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Half-yearly Report on 30 June 201716
Burberry is a British luxury fashion house with international recognition
Parques Reunidos is a leading operator of leisure parks with a global presence
Incubator Investments
Full year 2016/2017 results• 2016/2017 was a year of transition during which Burberry took
strategic actions to maintain the long-term success of its brand.• Revenue stands at GBP 2.8 billion, a drop of 2% in organic
terms but an increase of 10% in reported figures, impacted by foreign exchange rates.
• Adjusted operating profit dropped by 21% in organic terms to GBP 459 million, due to lower wholesale income, particularly in the US and Beauty, and reduced licensing income.
• Net cash as at 31 March 2017 was GBP 809 million, up by GBP 149 million compared to 31 March 2016 as a result of the decrease in investments and the positive impact of the variation in working capital requirements.
Key financial data(in GBP million) 31/03/2017 31/03/2016 31/03/2015
Revenue 2,766 2,515 2,523
Gross margin (%) 70 70 70
Adjusted operating profit 459 418 455
Attributable profit 287 310 336
Market capitalisation 7,559 6,075 7,707
Net debt (net cash) (809) (660) (552)
Outlook for 2017/2018In the current challenging environment, Burberry
continues to undertake strategic actions to protect the brand. The company also intends to pursue its cost reduction programme, the target being GBP 100 million in savings by March 2019. The group has also announced that the cash will be used to invest in growth and improve shareholder return. In April, Burberry sold the licence of its perfumes and cosmetics to the US company Coty.
Half-year results 2017• Revenues grew by 4.0% on a like-for-like basis and by 4.3%
to EUR 254 million on a reported basis.• Reported EBITDA increased by 33% to EUR 7 million
reflecting the strong performance in Spain.• Net income achieved a 45% improvement at
EUR - 59 million following the substantial reduction of interest expenses due to capital structuring post IPO.
• Compared with 30 September 2016, net debt decreased slightly to EUR 536 million due to positive foreign exchange impacts.
Key financial data(in EUR million) 30/06/2017 30/09/2016 30/06/2016
Revenues 254 584 243
EBITDA 7 188 5
Operating profit (66) 91 (61)
Net income (59) 4 (106)
Market capitalisation 1,327 995 1,054
Net debt 536 540 686
Outlook for 2017Parques Reunidos closes its financial year at 30 September.
At the publication of the 2016 annual revenue, the group’s management had communicated its objective of a high single digit growth of its EBITDA.
3.95%Capital held by GBL
GBL data at 30 June 2017
Market value of investment (EUR million) ................................ 327
Voting right (%) ......................... 3.97
Contribution to GBL’s portfolio (%) ................ 1.8
15.2%Capital held by GBL
GBL data at 30 June 2017
Market value of investment (EUR million) ................................ 201
Voting right (%) ........................ 15.2
Contribution to GBL’s portfolio (%) ................ 1.1
Financial communicationTel.: +44 20 3367 [email protected]
Financial communicationJuan BarbollaHead of Investor Relations Tel.: +34 91 526 97 [email protected]
