Aeffe

Investor Presentation • Mar 9, 2017

AEFFE 2016 Consolidated Financial Results Presentation 9th March 2017

FY 2016 Key Facts

• ! Consolidated Revenues +4.7% at € 280.7m, (+4.4% at current exchange rates)
• ! Consolidated EBITDA for € 25.2m, compared to an EBITDA of € 19.3m in 2015, with a €5.9m increase (+30%)
• ! Consolidated Net Profit for the Group at €3.6m, compared to a Net Profit of € 1.5m in 2015, with a €2.1m increase (+139%)
• ! Consolidated Net Financial Debt of € 59.5m (€ 80.5m as of 31 December 2015), with a €21m improvement (-26%)
• ! 255 Mono Brand Stores

Net Sales Breakdown by Division(1)

1Q 3 2Q 3Q 4Q

Net Sales Breakdown by Brand

Net Sales Breakdown by Region

33,1 17,9 2,3 6,7 16,2 27,5 12,3 2,5 4,4 14,9 35,9 16,3 2,5 5,9 15,3 29,6 13,5 1,8 5,9 16,2 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 90,0 100,0 110,0 120,0 130,0 Italy Europe Russia USA RoW % on Total Sales Italy Europe Russia USA RoW 22% 22% 3% 45% 8% +5.3% * +6.4% * (0.7%) * +2.9% * +3.2% * (1) 126,1 60,0 9,1 22,9 62,6

FY 2016 FY 2015

(1) Italy and Russia excluded

1Q * At constant exchange rates

2Q 3Q 4Q

Net Sales Breakdown by Channel

* At constant exchange rates

1Q 2Q 3Q 4Q

Mono-brand Stores Network

DOS

	FY16	FY15
Europe	50	45
USA	2	3
Asia	139	137
Total	191	185

Income Statement – FY 2016/2015

Summary Balance Sheet

Cash Flow Statement

(€m)

	FY 16	FY 15
PBT	8,3	2,9
Depreciation & Amortisation	15,1	13,5
Provisions & Impairments	1,3	(1, 9)
Taxes	(3,6)	(3,6)
Net Interest	1,8	3,0
Change in other liabilities / (assets)	(12,2)	(1,1)
Operating Cash Flow	10,7	12,8
Capital expenditure for intangible assets	0,9	(2,0)
Capital expenditure for tangible assets	(3,3)	(5,0)
(Increase) / decrease in investments in other fixed assets	0,1	(0, 1)
Cash Flows from Financing Activities	(2, 3)	(7,1)
Free Cash Flow	8,4	5,7
Equity Issue	0,0	(0,1)
Change in short term debt	(0,7)	1,4
Change in long term debt	(1, 5)	(0,7)
Net Interest	(1,8)	(3,0)
Cash Flows from Financing Activities	(3, 9)	(2,4)
Cash and cash equivalents at the beginning of the year	10,0	6,7
Cash Flow of the Period	4,5	3,3
Cash and cash equivalents at the end of the year	14,5	10,0

Company Profile

• 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)

Share Information Investor Relations

• Investor Relations
• AEFFE S.p.A
• Annalisa Aldrovandi
• +39 0541 965494

annalisa.aldrovandi@aeffe.com

www.aeffe.com

Income Statement – Full Year 2014-2016

(€m)

	2016A	2015A	2014A
Net Sales	280,7	268,8	251,5
% change	4,4%	6,9%	0.2%
Other Revenues	6,8	5,2	4,3
Total Revenues	287,5	274,0	255,9
% change	4,9%	20,1%	(1.0%)
Raw Materials Costs	(90,7)	(86, 2)	(77, 9)
Service Costs	(81,3)	(79, 2)	(68, 6)
Cost for use of third parties assets	(22,8)	(23,5)	(21, 2)
Personnel	(63, 5)	(61,1)	(58, 6)
Other Operating Expenses	(4, 0)	(4,7)	(3,8)
Total Operating Expenses	(262, 3)	(254,7)	(230, 2)
EBITDA	25,2	19,3	25,7
Margin (% of Net sales)	9,0%	7,2%	10,2%
Depreciation and Amortisation	(15,1)	(13, 5)	(13,7)
EBIT	10,1	5,9	12,0
Margin (% of Net sales)	3,6%	2,2%	4,8%
Net Financial Income / (Expenses)	(1,8)	(3,0)	(5, 9)
PBT	8,3	2,9	6,1
Margin (% of Net sales)	3.0%	1.1%	2,4%
Taxes	(4.0)	(1,1)	(2,1)
Net income before Minorities	4,4	1,70	4,01
Margin (% of Net sales)	$1,6\%$	0,6%	1,6%
Minority Interests	(0,7)	(0, 2)	(1,3)
Net Income for the Group	3,6	1,5	2,7
Margin (% of Net sales)	$1,3\%$	0,6%	1.1%

Disclaimer

This presentation is being furnished to you solely for your information on a confidential basis and may not be reproduced or redistributed to any other person.

This presentation does not constitute or form part of any offer to sell or invitation to purchase or subscribe for, or otherwise acquire or dispose of any Aeffe S.p.A. securities.

This presentation includes forward-looking statements which are based on the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are subject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements may not occur and any targets or projections may differ materially from those expressed in or implied by these statements due to any number of different factors.

You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the dater of this presentation. Aeffe S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forwardlooking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of Aeffe Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.