Fila — Investor Presentation 2017

May 10, 2017

Q1 2017 FILA Group Results

Disclaimer

This document has been prepared by F.I.L.A. S.p.A. ("F.I.L.A." or the "Company"), for information purposes only, exclusively with the aim of assisting you to understand and assess the activities of F.I.L.A..

Statements contained in this presentation, particularly regarding any possible or assumed future performance of the FILA Group, are or may be forward-looking statements based on FILA's current expectations and projections about future events.

Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results including the financial condition and profitability of FILA to differ materially from, or be more negative than, those expressed or implied by such forward-looking statements. Consequently, FILA and its management can give no assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments.

The data and information contained in this document are subject to variations and integrations. Although FILA reserves the right to make such variations and integrations when it deems necessary or appropriate, FILA assumes no affirmative disclosure obligation to make such variations and integration, except to the extent required by law.

Any reference to past performance of the FILA Group shall not be taken as an indication of future performance.

In addition, this presentation includes certain ''Adjusted'' financial and operating indicators and other measures, which have been adjusted to reflect extraordinary events, non-recurring transactions and activities which are not directly related to the Group's ordinary business. Such "Adjusted" information has been included to allow a better comparison of financial information across the periods; however, it should be noted that such information are not recognized as measures of financial performance or liquidity under IFRS and/or do not constitute an indication of the historical performance of the Company or the Group. Therefore, investors should not place undue reliance on such data and information.

This document does not constitute or form part of any offer or invitation to purchase or subscribe any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

By attending this presentation, you agree to be bound by the foregoing terms.

FILA closes Q1 2017 with an increase of sales in particular in Asia and Centre & South America.

• Core Business Sales at 117,6mln €, +41,9% (organic growth, +6,1%)
• Positive contribution of M&A of 29,3mln €
• Increasing demand from Education and Art & Craft channels
• Significant organic growth of the Other Creativity Instruments and Pencil product line (respectively +7,1% and +5,1%)
• FX positive contribution of 0,3mln €

•Adjusted EBITDA at 17,1mln €, +44,1%, with an organic growth of 8% registering an increase more than proportional than the Sales organic growth.

• Adjusted Net Profit at 5,7mln €

• Net Financial Position at 255,9mln € at the end of March 2017, mainly affected by the seasonality of the business in terms of working capital trends.

3

Q1 2017 Core Business Sales

• Core Business Sales +41,9% (+34,7mln €). Organic growth, +5,1mln € (+6,1 %), net of M&A and FX effect, of which:

• By Geographic Area: mainly Asia +3,2mln € (+28,1%), Centre-South America, +2,7mln € (+25,3%), Europe +0,7mln € (+1,7%) and North America -1,5mln € (-7,5%)

• By Product line: Other Creativity Instruments +2,7mln € (+7,1%), Pencils +1,6mln € (+5,1%), Office and Industrial Products of + 0,8mln € (+5,7%)

• M&A effect 29,3 mln € (0,8mln € Pioneer, 4,7mln € D&R Group, 22,5 mln € Canson Group and 1,3mln € St Cuthberts Mill)

SALES BY PRODUCT LINE SALES BY MARKETING DIVISION SALES BY GEOGRAPHICAL AREA

Q1 2017 EBITDA

ADJUSTED EBITDA

• Adjusted EBITDA + 5,2mln € (+44,1%), Organic Growth + 0,9mln € (+8%), net of M&A and FX effect, more than proportional than the Organic Turnover Growth
• 1mln € of extraordinary costs in Q1 2017A, mainly related to the reorganization cost
• 1,7mln € of extraordinary costs in Q1 2016A, mainly related to M&A activities.
• M&A effect of 4,2 mln € (0,1mln € Pioneer, 0,5mln € D&R Group, 3,3mln € Canson Group and 0,3mln € St Cuthberts Mill)

ADJUSTED EBITDA BREAKDOWN BY GEOGRAPHICAL AREA

Q1 2017 Net Income and Net Financial Position

ADJUSTED NET INCOME

• Normalization neutral at Group Result level in Q1 2017A due to adjustments of 1mln € for financial proceeds coming from the disposal of 30% participation in FILA Nordic (Sweden)

• The normalization of the Group Result in Q1 2016A mainly refers to the accounting not realized loss of the financing in GBP plus extraordinary operating costs, net of taxes effects

ADJUSTED NET FINANCIAL POSITION

• Operating CF -25 mln Euro, mainly due to business seasonability
• Capex for 3,7mln €
• Interest paid for 2,3mln €
• Dividend paid to minority for 0,1mln €
• Negative FX effect of 2,4mln €
• Cash in for disposal of 30% participation in FILA Nordic (Sweden) for 1mln €*

Q1 2017 Income Statement

(€ million)	Q1 2016A	% on Sales	Q1 2017A	% on Sales
PROFIT & LOSS
Core Business Sales	82,9		117,6
Other revenues	2,1		5,9
Total revenues	85,0		123,5	-
Cost for Raw Materials and Supplies net Increase(decrease) inventory	(33,2)	(40,1%)	(48,0)	(40,8%)
Costs for Services and Use of Third-Party Assets	(21,8)	(26,3%)	(27,3)	(23,2%)
Personnel Costs	(17,3)	(20,9%)	(25,8)	(22,0%)
Other Operating Costs	(2,5)	(3,0%)	(6,3)	(5,3%)
Total operating costs	(74,9)	(90,3%)	(107,4)	(91,3%)
EBITDA	10,1	12,2%	16,1	13,7%
Depreciation and Amortization	(3,1)	(3,7%)	(4,5)	(3,8%)
Write-Downs	(0,2)	(0,2%)	(0,1)	(0,1%)
EBIT	6,9	8,3%	11,5	9,7%
Financial income/expenses	(4,3)	(5,2%)	(1,7)	(1,4%)
Income/expenses from associates at equity method	-	0,0%	-	0,0%
PBT	2,5	3,1%	9,8	8,3%
Taxes	(2,5)	(3,0%)	(3,6)	(3,0%)
Net profit (loss) of continuing operating activities	0,1	0,1%	6,2	5,3%
Net profit (loss) of discontinued operating activities	-	0,0%	-	0,0%
Total net profit (loss) of the period	0,1	0,1%	6,2	5,3%
Total net profit (loss) attributable to non controlling interests	0,3	0,4%	0,5	0,4%
Fila Group's total net profit (loss) of the period	(0,3)	(0,3%)	5,7	4,9%
(€ million)	Q1 2016A	% on Sales	Q1 2017A	% on Sales
P&L ADJUSTMENTS
REPORTED EBITDA	10,1	12,2%	16,1	13,7%
Total Adjustments	1,7		1,0
ADJUSTED EBITDA	11,9	14,3%	17,1	14,5%

REPORTED NET PROFIT	(0,3)	(0,3%)	5,7	4,9%
Total Adjustments	4,6		(0,0)
ADJUSTED NET PROFIT	4,3	5,2%	5,7	4,8%

Q1 2017 Balance Sheet

(€ million) 2016A Q1 2017A BALANCE SHEET Intangible assets 218,4 217,9 Tangible Assets 81,3 83,2 Financial Fixed Assets 3,7 4,1 Fixed Assets 303,4 305,2 Other Non Current Assets/Liabilities 20,7 19,6 Inventory 177,4 193,7 Trade Receivables and Other receivables 113,6 138,5 Trade Payables and Other Payables (90,4) (89,9) Trade Working Capital 200,5 242,3 Other Current Assets and Liabilities 0,2 (1,0) Net Working Capital 200,7 241,4 Provisions & Funds (62,4) (61,7) Current and not Current Assets/Liabilities Intended for Disposal - - NET CAPITAL EMPLOYED 462,4 504,5 Shareholders equity (239,0) (248,6) Financial Instruments - - Net Financial Position (223,4) (255,9)
	TOTAL NET SOURCES	(462,4)	(504,5)

Q1 2017 Cash Flow Statement

(€ million)	Q1 2016A	Q1 2017A
CASH FLOW
EBIT	6,9	11,5
Adjustments for non monetary costs	3,3	4,6
Adjustments for taxes	(1,5)	(1,9)
Cash-flow from operating activities before changes in NWC	8,7	14,2
Changes in inventories	(17,0)	(14,4)
Changes in trade receivables & others	(22,7)	(23,1)
Changes in trade payables & others	9,2	(1,5)
Changes in other current assets/liabilities	(1,1)	(0,2)
Changes in net working capital	(31,7)	(39,2)
Operating cash-flow	(23,0)	(25,0)
Investments in tangible and intagible assets	(2,0)	(3,7)
Other changes	1,0	0,2
Free Cash Flow	(24,0)	(28,6)
Capital increase/reimbursement/dividends	(0,5)	(0,1)
Net interests	(1,0)	(2,3)
Participation acquisition and disposal	(16,7)	1,0
Effect of FX rate movements	1,4	(2,4)
Net financial position of New Companies as at Acquisition Date	(86,8)	-
Changes in Net Financial Position	(127,6)	(32,4)

Quarterly CB Sales, EBITDA, TWC and NFP

QUARTERLY CORE BUSINESS SALES AND ADJUSTED EBITDA (€ million)

(€ million) QUARTERLY TWC AND NFP

11

FILA Shareholders

Total shares 41.232.296, of which : Ordinary shares 34.665.788, Class B shares 6.566.508 (enjoy three votes each in accordance with Article 127 sexies of Legislative Decree No. 58/1998). Last update September 9th 2016

Investor Relations F.I.L.A. Stefano De Rosa CFO/IR Officer – Francesca Cocco IR ir@fila.it (+39) 02 38105206