Standard accounts

Revenue
Cost of Sales (function)

SG&A (function)
SG&A (function)
SG&A (function)
SG&A (function)

Interest Income
Interest Expense

Tax Expense

Profit/Loss to Non-Controlling Interest

Profit/Loss to Ordinary Shareholders

Non-Current Intangible Assets

Non-Current Intangible Assets
Non-Current Tangible Assets
Other Non-Operating Investments
Deferred Tax Asset

Inventories
Trade Receivables
Other Current Assets
Other Current Assets
Derivatives - Asset
Cash and Cash Equivalents

Total assets
Ordinary Shareholders' Equity
Ordinary Shareholders' Equity
Ordinary Shareholders' Equity
Ordinary Shareholders' Equity

Non-Controlling Interest in Equity

Non-Current Debt
Non-Current Debt
Non-Current Debt
Deferred Tax Liability
Other Non-Current Liabilities (non interest bearing)
Current Debt
Trade Payables
Other Current Liabilities
Other Current Liabilities

Total Liabilities and Shareholders' Equity

Profit Before Interest and Tax

Non-Current Operating Accruals
Profit Before Interest and Tax
Non-Current Operating Accruals
Profit Before Interest and Tax
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital

Interest Received/Paid
Taxes Paid
Non-Operating Losses (Gains)

Net (Investments in) or Liquidation of Operating or Investment Non-

Current Assets
Net (Investments in) or Liquidation of Operating or Investment Non-
Current Assets

Net Debt (Repayment) or Issuance

Net Debt (Repayment) or Issuance
Net Debt (Repayment) or Issuance
Net Debt (Repayment) or Issuance
Dividend (Payments)
Dividend (Payments)
Net Share (Repurchase) or Issuance
Net Share (Repurchase) or Issuance
Net Share (Repurchase) or Issuance
IFRS Financial Statement
Consolidated Income Statement FY 2019 FY 2018
Revenue 1,627,704 1,420,074
Cost of sales -362,424 -320,232
Gross margin 1,265,280 1,099,842
Selling expenses -483,226 -428,864
General and administrative expenses -147,717 -127,794
Marketing expenses -113,152 -99,482
Stock-based compensation -29,386 -29,604
Operating result 491,799 414,098
Financial income 1,238 718
Financial expenses -22,310 -2,628
Income before taxes 470,727 412,188
Income taxes -112,032 -79,697
Net Income, including Minority 358,695 332,491
Non-controlling interests -10 -96
Net income, Group share 358,685 332,395

Consolidated statement of financial position FY 2019 FY 2018

Brands and other intangible assets - net 279,390 268,820
Goodwill 155,582 155,582
Property, plant and equipment - net 806,540 176,970
Other non-current assets 30,457 29,951
Deferred tax assets 129,134 91,898
Non-current assets 1,401,103 723,221
Inventories and work in progress 208,868 173,149
Trade account receivables 167,919 155,047
Tax assets 1,582 11,550
Other current assets 23,758 16,135
Financial current assets 3,120 259
Cash and cash equivalent 759,073 546,282
Current assets 1,164,320 902,422
Total assets 2,565,423 1,625,643
Share capital 51,596 51,164
Share premium reserve 172,272 171,594
Other reserves 723,735 513,654
Net result, Group share 358,685 332,395
Equity, Group share 1,306,288 1,068,807
Non-controlling interests 80 69
Equity 1,306,368 1,068,876
Long-term borrowings 611,997 80,783
Provisions non-current 10,703 7,477
Pension funds and agents leaving indemnities 6,436 5,962
Deferred tax liabilities 68,710 70,106
Other non-current liabilities 223 15,885
Non-current liabilities 698,069 180,213
Short-term borrowings 126,781 15,649
Trade account payables 248,621 224,989
Tax liabilities 98,450 53,358
Other current liabilities 87,134 82,558
Current liabilities 560,986 376,554
Total liabilities and equity 2,565,423 1,625,643

Consolidated statement of cash flows FY 2019 FY 2018

Cash flow from operating activities
Consolidated result 358,695 332,491
Depreciation and amortisation 171,123 56,499
Net financial (income)/expenses 21,072 1,910
Equity-settled share-based payment transactions 29,147 29,571
Income tax expenses 112,032 79,697
Changes in inventories - (Increase)/Decrease -36,335 -34,774
Changes in trade receivables - (Increase)/Decrease -1,112 -24,472
Changes in trade payables - Increase/(Decrease) 23,657 54,966
Changes in other current assets/liabilities -8,438 15,933
Cash flow generated/(absorbed) from operating activities 669,841 511,821
Interest and other bank charges paid and received 71 -183
Income tax paid -86,852 -46,520
Changes in other non-current assets/liabilities 5,495 713
Net cash flow from operating activities (a) 588,555 465,831
Cash flow from investing activities

Purchase of tangible and intangible fixed assets -123,660 -91,887

Proceeds from sale of tangible and intangible fixed assets 2,812 385
Net cash flow from investing activities (b) -120,848 -91,502
Cash flow from financing activities
Repayment of borrowings 0 -2,198
Repayment of current and non-current lease liabilities -116,803 -15
Short-term borrowings variation, other than bank borrowings 0 191
Short-term borrowings variation -10,898 -15,454
Dividends paid to shareholders -100,850 -70,464
Dividends paid to non-controlling interests -858 0
Share capital increase 686 16,975
Treasury Shares variation -15,102 -148,573
Other changes in Net Equity 24 -62
Net cash flow from financing activities (c) -243,801 -219,600
Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c) 223,906 154,729
Cash and cash equivalents at the beginning of the period 546,268 394,144
Effect of exchange rate changes 11,104 2,605
Net increase/(decrease) in cash and cash equivalents 223,906 154,729
Cash and cash equivalents at the end of the period 759,070 546,268
Notes about recasting process

See note 5.9 at pg. 118, mainly security deposits. This could also be classified as "Non-Current Intangible Assets"

Pg. 118 notes: "The caption financial current assets refers to the receivables arising from the market valuation of the deriv

This could also be classified as "Other Non-Current Liabilities (non interest bearing)"
Unfortunately, it's not possible to distinguish between interest paid and interest received because the company compensa

This could also be classified as "Net (Investments in) or Liquidation of Operating or Investment Non-Current Assets"
 FY 2019 FY 2018 FY 2019
STANDARDIZED INCOME STATEMENT
Revenue 1,627,704.00 1,420,074.00
Cost of Sales (function) -362,424.00 -320,232.00
SG&A (function) -773,481.00 -685,744.00
Other Operating Income, Net of Other Operating Expenses
(function/nature)
Personnel Expenses (nature) -183,914.00
Cost of Materials (nature)
Depreciation and Amortization (nature) -171,123.00
Interest Expense -22,310.00 -2,628.00
Interest Income 1,238.00 718.00
Investment Income
Net Non-recurring Income or Expense
Tax Expense -112,032.00 -79,697.00
Profit/Loss of Discontinued Operations
Profit/Loss to Non-Controlling Interest -10.00 -96.00
Profit/Loss to Ordinary Shareholders 358,685.00 332,395.00
check 0.00 0.00

STANDARDIZED BALANCE SHEET - ASSETS

Business operating items
Cash and Cash Equivalents 759,073 546,282
Trade Receivables 167,919 155,047
Inventories 208,868 173,149
Other Current Assets 25,340 27,685
Derivatives - Asset 3,120 259
Non-Current Tangible Assets 806,540 176,970
Non-Current Intangible Assets 434,972 424,402
Investment items
Minority Equity Investments 23 45
Other Non-Operating Investments 30,434 29,906
Other items
Deferred Tax Assets 129,134 91,898
Assets Held For Sale
Total Assets 2,565,423 1,625,643
check 0 0

STANDARDIZED BALANCE SHEET - EQUITY & LIABILITIES

Business operating items
Trade Payables 248,621 224,989
Other Current Liabilities 185,584 135,916
Derivatives - Liability
Other Non-Current Liabilities (non interest bearing) 223 15,885
Financial items
Current Debt 126,781 15,649
Non-Current Debt 629,136 94,222
Non-Controlling Interest in Equity 80 69
Preference Shares
Ordinary Shareholders' Equity 1,306,288 1,068,807
Other items
Deferred Tax Liabilities 68,710 70,106
Liabilities Held For Sale
Total Liabilities and Shareholders' Equity 2,565,423 1,625,643
check 0 0

STANDARDIZED CASH FLOW STATEMENT

Profit Before Interest and Tax 491,799 414,098
Non-Operating Losses (Gains) 5,495 713
Non-Current Operating Accruals 200,270 86,070
Taxes Paid -86,852 -46,520
Interest Received 71
Dividends received
Net (Investments in) or Liquidation of Operating Working
Capital -22,228 11,653
Net (Investments in) or Liquidation of Operating or
Investment Non-Current Assets -120,848 -91,502
Free Cash Flow 467,707 374,512

Net Debt (Repayment) or Issuance -127,701 -17,476

Interest Paid -183
Dividend (Payments) -101,708 -70,464
Net Share (Repurchase) or Issuance -14,392 -131,660
Net Cash Flow 223,906 154,729
check 0 0

Tax rate (statutory) 24% 24%

FY 2018 Notes about recasting process

-163,889.00 Pg 107 notes

-56,499.00 Pg 108 notes

See note 5.9 at pg. 118

See note 5.9 at pg. 118, mainly security deposits. This could also be classified as "Non-Current Intangible As
as "Non-Current Intangible Assets"
Standard accounts

Revenue
Other Operating Income, Net of Other Operating Expenses
(function/nature)
Net Non-recurring Income or Expense

Cost of Materials (nature)

Cost of Materials (nature)
Cost of Materials (nature)
Other Operating Income, Net of Other Operating Expenses
(function/nature)
Personnel Expenses (nature)
Other Operating Income, Net of Other Operating Expenses
(function/nature)

Depreciation and Amortization (nature)

Depreciation and Amortization (nature)
Depreciation and Amortization (nature)

Net Non-recurring Income or Expense

Other Operating Income, Net of Other Operating Expenses

(function/nature)

Interest Income
Interest Expense

Investment Income

Tax Expense
Tax Expense
Profit/Loss to Ordinary Shareholders
Profit/Loss from Discontinued Operations
Profit/Loss to Non-Controlling Interest
Profit/Loss to Ordinary Shareholders
Profit/Loss to Ordinary Shareholders

Non-Current Intangible Assets

Non-Current Intangible Assets

Non-Current Intangible Assets
Non-Current Intangible Assets

Non-Current Tangible Assets

Non-Current Tangible Assets
Non-Current Tangible Assets
Non-Current Tangible Assets
Non-Current Tangible Assets

Other Non-Operating Investments

Minority Equity Investments
Deferred Tax Assets
Other Non-Operating Investments

Inventories
Trade Receivables
Other Current Assets
Derivatives - Asset
Other Current Assets
Cash and Cash Equivalents

Ordinary Shareholders' Equity

Ordinary Shareholders' Equity
Ordinary Shareholders' Equity
Ordinary Shareholders' Equity
Ordinary Shareholders' Equity

Non-Controlling Interest in Equity

Non-Controlling Interest in Equity

Non-Current Debt
Deferred Tax Liability
Non-Current Debt
Derivatives - Liability
Non-Current Debt
Non-Current Debt

Non-Current Debt

Trade Payables
Other Current Liabilities
Derivatives - Liability
Other Current Liabilities
Current Debt
Current Debt
Current Debt

Profit Before Interest and Tax

Non-Current Operating Accruals

Non-Current Operating Accruals
Profit Before Interest and Tax
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital
Net (Investments in) or Liquidation of Operating Working Capital

Interest Paid
Interest Paid
Taxes Paid

Net (Investments in) or Liquidation of Operating or Investment Non-

Current Assets
Net (Investments in) or Liquidation of Operating or Investment Non-
Current Assets
Net (Investments in) or Liquidation of Operating or Investment Non-
Current Assets
Net (Investments in) or Liquidation of Operating or Investment Non-
Current Assets
Net (Investments in) or Liquidation of Operating or Investment Non-
Current Assets

Dividend (Payments)
Net Share (Repurchase) or Issuance
Net Share (Repurchase) or Issuance
Net Debt (Repayment) or Issuance
Net Debt (Repayment) or Issuance
Net Debt (Repayment) or Issuance
IFRS Financial Statement
Consolidated Income Statement FY 2019 FY 2018
Sales revenue 915,983 940,499

Other income 108,641 10,850

of which non-recurring other income 97,503
Total revenue 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 -35,892 -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 adjustment -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 67,425
Non-controlling interests 625 688
Profit/(loss) of the Group 46,283 47,146
of which non-recurring other income 67,425

Consolidated statement of financial position FY 2019 FY 2018

Non current 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 67,355 64,326
Cash and cash equivalents 184,072 191,268
Total current assets 747,576 732,559
Total assets 2,005,798 1,616,923

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 1,065,150
Non-controlling interest
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 45,409 43,850
Banks 112,130 188,715
Current lease liabilities 94,879
Provisions for risks 1,166 1,200
Total current liabilities 416,028 391,774
Total Equity and liabilities 2,005,798 1,616,923

Cash Flow statement FY 2019 FY 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:
Amortizat., deprec., revaluat., and write-downs 157,798 47,448
Other non monetary expenses/(income) -83,798 -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 -373 -8,330
Change in reserve for employee 1,830 1,266
Cash flows from operating activities 115,391 30,640
Interests (paid)/collected -847 -124
Interests (paid) on lease liabilities -13,105
Income taxes (paid)/refunded -2,902 -5,085
Net cash flows from operating activities (A) 98,537 25,431

Net investments in intangible and tangible assets -48,682 -41,116

Acquisition of Italiantouch group -19,350

Acquisition of other subsidiaries -1,150

Other changes in fixed assets

Sale of Omotesando building 141,400

Cash flows generated (used) in investing activities (B) 92,718 -61,615
Dividends paid -33,094 -46,331
Capital increase
Other changes in Equity
Repayments of lease liabilities -91,645
Repayments 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 differences (D) -3,291 -956
Cash flows from continuing operations (E)=(A)+(B)+(C)+(D) -12,735 -32,355
Cash flow from assets held for sale (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

-9,445 -31,398
Notes about recasting process

pg. 206 notes: Impairment losses "This analysis has shown impairment losses required for some DOS whose assets were there
million euros, fully attributable to rights of use (IFRS 16), as the recovery of their value by means of future cash flows is not rea
stand."
See note 14 at pg. 208, mainly security deposits. This could also be classified as "Non-Current Intangible Assets"
Note 25 at pg. 215: The balance for this item, 13,779 thousand euros, refers mainly to the liability recognised in relation to the
restoration work on the Coliseum (Note 9) for 8,527 thousand euros (8,869 thousand euros at December 31st, 2018). This liab
discounted value of the financial outlays that are reasonably foreseeable on the basis of the multi-year plan for restoration w
 FY 2019 FY 2018 FY 2019
STANDARDIZED INCOME STATEMENT
Revenue 915,983 940,499 915,983
Cost of Sales (function)
SG&A (function)
Other Operating Income, Net of Other Operating Expenses
(function/nature) -82,459 -165,592 -82,459
Personnel Expenses (nature) -213,884 -198,368 -213,884
Cost of Materials (nature) -463,716 -460,303 -463,716
Depreciation and Amortization (nature) -149,157 -43,074 -149,157
Interest Expense -45,945 -27,827 -45,945
Interest Income 21,855 21,818 21,855
Investment Income 0 0 0
Net Non-recurring Income or Expense 94,293 -1,402 64,215
Tax Expense -31,312 -19,293 -1,234
Profit/Loss of Discontinued Operations 0
Profit/Loss to Non-Controlling Interest 625 688 625
Profit/Loss to Ordinary Shareholders 46,283 47,146 46,283
check 0 0

STANDARDIZED BALANCE SHEET - ASSETS

Business operating items
Cash and Cash Equivalents 184,072 191,268
Trade Receivables 97,170 101,222
Inventories 384,632 362,168
Other Current Assets 80,309 75,903
Derivatives - Asset 1,393 1,998
Non-Current Tangible Assets 150,589 203,890
Non-Current Intangible Assets 1,036,678 604,708
Investment items
Minority Equity Investments
Other Non-Operating Investments 19,042 19,616
Other items
Deferred Tax Assets 51,913 56,151
Assets Held For Sale
Total Assets 2,005,798 1,616,924
check 0 1

STANDARDIZED BALANCE SHEET - EQUITY & LIABILITIES

Business operating items
Trade Payables 137,191 148,989
Other Current Liabilities 68,278 49,701
Derivatives - Liability 2,385 3,170
Other Non-Current Liabilities (non interest bearing)
Financial items
Current Debt 208,175 189,915
Non-Current Debt 469,949 112,038
Non-Controlling Interest in Equity -1089 -452
Preference Shares
Ordinary Shareholders' Equity 1,081,637 1,065,150
Other items
Deferred Tax Liabilities 39,272 48,412
Liabilities Held For Sale
Total Liabilities and Shareholders' Equity 2,005,798 1,616,923
check 0 0

STANDARDIZED CASH FLOW STATEMENT 1 0

Profit Before Interest and Tax 76,971 65,751
Non-Operating Losses (Gains)
Non-Current Operating Accruals 74,000 39,920
Taxes Paid -2,902 -5,085
Interest Received
Dividends received
Net (Investments in) or Liquidation of Operating Working
Capital -35,579 -75,031
Net (Investments in) or Liquidation of Operating or
Investment Non-Current Assets 92,718 -61,616
Free Cash Flow 205,208 -36,061

Net Debt (Repayment) or Issuance -167,606 51,117

Interest Paid -13,952 -124
Dividend (Payments) -33,094 -46,331
Net Share (Repurchase) or Issuance
Net Cash Flow -9,444 -31,399
check 1 -1

Tax rate (statutory)

FY 2018 Notes about recasting process

there is the possibility to present non-recurring income net of tax

it isn't possible to add back interest expenses since they are not separately reported