Samsonite International S A : Quarterly Report for the Period Ended March 31, 2021

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SAMSONITE INTERNATIONAL S.A.

13-15 avenue de la Liberté, L-1931 Luxembourg

R.C.S. LUXEMBOURG: B 159.469

(Incorporated in Luxembourg with limited liability)

(Stock code: 1910)

QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 2021

The Board of Directors of Samsonite International S.A. (the "Company"), together with its consolidated subsidiaries (the "Group"), is pleased to present the unaudited consolidated financial and business review of the Group as of March 31, 2021 and for the three month period then ended, together with comparative figures for the three month period ended March 31, 2020. This announcement is made pursuant to the Inside Information Provisions of Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Summary Financial Results and Financial Highlights

Summary Financial Results

During the three months ended March 31, 2021 the impacts of COVID-19 on the Company's business remained significant due to the continuation or re-imposition of certain government-mandated restrictions and lockdowns that led to temporary closures of certain retail stores in which the Company's products are sold, quarantines and social- distancing required or recommended by governments, and continued significant reductions in travel and discretionary spending among consumers, leading to reduced demand for many of the Group's products (collectively, the "COVID- 19 Impacts").

During 2020, the Group's management took steps to enhance the Company's liquidity and further improve its resilience in response to the COVID-19 Impacts. In addition to strengthening the Company's liquidity, the Group aggressively reduced its operating expenses to mitigate the impact of lower sales on profit and cash flow as well as to right-size the business for the future. Management continues to tightly manage the Group's operating expenses (see Management Discussion and Analysis - Impact of COVID-19 for further discussion).

In this announcement, certain financial results for the three months ended March 31, 2021 are compared to both the three months ended March 31, 2020 and the three months ended March 31, 2019. Comparisons to the first quarter of 2019 are provided because it is the most recently ended comparable quarter during which the Company's results were not affected by COVID-19. During the first quarter of 2020 the COVID-19 Impacts did not have a significant effect on the Company's financial results until the month ended February 29, 2020, with the most pronounced effects occurring during the month ended March 31, 2020 as the virus spread worldwide. The effects of COVID-19 on the Group's financial results during the first quarter of 2020 were most pronounced in the Asia region, which was significantly impacted beginning with the Chinese New Year in late January 2020, followed by Europe, North America and Latin America during March 2020 with the spread of COVID-19 to these regions.

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The following table sets forth summary financial results for the three months ended March 31, 2021 and March 31, 2020.

		Three months ended March 31,
						Percentage		Percentage increase
(Expressed in millions of US Dollars, except per	2021		2020		increase		(decrease) excl. foreign
share data)			(decrease)		currency effects(1)
Net sales	354.7	601.2	(41.0)%	(42.4)%
Operating loss(2)	(47.0)	(842.0)		nm		nm
Operating loss excluding impairment charges
and restructuring charges(2),(3)	(43.2)	(15.6)		nm		nm
Loss for the period(2)	(71.2)	(785.2)		nm		nm
Loss attributable to the equity holders(2)	(72.7)	(787.3)		nm		nm
Adjusted Net Loss(4)	(67.4)	(38.6)		nm		nm
Adjusted EBITDA(5)	(28.5)	4.9		nm		nm
Adjusted EBITDA margin(6)	(8.0)%	0.8 %
Basic and diluted loss per share(2)
(Expressed in US Dollars per share)	(0.051)	(0.550)		nm		nm
Adjusted basic and diluted loss per share(7)
(Expressed in US Dollars per share)	(0.047)	(0.027)		nm		nm

Notes

1. Results stated on a constant currency basis, a non-International Financial Reporting Standards ("IFRS") measure, are calculated by applying the average exchange rate of the same period in the year under comparison to current period local currency results.
2. Results for the three months ended March 31, 2021 included total restructuring charges of US$3.8 million. Results for the three months ended March 31, 2020 included total restructuring charges of US$6.7 million and total non-cash impairment charges of US$819.7 million attributable to intangible assets (goodwill and tradenames) and lease right-of-use assets and property, plant and equipment due to the under-performance of certain retail locations. See Impairment Charges and Restructuring Charges sections, respectively, in Management Discussion and Analysis for further discussion.
3. Operating loss excluding total non-cash impairment charges and total restructuring charges is a non-IFRS measure and as calculated herein may not be comparable to similarly named measures used by other companies and should not be considered comparable to operating loss for the period in the Group's consolidated statements of income (loss).
4. Adjusted Net Loss, a non-IFRS measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges, along with their respective tax effects, that impact the Group's reported loss for the period, which the Group believes helps to give securities analysts, investors and other interested parties a better understanding of the Group's underlying financial performance. See Management Discussion and Analysis - Adjusted Net Loss for a reconciliation from the Group's loss for the period to Adjusted Net Loss.
5. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), a non-IFRS measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. The Group believes these measures provide additional information that is useful in gaining a more complete understanding of its operational performance and of the underlying trends of its business. See Management Discussion and Analysis - Adjusted EBITDA for a reconciliation from the Group's loss for the period to Adjusted EBITDA.
6. Adjusted EBITDA margin, a non-IFRS measure, is calculated by dividing Adjusted EBITDA by net sales.
7. Adjusted basic and diluted loss per share, both non-IFRS measures, are calculated by dividing Adjusted Net Loss by the weighted average number of shares used in the basic and diluted loss per share calculations, respectively.

nm Not meaningful.

Summary Financial Highlights

• Net sales were US$354.7 million for the three months ended March 31, 2021, compared to US$601.2 million for the three months ended March 31, 2020, a decrease of 41.0% (-42.4% constant currency). The net sales decrease was due to the effects of the COVID-19 Impacts. Net sales decreased by 57.4% (-57.3% constant currency) compared to the corresponding period in 2019.
• Gross profit margin, as reported, decreased to 48.7% for the three months ended March 31, 2021 from 54.8% for the corresponding period in the previous year. The decrease in the gross profit margin was primarily related to a decrease in gross profit as a result of the decrease in net sales year-on-year caused primarily by the COVID-19 Impacts, including the effects of fixed sourcing and manufacturing expenses on a lower net sales base, a shift in distribution channel sales mix, increased discounting and promotional activity and higher freight and raw material costs, as well as the expiration of the Generalized System of Preferences program in the United States ("GSP") in January 2021. The expiration of GSP has resulted in increased duty costs on goods imported to the United States from countries that were beneficiaries of GSP. See Management Discussion and Analysis - Cost of Sales and Gross Profit for further discussion).
• The Group spent US$10.7 million on marketing during the three months ended March 31, 2021 compared to US$34.7 million for the three months ended March 31, 2020, a decrease of US$24.1 million, or 69.3% (-69.9% constant currency), as the Group continued to tightly manage its advertising expenses in an effort to help conserve cash and to mitigate the effects of the COVID-19 Impacts on the Group's business. As a percentage of net sales,

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marketing expenses decreased by 280 basis points to 3.0% for the three months ended March 31, 2021 from 5.8% for the three months ended March 31, 2020.

• There were no impairment charges recognized during the three months ended March 31, 2021. During the first quarter of 2020, the Group recognized total non-cash impairment charges (the "1Q 2020 Impairment Charges") of US$819.7 million as a result of the COVID-19 Impacts. The non-cash 1Q 2020 Impairment Charges were comprised of (i) US$496.0 million for goodwill, (ii) US$236.0 million for certain tradenames and, based on an evaluation of loss-making stores, (iii) US$68.4 million for the write-off of lease right-of-use assets and (iv) US$19.3 million for the write-off of certain property, plant and equipment, including leasehold improvements. See Management Discussion and Analysis - Impairment Charges for further discussion.
• During 2020, the Group aggressively reduced its operating expenses to mitigate the impact of lower sales on profit and cash flow as well as to right-size the business for the future in response to the COVID-19 Impacts (see Management Discussion and Analysis - Impact of COVID-19 for further discussion). In conjunction with these cost saving actions and other restructuring initiatives, the Group recognized charges related to these restructuring initiatives (the "Restructuring Charges"). During the three months ended March 31, 2021 and March 31, 2020, the Group recognized the Restructuring Charges of US$3.8 million and US$6.7 million, respectively. The Restructuring Charges consisted primarily of severance associated with permanent headcount reductions, store closure costs and certain other costs incurred to implement profit improvement initiatives (see Management Discussion and Analysis - Restructuring Charges for further discussion).
• The Group incurred an operating loss of US$47.0 million for the three months ended March 31, 2021, compared to an operating loss of US$842.0 million for the corresponding period in the previous year. The Group incurred an operating loss of US$43.2 million(1) for the three months ended March 31, 2021 when excluding the Restructuring Charges recognized during the three months ended March 31, 2021, compared to an operating loss of US$15.6 million(1) for the corresponding period in the previous year when excluding the non-cash 1Q 2020 Impairment Charges and the Restructuring Charges recognized during the three months ended March 31, 2020.
• The Group incurred a loss for the three months ended March 31, 2021 of US$71.2 million, compared to a loss for the three months ended March 31, 2020 of US$785.2 million. The Group incurred a loss for the three months ended March 31, 2021 of US$69.8 million(1) when excluding the Restructuring Charges recognized during the three months ended March 31, 2021, net of the related tax impact, compared to a loss for the three months ended March 31, 2020 of US$40.6 million(1) when excluding the non-cash 1Q 2020 Impairment Charges and the Restructuring Charges recognized during the three months ended March 31, 2020, both of which are net of the related tax impact.
• The Group incurred a loss attributable to the equity holders of US$72.7 million for the three months ended March 31, 2021, compared to a loss attributable to the equity holders of US$787.3 million for the corresponding period in the previous year. For the three months ended March 31, 2021, the Group incurred a loss attributable to the equity holders of US$71.3 million(1) when excluding the Restructuring Charges recognized during the three months ended March 31, 2021, net of the related tax impact, compared to a loss attributable to the equity holders of US$42.7 million(1) for the corresponding period in the previous year when excluding the non-cash 1Q 2020 Impairment Charges and the Restructuring Charges recognized during the three months ended March 31, 2020, both of which are net of the related tax impact.
• The Group used US$18.2 million of cash in operating activities during the three months ended March 31, 2021 compared to US$57.1 million of cash used in operating activities for the corresponding period in the previous year. As of March 31, 2021, the Group had cash and cash equivalents of US$1,417.9 million and outstanding financial debt of US$3,200.6 million (excluding deferred financing costs of US$37.4 million), resulting in a net debt position of US$1,782.7 million compared to a net debt position of US$1,735.5 million as of December 31, 2020. As a result of the Group taking meaningful actions during 2020 to reduce its fixed cost base, reduce marketing expenditures, improve working capital and put a virtual freeze on capital expenditures in response to the COVID-19 Impacts, total cash burn(2) was (US$64.6) million during the first quarter of 2021 compared to (US$122.2) million during the first quarter of 2020. The year-on-year improvement in cash burn was primarily due to the cost reductions implemented in 2020 and continued tight expense management during the first quarter of 2021. The Company continues to remain focused on cash preservation by tightly managing capital expenditures, marketing activities and discretionary spending. Total liquidity(3) as of March 31, 2021 was US$1,445.9 million versus US$1,518.3 million as of December 31, 2020.

Notes

1. See reconciliations in Management Discussion and Analysis below.
2. Total cash burn is calculated as the total increase (decrease) in cash and cash equivalents per the consolidated statements of cash flows less total cash flow attributable to (i) total loans and borrowings and (ii) deferred financing costs.
3. Total liquidity is calculated as the sum of cash and cash equivalents per the consolidated statements of financial position plus available capacity on the Amended Revolving Credit Facility (as defined in Management Discussion and Analysis - Indebtedness - Second Amended Credit Agreement).

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Disclaimer

Non-IFRS Measures

The Company has presented certain non-IFRS(1) measures in the summary financial results and financial highlights above and Management Discussion and Analysis section below because each of these measures provides additional information that management believes is useful in gaining a more complete understanding of the Group's operational performance and of the trends impacting its business to securities analysts, investors and other interested parties. These non-IFRS financial measures, as calculated herein, may not be comparable to similarly named measures used by other companies, and should not be considered comparable to IFRS measures. Non-IFRS measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the Group's financial results as reported under IFRS.

Forward-looking Statements

This document contains forward-looking statements. Forward-looking statements reflect the Company's current views with respect to future events and performance. These statements may discuss, among other things, the Company's net sales, operating profit (loss), Adjusted Net Income (Loss), Adjusted EBITDA(2), Adjusted EBITDA margin, cash flow, liquidity and capital resources, potential impairments, growth, strategies, plans, achievements, distributions, organizational structure, future store openings or closings, market opportunities and general market and industry conditions. The Company generally identifies forward-looking statements by words such as "expect", "seek", "believe", "plan", "intend", "estimate", "project", "anticipate", "may", "will", "would" and "could" or similar words or statements. Forward-looking statements are based on beliefs and assumptions made by management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. Forward-looking statements are subject to risks and uncertainties. These risks, uncertainties and other factors also include the potential effects of the COVID-19 pandemic on the Company's future financial and operational results, which could vary significantly depending on the duration and severity of the COVID-19 pandemic worldwide and the pace and extent of recovery following the COVID-19 pandemic.

If one or more of these risks or uncertainties materialize, or if management's underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Among the factors that could cause actual results to differ materially are: the effect of worldwide economic conditions; the length and severity of the COVID-19 pandemic; lower levels of consumer spending resulting from COVID-19; a general economic downturn or generally reduced consumer spending, including as a result of COVID-19; the pace and extent of recovery following COVID-19; significant changes in consumer spending patterns or preferences; interruptions or delays in the supply of key components; the performance of the Group's products within the prevailing retail environment; financial difficulties encountered by customers and related bankruptcy and collection issues; and risks related to the success of the Group's restructuring programs. Given the inherent uncertainty about the future impacts of COVID-19, it is not possible for the Company to reliably predict the extent to which its business, results of operations, financial condition or liquidity will ultimately be impacted (see Management Discussion and Analysis - Impact of COVID- 19 for further discussion).

Forward-looking statements speak only as of the date on which they are made. The Company's shareholders, potential investors and other interested parties should not place undue reliance on these forward-looking statements. The Company expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws and regulations.

Rounding

Certain amounts presented in this document have been rounded up or down to the nearest million, unless otherwise indicated. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown, between the amounts in the tables and the amounts given in the corresponding analyses in the text of this document and between amounts in this document and other publicly available documents. All percentages and key figures were calculated using the underlying data in whole US Dollars.

Notes

1. International Financial Reporting Standards as issued by the International Accounting Standards Board.
2. Earnings before interest, taxes, depreciation and amortization.

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Consolidated Statements of Income (Loss) (Unaudited)

		Three months ended March 31,
(Expressed in millions of US Dollars, except per share data)	2021	2020
Net sales	354.7	601.2
Cost of sales	(182.0)	(272.0)
Gross profit
172.7	329.2
Distribution expenses	(160.2)	(259.8)
Marketing expenses	(10.7)	(34.7)
General and administrative expenses	(47.2)	(49.2)
Impairment Charges	-	(819.7)
Restructuring Charges	(3.8)	(6.7)
Other income (expenses)	2.2	(1.1)
Operating loss
(47.0)	(842.0)
Finance income	0.9	0.8
Finance costs	(35.7)	(27.6)
Net finance costs	(34.8)	(26.8)
Loss before income tax	(81.8)	(868.8)
Income tax benefit	10.6	83.6
Loss for the period	(71.2)	(785.2)
Loss attributable to equity holders	(72.7)	(787.3)
Profit attributable to non-controlling interests	1.5	2.1
Loss for the period
(71.2)	(785.2)
Earnings (loss) per share
Basic and diluted loss per share
(Expressed in US Dollars per share)	(0.051)	(0.550)

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