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Q4 2019 Conference call (audio) and transcript
Feb 10, 2020 19:30 ET

[Reprinted from original]

Moncler SpA (OTCPK:MONRF) Q4 2019 Earnings Conference Call February 10, 2020 12:00 PM ET

Company Participants

Paola Durante - IR & Strategic Planning Director

Remo Ruffini - Chairman & CEO

Roberto Eggs - Chief Marketing & Operating Officer

Luciano Santel - Executive Director

Conference Call Participants

Susy Tibaldi - UBS Investment Bank

Oliver Chen - Cowen and Company

Antoine Belge - HSBC

Elena Mariani - Morgan Stanley

Luca Solca - Sanford C. Bernstein & Co.

Marion Boucheron - MainFirst Bank

Paola Carboni - Equita

Louise Singlehurst - Goldman Sachs Group


Good evening. This is the Chorus Call conference operator. Welcome, and thank you for joining the Moncler Full Year 2019 Financial Results Conference Call. [Operator Instructions].

At this time, I would like to turn the conference over to Ms. Paola Durante, Strategic Planning, Intelligence and Investor Relations Director of Moncler. Please go ahead, madam.

Paola Durante

Thank you, and good afternoon, everybody. Thank you for joining today's call on Moncler Fiscal Year 2019 Results. First of all, as usual, let me introduce you to the executive team on today's call. We have here with us, our Chairman and CEO, Mr. Remo Ruffini; Luciano Santel, Chief Corporate and Supply Officer; and Roberto Eggs, Chief Marketing and Operating Officer.

Before starting the presentation, I need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on Moncler's current expectations and projections about future events. By their nature, forward-looking statements are subject to risks, uncertainties and other factors that could cause results to differ even materially from those expressed in or implied by these statements, many of which are beyond the ability of Moncler to control or to estimate. I remind you that press has been invited to participate in this conference in a listen-only mode.

I'll now leave over -- sorry, hand over to our Chairman and CEO, Mr. Remo Ruffini.

Remo Ruffini

Good afternoon. 2019 has been another extraordinary year for Moncler, another year of double-digit growth in all economic and financial indicators. Revenues grew by 15% at current exchange rate, exceeding €1.6 billion, with an EBITDA margin above 35%, while our net cash continued to climb reaching €663 million.

Today, I was ready to talk to you about our many achievements and our plans for the future, but in the last day, we had to face a new and unexpected scenario. That's why during this call, I want, I believe I have to focus on how we are managing the current situation.

First, and more important, let me say that our love and care go to China and to our people in the region. We trust the significant and urgent measures that have been put in place to rightly face the health emergency. Our first concern has been to protect our people. At the same time, we immediately start to act at all levels to protect also our company. Organization should be valued for their capacity to react quickly to changing scenario, even when these are completely out of their control. This, I believe, is one of the most important asset of Moncler.

Since we start our journey, I want Moncler to be based on a solid, long-term vision, while knowing the strategy is to be flexible and to evolve. This is driving our decision. We understand that the current situation will recover eventually at the speed that can be even faster. But today, it is impossible to forecast how long it will last. In Moncler, we have already put in place a clear contingency plan in all divisions. We have started to postpone some cost and investments while focusing only project essential to further consolidate our brand.