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P A G E N U M B E R
This presentation has been prepared by YOOX NET-A-PORTER GROUP S.p.A. for information purposes only and for use in presentations of the Group’s results and strategies.
For further details on YOOX NET-A-PORTER GROUP S.p.A., reference should be made to publicly available information.
Statements contained in this presentation, particularly regarding any possible or assumed future performance of the Group, are or may be forward-looking statements based on YOOX
NET-A-PORTER GROUP S.p.A.’s current expectations and projections about future events, and in this respect may involve some risks and uncertainties.
Actual future results for any quarter or annual period may therefore differ materially from those expressed in or implied by these statements due to a number of different factors, many of
which are beyond the ability of YOOX NET-A-PORTER GROUP S.p.A. to control or estimate precisely, including, but not limited to, the Group’s ability to manage the effects of uncertain
current global economic conditions on the business and to predict future economic conditions, the Group’s ability to achieve and manage growth, the degree to which YOOX NET-A-
PORTER GROUP S.p.A. enters into, maintains and develops commercial and partnership agreements, the Group’s ability to successfully identify, develop and retain key employees, manage
and maintain key customer relationships and maintain key supply sources, unfavourable development affecting consumer spending, the rate of growth of the Internet and online commerce,
competition, fluctuations in exchange rates, any failure of information technology, inventory and other asset risk, credit risk on the Group’s accounts, regulatory developments and changes
in tax laws.
YOOX NET-A-PORTER GROUP S.p.A. does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date
of this presentation.
Any reference to past performance of YOOX NET-A-PORTER GROUP S.p.A. shall not be taken as an indication of future performance.
This document does not constitute an offer or invitation to purchase or subscribe to 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 the presentation you agree to be bound by the foregoing terms.
P A G E N U M B E R
YOOX NET-A-PORTER GROUP FIRST HALF RESULTS TO 30 JUNE 2017
– RESULTS HIGHLIGHTS AND LATEST BUSINESS DEVELOPMENTS
– FINANCIAL REVIEW
Q&A
P A G E N U M B E R
1. Organic net revenue growth is calculated at constant exchange rates and at a comparable perimeter by including net revenues of all online stores active at the end of each period, which were also active at the beginning of the same period of the previous year2. For full glossary, please refer to slide 27Note: Figures as absolute values and in percentages are calculated using precise financial data. Some of the differences found in this presentation are due to rounding of the values expressed in millions of Euro
2Q 2017 net revenues at €519 million, up 20% organic1
Excellent performance across all business lines
Solid growth in all key markets with North America and APAC
outperforming
2Q performance led to 1H 2017 net revenues of €1 billion, up 19%
organic1
1H 2017 adjusted EBITDA2 at €98m, with a margin of 9.5% (vs. 8.5% in
1H 2016)
1H 2017 adjusted net income2 at €38m (vs. €37m in 1H 2016)
Net cash at €85m as at 30 June 2017 (vs. net cash of €105m as at
December 2016) after €80m CAPEX (vs. capex of €48m in 1H 2016)
P A G E N U M B E R
Further enrichment of unique offer through new exclusive capsule collections
– Chloé for NET-A-PORTER, MR PORTER X GUCCI and Tod’s for MR PORTER
New prestigious brand additions to the Fine Jewellery and Watches category
– Piaget and Cartier Panthère watch collection on NET-A-PORTER
Continued focus on mobile developments
– New functionalities released on MR PORTER app now ranked among the top 10 Men’s Fashion
apps on the global App store
Brand additions on both YOOX and THE OUTNET
– Reaffirmed YOOX’s commitment to promote emerging designers and young talents with the launch
of Bianca Balti’s swimwear, ARTHUR ARBESSER X YOOX and Fausto Puglisi collections
– Philosophy (Alberta Ferretti) launched on THE OUTNET
– Strengthened beachwear offer on THE OUTNET: Stella McCartney, Roberto Cavalli, Just Cavalli, La
Perla, Calvin Klein and first-ever Iris & Ink beachwear collection
Successful YOOX’s 17th birthday global campaign through an innovative and diversified media mix
including social networks, new digital formats and radio
New multi-year global agreement with Ferrari for ferrari.com, launching in 1Q 2018
Launch of isabelmarant.com in Europe, US and APAC
See by Chloé added to the global partnership with Chloé
ONLINE FLAGSHIP STORES
Successful launch of the first Online Flagship Store on the new front-end platform
PLATFORM
MULTI-BRAND OFF-SEASON
MULTI-BRAND IN-SEASON
P A G E N U M B E R
YOOX NET-A-PORTER GROUP FIRST HALF RESULTS TO 30 JUNE 2017
– RESULTS HIGHLIGHTS AND LATEST BUSINESS DEVELOPMENTS
– FINANCIAL REVIEW
Q&A
P A G E N U M B E R
Reported Growth
1.3%
3.7%
Reported Constant Organic
1. Organic net revenue growth is calculated at constant exchange rates and at a comparable perimeter by including net revenues of all online stores active at the end of each period, which were also active at the beginning of the same period of theprevious year.
+15.2%
+16.5%
+20.2%
Constant FX Growth Organic Growth1
FX Impact
Perimeter Effect
P A G E N U M B E R
€42.3m €43.5m
€156.1m €189.5m
€252.4m€286.3m
Net Revenue Performance and Breakdown
Constant FX2Q 2017GroupGrowth
56.0%9.4%
55.1%
36.5%
1. Organic net revenue growth is calculated at constant exchange rates and at a comparable perimeter by including net revenues of all online stores active at the end of each period, which were also active at the beginning of the same period of the previous year.2. Gross Merchandise Value is defined as retail value of sales of all the Online Flagship Stores, including the JV online store sales, to final customers, net of returns and customer discounts. Set-up, design and maintenance fees for the Online Flagship Stores, accounted for within “Rest of the World
and Not Country Related”, are excluded.3. Gross merchandise value organic growth is calculated at constant exchange rates and at a comparable perimeter by including gross merchandise value of all Online Flagship Stores active at the end of each period, which were also active at the beginning of the same period of the previous year.
34.6%
8.4%
+3.0%
+15.8%
+21.5%
€519.3m
+21.4%
+15.2%
+2.9%
+13.4%
2Q 2016
2Q 2017 vs 2Q 2016
+16.5%
Constant FX
+8.9%
Organic1
+19.5%
+20.2%
Organic3
+22.6%
Current FX
€450.8m
Online Flagship Stores Gross Merchandise Value2 Growth
Multi-brand Off-SeasonMulti-brand In-Season Online Flagship Stores
2.9%
5.9%8.8%
Online Flagship StoresNet Revenue Growth
Impact of different bookingfor the JV online store sales
and Not Country Related
Online Flagship StoresGross Merchandise Growth
P A G E N U M B E R
(€m )
Italy 57.5 64.4 12.0% 12.2% 29.2 33.1 13.2% 13.2%
UK 135.2 138.5 2.4% 13.0% 70.2 71.8 2.2% 11.7%
Rest of Europe 238.4 267.0 12.0% 9.7% 117.5 132.4 12.8% 11.6%
North America 268.1 322.5 20.3% 17.3% 135.1 161.2 19.3% 17.0%
APAC 137.4 178.5 29.9% 31.9% 68.2 87.4 28.2% 30.8%
Rest of the World + NCR 60.4 63.3 4.9% 13.1% 30.7 33.4 9.0% 16.3%
Group Net Revenues 897.0 1,034.1 15.3% 16.3% 450.8 519.3 15.2% 16.5%
1. Not Country Related
29.9%
15.1%15.3%
6.7%
26.6%
6.4%
1H 2016 1H 2017
31.2%
13.4%17.3%
6.1% 6.2%
25.8%
2Q 2016
15.1%
6.8%
15.6%
30.0%
6.5%
26.0%
16.8%
6.4%
13.8%
31.1%
6.4%
2Q 2017
25.5%
Net Revenue Performance
Net Revenue Breakdown
Italy UK Rest of Europe APACNorth America Rest of the World and NCR1
1H 2016 1H 2017 % Growth% Growth
Constant FX 2Q 2016 2Q 2017 % Growth% Growth
Constant FX
1
P A G E N U M B E R
10.4 11.7
9.711.4
8.59.4
1H 20171H 2016 1H 2016 1H 2017
1H 2016
335345 346 347
2Q 20172Q 2016
+3.0% +0.2% +17.3%
2,600
3,050
2Q 20172Q 20161H 2017
3,9454,452
1,9552,265
+12.9% +15.9%
# Orders (‘000) - Group
Average Order Value (€) - Group Active Customers3 (‘000) - Group4
Constant FXConstant FX
+3.8% +1.0%
74.9 84.7
152.8183.6
115.0
125.8
342.7
394.1
1H 20171H 2016
33.7 37.7
74.793.2
56.3
63.1164.6
194.0
+15.0%
+13.2%
+17.9%
2Q 2016 2Q 2017
Visits (m)2
+20.2%
+12.1%
+11.9%
+24.9%
Organic Organic
+18.1%
+17.4%+9.3%
GroupGrowth
Multi-brand Off-SeasonMulti-brand In-Season Online Flagship Stores
1.Key performance indicators do not include the Joint Venture with Kering2.Source: Adobe Analytics for NET-A-PORTER, MR PORTER and THE OUTNET; Google Analytics Premium for YOOX, THECORNER, SHOESCRIBE and the Online Flagship Stores "Powered by YOOX NET-A-PORTER GROUP“3.Active Customer is defined as a customer who placed at least one order in the 12 preceding months. The figure reported is calculated as the sum of the Active Customers of each online store for the reporting period4. Includes Active Customers of the Online Flagship Stores “Powered by YOOX NET-A-PORTER GROUP”
+22.3%+17.4%
+23.8%+9.8%
P A G E N U M B E R
Reported Growth
1.0%
3.2%
Reported Constant Organic
FX Impact
1. Organic net revenue growth is calculated at constant exchange rates and at a comparable perimeter by including net revenues of all online stores active at the end of each period, which were also active at the beginning of the same period of theprevious year.
+15.3%
+16.3%
+19.5%
Constant FX Growth Organic Growth1
Perimeter Effect
P A G E N U M B E R
(€m )
Net Revenues 897.0 1,034.1
growth 13.3% 15.3%
COGS (542.2) (619.6)
Gross Profit 354.9 414.5
% of Net Revenues 39.6% 40.1%
Fulfillment Excl. IPC (88.5) (99.9)
% of Net Revenues 9.9% 9.7%
Sales & Marketing Excl. IPC (106.0) (124.4)
% of Net Revenues 11.8% 12.0%
General & Administrative Excl. IPC (81.0) (87.5)
% of Net Revenues 9.0% 8.5%
Other Income / (Expenses) (2.8) (4.6)
Adjusted EBITDA 76.5 98.0
% of Net Revenues 8.5% 9.5%
Ordinary Depreciation & Amortisation (24.4) (36.5)
% of Net Revenues 2.7% 3.5%
Adjusted Operating Profit 52.2 61.5
% of Net Revenues 5.8% 5.9%
Income / (Loss) From Investment In Associates 0.2 0.0
Net Financial Income / (Expenses) (1.0) (10.0)
Adjusted Profit Before Tax 51.4 51.6
% of Net Revenues 5.7% 5.0%
Taxes (14.4) (13.5)
Adjusted Net Income 37.0 38.0
% of Net Revenues 4.1% 3.7%
Note: Depreciation & Amortisation included in Fulfilment, Sales & Marketing, General & Administrative have been reclassified and grouped under Ordinary Depreciation & Amortisation1. The Adjusted P&L excludes non-cash costs associated with Stock Option Plans as well as the amortisation related to the Purchase Price Allocation process arising from the merger of YOOX GROUP and THE NET-A-PORTER GROUP2. For full glossary and for the description of the pro-forma adjustments, please refer to slide 27
1H 20171H 2016
2
2
2
2
P A G E N U M B E R
(€m )
Net Revenues 897.0 1,034.1
growth 13.3% 15.3%
COGS (542.2) (619.6)
Gross Profit 354.9 414.5
% of Net Revenues 39.6% 40.1%
Fulfillment Excl. IPC (88.5) (99.9)
% of Net Revenues 9.9% 9.7%
Sales & Marketing Excl. IPC (106.0) (124.4)
% of Net Revenues 11.8% 12.0%
General & Administrative Excl. IPC (81.0) (87.5)
% of Net Revenues 9.0% 8.5%
Incentive Plan Costs (IPC) (5.9) (6.6)
Other Income / (Expenses) (2.8) (4.6)
Reported EBITDA 70.6 91.4
% of Net Revenues 7.9% 8.8%
Ordinary Depreciation & Amortisation (24.4) (36.5)
% of Net Revenues 2.7% 3.5%
PPA-related amortisation (17.3) (15.6)
% of Net Revenues 1.9% 1.5%
Reported Operating Profit 29.0 39.3
% of Net Revenues 3.2% 3.8%
Income / (Loss) From Investment In Associates 0.2 0.0
Net Financial Income / (Expenses) (1.0) (10.0)
Reported Profit Before Tax 28.2 29.4
% of Net Revenues 3.1% 2.8%
Taxes (9.4) (8.8)
Reported Net Income 18.8 20.6
% of Net Revenues 2.1% 2.0%
Note: Depreciation & Amortisation included in Fulfillment, Sales & Marketing, General & Administrative have been reclassified and grouped under Ordinary Depreciation & Amortisation
1H 20171H 2016
P A G E N U M B E R
Gross Profit by Business Line
Gross profit is defined as net revenues less cost of goods sold (“COGS”), which includes shipping costs
Multi-brand In-Season Multi-brand Off-Season Online Flagship Stores
% of divisionNet revenues
42.0%
1H 20171H 2016
42.4% 36.7%
1H 20171H 2016
37.7% 36.1%
1H 20171H 2016
36.3%
€206.0m
€234.4m
€116.9m
€144.0m
€32.0m€36.1m
P A G E N U M B E R
(€m )
Adjusted EBITDA 76.5 98.0
Realised Net Financial Income / (Expenses) & Associates (2.5) (5.6)
Taxes paid (10.9) (16.5)
Change in Ordinary Working Capital (23.2) (6.2)
Capital Expenditure (48.1) (80.2)
Other (15.0) (29.5)
Translation Adj. 4.3
Free Cash Flow at Constant FX (23.3) (35.7)
Cash Flow Statement
1H 20171H 2016
1
Net Financial Position Evolution
€104.7m
€98.0m
€(5.6)m€(16.5)m €(6.2)m
€(80.2)m€(29.5)m
€20.1m €84.7m
Dec 2016Net Cash
AdjustedEBITDA
Net FinancialIncome / (Expenses)
& Associates
Taxespaid
Change inOrdinaryWorkingCapital
CapitalExpenditure
Other AlabbarEquity
Contribution
June 2017Net Cash
3
1
1. Mainly refers to deferred tax assets and liabilities, exchange rate impact resulting from the consolidation of foreign subsidiaries and other reserves 2. Translation Adjustments refer to the delta FX which arises from converting Ordinary Working Capital, Capital Expenditure and Other into Euro at the exchange rates as of 30 June 2017 and as of 31 December 20163. Equity injection by Symphony, a company controlled by Mohamed Alabbar’s family, into Middle East Joint Venture
2
P A G E N U M B E R
(€m )
Inventories 530.7 578.2 646.3 (68.1)
Trade Receivables 23.9 32.4 40.6 (8.2)
Trade Payables (362.2) (399.4) (478.8) 79.4
Other Receivables / (Payables) (73.1) (91.7) (82.3) (9.4)
Ordinary Net Working Capital 119.3 119.5 125.7 (6.2)
as % of LTM Net Revenues 6.7% 6.4% 6.3%
% of Net Revenues
€48.1m
€80.2m
5.4% 7.8%
1H 2016 1H 2017
Net Working Capital
Capital Expenditure
Technology Operations Other
Jun 2017Jun 2016 Dec 2016 1H 2017
Balance Sheet Cash Flow
P A G E N U M B E R
YOOX NET-A-PORTER GROUP FIRST HALF RESULTS TO 30 JUNE 2017
– RESULTS HIGHLIGHTS AND LATEST BUSINESS DEVELOPMENTS
– FINANCIAL REVIEW
Q&A
P A G E N U M B E R
FIRST HALF 2017 RESULTS
– NET REVENUE REVIEW BY BUSINESS LINE - FIRST HALF 2017
– FROM EBITDA TO NET INCOME
– FOCUS ON INCENTIVE PLAN COSTS
– NET FINANCIAL POSITION AND DEBT FACILITIES OVERVIEW
– SUMMARY BALANCE SHEET
ONLINE FLAGSHIP STORES POWERED BY YOOX NET-A-PORTER GROUP
SHAREHOLDER STRUCTURE
EXCHANGE RATES
P A G E N U M B E R
Multi-brand Off-SeasonMulti-brand In-Season Online Flagship Stores
€88.7m €99.5m
€318.3m€381.7m
€490.1m
€552.9m
Net Revenue Performance and Breakdown
€1,034.1m
€897.0m
1H 2017
54.6%
35.5%
53.5%9.6%
Online Flagship Stores Gross Merchandise Value2 Growth
9.9%
36.9%
+12.3%
+15.3%
+18.8%
+12.2%
+12.8%
+15.3%
+19.9%
1H 2016
1H 2016 vs 1H 2017
+16.3%
+16.6%
Current FX
+19.8%
+19.5%
+23.9%
GroupGrowth
Constant FX Organic1
Constant FX Organic3
12.2%
4.4% 16.6%
Online Flagship StoresNet Revenue Growth
Impact of different bookingfor the JV online store sales
and Not Country Related
Online Flagship StoresGross Merchandise Growth
1. Organic net revenue growth is calculated at constant exchange rates and at a comparable perimeter by including net revenues of all online stores active at the end of each period, which were also active at the beginning of the same period of the previous year.2. Gross Merchandise Value is defined as retail value of sales of all the Online Flagship Stores, including the JV online store sales, to final customers, net of returns and customer discounts. Set-up, design and maintenance fees for the Online Flagship Stores, accounted for within “Rest of the World
and Not Country Related”, are excluded.3. Gross merchandise value organic growth is calculated at constant exchange rates and at a comparable perimeter by including gross merchandise value of all Online Flagship Stores active at the end of each period, which were also active at the beginning of the same period of the previous year.
P A G E N U M B E R
€76.5m
€(5.9)m
€70.6m
€(24.4)m
€(17.3)m
€29.0m €0.2m
€(1.0)m€(9.4)m
€18.8m
€18.2m €37.0m
AdjustedEBITDA
Incentive PlanCosts
("IPCs")
EBITDA OrdinaryD&A
PPA-relatedamortisation
EBIT Income/ (Loss)From
Associates
Net FinancialIncome /
(Expenses)
Taxes NetIncome
IPCs & PPARelated D&Anet of related
tax effects
AdjustedNet
Income
€98.0m
€(6.6)m
€91.4m
€(36.5)m
€(15.6)m
€39.3m €0.0m
€(10.0)m€(8.8)m
€20.6m
€17.5m €38.0m
AdjustedEBITDA
Incentive PlanCosts
("IPCs")
EBITDA OrdinaryD&A
PPA-relatedamortisation
EBIT Income/ (Loss)From
Associates
Net FinancialIncome /
(Expenses)
Taxes NetIncome
IPCs & PPARelated D&Anet of related
tax effects
AdjustedNet
Income
1H 2016
1H 2017
% of Net Revenues 9.5% 8.8% 3.7%2.0%3.8%
% of Net Revenues 8.5% 7.9% 4.1%2.1%3.2%
P A G E N U M B E R
(€m )
Fulf i l lm ent (88.518) (99.971)
of which Incentive Plan Costs (0.017) 0.3% (0.051) 0.8%
Sales & Marketing (106.790) (124.926)
of which Incentive Plan Costs (0.754) 12.7% (0.505) 7.7%
General & Adm inistrative (86.178) (93.525)
of which Incentive Plan Costs (5.143 ) 87.0% (5.998 ) 91.5%
Incentive Plan Costs (5.914) 100.0% (6.555) 100.0%
EBITDA 70.603 91.43 9
% of Net Revenues 7.9% 8.8%
Incentive Plan Costs (5.914) (6.555)
Adjusted EBITDA 1 76.517 97.994
% of Net Revenues 8.5% 9.5%
1H 2016% of Total
1H 2017% of Total
1. For full glossary and the description of the pro-forma adjustments, please refer to slide 27
P A G E N U M B E R
(€m )
Cash and Cash Equivalents 155.5 186.5
Other Current Financial Assets 67.7 41.5
Current Financial Assets 223.1 228.0
Current Financial Liabilities (19.4) (61.3)
Long Term Financial Liabilities (99.0) (82.0)
(Net Financial Debt) / Net Cash 104.7 84.7
(€m )
Overdrafts 123.8 0.0 123.8
Bank Loans 200.4 75.4 125.0
European Investment Bank 22.8 22.8 -
Financial Leases & Other 45.2 45.2 -
Total 392.1 143.4 248.8
June 2017Dec 2016
Long average maturity of outstanding debt (>80% of loans due between 2019 and 2020) at an average cost of debt of ~105bps over the 3/6 month Euribor
AvailableDrawnGranted
Net Financial Position
Overview of Debt Facilities at 30 June 2017
P A G E N U M B E R
(€m )
Net Working Capital 0.6 36.6 61.7 25.1
Non-Current Assets 1,914.3 1,880.4 1,866.5 (13.9)
Non-Current Liabilities (excl. financial liabilities) (90.8) (85.7) (80.8) 4.8
Total 1,824.1 1,831.3 1,847.3 16.0
Net Financial Debt / (Net Cash) (138.8) (104.7) (84.7) 20.0
Shareholders' Equity 1,962.9 1,936.0 1,932.1 (3.9)
Total 1,824.1 1,831.3 1,847.3 16.0
ChangeDec 2016Jun 2016 Jun 2017
P A G E N U M B E R
Online Flagship Stores “Powered by YOOX NET-A-PORTER GROUP”
JVCo with Kering
alexanderwang.com
pomellato.com
moncler.com
trussardi.com
dodo.it
dsquared2.com
moschino.com
emiliopucci.com
stoneisland.com
marni.com
jilsander.com
valentino.com
emporioarmani.comalbertaferretti.com
justcavalli.com
y-3store.com
kartell.com
ysl.com
mcq.com
bottegaveneta.com
alexandermcqueen.com
stellamccartney.com
balenciaga.com
missoni.com
redvalentino.com
lanvin.com
brioni.com
chloe.com
dunhill.com
karl.com
maisonmargiela.com
napapijri.com
isabelmarant.com
armani.com
OPENING SOON
ferrari.com
P A G E N U M B E R
Feder ico Marchet t i 7 ,581,814 5.4% 5,164,667 3.9% 7,581,814 7.5% 5,164,667 5.7%
YNAP Managem ent team and other stock option holders 5,243,668 3.7% 5,243,668 5.2%
Sub-total 12,825,482 9.1% 5,164,667 3.9% 12,825,482 12.7% 5,164,667 5.7%
Richem ont 65,599,597 46.3% 65,599,597 49.0% 25,340,057 25.0% 22,693,459 24.9%
Renzo Rosso 5,186,321 3.7% 5,186,321 3.9% 5,186,321 5.1% 5,186,321 5.7%
Alabbar Enterprises 3,571,428 2.5% 3,571,428 2.7% 3,571,428 3.5% 3,571,428 3.9%
Capital Research and Managem ent Com pany 5,200,690 3.7% 5,200,690 3.9% 5,200,690 5.1% 5,200,690 5.7%
Fidelity International 2,897,225 2.0% 2,897,225 2.2% 2,897,225 2.9% 2,897,225 3.2%
Market 46,339,026 32.7% 46,339,026 34.6% 46,339,026 45.7% 46,339,026 50.9%
Tota l Outs tanding Shares 141,619,769 100.0% 133,958,954 100.0% 101,360,229 100.0% 91,052,816 100.0%
Treasury Shares 17,339 0.0% 17,339 0.0% 17,339 0.0% 17,339 0.0%
Tota l Issued Shares 141,637,108 100.0% 133,976,293 100.0% 101,377,568 100.0% 91,070,155 100.0%
Shareholders
Total Ordinary Capital (Voting)
Total Share Capital (Ordinary + Non-voting)
1 1
Updated as of 2 August 20171. Computed assuming that all of the 6,864,756 stock options granted under YOOX NET-A-PORTER GROUP S.p.A.’s stock option plans are exercised2. Excludes Federico Marchetti3. The number of ordinary shares is calculated assuming that Richemont converts 2,646,598 non-voting shares to ordinary shares (ratio of 1:1) in order to re-establish the maximum of 25% of shares with voting rights as stipulated by the New Bylaws
3
2
Diluted Current Diluted Current
P A G E N U M B E R
EUR USD 1.107 1.116 1.08 3 1.129 1.102 1.054 1.069 1.141
% yoy appreciation / (depreciation) vs. EUR 0.2% (0.0%) 3.0% (2.1%) 2.5% 3.3% 6.5% (2.7%)
EUR GBP 0.8 19 0.779 0.8 61 0.78 7 0.8 61 0.8 56 0.8 56 0.8 79
% yoy appreciation / (depreciation) vs. EUR (11.4%) (6.0%) (9.5%) (8.4%) (8.6%) (14.3%) (7.5%) (6.0%)
EUR JPY 120.197 124.414 121.78 0 121.949 122.58 4 123 .400 119.550 127.750
% yoy appreciation / (depreciation) vs. EUR 11.7% 7.9% 2.2% 10.1% (0.5%) 6.2% 7.0% (10.7%)
EUR CNY 7.3 52 7.296 7.445 7.3 79 7.560 7.3 20 7.3 64 7.73 9
% yoy appreciation / (depreciation) vs. EUR (5.2%) (4.9%) (2.0%) (7.1%) (2.4%) (3.5%) (0.2%) (4.7%)
EUR RUB 74.145 78 .297 62.8 06 74.3 3 5 63 .103 64.3 00 60.3 13 67.545
% yoy appreciation / (depreciation) vs. EUR (8.2%) (17.4%) 24.7% (21.7%) 17.8% 25.5% 26.5% 5.9%
EUR HKD 8 .592 8 .668 8 .420 8 .764 8 .58 3 8 .175 8 .3 07 8 .907
% yoy appreciation / (depreciation) vs. EUR 0.1% (0.2%) 3.0% (2.2%) 2.1% 3.2% 6.3% (3.3%)
EUR KRW 1,28 4.18 1 1,3 18 .916 1,23 6.3 3 0 1,3 13 .744 1,245.8 09 1,269.3 60 1,194.540 1,3 04.560
% yoy appreciation / (depreciation) vs. EUR (2.2%) (3.2%) 6.7% (7.6%) 5.5% 0.9% 8.4% (2.0%)
EUR AUD 1.48 8 1.522 1.43 6 1.515 1.469 1.460 1.3 98 1.48 5
% yoy appreciation / (depreciation) vs. EUR (0.7%) (6.3%) 6.0% (6.2%) 3.1% 2.1% 5.9% 0.5%
EUR CAD 1.466 1.48 4 1.445 1.455 1.48 2 1.419 1.427 1.479
% yoy appreciation / (depreciation) vs. EUR (3.2%) (7.2%) 2.7% (6.6%) (1.8%) 6.5% 3.3% (2.7%)
Period Average End of Period
1H 2016 1H 2017 2Q 2016 Dec 20162Q 2017 Mar 20172016 Jun 2017
P A G E N U M B E R
Gross Merchandise Value (GMV): GMV is defined as retail value of sales of all the Online Flagship Stores, including the JV online store sales to
final customers, net of returns and customer discounts. Set-up, design and maintenance fees for the Online Flagship Stores, accounted for
within “Rest of the World and Not Country Related”, are excluded
Pro-forma: Pro-forma Financials relating to the 6-month periods ended 30 June 2015 of YOOX-NET-A-PORTER GROUP S.p.A. have been
adjusted by aggregating the historical data of YOOX Group and of THE NET-A-PORTER GROUP and then carrying out adjustments for the
purpose of simulating the economic effects of the merger on the operating performance of YOOX NET-A-PORTER GROUP as if such
transaction had virtually occurred at the beginning of the 2015 fiscal year (1 January 2015), exclusively presented for comparative purposes
Adjusted EBITDA: Adjusted EBITDA is defined as reported EBITDA before the non-cash costs associated with the existing Stock Option Plans
Adjusted Operating Profit: Adjusted Operating Profit is defined as reported Operating Profit before the non-cash costs associated with the
existing Stock Option Plans and the non-cash amortisation related to the Purchase Price Allocation (“PPA”) arising from the merger
Adjusted Profit Before Tax: Adjusted Profit Before Tax is defined as reported Profit Before Tax before the non-cash costs associated with the
existing Stock Option Plans and the non-cash amortisation related to the Purchase Price Allocation (“PPA”) arising from the merger
Adjusted Net Income: Adjusted Net Income is defined as reported net income before the non-cash costs associated with the existing Stock
Option Plans, net of their related tax effects, and before the non-cash amortisation related to the Purchase Price Allocation (“PPA”) arising
from the merger, net of its related tax effect
T H I S D O C U ME N T I S P R O P R I E T A R Y A N D C O N F I D E N T I A L . N O P A R T O F T H I S D O C U ME N T MA Y B E D I S C L O S E D I N
A N Y MA N N E R T O A T H I R D P A R T Y W IT H O U T T H E P R I O R W R I TT E N C O N S E N T O F Y O O X N E T - A - P O R T E R G R O U P
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YOOX NET-A-PORTER GROUP
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