2016 Full Year results
ROBUST PROFITABLE GROWTH IN 2016: PERFORMANCE POWERS DELIVERY OF LONG TERM VISION
- Full-year net revenues of Euro 1,871 million, up 17.7% on an organic1 basis (+12.4% reported) compared to pro-forma2 net revenues of Euro 1,665 million in 2015. Fourth-quarter net revenues up 19.2% on an organic basis (+11.4% reported), accelerating on the first nine months of the year (+17.1% organic)
- Solid full-year organic performance across all business lines: Multi-brand In-Season net revenues up 16.0%, Multi-brand Off-Season net revenues up 19.5%, Gross Merchandise Value of Online Flagship Stores (GMV3) up 23.7%
- Positive growth in all key regions in 2016
- Full-year adjusted EBITDA4 of Euro 156 million, +17.0% compared to pro-forma adjusted EBITDA of Euro 133 million in 2015. EBITDA at Euro 143 million, +13.4% compared to pro-forma EBITDA of 126 million in 2015
- Full-year adjusted net income5 of Euro 69 million, +16.0% compared to pro-forma adjusted net income of 60 million in 2015. After Euro 26 million of non-cash amortisation related to the Purchase Price Allocation (“PPA”)6 net of its related tax effect and 9 million of non-cash costs relating to incentive plans net of their related tax effects, net income at Euro 34 million in 2016. This compares to pro-forma net income of 53 million in 2015, which, as opposed to full-year 2016 net income, was not affected by the PPA-related amortisation
- Positive net financial position at Euro 105 million compared to Euro 62 million at 31 December 2015
- Key Performance Indicators:
- 28.8 million average monthly unique visitors, compared with 26.77 million in 2015
- 8.4 million orders, compared with 7.1 million in 2015
- Euro 334 AOV (Average Order Value), compared with Euro 352 in 2015, mainly reflecting unfavourable exchange rate movements
- 2.9 million active customers, compared with 2.5 million in 2015
Milan, 1 March 2017 – The Board of Directors of YOOX NET-A-PORTER GROUP S.p.A. (MTA: YNAP), the world’s leading online luxury fashion retailer, has today examined and approved the 2016 separate financial statements, which will be submitted for approval at the Shareholders’ Meeting, as well as the consolidated financial statements of YOOX NET-A-PORTER GROUP S.p.A. for the financial year ended 31 December 2016, compared to the same pro-forma financials related to the previous year.
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. Reported growth is calculated at current exchange rates and at actual perimeter.
2 In this entire document, pro-forma financials refer to the pro-forma financial statements relating to the financial year ended 31 December 2015, which have been prepared by aggregating the historical data of YOOX GROUP and of THE NET-A-PORTER GROUP Limited 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 financial year (1 January 2015). For further information on the preparation criteria of pro-forma financials and on the limits concerning the information content thereof, please refer to the information contained in the FY2015 results press release published on the Company’s website at www.ynap.com.
3 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.
4 Does not include the non-cash costs relating to existing share-based incentive plans.
5 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.
6 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.
7 FY 2015 monthly unique visitors (“MUV”) have been restated to include the MUV from native apps, previously not tracked, for NET-A-PORTER, MR PORTER and THE OUTNET as well as to account for the change in data source used for YOOX MUV starting from November 2015. Specifically, YOOX MUV for both FY 2015 and FY 2016 are now sourced from Google Analytics, instead of Google Analytics for the website and SiteCatalyst for the mobile site as previously used.
Note: For clarity of information, it should be noted that the percentage changes reported in this press release have been calculated using exact figures. It should also be noted that any differences found in some tables are due to rounding of values expressed in millions of Euro.