Aeffe

Investor Presentation • Jul 30, 2015

1H 2015 Key Facts

Consolidated Revenues +6.3% at € 128.7m, (+4.4% at constant exchange rates)

• Consolidated EBITDA for € 9.8m, compared to an EBITDA of € 12.6m in 1H 2014, with a €2.8m decrease
• Consolidated Net Profit for the Group at €0.03m, compared to a Net Profit of € 0.15m in 1H 2014,
• Consolidated Net Financial Debt of € 98.1m (€ 83.6m as of 31 December 2014)
• ²⁵⁰ Mono Brand Stores

Net Sales Breakdown by Division(1)

(1) Before inter-divisional eliminations

1Q

2Q

Net Sales Breakdown by Brand

* At constant exchange rates

4

Net Sales Breakdown by Region

(1) Italy and Russia excluded

* At constant exchange rates

1Q2Q

Net Sales Breakdown by Channel

* At constant exchange rates

1Q2Q

Mono-brand Stores Network

D O S

i i F h r a n c s n g

Income Statement - 1H 2015/2014

$(\epsilon m)$	1H 15	1H 14
Net Sales	128,7	121,1
% change	6,3%
Other Revenues	3,3	2,0
Total Revenues	132,0	123,1
% change	7,2%
Raw Materials Costs	(40, 0)	(36,8)
Service Costs	(37,6)	(32,0)
Costs for use of third parties	(11,4)	(10.5)
Personnel	(30,7)	(29,2)
Other Operating Expenses	(2,6)	(2,0)
Total Operating Expenses	(122, 2)	(110, 5)
EBITDA	9,8	12,6
Margin (% of Net sales)	7,6%	10,4%
Depreciation and Amortisation	(6, 3)	(6,3)
EBIT	3,4	6,3
Margin (% of Net sales)	2,7%	5,2%
Net Financial Income / (Expenses)	(1,7)	(3, 5)
Profit before taxes	1,7	2,7
Margin (% of Net sales)	1,3%	2,3%
Taxes	(1,6)	(2,1)
Net income/(loss) before Minorities	0,10	0,65
Margin (% of Net sales)	0.1%	0.5%
Minority Interests	(0,1)	(0, 5)
Net Income/(Loss) for the Group	0,03	0,15
Margin (% of Net sales)	0.0%	0.1%
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Summary Balance Sheet

	1H 15	FY 14	1H 14
Net Working Capital	97,9	81,7	83,3
Net Tangible Assets	64,1	63,8	63,8
Net Intangible Assets	125,6	127,9	130,1
Net Financial Assets	4,6	4,8	4,8
Severance Staff, Provisions & Others	(46, 0)	(46, 6)	(47,1)
Net Capital Employed	246,2	231,5	234,9
Group Shareholders' Equity	130,1	130,1	127,8
Minorities	18,0	17,9	17,1
Shareholders' Equity & Minorities	148,1	148,0	145,0
Net Debt	92,6	78,1	84,4
Shares Buyback	5,5	5,5	5,5
Net Financial Debt and Shareholders' Equity	246,2	231,5	234,9
Accounts Receivables	38,2	36,9	36,5
Accounts Payables	(51, 9)	(55,1)	(44,8)
Inventory	93,9	83,9	78,6
Operating NWC	80,2	65,7	70,3
As % of LTM sales	30.9%	26,1%	28,2%
Other Current Assets/Liabilities	17,7	16,0	13,0
Net Working Capital	97,9	81,7	83,3

$\boldsymbol{9}$

AEFFE

Summary Cash Flow

(€m)

	1 H 1 5	4 F Y 1	4 1 H 1
P B T	1, 7	6, 1	2, 7
O in C h lo t F p er a g as w	( 8, ) 7	6, 9 1	4, 1
C i ta l d i tu Ex ap p en re	( 4, 3 )	( 6, 6 )	( 2, 8 )
C h lo Fre F e as w	( 3, 0 ) 1	0, 3 1	3 1,
C h lo fro in in t iv i t ie F F Ac as w s m an c g s	4, 3 1	( ) 1 1, 1	( 3, 2 )
C h d h iv le ts t t he be in in f t he as an ca s eq a n a g n g o ea r u y	6, 7	7, 5	7, 5
C h lo f t he io d F Pe as o r w	3 1,	( 0, 8 )	( 9 ) 1,
iv f Ca h d h le ts t t he d t he s an ca s eq u a n a e n o y ea r	8	6, 7	5, 6

Company Profile

Share Information

• N°of shares outstanding: 107,362,504
• Italian Stock Exchange STAR Segment
• Specialist: Mediobanca S.p.A.
• Tickers: AEF IM (Bloomberg) AEF MI (Reuters), AEF (Borsa Italiana)

Investor Relations

• Investor Relations
• AEFFE S.p.A
• Annalisa Aldrovandi
• +39 0541 965494
• annalisa.aldrovandi@aeffe.com

www.aeffe.com

Cash Flow Statement

(€m)
	1H 15	FY 14	1H 14
PBT	1,7	6,1	2,7
Depreciation & Amortisation	6,3	13,7	6,3
Provisions & Impairments	(1, 5)	0,5	(0,6)
Taxes	(1, 4)	(3.6)	(2,1)
Net Interest	1,7	5,9	3,5
Change in other liabilities / (assets)	(15,5)	(5,7)	(5,8)
Operating Cash Flow	(8,7)	17,0	4,1
Capital expenditure for intangible assets	(1,3)	(2,1)	(0,7)
Capital expenditure for tangible assets	(2,9)	(4, 5)	(1,8)
(Increase) / decrease in investments in other fixed assets	(0,1)	(0,1)	(0,2)
Cash Flows from Financing Activities	(4,3)	(6, 6)	(2,8)
Free Cash Flow	(13, 0)	10,3	1,3
Equity Issue	0,0	0,5	0,9
Change in short term debt	17,3	(5,7)	(0,7)
Change in long term debt	(1,3)	(0,1)	0,2
Net Interest	(1,7)	(5, 9)	(3,5)
Cash Flows from Financing Activities	14,3	(11,1)	(3,2)
Cash and cash equivalents at the beginning of the year	6,7	7,5	7,5
Cash Flow of the Period	1,3	(0,8)	(1, 9)
Cash and cash equivalents at the end of the year	8,0	6,7	5,6

Income Statement – Full Year 2012-2014

( €m )

Important Information

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