Sant'Elpidio a Mare - March 12th, 2020

TOD'S S.p.A. - Group's sales totalled 916 million Euros in FY 2019, strong growth of e- commerce and DOS; net income: 46.3 million Euros. Proposal of a dividend of 0.6 Euro per share

The Board of Directors approved the draft of 2019 Annual Report

Sales revenues: 916 million Euros

EBITDA adjusted: 255.4 million Euros1

EBIT adjusted: 104.4 million Euros

Group's Net Income: 46.3 million Euros

Net Financial Debt adjusted: 12.1 million Euros

Dividend: 0.60 Euro per share

Tod's S.p.A., the Italian company listed on the Milan Stock Exchange and holding of the luxury goods group of the same name operating in luxury and quality shoes, accessories and apparel with the Tod's, Hogan, Fay and Roger Vivier brands, today approved the draft of the Group's 2019 Annual Report.

Message from the Group's Chairman and CEO

Diego Della Valle, Chairman and CEO of the Group, commented as follows:

In 2019, we continued the execution of our medium-term strategic plan, trying to get closer to the set objectives as quickly as possible.

The last months of the year gave us positive signals, and even better results were being achieved in the first weeks of this year, until the arrival of the Coronavirus. This confirms that all the initiatives undertaken were going in the right direction, also considering the desirability that makes our products special and therefore competitive with the collections of other famous brands of worldwide importance. The large investments made in the Dos network and in research and development also go in this direction propertly. The most important goal remains to increase traffic in our direct stores and

  • With the introduction of the new IFRS 16 accounting principle, as of January 1, 2019 leasing contracts are accounted differently from the past, with significant impacts on EBITDA, EBIT, Net Invested Capital, Net Financial Position and Operating Cash Flow. All the figures "adjusted" are referred to the values calculated net of this accounting principle.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

in our franchised stores, in order to increasingly control the direct distribution, which today represents more than 70% of our turnover.

E-commerce is growing very well and we will increasingly invest in this sales channel to accelerate its growth. When our stores and e-commerce are fully operational, the turnover, but even more, the Group' profits will grow more than proportionally.

This is the medium term strategy, but we come to today.

The arrival of Coronavirus has forced us to review the strategy of the first half of 2020 and now, in a climate of strong uncertainty, we have prepared a plan that allows us to cut immediate costs and manage the flow of goods with great prudence, trying to dose at best the quantities of goods that we will put on the market. However, we are ready to start quickly as soon as the market normalizes. I believe that before the end of April it will not be possible to perceive how the semester will look like..

But now our first goal is to take care of the health of our employees, helping them for all the problems that Coronavirus can create, even indirectly, in managing the daily life of each family.

Notoriously our Group has always been close to its employees and this time it will be even more."

Comments to the Group's sales

In fiscal year 2019, consolidated sales were 916 million Euros, down 2.6% from 2018.

Revenues amounted to 238.3 million Euros in the fourth quarter of 2019, up 1.7% from Q4 2018.

In 2018, currency fluctuations gave a positive contribution, particularly to the Tod's and Roger Vivier brands, which have the greatest presence abroad. At constant exchange rates, meaning by using the average exchange rates of 2018, including the related effects of hedging contracts, sales would have been 905.6 million Euros.

Breakdown of consolidated sales by brand

(million Euros)

FY 2019

FY

% change

reported rates

constant rates

2018

reported rates

constant rates

Tod's

461.8

455.3

498.7

- 7.4%

- 8.7%

Roger Vivier

200.5

197.3

173.5

+15.5%

+13.7%

Hogan

196.5

195.8

206.1

- 4.7%

- 5.0%

Fay

56.3

56.3

61.3

- 8.0%

- 8.1%

Other

0.9

0.9

0.9

n.m.

n.m.

TOTAL

916.0

905.6

940.5

-2.6%

-3.7%

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

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Tod's sales totaled 461.8 million Euros in 2019; positive results in the retail channel. Healthy start of the new T Timeless project, both for shoes and leather goods.

Revenues of Roger Vivier amounted to 200.5 million Euros, up 15.5% from 2018. The brand registered positive results in all the geographical areas in which it operates; excellent feedback on new product families.

Hogan sales totalled 196.5 million Euros; double-digit growth in Greater China, despite the delicate situation in Hong Kong.

Finally, sales of Fay amounted to 56.3 million Euros; the decrease, as compared to 2018, is mainly due to the weakness of the Italian market.

Breakdown of consolidated sales by product category

(million Euros)

FY 2019

FY

% change

reported rates

constant rates

2018

reported rates

constant rates

Shoes

730.7

722.9

743.7

-1.7%

-2.8%

Leather goods

121.7

119.2

128.6

-5.4%

-7.3%

and accessories

Apparel

62.7

62.6

67.3

-6.7%

-6.9%

Other

0.9

0.9

0.9

n.m.

n.m.

TOTAL

916.0

905.6

940.5

-2.6%

-3.7%

Revenues from shoes amounted to 730.7 million Euros in 2019; positive trend in the fourth quarter of the year.

Sales from leather goods and accessories totalled 121.7 million Euros. The new lines of handbags of the Tod's brand are registering positive feedback.

Finally, sales from apparel amounted to 62.7 million Euros; the trend broadly reflects the performance registered by the Fay brand.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

3

Breakdown of consolidated sales by region

(million Euros)

FY 2019

FY

% change

reported rates

constant rates

2018

reported rates

constant rates

Italy

260.6

260.6

282.2

-7.7%

-7.7%

Europe

237.6

236.8

243.9

-2.6%

-2.9%

(excl. Italy)

Americas (*)

70.6

67.9

73.0

-3.2%

-7.0%

Greater

215.1

211.0

210.3

+2.3%

+0.4%

China (**)

Rest of

132.1

129.2

131.1

+0.8%

-1.4%

World

TOTAL

916.0

905.6

940.5

-2.6%

-3.7%

  1. This line includes the whole American continent (Northern and Southern America). (**) This line includes: mainland China, Hong Kong SAR, Macao SAR and Taiwan Region.

In 2019, domestic sales amounted to 260.6 million Euros; the performance in the fourth quarter of the year was positive, with an improvement in the trend of both distribution channels.

In the rest of Europe, the Group's revenues totaled 237.6 million Euros; the fourth quarter of the year was positive, thanks to the contribution of retail.

In the Americas sales amounted to 70.6 million Euros; also in this region, the fourth quarter registered a positive performance, with an improvement in results on both the distribution channels.

The Group's sales in Greater China totaled 215.1 million Euros, up 2.3% from 2018. The positive results recorded in Mainland China, which represents more than 60% of this region, were partially offset by the sharp slowdown in the Hong Kong market, due to well-known political tensions.

Finally, in the area "Rest of the World" the Group's revenues were 132.1 million Euros, up 0.8% from 2018.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

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Breakdown of consolidated sales by distribution channel

(million Euros)

FY 2019

FY

% change

reported rates

constant rates

2018

reported rates

constant rates

Retail

(DOS+online)

645.8

636.9

607.8

+6.2%

+4.8%

Third parties

(Franchised

stores +

270.2

268.7

332.8

-18.8%

-19.2%

Independent

retailers)

TOTAL

916.0

905.6

940.5

-2.6%

-3.7%

In 2019, retail revenues totalled 645.8 million Euros, up 6.2% from 2018, and represent more than 70% of the Group's turnover. On a homogeneous basis2, the increase in sales of this channel was 4.4% in the fourth quarter of the year, thanks to the double-digit growth of e-commerce and the contribution of the new openings.

The Same Store Sales Growth (SSSG) rate, calculated at constant exchange rates as the worldwide average of sales growth rates registered by the DOS network, is -4.0% in the year, progressively improving in the last months. At reported rates, this figure improves by more than 100 bps.

As of December 31st, 2019 the Group's distribution network was composed by 290 DOS and 115 franchised stores, compared to 284 DOS and 120 franchised stores as of December 31st, 2018.

Revenues to third parties totaled 270.2 million Euros; the double-digit decline is mainly due to the weakness of the domestic and European markets.

Comments on the Profit & Loss key figures

The key economic and financial figures of 2019 Financial Statements have been significantly impacted by the adoption of the IFRS16 accounting principle, related to the new accounting of the lease agreements, starting from January 1st, 2019. In compliance with the new IFRS 16 accounting principle, in FY 2019 the Group's EBITDA was

  • As already mentioned in the previous press releases, with the acquisition of Italiantouch, starting from October 1st, 2018, the relative part of the e-commerce revenues has been accounted for in retail revenues, and no longer in the wholesale channel. Consequently, in the first nine months of 2019, the comparison of revenues by distribution channel was uneven, while, starting from the fourth quarter, figures return to be comparable.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

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255.4 million Euros, with a 27.9% margin on sales. It includes an extraordinary not recurring income of 97.5 million Euros, related to the disposal of the Omotesando real estate, as disclosed on March 11th, 2019 (please refer to the press release issued on that day for all the details of that transaction). Net of the above mentioned IFRS 16 effect, 2019 EBITDA adjusted was 150.2 million Euros, equal to 16.4% of sales. Despite the small improvement of the industrial margin, as compared with the figure of 2018, the operating result was strongly affected by the significant increase in operating costs, necessary to preserve the positioning of the brands in a very competitive environment, and in the costs for the development of the distribution network, which are necessary to pursue the Group's business strategy. In particular, the following lines increased significantly: labour costs (23.4% of sales in 2019, compared to 21.1% of 2018), mainly related to the increase in the Group's workforce3, in particular to expand the direct retail network and to strengthen the Corporate teams, costs for the use of third parties assets (17.6% of sales in 2019 excluding IFRS16, compared to 15.1% in 2018) and cost for services (26.1% of sales in 2019, compared to 25% of 2018), mainly due to communication and external productions costs.

In 2019, the Group's EBIT adjusted was 104.4 million Euros, with a 11.4% margin on sales; the incidence on sales of depreciation, amortisation and provisions was broadly stable, net of the depreciation for rights of use assets (equal to 105.2 million Euros).

At constant exchange rates and in compliance with IFRS16, EBITDA and EBIT would have been, respectively, 245.2 million Euros and 93.9 million Euros.

The Group's profit before taxes was 77 million Euros, also due to higher interests calculated on lease liabilities in compliance with IFRS16. Net of taxes for the period and of minority interests, the Group's net income was 46.3 million Euros.

Comments on the Balance Sheet and Cash Flow key figures

In 2019, the Group invested 47.2 million Euros in tangible and intangible fixed assets, slightly higher than the 44 million Euros invested in 2018. As usual, the majority of these investments were devoted to the widening and update of the DOS network; as an example, we mention the opening of the new Tod's flagship store in Milan, Via Montenapoleone. The rest of the investments are, as usual, referred to the continuous renewal at industrial and corporate level.

The net operating working capital totalled 344.6 million Euros as of December 31st, 2019, higher than the figure as of the end of 2018, mainly due to the more favorable trend of the production processes, which led to an increase in the stocks of the spring collections, ready for shipment.

  • 4,815 employees as of December 31st, 2019, compared to 4,705 as of December 31st, 2018.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

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As of December 31st, 2019, the Group's net debt adjusted is equal to 12.1 million Euros; this figure is 451.2 million Euros, including the IFRS 16 impact.

As of December 31st, 2019, consolidated shareholders' equity was 1,080.5 million Euros, compared to the 1,064.7 million balance as of December 2018.

Comments on the key figures of the Parent Company Tod's SpA

The Board of Directors also approved the draft of the 2019 Annual Report for the parent company Tod's SpA, whose sales were 606.8 million Euros, compared to 665.4 million Euros sales of 2018 pro-forma financial statements (which include the effect of the mergers of Del.Com Srl, Italiantouch Srl and Holpaf BV) .

Net income was 30.3 million Euros, or 5% of sales; earning per share was 0.92 Euro.

In 2019, the parent company invested a total amount of 15.9 million Euros in tangible and intangible fixed assets, excluding the transfers of assets related to the mergers, which compares to 17.6 million Euros invested in the previous year.

As of December 31st, 2019 the parent company's net debt adjusted was 78.1 million Euros; the shareholders' equity of the parent company was 959 million Euros.

Dividend proposal

The Board approved also to propose the distribution of a dividend of Euro 0.604 per share, which corresponds to a pay-out of approx. 43% on the Group's net income per share.

This proposal will be submitted to the approval of the Annual General Meeting, taking place in the company's registered office next April 22nd, 2020, at 11.00 a.m. on first call, as well as the proposal to allocate 1% of consolidated net income - which corresponds to 456,588 Euros, to pursue solidarity projects.

4 Gross of withholding tax, if due.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

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As for the second call, today the Board resolved to change the date of any second call from April 29th, 2020 to May 29th, 2020, the same place and time, to take into account the possible impediments related to a possible negative course of the ongoing COVID-19 epidemic.

In any case, the dividend will be paid on June 24th, 2020 (coupon nr. 21; ex-dividend date: June 22nd, 2020, record

date: June 23rd, 2020).

COVID-19 - Emergency situation

The emergency situation that has arisen in recent months due to the coronavirus pandemic has led to major changes around the world. In response, the Group has implemented a series of actions to protect the health and safety of its employees, including the adoption of smart working, the closure of stores in high-risk areas, and the recommendation to employees to follow specific health protection rules. Additionally, the Group has also deemed appropriate to take charge of assisting its employees, also by providing financial support, for the specific needs related to the management of the emergency situation.

Due to the constantly shifting events, the economic impact of this situation is still difficult to evaluate. However, the Group quickly has implemented measures to contain all operating costs, concentrating efforts on core business activities, and limiting investments only to priority and necessary activities.

What remains unchanged is our commitment and our mission to offer our customers products of the highest quality, the result of the renowned Italian manufacturing expertise and the creative passion that characterizes the Italian DNA in the world.

We stand by and are grateful to all those people, in Italy and around the world, who have and are dedicating themselves to the prevention and treatment of the people affected by this global emergency. We strongly believe that compliance with the rules and provisions of safety and health protection are at this moment more than ever of fundamental importance for the quickest possible restoration of a normal situation.

Other resolutions

Furthermore, the Board of Directors approved: (i) the Report on Corporate Governance and Ownership Structures for fiscal year 2019 prepared pursuant to article 123-bis of Legislative Decree no. 58/1998, and (ii) the Remuneration Report prepared pursuant to Article 123-ter of Legislative Decree no. 58/1998.

The above documents shall be made available to the public, together with the 2019 Financial Annual Report (including, the non-financial statement pursuant to Legislative Decree no. 254/16), by April 1st, 2020, at the Company's registered office, in the Company's website www.todsgroup.com and in the authorized storage device 1info at www.1info.it.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

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Please note that the audit process on the data presented in this press release has not been

completed yet.

The manager responsible for preparing the company's financial reports, Mr. Rodolfo Ubaldi, declares, pursuant to article 154 bis, paragraph 2, of Legislative Decree n. 58/98 (the "Unified Financial Act"), that the accounting information contained in this press release corresponds to the document results, books and accounting records.

Should you need explanations, please contact: Investor Relations Office - tel. +39 02 77 22 51

e-mail: c.oglio@todsgroup.com

Corporate website: www.todsgroup.com

PLEASE FIND BELOW THE FINANCIAL STATEMENTS OF TOD'S GROUP AND TOD'S SPA

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

9

TOD'S Group

Consolidated Income Statement

Unaudited

euro 000's

Year 19

Year 18

Revenues

Sales revenues

915,983

940,499

Other income

108,641

10,850

of which non-recurring other income

97,503

Total revenues and income

1,024,624

951,349

of which non-recurring other income

97,503

Operating Costs

Change in inventories of work in progress and finished goods

19,130

47,033

Cost of raw materials, supplies and materials for consumption

(244,114)

(272,656)

Costs for services

(238,732)

(234,680)

Costs of use of third party assets

(55,736)

(142,141)

Personnel costs

(213,884)

(198,368)

Other operating charges

(35,891)

(32,201)

Total operating costs

(769,228)

(833,014)

EBITDA

255,396

118,335

of which non-recurring other income

97,503

Amortisation, depreciation and write-downs

Amortisation of intangible assets

(8,775)

(9,073)

Depreciation of tangible assets

(35,113)

(34,001)

Depreciation of right of use assets

(105,269)

Other adjustments

(3,210)

(1,402)

Total amortisation, depreciation and write-downs

(152,367)

(44,475)

Provisions

(1,969)

(2,100)

EBIT

101,060

71,760

of which non-recurring other income

97,503

Financial income and expenses

Financial income

21,855

21,818

Financial expenses

(45,945)

(27,827)

Total financial income (expenses)

(24,090)

(6,009)

Income (losses) from equity investments

Profit before taxes

76,971

65,751

of which non-recurring other income

97,503

Income taxes

(31,312)

(19,293)

of which non-recurring income taxes

(30,078)

Profit/(loss) for the period

45,659

46,458

of which non-recurring other income net of income taxes

67,425

Non-controlling interests

625

688

Profit/(loss) of the Group

46,283

47,146

of which non-recurring other income net of income taxes

67,425

EPS (in euro)

1.40

1.42

EPS diluted (in euro)

1.40

1.42

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

10

euro 000's

Reconciliation of main economic indicators

Year 19

%

EBITDA

(a)

255,396

27.9

Rents IFRS 16

(b)

105,173

EBITDA adjusted

(c) = (a) - (b)

150,223

16.4

Amortiz., deprec. and write-downs (*)

(d)

(45,857)

EBIT adjusted

(c) + (d)

104,366

1.5

(*) Excluded depreciations of right of use assets and devaluations

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

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11

TOD'S Group

Consolidated Statement of Comprehensive Income

Unaudited

euro 000's

Year 19

Year 18

Profit (loss) for the period (A)

45,659

46,458

Other comprehensive income that will be reclassified subsequently to profit and

loss:

Gains/(Losses) on derivative financial instruments (cash flow hedge)

481

(81)

Gains/(Losses) on currency translation of foreign subsidiaries

3,611

7,518

Gains/(Losses) on net investments in foreign operations

(3,697)

(2,508)

Total other comprehensive income that will be reclassified subsequently to profit

and loss (B)

395

4,929

Other comprehensive income that will not be reclassified subsequently to profit

and loss:

Cumulated actuarial gains/(losses) on defined benefit plans

383

183

Total other comprehensive income that will not be reclassified subsequently to

profit and loss (C)

383

183

Total Comprehensive Income (A) + (B) + (C)

46,437

51,570

Of which:

Attributable to Shareholders of the Parent company

47,075

52,247

Attributable to non-controlling interests

(638)

(677)

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

12

TOD'S Group

Consolidated Statement of Financial Position

Unaudited

euro 000's

12.31.19

12.31.18

Non current assets

Right of use assets

Right of use assets

446,126

Total Right of use assets

446,126

Intangible fixed assets

Assets with indefinite useful life

565,934

565,934

Key money

13,510

Other intangible assets

24,619

25,264

Total Intangible fixed assets

590,552

604,708

Tangible fixed assets

Buildings and land

55,533

112,587

Plant and machinery

11,086

12,169

Equipment

11,945

11,498

Leasehold improvement

37,229

33,867

Others

34,796

33,769

Total Tangible fixed assets

150,589

203,890

Other assets

Investment properties

15

18

Equity investments

Deferred tax assets

51,913

56,151

Others

19,027

19,598

Total other assets

70,955

75,767

Total non current assets

1,258,222

884,364

Current assets

Inventories

384,632

362,168

Trade receivables

97,170

101,222

Tax receivables

12,954

11,577

Derivative financial instruments

1,393

1,998

Others

91,355

64,326

Cash and cash equivalents

184,072

191,268

Total current assets

771,576

732,559

Total assets

2,029,798

1,616,923

To be continued

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

13

euro 000's

12.31.19

12.31.18

Equity

Share capital

66,187

66,187

Capital reserves

416,588

416,588

Hedging and translation reserves

15,441

11,348

Other reserves

537,138

523,882

Profit/(loss) attributable to the Group

46,283

47,146

Total Equity attributable to the Group

1,081,637

1,065,151

Non-controlling interests

Share capital and reserves

(464)

236

Profit/(loss) attributable to non-controlling interests

(625)

(688)

Total Equity attributable to non-controlling interests

(1,089)

(452)

Total Equity

1,080,548

1,064,699

Non-current liabilities

Provisions for risks

11,530

5,476

Deferred tax liabilities

39,047

47,740

Employee benefits

16,416

14,189

Derivative financial instruments

225

672

Bank borrowings

84,023

77,804

Non-current lease liabilities

344,201

Others

13,779

14,569

Total non-current liabilities

509,221

160,450

Current liabilities

Trade payables

137,191

148,989

Tax payables

22,869

5,851

Derivative financial instruments

2,385

3,170

Others

69,409

43,850

Banks

112,130

188,715

Current lease liabilities

94,879

Provisions for risks

1,166

1,200

Total current liabilities

440,028

391,774

Total Equity and liabilities

2,029,798

1,616,923

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

14

TOD'S Group

Consolidated Statement of Cash Flows

Unaudited

euro 000's

Year 2019

Year 2018

Profit/(Loss) for the period

45,659

46,458

Adjustments to reconcile net profit (loss) to net cash provided by

(used in) operating activities

Amortiz., deprec., revaluat., and write-downs

157,798

47,448

Other non monetary expenses/(income)

(84,717)

(7,528)

Income taxes for the period

31,312

19,293

Changes in operating assets and liabilities

Trade receivables

4,514

6,011

Inventories

(28,356)

(52,640)

Tax receivables and tax payables

(1,397)

(3,237)

Trade payables

(11,797)

(18,101)

Other assets and liabilities

(2,937)

(8,330)

Change in reserve for employee

1,830

1,266

Cash flows from operating activities

111,908

30,640

Interests (paid)/collected

(124)

Interests (paid) on lease liabilities

(13,105)

Income taxes (paid)/refunded

(2,898)

(5,085)

Net cash flows from operating activities (A)

95,905

25,431

Net investments in intangible and tangible assets

(47,538)

(41,116)

Italiantouch group acquisition

(19,350)

Acquisition of other subsidiaries

(1,150)

Other changes in fixed assets

Sale of the building in Omotesando

140,477

Cash flows generated (used) in investing activities (B)

92,939

(61,615)

Dividends paid

(33,094)

(46,331)

Capital increase

Other changes in equity

Repayment of lease liabilities

(91,645)

Repayment of financial liabilities

(225,961)

(48,883)

Proceeds from financial liabilities

150,000

100,000

Cash flows generated (used) in financing (C)

(200,700)

4,786

Translation difference (D)

(880)

(956)

Cash flows from continuing operations (E) = (A)+(B)+(C)+(D)

(12,735)

(32,355)

Cash flow from assets held for sales (F)

Cash flows generated (used) (G) = (E)+(F)

(12,735)

(32,355)

Net cash and cash equivalents at the beginning of the period

173,344

205,699

Net cash and cash equivalents at the end of the period

160,609

173,344

Change in net cash and cash equivalents

(12,735)

(32,355)

euro 000's

Cash flow statement

Year 2019

Year 2018

Net cash flows from operating activities

(a)

95,905

25,431

Repayment of financial liabilities

(b)

(91,645)

Net cash flows from operating activities adjusted

(a) + (b)

4,260

25,431

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

15

TOD'S Group

Consolidated Statement of changes in equity

Unaudited

Year 2019

Hedging

euro 000's

and reserve

Non-

Share

Capital

for

Retained

Group

controlling

Capital

reserves

translation

earnings

interests

interests

Total

Balances as of 01.01.19

66,187

416,588

11,348

571,027

1,065,150

(452)

1,064,698

Profit & Loss account

46,283

46,283

(625)

45,659

Directly in equity

4,092

(3,301)

791

(13)

778

Total Comprehensive Income

4,092

42,982

47,075

(638)

46,437

Dividend paid

(33,094)

(33,094)

(33,094)

Capital increase

Share based payments

Other

2,505

2,505

2,505

Balances as of 12.31.19

66,187

416,588

15,441

583,421

1,081,637

(1,089)

1,080,548

Year 2018

Hedging

euro 000's

and reserve

Non-

Share

Capital

for

Retained

Group

controlling

Capital

reserves

translation

earnings

interests

interests

Total

Balances as of 01.01.18

66,187

416,588

6,360

597,137

1,086,272

880

1,087,152

Changes accounting standards (IFRS 15)

(4,334)

(4,334)

(4,334)

Balances as of 01.01.18

66,187

416,588

6,360

592,803

1,081,938

880

1,082,818

Profit & Loss account

47,146

47,146

(688)

46,458

Directly in equity

4,988

113

5,101

11

5,112

Total Comprehensive Income

4,988

47,259

52,247

(677)

51,570

Dividend paid

(46,331)

(46,331)

(46,331)

Capital increase

Share based payments

Other (1)

(22,704)

(22,704)

(655)

(23,359)

Balances as of 12.31.18

66,187

416,588

11,348

571,027

1,065,150

(452)

1,064,699

Note:

  1. They mainly include the use of the specific reserve for promoting territorial solidarity projects, the effects of the acquisition of 100% of quotas representing the share capital of the company Italiantouch S.r.l., and it's subsidiaries, and the effects of a further acquisition of 50% of quotas representing the share capital of Delpav S.r.l. (already consolidated in accordance with the global integral method).

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

16

TOD'S Group

Net financial Debt

Unaudited

euro 000's

Net financial debt

12.31.19

12.31.18

Current financial assets

Cash and cash equivalents

184,072

191,268

Cash and cash equivalents (A)

184,072

191,268

Current financial liabilities

Current account overdraft

23,463

17,924

Current share of medium-long term financing

88,668

170,792

Current lease liabilities

94,879

Current financial liabilities (B)

207,009

188,715

Current net financial debt/(surplus) (C) = (B) - (A)

22,937

(2,553)

Non current financial liabilities

Medium-long term financing

84,023

77,804

Non-current lease liabilities

344,201

Non current net financial debt (D)

428,225

77,804

Net financial debt/(surplus) (C) + (D)

451,162

75,252

euro 000's

Net financial debt adjusted

12.31.19

12.31.18

Net financial debt/(surplus) (a)

451,162

75,252

Current lease liabilities

94,879

Non-current lease liabilities

344,201

Total lease liabilities (b)

439,080

Net financial debt/(surplus) adjusted (a) - (b)

12,082

75,252

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

17

TOD'S S.p.A.

Income Statement

Unaudited

euro 000's

Year 19

Year 18

Revenues

Sales revenues (1)

606,834

636,863

Other income

6,997

6,196

Total revenues and income

613,831

643,059

Operating costs

Change in inventories of work in progress and finished goods

3,026

42,084

Cost of raw materials, supplies and material for consumption

(223,267)

(250,682)

Costs for services

(191,990)

(193,228)

Costs of use of third party assets

(25,533)

(27,484)

Personnel costs

(107,088)

(88,704)

Other operating charges

(17,492)

(15,539)

Total operating costs

(562,344)

(533,553)

EBITDA

51,488

109,506

Amortisation, depreciation and write-downs

Amortisation of intangible assets

(8,407)

(7,157)

Depreciation of tangible assets

(13,623)

(10,863)

Depreciation of right of use assets

(24,753)

Revaluations (Devaluations)

Total amortisation, depreciation and write-downs

(46,783)

(18,020)

Provisions

(1,907)

(1,774)

EBIT

2,797

89,712

Financial income and expenses

Financial income

15,838

14,689

Financial expenses

(31,180)

(19,824)

Total financial income (expenses)

(15,341)

(5,135)

Income (losses) from equity investments

37,757

6,072

Profit before taxes

25,213

90,650

Income taxes

5,131

(21,954)

Profit/(loss) for the period

30,344

68,696

EPS (Euro)

0.92

2.08

EPS diluted (Euro)

0.92

2.08

euro 000's

Reconciliation of main economic indicators

Year 19

%

EBITDA

(a)

51,488

8.5

Rents IFRS 16

(b)

25,645

EBITDA adjusted

(c) = (a) - (b)

25,843

4.3

Amortiz., deprec. and write-downs (*)

(d)

(23,937)

EBIT adjusted

(c) + (d)

1,906

0.3

(*) Excluded depreciations of right of use assets and devaluations

Note:

  1. Sales revenues include transactions with Group's entities for 236.1 e 278.7 milion euros, respectively, in the fiscal year 2019 and 2018.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

18

TOD'S S.p.A.

Statement of Comprehensive Income

Unaudited

euro 000's

Year 19

Year 18

Profit (loss) for the period (A)

30,344

68,696

Other comprehensive income that will be reclassified subsequently to

profit and loss:

Gains/(Losses) on derivative financial instruments (cash flow hedge)

328

(270)

Total other comprehensive income that will be reclassified

subsequently to profit and loss (B)

328

(270)

Other comprehensive income that will not be reclassified subsequently

to profit and loss:

Cumulated actuarial gains/(losses) on defined benefit plans

(474)

156

Total other comprehensive income that will not be reclassified

subsequently to profit and loss (C)

(474)

156

Total Comprehensive Income (A) + (B) + (C)

30,198

68,582

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

19

TOD'S S.p.A.

Statement of Financial Position

Unaudited

euro 000's

12.31.19

12.31.18

Non current assets

Right of use assets

Right of use assets

158,839

Total Right of use assets

158,839

Intangible fixed assets

Assets with indefinite useful life

150,919

150,919

Other intangible assets

22,928

22,431

Total Intangible fixed assets

173,847

173,350

Tangible fixed assets

Buildings and land

55,432

56,353

Plant and machinery

10,278

11,171

Equipment

9,421

9,061

Leasehold improvement

12,058

3,173

Others

8,306

4,576

Total Tangible fixed assets

95,494

84,335

Other assets

Investment properties

15

18

Investment in subsidiaries

505,699

608,734

Deferred tax assets

Others

4,353

4,320

Total other assets

510,067

613,072

Total non current assets

938,246

870,757

Current assets

Inventories

252,306

233,277

Trade receivables (1)

186,062

211,575

Tax receivables

9

11

Derivative financial instruments

1,246

1,307

Others

78,317

44,468

Cash and cash equivalents

86,426

66,703

Total current assets

604,367

557,342

Total assets

1,542,613

1,428,099

To be continued

Note:

  1. Trade receivables include transactions with Group's entities for 120.1 and 138.4 million euros, respectively, in the fiscal year 2019 and 2018.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

20

euro 000's

12.31.19

12.31.18

Equity

Share capital

66,187

66,187

Capital reserves

416,507

416,507

Treasury stock

Hedging reserves

(128)

(456)

Other reserves

446,072

374,291

Profit/(loss) for the period

30,344

68,696

Shareholder's equity

958,983

925,225

Non-current liabilities

Provisions for risks

5,912

5,394

Deferred tax liabilities

5,816

16,261

Employee benefits

9,725

7,586

Derivative financial instruments

225

672

Bank borrowings

84,023

69,666

Non-current lease liabilities

136,272

Others

14,015

14,476

Total non-current liabilities

255,988

114,055

Current liabilities

Trade payables (2)

137,733

145,665

Tax payables

13,194

6,142

Derivative financial instruments

2,186

2,842

Others

63,913

65,516

Bank borrowings

87,822

167,999

Current lease liabilities

22,084

Provisions for risks

710

655

Total current liabilities

327,643

388,818

Total Equity and liabilities

1,542,613

1,428,099

Nota:

  1. Trade payables include transactions with Group's entities for 22.4 and 26.7 milion euros, respectively, in the fiscal year 2019 and 2018.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

21

TOD'S S.p.A.

Statement of Cash Flows

Unaudited

euro 000's

12.31.19

12.31.18

Profit/(Loss) for the period

30,344

68,696

Adjustments to reconcile net profit (loss) to net cash provided by (used

in) operating activities

Amortiz., deprec., revaluat., and write-downs

52,450

23,520

Other non monetary expenses/(income)

664

(1,117)

Income taxes for the period

(5,131)

21,954

Changes in operating assets and liabilities

Trade receivables

6,442

(29,100)

Inventories

(1,366)

(73,447)

Tax receivables and tax payables

(7,699)

(1,685)

Trade payables

(18,711)

(11,604)

Other assets and liabilities

(31,021)

12,097

Change in reserve for employee

1,596

372

Cash flows from operating activities

27,567

9,686

Interests (paid)/collected

(805)

(121)

Interests (paid) on lease liabilities

(5,247)

Income taxes (paid)/refunded

(1,055)

(5,378)

Net cash flows from operating activities (A)

20,461

4,186

Net investments in intangible and tangible assets

(21,539)

(17,058)

Acquisition of Italiantouch group

(24,101)

(Increase) decrease of equity investments

(2,272)

(Increase)/decrease deriving from mergers

135,329

Reduction/Increase in other non current assets

(2,333)

569

Cash flows generated (used) in investing activities (B)

111,456

(42,863)

Dividends paid

(33,094)

(46,331)

Capital increase

Other changes in equity

Loan to subsidiaries

7,422

(2,842)

Repayment of lease liabilities

(20,543)

Repayment of financial liabilities

(216,042)

(46,250)

Proceeds from financial liabilities

150,000

100,000

Cash flows generated (used) in financing (C)

(112,256)

4,577

Translation difference (D)

Cash flows from continuing operations (E) = (A)+(B)+(C)+(D)

19,661

(34,099)

Cash flow from assets held for sales (F)

Cash flows generated (used) (G) = (E)+(F)

19,661

(34,099)

Net cash and cash equivalents at the beginning of the period

66,703

100,802

Net cash and cash equivalents at the end of the period

86,364

66,703

Change in net cash and cash equivalents

19,661

(34,099)

euro 000's

Cash flow statement

12.31.19

12.31.18

Net cash flows from operating activities

(a)

20,461

4,186

Repayment of financial liabilities

(b)

(20,543)

Net cash flows from operating activities adjusted

(a) + (b)

(82)

4,186

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

22

TOD'S S.p.A.

Statement of changes in equity

Unaudited

Year 2019

euro 000's

Share Capital

Capital

Hedging

Retained

Total

reserves

reserve

earnings

Balances as of 01.01.19

66,187

416,507

(456)

442,986

925,225

Profit & Loss account

30,344

30,344

Directly in equity

328

(474)

(146)

Total Comprehensive Income

328

29,870

30,198

Dividend paid

(33,094)

(33,094)

Capital increase

Share based payments

Other (1)

36,653

36,653

Balances as of 12.31.19

66,187

416,507

(128)

476,416

958,983

Year 2018

euro 000's

Share Capital

Capital

Hedging

Retained

Total

reserves

reserve

earnings

Balances as of 01.01.18

66,187

416,507

(186)

425,705

908,213

Changes accounting standards (IFRS 15)

(4,545)

(4,545)

Balances as of 01.01.18

66,187

416,507

(186)

421,160

903,668

Profit & Loss account

68,696

68,696

Directly in equity

(270)

156

(114)

Total Comprehensive Income

(270)

68,852

68,582

Dividend paid

(46,331)

(46,331)

Capital increase

Share based payments

Other (1)

(694)

(694)

Balances as of 12.31.18

66,187

416,507

(456)

442,986

925,225

Note:

  1. The other variations in the fiscal year 2019 are related to the effects deriving from three mergers through acquisition occurred in the year.
    More in details, the merger through acquisition of the companies Del.Com S.r.l. and Italiantouch S.r.l. with fiscal and accounting effectiveness starting from 01.01.19 and cross-border merger of the company entirely controlled Holpaf B. V. located in Netherlands with effectiveness starting from 12.09.19.

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

23

TOD'S S.p.A.

Net financial Debt

Unaudited

euro 000's

Net financial debt

12.31.19

12.31.18

Change

Current financial assets

Cash and cash equivalents

86,426

66,703

19,723

Other current financial assets

9,200

(9,200)

Current financial assets (A)

86,426

75,903

10,523

Current financial liabilities

Current account overdraft

63

63

Current share of medium-long term financing

87,760

167,999

(80,239)

Current lease liabilities

22,084

22,084

Current financial liabilities (B)

109,906

167,999

(58,092)

Current net financial debt/(surplus) (C) = (B) - (A)

23,480

92,095

(68,615)

Non current financial assets

Other non-current financial assets

7,348

2,639

4,709

Non current financial assets (D)

7,348

2,639

4,709

Non current financial liabilities

Medium-long term financing

84,023

69,666

14,357

Non-current lease liabilities

136,272

136,272

Non-current financial liabilities (E)

220,295

69,666

150,629

Non-current net financial debt/(surplus) (F) = (E) - (D)

212,947

67,027

145,920

Net financial debt/(surplus) (C) + (F)

236,427

159,122

77,305

euro 000's

Net financial debt adjusted

12.31.19

12.31.18

Change

Net financial debt/(surplus) (a)

236,427

159,122

77,305

Current lease liabilities

22,084

22,084

Non-current lease liabilities

136,272

136,272

Total lease liabilities (b)

158,356

158,356

Net financial debt/(surplus) adjusted (a) - (b)

78,071

159,122

(81,051)

TOD'S S.P.A. - SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID - REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)-VIAFILIPPO DELLA VALLE N. 1

FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com

24

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Tod's S.p.A. published this content on 12 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2020 18:39:08 UTC