2013 Full Year Results
5 March 2014
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 2
DISCLAIMER
This presentation has been prepared by YOOX S.p.A. for information purposes only and for use in presentations of the Group’s results and strategies. For further details on the YOOX Group, 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 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 S.p.A. to control or estimate precisely, including, but not limited to, the Group’s ability to manage the effects of the uncertain current global economic conditions on our business and to predict future economic conditions, the Group’s ability to achieve and manage growth, the degree to which YOOX 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 our accounts, regulatory developments and changes in tax laws. YOOX 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 the YOOX Group 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.
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 3
AGENDA
RESULTS HIGHLIGHTS AND BUSINESS DEVELOPMENTS FY 2013 FINANCIAL ANALYSIS
LOOKING AT 2014
Q&A
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 4
2013 RESULTS HIGHLIGHTS
1.Retail value of sales of all the mono-brand online stores, net of returns and customer discounts. Set-up, design and maintenance fees for the mono-brand online stores are excluded
Group’s Net Revenues at €456m, up 21% (+25% at constant FX) compared with €376m in 2012
− Excellent results from all three proprietary online stores drove a 25% growth in the Multi-brand business line in 2013; the outstanding
performance of yoox.com drove strong acceleration in Multi-brand revenue growth in 4Q 2013 (+30%)
− Mono-brand business line up 12% and gross merchandise value1 up 28%
− Positive growth from all key geographical markets and major uplift in Italy (+20% in 2013 and +31% in 4Q 2013)
Gross margin rebound and operating leverage on fulfillment costs drove strong EBITDA margin improvement:
− EBITDA up 34%, with margin at 9.5% vs. 8.5% in 2012
− EBITDA Excluding Incentive Plan Costs up 27%, with margin at 10.3% vs. 9.8% in 2012
Net Income at €12.6m, up 24% compared with €10.2m in 2012
Net Income Excluding Incentive Plan Costs at €15.4m (vs. €13.7m in 2012)
Positive Net Financial Position at €20.5m, up significantly from €14.6m on December 2012, driven by strong operating cash flow
generation
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A REMARKABLE YEAR FOR THE MULTI-BRAND BUSINESS LINE
2013, THE BEST YEAR FOR YOOX.COM SINCE IPO
Strong and profitable growth with very healthy sell-through Increased trust in the YOOX brand and improved customer retention, at
remarkable levels in the domestic market Greater awareness and strong growth in customer acquisition supported by
effective web marketing investments and first-ever TV ad in Italy Improved conversion rate underpinned by on-going enhancements in user
experience and new feature releases Enhancement of product and brand assortment
– Fendi (LVMH), Sergio Rossi (Kering), Vivienne Westwood and ACNE added – Kids area strengthened with the addition of new brands (e.g., Stella McCartney
Kids, Little Marc Jacobs, Kenzo Kids, Paul Smith Junior, etc.)
IMPORTANT ACHIEVEMENTS AT THECORNER.COM AND SHOESCRIBE.COM
Brand portfolio enhancement – Bottega Veneta, Burberry, Emilio Pucci, Marc Jacobs added to thecorner.com – Bottega Veneta, Burberry, Chloé, Michael Kors, Pierre Hardy, Salvatore
Ferragamo, Tory Burch added to shoescribe.com Partnerships with top publishers
– ShopBazaar.com (Harper’s Bazaar / Hearst) - the lead retail partners of ShopBazaar.com since September 2013, gaining extensive visibility to Harper’s Bazaar’s highly-qualified audience on both online and print
– The Vogue Talents Corner.com (Vogue / Condé Nast) Innovative marketing projects and collaborations with famous movie stars, top
fashion bloggers and influential stylists
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FURTHER CONSOLIDATING THE MONO-BRAND BUSINESS FOUNDATIONS
YOOX - Kering Joint Venture - 2013 marked a very important milestone: the timely launch of the online stores of the six Kering brands originally included in the JV - alexandermcqueen.com, balenciaga.com, bottegaveneta.com, sergiorossi.com, stellamccartney.com and ysl.com - and the further addition of Brioni in November 2013
2 new mono-brand online stores “Powered by YOOX Group” launched - missoni.com in Europe, the US and Japan in 1Q 2013; dodo.it in Europe and the US in 2Q 2013
New 6-year agreement signed with Kartell for the launch of kartell.com in Europe in 2014
4 partnerships renewed - Emilio Pucci (LVMH), Moschino (Aeffe) and Napapijri (VF Corporation) for a further 5 years to 2018; existing 5-year contract with Maison Martin Margiela (OTB S.p.A) extended by 2 more years to 2017
Profit-driven mono-brand portfolio management strategy on-going - diesel.com1 discontinued in the US since 1 November 2013
YOOX’s creative web agency - mono-brand offer further enhanced with a dedicated creative web unit, combining conceptual and graphic excellence with the best e-commerce and user experience practices. New graphic releases of armani.com, brunellocucinelli.com, missoni.com, moschino.com and stoneisland.com
1.In FY 2012 diesel.com accounted for approx. 2% of the Group’s net revenues, with AOV 43% below the US Mono-brand average
JVCo with Kering
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INVESTING IN TECHNOLOGY TO FULLY UNLOCK ITS BUSINESS POTENTIAL
Further enhancement of the Group’s mobile offer to capitalise on rising trends
– new native app for thecorner.com – new mobile sites for multi-brand and mono-brand online stores – on-going upgrades of existing web apps
Investments in the platform to enable cross-channel capabilities to empower the Group’s brand-partners to offer their customers an integrated and seamless experience between their physical and online flagship stores
On-going platform upgrades and geographical localisations to improve user experience and drive better conversion rate (e.g., new thecorner.com release, persistent cart, new navigation attributes on yoox.com, etc.)
New currencies and payment methods (Ruble in Russia, PayPal Express in the US, Sofort Banking for real-time online banking payments in Germany)
Investment in technology infrastructure continuity - secondary data centre set-up in Amsterdam in 2Q 2013 to guarantee redundancy and enhanced performance
CONTINUE INVESTING IN OUR PLATFORM TO DRIVE INNOVATION AND CUSTOMER VALUE
YOOX GROUP MOBILE TRAFFIC
YOOX RANKED IN THE TOP 10 E-TAILERS WORLWIDE FOR MOBILE COMMERCE
~40%
JUN. 2013
shoescribe.com iOS & Android app localised in 8 languages
OCT. 2013
yoox.com chinese m-site
DEC. 2013
thecorner.com chinese m-site
thecorner.com native app for iPad
SERVICING FUTURE GROWTH, WHILE DRIVING OPERATIONAL EFFICIENCY
Completion of automation works at the central operations and distribution platform in Bologna in February 2013
Roll-out of “Lego Strategy”: opening of new hanging garments warehouse and highly-automated photo studios in 2Q 2013
Record level of on-time deliveries (99.4%) thanks to improved order fulfillment capabilities driven by automation
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 8
AGENDA
RESULTS HIGHLIGHTS AND BUSINESS DEVELOPMENTS FY 2013 FINANCIAL ANALYSIS
LOOKING AT 2014
Q&A
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 9
KEY PERFORMANCE INDICATORS1
Monthly Unique Visitors (m)2 # Orders (‘000) - Group
Active Customers3 (‘000) - Group4
1.Key performance indicators do not include the Joint Venture with Kering 2.Source: SiteCatalyst for yoox.com; Google Analytics for thecorner.com, shoescribe.com and the mono-brand online stores “Powered by YOOX Group” 3.Active Customer is defined as a customer who placed at least one order in the 12 preceding months 4.Include Active Customers of the mono-brand online stores “Powered by YOOX Group”
947
1,081
Average Order Value (€) - Group
5.7 6.5
7.3 6.8
6.5 7.5
8.3 7.9
13.0 14.8 15.4
13.2
Multi-brand Mono-brand
4Q 2013 4Q 2012 2013 2012
2013 2012 2012 2013
4Q 2013 4Q 2012 2013 2012
2,330
2,785
654 818
206
215 223 222
4Q 2013 4Q 2012
Performance of mono-brand MUV reflects discontinuation of 5 online stores and diesel.com in the US and exclusion of the JV with Kering from this KPI
At constant FX, AOV at €229
At constant FX, AOV at €223
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 10
NET REVENUE REVIEW BY BUSINESS LINE
4Q 2012 4Q 2013
Y-o-Y Growth
21.2%
72.0%
28.0%
69.7%
30.3% 31.0%
69.0%
28.0%
72.0%
24.1%
Note: 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 In this presentation, fourth-quarter figures are calculated as the difference between the full-year results and the results for the first nine months of the same year 1.Retail value of sales of all the mono-brand online stores, net of returns and customer discounts. Set-up, design and maintenance fees for the mono-brand online stores are excluded
Multi-brand Mono-brand
€375.9m
€455.6m Gross Merchandise Value excl.
service revenues1 +11.9%
+25.3%
2012 2013
+27.5%
€109.8m €136.3m
+29.6%
+31.8%
+11.9%
Gross Merchandise Value excl.
service revenues1
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 11
NET REVENUE REVIEW BY GEOGRAPHY
Net Revenue Growth by Geography
1.Not Country Related
Net Revenue Breakdown by Geography
6.4%
2012 2013 % Change % Change Constant FX 4Q 2012 4Q 2013 % Change % Change
Constant FX
4.7%
17.1%
48.4%
21.9%
1.5%
22.9%
16.2% 7.4%
4.0%
47.4%
2.1%
22.6%
15.6% 7.6%
4.8%
48.0%
1.5%
21.7%
15.7% 8.3%
3.9%
47.9%
2.5%
Italy Rest of Europe North America RoW Japan NCR1
2012 2013 4Q 2012 4Q 2013
(€m)
Italy 59.0 70.9 20.0% 17.8 23.4 31.3%
Rest of Europe 180.2 218.7 21.4% 52.1 66.0 26.8%
North America 81.5 102.8 26.1% 30.3% 25.2 29.8 18.3% 23.9%
Japan 31.1 34.4 10.7% 40.0% 8.1 8.7 7.4% 39.6%
Other Countries 14.6 21.8 49.4% 4.4 6.4 45.3%
Not country related 9.5 7.0 (26.1%) 2.3 2.1 (9.1%)
Total Net Revenues 375.9 455.6 21.2% 25.0% 109.8 136.3 24.1% 28.4%
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YOOX GROUP PROFIT & LOSS YOOX GROUP PROFIT & LOSS
Note: Depreciation & Amortisation included in Fulfillment, Sales & Marketing, General & Administrative have been reclassified and grouped under Depreciation & Amortisation EBITDA Excluding Incentive Plan Costs calculated by adding back to EBITDA the costs associated with incentive plans in each period Net Income Excluding Incentive Plan Costs calculated by adding back to Net Income the costs associated with incentive plans in each period, net of their related tax effect
4Q 2012 4Q 2013 2012 2013 (€m)
Net Revenues 375.9 455.6 109.8 136.3growth 29.1% 21.2% 26.6% 24.1%
COGS (238.5) (284.8) (64.7) (81.5)Gross Profit 137.4 170.8 45.1 54.8
% of Net Revenues 36.6% 37.5% 41.1% 40.2%Fulfillment (32.7) (37.9) (7.8) (8.8)
% of Net Revenues 8.7% 8.3% 7.1% 6.5%Sales & Marketing (42.1) (50.5) (12.2) (14.2)
% of Net Revenues 11.2% 11.1% 11.1% 10.4%EBITDA Pre Corporate Costs 62.6 82.4 25.1 31.9
% of Net Revenues 16.7% 18.1% 22.9% 23.4%General & Administrative (29.1) (36.5) (8.6) (9.9)
% of Net Revenues 7.7% 8.0% 7.9% 7.3%Other Income / (Expenses) (1.4) (2.9) (0.3) (0.3)
EBITDA 32.1 43.1 16.2 21.6% of Net Revenues 8.5% 9.5% 14.8% 15.8%EBITDA Excluding Incentive Plan Costs 36.7 46.8 17.9 21.5
% of Net Revenues 9.8% 10.3% 16.3% 15.8%Depreciation & Amortisation (13.2) (19.2) (4.3) (5.7)
% of Net Revenues 3.5% 4.2% 3.9% 4.2%Operating Profit 18.9 23.9 11.9 15.9
% of Net Revenues 5.0% 5.2% 10.8% 11.7%Income / (Loss) From Investment In Associates (0.4) (0.6) (0.4) 0.1Net Financial Income / (Expenses) (2.0) (3.1) (0.9) (1.4)
Profit Before Tax 16.6 20.2 10.6 14.6% of Net Revenues 4.4% 4.4% 9.6% 10.7%
Taxes (6.4) (7.5) (3.8) (5.5)Net Income 10.2 12.6 6.8 9.1
% of Net Revenues 2.7% 2.8% 6.2% 6.7%Net Income Excluding Incentive Plan Costs 13.7 15.4 8.1 9.1
% of Net Revenues 3.6% 3.4% 7.4% 6.7%
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EBITDA REVIEW BY BUSINESS LINE
EBITDA Evolution
Multi-brand EBITDA Pre Corporate Costs Corporate Costs Mono-brand EBITDA
Pre Corporate Costs
€16.2m €21.6m
€32.1m
€43.1m
4Q 2012 4Q 2013
% of Net Revenues 8.5% 9.5% 14.8% 15.8%
2012 2013
Note: Multi-brand and Mono-brand EBITDA Pre Corporate Costs include all costs directly associated with the business line, including COGS, Fulfillment, Sales & Marketing (all net of D&A); Corporate Costs include General & Administrative costs (net of D&A) and Other Income / (Expenses) 1. Include the online stores part of the Joint Venture with Kering
2012 2013 4Q 2012
4Q 2013
€(30.5)m
€(39.3)m
€(8.9)m €(10.3)m
2012 2013 GAP 4Q 2012 4Q 2013
€22.7m €27.1m
€8.1m €9.2m
2012 2013 GAP 4Q 2012 4Q 2013
€40.0m
€55.3m
€17.0m €22.7m
2012 2013 GAP 4Q 2012 4Q 2013% of Multi-brand Net Revenues
23.1% 15.2% 16.9% 22.5%
2012 2013 4Q 2012
4Q 2013
# online stores open1
33 37
24.1% 19.9% 21.2% 23.7% % of Mono-brand Net Revenues
7.6% 8.1% 8.6% 8.1% % of Group Net Revenues
2012 2013 4Q 2012
4Q 2013
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 14
€46.8m
€(3.7)m
€43.1m
€(19.2)m €23.9m
€(0.6)m €(3.1)m
€(7.5)m €12.6m
EBITDA Excl.Incentive Plan
Costs
Incentive PlanCosts
EBITDA D&A EBIT Income / (Loss)From Associates
Net FinancialIncome / (Expenses)
Taxes Net Income
FROM EBITDA TO NET INCOME
2012
2013
% of Net Revenues 10.3% 9.5% 5.2% 2.8%
% of Net Revenues
€36.7m
€(4.6)m €32.1m
€(13.2)m €18.9m
€(0.4)m €(2.0)m
€(6.4)m
€10.2m
EBITDA Excl.Incentive Plan
Costs
Incentive PlanCosts
EBITDA D&A EBIT Income / (Loss)From Associates
Net FinancialIncome / (Expenses)
Taxes Net Income
9.8% 8.5% 5.0% 2.7%
Higher D&A mainly due to increasing weight of technology over total capex in 2011-2013
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YOOX GROUP SUMMARY BALANCE SHEET
2012 2013 Change (€m)
Net Working Capital 32.1 28.3 (3.8)
Non Current Assets 55.5 71.2 15.8
Non Current Liabilities (excl. financial liabilities) (0.3) (0.4) (0.0)
Total 87.2 99.2 12.0
Net Financial Debt / (Net Cash) (14.6) (20.5) (5.9)
Shareholders' Equity 101.8 119.7 17.9
Total 87.2 99.2 12.0
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 16
NET WORKING CAPITAL EVOLUTION
Net Working Capital
Inventory Level Evolution
53% 50%
37% 36%
FY 2012 FY 2013
Inventories as % of Multi-brand Net Revenues Inventories as % of Group Net Revenues
2012 2013 Change (€m)
Inventories 138.2 164.4 26.2
Trade Receivables 13.1 13.5 0.4
Trade Payables (96.8) (120.8) (24.0)
Other Receivables / (Payables) (22.5) (28.8) (6.3)
Net Working Capital 32.1 28.3 (3.8)
as % of Net Revenues 8.5% 6.2%
Efficient Net Working Capital management and lowest ever Net Working Capital / Net Revenue ratio
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 17
YOOX GROUP CASH FLOW STATEMENT
Capital Expenditure
Cash Flow Statement
% of Net Revenues
4Q 2012 4Q 2013 2012 2013
€30.3m €32.6m
8.0% 7.2% 8.4% 4.5% 1.As per IFRS, line of credit of €10.7m in FY12 and repayment of €4.0m in FY13 was accounted for in Cash Flow from Investment Activities, being fully allocated to finance the new automated logistics platform
€9.3m €6.1m
(€m)
Cash and Cash Equivalents at Beginning of Period 22.7 35.8 21.7 24.9
Cash Flow from Operations 27.0 36.3 18.4 20.6
Cash Flow from Investment Activities (19.7) (37.3) (5.8) (7.5)
Sub Total 7.2 (1.0) 12.5 13.0
Cash Flow from Financing Activities 5.8 23.5 1.5 20.3
Cash Flow 13.0 22.5 14.1 33.3
Cash and Cash Equivalents at End of Period 35.8 58.3 35.8 58.3
4Q 2013 4Q 2012 2013 2012
Strong Cash Flow generation from Operations
1 1
Tech Operations Other
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YOOX GROUP NET FINANCIAL POSITION EVOLUTION
Net Financial Position
2013 2012
Net Financial Position Evolution
€(14.6)m
€12.6m
€19.2m
€3.7m €3.1m
€3.8m
€(33.3)m
€(3.0)m €(20.5)m
FY2012Net Cash
Net Income D&A Incentive Plan Costs Proceeds fromStock Option
Exercise
Change inWorking Capital
Investments Other FY2013Net Cash
1 2
1.Please note that repayment of line of credit of €4.0m has been restated from Cash Flow from Investment Activities to Cash Flow from Financing Activities 2.Mainly refers to deferred tax assets, exchange rate impact resulting from the consolidation of foreign subsidiaries, fair value of derivative contracts
Long average maturity of outstanding debt (~80% of loans due between 2H 2017 and 2019)
Overview of Debt Facilities at 31 December 2013
(€m)
Cash and Cash Equivalents (35.8) (58.3)
Other Current Financial Assets (6.5) (9.3)
Current Financial Assets (42.3) (67.5)
Current Financial Liabilities 12.6 13.2
Long Term Financial Liabilities 15.1 33.8
Net Financial Debt / (Net Cash) (14.6) (20.5)
Used Available Committed (€m)
Overdrafts 2.8 - 2.8
Bank Loans 92.0 44.0 48.0
Financial Leases & Other 2.8 2.8 -
Total 97.6 46.8 50.8
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AGENDA
RESULTS HIGHLIGHTS AND BUSINESS DEVELOPMENTS FY 2013 FINANCIAL ANALYSIS
LOOKING AT 2014
Q&A
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 20
2014 OUTLOOK
Ongoing investments in our global technology and logistics platform to efficiently service the Group’s future growth, drive innovation and customer value by providing the ultimate level of service – mobile as a top priority: new innovative apps and mobile sites to be unveiled for both our multi and mono-brand
online stores to further capitalise on the mobile opportunity – roll-out of cross-channel features on the Group’s platform to empower our mono-brand partners to offer their
customers a fully integrated and seamless experience between the physical and the digital world – adding another “brick” to the Group’s “Lego Strategy”: works for the new shoe warehouse in Interporto
(Bologna) set to commence in 2H 2014 and end in early 2015
Europe expected to deliver healthy performance, sustained by solid growth of Italy, which is benefitting from the increased brand awareness driven by the yoox.com TV ad in 4Q 2013
Strong performance from the Asia-Pacific region: China’s growth to be fuelled by a new logistics set-up which is allowing Chinese customers to access both local and global inventory; Japan expected to report very sound growth at constant FX
Softer top line growth of Mono-brand in North America expected as a result of the implementation of the Group’s profit-driven portfolio management strategy
New partnerships expected to be signed and launched during the year Cross-channel features to be rolled out on a number of existing mono-brand online stores Strong commitment to make the JV with Kering a bigger share of our mono-brand business
Commitment to widen and enrich brand portfolio and product offering and increase brand awareness
Structural enhancements of customer acquisition and CRM features expected to support growth yoox.com
Technology and Logistics Platform
Geographical Markets
Mono-brand
thecorner.com shoescribe.com
Strong organisational focus to strengthen marketing, buying and merchandising capabilities at the HQ and in the US across thecorner.com, shoescribe.com and the Mono-brand to support traffic growth and further enhance service quality to both our luxury customers and those of our brand-partners
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 21
AGENDA
RESULTS HIGHLIGHTS AND BUSINESS DEVELOPMENTS FY 2013 FINANCIAL ANALYSIS
LOOKING AT 2014
Q&A
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 22
APPENDIX
OUR GLOBAL STRATEGIC PARTNERSHIPS IN THE MONO-BRAND BUSINESS LINE YOOX GROUP PROFIT & LOSS EXCLUDING INCENTIVE PLAN COSTS FOCUS ON INCENTIVE PLAN COSTS
2013 NET REVENUE AND EBITDA QUARTERLY CONTRIBUTION SHAREHOLDER STRUCTURE
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 23
OUR GLOBAL STRATEGIC PARTNERSHIPS IN THE MONO-BRAND BUSINESS LINE
Online stores “Powered by YOOX Group”
JVCo with Kering
alexanderwang.com
pomellato.com
pringlescotland.com
barbarabui.com
moncler.com
dolcegabbana.com
trussardi.com
missoni.com
armani.com
dodo.it dsquared2.com
bally.com
moschino.com
emiliopucci.com
valentino.com
stoneisland.com
marni.com
emporioarmani.com
diesel.com
jilsander.com
bikkembergs.com
brunellocucinelli.com
maisonmartinmargiela.com
albertaferretti.com
napapijri.com
giuseppezanottidesign.com
robertocavalli.com
y-3store.com
zegna.com
coccinelle.com
kartell.com OPENING SOON
ysl.com
brioni.com bottegaveneta.com
sergiorossi.com alexandermcqueen.com
stellamccartney.com
balenciaga.com
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 24
YOOX GROUP PROFIT & LOSS EXCLUDING INCENTIVE PLAN COSTS
4Q 2012 2012 2013 4Q 2013 (€m)
Net Revenues 375.9 455.6 109.8 136.3growth 29.1% 21.2% 26.6% 24.1%
COGS (238.5) (284.8) (64.7) (81.5)Gross Profit 137.4 170.8 45.1 54.8
% of Net Revenues 36.6% 37.5% 41.1% 40.2%Fulfillment Excl. Incentive Plan Costs (32.3) (38.0) (7.7) (9.2)
% of Net Revenues 8.6% 8.3% 7.1% 6.8%Sales & Marketing Excl. Incentive Plan Costs (41.2) (50.1) (12.0) (14.3)
% of Net Revenues 11.0% 11.0% 11.0% 10.5%EBITDA Pre Corporate Costs Excl. Incentive Plan Costs 63.9 82.7 25.3 31.3
% of Net Revenues 17.0% 18.2% 23.0% 23.0%General & Administrative Excl. Incentive Plan Costs (25.8) (33.1) (7.1) (9.4)
% of Net Revenues 6.9% 7.3% 6.5% 6.9%Other Income / (Expenses) (1.4) (2.9) (0.3) (0.3)
% of Net Revenues 0.4% 0.6% 0.2% 0.3%EBITDA Excluding Incentive Plan Costs 36.7 46.8 17.9 21.5
% of Net Revenues 9.8% 10.3% 16.3% 15.8%
Net Income Excluding Incentive Plan Costs 13.7 15.4 8.1 9.1% of Net Revenues 3.6% 3.4% 7.4% 6.7%
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 25
(€m)
Fulfillment (32.696) (37.913) (7.770) (8.834)
of which Incentive Plan Costs (0.361) 7.8% 0.047 (1.3%) (0.023) 1.4% 0.412 n.m.
Sales & Marketing (42.108) (50.485) (12.201) (14.152)
of which Incentive Plan Costs (0.932) 20.2% (0.342) 9.2% (0.168) 9.7% 0.157 n.m.
General & Administrative (29.081) (36.479) (8.638) (9.948)
of which Incentive Plan Costs (3.317) 72.0% (3.401) 92.0% (1.532) 88.9% (0.504) n.m.
Incentive Plan Costs (4.610) 100.0% (3.695) 100.0% (1.723) 100.0% 0.066 100.0%
EBITDA Reported 32.085 43.061 16.213 21.560
% of Net Revenues 8.5% 9.5% 14.8% 15.8%
Incentive Plan Costs (4.610) (3.695) (1.723) 0.066
EBITDA Excl. Incentive Plan Costs 36.695 46.756 17.936 21.494
% of Net Revenues 9.8% 10.3% 16.3% 15.8%
FOCUS ON INCENTIVE PLAN COSTS
% of Total
% of Total
4Q 2012
4Q 2013
% of Total
% of Total 2012 2013
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 26
2013 NET REVENUE AND EBITDA QUARTERLY CONTRIBUTION
€8.0m
€8.4m €8.8m
€21.5m €46.8m
1Q13 2Q13 3Q13 4Q13 FY2013
€110.4m
€97.0m
€111.8m
€136.3m €455.6m
Net Revenues
EBITDA Excluding Incentive Plan Costs
24% 21% 25% 30% % of Total Year
% of Total Year
1Q 2013 3Q 2013 4Q 2013 FY 2013 2Q 2013
17% 18% 19% 46%
7.9% 15.8% 10.3% 8.7% 7.3% % of Net Revenues
3Q 2013 4Q 2013 FY 2013 2Q 2013 1Q 2013
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 27
Federico Marchetti 7,152,653 10.9% 3,160,449 5.4%
Management team and other stock option holders 3,170,336 4.8%
Sub-total 10,322,989 15.7% 3,160,449 5.4%
OppenheimerFunds 3,556,634 5.4% 3,556,634 6.1%
Red Circle Investments 2,897,040 4.4% 2,897,040 4.9%
Federated 2,764,439 4.2% 2,764,439 4.7%
Balderton Capital 2,185,140 3.3% 2,185,140 3.7%
Red Circle Unipersonale 2,096,314 3.2% 2,096,314 3.6%
Capital Research and Management Company 1,641,469 2.5% 1,641,469 2.8%
Wasatch Advisors 1,638,679 2.5% 1,638,679 2.8%
Caledonia Investments 1,261,817 1.9% 1,261,817 2.2%
Market 37,471,075 56.9% 37,471,075 63.9%
Total 65,835,596 100.0% 58,673,056 100.0%
SHAREHOLDER STRUCTURE
Updated as of 5 March 2014 1.The fully diluted column shows the effect on the Company’s shareholder structure calculated assuming that all the stock options granted under the Company’s stock option plans are exercised. It does not
include 24,596 ordinary shares under the 2009 - 2014 Incentive Plan 2.Excludes Federico Marchetti 3.Includes 51,935 proprietary shares
2
3
Shareholder Current Fully Diluted 1
The information contained in this document is confidential and proprietary to YOOX Group SLIDE 28
CONTACTS
Investor Relations
www.yooxgroup.com
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