Fila — Investor Presentation 2018

May 15, 2018

Q1 2018 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.

Q1 2018 Highlights

FILA: REVENUE SLOW DOWN MAINLY DUE TO THE NEGATIVE CURRENCY EFFECT, TEMPORARY DEFERRED SEASONAL EFFECT AND IFRS 15 IMPACT ON REVENUES RECOGNITION. SECOND QUARTER WILL BE IN LINE WITH EXPECTATIONS. ART&CRAFT BUSINESS GROWING SINGLE DIGIT AT COSTANT PERIMETER. CONTINUOUS MARGIN IMPROVEMENT DUE TO GROUP EFFICIENCIES AND DALER

• •Q1 2018 Core Business Revenue of Euro 104,8 million, -10,9% on Q1 2017 (Euro 117,6 million), mainly due to:
• 9Negative FX effect
• 9Temporary deferred seasonal effect
• 9IFRS 15 impact on revenues recognition

•Organic revenue -3,7%, excluding the negative currency effect of Euro 7,5 million and IFRS 15 effect of around Euro 1 million;

•High single digit growth in Centre & South America and Asia, in particular India;

•Adjusted EBITDA of Euro 16,2 million, -5,3% on Euro 17,1 million in Q1 2017, of which -3,5% organic (net of FX and IFRS 15 effect) EBITDA margin improvement at 15,5% +100bpS compared to 14,5% in Q1 2017

•Adjusted Net Profit, excluding extraordinary costs and tax effects, of Euro 4,8 million (Euro 5,7 million in Q1 2017)

•Net Debt of Euro -269,9 million at March 31st, 2018 (Euro -239,6 million in FY2017), mainly due to seasonality. Improvement in change in Net Working Capital vs Q1 2017 despite ^a conservative approach on inventories in some countries.

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Q1 2018 Core Business Sales

• Core Business Sales -10,9% (-12,8mln €), organic -4,4mln € (-3,7%), net of FX and IFRS 15 effect, of which:

• By Geographic Area: Europe -4,6mln € (-8,2%), North America -1,5mln € (-5,2%), Other Countries -0,3mln € (-22,5%), partially offset by Centre & South America +1,0mln € (+7,2%) and Asia +1,0mln € (+5,8%)

• By Product line: School & Office -3,8mln € (-5,0%), Fine Art, Hobby & Digital -0,7mln € (-1,9%), Industrial +0,1mln € (+3,8%)

SALES BY PRODUCT LINE SALES BY GEOGRAPHICAL AREA

Q1 2018 EBITDA

ADJUSTED EBITDA

• • Adjusted EBITDA -0,9mln € (-5,3%), Organic -0,6mln € (-3,5%), net of FX and IFRS 15 effect
• • 0,7mln € of extraordinary costs in Q1 2018A, mainly related to reorganization and stock option costs
• • 1mln € of extraordinary costs in Q1 2017A, mainly related to the reorganization costs

ADJUSTED EBITDA BREAKDOWN BY GEOGRAPHICAL AREA

Q1 2018 Net Income and Net Financial Position

ADJUSTED NET INCOME

ADJUSTED NET FINANCIAL POSITION

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 2018 refers to

extraordinary operating costs, net of taxes effects

Net debt increase of 30,3mln € mainly due to:

• Operating CF -23,4mln Euro, mainly due to seasonality
• •Capex for 3,5mln €

•

•

•

• •Interest paid for 2,4mln €
• •Negative FX effect of 0,9mln €

Q1 2018 Income Statement

( ) € m il l ion	Q1 20 17 A	% Sa l on es	Q1 20 18 A	% Sa l on es
& PR OF IT LO SS
Co sin s S al Bu re es es	11 ,6 7		10 4 ,8
h Ot er rev en ue s	5 ,9		2 ,0
l To ta re ve nu es	12 3 ,5		10 6 ,8	-
f al nd l ( d ) Co R M eri Su ies Inc in st at et nt or aw s a pp n rea se ec rea se ve or y	( ) 48 ,0	( ) 40 ,8 %	( ) 36 ,9	( ) 35 ,2 %
f nd of Th ird Co Se rvi U -P y A sts t ets or ce s a se ar ss	( ) 27 ,3	( ) 23 ,2 %	( ) 26 ,9	( ) 25 ,7 %
el Pe C ts rso nn os	( ) 25 ,8	( % ) 22 ,0	( ) 25 ,3	( % ) 24 ,2
Ot h O tin g C ts er pe ra os	( ) 6 ,3	( ) ,3 % 5	( ) 2 ,2	( ) 2 % ,1
To l in ta rat ts o pe g c os	( ) 10 7 ,4	( ) 91 ,3 %	( ) 91 ,3	( ) 87 ,1 %
EB ITD A	16 ,1	13 ,7 %	15 ,5	14 ,8 %
d De iat ion A rti tio pr ec an mo za n	( ) 4 ,5	( ) 3 ,8 %	( ) 4 ,5	( ) 4 ,3 %
W rit e-D ow ns	( ) 0 ,1	( ) 0 ,1 %	( ) 0 ,4	( ) 0 ,3 %
EB IT	11 ,5	9 ,7 %	10 ,7	10 ,2 %
/ Fin cia l in an co me ex pe ns es	( ) 1 ,7	( % ) 1 ,4	( ) 3 ,6	( % ) 3 ,5
/ f cia uit eth od In tes at co me ex pe ns es ro m as so eq y m	-	0 ,0 %	0 ,0	0 ,0 %
PB T	9 ,8	8 ,3 %	7 ,1	6 ,8 %
Ta xe s	( ) 3 ,6	( ) 3 ,0 %	( ) 2 ,5	( ) 2 ,4 %
of ( l s) of Ne i in uin in cti vi ti t t nt rat pr os co g o pe g a es	6 ,2	5 ,3 %	4 ,6	4 ,3 %
of ( l s) of d d Ne it isc tin tin cti vit ies t pr os on ue o pe ra g a	-	0 ,0 %	-	0 ,0 %
l f i ( l s) of th i od To ta et t n p ro os e p er	6 ,2	5 ,3 %	4 ,6	4 ,3 %
l of it ( l s) tri b ab l l l in g i To ta et at ut e t nt nt ts n pr os o n on co ro er es	0 ,5	% 0 ,4	0 ,3	% 0 ,3
( s) Fil a G ' al f i l of th i od s t ot et t ro up n p ro os e p er	5 ,7	,9 % 4	,2 4	% 4 ,1
( il l ) € m ion	Q1 20 17 A	l % Sa on es	Q1 20 18 A	l % Sa on es
P& L AD JU ST M EN TS
RE PO RT ED EB ITD A	16 ,1	13 ,7 %	15 ,5	14 ,8 %
l d To A j ta tm ts us en	1 ,0		0 ,7
AD JU ST ED EB ITD A	17 ,1	14 ,5 %	16 ,2	15 ,5 %
GR OU OR RO FIL A P R EP TE D NE T P FIT	5 ,7	,9 % 4	,2 4	% 4 ,1
l A d j To ta tm ts us en	( ) 0 ,0		0 ,6
FIL A GR OU P A DJ US TE D NE T P RO FIT	5 ,7	4 ,8 %	4 ,8	4 ,6 %

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Q1 2018 Balance Sheet

( ) i l l i € m on	2 0 1 7 A	Q 1 2 0 1 8 A
B A L A N C E S H E E T
b l gi I nt t an e as se s	2 0 8 ,1	2 0 ,9 5
b l T gi A et an e ss s	8 8 ,4	8 8 ,2
al d F i i F i A et na nc xe ss s	4 ,7	4 ,5
d F i A et xe ss s	3 0 1 ,2	2 9 8 ,7
/ h ab l O C i i i i N A L t nt et t er on ur re ss s es	,6 1 5	,2 1 5
I t nv en or y	1 7 8 ,7	2 0 0 ,4
d b l nd h b l T R ei O ei t ra e ec va es a er r ec va es	1 3 2 ,8	1 4 4 ,7
d b l nd h b l T P O P t ra e a ya es a er a ya es	( ) 9 6 ,3	( ) 9 6 ,9
d k i C pi al T W t ra e or n g a	2 ,2 1 5	2 8 ,2 4
h d ab l O C A L i i i i t nt et t er ur re ss s an es	0 ,2	0 ,7
k i pi al N W C et t or n g a	2 1 5 ,4	2 4 8 ,9
d P vi si s & F ro on un s	( ) 5 3 ,0	( ) 5 1 ,6
N E T C A P I T A L E M P L O Y E D	4 7 9 ,2	5 1 1 ,2
h eh ol d i S t ar er s e qu y	( ) 2 3 9 ,6	( ) 2 4 1 ,3
al N F i i P i i et t na nc os on	( ) 2 3 9 ,6	( ) 2 6 9 ,9
T O T A L N E T S O U R C E S	( ) 4 7 9 ,2	( ) 5 1 1 ,2

Q1 2018 Cash Flow Statement

( l l ) € i i m on	Q 2 0 1 1 7 A	Q 2 0 8 1 1 A
C A S H F L O W
E B I T	1 1 ,5	1 0 ,7
d f A j t t et st us m en s or n on m on ar y co s	5 ,7	6 ,7
d f A j t t t us m en s or ax es	( ) 1 ,9	( ) 2 ,2
h- f l f b ef ch C i i vi i i N W C t t t as ow ro m o pe ra n g ac es or e an ge s n	1 5 ,3	1 5 ,1
h i i i C t an ge s n nv en or es	( ) 1 4 ,4	( ) 2 3 ,9
h d b l & h C i i t t an ge s n ra e re ce va es o er s	( ) 2 3 ,1	( ) 1 4 ,7
h d b l h C i & t t an ge s n ra e pa ya es o er s	( ) ,2 1	0 ,9
/ h h l ab l C i i i i i ot nt et t an ge s n er c ur re a ss s es	( ) 1 ,3	( ) 0 ,9
h k al C i i pi t t an ge s n ne or n g ca w	( ) 4 0 ,0	( ) 3 8 ,5
-f i sh l O t pe ra n g ca ow	( ) 2 4 ,7	( ) 2 3 ,4
b l d b l I i gi i gi t t t nt t nv es m en s n an e an a e as se s	( ) 3 ,7	( ) 3 ,5
h h O t er c an ge s	( ) 0 ,2	( ) 0 ,0
h l F C F re e as ow	( ) 2 8 ,6	( ) 2 7 ,0
/ / al b d d d C pi i i i vi t t a nc re as e re m ur se m en en s	( ) 0 ,1	-
i N et nt t er es s	( ) 2 ,3	( ) 2 ,4
nd d l P i ci i i si i i t t t ar pa on a c qu on a s po sa	1 ,0	0 ,0
f f f E F X t at t ec o r e m ov em en s	( ) 2 ,4	( ) 0 ,9
h i i i al i i C N F P et t an ge s n na nc os on	( ) 3 2 ,4	( ) 3 0 ,3

Quarterly CB Sales, EBITDA, TWC and NFP

QUARTERLY CORE BUSINESS SALES AND ADJUSTED EBITDA (€ million)

(€ million) QUARTERLY TWC AND NFP

FILA Shareholders

Total shares 41.332.477, of which : Ordinary shares 34.765.969, Class B shares 6.566.508 (enjoy three votes each in accordance with Article 127 sexies of Legislative Decree No. 58/1998). Last update May 2018

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

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