Aeffe

Investor Presentation • Jul 30, 2021

AEFFE First Half 2021 Consolidated Financial Results Presentation 30th July 2021

Consolidated Revenues at € 155.0m (+31% at constant exchange rates)

Consolidated EBITDA for € 20.1m (13.0% of sales), compared to an EBITDA of € 0.6m (0.5% of sales) in 1H 2020, with a € 19.5m increase

Net Profit at € 17.4m, compared to a Net Loss of €12.5m of Euro in 1H 2020. Net profit adjusted of extraordinary fiscal benefits at €2.5m of Euro with a €15.0m improvement

Consolidated Financial Debt including IFRS 16 effect of € 127.2m, compared to € 150.6m as of 30 June 2020, with a € 23.4m improvement. Financial debt net of IFRS 16 effect of €45.1m compared to €62.5m as of June 30, 2020, with a €17.4m improvement

195 Mono Brand Stores

AEFFE acquires the remaining 30% stake of Moschino reaching 100% ownership interest, with benefits in terms of full control of MOSCHINO brand and its value chain from product to quality and with positive effects on image, distribution and communication

Net Sales Breakdown by Division(1)

Net Sales Breakdown by Owned Brand

Net Sales Breakdown by Region

(1) Italy excluded

* At constant exchange rates

1Q 2Q

Net Sales Breakdown by Channel

Mono-brand Stores Network

E-MARKET SDIR
CERTIFIED

	DOS
	1H21	FY20
Europe	42	42
America	1	1
Asia	14	16
Total	57	59

Franchising

	1H21	FY20
Europe	38	40
America
Asia	100	104
Total	138	144

Income Statement – 1H 2021/2020

(€m) 1H 21 1H 20 Net Sales 155,0 118,9 % change 30,4% Other Revenues 3,4 4,7 Total Revenues 158,5 123,5 % change 28,3% Raw Materials Costs (60,7) (42,0) Service Costs (44,0) (45,4) Costs for use of third parties (1,5) (2,7) Personnel (30,6) (29,5) Other Operating Expenses (1,6) (3,3) Total Operating Expenses (138,4) (123,0) EBITDA 20,1 0,6 Margin (% of Net sales) 13,0% 0,5% Depreciation and Amortisation (12,4) (13,4) EBIT 7,6 (12,8) Margin (% of Net sales) 4,9% (10,8%) Net Financial Income / (Expenses) (1,3) (1,3) Profit before taxes 6,3 (14,1) Margin (% of Net sales) 4,1% (11,9%) Taxes 11,1 1,7 Net income/(loss) before Minorities 17,4 (12,5) Margin (% of Net sales) 11,2% (10,5%) Minority Interests (4,1) 1,6 Net Income/(Loss) for the Group 13,3 (10,9) Margin (% of Net sales) 8,6% (9,2%)

8

Summary Balance Sheet

	1H 21	FY 20	1H 20
Net Working Capital	99,1	97,3	117,5
Net Tangible Assets	60,2	61,7	63,1
Net Intangible Assets	70,7	72,5	74,2
Net Intangible Assets for Rights of use - IFRS 16	93,0	100,5	102,0
Net Financial Assets	2,2	2,7	2,8
Severance Staff, Provisions & Others	(1,6)	(14,9)	(17,9)
Net Capital Employed	323,5	319,7	341,6
Group Shareholders' Equity	161,7	148,2	159,9
Minorities	34,6	30,5	31,1
Shareholders' Equity & Minorities	196,3	178,8	191,0
Net financial Debt	45,2	52,8	62,5
Net financial debt for Lease liabilities - IFRS 16	82,0	88,2	88,1
Net Financial Debt and Shareholders' Equity	323,5	319,7	341,6
Accounts Receivables	49,2	39,1	37,7
Accounts Payables	(68,2)	(69,3)	(70,0)
Inventory	103,2	109,3	122,7
Operating NWC	84,2	79,1	90,4
As % of LTM sales	27,6%	36,2%	30,5%
Other Current Assets/Liabilities	14,9	18,3	27,1
Net Working Capital	99,1	97,3	117,5

Summary Cash Flow

(€m)

	1H 21	FY 20	1H 20
PBT	6,3	(27,6)	(14,1)
Operating Cash Flow	15,8	10,3	(10,6)
Capital Expenditure	(1,0)	(5,4)	(3,6)
Capital Expenditure for Rights of use - IFRS 16	(0,3)	(6,6)	0,7
Free Cash Flow	14,5	(1,8)	(13,5)
Cash Flows from Financing Activities	(11,7)	13,2	13,1
Cash and cash equivalents at the beginning of the year	39,8	28,4	28,4
Cash Flow of the Period	2,8	11,4	(0,4)
Cash and cash equivalents at the end of the year	42,6	39,8	28,0

Appendices

Income Statement – Full Year 2018-2020

(€m)

	2020A	2019A	2018A
Net Sales	269,1	351,4	346,6
% change	(23,4%)	0,0%	10,9%
Other Revenues	10,5	10,1	5,4
Total Revenues	279,6	361,5	352,0
% change	(22,6%)	0,0%	11,2%
Raw Materials Costs	(107,8)	(115,3)	(110,3)
Service Costs	(93,2)	(108,3)	(100,6)
Cost for use of third parties assets	(6,6)	(9,0)	(25,4)
Personnel	(61,8)	(72,4)	(68,5)
Other Operating Expenses	(5,7)	(3,3)	(3,9)
Total Operating Expenses	(275,1)	(308,3)	(308,7)
EBITDA	4,5	53,1	43,3
Margin (% of Net sales)	1,7%	15,1%	12,5%
Depreciation and Amortisation	(29,1)	(28,0)	(13,7)
EBIT	(24,6)	25,1	29,6
Margin (% of Net sales)	na	7,1%	8,5%
Net Financial Income / (Expenses)	(3,0)	(3,3)	(0,9)
PBT	(27,6)	21,8	28,7
Margin (% of Net sales)	na	6,2%	8,3%
Taxes	4,2	(9,8)	(11,6)
Net income before Minorities	(23,4)	12,0	17,1
Margin (% of Net sales)	na	3,4%	4,9%
Minority Interests	2,0	(0,3)	(0,4)
Net Income for the Group	(21,4)	11,7	16,7
Margin (% of Net sales)	na	3,3%	4,8%

Company Profile

division

Share Information Investor Relations

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

www.aeffe.com

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