First Half Results to 30 June 20161

ACCELERATION IN NET REVENUE GROWTH TO 17% AT CONSTANT FX IN THE SECOND QUARTER

  • Second-quarter net revenues at Euro 450.8 million, +17.0% at constant FX (12.8% at current FX) compared with pro-forma net revenues of Euro 399.7 million in the same period of 2015, with all business lines accelerating on the first quarter. First-half net revenues at Euro 897.0 million, +15.8% at constant FX (13.3% at current FX) compared with pro-forma net revenues of Euro 791.8 million in the first half of 2015
  • First-half adjusted EBITDA2 at Euro 76.5 million, +15.2% compared with pro-forma adjusted EBITDA of 66.4 million in the first half of 2015. EBITDA at Euro 70.6 million compared to pro-forma EBITDA of 60.2 million in the first half of 2015
  • First-half adjusted net income3 at Euro 37.0 million, +15.2% compared to pro-forma adjusted net income of 32.1 million in the first half of 2015. After Euro 13.8 million of non-cash amortisation related to the Purchase Price Allocation arising from the merger (“PPA”)4 net of its related tax effect and 4.4 million of non-cash costs relating to share-based incentive plans net of their related tax effects, net income at Euro 18.8 million in the first half of 2016. This compares to pro-forma net income at 26.4 million in the first half of 2015, which, as opposed to first-half 2016 net income, was not adjusted to take into account the PPA-related amortisation
  • Positive net financial position at Euro 138.8 million compared to 62.1 million at 31 December 2015
  • Key Performance Indicators:
    28.0 million average monthly unique visitors, compared with 26.15 million in the first half of 2015
    3.9 million orders, compared with 3.3 million in the first half of 2015
    Euro 335 AOV (Average Order Value) compared with Euro 354 in the first half of 2015
    2.6 million active customers, compared with 2.3 million in the first half of 2015

1 Preliminary consolidated financials for the period ended 30 June 2016 of YOOX NET-A-PORTER GROUP (“YNAP”) are compared with pro-forma consolidated financials for the period ended 30 June 2015, which were prepared 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 YNAP as if such transaction had virtually occurred on 1 January 2015.
The pro-forma financials for the period ended 30 June 2015 derive from those contained in the Informative Document on the merger by absorption of Largenta Italia S.p.A. into YOOX S.p.A. published on 3 October 2015 and were subject to audit by the independent auditors with an audit report issued on 28 August 2015.
2 Excludes the non-cash costs relating to existing share-based incentive plans.
3 Excludes both the non-cash costs relating to existing share-based incentive plans, net of their related tax effects, and the non-cash amortisation related to the Purchase Price Allocation arising from the merger of YOOX GROUP and NET-A-PORTER GROUP, net of its related tax effect.
4 The Purchase Price Allocation process relates to the allocation of the identifiable part of the goodwill arising from the merger of YOOX GROUP and NET-A-PORTER GROUP to intangibles assets.
5 1H 2015 monthly unique visitors have been restated to account for the change in data source used for YOOX.COM monthly unique visitors starting from November 2015. Specifically, monthly unique visitors for both 1H 2015 and 1H 2016 are now sourced from Google Analytics, instead of Google Analytics for the website and SiteCatalyst for the mobile site as previously used.