Après l’actu chargée du mois de juillet, prenons le temps d’analyser les résultats commerciaux et financiers de Mattel dont nous vous avions parlé brièvement il y a quelques semaines (lire notre brève).
Si le bénéfice net plonge au deuxième trimestre 2013 (en comparaison avec la même période en 2012), on observe que la situation est plus complexe et nuancée qu’il n’y paraît.
Les ventes dans le monde croissent de 1% (en dépit d’une baisse en Amérique du Nord de l’ordre de 2%).
Détail des ventes par marques
Filles et garçons
Au deuxième trimestre, les ventes mondiales ont augmenté de 1% par rapport à l’an dernier avec 792 millions de dollars. Barbie s’est effondrée de 12%, mais les autres marques filles ont augmenté de 23% principalement grâce à Monster High®. Les petites voitures Hot Wheels, Matchbox® et Tyco R/C®)ont chuté de 6%.
Les jeux et Radica se sont maintenus par rapport à l’an dernier.
Fisher-Price
Les différentes gammes Fisher-Price ont perdu 3% par rapport à l’an dernier, engendrant tout de même 396,7 millions de dollars.
American Girl
La marque American Girl (qui se passe d’intermédiaires, offrant directement ses produits aux consommateurs) a vendu pour 78,2 millions de dollars, en hausse de 14% par rapport à l’an dernier. Ce résultat est mis sur le compte du succès de Saige (2013 Girl of the Year) et de Caroline (nouveau personnage historique).
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT I | |||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
(In millions, except per share and percentage information) |
2013 | 2012 | Yr / Yr | 2013 | 2012 | Yr / Yr | ||||||||||||||||||||||||||||
$ Amt | % Net Sales | $ Amt | % Net Sales | % Change | $ Amt | % Net Sales | $ Amt | % Net Sales | % Change | |||||||||||||||||||||||||
Net Sales | $ | 1,169.1 | $ | 1,158.7 | 1 | % | $ | 2,164.7 | $ | 2,087.2 | 4 | % | ||||||||||||||||||||||
Cost of sales | 569.1 | 48.7 | % | 564.2 | 48.7 | % | 1 | % | 1,024.6 | 47.3 | % | 1,019.3 | 48.8 | % | 1 | % | ||||||||||||||||||
Gross Profit | 600.0 | 51.3 | % | 594.5 | 51.3 | % | 1 | % | 1,140.1 | 52.7 | % | 1,067.9 | 51.2 | % | 7 | % | ||||||||||||||||||
Advertising and promotion expenses | 113.4 | 9.7 | % | 112.4 | 9.7 | % | 1 | % | 217.9 | 10.1 | % | 210.3 | 10.1 | % | 4 | % | ||||||||||||||||||
Other selling and administrative expenses | 391.8 | 33.5 | % | 350.7 | 30.3 | % | 12 | % | 761.6 | 35.2 | % | 697.4 | 33.4 | % | 9 | % | ||||||||||||||||||
Operating Income | 94.8 | 8.1 | % | 131.4 | 11.3 | % | -28 | % | 160.6 | 7.4 | % | 160.2 | 7.7 | % | 0 | % | ||||||||||||||||||
Interest expense | 18.3 | 1.6 | % | 21.5 | 1.9 | % | -15 | % | 38.6 | 1.8 | % | 42.6 | 2.0 | % | -9 | % | ||||||||||||||||||
Interest (income) | (1.3 | ) | -0.1 | % | (1.9 | ) | -0.2 | % | -34 | % | (2.7 | ) | -0.1 | % | (3.7 | ) | -0.2 | % | -27 | % | ||||||||||||||
Other non-operating (income) expense, net | (0.9 | ) | 0.4 | 1.8 | (0.2 | ) | ||||||||||||||||||||||||||||
Income Before Income Taxes | 78.7 | 6.7 | % | 111.4 | 9.6 | % | -29 | % | 122.9 | 5.7 | % | 121.5 | 5.8 | % | 1 | % | ||||||||||||||||||
Provision for income taxes | 5.4 | 15.2 | 11.0 | 17.5 | ||||||||||||||||||||||||||||||
Net Income | $ | 73.3 | 6.3 | % | $ | 96.2 | 8.3 | % | -24 | % | $ | 111.9 | 5.2 | % | $ | 104.0 | 5.0 | % | 8 | % | ||||||||||||||
Net Income Per Common Share – Basic | $ | 0.21 | $ | 0.28 | $ | 0.32 | $ | 0.30 | ||||||||||||||||||||||||||
Weighted average number of common shares |
346.6 | 341.3 | 345.5 | 340.2 | ||||||||||||||||||||||||||||||
Net Income Per Common Share – Diluted | $ | 0.21 | $ | 0.28 | $ | 0.32 | $ | 0.30 | ||||||||||||||||||||||||||
Weighted average number of common and potential common shares |
350.4 | 345.6 | 349.5 | 344.6 | ||||||||||||||||||||||||||||||
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT II | |||||||||||||||||||||||||||
WORLDWIDE GROSS SALES INFORMATION (Unaudited) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(In millions, except percentage information) |
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Worldwide Gross Sales: |
||||||||||||||||||||||||||||
Mattel Girls & Boys Brands | $ | 792.4 | $ | 781.6 | $ | 1,484.6 | $ | 1,403.9 | ||||||||||||||||||||
% Change |
1 | % | -1 | % | 6 | % | -3 | % | ||||||||||||||||||||
Pos./(Neg.) Impact of Currency (in % pts) | 0 | -6 | 0 | -4 | ||||||||||||||||||||||||
Fisher-Price Brands | 396.7 | 407.3 | 684.0 | 717.4 | ||||||||||||||||||||||||
% Change |
-3 | % | 2 | % | -5 | % | 1 | % | ||||||||||||||||||||
Pos./(Neg.) Impact of Currency (in % pts) | -1 | -3 | -1 | -3 | ||||||||||||||||||||||||
American Girl Brands | 78.2 | 68.7 | 178.6 | 144.7 | ||||||||||||||||||||||||
% Change |
14 | % | 3 | % | 23 | % | 4 | % | ||||||||||||||||||||
Other | 10.8 | 9.1 | 19.4 | 17.9 | ||||||||||||||||||||||||
Gross Sales | $ | 1,278.1 | $ | 1,266.7 | $ | 2,366.6 | $ | 2,283.9 | ||||||||||||||||||||
% Change |
1 | % | 0 | % | 4 | % | -1 | % | ||||||||||||||||||||
Pos./(Neg.) Impact of Currency (in % pts) | 0 | -5 | 0 | -3 | ||||||||||||||||||||||||
Reconciliation of Non-GAAP to GAAP Financial Measure: | ||||||||||||||||||||||||||||
Gross Sales | $ | 1,278.1 | $ | 1,266.7 | $ | 2,366.6 | $ | 2,283.9 | ||||||||||||||||||||
Sales Adjustments | (109.0 | ) | (108.0 | ) | (201.9 | ) | (196.7 | ) | ||||||||||||||||||||
Net Sales | $ | 1,169.1 | $ | 1,158.7 | $ | 2,164.7 | $ | 2,087.2 | ||||||||||||||||||||
% Change |
1 | % | 0 | % | 4 | % | -1 | % | ||||||||||||||||||||
Pos./(Neg.) Impact of Currency (in % pts) | 0 | -4 | 0 | -3 | ||||||||||||||||||||||||
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT III | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
At June 30, | At December 31, | |||||||||
2013 | 2012 (a) | 2012 | ||||||||
(In millions) |
(Unaudited) | |||||||||
Assets | ||||||||||
Cash and equivalents | $ | 823.0 | $ | 372.3 | $ | 1,335.7 | ||||
Accounts receivable, net | 945.7 | 980.4 | 1,226.8 | |||||||
Inventories | 793.6 | 746.7 | 465.1 | |||||||
Prepaid expenses and other current assets | 564.9 | 420.7 | 529.2 | |||||||
Total current assets | 3,127.2 | 2,520.1 | 3,556.8 | |||||||
Property, plant, and equipment, net | 621.2 | 561.3 | 593.2 | |||||||
Other noncurrent assets | 2,448.0 | 2,508.9 | 2,376.8 | |||||||
Total Assets | $ | 6,196.4 | $ | 5,590.3 | $ | 6,526.8 | ||||
Liabilities and Stockholders’ Equity | ||||||||||
Short-term borrowings | $ | 40.7 | $ | 42.3 | $ | 9.8 | ||||
Current portion of long-term debt | 50.0 | 400.0 | 400.0 | |||||||
Accounts payable and accrued liabilities | 921.7 | 788.4 | 1,273.2 | |||||||
Income taxes payable | 26.0 | 16.1 | 33.0 | |||||||
Total current liabilities | 1,038.4 | 1,246.8 | 1,716.0 | |||||||
Long-term debt | 1,600.0 | 1,150.0 | 1,100.0 | |||||||
Other noncurrent liabilities | 636.6 | 602.7 | 643.8 | |||||||
Stockholders’ equity | 2,921.4 | 2,590.8 | 3,067.0 | |||||||
Total Liabilities and Stockholders’ Equity | $ | 6,196.4 | $ | 5,590.3 | $ | 6,526.8 | ||||
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA (Unaudited) | ||||||||
At June 30, | ||||||||
(In millions, except days and percentage information) |
2013 | 2012 | ||||||
Key Balance Sheet Data: |
||||||||
Accounts receivable, net days of sales outstanding (DSO) | 73 | 76 | ||||||
Total debt outstanding | $ | 1,690.7 | $ | 1,592.3 | ||||
Total debt-to-total capital ratio | 36.7 | % | 38.1 | % | ||||
Six Months Ended June 30, | ||||||||
(In millions) |
2013 (b) | 2012 (a) | ||||||
Condensed Cash Flow Data: |
||||||||
Cash flows (used for) operating activities | $ | (286 | ) | $ | (62 | ) | ||
Cash flows (used for) investing activities | (132 | ) | (815 | ) | ||||
Cash flows (used for) financing activities and other | (95 | ) | (120 | ) | ||||
Decrease in cash and equivalents | $ | (513 | ) | $ | (997 | ) | ||
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT I | |||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
(In millions, except per share and percentage information) |
2013 | 2012 | Yr / Yr | 2013 | 2012 | Yr / Yr | ||||||||||||||||||||||||||||
$ Amt | % Net Sales | $ Amt | % Net Sales | % Change | $ Amt | % Net Sales | $ Amt | % Net Sales | % Change | |||||||||||||||||||||||||
Net Sales | $ | 1,169.1 | $ | 1,158.7 | 1 | % | $ | 2,164.7 | $ | 2,087.2 | 4 | % | ||||||||||||||||||||||
Cost of sales | 569.1 | 48.7 | % | 564.2 | 48.7 | % | 1 | % | 1,024.6 | 47.3 | % | 1,019.3 | 48.8 | % | 1 | % | ||||||||||||||||||
Gross Profit | 600.0 | 51.3 | % | 594.5 | 51.3 | % | 1 | % | 1,140.1 | 52.7 | % | 1,067.9 | 51.2 | % | 7 | % | ||||||||||||||||||
Advertising and promotion expenses | 113.4 | 9.7 | % | 112.4 | 9.7 | % | 1 | % | 217.9 | 10.1 | % | 210.3 | 10.1 | % | 4 | % | ||||||||||||||||||
Other selling and administrative expenses | 391.8 | 33.5 | % | 350.7 | 30.3 | % | 12 | % | 761.6 | 35.2 | % | 697.4 | 33.4 | % | 9 | % | ||||||||||||||||||
Operating Income | 94.8 | 8.1 | % | 131.4 | 11.3 | % | -28 | % | 160.6 | 7.4 | % | 160.2 | 7.7 | % | 0 | % | ||||||||||||||||||
Interest expense | 18.3 | 1.6 | % | 21.5 | 1.9 | % | -15 | % | 38.6 | 1.8 | % | 42.6 | 2.0 | % | -9 | % | ||||||||||||||||||
Interest (income) | (1.3 | ) | -0.1 | % | (1.9 | ) | -0.2 | % | -34 | % | (2.7 | ) | -0.1 | % | (3.7 | ) | -0.2 | % | -27 | % | ||||||||||||||
Other non-operating (income) expense, net | (0.9 | ) | 0.4 | 1.8 | (0.2 | ) | ||||||||||||||||||||||||||||
Income Before Income Taxes | 78.7 | 6.7 | % | 111.4 | 9.6 | % | -29 | % | 122.9 | 5.7 | % | 121.5 | 5.8 | % | 1 | % | ||||||||||||||||||
Provision for income taxes | 5.4 | 15.2 | 11.0 | 17.5 | ||||||||||||||||||||||||||||||
Net Income | $ | 73.3 | 6.3 | % | $ | 96.2 | 8.3 | % | -24 | % | $ | 111.9 | 5.2 | % | $ | 104.0 | 5.0 | % | 8 | % | ||||||||||||||
Net Income Per Common Share – Basic | $ | 0.21 | $ | 0.28 | $ | 0.32 | $ | 0.30 | ||||||||||||||||||||||||||
Weighted average number of common shares |
346.6 | 341.3 | 345.5 | 340.2 | ||||||||||||||||||||||||||||||
Net Income Per Common Share – Diluted | $ | 0.21 | $ | 0.28 | $ | 0.32 | $ | 0.30 | ||||||||||||||||||||||||||
Weighted average number of common and potential common shares |
350.4 | 345.6 | 349.5 | 344.6 |