Aeffe

Investor Presentation • May 13, 2015

First Quarter 2015 Results Presentation13, May 2015

1Q 2015 Key Facts

Consolidated Revenues +5.3% at € 71.2m, (+3.5% at constant exchange rates)

Consolidated EBITDA for € 12.5m (17.6% on sales), compared to an EBITDA of € 10.7m (15.8% on sales) in 1Q 2014, with a €1.8m improvement

Net Profit for the Group at € 4.5m, compared to a Net Profit of € 3.2m in 1Q 2014, with a €1.3m improvement

Consolidated Net Financial Debt of € 95.4m (€ 83.6m as of 31 December 2014)

245 Mono Brand Stores

Net Sales Breakdown by Division(1)

Net Sales Breakdown by Brand

* At constant exchange rates

Net Sales Breakdown by Region

(1) Italy and Russia excluded

* At constant exchange rates

1Q

Net Sales Breakdown by Channel

* At constant exchange rates

1Q

Mono-brand Stores Network

D O S

i i F h r a n c s n g

Income Statement - 1Q 2015/2014

$(\epsilon m)$
	1Q 15	1Q 14
Net Sales	71,2	67,6
% change	5,3%
Other Revenues	2,1	1,9
Total Revenues	73,3	69,5
% change	5,4%
Raw Materials Costs	(19, 6)	(20,6)
Service Costs	(18,2)	(16, 5)
Costs for use of third parties	(5,7)	(5,6)
Personnel	(15,1)	(15,0)
Other Operating Expenses	(2,1)	(1,1)
Total Operating Expenses	(60,7)	(58, 8)
EBITDA	12,5	10,7
Margin (% of Net sales)	17,6%	15,8%
Depreciation and Amortisation	(3,1)	(3, 0)
EBIT	9,4	7,7
Margin (% of Net sales)	13,2%	11,4%
Net Financial Income / (Expenses)	(1,1)	(1,6)
Profit before taxes	8,3	6,1
Margin (% of Net sales)	11,6%	9,0%
Taxes	(3,1)	(2,6)
Net income/(loss) before Minorities	5,2	3,5
Margin (% of Net sales)	7,3%	5,2%
Minority Interests	(0,6)	(0,3)
Net Income/(Loss) for the Group	4,6	3,2
Margin (% of Net sales)	6,4%	4,8%
	المستوسط المسامية

t H H

Summary Balance Sheet

(€m)
	1Q 15	FY 14	1Q 14
Net Working Capital	101,1	81,7	84,8
Net Tangible Assets	63,7	63,8	64,3
Net Intangible Assets	127,0	127,9	128,7
Net Financial Assets	4,9	4,8	4,8
Severance Staff, Provisions & Others	(47, 4)	(46, 6)	(47, 5)
Net Capital Employed	249,2	231,5	235,1
Group Shareholders' Equity	135,3	130,1	129,8
Minorities	18,6	17,9	17,0
Shareholders' Equity & Minorities	153,8	148,0	146,8
Net Debt	89,9	78,1	82,8
Shares Buyback	5,5	5,5	5,5
Net Financial Debt and Shareholders' Equity	249,2	231,5	235,1
Accounts Receivables	46,2	36,9	41,2
Accounts Payables	(49, 4)	(55,1)	(41,7)
Inventory	89,6	83,9	72,8
Operating NWC	86,4	65,7	72,3
As % of LTM sales	33,9%	26,1%	29,4%
Other Current Assets/Liabilities	14,6	16,0	12,5
Net Working Capital	101,1	81,7	84,8

Summary Cash Flow

$(\epsilon m)$
	$1Q$ 15	FY 14	$1Q$ 14
PBT	8,3	6,1	6,1
Operating Cash Flow	(9,2)	16,9	0,7
Capital Expenditure	(2,1)	(6, 6)	1,4
Free Cash Flow	(11,3)	10,3	2,1
Cash Flows from Financing Activities	12,1	(11,1)	(3,7)
Cash and cash equivalents at the beginning of the year	6,7	7,5	7,5
Cash Flow of the Period	0,8	(0,8)	(1, 5)
Cash and cash equivalents at the end of the year	7,5	6,7	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

$(\epsilon m)$
	1Q 15	FY 14	1Q 14
PBT	8,3	6,1	6,1
Depreciation & Amortisation	3,1	13,7	3,0
Provisions & Impairments	(1, 0)	0,5	(0,7)
Taxes	(1,6)	(3,6)	(2.2)
Net Interest	1,1	5,9	1,6
Change in other liabilities / (assets)	(19,1)	(5,7)	(7,1)
Operating Cash Flow	(9,2)	17,0	0,7
Capital expenditure for intangible assets	(0,8)	(2,1)	2,4
Capital expenditure for tangible assets	(1, 2)	(4, 5)	(0, 9)
(Increase) / decrease in investments in other fixed assets	0,0	(0,1)	0,0
Cash Flows from Financing Activities	(2,1)	(6, 6)	1,4
Free Cash Flow	(11,3)	10,3	2,1
Equity Issue	0,6	0,5	(0, 2)
Change in short term debt	13,5	(5,7)	(1, 4)
Change in long term debt	(0, 9)	(0,1)	(0, 4)
Net Interest	(1,1)	(5, 9)	(1,6)
Cash Flows from Financing Activities	12,1	(11,1)	(3,7)
Cash and cash equivalents at the beginning of the year	6,7	7,5	7,5
Cash Flow of the Period	0,8	(0,8)	(1, 5)
Cash and cash equivalents at the end of the year	7,5	6,7	6,0

Income Statement – Full Year 2012-2014

( ) €m

Important Information

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