Q2/2018 Earnings Call

EUROPE'S LEADING ONLINE FASHION DESTINATION

August 7, 2018

H I G H L I G H T S A N D BUSINESS UPDATE

H I G H L I G H T S Q 2 / 2 0 1 8

AT 10% OF GMV

+21% STRONG REVENUE GROWTH IN LINE WITH

ADJ. EBIT

WITH SOLID GROWTH €94m VS. PRIOR YEAR

Growth above plan

Strong push in internationalization

ZFS further gaining momentum

65 internationalizations
Launch of Poland available in 14 markets now
Partner program share 10% of Group GMV in Q2/18
Growth driven by top partners
Now live in all 13 EU-countries
Added 10+ brands to ZFS strong pipeline for H2/18

P A R T N E R P R O G R A M A T 1 0 % O F G M V

C O N T I N U O U S L Y E V O L V I N G C U S T O M E R P R O P O S I T I O N

Increased Reach

Enhanced Shopping Experience

Improved On-Time Delivery

Multi-language onsite experience to increase frequency of visits and conversion (allophones)

Launch of Ireland and Czech Republic adds 15.4m potential new customers

AI-enabled delivery prediction rolled out with positive impact on customer satisfaction

More Convenient Payment

Introduction of "Pay Later" in Denmark and Italy with positive impact on net basket

O F F P R I C E W I T H O U T S T A N D I N G D E V E L O P M E N T I N T H E L A S T 8 Y E A R S – S U C C E S S F U L L Y L E V E R A G I N G T H E Z A L A N D O P L A T F O R M

Shopping club addressing discount affine customers
Daily sales campaigns with 50-70% discount
15m members in 14 markets

• Synergetic with Zalando platform: additional consumer reach, solves overstock problem for brands and Zalando • Strong financials: ~45% p.a. growth since 2016 and profitable

Allows brands to manage excess inventory while maintaining brand image
International distribution

F I N A N C I A L U P D A T E Q 2 / 2 0 1 8

S T R O N G R E V E N U E G R O W T H I N L I N E W I T H T A R G E T C O R R I D O R

(1) H1/18 (H1/17) contains -€237m (-€166m) reconciliation of internal revenues. Q2/18 (Q2/17): -€119m (-€81m). (2) Segments "Other" including private label offering zLabels and various emerging businesses.

(1) Defined as the transactional revenue (incl. VAT and transactional volume of Partner Program) after cancellations or returns d ivided by the number of orders.

C U S T O M E R K P I ' S H I T T I N G A L L - T I M E H I G H S

Q 2 / 1 8 : A D J . E B I T W I T H S O L I D G R O W T H V S . P R I O R Y E A R

(1) Excluding equity-settled share-based compensation costs ("SBC") and effects from business transactions that do not recur regularly of €22.3 in H1/18 (H1/17: €10.9m). Q2/18: €6.7m (Q2/17: €5.5m).

(2) H1/18 (H1/17) contains €2m (€0m) reconciliation of internal adj. EBIT. Q2/18 (Q2/17): €2m (€0m).

P R O F I T A B I L I T Y A L M O S T O N P R I O R Y E A R L E V E L D E S P I T E C O N T I N U E D G R O W T H I N V E S T M E N T S

11 (1) Excluding equity-settled share-based compensation costs ("SBC") and effects from business transactions that do not recur regular ly. (2) Changes resulting from new segment structure. Prior year figures not restated.

COSTS AND MARGINS¹

(in % of annualized revenue)

C A P E X S P E N D BACK - E N D L O A D E D I N 2 0 1 8

O U T L O O K

G U I D A N C E S P E C I F I E D : R E V E N U E I N L O W E R H A L F & A D J . E B I T A T L O W E N D O F R A N G E

SLIGHTLY NEGATIVE WORKING CAPITAL + AROUND €350M CAPEX³

(1) Excluding equity-settled share-based compensation costs ("SBC") and effects from business transactions that do not recur regular ly of ~€55m for FY/18E (change vs. previously €35m: new LTI plan).
(2) Implies an adj. EBIT margin of ~4%.
(3) Excludes investments into M&A.

L I Q U I D I T Y R E M A I N S O N H I G H L E V E L

(1) Both Q1/18 and Q2/18 liquidity include investments into short-term deposits with maturity of more than 3 and less than 12 months of -€20m.
(2) Includes investments in fixed and intangible assets and payments for acquisitions and change in restricted cash.

(3) Includes financing cash flow (-€64.7m) and effect of exchange rate on cash and cash equivalents (-€1.9m).

CASH FLOW DEVELOPMENT

N E W S E G M E N T S T R U C T U R E B A S E D O N S A L E S - C H A N N E L V I E W – N O W I N C L U D I N G B R E A K O U T O F O F F P R I C E S E G M E N T

• New segment structure

based on sales-channel perspective already introduced with Q1/18 reporting

	Store to the Offprice	Mostly sales from the Fashion business		Mostly sales from the private label offering zLabels Fashion Store	to the

			E x a m p l e : Q 2 / 1 8
	FASHION STORE	OFFPRICE	OTHER	RECONCILIATION	GROUP
REVENUE	1,233.4	114.6	100.8	-118.7	1,330.0
T H E R E O F I N T E R S E G M E N T	40.4	0.0	78.3	-118.7	0.0
T H E R E O F E X T E R N A L	1193.0	114.6	22.5	0.0	1,330.0
A D J . E B I T	92.2	7.5	-7.5	1.7	94.0

Additionally, now breakout of Offprice segment (previously part of Other segments)
Everything else unchanged vs. Q1/18 reporting: a reconciliation column reconciles the segment figures (including internal and external transactions) to the consolidated group figures (showing only external transactions)

€m	Q1/17	Q2/17	Q3/17	Q4/17	FY/17	Q1/18	Q2/18
Revenue	980.2	1,100.5	1,074.7	1,333.7	4,489.0	1,196.0	1,330.0
Fashion Store	908.8	1,017.0	994.0	1,230.7	4,150.5	1,093.9	1233.4
thereof DACH	475.0	542.2	498.4	634.4	2,150.0	552.0	625.8
thereof intersegment	8.1	8.7	9.1	16.4	42.2	20.9	21.3
thereof external	466.9	533.6	489.4	618.0	2,107.9	531.1	604.5
thereof Rest of Europe	433.8	474.8	495.5	596.3	2,000.5	541.9	607.6
thereof intersegment	7.5	7.5	9.1	14.6	38.8	19.5	19.1
thereof external	426.3	467.3	486.5	581.7	1,961.6	522.4	588.5
Offprice2	72.4	82.3	80.4	110.1	345.3	120.4	114.6
Other	84.3	81.9	90.6	88.5	345.3	99.8	100.8
thereof intersegment	69.8	64.5	72.2	64.6	271.1	77.7	78.3
thereof external	14.5	17.4	18.4	23.9	74.2	22.1	22.5
Reconciliation	(85.4)	(80.7)	(90.3)	(95.6)	(352.0)	(118.1)	(118.7)
Adjusted EBIT	20.3	81.8	0.4	112.6	215.1	0.4	94.0
Fashion Store	16.4	74.7	1.2	121.5	213.7	(0.2)	92.2
thereof DACH	36.4	57.6	17.6	81.9	193.5	16.6	60.0
thereof Rest of Europe	(20.1)	17.0	(16.3)	39.6	20.3	(16.8)	32.2
Offprice	6.1	11.8	7.8	1.9	27.6	8.5	7.5
Other	(2.2)	(4.7)	(8.6)	(10.8)	(26.3)	(8.3)	(7.5)
Reconciliation	0.0	0.0	0.0	0.0	0.0	0.4	1.7

(1) New segment structure based on a sales-channel perspective from Jan 1, 2018 onwards.

(2) Reported seperately from Q2/18 onwards. No internal revenue.

R E S T A T E D S E G M E N T F I G U R E S ¹

Type of Shares Ordinary bearer shares with no-par value (Stückaktien)

Stock Exchange Frankfurt Stock Exchange Market Segment Regulated Market (Prime Standard) Index Listings MDAX Total Number of Shares Outstanding 248,484,458 Issued Share Capital €248,484,458

SHARE INFORMATION

As of 30-Jun-2018

SHARE STOCK OPTION PROGRAMS

	SHARE STOCK OPTION PROGRAMS			EMPLOYEE INCENTIVE PLAN
	As of 30-Jun-2018			As of 30-Jun-2018
Program	# Options outstanding	Weighted average exercise price (EUR)	Program	# Options outstanding	Weighted average exercise price (EUR)
Various	58,240	1.00	EIP 2016	814,431	24.86
SOP 2011	757,350	5.65	EIP 2017	1,048,845	36.78
SOP 2013	9,645,771	15.07	EIP 2018	202,577	41.20
SOP 2014	6,153,073	19.58	Total	2,065,853	32.51
Total	16,614,434

I S S U E D S H A R E C A P I T A L

I N C O M E S T A T E M E N T

€m	FY/14	FY/15	FY/16	FY/17	Q2/17	Q2/18
Revenue	2,214.0	2,958.2	3,639.0	4,489.0	1100.5	1,330.0
% growth	25.7%	33.6%	23.0%	23.4%	20.1%	20.9%
Cost of Sales	(1,255.3)	(1,624.0)	(2,029.6)	(2,529.6)	(585.0)	(721.7)
Gross Profit	958.7	1,334.1	1,609.4	1,959.4	515.5	608.4
% margin	43.3%	45.1%	44.2%	43.6%	46.8%	45.7%
Selling and Distribution Costs	(793.8)	(1,118.9)	(1,223.7)	(1,530.8)	(377.7)	(462.4)
Administrative Expenses	(109.1)	(129.0)	(191.3)	(242.9)	(60.4)	(64.4)
Other Operating Income	12.2	10.2	16.7	11.8	1.5	6.7
Other Operating Expenses	(5.8)	(7.0)	(4.1)	(9.9)	(2.7)	(1.0)
EBIT	62.1	89.6	207.0	187.6	76.3	87.3
% margin	2.8%	3.0%	5.7%	4.2%	6.9%	6.6%
Net Financial Result	(4.5)	(3.0)	(14.1)	(12.4)	(2.3)	(0.6)
EBT	57.7	86.6	192.9	175.2	74.0	86.7
% margin	2.6%	2.9%	5.3%	3.9%	6.7%	6.5%
Income and Other Tax	(10.5)	34.9	(72.5)	(73.6)	(26.5)	(34.9)
Net Income	47.2	121.5	120.5	101.6	47.4	51.8
% margin	2.1%	4.1%	3.3%	2.3%	4.3%	3.9%
Depreciation & Amortization	25.8	34.2	48.2	58.7	13.6	19.6
EBITDA	88.0	123.8	255.2	246.4	89.8	106.9
% margin	4.0%	4.2%	7.0%	5.5%	8.2%	8.0%
Share Based Compensation (SBC)	19.8	17.9	19.9	27.5	5.5	6.7
Adj. EBIT1	82.0	107.5	216.3	215.1	81.8	94.0
% margin	3.7%	3.6%	5.9%	4.8%	7.4%	7.1%
Adj. EBITDA1	107.8	141.7	264.5	273.8	95.3	113.6
% margin	4.9%	4.8%	7.3%	6.1%	8.7%	8.5%

€m	FY/14
Revenue	2,214.0
% growth	25.7%
Cost of Sales	(1,255.3)
Gross Profit	958.7
% margin	43.3%
Selling and Distribution Costs	(793.8)
Administrative Expenses	(109.1)
Other Operating Income	12.2
Other Operating Expenses	(5.8)
EBIT	62.1
% margin	2.8%
Net Financial Result	(4.5)
EBT	57.7
% margin	2.6%
Income and Other Tax	(10.5)
Net Income	47.2
% margin	2.1%
Depreciation & Amortization	25.8
EBITDA	88.0
% margin	4.0%
Share Based Compensation (SBC)	19.8
Adj. EBIT ¹	82.0
% margin	3.7%
Adj. EBITDA ¹	107.8
% margin	4.9%

(1) Excluding equity-settled share-based compensation costs ("SBC") and effects from business transactions that do not recur regular ly. (2) Prior year figures not re-stated for shifts between cost lines as a result of new segment structure as of Jan 18.

S H A R E B A S E D C O M P E N S A T I O N

Per Income Statement Line Item







Per Income Statement Line Item

€m	FY/14	FY/15	FY/16	FY/17	Q2/17	Q2/18
Per Income Statement Line Item
Cost of Sales	4.4	4.5	5.0	6.9	1.4	0.9
Selling and Distribution Costs	9.6	9.0	9.9	13.7	2.7	2.4
Administrative Expenses	5.8	4.5	5.0	6.9	1.4	3.4
Share Based Compensation	19.8	17.9	19.9	27.5	5.5	6.7
As % of revenue	FY/14	FY/15	FY/16	FY/17	Q1/17	Q1/18
Per Income Statement Line Item
Cost of Sales	0.2%	0.2%	0.1%	0.2%	0.1%	0.1%
Selling and Distribution Costs	0.4%	0.3%	0.3%	0.3%	0.2%	0.2%
Administrative Expenses	0.3%	0.2%	0.1%	0.2%	0.1%	0.2%
Share Based Compensation	0.9%	0.6%	0.5%	0.6%	0.5%	0.5%

S E G M E N T S ¹

€m	FY/14	FY/15	FY/16	Reported FY/17	Restated FY/17	Restated Q2/17	Q2/18
Revenue	2,214.0	2,958.2	3,639.0	4,489.0	4,489.0	1,100.5	1,330.0
Fashion Store					4,150.5	1,017.0	1,233.4
thereof DACH	1,234.0	1,580.1	1,813.8	2,145.6	2,150.0	542.2	625.8
thereof Rest of Europe	862.6	1,211.6	1,570.2	1,973.6	2,000.5	474.8	607.6
Offprice					345.3	82.3	114:6
Other	117.4	166.5	255.1	369.9	345.3	81.9	100.8
Reconciliation					(352.0)	-80.7	(118.7)
As % of total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Fashion Store					92.5%	92.4%	92.7%
Fashion Store – DACH	55.7%	53.4%	49.8%	47.8%	47.9%	49.3%	47.0%
Fashion Store – Rest of Europe	39.0%	41.0%	43.1%	44.0%	44.6%	43.1%	45.7%
Offprice					7.7%	7.5%	8.6%
Other	5.3%	5.6%	7.0%	8.2%	7.7%	7.4%	7.6%
Reconciliation					(7.8%)	(7.3%)	(8.9%)
Adjusted EBIT	82.0	107.5	216.3	215.1	215.1	81.8	94.0
Fashion Store					213.7	74.7	92.2
thereof DACH	83.0	101.9	226.3	188.5	193.5	57.6	60.0
thereof Rest of Europe	(11.6)	(3.3)	(3.3)	21.6	20.3	17.0	32.2
Offprice					27.6	11.8	7.5
Other	10.5	8.9	(6.7)	5.0	(26.3)	(4.7)	(7.5)
Reconciliation					0.0	0.0	1.7
% adjusted margin	3.7%	3.6%	5.9%	4.8%	4.8%	7.4%	7.1%
Fashion Store					5.1%	7.3%	7.5%
Fashion Store – DACH	6.7%	6.4%	12.5%	8.8%	9.0%	10.6%	9.6%
Fashion Store – Rest of Europe	(1.3%)	(0.3%)	(0.2%)	1.1%	1.0%	3.6%	5.3%
Offprice					8.0%	14.3%	6.5%
Other	9.0%	5.3%	(2.6%)	1.3%	(7.6%)	(5.7%)	(7.4%)
Reconciliation					0.0%	0.0%	(1.5%)

B A L A N C E S H E E T

€m Q2/17

		Q2/17		Q2/18
€m Total Non-Current Assets	Q2/17 527.6	(% of total assets) 19.5%	Q2/18 641.5	(% of total assets) 22.0%

Thereof: Property, Plant and Equipment	331.8	12.2%	427.6	14.7%
Other Financial Assets	22.1	0.8%	21.8	0.7%
Non-Financial Assets	2.6	0.1%	3.2	0.1%
Other Non-Current Assets	171.0	6.3%	188.8	6.5%
Total Current Assets	2,182.9	80.5%	2,276.1	78.0%
Thereof: Inventories	663.4	24.5%	813.3	27.9%
Trade and Other Receivables	247.0	9.1%	310.8	10.7%
Other Assets1	297.6	11.0%	277.2	9.5%
Cash and Cash Equivalents1	975.1	36.0%	874.7	30.0%
Total Assets	2,710.5	100.0%	2,917.6	100%
Total Equity	1,473.6	54.4%	1,489.9	51.0%
Thereof: Issued Capital	247.3	9.1%	246.0	8.4%
Capital Reserves	1,171.7	43.2%	1,101.0	37.7%
Other reserves	(0.6)	(0.0%)	7.2	0.2%
Accumulated Profit	54.6	2.0%	135.8	4.7%
Minority Interests	0.6	0.0%	(0.2)	(0.0%)
Total Non-Current Liabilities	55.8	2.1%	69.2	2.4%
Thereof: Financial Liabilities	9.8	0.4%	7.0	0.2%
Other Non-Current Liabilities	45.9	1.7%	62.2	2.1%
Total Current Liabilities	1,181.1	43.6%	1,358.5	46.6%
Thereof: Trade Payables and Similar Obligations	947.3	35.0%	1,108.0	38.0%
Other Current Liabilities	233.8	8.6%	250.5	8.6%
Total Equity & Liabilities	2,710.5	100.0%	2,917.6	100%
Net Working Capital	(37.0)	(1.4%)	16.1	0.6%

C A S H F L O W S T A T E M E N T

$\epsilon$ m	FY/1
Net Income	47
Non-Cash Expenses from Share-Based Payments	19
Cash Settlement of Claims from Share-Based Payments	$\overline{O}$
Depreciation	25
Income Taxes	10
Income Taxes Paid, Less Refunds	$\overline{0}$
Change in Provisions	$\mathbf 1$
Other Non-Cash Income	(0.2
Change in Inventories and Receivables	(68.
Change in Trade Liabilities	94
Change in Other Assets/Other Liabilities	44
Cash Flow from Operating Activities	174
Payments for Investments in Fixed and Intangible Assets	(51.
Payments for Acquisitions	$\overline{O}$
Cash Paid for Investments in Term Deposits	$\overline{0}$
Change in Restricted Cash	(0.)
Cash Flow from Investing Activities	(51.
Payments Received from Capital Increases	510
Cash Received from Loans	3
Repurchase of treasury shares	$\overline{0}$
Cash Repayments of Loans	(3.2
Cash Flow from Financing Activities	510
	633
Change in Cash & Cash Equivalents
Effects of Exchange Rate on Cash & Cash Equivalents	O

€m	FY/14	FY/15	FY/16	FY/17	Q2/17	Q2/18
Net Income	47.2	121.5	120.5	101.6	47.4	51.8
Non-Cash Expenses from Share-Based Payments	19.8	17.9	19.9	27.5	5.5	6.7
Cash Settlement of Claims from Share-Based Payments	0.0	(2.3)	0.0	0.0	0.0	0.0
Depreciation	25.8	34.2	48.2	58.7	13.6	19.6
Income Taxes	10.5	(34.9)	72.5	73.6	26.5	34.9
Income Taxes Paid, Less Refunds	0.0	(0.0)	(33.8)	(49.4)	(15.5)	(10.3)
Change in Provisions	1.0	(0.5)	0.1	(1.5)	0.0	0.0
Other Non-Cash Income	(0.2)	(1.0)	1.2	6.5	2.3	(0.4)
Change in Inventories and Receivables	(68.7)	(154.2)	(147.4)	(251.0)	53.5	61.7
Change in Trade Liabilities	94.9	154.9	264.3	198.4	(101.1)	(117.8)
Change in Other Assets/Other Liabilities	44.6	(16.2)	(69.7)	29.2	47.0	34.6
Cash Flow from Operating Activities	174.9	119.4	275.8	193.7	79.1	80.7
Payments for Investments in Fixed and Intangible Assets	(51.1)	(60.0)	(181.7)	(243.9)	(52.1)	(67.0)
Payments for Acquisitions	0.0	(16.8)	(30.4)	(34.9)	(26.7)	0.0
Cash Paid for Investments in Term Deposits	0.0	(155.0)	(65.0)	180.0	20.0	0.0
Change in Restricted Cash	(0.8)	35.3	0.0	10.4	7.3	0.0
Cash Flow from Investing Activities	(51.9)	(196.5)	(277.1)	(88.3)	(51.5)	(67.0)
Payments Received from Capital Increases	510.1	6.4	1.1	3.9	0.6	2.9
Cash Received from Loans	3.9	0.0	(0.7)	0.0	0.0	0.0
Repurchase of treasury shares	0.0	(1.7)	0.0	(11.3)	(0.7)	(66.9)
Cash Repayments of Loans	(3.2)	(3.2)	(3.2)	(3.2)	(0.8)	(0.7)
Cash Flow from Financing Activities	510.8	1.5	(2.9)	(10.6)	(1.0)	(64.7)
Change in Cash & Cash Equivalents	633.8	(75.7)	(4.1)	94.8	26.7	(51.0)
Effects of Exchange Rate on Cash & Cash Equivalents	0.0	0.9	0.5	(1.9)	(1.5)	(1.9)

K P I D E V E L O P M E N T

	FY/15	FY/16	Q1/17	Q2/17	Q3/17	Q4/17	FY/17	Q1/18	Q2/18
Site Visits (m)1	1,656.4	1,991.6	617.6	595.2	615.6	735.1	2,563.5	713.5	734.3
Mobile Visit Share (in % of Site Visits)2	57.1%	65.6%	68.8%	69.7%	71.8%	72.1%	70.7%	76.6%	78.4%
Active Customers (m) 3	17.9	19.9	20.4	21.2	22.2	23.1	23.1	23.9	24.6
Number of Orders (m) 4	55.3	69.2	19.9	22.2	22.5	25.8	90.5	25.4	29.0
Average Order per Active Customer	3.08x	3.48x	3.60x	3.69x	3.80x	3.92x	3.92x	4.02x	4.18x
Average Basket Size (in €) 5	67.8	66.6	63.0	64.5	62.0	67.8	64.5	60.3	60.4
Fulfillment Cost Ratio (in % of revenue) 6	25.8%	23.2%	24.9%	26.8%	27.0%	24.9%	25.9%	28.1%	28.2%
Marketing Cost Ratio (in % of revenue) 7	11.7%	10.3%	9.4%	7.3%	8.4%	7.0%	7.9%	6.9%	6.4%

(1) Site Visits defined as the number of series of page requests from the same uniquely identified client at Zalando, including w ebsite, m.site and apps in the measurement period. A visit is considered ended when no requests have been recorded in more than 30 minutes.
(2) Mobile is defined as tablets, mobile site and apps.
(3) Active Customers defined as the number of customers placing at least one order in the last twelve months in the measurement p eriod irrespective of cancellations or returns.
(4) Number of Orders defined as the number of customer orders placed in the measurement period irrespective of cancellations or r eturns. An order is counted on the day the customer places the order. Orders placed and orders delivered may differ due to orders that are in transit at the end of the measurement peri od or have been cancelled.
(5) Average Basket Size defined as the transactional revenue (incl. VAT and transactional volume of Partner Program) after cancel lations or returns divided by the number of orders.
expenses, as well as allocated overhead. costs. Fulfillment costs therefore comprises all selling and distribution costs, exc ept for marketing costs. All numbers shown excluding equity settled SBC costs.
(7) Marketing Cost Ratio defined as marketing cost as a proportion of revenue in the measurement period. Marketing cost mainly co nsists of advertising expenses including search engine marketing, television, online display and other marketing channels as well as allocated overhead cost. All numbers shown excl uding equity-settled SBC costs.

(6) Fulfillment Cost Ratio defined as fulfillment cost as a proportion of revenue in the measurement period. Fulfillment costs ma inly include logistics, content creation, service and payment

		August 2018						September 2018							October 2018
M	T	W	T	F		M	T	W	T	F		M	T	W
		1	2	3		3	4	5	6	7		1	2	3
6	7	8	9	10		10	11	12	13	14		8	9	10	11
13	14	15	16	17		17	18	19	20	21		15	16	17	18
20	21	22	23	24		24	25	26	27	28		22	23	24	25
27	28	29	30	31								29	30	31
Date							Action
	Tuesday, August 7							Frankfurt: Roadshow
	Wednesday	& Thursday, August 8 & 9						London: Roadshow
		Thursday, August 30					Frankfurt:		Commerzbank Sector			Conference
Monday –		Friday, September 10 –			14			USA Midwest: Roadshow
		Wednesday, September 12						Amsterdam:	Roadshow
		Wednesday, September 12						Copenhagen: Roadshow
		Thursday, September 20						Warsaw: mBank			Retail Conference
Tuesday –		Thursday, September 25 –			27		Munich:		Berenberg				& Goldman Sachs and Baader		Bank Conferences
		Tuesday, November 6					Q3/2018		Results

		October 2018
M	T	W	T	F
1	2	3	4	5
8	9	10	11	12
15	16	17	18	19
22	23	24	25	26
29	30	31

F I N A N C I A L C A L E N D A R 2 0 1 8

Z A L A N D O I N V E S T O R R E L A T I O N S T E A M

Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not rely on these fo rward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materiall y and adversely from any forwardlooking statements discussed on this call due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfillment centers, inaccurate personnel and capacity forecasts for fulfillment centers, hazardous material / c onditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and chang es in competition levels.