Aeffe

Investor Presentation • Mar 11, 2015

11, March 2015

FY 2014 Key Facts

• Consolidated Revenues +0.2% at € 251.5, (flat at constant exchange rates); consolidated sales would have increased by 7.6% at constant exchange rates, net of the effects of already terminated licenses and of the reorganization of the distribution in Japan
• Consolidated EBITDA for € 25.7m, compared to an EBITDA of € 20.6m in FY 2013, with a € 5.1m increase
• Net Profit for the Group at € 2.7m, compared to a Net Loss of € 3.2m in FY 2013 , with a €5.9m improvement
• Consolidated Net Financial Debt of € 83.5m, compared to € 88.6m as of 31 December 2013, with a € 5.1m improvement
• ²⁴⁶ Mono Brand Stores

Net Sales Breakdown by Division(1)

* At constant exchange rates

**Net of the effects of the Japanese distribution reorganization and of the terminated licenses at constant exchange rates

(1) Before inter-divisional eliminations

3

3Q

4Q

1Q

2Q

Net Sales Breakdown by Brand

and net of the effects of already terminated licenses

Net Sales Breakdown by Region

* At constant exchange rates2Q

** Data reflect the reorganization of the distribution network

1Q

5

3Q

4Q

Net Sales Breakdown by Channel

* At constant exchange rates

1Q** Net of the effects of the Japanese distribution reorganization and of the terminated licenses

at constant exchange rates

2Q3Q4Q

Mono-brand Stores Network

O S D

i i F h r a n c s n g

Income Statement - FY 2014/2013

$(\epsilon m)$
	FY 14	FY 13
Net Sales	251,5	251,1
% change	0.2%
Other Revenues	4,3	7,5
Total Revenues	255,9	258,6
% change	(1.0%)
Raw Materials Costs	(77, 9)	(79,2)
Service Costs	(68, 6)	(66, 9)
Costs for use of third parties	(21,2)	(25,5)
Personnel	(58, 6)	(63,1)
Other Operating Expenses	(3,8)	(3,3)
Total Operating Expenses	(230, 2)	(238, 0)
EBITDA	25,7	20,6
Margin (% of Net sales)	10,2%	8,2%
Depreciation and Amortisation	(13,7)	(14,6)
EBIT	12,0	6,0
Margin (% of Net sales)	4,8%	2,4%
Net Financial Income / (Expenses)	(5, 9)	(6,7)
Profit before taxes	6,1	(0,7)
Margin (% of Net sales)	2,4%	n.a
Taxes	(2,1)	(1,3)
Net income/(loss) before Minorities	4,01	(1, 97)
Margin (% of Net sales)	1,6%	n.a
Minority Interests	(1,3)	(1, 2)
Net Income/(Loss) for the Group	2,7	(3,2)
Margin (% of Net sales)	1.1%	n.a

Balance Sheet

$(\epsilon m)$

	FY 14	FY 13
Net Working Capital	81,7	76,4
Net Tangible Assets	63,8	64,6
Net Intangible Assets	127,9	132,8
Net Financial Assets	4,8	4,8
Severance Staff, Provisions & Others	(46, 6)	(46, 6)
Net Capital Employed	231,5	232,0
Group Shareholders' Equity	130,1	126,8
Minorities	17,9	16,6
Shareholders' Equity & Minorities	148,0	143,4
Net Debt	78,1	83,1
Shares Buyback	5,5	5,5
Net Financial Debt and Shareholders' Equity	231,5	232,0
Accounts Receivables	36,9	35,8
Accounts Payables	(55,1)	(45, 4)
Inventory	83,9	74,1
Operating NWC	65,7	64,4
As % of sales	26,1%	25,7%
Other Current Assets/Liabilities	16,0	12,0
Net Working Capital	81,7	76,4

Summary Cash Flow

	FY 14	FY 13
PBT	6,1	(0,7)
Operating Cash Flow	16,9	16,0
Capital Expenditure	(6, 6)	(7, 2)
Free Cash Flow	10,3	8,8
Cash Flows from Financing Activities	(11,1)	(6, 6)
Cash and cash equivalents at the beginning of the year	7,5	5,4
Cash Flow of the Period	(0,8)	2,1
Cash and cash equivalents at the end of the year	6,7	7,5

Appendices

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

FY 14	FY 13
6,1	(0,7)
13,7	14,6
0,5	(1,1)
(3, 6)	(3,0)
5,9	6,7
(5,7)	(0, 5)
17,0	16,0
(2,1)	(2, 2)
(4, 5)	(5,0)
(0,1)	0,0
(6, 6)	(7,2)
10,3	8,8
0,5	(0, 5)
(5,7)	0,2
(0,1)	0,4
(5, 9)	(6,7)
(11,1)	(6, 6)
7,5	5,4
(0,8)	2,1
6,7	7,5

Income Statement – Full Year 2012-2014

( ) €m

Important Information

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