COVER 50 : Presentation

Titolo Documento

COVER 50 S.p.A.

Company Presentation

Luxury & Finance, Borsa Italiana

Milano - September 24, 2015

Private & Confidential

Disclaimer

This document has been prepared by COVER 50 S.p.A. (the 'Company') solely for information purposes. This document is not an advertisement and does not constitute an offer or invitation to purchase or subscribe for any Shares and neither it or any part of it shall form the basis of or be relied upon in connection with any contract or commitment or investments decision whatsoever. The information contained in this document has not been independently verified and no representation or warranty express or implied is
made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein.
This presentation is not for distribution in, nor does it constitute an offer of securities for sale in the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful, (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the 'Securities Act'). Neither this presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person. Any failure to comply with this restriction may constitute a violation of United States securities laws. The Shares proposed to be offered by the Company have not been, and will not be, registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States and may not be offered or sold within the United States, absent registration requirements of the Securities Act and applicable state laws. . This document and its content are confidential and are being provided solely for information purposes and may not be copied, recorded, transmitted, further distributed to any other person or published, in whole or in part, by any medium or in any form for any purpose.
Certain information contained in this presentation may contain forward-looking statements which involve risks and uncertainties and are subject to change. Actual results may differ materially from those contained in any forward-looking statement due to a number of significant risks and future events which are outside of the Company's control and cannot be estimated in advance, such as the future economic environment and the actions of competitors and others involved on the market. These forward-looking statements speak only as at the date of this presentation. The Company cautions you that forward looking-statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward- looking statements contained in this presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. The recipient will be solely responsible for conducting its own assessment of the information set out in the materials and for the underlying business decision to affect any transaction recommended by, or arising out of, the materials. By accepting this presentation, you acknowledge and agree to be bound by the foregoing limitations and restrictions.

September 24, 2015 | Company Presentation Private & Confidential 2

PT - Shareholders and management SHAREHOLDERS MANAGEMENT

26.1%

Pierangelo Fassino

Chairman

73.9%

Edoardo Fassino

CEO

Fhold s.r.l. (Fassino family) Free float

Mario Maran

Sales & Marketing Manager

Francesco Di Fazio

CFO and Investor Relator

September 24, 2015 | Company Presentation Private & Confidential 3

PT - History

Starting of the

«high-end» PT

project is started

PT01 and PT05 brands

expand abroad

New showroom in

Milan

New showroom in

Munich

1968

2008

2012

2014

May 13,

2015

2005

P o

PT05 (Denim) is

launched

2009

PT01 Woman Pants andPT Bermuda are launched

2013

New showroom in

Tokyo

2015

Initial Public

Offering

September 24, 2015 | Company Presentation Private & Confidential 4

PT - Product range

COVER 50 S.p.A. designs, manufactures and marketshigh-end sartorial trousers. Company's brands are PT01 (classic dress trousers), PT05 (five-pocket jeans), PT01 Woman Pants (classic and denim dedicated to women)

and PT Bermuda (shorts):

Breaking convention. A small revolution.

Reinventing tradition, wearing history every day.

Dedicated to women, everyday sophisticated.

Summer is all year long here.

~ 72% on 2014 revenues(*)

Average Sell-Out price:

180€ - 280€

~ 17% on 2014 revenues(*)

Average Sell-Out price:

160€ - 240€

~ 8% on 2014 revenues(*)

Average Sell-Out price:

180€ - 280€

~ 3% on 2014 revenues(*)

Average Sell-Out price:

130€ - 180€

2014 volumes

More than 300,000 trousers manufactured and distributed worldwide

(*) 2014 Management data

September 24, 2015 | Company Presentation Private & Confidential 5

PT - International footprint

Germany France	Japan	Greece Hong Kong Luxembourg	India Mozambique	Israel Norway	Italy	Kazakhstan Netherlands	Korea Poland	Lebanon	Portugal Singapore
Finland	San Marino
Estonia	Romania
UAE	Russia
Denmark	Spain
Colombia	South Africa
China	Sweden
Canada	Switzerland
Belgium	Taiwan
Azerbaijan	Turkey
Austria	Ukraine
Australia	U.S.A.
Algeria	Uzbekistan

Distribution channels 19 Agents - 2 Distributors - Around 1,000 clients worldwide

Cover's showrooms are in Italy - Japan - Germany

September 24, 2015 | Company Presentation Private & Confidential 6

PT - Key financials

2009-2014 Revenues trend

Data in Euro millions

30
25 23.9

20
18.0
20.6
21.6
15.4
15
10.4
10
5
2009 2010 2011 2012 2013 2014

(*) 2014 Management data

September 24, 2015 | Company Presentation Private & Confidential 7

PT - 2014 Revenues breakdown

Revenues breakdown by geography(*)

Revenues breakdown by product(*)

Revenues breakdown by collection(*)

U.S.A.

2.2%

er EU

cou tries

Germany

5.0%

R.o.W.

13.0%

Italy

37.3%

PT01

Woman

Pants

8.1%

PT05

16.5%

PT Bermuda

3.0% Others

0.2%

PT01

72.2%

Spring/ Summer

45.3%

Fall/

Winter

54.7%

Benelux

10.6%

Japan

18.9%

(*) 2014 Management data

September 24, 2015 | Company Presentation Private & Confidential 8

PT - 2014 Key financials Evolution of profit margins

30%

26%

29%

27%

EBITDA 2014

~ 29%

25%
20%
15%

18%

16%

21% 20%

20% 20%

10%

25% 25% 26%

18% 18%

15%

EBIT 2014

~ 26%

10% 9%
5% 4%

0%
2009 2010 2011 2012 2013 2014

EBITDA margin EBIT margin Net Income margin

Net Income 2014

~ 18%

September 24, 2015 | Company Presentation Private & Confidential 9

PT - 1H15 Key financials Revenues, EBITDA and Net Income (1H15 vs 1H14)

14

12.3

12

10

8

6

4

2

12.9

3.5 3.3

2.2 2.2

Total Revenues

EBITDA

Net Income

0

1H14 1H15

1H15 Revenues breakdown by geography 1H15 Revenues breakdown by product

35.8%

40.6%

10.4%

14.5%

5.4% 0.6%

23.6%

ITA UE Extra-UE

69.2%

PT01 PT015 PT01 Woman Pants PT Bermuda Other

September 24, 2015 | Company Presentation Private & Confidential 10

PT - 1H15 Key financials

Income Statement

1H14 1H15

Cash Flow - 1H15

Cash Flow from operating activities 3.3

Net income 2.2

Non-cash items 0.2

Delta in NWC 0.8

Cash flow from investing activities (1.0) Cash flow from financing activities 5.0

Proceeds from IPO 7.4

Cash repayments for borrowings (0.0)

EBIT 3.2 25.8% 3.1 23.8%

Cash from financial activities 0.1

Net Income	2.2	17.6%	2.2	17.4%	Dividends	(2.5)
Net cash flow	7.2

Balance Sheet - 1H15

Cash at 31/12/14 4.7

Cash at 30/06/15 11.9

Fixed assets	1.6	Equity	(19.2)
Net working Capital	6.2
LT assets and liab.	(0.5)
Net Cash	12.0
Tot. invested capital	19.2	Tot. sources	(19.2)

September 24, 2015 | Company Presentation Private & Confidential 11