ANNEXES GEOX GROUP FY20 RESULTS - MARCH 15, 2021
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ANNEXES
GEOX GROUP FY20 RESULTS
MARCH 15, 2021
FY20 RESULTS| HIGHLIGHTS
• SALES EQUAL TO EURO 534.9 MILLION (-33.6% AT CURRENT FOREX, -33.0% AT CONSTANT FOREX), DUE TO THE TEMPORARY CLOSURES RESULTING FROM
THE PANDEMIC AND THE STEPS TAKEN TO RATIONALISE THE NETWORK.
• STRONG GROWTH RECORDED BY THE DIRECT E-COMMERCE CHANNEL (+41%).
• ADJUSTED EBIT AMOUNTED TO EURO –111.0 MILLION (EURO -3.1 MILLION IN 2019), AFFECTED BY THE REDUCTION IN TURNOVER RESULTING FROM THE
LOCKDOWN, ESPECIALLY IN THE SECOND AND FOURTH QUARTERS.
• SIGNIFICANT REDUCTION IN OPERATING COSTS, FOR APPROXIMATELY EURO 60 MILLION (-15%)
• THE NET FINANCIAL POSITION AT 31 DECEMBER 2020 (BEFORE IFRS 16) STOOD AT EURO -99.8 MILLION (EURO +6.5 MILLION AT 31 DECEMBER 2019).
• THE REVIEW OF THE BUSINESS MODEL, AIMED AT DEFINING A MORE STREAMLINED AND EFFICIENT DISTRIBUTION NETWORK THAT IS PERFECTLY
INTEGRATED WITH THE DIGITAL CHANNEL, IS RECORDING ITS FIRST POSITIVE RESULTS.
• PERFORMANCE AT THE START OF 2021 IS SHOWING A NUMBER OF ENCOURAGING SIGNS IN MARKETS AND CHANNELS LESS AFFECTED BY CLOSURES:
- POSITIVE LIKE-FOR-LIKE SALES PERFORMANCE IN RUSSIA (+18% SINCE THE START OF THE YEAR AND +18% COMPARED WITH 2019) AND IN CHINA
(+76% SINCE THE START OF THE YEAR);
- THE DIRECT E-COMMERCE CHANNEL HAS RECORDED EVEN STRONGER GROWTH SINCE THE START OF THE YEAR (+72%).
• ENCOURAGING INITIAL SALES FIGURES FOR THE NEW, INNOVATIVE PROJECTS LAUNCHED WITH THE SS21 COLLECTION (SPHERICA, PLAYKIX).
• PROPOSAL SUBMITTED TO THE SHAREHOLDERS’ MEETING FOR A NEW LONG-TERM INCENTIVE SYSTEM FOR MANAGEMENT, IN THE FORM OF A STOCK
GRANT & CASH PLAN TO SUPPORT THE OBJECTIVES FOR THE 2021-2023 STRATEGIC BUSINESS PLAN, WHICH IS IN THE PROCESS OF BEING DEFINED
2
FY20 RESULTS| OUR RESPONSE TO COVID AND OUR TRANSFORMATION INITIATIVES*
THE GROUP KEEPS FOSTERING THE TRANSFORMATION INITIATIVES
OUR RESPONSE TO COVID-19
BUILDING A MORE FLEXIBLE, PHYGITAL AND CONSUMER ORIENTED BUSINESS MODEL
1 1 NETWORK OPTIMIZATION
SOCIAL RESPONSIBILITY FIRST
▪ FOCUS ON HIGH QUALITY, LARGER AND INTEGRATED STORES
TOP PRIORITY HEALTH AND SAFETY OF ▪ DEEP REVIEW OF THE GEOGRAPHICAL FOOTPRINT WITH IMPORTANT SAVINGS AND RATIONALIZATIONS
EMPLOYEES, SUPPLIERS AND CUSTOMERS ▪ CLOSURE OF 110 SMALLER AND LESS PROFITABLE STORES AND OPENING OF 20 LARGER STORES IN THE NEXT 3 YEARS
▪ CLOSURE OF STORES WHERE THE LEVEL OF RENT IS NO LONGER DEEMED TO BE IN LINE WITH THE CURRENT ECONOMIC SCENARIO
2 FOCUS ON DIGITAL
2 ▪ ENTERING IN THE MARKETPLACE OF IMPORTANT PARTNERS IN EUROPE AND NORTH AMERICA (ALREADY LIVE IN FRANCE)
LIQUIDITY POSITION ▪ NEW DIRECT E-COMMERCE SITE IN RUSSIA BEFORE YEAR-END
SAFEGUARD ▪ PARTNERSHIPS STRENGTHENING ON THE DIGITAL PLATFORMS IN CHINA
▪ REINFORCING INVESTMENT AND CAPABILITIES ON OUR E-COMMERCE CHANNEL
NFP POSITION UNDER CONTROL AND
POSITIVE CASH GENERATION IN 2H
3
MERCHANDISING BOOST
▪ USE OF INNOVATIVE MERCHANDISING TOOLS LEVERAGING ON A BETTER SEGMENTATION OF THE DISTRIBUTION WITH THE AIM TO IMPROVE THE SALES
MIX, REDUCE MARKDOWN AND INCREASE FULL PRICE SALES
▪ REDUCTION OF THE NUMBER OF SKUs WITH A HIGHER FOCUS ON BEST SELLERS, ICONIC PRODUCTS («LESS IS THE NEW MORE»)
3
▪ UTILIZING CUSTOMER DATA AND ANALYTICS TO OFFER PRODUCTS MORE IN LINE WITH CUSTOMERS’ NEEDS
EFFECTIVE COST MANAGEMENT ▪ LEVERAGE ON A CENTRALIZED INVENTORY FOR ALL DISTRIBUITION CHANNELS IN ORDER TO IMPROVE SELL THROUGH, REDUCE LEFT OVER AND
OPTIMIZE WORKING CAPITAL
TOTAL OPERATING COSTS -15%
(-60 MLN€)
LAUNCH OF A NEW MARKETING CAMPAIGN WHEN
MARKET CONDITIONS WILL RETURN TO NORMAL
*FOR MORE DETAILS PLEASE SEE ANNEX 1 AND ANNEX 2 3
TRANSFORMATION INITIATIVES| EARLY SIGNS OF IMPROVEMENT
RECENT AWARDS ON CUSTOMER EXPERIENCE
RECENT AWARDS ON HR , SUSTAINABILITY AND RUSSIA
GEOX SPA AWARDED BY CONAI* FOR THE
BEST PROJECT ON SUSTAINABILITY FOR E-
COMMERCE PACKAGING IN RELATION TO
GEOX HAS BEEN INCLUDED BY KPMG IN DELIVERIES’ SUSTAINABILITY
THE LIST OF ITALY’S TOP 10 COMPANIES
REGARDING “CUSTOMER EXPERIENCE
EXCELLENCE” AND “OMNICHANNEL
INDEX”
GEOX NAMED AS ITALY’S BEST TRAINING SCHEME IN
2020 IN DIGITAL LEARNING AND UP-SKILLING’
PROJECT BY THE ITALIAN ASSOCIATION ON HR
KPMG «CUSTOMER EXPERIENCE EXCELLENCE», NOVEMBER 2020 MANAGERS (AIDP)
GEOX NAMED BY IPSOS AND
LARGO CONSUMO AS ITALY’S BEST
FOOTWEAR BRAND IN TERMS OF
THE SHOPPING EXPERIENCE
GEOX RUSSIA NAMED BY CED** AND THE
CONFERENCE BOARD** AS BEST COMPANY IN RUSSIA
IN 2020 IN RELATION TO THE QUALITY OF PRODUCTS
AND SERVICES IN FOOTWEAR SECTOR AND GEOX
COUNTRY MANAGER IN RUSSIA NAMED AS BEST
MANAGER 2020
IPSOS AND LARGO CONSUMO SURVEY
*CONAI is a private non-profit consortium in Italy, the measure by which packaging producers and users ensure that they achieve the recycling and
recovery target of packaging waste provided for by law.
** Committee for Economic Development http://www.ced.org/
4
https://www.conference-board.org/eu/
FY20 RESULTS| COVID- 19 IMPACTS ON THE INDUSTRY: WHOLESALE AND RETAIL
W52
COVID 19 SCENARIO
DEC 19 JAN 19 FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC JAN 21 FEB 21 MAR 21
WHS IMPACTS
LOCKDOWN PROGRESSIVE RECOVERY IN LOCKDOWN
PERIOD TRAFFIC (FROM -80% TO HIT - PERIOD
15% AND THEN -30%)
• ORDER CANCELLATIONS
STORE CLOSURES • LOWER RE-ORDERS
OFF PRICE • LOWER PROMOTIONS
SS20 PRE –SPRING FULL PRICE SEASON
SEASON AND STOCK SALES
• WHS SUPPORT PACKAGE
HARD
STOP/CANCELLATIONS • ORDER CANCELLATIONS
INITIAL ORDER COLLECTION (-21%)
• EARLY DELIVERIES SHIFT
ISSUES ON SUPPLY
FW20 CHAIN • OTB: -21%
ORDER TO SUPPLIERS, PRODUCTION, DELIVERIES • DELIVERIES DELEAYED
STORE
FLOWS CANCELLED CLOSURES
• SOFT START OF THE FW20
PRE-FALL OFF PRICE
FULL PRICE SEASON SEASON
SEASON
EARLY DELIVERIES SHIFT • PRUDENT APPROACH
WEAK MARKET CONDITIONS
FROM CUSTOMERS ON
SS21 PRE –SPRING INITIAL ORDER
INITIAL ORDER COLLECTION
COLLECTION
• EARLY DELIVERIES SHIFT
WEAK MARKET CONDITIONS
• PRUDENT APPROACH
FW21 INITIAL ORDER FROM CUSTOMERS ON
COLLECTION INITIAL ORDER
COLLECTION
W52
5
COVID-19 UPDATE 2021 | OPERATING STATUS AND LFL DOS
LFL DOS BY AREA LOCKDOWN MEASURES
CURRENT TRADING (W10) UPDATE AS AT MARCH 14,2021
LOCKDOWN MEASURES IN PLACE – DOS CLOSURES - NO LOCKDOWN MEASURES IN PLACE STORES CLOSED ONLY IN
% DOS FRANCHISING % FRANCHISING
IN 2021 WEEKENDS
COUNTRY DOS CLOSED CLOSED CLOSED CLOSED
ITALY 18 14% 17 20%
FRANCE 37 67% 7 23%
EUROPE
GERMANY 19 73%
(EXC. ITALY)
NORTH AMERICA RUSSIA NETHERLANDS 4 100%
LFL DOS: -29% UK 4 100%
LFL DOS: -45% (ONLINE +84%) LFL DOS: +18%
HUNGARY 4 100% 1 100%
(ONLINE +63%) (NO ONLINE)
SPAIN 1 3%
PORTUGAL 17 85%
CHECA 14 100%
ITALY GREECE 9 90%
DOS FRANCH.
OTHER 13 4%
LFL DOS: -34% APAC 86 37
TOTAL 86 22% 79 25%
(ONLINE +36%)
LFL DOS: +39%
(ONLINE +33%)
STORES CLOSED IN
WEEKENDS
MARCH 13, 2021 GEOX SHOPS CLOSED % SHOPS CLOSED
DOS 392 86 22% 44%
FRANCHISING 318 79 25% 36%
UNDER
132 - 0% 0%
DISTR.AGREEMENTS
TOTALE GEOX SHOPS 842 158 20% 34%
6
FY20 RESULTS AND CURRENT TRADING| COVID -19 IMPACTS ON DOS* (ONLINE AND B&M)
CURRENT TRADING
FY20: LFL -33.8% (ONLINE +41%) 2021 (WEEK 10)
LFL -26%
OFF PRICE OFF PRICE FULL PRICE
FULL PRICE SEASON OFF PRICE SEASON FULL PRICE SEASON
SEASON SEASON SEASON
% DOS OPEN*
B&M FLAT
+23% WEB +120%
LFL (B&M+WEB) IN %
+2% 2% +3%
(MONTHLY TREND) 10% 2% 1% 26% 34% 32% 28%
45% 42%
-11% 60% -15% -18% • THE POSITIVE PERFORMANCE OF ONLINE
% DOS AND ITS INCREASING RELEVANCE (APPR.
84% -29% -14% 30% OF TOTAL DOS REVENUES IN FEB 21)
CLOSED* -40% -40% -40% ALLOWED TO REACH, FOR THE FIRST TIME
DURING COVID 19, A LFL BETTER THAN THE
-64% -63% -55% PERCENTAGE OF DOS CLOSED
-86%
JAN FEB MAR APR MAY JUN JULY AUG SEPT OCT NOV DEC JAN FEB MAR
1Q20 2Q20 3Q20 4Q20 WEEK 10
LFL DOS -20% LFL DOS -59% LFL DOS -16% LFL DOS -40% LFL DOS -26%
of which: of which: of which: of which: of which:
B&M -25% B&M -72% B&M -21% B&M -55% B&M -42%
ONLINE +21% ONLINE +59% ONLINE +37% ONLINE +45% ONLINE +72%
*NUMBER OF DOS CLOSED/OPEN DIVIDED BY TOTAL NUMEBER OF DOS ON DAILY BASIS; STARTING FROM NOVEMBER, SOME DOS HAVE BEEN TEMPORARILY CLOSED ONLY DURING THE WEEKEND
7
*FOR MORE DETAILS PLEASE SEE ANNEX 3
FY20 RESULTS AND CURRENT TRADING | COVID -19 IMPACTS ON DOS –B&M -
DOS (B&M): TRAFFIC AND LFL TREND BY RE-OPENINGS (W18, 2020) UNTIL TODAY
(GROUP)
LFL TRAFFIC LFL SALES 2021
BACK TRANSITION NEW LOCKDOWN/
TO SCHOOL TO FW20
100.0%
DOS CLOSURES IN MAIN EUROPEAN COUNTRIES, UK AND CANADA
80.0%
START OF THE SALES
SEASON IN FRANCE
60.0%
END OF THE SALES
SEASON IN FRANCE • CURRENT TRADING (YTD) IMPACTED
40.0% BLACK FRIDAY PERIOD BY DOS CLOSURES AND A TOUGH
END OF THE SALES COMPARISON BASE DUE TO THE
20.0% SEASON IN ITALY FACT THAT JANUARY AND FEBRUARY
2020 WERE NOT IMPACTED BY
LOCKDOWN/DOS CLOSURES.
0.0%
-20.0%
-40.0%
-60.0%
START OF THE SALES
SEASON IN ITALY
-80.0%
-100.0%
-120.0% START OF THE SALES
SEASON IN SPAIN
START OF THE SALES
SEASON IN GERMANY AND
AUSTRIA 8
FY20 RESULTS | COVID -19 IMPACTS ON DOS – ONLINE -
HIGHLIGHTS ONLINE: LFL – FY20 AND YTD TREND -
▪ APPROX. 30% OF TOTAL ONLINE REVENUES CAME FROM BENEFEET (LOYALTY PROGRAM) CUSTOMERS 72%
59.0%
▪ HIGHER RELATIVE INCREASE FOR THE YOUNGER CLUSTER 18 - 34 YEARS (ESPECIALLY WOMAN - LIKELY
DRIVEN BY MUMS ). JUNIOR/BABY REPRESENTED APPROX. 33% (VS 26% IN 2019) OF TOTAL ONLINE
REVENUES THANKS TO A VERY RELEVANT GROWTH (+100%) SOUND GROWTH CONFIRMED IN 2021 (YTD) 44.0%
41.0%
40.0%
37.0%
▪ STRONG SUPPORT FROM THE RECENT INVESTMENTS FINALIZED TO THE INTEGRATION BETWEEN PHISICAL
AND DIGITAL CHANNELS. ENDLESS AISLE, NOW PRESENT IN ALL EUROPEAN DOS, WILL BE SOON ROLLED
21.0%
OUT IN CANADA AND FRANCHISING STORES.
▪ NEW PROJECTS WITH SALESFORCE INC. ON SINGLE CUSTOMER VIEW AND MARKETING AUTOMATION
WITH FIRST RELEVANT AND POSITIVE RESULTS
1Q20 2Q20 1H20 3Q20 4Q20 FY20 YTD
▪ ON LINE BENEFEET LOYALTY PROGRAM: POSITIVE ACQUISITION RATE (NEW CUSTOMERS REPRESENTED
1/3 OF TOTAL BENEFEET ON LINE REVENUES); SOUND IMPROVEMENT IN MAIN KPIs; NEW RELEVANT
(PROBABLY STRUCTURAL) CHANGES IN CUSTOMERS HABITS WITH A SHIFT FROM THE «EXCLUSIVELY
OFFLINE» PURCHASE TO ONLINE PURCHASE (10% OF TOTAL BENEFEET REVENUES)
% ON LINE DOS SALES ON TOTAL DOS SALES
AVERAGE AVERAGE
FREQUENCY UPT MARKDOWN
32.0%
BENEFEET – BASKET SPENDING
MAIN KPIs FY20
VS LY +2% +35% +32% +4% -4 pts
19.0%
8.4%
6.6%
FY18 FY19 FY20 YTD
9
FY20 RESULTS| NET SALES BY CHANNEL
NET SALES BY CHANNEL HIGHLIGHTS
(MLN €)
2019 2020 ❑ WHOLESALE
806 TREND IMPACTED BY COVID-19:
535 • INITIAL ORDER PORTFOLIO REDUCTION: 1) SS20:-6 MLN€
360 361 2) FW20: -44 MLN€ IN LINE WITH REDUCTION IN PURCHASES
258 234 (-21%) DONE IN CLOSE COLLABORATION WITH CLIENTS.
84 43
• HIGHER CANCELLATIONS: 1) SS20: -21 MLN€ .
WHOLESALE FRANCHISING DOS TOTAL • IN-SEASON MANAGEMENT: 1) LOWER RE-ORDERS SS20 (-2
MLN€) 2) SHIFT EARLY DELIVERIES FW20 (-6 MLN€) AND SS21
-28.3% -48.9% -35.3% -33.6% (-14 MLN€).
-27.4% c.FX -48.3% c.FX -34.9% c.FX -33.0% c.FX • LOWER STOCK SALE (- 5 MLN€).
❑ FRANCHISING
TREND IMPACTED BY LOCKDOWN/STORE CLOSURES AND A
NEGATIVE PERIMETER EFFECT (-17%).
NET SALES BY CHANNEL NET SALES – ONLINE VS OFFLINE
*[2019] (IN %) ❑ DOS
WHOLESALE 48% SALES IN % FY20 FY19 TREND IMPACTED BY STORE CLOSURES DUE TO COVID-19.
DOS 44% [45%*] B&M 74% 83% LFL AT -33.8%, OF WHICH ONLINE +41%
[44%*] DIRECT ONLINE (DOS) 9% 4% NEGATIVE PERIMETER EFFECT DUE TO THE RATIONALIZATION
DONE IN 2H20 (44 NET CLOSURES, 10% OF PERIMETER).
INDIRECT ONLINE (WHOLESALE) 17% 13%
FRANCHISING 8%
[11%*]
10FY20 RESULTS| NET SALES BY REGION
NET SALES BY REGION HIGHLIGHTS
(MLN €)
❑ ITALY
2019 2020
806 TREND STRONGLY IMPACTED BY LOCKDOWN AND NETWORK OPTIMIZATION (-
17%, ID EST 46 NET CLOSURES IN 2020)
535 ONLINE: +79% IN FY20
344
229 250 ❑ EUROPE
187 135
125
46 25
PERFORMANCE IMPACTED BY LOCKDOWN .
ITALY EUROPE NORAM ROW TOTAL 24 NET CLOSURES IN 2020 (9% PERIMETER)
-45.3% -27.3% -46.4% -27.8% -33.6% ONLINE: +39% IN FY20
-45.3% c.FX -27.4% c.FX -45.0% c.FX -18.5% c.FX -33.0% c.FX
❑ NORAM
PERFORMANCE IMPACTED BY LOCKDOWN AND NETWORK OPTIMIZATION (-
NET SALES BY REGION (IN %) 35%, ID EST 13 NET CLOSURES IN 2020)
*[2019] ONLINE: +28% IN FY20
ITALY 23% ❑ ROW/APAC (-40.2%)
ROW 25%
[28%*] [23%*]
PERFORMANCE IMPACTED BY COVID. DOS PERFORMANCE DOS IMPROVING IN
4Q IN CHINA (+4%)
ONLINE: +17% IN FY20
NORAM 5%
[6%*]
❑ ROW/EASTERN EUROPE (-22.5%)
LFL DOS AT -23% THANKS TO A GOOD PERFORMANCE DURING RE-OPENINGS.
EUROPE 47% LFL DOS IN RUSSIA +13% IN 4Q
[43%*]
ONLINE: +79% IN FY20
11FY20 RESULTS| NET SALES BY PRODUCT
NET SALES BY PRODUCT
(MLN €)
2019 2020
721 806
478 535
85 57
FOOTWEAR
FOOTWEAR APPAREL
APPAREL TOTAL
TOTAL
-33.8% -32.4% -33.6%
-33.2% c.FX -31.1% c.FX -33.0% c.FX
NET SALES BY PRODUCT (IN %)
*[2019]
APPAREL11%
[11%*]
FOOWEAR 89%
[89%*]
12
12FY20 RESULTS|GEOX SHOPS NETWORK
DECEMBER 31, 2020 DECEMBER 31, 2019 REORGANISATION PROCESS ( NoI) COMPLETED IN CANADA
GEOX of which GEOX of which
▪ PERIMETER:
SHOPS DOS SHOPS DOS ▪ 20 DOS (OUT OF A TOTAL 30) ARE TO BE KEPT OPEN, MAINLY IN THE AREAS OF TORONTO,
ITALY 226 139 ITALY 272 148 VANCOUVER AND MONTREAL
▪ EXIT FROM 10 DOS (7 ALREADY CLOSED AT THE END OF 2020) MAINLY IN THE PROVINCE OF
EUROPE 246 142 EUROPE 270 159 ALBERTA (CALGARY AND EDMONTON) DEEMING THEM TO BE NON-STRATEGIC (LOSS-MAKING IN
2019); NO PENALTIES WERE INCURRED FOR DOING SO.
NORTH 24 24 NORTH 37 37
AMERICA AMERICA ▪ RENTS:
▪ FOR 12 STORES RENTS HAVE BEEN CONVERTED TO BECOME FULLY VARIABLE DEPENDING ON
RoW* 371 105 RoW 395 110
SALES PERFORMANCE.
TOTAL 867 410 TOTAL 974 454 ▪ FOR 8 STORES RATES HAVE BEEN SIGNIFICANTLY REDUCED (AROUND 35% REDUCTION ON
AVERAGE)
▪ IN 2019, RENT FOR THESE 20 STORES AMOUNTED TO A TOTAL OF 3.7 MILLION CANADIAN
DOLLARS (EURO 2.5 MILLION AT THE CURRENT EXCHANGE RATE). A PENALTY-FREE
WITHDRAWAL CLAUSE HAS ALSO BEEN INCLUDED IN THE CONTRACTS FOR ALL THESE STORES.
▪ DEBT: OUSTANDING DEBT HAS BEEN SETTLED (MAINLY RELATING TO UNPAID RENT IN 2020),
2020 EVOLUTION BY AREA THROUGH A PAYMENT OF APPROX. 475 THOUSAND CANADIAN DOLLARS (AROUND 300
THOUSAND EURO AT THE CURRENT EXCHANGE RATE). WITH REGARD TO THE GROUP’S
BALANCE SHEET, THE POSITIVE EFFECT IN 2021 OF CANCELLING THIS OUTSTANDING DEBT
NET OPENINGS CLOSURES AMOUNTS TO AROUND 3.7 MILLION CANADIAN DOLLARS (AROUND EURO 2.5 MILLION AT THE
CURRENT EXCHANGE RATE).
OPENINGS
ITALY (46) 2 (48)
EUROPE (24) 4 (28) RATIONALIZATION PLAN UPDATE – DOS -
NORTH (13) - (13)
AMERICA CLOSURE OF APPROX. 110 SMALLER AND LESS PROFITABLE STORES AND OPENING OF 20
LARGER STORES IN THE
Venezia NEXTSan
Mercerie 3 YEARS
Marco (2021-2023) WITH A REDUCTION IN SALES OF AROUND
RoW (24) 26 (50) 65/70 MILLION AND NO IMPACT ON EBT.
TOTAL (107) 32 (139)
IN 2021 EXPECTED 45 NET CLOSURES (70 CLOSURES AND 25 NEW OPENINGS/CONVERSIONS
FROM FRANCHISING STORES)
*INCLUDE 135 DISTRIBUTION AGREEMENTS 13FY20 RESULTS|INCOME STATEMENT
INCOME STATEMENT (IFRS 16 COMPLIANT*) INCOME STATEMENT: HIGHLIGHTS
(EURO MLN) FY20 % FY19 % ▪ NET SALES (-33.6%) AT 534.9 MLN€ (-271 MLN€ VS FY19) MAINLY DUE TO COVID-19 IMPACTS AND STORE CLOSURES
▪ GROSS PROFIT AT 231.8 MLN€ (-167 MLN€ VS FY19). REPORTED GROSS MARGIN AT 43.3% (49.5% IN FY19).
NET SALES 534.9 100.0% 805.9 100.0% EXCLUDING THE 18.4 MLN€ EXTRAORDINARY WRITE DOWN OF INVENTORIES (APPROX. 350 BPS) RELATED TO
COST OF SALES (303.1) (56.7%) (407.0) (50.5%) SS20/FW20 COLLECTIONS, GROSS MARGIN WOULD HAVE BEEN AT 46.8%, DECREASING BY 270 BPS vs LY DUE TO: (i)
A DIFFERENT CHANNEL MIX (LOWER INCIDENCE OF DOS REVENUES) (ii) STORE CLOSURES DURING THE FULL PRICE
GROSS PROFIT 231.8 43.3% 398.8 49.5% SEASON (iii) SOME INEFFICIENCIES ON OUR SERBIAN PLANT DERIVING FROM LOCKDOWN.
SELLING & DISTRIBUTION (41.4) (7.7%) (44.2) (5.5%)
▪ TOTAL OPERATING COSTS AT -342.8 MLN€, -15% VS FY19 DELIVERING A NET REDUCTION OF 59 MLN€. MAIN
G&A (278.3) (52.0%) (331.6) (41.1%) SAVINGS COME FROM: (i) 37.5 MLN€ FROM DOS NETWORK (23 MLN€ FROM STAFF SALARIES AND 13 MLN€ MAINLY
A&P (23.0) (4.3%) (26.2) (3.2%) FROM RENT REDUCTION); (ii) 14.0 MLN€ FROM LOWER STRUCTURE COSTS (iii) 3.2 MLN€ FROM LOWER A&P (iv) 4.3
MLN€ FROM OTHER ITEMS (MAINLY LOWER SELLING & DISTRIBUTION COSTS).
TOTAL OPERATING COSTS (342.8) (64.1% ) (401.9) (49.9% )
EBIT ADJ (111.0) (20.7% ) (3.1) (0.4% ) ▪ EBIT ADJUSTED AT -111.0 MLN€ (VS -3.1 MLN€ IN FY19).
RESTRUCTURING CHARGES (1.1) (0.2%) (3.2) (0.4%) ▪ NET ASSET IMPAIRMENT FOR 12.4 MLN€ IS RELATED TO 95 STORES, AS A CONSEQUENCE OF THE IMPACT OF COVID-
NET ASSET IMPAIRMENT (12.4) (2.3%) (9.4) (1.2%) 19 ON THE PERFORMANCE AND RELATIVE VALUE OF THESE CGU
EBIT (124.5) (23.3% ) (15.7) (2.0% ) ▪ TAXES DO NOT INCLUDE PRUDENTIALLY EURO 25 MILLION OF DEFFERED TAX ASSETS
NET FINANCIAL EXPENSES (8.1) (1.5%) (8.6) (1.1%)
PBT (132.6) (24.8% ) (24.3) (3.0% )
TAXES 4.4 0.8% (0.4) (0.1%)
Tax rate n.m. n.m. n.m. n.m.
COVID-19 EXPENSES VS COSTS SAVINGS: HIGHLIGHTS
IN MLN €
NET RESULT (128.2) (24.0% ) (24.8) (3.1% )
*IFRS 16 IMPACTS (LINE BY LINE) DETAILED IN ANNEX 4 DOS SALES EXPENSES INVENTORY WRITE
IMPAIRMENT AND
RECEIVABLE TOTAL COVID 19 EXTRA COSTS
RESTRUCTURING OTHER
INCURRED DURING DOWN CHARGES
WRITE OFF AND DOS SALES EXPENSES
LOCKDOWN DAYS
DURING CLOSING DAYS:
COVID -19
COVID-19 EXTRA COSTS
EXPENSES 28.0 18.4 13.6 6.6 5.4 72 MLN€
TOTAL SAVINGS
59 MLN€
SAVINGS
SAVINGS 40.5 18.5
MANAGEMENT INITIATIVES STATE
SUPPORT
(SALARIES, RENTS) 14FY20 RESULTS|BALANCE SHEET*
BALANCE SHEET (IFRS 16 COMPLIANT)
(EURO MLN) DEC 31, 2020 DEC 31, 2019
INTANGIBLE ASSETS 35.8 44.1
TANGIBLE ASSETS 50.4 61.2
RIGHT OF USE ASSETS 241.8 298.7
OTHER NON CURRENT ASSETS, NET 47.7 40.8
TOTAL NON CURRENT ASSETS 375.7 444.8
NET OPERATING WORKING CAPITAL 177.5 182.7
OTHER CURRENT ASSETS (LIABILITIES), NET (8.5) (21.9)
NET INVESTED CAPITAL 544.8 605.6
EQUITY 167.2 302.7
PROVISION FOR SEVERANCE INDEMNITIES,
LIABILITIES AND CHARGES 9.8 8.1
LEASE LIABILITIES 267.9 301.4
NET DEBT (CASH) 99.8 (6.6)
NET FINANCIAL POSITION (TOTAL) 367.8 294.8
NET INVESTED CAPITAL 544.8 605.6
BALANCE SHEET: HIGHLIGHTS
▪ HEALTHY BALANCE SHEET
▪ IMPAIRMENT TEST ON DOS NETWORK HIGHLIGHTED A TOTAL/PARTIAL WRITE-DOWN OF FIXED ASSETS
RELATED TO 95 CGU WITH A NEGATIVE IMPACT ON FY20 P&L FOR 12.4 MLN€
*IFRS 16 IMPACTS (LINE BY LINE) DETAILED IN ANNEX 4 15FY20 RESULTS|NET OPERATING WORKING CAPITAL AND NFP
NET OPERATING WORKING CAPITAL EVOLUTION NET FINANCIAL POSITION
(MLN€) (ANTE IFRS 16 AND BEFORE FAIR VALUE HEDGE)
(MLN€)
30
252
226 209 10
183 178 -10
-30
-50
-70
-90
-110
2016 2017 2018 2019 2020 -130
Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20
% OF SALES 2019 2020
28.0% 25.6% 25.3% 22.7% 33.2%
(EURO MLN) DEC. 31,2020 DEC.31, 2019 CHANGE
INVENTORIES 268.0 284.6 (16.6) • NET FINANCIAL POSITION (ANTE IFRS 16 AND BEFORE FAIR VALUE HEDGE OF
DERIVATIVES ) AT THE END OF DECEMBER 2020 IS -90 MILLION EURO (VS -95 MILLION
ACCOUNT RECEIVABLES 87.7 122.2 (34.5) EURO IN JUNE 2020) WITH A POSITIVE GENERATION OF 5 MILLION EURO IN 2H.
ACCOUNT PAYABLES (178.2) (224.0) 45.9
OP. WORKING CAPITAL 177.5 182.7 (5.2)
• OPERATING WORKING CAPITAL IS AT 33.2% OF REVENUES NOTWITHSTANDING STORE
CLOSURES THANKS TO A STRICT MANGEMENT OF RECEIVABLES AND THE RENEWAL
% ON SALES 33.2% 22.7% +10.5 P.P. OF THE VENDOR FINANCING PROGRAM.
16FY20 RESULTS| CASH FLOW STATEMENT
CASH FLOW STATEMENT (IFRS 16 COMPLIANT) CASH FLOW STATEMENT (RESTATED, ANTE IFRS 16)
(EURO MLN) DEC. 31, 2020 DEC. 31, 2019 (EURO MLN) DEC. 31, IFRS 16 DEC. 31, 2020 DEC. 31,
2020 IMPACT EXCL. IFRS 16 2019
IMPACT
NET RESULT (128.2) (24.8)
NET RESULT (128.2) 11.8 (116.4) (22.5)
DEPRECIATION, AMORTIZATION AND IMPAIRMENT 110.8 112.0
DEPRECIATION, AMORTIZATION AND IMPAIRMENT 110.8 (75.4) 35.4 42.0
OTHER NON CASH ITEMS 26.3 2.0
OTHER NON CASH ITEMS 26.3 - 26.3 29.0
CASH FLOW FROM ECONOMICS 8.9 89.2
CASH FLOW FROM ECONOMICS 8.9 (63.6) (54.7) 48.5
CHANGE IN NET WORKIN CAPITAL (29.8) 31.1 CHANGE IN NET WORKIN CAPITAL (29.8) 13.7 (16.1) (29.8)
CHANGE IN OTHER CURRENT ASSETS/LIABILITIES (5.7) 0.3 CHANGE IN OTHER CURRENT ASSETS/LIABILITIES (5.7) 0.6 (5.1) 1.4
CASH FLOW FROM OPERATIONS (26.6) 120.6 CASH FLOW FROM OPERATIONS (26.6) (49.3) (75.9) 20.1
CAPITAL EXPENDITURES (18.2) (33.4) CAPITAL EXPENDITURES (18.2) - (18.2) (33.4)
DISPOSAL 0.2 1.2 DISPOSAL 0.2 - 0.2 1.2
NET CAPITAL EXPENDITURE (18.0) (32.2) NET CAPITAL EXPENDITURE (18.0) - (18.0) (32.2)
FREE CASH FLOW (44.6) 88.4 FREE CASH FLOW (44.6) (49.3) (93.9) 23.6
INCREASE IN RIGHT OF USE ASSETS (18.3) (39.8) INCREASE IN RIGHT OF USE ASSETS (18.3) 18.3 - -
TREASURY SHARES - (5.1) TREASURY SHARES BUY BACK - - - (5.1)
DIVIDENDS - (6.5) DIVIDENDS - - - (6.5)
CHANGE IN NET FINANCIAL POSITION (62.9) 37.2 CHANGE IN NET FINANCIAL POSITION (62.9) (31.0) (93.9) 12.0
-
INITIAL NET FINANCIAL POSITION PRIOR TO FAIR VALUE ADJ., INITIAL NET FINANCIAL POSITION PRIOR TO FAIR VALUE ADJ.,
BEGINNING OF THE PERIOD (296.0) (6.8) BEGINNING OF THE PERIOD (296.0) 301.4 5.4 (6.8)
IFRS 16 FIRST TIME ADOPTION - EFFECT ON FINANCIAL DEBT AS AT IFRS 16 FIRST TIME ADOPTION - EFFECT ON FINANCIAL DEBT AS
1/1/2019 - (325.9) AT 1/1/2019 - - - -
INITIAL NET FINANCIAL POSITION PRIOR TO FAIR VALUE ADJ., INITIAL NET FINANCIAL POSITION PRIOR TO FAIR VALUE ADJ.,
BEGINNING OF THE PERIOD (296.0) (332.7) BEGINNING OF THE PERIOD (296.0) 301.4 5.4 (6.8)
CHANGE IN NET FINANCIAL POSITION (62.9) 37.2 CHANGE IN NET FINANCIAL POSITION (62.9) (31.0) (93.9) 12.0
EFFECT OF TRANSLATION DIFFERENCES 1.2 (.4) EFFECT OF TRANSLATION DIFFERENCES 1.2 (2.5) (1.3) 0.1
NET FINANCIAL POSITION PRIOR TO FAIR VALUE ADJ., END OF THE NET FINANCIAL POSITION PRIOR TO FAIR VALUE ADJ., END OF
PERIOD (357.7) (296.0) THE PERIOD (357.7) 267.9 (89.8) 5.4
FAIR VALUE ADJUSTMENTS OF DERIVATIVE CONTRACTS (10.1) 1.2 FAIR VALUE ADJUSTMENTS OF DERIVATIVE CONTRACTS (10.1) - (10.1) 1.2
FINAL NET FINANCIAL POSITION (367.8) (294.8) FINAL NET FINANCIAL POSITION (367.8) 267.9 (99.9) 6.6
17FY20 RESULTS|OUTLOOK
AS THINGS STAND, THERE IS GREAT UNCERTAINTY REGARDING BOTH THE DURATION AND THE EXTENT OF NEW CONTAINMENT/LOCKDOWN MEASURES IN ALL OF THE GROUP’S MAIN
MARKETS.
SALES PERFORMANCE IN THE FIRST TEN WEEKS OF 2021 HAS CONTINUED TO BE AFFECTED BY TEMPORARY STORE CLOSURES IN THE MAIN EUROPEAN MARKETS; COMPARISONS WITH THE
PREVIOUS YEAR ARE PENALISED BY THE FACT THAT THE EFFECTS OF THE PANDEMIC ONLY BEGAN TO BE FELT IN MARCH 2020.
A POSITIVE TREND, ON THE OTHER HAND, IS BEING RECORDED IN THE MAIN MARKETS WHERE TEMPORARY STORE CLOSURES ARE CURRENTLY NOT AN ISSUE: IN RUSSIA, LIKE-FOR-LIKE
SALES IN DIRECTLY OPERATED STORES ARE UP +18% (+18% COMPARED WITH 2019); IN CHINA, A GROWTH OF +76% HAS BEEN RECORDED (ALBEIT BELOW 2019 LEVELS).
THE DIRECT E-COMMERCE CHANNEL HAS RECORDED AN EVEN STRONGER GROWTH RATE SINCE THE BEGINNING OF THE YEAR (+72%). THE GROUP IS ALSO BEGINNING TO ROLL OUT
DIGITAL SHOWCASES IN A NUMBER OF EUROPEAN MARKETPLACES.
FROM THE BEGINNING OF MARCH ONWARDS, LIKE-FOR-LIKE SALES PERFORMANCE WILL BENEFIT FROM A MORE FAVOURABLE BASIS FOR COMPARISON, CONSIDERING THE FACT THAT, ON
AVERAGE, OVER 70% OF THE DIRECTLY OPERATED STORE NETWORK WAS TEMPORARILY CLOSED IN MARCH AND APRIL 2020.
BASED ON THE INFORMATION CURRENTLY AVAILABLE, WE CAN EXPECT THE STORES THAT ARE CLOSED AT THE MOMENT TO GRADUALLY START REOPENING FROM THE FIRST HALF OF
APRIL 2021, ALTHOUGH THERE IS STILL A GREAT DEAL OF UNCERTAINTY, ALSO WHEN CONSIDERING THE NEW WAVES OF CONTAGION EXPERIENCED TO DATE.
FOR THESE REASONS, THE FIRST PART OF THE YEAR IS EXPECTED TO STILL BE AFFECTED BY TEMPORARY STORE CLOSURES, WITH IMPROVEMENTS BEING SEEN IN THE SECOND QUARTER
(ALSO COMPARED WITH THE PREVIOUS QUARTER).
IN THE SECOND HALF OF THE YEAR, VACCINATION CAMPAIGNS SHOULD HELP TO SUPPORT A GRADUAL RETURN TO ‘BUSINESS AS USUAL'.
SUSTAINED GROWTH IS EXPECTED TO CONTINUE FOR THE DIRECT E-COMMERCE CHANNEL THROUGHOUT THE YEAR, THANKS ALSO TO CONTINUOUS INVESTMENTS AND THE ONGOING
DEVELOPMENT OF BOTH RECENTLY LAUNCHED PROJECTS (MARKETPLACES) AND THOSE COMING SOON (DIRECT E-COMMERCE CHANNEL IN RUSSIA AND STRENGTHENED PARTNERSHIPS IN
CHINA).
THE GROUP ALSO CONTINUES TO BE FOCUSED ON CONTINUING ITS INITIATIVES TO PROTECT THE COMPANY'S CASH FLOW AND CUT OPERATING COSTS, AS WAS THE CASE THROUGHOUT
2020. IN PARTICULAR, OVER THE COURSE OF THE YEAR, CASH FLOWS ARE EXPECTED TO BENEFIT FROM THE SALE OF CERTAIN PRODUCTS FROM THE 2020 COLLECTIONS WHICH, DESPITE
BEING PAID FOR, HAVE ACTUALLY NEVER BEEN PRESENTED TO OR SEEN BY CUSTOMERS DUE TO STORE CLOSURES; CASH FLOWS WILL ALSO BENEFIT FROM THESE PRODUCTS BEING SOLD
VIA THE GROUP'S OUTLETS.
IN THE MEANTIME, THE GROUP SHALL CONTINUE TO INVEST AND PURSUE ITS INITIATIVES AIMED AT TRANSFORMING AND BOOSTING THE EFFICIENCY OF ITS BUSINESS MODEL, BASED ON
CUSTOMER CENTRICITY, A FULLY OMNICHANNEL APPROACH AND SEGMENTED DISTRIBUTION.
18ANNEXES
19FY20 RESULTS | SHAREHOLDERS, GOVERNANCE AND CONTACTS
SHAREHOLDERS BOARD OF DIRECTORS
MARKET CHAIRMAN MARIO MORETTI POLEGATO
29% LIR* CEO LIVIO LIBRALESSO
71%
DEPUTY CHAIRMAN ENRICO MORETTI POLEGATO
DIRECTOR CLAUDIA BAGGIO
DIRECTOR ALESSANDRO GIUSTI
INDIPENDENT DIRECTOR ERNESTO ALBANESE
INDIPENDENT DIRECTOR LARA LIVOLSI
INDIPENDENT DIRECTOR FRANCESCA MENEGHEL
*MORETTI POLEGATO’S FAMILY
INDIPENDENT DIRECTOR ALESSANDRA PAVOLINI
INVESTOR RELATIONS – CONTACTS - DISCLAIMER FINANCIAL CALENDAR
FIGURES ARE REPORTED UNDER IAS/IFRS. CERTAIN STATEMENTS MADE IN • APRIL 22, 2021: ANNUAL SHAREHOLDERS’
SIMONE MAGGI IR@GEOX.COM THIS PRESENTATION ARE FORWARD LOOKING STATEMENT. SUCH
MEETING
TEL: +39 0423 282476 MOBILE:+39 335 1295349 STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ARE SUBJECT
TO A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM ANY EXPECTED FUTURE RESULTS • MAY 13, 2021: 1Q21 SALES
GEOX S.P.A. IN FORWARD LOOKING STATEMENTS. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE AN INVITATION TO UNDERWRITE, SUBSCRIBE FOR OR
VIA FELTRINA CENTRO, 16 - 31044 BIADENE DI MONTEBELLUNA, OTHERWISE ACQUIRE OR DISPOSE OF ANY GEOX S.P.A. SHARES. ANY • JULY 29, 2021: 1H21 RESULTS
TREVISO (ITALY) REFERENCE TO PAST PERFORMANCE IS NOT A GUIDE TO FUTURE
PERFORMANCE.
• NOVEMBER 11, 2021: 9M21 SALES
20TRANSFORMATION INITIATIVES|STRATEGY ON NETWORK, PRODUCTS AND ESG
ANNEX 1
LOWER NUMBER OF SKUs
MORE FOCUSED/TARGETED
FEWER BUT LARGER, HIGH QUALITY AND
PRODUCTS
INTEGRATED STORES STRONG ATTENTION TO
(ALSO SUSTAINED BY ADVERTISING
SUSTAINABILITY AND ESG
CAMPAIGNS)
▪ 100% OF ELECTRICITY CONSUMED IN ITALY
COMES FROM RENEWABLE SOURCES
▪ SOLAR PANELS IN OUR ITALIAN LOGISTIC
CENTRE
▪ 100% FSC PACKAGING
▪ APPAREL TECHNOLOGIES: X-DOWN AND E-WARM
PARIS, RUE DE RIVOLI (RESTYLING 2021)
FOCUSED ON 100% RECYCLED MATERIALS
SPHERICA, SS21 ▪ COLLABORATION WITH AQUAFIL FOR THE
PROCUREMENT OF RECYCLED NYLON MATERIAL
FOR FOOTWEAR APPLICATIONS
GEOX JOINED THE FASHION PACT,
A GLOBAL COALITION OF
MOSCOW (NEW OPENING 2021)
COMPANIES IN THE FASHION
INDUSTRY COMMITTED TO A
COMMON CORE OF KEY
ENVIRONMENTAL GOALS
(STOPPING GLOBAL WARMING,
DUBAI MALL (RESTYLING 2021) RESTORING BIODIVERSITY AND
PROTECTING OCEANS)
PLAYKIX, SS21
▪ BOARD OF DIRECTORS COMPOSITION: 44%
WOMEN AND 56% MAN
21TRANSFORMATION INITIATIVES| STRATEGY ON DIGITAL
ANNEX 2
4 PILLARS
UNIFIED D I G I TA L CUSTOMER
COMMERCE NEWH. ERA BACKBONE CENTRICITY
THE ACTUAL
INCREASE THE NUMBER OF A NEW ERA FOR OUR INCREASE THE NUMBER OF
DIGITAL WINDOWS TECHNOLOGICAL BACKBONE
WHOLESALE BUSINESS, TOUCHPOINTS TO BETTER
AND BETTER INTEGRATE AND FOUNDED ON SPEED, DATA TO MANAGE ENGAGE OUR CLIENTS AND
CONTROL THEM, TARGETING A ANALYSIS AND INTEGRATION CONTENT AND ORDERS CREATE A 1TO1 RELATIONSHIP
SEAMLESS INTEGRATION AMONG WITH THE OTHER CHANNELS IN AN OMNI-CHANNEL WITH THEM, ESTABLISHING A
ALL OF THEM INTEGRATED WAY LONG-TERM RELATIONSHIP
22FY20 RESULTS | DOS: OPERATING STATUS* EVOLUTION
ANNEX 3
DOS: OPERATING STATUS - WEEKLY TREND -
% DOS OPEN
DOS APERTI %DOS
DOSCLOSED
CHIUSI
18% 18% 14% 14% 14% 16%
22% 23%
41% 44% 41%
46%
54% 54%
76% 73%
81% 82% 80%
92% 92% 90% 92% 94% 94% 89% 86%
100% 100% 100% 100% 99% 98% 98% 97% 97% 97% 98% 98% 99% 99% 100% 100% 100% 100% 100% 100% 100% 100% 100% 99% 99%
82% 82% 86% 86% 86% 84%
78% 77%
59% 56% 59%
54%
46% 46%
24% 27%
19% 18% 20%
2% 2% 3% 8% 8% 10% 8% 3% 3% 2% 2% 11% 14%
1% 6% 6%
W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 W14 W15 W16 W17 W18 W19 W20 W21 W22 W23 w24 w25 w26 W27 w28 w29 W30 W31 W32 W33 W34 W35 W36 W37 W38 W39 W40 W41 W42 W43 W44 w45 w46 w47 w48 w49 w50 w51 w52
* %DOS CLOSED = NUMBER OF DOS CLOSED DURING THE WEEK/TOTAL NUMBER OF DOS 23FY20 RESULTS| P&L AND BALANCE SHEET (RESTATED, ANTE IFRS 16 IMPACTS)
ANNEX 4
PROFIT & LOSS BALANCE SHEET
(EURO MLN) FY20 IFRS 16 FY20 excl. FY19 excl.
(EURO MLN) DEC 31, 2020 IFRS 16 DEC 31, 2020 DEC 31, 2019
Reported impact IFRS 16 % IFRS 16 % impact excl. IFRS 16
impact
NET SALES 534.9 - 534.9 100.0% 805.9 100.0%
INTANGIBLE ASSETS 35.8 0.4 36.2 44.1
COST OF SALES (303.1) - (303.1) (56.7%) (407.0) (50.5%)
GROSS PROFIT 231.8 - 231.8 43.3% 398.8 49.5% TANGIBLE ASSETS 50.4 - 50.4 61.2
SELLING AND DISTRIBUTION COSTS (41.4) (1.4) (42.8) (8.0%) (45.6) (5.7%) RIGHT OF USE ASSETS 241.8 (241.8) - -
G&A (278.3) (0.3) (278.6) (52.1%) (332.2) (41.2%) OTHER NON CURRENT ASSETS, NET 47.7 (0.6) 47.1 40.2
A&P (23.0) (0.2) (23.3) (4.4%) (26.4) (3.3%) TOTAL NON CURRENT ASSETS 375.7 (242.0) 133.7 145.5
TOTAL OPERATING COSTS (342.8) (1.9) (344.6) (64.4% ) (404.2) (50.2% ) NET OPERATING WORKING CAPITAL 177.5 (13.7) 163.8 182.7
EBIT ADJ (111.0) (1.9) (112.8) (21.1% ) (5.4) (0.7% ) OTHER CURRENT ASSETS (LIABILITIES), NET (8.5) (0.6) (9.1) (21.8)
RESTRUCTURING CHARGES (1.1) - (1.1) (0.2%) (3.2) (0.4%)
NET INVESTED CAPITAL 544.8 (256.3) 288.5 306.5
NET ASSET IMPAIRMENT (12.4) 9.2 (3.2) (0.6%) (9.4) (1.2%)
EBIT (124.5) 7.4 (117.2) (21.9% ) (18.0) (2.2% )
NET INTEREST (8.1) 4.4 (3.7) (0.7%) (3.5) (0.4%)
PBT (132.6) 11.8 (120.8) (22.6% ) (21.5) (2.7% ) EQUITY 167.2 13.4 180.6 304.9
TAXES 4.4 - 4.4 (1.0) PROVISION FOR SEVERANCE INDEMNITIES,
LIABILITIES AND CHARGES 9.8 (1.8) 8.0 8.1
Tax rate n.m. - n.m n.a.
NET RESULT (128.2) 11.8 (116.4) (21.8% ) (22.5) (2.8% ) NET FINANCIAL POSITION 367.8 (267.9) 99.8 (6.6)
NET INVESTED CAPITAL 544.8 (256.3) 288.5 306.5
EBITDA ADJ (13.7) (68.0) (81.7) (15.3% ) 25.2 3.1%
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