2015 first half results 30 july 2015 -...

2015 First Half Results

30 July 2015

DISCLAIMER

This presentation has been prepared by YOOX S.p.A. for information purposes only and for use in presentations of the Group’s results and strategies. For further details on the YOOX Group, reference should be made to publicly available information. Statements contained in this presentation, particularly regarding any possible or assumed future performance of the Group, are or may be forward-looking statements based on YOOX S.p.A.’s current expectations and projections about future events, and in this respect may involve some risks and uncertainties. Actual future results for any quarter or annual period may therefore differ materially from those expressed in or implied by these statements due to a number of different factors, many of which are beyond the ability of YOOX S.p.A. to control or estimate precisely, including, but not limited to, the Group’s ability to manage the effects of uncertain current global economic conditions on the business and to predict future economic conditions, the Group’s ability to achieve and manage growth, the degree to which YOOX S.p.A. enters into, maintains and develops commercial and partnership agreements, the Group’s ability to successfully identify, develop and retain key employees, manage and maintain key customer relationships and maintain key supply sources, unfavourable development affecting consumer spending, the rate of growth of the Internet and online commerce, competition, fluctuations in exchange rates, any failure of information technology, inventory and other asset risk, credit risk on the Group’s accounts, regulatory developments and changes in tax laws. YOOX S.p.A. does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Any reference to past performance of the YOOX Group shall not be taken as an indication of future performance. This document does not constitute an offer or invitation to purchase or subscribe to any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By attending the presentation you agree to be bound by the foregoing terms.

AGENDA

YOOX GROUP FIRST HALF 2015 RESULTS

– RESULTS HIGHLIGHTS AND LATEST BUSINESS DEVELOPMENTS – FINANCIAL ANALYSIS

UPDATE ON INTEGRATION AND MERGER PROCESS

Q&A

FIRST HALF ENDED 30 JUNE 2015 - RESULTS HIGHLIGHTS

1.Retail value of sales of all the mono-brand online stores, including the JV online store sales to final customers, net of returns and customer discounts. Set-up, design and maintenance fees for the mono-brand online stores, accounted for within “Not Country Related”, are excluded

2.Adjusted Net Income calculated by adding back to Net Income the costs associated with share-based incentive plans and the non-recurring items related to the merger with The Net-A-Porter Group in each period, net of their related tax effect. Non-recurring items mainly include legal, fiscal, accounting, valuation and strategic advisory consulting fees as well as general administrative costs related to the transaction

Note: Figures as absolute values and in percentages are calculated using precise financial data. Some of the differences found in this presentation are due to rounding of the values expressed in millions of Euro

Group’s Net Revenues at €285m, up 20% (+15% at constant FX) compared

with €238m in 1H 2014

− Acceleration in revenue growth in 2Q 2015 (+23%) driven by both

business lines, Europe and Asia Pacific and supported by FX tailwinds

− Strong performance of both business lines: Multi-brand Net Revenues

up 19%; Mono-brand net revenues up 21% and GMV1 up 30%

EBITDA Excluding Incentive Plan Costs at €19.2m, with a margin of 6.7%

(vs. 7.9% in 1H 2014) reflecting anticipated greater marketing investments

to support increased buying for yoox.com and higher corporate costs

Adjusted Net Income2 excluding non-recurring items related to the merger

and incentive plan costs at €4.4m (vs. €3.2m in 1H 2014)

Net Debt at €8.5m as at June 2015 (vs. Net Cash of €31.0m as at

December 2014)

LATEST BUSINESS DEVELOPMENTS

YOOX.COM

New Travel area launched worldwide to complement YOOX’s lifestyle DNA with dedicated editorial content and shopping ideas around travel: an edited

assortment of yoox.com’s off-season fashion and in-season travel essentials that

customers can navigate by destination

Diversified marketing mix across different customer touchpoints

– TV ad in Italy (June) and, for the first time ever, also in the US (July) where

over the first week app downloads increased by 335%1

– Digital billboard in Milan to coincide with EXPO

– Innovative collaboration with Facebook for customised product

recommendations across devices and news feeds based on user’s browsing

and shopping behaviour

– Further enrichment of brand portfolio (Proenza Schouler, Giambattista Valli

and many more)

Hit the 1 million mark of app downloads

THECORNER.COM AND SHOESCRIBE.COM

Further enhancement of brand assortment:

– Alexander McQueen, Chloé and Versace on thecorner.com

– Alexander McQueen, Isabel Marant and Nicholas Kirkwood on shoescribe.com

1.Relates to the first week of the TV ad compared to the week before airing

LATEST BUSINESS DEVELOPMENTS

MONO-BRAND

Partnership with Y-3 (Adidas fashion line) renewed for a further 5 years until 2020

Redvalentino.com extended to China in July 2015

PLATFORM INNOVATIONS

Development of new internally engineered automated equipment to photograph

skirts and trousers

Cross channel roll-out ongoing: Buy On Call and Click For Fashion Advice

features added to the suite of services offered

Ship From Store & Same-Day Delivery

Integrated Loyalty Program

Database Integration

Cross-Channel Gift Card

Click & Collect or Reserve

Return In Store

Click From Store

Click & Exchange

Buy On Call Click For Fashion Advice

Book a Tailoring Appointment

Check In-Store Availability Online

Augmented Visual Merchandising

Multi-Channel Delivery

Personalised interactions

across channels

Consistent experience

across channels

Luxury Value Added

Services

Flexible Fulfillment and Return

Options

AGENDA




Q&A

KEY PERFORMANCE INDICATORS1

Monthly Unique Visitors (m)2 # Orders (‘000) - Group

Active Customers3 (‘000) - Group4

1.Key performance indicators do not include the Joint Venture with Kering 2.Source: SiteCatalyst for yoox.com; Google Analytics for thecorner.com, shoescribe.com and the mono-brand online stores “Powered by YOOX Group” 3.Active Customer is defined as a customer who placed at least one order in the 12 preceding months 4.Includes Active Customers of the mono-brand online flagship stores “Powered by YOOX Group”

1,165

1,344

Average Order Value (€) - Group

7.5 8.7

6.5 9.0

14.0

17.7

Multi-brand Mono-brand excluding JV with Kering

2Q 2015 2Q 2014 1H 2015 1H 2014

1H 2015 1H 2014 LTM JUN 2014 LTM JUN 2015

2Q 2015 2Q 2014 1H 2015 1H 2014

1,542 1,841

700 857

200 204

209 210

2Q 2015 2Q 2014

7.0 8.5

6.2 8.0

13.2

16.5 +25.9%

+36.8%

+16.3%

+24.9%

+28.6%

+21.6%

+19.4% +22.4%

+1.6% +0.8% +15.3%

NET REVENUE REVIEW BY BUSINESS LINE

1.Retail value of sales of all the mono-brand online flagship stores, net of returns and customer discounts. Set-up, design and maintenance fees for the mono-brand online flagship stores, accounted for within “Not country related”, are excluded

Net Revenue Performance and Breakdown

Mono-brand Gross Merchandise Value1 Growth

€173.9m €206.8m

€64.1m €77.8m

€284.6m

€238.0m

@constant FX @current FX Group Growth +14.8%

+21.3% +8.5% +29.8%

Mono-brandNet Revenue Growth

Impact of differentbooking for the

JV online store sales

Mono-brand GrossMerchandise Growth

1H 2015 vs. 1H 2014

1H 2014 1H 2015

+21.3%

+18.9%

+19.6%

73.1%

26.9%

72.7%

27.3%

€82.8m €101.6m

€28.7m €35.7m

€137.3m

€111.5m

@constant FX @current FX

+16.3%

2Q 2014 2Q 2015

+24.6%

+22.7%

+23.2%

Multi-brand

Mono-brand

Group Growth

74.3%

25.7%

74.0%

26.0%

+24.6% +8.0% +32.6%

Mono-brandNet Revenue Growth

Impact of differentbooking for the

JV online store sales

Mono-brand GrossMerchandise Growth

2Q 2015 vs. 2Q 2014

NET REVENUE REVIEW BY GEOGRAPHY

Net Revenue Performance

Net Revenue Breakdown

1.Not Country Related

6.2% 7.4%

15.9%

43.8%

25.4%

1.3%

21.1%

16.3% 7.7%

5.1%

47.8%

2.1%

1H 2014 1H 2015 2Q 2014 2Q 2015

24.8%

15.4% 7.0%

7.1%

44.7%

1.0% 6.9%

4.9%

16.8%

46.2%

22.6%

2.5%

Italy Rest of Europe North America RoW Japan NCR1

(€m)

Italy 38.7 43.9 13.4% 18.7 21.8 16.2%

Rest of Europe 113.7 127.2 11.9% 16.7% 51.5 60.2 16.8% 18.1%

North America 50.1 70.5 40.6% 15.1% 25.2 34.9 38.2% 12.6%

Japan 18.4 19.9 8.0% 3.2% 7.7 8.5 10.9% 6.4%

Other Countries 12.1 20.2 67.0% 42.2% 5.5 10.2 85.1% 56.5%

Not Country Related 5.0 2.9 (41.6%) 2.8 1.8 (36.6%)

Group Net Revenues 238.0 284.6 19.6% 14.8% 111.5 137.3 23.2% 16.3%

1H 2014 1H 2015 % Growth % Growth Constant FX 2Q 2014 2Q 2015 % Growth % Growth

Constant FX

(€m)

Net Revenues 238.0 284.6 111.5 137.3growth 14.7% 19.6% 14.9% 23.2%

COGS (151.8) (179.3) (67.7) (83.3)Gross Profit 86.2 105.3 43.8 54.0

% of Net Revenues 36.2% 37.0% 39.3% 39.3%Fulfillment (21.9) (26.3) (10.8) (13.1)

% of Net Revenues 9.2% 9.2% 9.7% 9.5%Sales & Marketing (26.1) (34.6) (12.5) (17.0)

% of Net Revenues 10.9% 12.1% 11.2% 12.4%General & Administrative (18.8) (23.7) (9.7) (12.5)

% of Net Revenues 7.9% 8.3% 8.7% 9.1%Other Income / (Expenses) (1.6) (2.5) (1.0) (1.4)

EBITDA 17.9 18.2 9.8 10.1% of Net Revenues 7.5% 6.4% 8.8% 7.3%

EBITDA Excluding Incentive Plan Costs 18.7 19.2 9.7 10.1% of Net Revenues 7.9% 6.7% 8.7% 7.3%

Depreciation & Amortisation (11.7) (14.6) (5.9) (7.4)% of Net Revenues 4.9% 5.1% 5.3% 5.4%

Non-recurring Items - (5.2) - (3.6)Operating Profit 6.2 (1.7) 3.9 (1.0)

% of Net Revenues 2.6% (0.6%) 3.5% (0.7%)Income / (Loss) From Investment In Associates (0.5) 0.1 (0.3) 0.0Net Financial Income / (Expenses) (1.3) 1.1 (0.6) (1.5)

Profit Before Tax 4.4 (0.5) 3.0 (2.4)% of Net Revenues 1.9% (0.2%) 2.6% (1.8%)

Taxes (1.9) 0.6 (1.3) 1.4Net Income 2.6 0.1 1.6 (1.1)

% of Net Revenues 1.1% 0.0% 1.5% (0.8%)

Adjusted Net Income 3.2 4.4 1.6 1.4% of Net Revenues 1.3% 1.5% 1.4% 1.0%

YOOX GROUP PROFIT & LOSS YOOX GROUP PROFIT & LOSS

2Q 2014 2Q 2015 1H 2014 1H 2015

Note: Depreciation & Amortisation included in Fulfillment, Sales & Marketing, General & Administrative have been reclassified and grouped under Depreciation & Amortisation EBITDA Excluding Incentive Plan Costs calculated by adding back to EBITDA the costs associated with incentive plans in each period

Adjusted Net Income calculated by adding back to Net Income the costs associated with share-based incentive plans and the non-recurring items related to the merger with The Net-A-Porter Group in each period, net of their related tax effect. Non-recurring items mainly include legal, fiscal, accounting, valuation and strategic advisory consulting fees as well as general administrative costs related to the transaction

EBITDA EXCLUDING INCENTIVE PLAN COSTS REVIEW BY BUSINESS LINE

% of Group Net Revenues

% of Mono-brand Net Revenues

€25.5m €29.1m

€14.4m €16.8m

1H2014 1H2015 GAP 2Q 2014 2Q 2015

€(19.6)m

€(25.2)m

€(10.7)m €(13.9)m

1H2014 1H2015 GAP 2Q 2014 2Q 2015

€12.9m €15.3m

€5.9m €7.2m

1H2014 1H2015 GAP 2Q 2014 2Q 2015

Total Group

Multi-brand EBITDA Pre Corporate Costs Corporate Costs Mono-brand EBITDA

Pre Corporate Costs

€9.7m €10.1m €18.7m

€19.2m

% of Net Revenues 7.9% 6.7% 8.7% 7.3%

Note: Multi-brand and Mono-brand EBITDA Pre Corporate Costs include all costs directly associated with the business line, including COGS, Fulfillment, Sales & Marketing (all net of D&A); Corporate Costs include General & Administrative costs (net of D&A) and Other Income / (Expenses)

% of Multi-brand Net Revenues

16.5% 14.7% 14.1% 17.4% 20.1% 20.0% 19.6% 20.7% 10.1% 8.3% 8.9% 9.6%

2Q 2014 2Q 2015 1H 2014 1H 2015

1H 2014

1H 2015

2Q 2014

2Q 2015

1H 2014

1H 2015

2Q 2014

2Q 2015

1H 2014

1H 2015

2Q 2014

2Q 2015

€10.1m

€(7.4)m

€(3.6)m €(1.0)m €(1.5)m

€1.4m €(1.1)m

€2.5m €1.4m

ReportedEBITDA

D&A Non-recurring Items EBIT Net FinancialIncome /

(Expenses)

Taxes ReportedNet Income

Non-recurring Itemsnet of related tax

effect

AdjustedNet Income

2Q 2014

2Q 2015

% of Net Revenues 7.3% nm 1.0%

% of Net Revenues 8.7% 8.8 % 1.5% 3.5%

Refer to the 2Q share of extraordinary costs related to the merger with THE

NET-A-PORTER GROUP

€9.7m €0.1m €9.8m

€(5.9)m €3.9m

€(0.3)m €(0.6)m €(1.3)m

€1.6m €0.1m €1.6m

EBITDA Excl.Incentive Plan

Costs

Incentive PlanCosts

ReportedEBITDA

D&A EBIT Income / (Loss)From

Associates

Net FinancialIncome /

(Expenses)

Taxes ReportedNet Income

Incentive PlanCosts net of

related tax effect

Adjusted NetIncome

nm

1.4%

No Incentive Plan Costs in 2Q 2015

FROM EBITDA TO NET INCOME

YOOX GROUP CASH FLOW STATEMENT AND NET FINANCIAL POSITION EVOLUTION

Net Financial Position Evolution

€31.0m

€19.2m €1.2m

€(2.7)m

€(25.3)m

€(25.5)m €(3.0)m €(3.6)m €0.2m

€(8.5)m Dec 2014Net Cash

EBITDAExcl. Incentive

Plan Costs


(Expenses)& Associates

Taxes Change inNet Working

Capital

CapitalExpenditure

Other Non-recurringItems(M&A)

Proceeds fromStock Option

Exercise

Jun 2015Net Debt

1

1.Mainly refers to deferred tax assets, exchange rate impact resulting from the consolidation of foreign subsidiaries and fair value of derivative contracts

Cash Flow Statement

2Q 2015 2Q 2014 1H 2015 1H 2014

1

(€m)

EBITDA Excluding Incentive Plan Costs 18.7 19.2 9.7 10.1

Net Financial Income / (Expenses) & Associates (1.8) 1.2 (0.9) (1.5)

Taxes (1.9) (2.7) (1.3) (1.3)

Change in Net Working Capital (16.6) (25.3) (11.1) (15.3)

Capital Expenditure (17.2) (25.5) (7.8) (15.7)

Other (1.4) (3.0) (0.7) (2.7)

Free Cash Flow (20.2) (36.0) (12.2) (26.3)

Non-recurring Items (M&A) - (3.6) - (2.5)

Proceeds from Stock Option Exercise 4.8 0.2 3.2 0.1

Change in Net Financial Position (15.4) (39.5) (9.0) (28.7)

(€m)

Inventories 186.3 222.8 274.0 (51.1)

Trade Receivables 8.8 14.7 13.4 1.3

Trade Payables (128.6) (164.5) (194.3) 29.8

Other Receivables / (Payables) (21.6) (27.8) (22.5) (5.3)

Net Working Capital 44.9 45.3 70.6 (25.3)

as % of Net Revenues 9.2% 8.6% 12.4%

NET WORKING CAPITAL AND CAPITAL EXPENDITURE EVOLUTION

Net Working Capital

Capital Expenditure

Jun 2014 Dec 2014 1H 2015 Jun 2015

Increase in Inventories mainly due to increased buying and earlier deliveries for the 2015 Fall / Winter season compared to 2014

% of Net Revenues

€17.2m

€25.5m

7.2% 9.0% 7.0% 11.4%

€7.8m

€15.7m

2Q 2014 2Q 2015 1H 2014 1H 2015

Tech Operations Other

Capex increase attributable to investments of the new shoe warehouse

AGENDA




Q&A

SETTING THE FOUNDATIONS FOR A SUCCESSFUL INTEGRATION

APR MAY JUN JUL AUG SEP OCT

Merger Announcement

Launch of PMI Office with dedicated staff from both companies and definition of planning and execution program with BCG support

Launch of cash-based talent retention plan

Integration work-streams defined across areas (Commercial, Technology, Operations, Marketing, Corporate Functions) mirroring the synergy potential of the merger and relevant “Leaders” appointed

Kick-Off meeting with Integration Team and PMI Office in London

Workshops with Leaders, key managers and PMI Office to set priority deep-dives into synergies and to define preparatory Integration activities for Day 1

Definition of YNAP operating model

Definition of YNAP organisational structure for Day 1

Deeper dive into synergies leveraging “clean teams” due to anti-trust constraints

Implementation of preparation activities for Day 1

**Day 1**

Integration Team update meetings

EXPECTED MERGER TIMELINE

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

Merger Announcement

BoD approval of Merger Plan

EGM approval

Anti-Trust clearance by Japan and UK

OCTOBER **MERGER EFFECTIVE**

Green light by CONSOB

31/03

24/04

21/07

MARCH

NOVEMBER

Anti-Trust clearance by the US, Germany, Austria and Ukraine

26/05

23/06

07/07

15/07

AGENDA




Q&A

APPENDIX

OUR GLOBAL STRATEGIC PARTNERSHIPS IN THE MONO-BRAND BUSINESS LINE YOOX GROUP PROFIT & LOSS EXCLUDING INCENTIVE PLAN COST REPORTED EBITDA REVIEW BY BUSINESS LINE

FROM EBITDA TO NET INCOME - FOCUS ON 1H 2015

BRIDGE TO ADJUSTED NET INCOME - FOCUS ON 1H 2015

FOCUS ON INCENTIVE PLAN COSTS YOOX GROUP SUMMARY BALANCE SHEET

YOOX GROUP NET FINANCIAL POSITION

EXCHANGE RATES SHAREHOLDER STRUCTURE

OUR GLOBAL STRATEGIC PARTNERSHIPS IN THE MONO-BRAND BUSINESS LINE

Online stores “Powered by YOOX Group”

JVCo with Kering

alexanderwang.com

pomellato.com

pringlescotland.com

barbarabui.com

moncler.com

dolcegabbana.com

trussardi.com

armani.com

dodo.it

dsquared2.com

moschino.com

emiliopucci.com

valentino.com

stoneisland.com

marni.com

emporioarmani.com

diesel.com

jilsander.com

bikkembergs.com

brunellocucinelli.com

albertaferretti.com

napapijri.com

robertocavalli.com

y-3store.com

zegna.com

kartell.com

ysl.com mcq.com

bottegaveneta.com

sergiorossi.com alexandermcqueen.com

stellamccartney.com

balenciaga.com

missoni.com

redvalentino.com

lanvin.com

brioni.com

chloe.com OPENING SOON

dunhill.com OPENING SOON

karl.com OPENING SOON

maisonmargiela.com

(€m)

Net Revenues 238.0 284.6 111.5 137.3growth 14.7% 19.6% 14.9% 23.2%

COGS (151.8) (179.3) (67.7) (83.3)Gross Profit 86.2 105.3 43.8 54.0

% of Net Revenues 36.2% 37.0% 39.3% 39.3%Fulfillment Excl. Incentive Plan Costs (21.8) (26.3) (10.8) (13.1)

% of Net Revenues 9.2% 9.2% 9.6% 9.5%Sales & Marketing Excl. Incentive Plan Costs (26.0) (34.6) (12.7) (17.0)

% of Net Revenues 10.9% 12.1% 11.4% 12.4%General & Administrative Excl. Incentive Plan Costs (18.1) (22.7) (9.7) (12.5)

% of Net Revenues 7.6% 8.0% 8.7% 9.1%Other Income / (Expenses) (1.6) (2.5) (1.0) (1.4)

EBITDA Excluding Incentive Plan Costs 18.7 19.2 9.7 10.1% of Net Revenues 7.9% 6.7% 8.7% 7.3%

Depreciation & Amortisation (11.7) (14.6) (5.9) (7.4)% of Net Revenues 4.9% 5.1% 5.3% 5.4%

Non-recurring Items - (5.2) - (3.6)Operating Profit Excl. Incentive Plan Costs 7.0 (0.7) 3.8 (1.0)

% of Net Revenues 3.0% (0.2%) 3.4% (0.7%)Income / (Loss) From Investment In Associates (0.5) 0.1 (0.3) 0.0Net Financial Income / (Expenses) (1.3) 1.1 (0.6) (1.5)

Profit Before Tax Excl. Incentive Plan Costs 5.2 0.5 2.9 (2.4)% of Net Revenues 2.2% 0.2% 2.6% (1.8%)

Taxes (2.1) 0.3 (1.3) 1.4Net Income Excluding Incentive Plan Costs 3.2 0.8 1.6 (1.1)

% of Net Revenues 1.3% 0.3% 1.4% (0.8%)Adjusted Net Income 3.2 4.4 1.6 1.4

% of Net Revenues 1.3% 1.5% 1.4% 1.0%

YOOX GROUP PROFIT & LOSS EXCLUDING INCENTIVE PLAN COSTS

2Q 2014 1H 2014 1H 2015 2Q 2015

REPORTED EBITDA REVIEW BY BUSINESS LINE

Total Group

Multi-brand EBITDA Pre Corporate Costs Corporate Costs Mono-brand EBITDA

Pre Corporate Costs

€9.8m

€10.1m €17.9m

€18.2m

2Q 2014 2Q 2015

% of Net Revenues 7.5% 6.4% 8.8% 7.3%

1H 2014 1H 2015

Note: Multi-brand and Mono-brand EBITDA Pre Corporate Costs include all costs directly associated with the business line, including COGS, Fulfillment, Sales & Marketing (all net of D&A); Corporate Costs include General & Administrative costs (net of D&A) and Other Income / (Expenses)

1H 2014

1H 2015

2Q 2014

2Q 2015

% of Multi-brand Net Revenues

16.5% 14.6% 14.1% 17.5%

1H 2014

1H 2015

2Q 2014

2Q 2015

20.1% 20.1% 19.6% 21.2% % of Mono-brand Net Revenues

10.1% 8.6% 9.2% 9.6% % of Group Net Revenues

1H 2014

1H 2015

2Q 2014

2Q 2015

€(20.4)m

€(26.2)m

€(10.7)m €(13.9)m

1H2014 1H2015 GAP 2Q 2014 2Q 2015

€12.9m €15.3m

€6.1m €7.2m

1H2014 1H2015 GAP 2Q 2014 2Q 2015

€25.4m €29.1m

€14.4m €16.8m

1H2014 1H2015 GAP 2Q 2014 2Q 2015

FROM EBITDA TO NET INCOME

€18.7m

€(0.8)m

€17.9m

€(11.7)m €6.2m

€(0.5)m €(1.3)m €(1.9)m

€2.6m


Costs

Incentive PlanCosts

EBITDA D&A EBIT Income / (Loss)From Associates


(Expenses)

Taxes Net Income

1H 2014

1H 2015

% of Net Revenues 6.7% 6.4% nm nm

% of Net Revenues 7.9% 7.5 % 1.1%

€19.2m

€(1.0)m

€18.2m

€(14.6)m

€(5.2)m €(1.7)m

€0.1m €1.1m €0.6m €0.1m


Costs

Incentive PlanCosts

EBITDA D&A Non-recurringItems

EBIT Income / (Loss)From Associates


(Expenses)

Taxes Net Income

2.6%

Refer to the 1H share of extraordinary costs related

to the merger with THE NET-A-PORTER GROUP

BRIDGE TO ADJUSTED NET INCOME

€0.1m

€3.6m

€0.7m €4.4m

Net Income Non-recurring itemsnet of related tax effect

Incentive Plan Costsnet of related tax effect

AdjustedNet Income

1H 2014

1H 2015

€1.0m before tax effect


€2.6m

€0.6m €3.2m

Net Income Incentive Plan Costsnet of related tax effect

AdjustedNet Income


FOCUS ON INCENTIVE PLAN COSTS

% of Total

% of Total

2Q 2014

2Q 2015

% of Total

% of Total

1H 2014

1H 2015

(€m)

Fulfillment (21.943) (26.285) (10.797) (13.082)

of which Incentive Plan Costs (0.097) 11.9% - 0.0% (0.043) n.m. - 0.0%

Sales & Marketing (26.052) (34.565) (12.476) (16.980)

of which Incentive Plan Costs (0.004) 0.5% - 0.0% 0.193 n.m. - 0.0%

General & Administrative (18.789) (23.733) (9.717) (12.477)

of which Incentive Plan Costs (0.714) 87.6% (1.014) 100.0% (0.058) n.m. 0.000 100.0%

Incentive Plan Costs (0.815) 100.0% (1.014) 100.0% 0.092 100.0% 0.000 100.0%

EBITDA Reported 17.877 18.160 9.786 10.092

% of Net Revenues 7.5% 6.4% 8.8% 7.3%

Incentive Plan Costs (0.815) (1.014) 0.092 0.000

EBITDA Excl. Incentive Plan Costs 18.692 19.174 9.694 10.091

% of Net Revenues 7.9% 6.7% 8.7% 7.3%

(€m)

Net Working Capital 44.9 45.3 70.6 25.3

Non-Current Assets 77.9 82.4 97.3 14.9

Non-Current Liabilities (excl. financial liabilities) (0.2) (0.4) (0.5) (0.1)

Total 122.6 127.3 167.4 40.1

Net Financial Debt / (Net Cash) (5.1) (31.0) 8.5 39.5

Shareholders' Equity 127.7 158.3 158.9 0.6

Total 122.6 127.3 167.4 40.1

YOOX GROUP SUMMARY BALANCE SHEET

Jun. 2014 Dec. 2014 Change Jun. 2015

(€m)

Cash and Cash Equivalents 118.0 103.3

Other Current Financial Assets 10.0 21.1

Current Financial Assets 128.0 124.4

Current Financial Liabilities (30.9) (22.1)

Long Term Financial Liabilities (66.1) (110.7)

(Net Financial Debt) / Net Cash 31.0 (8.5)

YOOX GROUP NET FINANCIAL POSITION

Net Financial Position

1H 2015 FY 2014

Overview of Debt Facilities at 30 June 2015

Long average maturity of outstanding debt (~90% of loans due between 1H 2017 and 2020) at an average cost of debt of 150bps over

the 3/6 month Euribor

Available Used Committed

-

(€m)

Overdrafts 8.4 0 8.4

Bank Loans 120.5 85.5 35.0

European Investment Bank 40.6 40.6 -

Financial Leases & Other 6.7 6.7 -

Total 176.1 132.8 43.4

EXCHANGE RATES

Period Average End of Period

1H 2014 1H 2015 2Q 2014 2Q 2015 Dec 2014 Mar 2015 Jun 2015

EUR USD 1.370 1.116 1.371 1.105 1.214 1.076 1.119

% yoy appreciation / (depreciation) vs. EUR 22.8% 24.0% 13.6% 28.2% 22.1%

EUR JPY 140.403 134.204 140.001 132.289 145.230 128.950 137.010

% yoy appreciation / (depreciation) vs. EUR 4.6% 5.8% (0.4%) 10.4% 1.0%

EUR GBP 0.821 0.732 0.815 0.721 0.779 0.727 0.711


EUR CNY 8.450 6.941 8.544 6.857 7.536 6.671 6.937


EUR RUB 47.992 64.641 47.941 58.219 72.337 62.440 62.355

% yoy appreciation / (depreciation) vs. EUR (25.8%) (17.7%) (37.3%) (21.9%) (25.6%)

EUR HKD 10.537 8.652 10.630 8.568 9.417 8.342 8.674


EUR KRW 1,382.040 1,277.312 1,410.801 1,214.256 1,324.800 1,192.580 1,251.270


EUR AUD 1.499 1.426 1.470 1.421 1.483 1.415 1.455

% yoy appreciation / (depreciation) vs. EUR 5.1% 3.5% 4.0% 5.6% (0.1%)

EUR CAD 1.503 1.377 1.495 1.359 1.406 1.374 1.384


Federico Marchetti 7,152,653 10.9% 4,760,697 7.7%

Management team and other stock option holders 1,125,748 1.7%

Sub-total 8,278,401 12.6% 4,760,697 7.7%

Renzo Rosso 5,055,321 7.7% 5,055,321 8.1%

Capital Research and Management Company 2,998,469 4.6% 2,998,469 4.8%

Balderton Capital 2,185,145 3.3% 2,185,145 3.5%

OppenheimerFunds 2,224,081 3.4% 2,224,081 3.6%

Market 44,875,519 68.4% 44,875,519 72.3%

Total 65,616,936 100.0% 62,099,232 100.0%

SHAREHOLDER STRUCTURE

Updated as of 30 July 2015 1.The fully diluted column shows the effect on the Company’s shareholder structure calculated assuming that all the stock options granted under the Company’s stock option plans are exercised 2.Excludes Federico Marchetti 3.Includes 17,339 proprietary shares

Shareholders Current Fully Diluted 1

2

3

CONTACTS

Investor Relations

[email protected]

www.yooxgroup.com

BOLOGNA - MILANO - NEW YORK - PARIS - TOKYO - SHANGHAI - HONG KONG

2015 first half results 30 july 2015 -...

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