2013 Full Year Results 5 March 2014 - YOOXcdn2.yoox.biz/yooxgroup/pdf/yooxgroup_fy13...

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.


AGENDA

RESULTS HIGHLIGHTS AND BUSINESS DEVELOPMENTS FY 2013 FINANCIAL ANALYSIS

LOOKING AT 2014

Q&A


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


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


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


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


AGENDA


LOOKING AT 2014

Q&A


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


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


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%


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%


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


€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


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


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


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


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


AGENDA


LOOKING AT 2014

Q&A


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


AGENDA


LOOKING AT 2014

Q&A


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


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


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%


(€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


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


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


CONTACTS

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www.yooxgroup.com

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2013 Full Year Results 5 March 2014 - YOOXcdn2.yoox.biz/yooxgroup/pdf/yooxgroup_fy13...

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