28
CONFIDENTIAL PRELIMINARY WORKING DRAFT Elliot Jordan, CFO dbAccess Global Consumer Conference 2020 June 11, 2020
CONFIDENTIALPRELIMINARY WORKING DRAFT
Elliot Jordan, CFOdbAccess Global Consumer Conference 2020June 11, 2020
2
Important NoticeThis presentation and the accompanying oral presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation and the
accompanying oral presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our profitability for 2021, the anticipated impact of
the COVID-19 pandemic on our operations and supply chain and the broader luxury industry, improvements to our unit economics and operating leverage, future growth of the luxury industry, as well as statements that include
the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on
management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or
achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: purchasers of luxury products may not choose to
shop online in sufficient numbers; our ability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; the volatility and difficulty in predicting the luxury fashion industry, in particular in
light of COVID-19 and its impact on consumer spending patterns; our reliance on a limited number of retailers and brands for the supply of products on our Marketplace; our reliance on retailers and brands to anticipate, identify
and respond quickly to new and changing fashion trends, consumer preferences and other factors; our reliance on retailers and brands to make products available to our consumers on our Marketplace and to set their own prices
for such products; our reliance on information technologies and our ability to adapt to technological developments; our ability to acquire or retain consumers and to promote and sustain the Farfetch brand; our ability or the ability
of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect our confidential information; our ability to successfully launch and monetize new and innovative technology; our
acquisition and integration of other companies or technologies, for example, Stadium Goods and New Guards Group, could divert management’s attention and otherwise disrupt our operations and harm our operating results; we
may be unsuccessful in integrating any acquired businesses or realizing any anticipated benefits of such acquisitions; our dependence on highly skilled personnel, including our senior management, data scientists and
technology professionals, and our ability to hire, retain and motivate qualified personnel; the effect of the COVID-19 pandemic on our business and results of operations, as well as on the luxury fashion industry and consumer
spending more broadly, and our ability to successfully implement our business plan during a global economic downturn caused by the COVID-19 pandemic; impact of general economic factors, natural disasters or other
unexpected events; Mr. Neves has considerable influence over important corporate matters due to his ownership of us, and our dual-class voting structure will limit your ability to influence corporate matters, including a change of
control; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31,
2019 and in Exhibit 99.2 to our Current Report on Form 6-K filed with the SEC on April 27, 2020, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov.
In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on its
business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed in this presentation and the accompanying oral presentation are inherently uncertain and may not occur, and actual results could differ materially and
adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in
this presentation and the accompanying oral presentation relate only to events or information as of the date on which the statements are made in this presentation and the accompanying oral presentation. Except as required by
law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the
occurrence of unanticipated events. Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from
independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other
third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be
reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors,
including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by us. All subsequent written and oral forward-looking
statements attributable to Farfetch, New Guards, their respective boards of directors or any person acting on behalf of any of them are expressly qualified in their entirety by this notice.
This presentation and the accompanying oral presentation include certain financial measures not presented in accordance with the International Financial Reporting Standards (“IFRS”) including but not limited to, Adjusted
EBITDA, Adjusted EBITDA Margin, Adjusted Revenue, Digital Platform Gross Profit Margin, Digital Platform Order Contribution and Digital Platform Order Contribution Margin. These financial measures are not measures of
financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as
an alternative to loss after tax, revenue, gross profit or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company’s presentation of these measures may not be comparable to
similarly-titled measures used by other companies, which may be defined and calculated differently. Reconciliations of these non-IFRS measures to the most directly comparable IFRS measure are provided in the Appendix as
applicable.
Certain figures in this presentation may not recalculate exactly due to rounding. This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented.
3
PLATFORM
We operate the only truly global luxury digital marketplace at scale
Farfetch exists for the love of fashion We believe in empowering individuality
3
4
1 Includes Farfetch.com and Stadium Goods. 2 Digital Platform GMV and Digital Platform Revenue, includes Enterprise Solutions. 3 Active Consumers FY 2019; Active Consumers are consumers on our directly owned and operated sites and related apps. A consumer is deemed to be active if they made a purchase within the last 12-month period, irrespective of cancellations or returns.
Marketplaces11 Enterprise Solutions2 3 Brand Platform
$1.9bnFY19 GMV2
2.1m Active
Consumers3
>20 brand &
retailer FPS clients4, incl.
$425mFY19 PF
Revenue5
$201m FY19 PFGross Profit6
Innovation partner for
PLATFORM
We operate the only truly global luxury digital marketplace at scale
4
5
1 Includes Farfetch.com and Stadium Goods. 2 Digital Platform GMV and Digital Platform Revenue, includes Enterprise Solutions. 3 Active Consumers FY 2019; Active Consumers are consumers on our directly owned and operated sites and related apps. A consumer is deemed to be active if they made a purchase within the last 12-month period, irrespective of cancellations or returns. 4 Live clients as at April 30, 2020.
Marketplaces11 Enterprise Solutions2 3 Brand Platform
$1.9bnFY19 GMV2
2.1m Active
Consumers3
20 brand &
retailer FPS clients4, incl.
$425mFY19 PF
Revenue5
$201m FY19 PFGross Profit6
Innovation partner for
5
Our modular end-to-end technology platform is purpose built to connect the luxury fashion
ecosystem worldwide
PLATFORM
6
1 Includes Farfetch.com and Stadium Goods. 2 Digital Platform GMV and Digital Platform Revenue, includes Enterprise Solutions. 3 Active Consumers FY 2019; Active Consumers are consumers on our directly owned and operated sites and related apps. A consumer is deemed to be active if they made a purchase within the last 12-month period, irrespective of cancellations or returns. 4 Live clients as at April 30, 2020. 5 Unaudited Pro Forma 12 months to December 2019 Brand Platform segment revenue of $425m comprises pre-acquisition NGG total revenue for the 7 months to July 31, 2019 of $261m plus Brand Platform segment (primarily wholesale) revenue for 5 months to December 2019 (post NGG acquisition) of $164m as per 2019 Form 20-F. Pre-acquisition NGG total revenue also comprised of in-store and direct-to-consumer (DTC) revenue, which is not included in the Brand Platform segment (primarily wholesale) revenue. 6 Unaudited Pro Forma 12 months to December 2019 Brand Platform segment gross profit of $201m comprises pre-acquisition NGG total gross profit for the 7 months to July 31, 2019 of $126m plus Brand Platform segment (primarily wholesale) gross profit for 5 months to December 2019 (post NGG acquisition) of $75m as per 20-F. Pre-acquisition NGG total gross profit also comprises of in-store and DTC gross profit, which is not included in the Brand Platform segment (primarily wholesale) gross profit.
Marketplaces11 Enterprise Solutions2 3 Brand Platform
$1.9bnFY19 GMV2
2.1m Active
Consumers3
20 brand &
retailer FPS clients4, incl.
$425mFY19 PF
Revenue5
$201m FY19 PFGross Profit6
Innovation partner for
PLATFORM
Brand Platform leading the New Luxury Paradigm with unique original content
6
7
PLATFORM
PaymentsPhotography Design BrandDevelopment
Fulfilment ProductionInventory Management
CustomerService
ProductCatalogue
WholesaleDistribution
Digital Platform Brand Platform
Marketing MediaSolutions
Store of the Future
FPS
Marketplaces1 Enterprise Solutions2 3 Brand Platform
7
8
For the past two years we have grown more than 2x as fast as the Online Luxury Market
Source: Bain Altagamma Luxury Goods Worldwide Market Study, Spring 2020 - May 7th, 2020.
0.9
1.4
1.9
2017 2018 2019
Farfetch Digital Platform GMV ($bn)
9
Our resilient business model
Our global scale and geographically distributed 3rd party inventory model underpin the resilience of our business
Revenue primarily generated by digital channels, which enables us
to reach a global consumer base across 190 countries
Able to adjust demand generation inreal time, in response to fluctuations
Supply network of >1,200 partners, representing thousands of stock
points across 50+ countries
Continued to offer >3,400 brands
85% of products available from multiple suppliers and different
locations1
As an at-scale business, able to leverage long-standing relationships with major global
logistics providers
While some minor disruptions, they have not materially impacted our
operational performance
Global Logistics
Geo-Diversified
Supply
Our unique business model has enabled us to remain operational throughout the COVID-19 crisis
Global Markets
1 Products available is based on our main SS20 catalogue as of April 15, 2020.
10
Resilient growing industry with strong tailwind towards Online
Source: Bain & Company and Altagamma: “The Future of Luxury: A Look Into Tomorrow to Understand Today (November 2018)” and Bain Altagamma Luxury Goods Worldwide Market Study, Spring 2020 - May 7th, 2020. Data converted from EUR to USD at an exchange rate of 1.067 (Farfetch 2019 estimate). Bain estimates a TAM in 2020F of €180bn- €200bn; in 2022/23F of €275bn- €285bn; and in 2025F of €320bn- €330bn.
Personal Luxury Goods Market ($bn)
170 157178
198221 226 234
261 260 271 280300
213
304
352
2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019E 2020F 2022/23F 2025F
30%10%
– Online share as % of total market%
2% 3% 4% 5% 7% 9% 12%
Potential for accelerated online penetration growth following
COVID-19, subject to many variables
6%
11
Attractive industry dynamics
Source: Bain Altagamma Luxury Goods Worldwide Market Study, Spring 2020 - May 7th, 2020. Data converted from EUR to USD at an exchange rate of 1.067 (Farfetch 2019 estimate). Bain estimates a TAM in 2025F of €320bn- €330bn.
35%
49%
39%
60%
Large and Resilient TAM
Global Market for Personal Luxury Goods
2019E
2025F
$300bn
Luxury Purchases Online
% Online Penetration
Generational Shift
Millennial and Gen Z Share in Global Personal Luxury Goods Sales
Emerging Market Growth
Share of Chinese Consumersin Personal Luxury Goods Sales
~3% CAGR
$352bn 30%
~20% CAGR
12%2019E
2025F
2019E
2025F
~10% CAGR
2019E
2025F
~9% CAGR
12
Continuous brand approval and vetting process to ensure highest quality brand curation
Curation of Brands
Farfetch is #1 by SKU Count for5:
Source: RE Analytics, December 2019; Company information.1 Shelf value is the combined value of the retail unit price of all available SKUs. 2 Closest competitor considers brands available via direct brand partnerships and luxury retailers on the marketplace as at December 31, 2019. 3 Represents the number of brands listed on Farfetch Marketplace as at December 31, 2019. 4 Combined value of all stock units available on our Marketplace multiplied by each item’s retail unit price. Autumn / Winter 2019 as at December 31, 2019. 5 As at December 31, 2019.
# of SKUs
0k 100K 200K 300k 400k
Luxury online retailersFarfetch
She
lf V
alu
e (
mill
ion
s)1
0
Limited Inventory
7xAs many SKUs
as Closest Competitor2
>3,400Brands3
>$4.5bnSeller Stock
Value4
50
100
150
200
$300
250
Farfetch offers customers the broadest range of products and categories from Luxury fashion brands
13
Farfetch Offers an Attractive Margin… …and a Range of Value-added Services for Partners
Source: Farfetch internal data. Note: Represents illustrative example of channel economics.1 Add-on services.
Data Analytics & Insights
Creative Operations
Fulfilment by Farfetch1
Logistics
Account Management & Partner Success
Global Audience
Media Solutions1
Customer Service
Farfetch offers a compelling economic model for brands and Luxury retailers
14
Fully localized channels developed by engineering & product teams in China
and powered by a proprietary data center within the Chinese firewall
Farfetch infrastructure leveraged by
luxury brands navigating Chinese
ecommerce & social media landscape
Mini programs
Farfetch Stadium Goods
JDFPS client – China website: AMI
Farfetch.cn site Farfetch China app CURIOSITYCHINA
Powers 80+ luxury
company presences in
China1
Online channel increasingly more crucial to tap China's luxury goods consumption worth ~$100bn2 (2019E)Source: Bain Altagamma Luxury Goods Worldwide Market Study, Spring 2020 - May 7th, 2020.1 Live clients as at December 31, 2019. 2 Chinese consumers expected to account for 35% of the €281bn market in 2019E.
Premier Luxury gateway to China
15
Luxury of the future: +NGG acquisition exceeding expectations
Increased Traffic on Platform▪ Off-White x Nike drop1 generated 16m hits/min across the platform at its peak, higher than
Black Friday, 2019
Farfetch Platform Solutions▪ Replatformed brand.com websites for Off-White and Unravel
▪ Remaining NGG brands to follow in FY20
Farfetch Group pre-Acquisition – LTM Jun 192 Farfetch Group post-Acquisition – Pro Forma FY 19
Increased Revenue and Profit ▪ $713m Revenue
▪ $330m Gross Profit
▪ $1.3bn Revenue3
▪ $586m Gross Profit4
Synergies ▪ Operations, Tech, People and Finance synergies being analyzed / implemented
Exclusives and Unique Content
Off-White x Louvre
Off-White x Nike
Browns Bucket Hat Projectw/ Burberry, Prada, Versace, Off-White, Palm Angels
1 Off-White x Nike drop took place on February 15, 2020. 2 The New Guards acquisition completed in August 2019; LTM Jun-19 was the last reported (unaudited) financial period prior to the New Guards acquisition. 3 Unaudited Pro Forma 12 months to December 2019 comprising New Guards 7 months actuals to July 31, 2019 plus Brand Platform segment (primarily wholesale) revenue for 5 months to December 2019 (post acquisition, in-store revenue is included in In-Store Revenue and DTC revenue in Digital Platform Revenue). 4 Unaudited Pro Forma 12 months to December 2019 comprising New Guards 7 months actuals to July 31, 2019 plus Brand Platform segment (primarily wholesale) gross profit for 5 months to December 2019 (post acquisition, in-store gross profit is included in In-Store gross profit and DTC revenue in Digital Platform gross profit).
16
Well positioned to capitalize on long-term structural trends
We believe we have six key differentiating advantages which position us to emerge from the current situation in an even stronger position
Resilience of our business model Market-leading digital platform Localized operations in China
E-concession model Farfetch Platform Solutions Augmented Retail Strategy
17
Q1’20 – Driving GMV, revenue and gross profit growth
Note: Q1’19 figures do not include New Guards as this was prior to the August 2019 New Guards acquisition.1 Non-IFRS financial measures, please refer to reconciliations to IFRS measures in the Appendix. 2 Group Revenue refers to Adjusted Revenue, Digital Platform Revenue refers to Digital Platform Services Revenue and Brand Platform refers to Brand Platform Revenue. 3 Reported Brand Platform GMV, Revenue and Gross Profit.
GMV (USDm) REVENUE1,2 (USDm) GROSS PROFIT (USDm)
Gro
up
Dig
ital
Pla
tfo
rmB
ran
d P
latf
orm
3
$0
$107
Q1 19 Q1 20
Gross Profit Margin %
47.9% 46.3%
57.1% 52.5%
48.8%
New Guards acquired in
August 2019
Adjusted Revenue
Digital Platform Services Revenue
Brand Platform Revenue
Gross Profit Margin %
%YoY growth: 20.1%
$0
$107
Q1 19 Q1 20
New Guards acquired in
August 2019 $0 $52
Q1 19 Q1 20
New Guards acquired in
August 2019
Gross Profit Margin %
$415 $495
Q1 19 Q1 20
$142 $185
Q1 19 Q1 20
$419 $611
Q1 19 Q1 20
$146
$301
Q1 19 Q1 20
$83 $153
Q1 19 Q1 20
$81 $97
Q1 19 Q1 20
18
Q1’20 performance
1 Refers to Digital Platform Services Revenue. 2 Non-IFRS financial measures, please refer to reconciliations to IFRS measures in the Appendix.
USDm Digital Platform Brand Platform In-store Group
GMV 495 107 9 611
Adjusted Revenue2 1851 107 9 301
Gross Profit 97 52 4 153
Demand generation expense (38) na na (38)
Order Contribution2 59 52 4 115
% Adjusted Revenue2 32.0% 48.8% 43.3% 38.3%
Technology expense (26)
General and administrative (111)
Adjusted EBITDA2 (22)
% Adjusted Revenue2 (7.4%)
Strong results demonstrate execution across all three segments
Well capitalized as we continue to focus on the path to Adjusted EBITDA profitability –$400 million senior note issuance on April 30, 2020 further strengthens liquidity position
19
Levers to drive profitability
GROW GMV AHEAD OF
THE OVERALL
INDUSTRY
DRIVE IMPROVED UNIT
ECONOMICS
SCALE FIXED COST
BASE AND CAPITALIZE
ON INVESTMENTS MADE
1 2 3
20
Farfetch GMV growing ahead of the industry
Source: Bain & Company and Altagamma: “The Future of Luxury: A Look Into Tomorrow to Understand Today (November 2018)” and Bain Altagamma Luxury Goods Worldwide Market Study, Spring 2020 - May 7th, 2020. Data converted from EUR to USD at an exchange rate of 1.067 (Farfetch 2019 estimate). Bain estimates a TAM in 2020F of €180bn- €200bn; in 2022/23F of €275bn- €285bn; and in 2025F of €320bn- €330bn.
Personal Luxury Goods Market ($bn)
271 280 300
213
304352
2017A 2018A 2019E 2020F 2022/23F 2025F
30%10%
– Online share as % of total market%
9% 12%
Potential for accelerated online penetration growth following COVID-19, subject to many variables
1
21
Improvement in unit economicsCOMPONENTS OF DIGITAL PLATFORM ORDER CONTRIBUTION
Ongoing Operating Leverage
1 Historical improvement relates to the period from IPO to end March 31, 2020.
2
Shipping & Duties Costs
Customer Engagement / Promotions Costs
1P / 1PO Impact
High Margin Value-Added Services
Demand Generation Expenses
Historical Improvement1
✓
✓
✓
Future Improvement / Expansion Opportunities
✓✓
✓✓
✓
✓✓
✓✓
22
Demand generation optimization driving attractive unit economics
Source: Company internal data.1 Includes Affiliates, Display, PPC. 2 Includes SEO, Email, Direct, Referral. 3 Refers to Farfetch.com marketplace consumer cohorts. 4 Relates to 2019 customer cohorts through September 30, 2019.
Organic
Channels2
Paid
Channels1
2015 Cohort
2016 Cohort
2017Cohort
2018Cohort
2019Cohort4
>1.0x6 monthspayback
✔ ✔ ✔ ✔ ✔
>3.0x24 monthspayback
✔ ✔
2010 2012 2014 2016 2018
2008 2009 2010 2011
2012 2013 2014 2015
2016 2017 2018 New
35%
65%
~ 50%~ 50%
FY 2019 demand generation
expense as % of
Digital Platform GMV7.8%
New Consumers
in 2019
Existing Consumers
in 2019
2019 FARFETCH.COM MARKETPLACE GMV BY CHANNEL
RATIO OF LIFETIME VALUE OF A CONSUMER TO CONSUMER ACQUISITION COST3
FAFFETCH.COM MARKETPLACE GMV BY CONSUMER COHORT
23
Historical Leverage1
Brand Marketing -
General Corporate
Platform ServicesIncludes Production, customer service and account management
✓
People2✓
Future Leverage
✓✓
✓
✓✓
Technology ✓✓
Continuing to leverage cost base3
Ongoing Operating Leverage
GENERAL & ADMINISTRATIVE & TECHNOLOGY COSTS
1 Historical leverage relates to the period from IPO to end March 31, 2020.2 Excludes customer service and platform personnel, which are included in platform services and Technology.
24
- Global platform for Luxury fashion
The world’s only truly global marketplace for luxury at scale with powerful network effects✔
Digital Platform GMV with growth ahead of the industry – 48% CAGR 2017-2019 vs 21% for Online Luxury ✔
Resilient business model – Operational throughout the COVID-19 crisis✔
Well positioned to capitalize on long-term structural trends✔
Premier Luxury gateway to China – Fully localized✔
Brand Platform leading the New Luxury Paradigm with unique original content✔
Well capitalized as we continue to focus on the path to Adjusted EBITDA profitability✔
25
Thank You
26
Appendix
27
Reconciliation of non-IFRS measures
• Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Revenue, Digital Platform Gross ProfitMargin, Digital Platform Order Contribution and Digital Platform Order ContributionMargin are supplemental measures of our performance that are not required by, orpresented in accordance with, IFRS. These metrics are not measurements of our financialperformance under IFRS and should not be considered as an alternative to loss after tax,revenue or any other performance measure derived in accordance with IFRS.
• Adjusted EBITDA means loss after taxes before net finance expense/(income), income tax(credit)/expense and depreciation and amortization, further adjusted for share basedcompensation expense, share of results of associates and items outside the normal scopeof our ordinary activities (including other items, within selling, general and administrativeexpenses, and (losses)/gains on items held at fair value through profit and loss).
• We caution investors that amounts presented in accordance with our definitions ofAdjusted EBITDA, Adjusted EBITDA Margin, Adjusted Revenue, Digital Platform Gross ProfitMargin, Digital Platform Order Contribution and Digital Platform Order Contribution maynot be comparable to similar measures disclosed by other companies, because not allcompanies and analysts calculate Adjusted EBITDA, Adjusted EBITDA Margin, AdjustedRevenue, Digital Platform Order Contribution and Digital Platform Order ContributionMargin in the same manner.
DEFINITIONS
1 Represents share based payment expense.2 Represents the gains and losses on remeasuring the fair value of consideration in relation to Chalhoub and CuriosityChina, and the fair value remeasurement charge for shares issued in the acquisition of New Guards Group. 3 Represents Other Items, which are outside the normal scope of our ordinary activities or non-cash items.
USDm FY'18 FY'19 Q1'19 Q1'20
Loss after tax $ (156) $ (374) $ (78) $ (79)
Net finance (income)/expense (20) (15) (8) 34
Income tax expense 2 1 1 3
Depreciation and amortization 24 114 14 51
Share based payments1 54 158 39 27
Gains on items held at fair value2 - (22) - (65)
Other items3 - 16 2 5
Impairment losses on tangible assets - - - 2
Share of results of associates (0) (0) (0) 0
Adjusted EBITDA (96)$ (121)$ (30)$ (22)$
USDm FY'18 FY'19 Q1'19 Q1'20
Revenue 602$ 1,021$ 174$ 331$
Less: Digital Platform Fulfilment Revenue (98) (128) (28) (30)
Adjusted Revenue 505$ 893$ 146$ 301$
28
Reconciliation of non-IFRS measures (continued)
DEFINITIONS
• Digital Platform Order Contribution is defined as Digital Platform Gross Profit less demandgeneration expense. Digital Platform Order Contribution is not a measurement of ourfinancial performance under IFRS and does not purport to be an alternative to gross profitor loss after tax derived in accordance with IFRS.
• We believe that Digital Platform Order Contribution is a useful measure in evaluating ouroperating performance because it takes into account demand generation expense and isused by management to analyze the operating performance of our digital platform for theperiods presented. We also believe that Digital Platform Order Contribution is a usefulmeasure in evaluating our operating performance within our industry because it permitsthe evaluation of our platform productivity, efficiency and performance.
USDm FY'18 FY'19 Q1'19 Q1'20
Digital Platform Gross Profit 292$ 372$ 81$ 97$
Less: Demand generation expense (97) (151) (31) (38)
Digital Platform Order Contribution 194$ 221$ 50$ 59$
USD per share FY'18 FY'19 Q1'19 Q1'20
Earnings per share (0.59) (1.21) (0.26) (0.24)
Share based payments1 0.20 0.50 0.13 0.08
Amortization of acquired intangible assets 0.01 0.17 0.01 0.09
Gains on items held at fair value2 - (0.07) - (0.19)
Other items3 - 0.05 0.01 0.01
Impairment losses on tangible assets - - - 0.01
Share of results of associates - - - -
Adjusted EPS (0.38) (0.56) (0.11) (0.24)
