EPH SpA

Investor Presentation • Mar 21, 2018

€MN
Profit & Loss w/o VC	F20Y17	FY2016	YOY	Comments
GMV	253.3	254.4	-0.4%	Gross Margin
Total Revenues	188.7	197.9	-4.6%	GM down by 60 bps vs.FY16 mainly due to
				aggressive price competition and also increased %
Cost of Revenues	-161.0	-167.7	-4.0%	of damaged products (peaked during transfer to
				new FF center), partially compensated by positive
Gross Profit	27.7	30.2	-8.1%	contribution of Marketplace and Infocommerce.
Gross Margin %	14.7%	15.3%
				S&M
Sales & Marketing	-13.6	-11.0	23.1%	S&M increased 23% YoY mainly due to cost
Fullfilment	-19.7	-19.0	3.8%	accounted for TV & Radio campaigns (started
IT	-1.8	-1.4	28.6%	October 2017) related to the new focus on brand
G&A	-6.6	-7.3	-9.4%	positioning.
EBITDA ADJUSTED	-14.0	-8.5	64.2%	IT - G&A
Ebitda Adjusted %	-7.4%	-4.3%
				IT costs increased vs 16 due to SAP&IT platforms
Non recurring costs	-1.3	-1.2	10.1%	maintenance costs.
				G&A costs decreased 9.4% YoY mainly due to the
EBITDA	-15.3	-9.7	57.4%	positive impact of the R&D tax contribution.
Ebitda %	-8.1%	-4.9%		Non recurring
EBIT	-22.8	-14.0	63.3%
Ebit %	-12.1%	-7.1%		Non recurring items in FY 17 include 0.9 €MN
				related to SAP rollout costs incurred in February
-				and one-off logistics costs incurred for the new
EBT from continuing operations	-24.4	-14.7	66.1%	fullfillment center. 0.4 €MN are related to SOP.
Ebt %	-12.9%	-7.4%
Net result	-25.4	-14.7	72.9%	EBT from disc. Activities
	-13.5%	-7.4%		Includes 0.7 €MN related to earn-outs from BMH
EBT from discontinued activies	0.7 -24.8	24.8 10.1	-346.3%	sale. In 2016 it included 24.8€MN capital gain from
Net result	-13.1%	5.1%		the sale of BMH and Saldiprivati.

ePRICE SpA – March 2018 8

€MN

Cash flow	FY 2016	FY 2017	Comments
Cash flow from operations	-9.4	-15.1	• Cash flow from operations: limited Working capital
Cash flow from Op - Discontinued Act.	1.3	0.0	change thanks to the seasonal recovery in Q4 on supplier payments.
Net capex	-7.7	-13.4
Acquisitions/Disposals	-3.9	-2.6	• Cash flow from investing activites:
Cash flow from investing activities	-11.6	-16.0	• Capex increased YoY mainly due to new
Cash Flow from Inv - Discontunued Act.	52.2	1.2	Fulfilment Center (c. 6 €MN) and SAP. Ordinary Capex at around 5.5 €MN.
Cash flow from financing activities	-11.3	-3.6	• c. 2.6 €MN cash-out related to M&A
Cash Flow	21.2	-33.5
Cash position at the beginning of year	33.5	54.7	• Cash flow from financing activities: 3.6 €MN
Cash position at the end of year	54.7	21.2	related to dividend paid and treasury shares purchase, net of c. 1.0 €MN cash-in from Warrant
Balance Sheet	FY 2016	FY 2017	conversion
Total Assets	33.9	41.3	• Balance Sheet: total assets increased due to the
Net Working capital	(4.4)	(5.5)	investment in the new SAP platform and to tangible
Other non current assets	7.2	6.3	assets of the new FF center.
Net Invested Capital	36.7	42.1
Net Equity	92.9	63.4
Net Financial Position	(56.2)	(21.3)

	2017	2018	TARGET	DRIVERS
MARKET GROWTH TECH&APPLIANCES	c.10%	c.10%	10% - 12%	Conservative growth Shutdown of offline stores
(1) GMV	€ 253M	mid single digit increase	2x	Market Growth, Marketplace, MDA
REVENUES	€189M	slight decrease	2x	Core Cat Market Growth, Infocommerce, B2B
GROSS MARGIN (2) before Transport	14.7%	+200/400 bps	22%-26%	Marketplace growth, Mix&Sourcing, Rebates, Infocommerce and Efficiency
(2) MARKETING	7.2%		5.0% - 6.0%	Core Categories Focus, Brand Awareness
FULFILMENT (2) TRANSPORT & INTERNAL	10.4%		10.0% - 11.5%	Scale & efficiency program offset by B2B development. Fulfilment includes Transport and Installation Services.
(2) IT + G&A	4.5%		2.0% - 3.0%	Efficiencies and scalability
(2) EBITDA adj.	-7.4%	significant improvement, back-end loaded	5% - 6%	#1 specialty player EBITDA, enhanced by marketplace and services
(2) CAPEX	4.5%	2.0 - 3.0%	2.0% - 3.0%	Recurring CAPEX

ePRICE PEERS – PERFORMANCE (PRICES AS OF 03/19/18)
Peer Group - Absolute Performances	Multiple Entities Report (Local Currency) as of 03/19/18
Stock	Mkt cap	Ccy	1M	3M	6M	1Y
ePRICE (BANZAI)	92	EU	-14.0%	-12.1%	-31.5%	-42.7%
AO World Plc	632	GBP	3.1%	21.4%	22.8%	-6.9%
Verkkokauppa.com Oy	240	EU	-18.9%	-21.5%	-35.0%	-28.4%
ASOS plc	6,331	GBP	0.5%	19.6%	32.5%	27.8%
Zalando SE	11,667	EU	-1.4%	8.3%	13.5%	26.0%
YOOX Net APorter S.p.A.	3,476	Eu	0.0%	28.8%	24.8%	70.1%
boohoo.com Plc	1,933	GBP	-10.7%	-6.8%	-32.4%	7.3%
SRP Groupe SA	261	EU	-24.2%	15.8%	-59.8%	-67.1%
MySale Group plc	160	GBP	-4.2%	-2.0%	2.1%	-1.4%
FTSE Italy	338,067		0.1%	2.5%	1.6%	12.9%
FTSE Italia STAR	21,588		-0.5%	2.5%	2.7%	18.5%
Bechtle AG	2,856	EU	-5.5%	-4.5%	7.7%	31.9%
Groupe LDLC SA	104	EU	-4.1%	-18.2%	-34.8%	-47.3%
zooplus AG	1,319	EU	9.5%	21.2%	31.4%	36.9%
Shop Apotheke Europe NV	507	EU	11.6%	-10.2%	-12.8%
Groupe LDLC SA	104	EU	-4.1%	-18.2%	-34.8%	-47.3%
Solutions 30 SE	747	EU	-2.8%	18.5%	13.8%	85.0%
HomeServe plc	2,384	GBP	0.6%	-9.7%	-9.8%	30.6%
Source: Factset

	Peer Group - Multiple Comparison						Multiple Entities Report (Local Currency) as of 03/19/18
Stock	Mkt cap		Ccy EV/Sales 2017	EV/Sales 2018	EV/Sales 2019	EV/Ebitda 2017	EV/Ebitda 2018	EV/Ebitda 2019
ePRICE (BANZAI)	92	EU	0.4	0.4	0.4	n.m.	n.m.	25.7
AO World Plc	632	GBP	0.7	0.6	0.6	n.m.	103.3	27.1
Verkkokauppa.com Oy	240	EU	0.4	0.4	0.4	14.5	15.9	12.0
ASOS plc	6,331	GBP	3.2	2.5	2.0	50.6	37.0	28.6
Zalando SE	11,667	EU	2.4	2.0	1.6	39.3	33.5	26.3
YOOX Net APorter S.p.A.	3,476	Eu	2.4	2.1	1.8	31.6	24.8	18.4
boohoo.com Plc	1,933	GBP	3.2	2.3	1.8	34.2	26.8	19.8
SRP Groupe SA	261	EU	0.4	0.3	0.3	22.3	18.1	12.8
MySale Group plc	160	GBP	1.0	0.9	0.7	30.4	22.5	16.9
Bechtle AG	2,856	EU	0.8	0.7	0.6	14.7	12.8	11.1
Groupe LDLC SA	104	EU	0.3	0.3	0.3	11.7	8.9	7.0
zooplus AG	1,319	EU	1.1	0.9	0.8	140.4	86.6	46.3
Shop Apotheke Europe NV	507	EU	1.8	0.9	0.7	n.m.	564.6	51.4
Solutions 30 SE	747	EU	2.8	2.0	1.7	30.9	22.4	17.5
HomeServe plc	2,384	GBP	2.9	2.6	2.3	13.8	12.7	11.4

MAIN SHAREHOLDERS
The share capital of ePRICE S.p.A. is equal to Euro 826,297 composed by n. 41,314,850 ordinary shares without par-value.
RELEVANT SHAREHOLDERS	NUMBER OF SHARES	% SHARE CAPITAL
Paolo Ainio1	9,447,615	22.87%
Arepo BZ S.a.r.l.	8,613,850	20.85%
Pietro Boroli	2,138,997	5.18%
Treasury Shares	1,023,202	2.48%
(1) of which 221.750 (0,54%) held trough PUPS S.r.l., 80% controlled by Paolo Ainio
There are no other shareholders, outside of those listed above, with a shareholding of more than 5% that have notified Consob and ePRICE S.p.A. according to art. 117 of Consob Regulation no. 11971/99 on notification requirements of major holdings.
ePRICE SpA – March 2018		31

CONTACTS
ePRICE S.p.A.
Via San Marco 29
20121 Milan, Italy
corporate.eprice.it
IR
Micaela Ferruta
Head of Investor Relations and Strategic Planning
Gabriele Colasanto
Corporate Development & Investor Relations
+39 0230315400
investors.eprice.it
investor.relations@eprice.it
ePRICE SpA – March 2018	33