal of property, plant and equipment and intangible assets, depreciation and amortisation charges and realised and unrealised foreign exchange gains and losses on the revaluation of monetary items. 4 Adjusted EBIT is defined as operating profit for the year, adjusted for exceptional costs, share of the result of associates and joint ventures (“JVs”) and realised and unrealised foreign exchange gains and losses on the revaluation of monetary items. 5 Adjusted EBT is defined as profit or loss before tax for the year, adjusted for exceptional costs, interest on the shareholder credit facility, foreign exchange gains and losses on the revaluation of external bank facilities and changes in the fair value of forward foreign exchange contracts used to manage exposure to foreign currency gains and losses arising on the Euro denominated portion of its external bank facilities. 6 Adjusted EPS is calculated as Adjusted Consolidated Net Income7 divided by 377,786,469 shares. 7 Adjusted Consolidated Net Income is defined as profit or loss for the year, adjusted for exceptional costs, deferred tax, interest on the shareholder credit facility, foreign exchange gains and losses on the revaluation of external bank facilities and changes in the fair value of forward foreign exchange contracts used to manage exposure to foreign currency gains and losses arising on the Euro denominated portion of its external bank facilities. 8 Adjusted EBITDA Cash Conversion is defined as Adjusted Operating Cash Flow divided by Adjusted EBITDA. Adjusted Operating Cash Flow is defined as Adjusted EBITDA plus/ minus non-cash charges in respect of share-based payments, realised and unrealised foreign exchange gains and losses on the revaluation of monetary items and working capital. Working capital is defined as the sum of changes in trade and other receivables, inventories, trade and other payables and provisions. JIMMY CHOO PLC ANNUAL REPORT & FINANCIAL STATEMENTS 2015 STRATEGIC REPORT 13 AT A GLANCE • CONTINUED AND CONSISTENT GROWTH AHEAD OF THE MARKET • ONGOING EXPANSION OF RETAIL AND WHOLESALE CHANNELS • CONTINUED ROLL OUT OF THE SUCCESSFUL NEW STORE CONCEPT REVENUE BY CHANNEL RETAIL (YEAR TO 31 DECEMBER) £207.7M 2015 £207.7M 2014 £192.9M 2013 £177.4M WHOLESALE (YEAR TO 31 DECEMBER) TOTAL REVENUE £99.8M (YEAR TO 31 DECEMBER) £317.9M 2015 £99.8M £299.7M 2014 2014 £99.6M 2013 £97.7M OTHER (YEAR TO 31 DECEMBER) £10.4M 2015 £10.4M 2014 £7.2M 2013 £6.4M SHOES CONTINUE TO BE AT NET NEW DOS THE HEART OF THE BUSINESS * 76% 16 * of which three of revenue are conversions from franchise JIMMY CHOO PLC ANNUAL REPORT & FINANCIAL STATEMENTS 2015 STRATEGIC REPORT 14 NEW STORE CONCEPT EXISTING DOS RENOVATION During 2014 Jimmy Choo debuted a New Store Concept, developed Jimmy Choo plans to renovate 10 to 15 existing stores each year with David Collins Studio and inspired by haute couture salons and in the New Store Concept. This renovation programme is weighted fantasy shoe closets. This refreshes the look and feel of our stores, towards the USA and Europe. The initial results are very positive and emphasises our luxury positioning and presents the fashion driven indicate that renovated stores in the New Store Concept outperform products in more space, while retaining the higher product densities existing stores by a noticeable margin. During 2015, we refitted a in the Choo 24:7 collection. The new concept integrates the dual total of 15 stores, with 30% of our portfolio in the new format at gender product portfolio, helping with penetration of the Men’s the year end. collection globally. FLAGSHIP PROGRAMME NEW DOS GROWTH Our planned ten flagship stores are designed to be a more full During 2015 we opened 13 new DOS and converted three franchise expression of the Jimmy Choo brand in key locations. The New Bond stores in Singapore and Malaysia to DOS, taking the total DOS Street, Sloane Street, Beverly Hills and Harbour City Hong Kong portfolio to 141 as at 31 December 2015. flagship stores are already open with flagship stores planned for New York, Milan, Paris, Tokyo, Shanghai and Beijing. The programme is Jimmy Choo continues to plan to open 10 to 15 new stores per year. expected to be completed by the end of 2017. The creation of these This store opening programme is weighted towards China, where flagships will not entail increasing our number of DOS in any city, as we remain underpenetrated relative to many larger luxury peers. it will be achieved by conversion and expansion of space in some This store opening rate allows us to capture the growth potential existing stores and relocation to expanded space in other locations. of the white space while ensuring the quality of execution maintains the Jimmy Choo luxury positioning and brand image. GROWING GLOBAL DISTRIBUTION PLATFORM (REVENUE 2015) AMERICAS DOS 37 FRANCHISE 3 MULTIBRAND 240 EMEA DOS 46 FRANCHISE 24 MULTIBRAND 286 ASIA DOS 29 FRANCHISE 25 MULTIBRAND 40 EMEA JAPAN £129.7M £39.6M JAPAN AMERICAS DOS 29 £106.4M FRANCHISE 2 MULTIBRAND 9 ASIA £42.2M FRANCHISE STORES NEW STORE CONCEPT CONVERTED TO DOS 3 15 We refitted 15 stores Two in Singapore in the year, with around and one in Malaysia 30% of our portfolio in the New Store Concept at the year end JIMMY CHOO PLC ANNUAL REPORT & FINANCIAL STATEMENTS 2015 STRATEGIC REPORT 15 CHAIRMAN’S STATEMENT JIMMY CHOO CONTINUED TO OUTPERFORM THE MARKET AGAINST A CHALLENGING BACKDROP PETER HARF NON-EXECUTIVE CHAIRMAN JIMMY CHOO PLC ANNUAL REPORT & FINANCIAL STATEMENTS 2015 STRATEGIC REPORT 16 2015 was a challenging year for the luxury market, with a slowdown in key markets such as Russia and China, as well as currency-led fluctuations in shopping patterns experienced in Asia and the USA, with the impact also felt in Europe and the UK. Jimmy Choo continued to outperform the market even if total growth softened from 2014. Revenue during the period increased 7.2% at constant currency driven by continued and consistent growth (notably in Asia and Japan), new store openings and the ongoing expansion of the retail and wholesale channels. HISTORY & STRENGTHS Jimmy Choo is a 21st century accessories brand with shoes at its heart, with a focus on glamour, style authority, craftsmanship, luxury positioning and a distinctive iconic brand, now celebrating its 20th anniversary.
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