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Sant'Elpidio a Mare - August 6th, 2015

TOD'S S.p.A. - Group's sales reached 515.3 million Euros in the first half of 2015 with a 20% EBITDA margin; solid double-digit growth of sales and profits in Q2 2015

The Board of Directors approved Tod's Group 2015 Half-Year Report

Group's sales: 515.3 million Euros, +7.9% from H1 2014; +15% in Q2

EBITDA: 103 million Euros, equal to 20% of sales

EBIT: 77.5 million Euros, equal to 15% of sales

Group's Net Income: 50.4 million Euros, equal to 9.8% of sales

Positive Net Financial Position: 73.1 million Euros

The Board of Directors of 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 Group's report for the first half of
2015 (January 1st - June 30th, 2015).

Message from the Group's Chairman and CEO

Diego Della Valle, Chairman and CEO of the Group, commented as follows:
"Our Group has performed well during the period, showing a solid double-digit growth in both sales and profits in the second quarter. These results confirm the correctness of our growth strategy; each brand is developing internationally with high quality products, recognizable and consistent with their own DNA. We are also working to a precise plan of marketing and communications, which will use the network, I addition to traditional instruments, with the aim of adding new customers. In a context that is not easy, especially on some important markets for luxury goods, such as China, considering the positive feedback received by the winter collections and our continued strong focus on cost control, I believe that our Group will achieve good results also in the second half of the year."

Comments to the Group's sales

Consolidated sales were 515.3 million Euros in the first half of 2015, up 7.9% from H1 2014, showing a visible acceleration in the second quarter of the year (+15% in Q2 as compared to +1.5% in Q1), across all the geographical areas and product categories.
As expected, the impact of currencies fluctuations was positive: at constant exchange rates, meaning by using the average exchange rates of H1 2014, including the related effects of hedging contracts, sales would have been 486.1 million Euros, up 1.8% from H1 2014.

Breakdown of consolidated sales by brand

million Euros

H1 2015

H1 2014

% change at

reported rates

% change at

constant rates

FY 2014

Tod's

304.4

290.2

+4.9%

-2.1%

568.0

Hogan

108.8

104.5

+4.2%

+2.7%

212.3

Fay

22.9

22.8

+0.5%

+0.3%

57.3

Roger Vivier

78.6

59.8

+31.3%

+19.2%

126.9

Other

0.6

0.4

n.m.

n.m.

1.0

TOTAL

515.3

477.7

+7.9%

+1.8%

965.5

The Tod's brand totalled 304.4 million Euros in sales, up 4.9% from H1 2014 and registered a significant acceleration in the second quarter (+9.9%); positive results in all markets where the brand is distributed, with the exception of China, which continues to be affected by the overall weakness in consumer spending.
Hogan revenues were 108.8 million Euros, up 4.2% from H1 2014. Positive results in all regions; double- digit growth in Europe and in Asia.
The Fay brand registered sales of 22.9 million Euros, with a slight increase compared to the first half of
2014, also thanks to the contribution of foreign markets. The brand is in fact starting its international expansion process.
Finally, Roger Vivier revenues were 78.6 million Euros, up 31.3% from H1 2014; double-digit growth in all regions, despite the strategy of selective expansion, aimed at maintaining the unique positioning of the
brand.

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Breakdown of consolidated sales by product category

million Euros

H1 2015

H1 2014

% change at

reported rates

% change at

constant rates

FY 2014

Shoes

410.7

373.7

+9.9%

+3.5%

743.5

Leather goods and

accessories

77.6

77.1

+0.7%

-5.9%

155.6

Apparel

26.4

26.5

-0.6%

-1.4%

65.4

Other

0.6

0.4

n.m.

n.m.

1.0

TOTAL

515.3

477.7

+7.9%

+1.8%

965.5

Sales from shoes continued their growth, confirming the Group's leadership in this category. Revenues were 410.7 million Euros (up +9.9% from H1 2014; +16.1% only in Q2).
Sales from leather goods and accessories totalled 77.6 million Euros, up 0.7% from H1 2014. As expected, revenues grew in double digits in the second quarter; we believe that this trend will continue during the year, also based on the positive feedback of the winter collections of some families of Tod's handbags.
Finally, sales from apparel were 26.4 million Euros, broadly stable compared to H1 2014.

Breakdown of consolidated sales by region

million Euros

H1 2015

H1 2014

% change at

reported rates

% change at

constant rates

FY 2014

Italy

152.9

148.5

+3.0%

+3.0%

311.1

Europe (excl. Italy)

122.2

108.0

+13.1%

+10.5%

221.3

Americas (*)

51.9

42.3

+22.7%

+6.1%

87.3

Greater China (**)

118.2

117.8

+0.3%

-12.6%

225.7

Rest of World

70.1

61.1

+14.8%

+8.1%

120.1

TOTAL

515.3

477.7

+7.9%

+1.8%

965.5

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

In the first half of 2015, domestic sales were 152.9 million Euros, up 3% from H1 2014, which implies a visible acceleration in Q2 (+6.2%).

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In the rest of Europe, the Group's revenues totalled 122.2 million Euros, up 13.1% from H1 2014; also in this region, the performance improved in Q2.
In the Americas, sales were 51.9 million Euros, up 22.7% from H1 2014; the visible acceleration registered in the last few months of the period was also due to the more favourable weather conditions on the Eastern Coast (+32.4% sales growth in Q2).
In Greater China the Group's sales totalled 118.2 million Euros, equal to 22.9% of consolidated turnover. Mainland China, which represents approx. half of this region, registered positive results (at reported rates), while the performance in Hong Kong was still negative, due to the general reduction in traffic and consumption.
Finally, in the area "Rest of the World" the Group's revenues were 70.1 million Euros, up 14.8% from H1
2014 (+30.2% in Q2), mainly driven by the outstanding results of Japan and Korea.

Breakdown of consolidated sales by distribution channel

million Euros

H1 2015

H1 2014

% change at

reported rates

% change at

constant rates

FY 2014

DOS

327.1

301.1

+8.6%

+0.5%

616.0

Third parties

(Franchised stores + Independent retailers)

188.2

176.6

+6.6%

+4.0%

349.5

TOTAL

515.3

477.7

+7.9%

+1.8%

965.5

Sales through DOS totalled 327.1 million Euros, up 8.6% from H1 2014; the 14.3% growth registered in Q2 was driven by the organic growth and by the widening of the retail network.
The Same Store Sales Growth (SSSG) rate, calculated as the worldwide average of sales growth rates at constant exchange rates registered by the DOS already existing as of January 1st, 2014, is -5.6% in the first
31 weeks of the year (from January 1st to August 2nd, 2015). This figure shows a significant improvement as
compared with the first three months of the year (it was -10.6% as of the end of March).
The SSSG would be positive at reported rates.

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As of June 30th, 2015 the Group's distribution network was composed by 251 DOS and 93 franchised stores, compared to 229 DOS and 87 franchised stores as of the end of June 2014.
Revenues to third parties globally amounted to 188.2 million Euros, up 6.6% from H1 2014; also the performance of this channel registered an acceleration in the second quarter, only partially due to the different timing of deliveries.

Comments on the Profit & Loss key figures

As already highlighted in our previous press releases, analyzing quarterly figures is not fully meaningful, due to the discrepancies in the flow of industrial revenues and costs on a monthly basis; therefore, annualizing quarterly figures would be misleading.
In the first half of 2015, the Group's EBITDA reached 103 million Euros, with a 20% margin on sales and a visible improvement in the second quarter of the year.
The industrial margin slightly increased as compared to H1 2014, but even greater was the growth of the incidence on sales of: cost for services (equal to 24.4% in H1 2015, compared to 23.3% in H1 2014), costs of use of third party assets (equal to 12.2% in H1 2015, compared to 11.1% in H1 2014) and labour cost (equal to 17.7% in H1 2015, compared to 16.7% in H1 2014).
Also the Group's headcount continues to grow: 4,504 employees as of June 30th, 2015, compared to 4,254 as of June 2014.
In the first half of 2015, the Group's EBIT was 77.5 million Euros, with a 15% margin on sales; the incidence on sales of depreciation, amortisation and provisions increased slightly: 5% in H1 2015 compared to 4.6% in H1 2014.
At constant exchange rates, EBITDA and EBIT would have been, respectively, 90.2 million Euros (with a
18.6% margin on sales) and 66.4 million Euro (13.7% of sales).
The Group's profit before taxes was 74 million Euros; taxes for the period amounted to 24.2 million Euros, with a tax rate of 32.6%, significantly higher than the 29.1% of H1 2014, due to a different, and less favourable, mix of markets of generation of the result (a greater part of the profits has been obtained in countries with higher taxation).
Net of minority interests, the Group's net income amounted to 50.4 million Euros, with a margin on sales
of 9.8% .

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Comments on the Balance Sheet and Cash Flow key figures

In H1 2015, the Group invested 27.5 million Euros in tangible and intangible fixed assets, compared to 34 million Euro of H1 2014, which were mainly devoted to the widening and refurbishment of the DOS network; they include also the expenditures for the construction of the new building within the perimeter of the Group's headquarters in the Marche region. The remaining expenditures pertain the normal update of the industrial and production structures and the development of the Company's software.
The operating working capital totalled 323.4 million Euros as of June 30th, 2015; the growth, compared to the balance as of the end of June 2014, is mainly due to the physiological increase of inventories, linked to the widening of the DOS network.
As of June 30th, 2015, the Group's net financial position was positive and equal to 73.1 million Euros, with an approx. 40 million Euros difference, compared to the balance as of the end of June 2014, which is expected to be gradually attenuated during the year.
As of June 30th, 2015, consolidated shareholders' equity was 816.6 million Euros, which compares to 772.4 million Euros as June 30th, 2014.

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.

Pursuant to article 154 ter, paragraph 5, of the "Unified Financial Act, the half-year report as at June 30th 2015, approved by the Board of Directors today, will be made available to the public at the registered office of the Company. The document will also be published under the Section "Financial Statements" on the website of the Company www.todsgroup.com.

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

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ATTACHMENTS

TOD 'S Gr oup Co n s o lid a te d In c o m e S ta te m e n t U n a ud ite d d a ta

euro 000's

Revenue

H1 15 H1 14 FY 14

Sa l es revenue 515,310 477,747 965,532

Other i ncome 4,959 4,909 10,476

Total revenue and income 520,269 482,656 976,008

Operating Costs

Cha nge i n i nventori es of work i n progres s a nd fi ni s hed goods 30,987 15,533 31,944

Cos t of ra w materi a l s , suppl i es a nd ma teri a l s for cons umpti on (151,026) (134,448) (278,912) Cos ts for s ervi ces (125,545) (111,174) (231,436) Cos ts of us e of thi rd pa rty a s s ets (63,106) (53,196) (109,665) Personnel cos ts (91,422) (79,584) (160,386) Other opera ti ng cha rges (17,112) (16,818) (34,005) Total operating costs (417,224) (379,687) (782,461)

EBITDA 103,045 102,969 193,547

Amortisation, depreciation and write-downs

Amorti s a ti on of i nta ngi bl e as s ets (4,271) (4,377) (8,792) Depreci ati on of ta ngi bl e a s sets (19,060) (16,444) (32,791) Other adj ustment (204) (2,339) Total amortisation, depreciation and write-downs (23,535) (20,821) (43,922) Provi s i ons (1,998) (1,045) (1,447) EBIT 77,512 81,103 148,179

Financial income and expenses

Fi na nci a l i ncome 19,920 6,979 23,403

Fi na nci a l expens es (23,384) (9,252) (27,202) Total financial income (expenses) (3,464) (2,273) (3,799) I ncome (l oss es) from equi ty i nves tments

Profit before taxes 74,048 78,830 144,380

I ncome ta xes (24,177) (22,976) (47,619)

Profit/(loss) for the period 49,870 55,854 96,761

Non-control l i ng i nteres ts 508 300 353

Profit/(loss) of the Group 50,379 56,154 97,114

EPS i n (euro) 1.65 1.83 3.17

EPS di l uted i n (euro) 1.65 1.83 3.17

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TOD 'S Gr oup Co n s o lid a te d s ta te m e n t o f c om p r e h e ns iv e in c o m e U n a ud ite d d a ta

euro 000' s

H1 15 H1 14

Profit (loss) for the period (A) 49,870 55,854

Other comprehensive income that will be reclassified subsequently to profit and loss:

Gain/(Losses) on derivative financial instruments (cash flow hedge) 3,161 1,233

Gain/(Losses) on currency translation of foreign subsidi aries 10,291 (2,900)

Total other comprehensive income that will be reclassified subsequently to profit and

loss (B) 13,452 (1,667) Other comprehensive income that will not be reclassified subsequently to profit and

loss:

Cumulated actuarial gains/(losses) on defined benefit plans

Total other comprehensive income that will not be reclassified subsequently to profit and loss (C)

Total Comprehensive Income (A) + (B) + (C) 63,323 54,187

Of which:

Attributable to Shareholders of the Parent company 63,753 54,447

Attributable to non-controlling intere sts (430) (260)

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TOD 'S Gr oup Co n s o lid a te d s ta te m e n t o f f ina n c ia l p o s ition U n a ud ite d d a ta

euro 000's

Non current assets

Intangible fixed assets

06.30.15 12.31.14 06.30.14

As s ets wi th i ndefi ni te us eful l i fe 149,466 149,466 149,466

Key money 15,941 16,676 17,249

Other i ntangi bl e as s ets 26,470 27,411 27,414

Total Intagible fixed assets 191,878 193,553 194,129

Tangible fixed assets

Bui l di ngs and l and 107,546 95,111 98,198

Pl ant and ma chi nery 12,509 8,550 8,484

Equi pment 15,362 16,082 16,581

Leas ehol d i mprovement 46,765 43,361 40,386

Others 48,446 54,722 45,850

Total Tangible fixed assets 230,628 217,826 209,499

Other assets

Inves tment properti es 30 32 34

Equi ty i nves tments 20 20 20

Deferred tax as s ets 53,032 48,237 52,971

Others 20,718 18,535 16,372

Total others assets 73,800 66,824 69,397

Total non current assets 496,306 478,203 473,025

Current assets

Inventori es 357,346 327,085 304,000

Trade recei vabl es 112,569 99,445 98,871

Tax recei vabl es 23,227 30,698 11,939

Deri vati ve fi nanci al i ns truments 925 1,751 429

Others 39,505 37,229 39,111

Cas h and ca s h equi va l ents 159,434 165,949 155,295

Total current assets 693,006 662,159 609,645

Total assets 1,189,312 1,140,362 1,082,670

T o b e c o n t i n u ed

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TOD 'S Gr oup Co n s o lid a te d s ta te m e n t o f f ina n c ia l p o s ition U n a ud ite d d a ta

10

TOD 'S Gr oup Co n s o lid a te d S ta te m e n t o f Ca sh F lo ws U n a ud ite d d a ta

euro 000's

Jan. - Jun. 15 Jan. - Jun. 14

Profit/(Loss) for the period 49,870 55,854

Non-cash adjustments:

Amortiza t., deprec., reva l ua t., a nd wri te-downs 24,947 23,374

Cha nge i n empl oyee benefi ts 106 272

Cha nge i n deferred ta x/l i a bi l i ti es (4,906) (2,092) Other non moneta ry expens es /(i ncome) 3,800 4,780

Cash flow (A) 73,817 82,188

Change in current assets and liabilities:

Tra de recei va bl es (13,291) (4,286) Other current a s s ets (2,276) (4,317) I nventori es (31,709) (24,464)

Ta x recei va bl es 7,471 4,920

Tra de pa ya bl es (13,700) (5,903)

Other current l i a bi l iti es 4,229 5,566

Ta x paya bl es 6,299 849

Change in operating working capital (B) (42,976) (27,635) Cash flow from operations (C) = (A)+(B) 30,841 54,553

Net i nves tments i n i nta ngi bl e a nd ta ngi bl e a s s ets (26,647) (33,360) (I ncreas e) decrea s e of equi ty i nvestments

Other cha nges i n fi xed a s s ets

Reducti on (i ncrea s e) of other non-current a s s ets (2,183) (1,010) Cash flow generated (used) in investing activities (D) (28,830) (34,370) Di vi dends pa i d (61,319) (82,895)

Others cha nge i n Equi ty 2 (8)

Cha nges i n l ong term l oa ns /other non-current l ia bi l i ti es

47,457

2,048

Ca pi tal i ncrea s e

Cha nges i n non control l i ng-i nterests

Cash flow generated (used) in financing (E)

(13,859)

(80,855)

Tra ns la ti on di fferences (F)

3,696

(4,245)

Cash flow from continuing operations (G)=(C)+(D)+(E)+(F)

(8,151)

(64,917)

Cash flow from assets held for sale (H)

Cash flow generated (used) (I)=(G)+(H)

(8,151)

(64,917)

Net ca sh a nd ca s h equi va l ents a t the begi nni ng of the peri od

154,961

207,101

Net ca sh a nd ca s h equi va l ents a t the end of the peri od

146,810

142,184

Change in net cash and cash equivalents

(8,151)

(64,917)

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TOD 'S Gr oup Co n s o lid a te d S ta te m e n t o f Ch an g e s in Eq u ity U n a ud ite d d a ta

Hedging and

Non-

January - June 2015 euro 000

's Share

Capital

reserve for

Retained c

ontrolling

January - June 2015 euro 000

capital

reserves

translation

earnings Group interests

interests

Total

Balances as of 01.01.15

61,219

214,055

(8,747)

543,003 809,531

5,078

814,609

Profit & Loss account 50,379 50,379 (508) 49,870 Direct in Equity 13,374 13,374 78 13,452

Total Comprehensive Income 13,374 50,379 63,753 (430) 63,323

Dividend paid (61,219) (61,219) (100) (61,319)

Other 2 2 2

Capital increase Share based payments

Balances as of 06.30.15 61,219 214,055 4,627 532,166 812,068 4,549 816,616

Profit & Loss account 56,154 56,154 (300) 55,854 Direct in Equity (1,707) (1,707) 40 (1,667)

Total Comprehensive Income (1,707) 56,154 54,447 (260) 54,187

Dividend paid (82,645) (82,645) (250) (82,895)

Other (8) (8) (8)

Capital increase Share based payments

Balances as of 06.30.14 61,219 214,055 (12,609) 504,584 767,250 5,139 772,389

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