Q1 2025 Results Presentation
13 May 2025
Agenda
1. Highlights
- Business Review
- Financial Review
- DOMS Industries
- Details on EBITDA
-
Exchange rates
Q1 2025 HighlightsRESULTS
FILA Q1 2025 results mark a positive start to the year in a highly volatile environment, with increasing revenue,
solid operating profit expansion and with FILA's 26,01% stake in DOMS Industries remaining at an all-time high
Core Business Sales at €136.3m, +3.4% vs Q1 2024 (+4.0% on a comparable FX basis), thanks to the partial recovery of the
one-off SAP EWM disruption of Dixon USA in Q1 2024 and continuous positive trend in Europe
Adj. EBITDA at €22.6m, +7.0% vs Q1 2024 (+5.2% ex IFRS 16), with margin improvement to 16.6% (vs 16.0% in Q1 2024)
benefited from the favourable product mix coupled with ongoing efficiency actions
Adj. Operating Income at €12.9m, in line with Q1 2024 (€13.0m). Financial result at -€9.9m (-€3.9m in Q1 2024). This result was impacted by negative FX effects (-€5.6m), of which -€4.4m related to financial assets held by FILA SpA in USD (1.08 as of 31/03/25) . These non-cash/non-recurrent effects led to a decrease in Adj. Net Income to €0.9m (€6.5m in Q1 2024)
Free Cash Flow to Equity at -€55.5m vs -€40.6m in Q1 2024, in line with the expectations, as result of the traditional low seasonality of the first quarter, with increasing working capital absorption driven by receivables
Net Financial Position at -€230.8m in Q1 2025, with €132.2m net reduction vs Q1 2024 thanks to the strong cash flow generation and the DOMS stake disposal for €80.7m (Net Bank Debt -€176.7m in Q1 2025 vs -€303.0m in Q1 2024)
DOMS shareholder meeting approved for the new shareholder agreement on April 25, 2025, which strengthen the strategic relationship between FILA and DOMS
Outlook 2025: The achievement of the 2025 guidance remains unchanged, albeit subject to potential adjustments during the year, due to uncertainties arising from tariffs and the related effects on the global macroeconomic situation, in particular on the USA consumer spending 3
Snapshot of Q1 2025 resultsAdjusted EBITDA (€m)
16.0%
Margin +0.6%
16.6%
+7.0%
6.5
Core Business Sales (€m)
Q1 2024
Q1 2025
Adjusted Group Net Profit (€m)
0.9
Q1 2024
Q1 2025
Note: Net Profit not including DOMS contribution
Δ FX Financial Losses: -€7.0m
(-€5.6m in Q1 2025)
Δ Bad Debt Provisions: -€1.8m
Reported: +3.4%
Organic: +4.0%
2.8
-0.5
136.3
131.9
21.1 22.6
2.6
3.1
18.5
19.5
IFRS 16
effect
Q1 2024 Q1 2025
Net Financial Position (€m)
6.2 | Group Reported Net Profit |
-€132.2m, after €80.7m cash in from
DOMS ABB
8.4 | Adj. Net Profit + PPA |
363.0
60.0
230.8
303.0
181.1
56.6
124.5
176.7
54.1
& Other
Q1 2024 FY 2024 Q1 2025
4
Consistent Long Term Growth
Free Cash Flow to Equity (€m)
Core Business Sales (€m) Adjusted EBITDA (€m)
+3.2% CAGR
>€240m Cumulative | ||
Free Cash Flow to Equity | ||
+1.9% CAGR
613
569
656 645
600
104
119
14
109
14
110
14
118
15
72
30 30
60 68
132 136
96
92
12
103
105 95
21 23
20
3 3
19
-41
-56
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
Q1 2024
Q1 2025
FY
2020
FY
2021
FY
2022
FY
2023
FY
2024
Q1
2024
Q1
2025
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
Q1 2024
Q1 2025
Note: data on EBITDA Q1 2024-25 without IFRS 16 included in the Appendices (slide 19)
5
Agenda 1. Highlights
2. Business Review
- Financial Review
- DOMS Industries
- Details on EBITDA
- Exchange rates
Q1 2025 Core Business Sales
FY 2023 FY 2024
delta (€)
Comparable
FX (€)
Q1 2024 Q1 2025
delta (€)
Comparable
FX (€)
Key Highlights
Sales Q1 2025 results at €136.3m,
Total Fila Group
North
America
Europe
C&SA
Asia
RoW
644.9
321.6
(49.9%)
214.2
(33.2%)
91.2
(14.1%)
14.4
(2.2%)
3.5
(0.5%)
612.6
298.9
(48.8%)
215.9
(35.2%)
81.0
(13.2%)
12.9
(2.1%)
3.9
(0.6%)
-32.3m
-5.0%
-22.6m
-7.0%
+1.7m
+0.8%
-10.2m
-11.2%
-1.5m
-10.6%
+0.3m
+9.1%
-18.0m
-2.8%
-22.2m
-6.9%
+1.9m
+0.9%
+3.3m
+3.6%
-1.4m
-9.4%
+0.3m
+9.4%
131.9
57.1
(43.3%)
51.6
(39.2%)
19.3
(14.6%)
3.0
(2.3%)
0.8
(0.6%)
136.3
63.5
(46.6%)
52.4
(38.4%)
16.5
(12.1%)
3.0
(2.2%)
0.9
(0.7%)
+4.4m
+3.4%
+6.4m
+11.1%
+0.7m
+1.4%
-2.8m
-14.5%
+0.0m
+1.4%
+0.1m
+9.9%
+5.2m
+4.0%
+4.8m
+8.4%
+0.8m
+1.5%
-0.4m
-2.0%
-0.0m
-0.8%
+0.1m
+9.4%
+4.0% on a comparable FX basis. Negative currency impact mainly regarding C&SA
North America Q1 2025 results at
€63.5m, +8.4% on a comparable FX basis, thanks to the partial recovery of the one-off SAP EWM disruption of Dixon USA in Q1 2024. After a very positive start to the year, since March, revenues were impacted by destocking related to uncertainty generated by the undefined tariff policy
Europe Q1 2025 at €52.4m, +1.5% on a comparable FX basis, driven by favorable commercial initiatives
C&SA Q1 2025 at €16.5m, -2.0% on a
comparable FX basis, due to rising geopolitical tensions that intensified trade uncertainties
7
Q1 2025 Adjusted EBITDA
Total Fila Group
North America
Europe
C&SA
Asia
RoW
FY 2023
59.3
30.9
14.8
5.0
0.2
FY 2024
60.9
34.7
18.8
3.6
0.2
delta
+7.2%
+2.7%
+12.2%
+26.9%
-29.3%
+39.5%
2023
Margin
17.1%
18.4%
14.5%
16.3%
35.0%
4.5%
2024
Margin
19.3%
20.4%
16.1%
23.2%
27.7%
5.7%
Q1 2024
21.1
9.2
7.4
3.4
1.1
0.0
Q1 2025
22.6
10.1
7.9
3.3
1.2
0.1
delta
+7.0%
+9.9%
+5.7%
-1.3%
+7.5%
n.m.
2024
Margin
16.0%
16.1%
14.4%
17.5%
38.2%
1.8%
2025
Margin
16.6%
15.9%
15.0%
20.2%
40.2%
13.4%
Key Highlights
Adjusted EBITDA in Q1 2025 increased to €22.6m (+7.0%)
EBITDA margin improvement in Q1 2025, reaching 16.6% vs 16.0% in the prior year, thanks to the efficiency gains and mix effect, and to a more selective commercial approach
North America EBITDA increased to
€10.1m (+9.9%) with margin at 15.9%
vs 16.1% in Q1 2024
Europe in Q1 2025 reached €7.9m (+5.7%) with 15.0% margin vs 14.4% in Q1 2024 driven by better sales mix and commercial approach.
CS&A EBITDA at €3.3m (-1.3%) in Q1
2025, mainly due to the reduction of revenues
Note: data on EBITDA Q1 2024-25 without IFRS 16 included in the Appendices (slide 19) 8
Agenda
- Highlights
- Business Review
3. Financial Review
- Details on EBITDA
- Exchange rates
Adjusted Income Statement
(€ million) | Q1 2024 | Q1 2025 | Change |
Core Business Sales | 131.9 | 136.3 | 4.4 |
Other revenues | 1.9 | 2.4 | 0.5 |
Total Revenues | 133.8 | 138.7 | 4.9 |
Cost for Raw Materials and Supplies and net increase (decrease) in Inventory | -53.0 | -55.4 | -2.4 |
Costs for Services and Use of Third-Party Assets | -25.5 | -25.1 | 0.4 |
Personnel Costs | -32.9 | -33.7 | -0.8 |
Other Operating Costs | -1.3 | -1.9 | -0.5 |
Adjusted EBITDA | 21.1 | 22.6 | 1.5 |
Depreciation & Amortisation | -8.4 | -8.3 | 0.1 |
Write-Downs | 0.3 | -1.4 | -1.7 |
EBIT | 13.0 | 12.9 | -0.1 |
Financial income/expenses | -3.9 | -9.9 | -6.1 |
Income/expenses from associates at equity method | - | - | - |
PBT | 9.1 | 2.9 | -6.2 |
Taxes | -2.4 | -1.6 | 0.7 |
Adjusted Net Profit (Loss) | 6.7 | 1.3 | -5.4 |
Adjusted Group Net Profit (Loss) | 6.5 | 0.9 | -5.6 |
Adj. for Non-Recurring Items to EBITDA | -0.7 | -0.9 | -0.2 |
Adj. for Non-Recurring Items to Group Net Profit | -0.3 | -1.4 | -1.1 |
Adjusted Group Net Profit at €0.9m in Q1 2025 (€6.5m in Q1 2024)
D&A stood at €8.3m in Q1 2025, flat vs Q1
2024
Write-Downs increased to €1.4m in Q1 2025, including one-off bad debt provisions mainly in USA
PPA amortization was equal to €2.6m in Q1
2025 (stable vs last year)
Increase in Financial Expenses mainly due to
€7.0m of higher financial foreign exchange losses (-€5.6m in Q1 2025), not entirely offset by the decrease in the interest expenses (down €1.5m vs Q1 2024)
Income from associates relates to DOMS, not
yet made public for Q1 25 and kept at zero
Adjustments for Non-Recurring Items related to reorganization costs in China and the performance shares incentive plan
10
Cash Flow Statement
(€ million) | Q1 2024 | Q1 2025 | Change |
Adjusted EBITDA | 21.1 | 22.6 | 1.5 |
Changes in net working capital | -50.2 | -59.7 | -9.5 |
Investments in tangible and intangible assets | -2.3 | -3.1 | -0.8 |
Operating Cash Flow | -31.4 | -40.2 | -8.8 |
IFRS 16 rent payments | -2.9 | -3.2 | -0.3 |
Tax payments | -1.4 | -1.7 | -0.3 |
Net financial expenses | -5.1 | -3.3 | 1.8 |
Net financial expenses IFRS 16 | -0.9 | -0.8 | 0.1 |
Non-monetary costs and other changes | 1.8 | -5.5 | -7.3 |
Adjusted Free Cash Flow to Equity | -39.9 | -54.7 | -14.8 |
Adjustments for Non-Recurring Items | -0.7 | -0.9 | -0.2 |
Reported FCF to Equity | -40.6 | -55.5 | -15.0 |
Buybacks/ dividends | -29.5 | - | 29.5 |
Effect of FX rate movements | -3.5 | 3.5 | 7.0 |
Changes in amortised cost and MTM | 3.1 | -0.5 | -3.6 |
Changes in IFRS 16 Net Financial Position | 10.9 | 2.9 | -7.9 |
Changes due to variation in Consolidation Area | - | -0.1 | -0.1 |
Changes in Reported Net Financial Position | -59.6 | -49.8 | 9.9 |
Q1 results reflect customary outflow for working capital due to seasonality, with an overall cash absorption
Net Working Capital absorption of almost
€60m due to the business seasonality, higher receivables and stocking up on inventories before the tariffs take effect and closure of production site in China
Capex at €3.1m, slightly increasing from Q1 2024 level
Lower net financial expenses (€3.3m in Q1 2025 vs €5.1m in Q1 2024) thanks to lower net debt and better leverage ratio
Non-monetary costs increased for €7.3m due to FX effects related to cash equivalent assets in USD of Fila S.p.A
Change in Reported Net Financial Position was equal to -€49.8m in Q1 2025 after
-€55.5m of Free Cash Flow to Equity
11
Net Bank Debt & Net Financial Position
(€ million) | Q1 2024 | FY 2024 | Q1 2025 |
Cash and Cash Equivalents | 65.0 | 172.9 | 124.5 |
Financial Liabilities and Receivables | -368.0 | -297.3 | -301.2 |
Net Bank Debt | -303.0 | -124.5 | -176.7 |
Amortized Cost | 3.5 | 5.0 | 4.7 |
Net Financial Position excl. IFRS and MtM Hedging | -299.5 | -119.5 | -172.0 |
Mark to Market Hedging | 1.5 | -1.3 | -1.5 |
IFRS 16 | -65.0 | -60.3 | -57.4 |
IFRS 16 Net Financial Position | -363.0 | -181.1 | -230.8 |
LTM Adjusted EBITDA | 108.8 | 118.2 | 119.7 |
Leverage ratio on Net Bank Debt | 2.8x | 1.1x | 1.5x |
Leverage ratio on Net Financial Position | 3.3x | 1.5x | 1.9x |
Net Bank Debt of €176.7m in Q1 2025, compared to €303.0m in Q1 2024
Compared to Q1 2024, Net Bank Debt in Q1 2025 decreased by €126.3m thanks to strong cash flow generation and the cash-In from the disposal of 4.57% stake in DOMS
Based on LTM Adjusted EBITDA of €119.7m,
Leverage Ratio of 1.9x in Q1 2025
Reduction of €7.7m IFRS 16 debt thanks to efficiencies on the cost of leased production facilities in Mexico, USA and China
12
Reported Balance Sheet
(€ million) | Q1 2024 | FY 2024 | Q1 2025 |
Intangible Assets | 381.4 | 375.7 | 364.7 |
Tangible Assets | 110.8 | 108.7 | 105.0 |
Biological Assets | 1.2 | - | - |
Financial Fixed Assets | 161.6 | 140.5 | 140.5 |
Fixed Assets | 655.1 | 624.9 | 610.1 |
Other Non Current Asset/Liabilities | 23.4 | 20.5 | 20.2 |
Trade Receivables | 126.6 | 95.0 | 128.8 |
Inventories | 291.7 | 257.4 | 270.9 |
Trade Payables | -104.6 | -110.8 | -104.0 |
Trade Working Capital | 313.7 | 241.5 | 295.6 |
Other Current Asset and Liabilities | 3.4 | 0.1 | -0.3 |
Net Working Capital | 317.1 | 241.7 | 295.3 |
Provision & Funds | -73.4 | -73.2 | -71.1 |
Net Capital Employed | 922.2 | 813.9 | 854.6 |
Shareholders Equity | -559.2 | -632.8 | -623.8 |
IFRS 16 Net Financial Position | -363.0 | -181.1 | -230.8 |
Total Net Sources | -922.2 | -813.9 | -854.6 |
Trade Working Capital | 313.7 | 241.5 | 295.6 |
LTM Reported Sales | 628.2 | 612.6 | 617.0 |
Trade Working Capital % of Sales | 49.9% | 39.4% | 47.9% |
Q1 2025 compared to Q1 2024 largely reflects the impact of the disposal of 4.57% stake in DOMS Industries and the closure of some buildings, leading to a decrease of
€45.0m in fixed assets
Financial Fixed Assets largely composed of FILA's 26.01% stake in DOMS for €139.5m under the equity method
Trade Working Capital further decrease to
€295.6m, with a percentage of sales at 47.9%
in Q1 2025 from 49.9% in Q1 2024
13
Agenda
- Highlights
- Business Review
- Financial Review
4. DOMS Industries
- Details on EBITDA
- Exchange rates
FILA-DOMS Shareholders Agreement
FILA and DOMS have been partners since 2012 and FILA has "relevant shareholder" rights in virtue of its 26.01% shareholding in DOMS
DOMS shareholder meeting approved the new shareholder agreement on April 25
The agreement will remain valid and in full force and effect, with no expiration date
Key aspects regarding the FILA-DOMS partnership
Stake: The Shareholders Agreement sets minimum shareholding thresholds (10-20%) for nomination, reserved matter, and
DOMS
Commercial: for a period of 5 years FILA has the exclusive right to distribute and sell products manufactured and exported by DOMS in any FILA territory, based on a commercial strategy developed jointly
Industrial and production: FILA has the opportunity to outsource production to DOMS, with the aim of increasing production capacity, competitiveness, profitability and delivering products with best quality
Non-competition agreement: FILA and DOMS agree not to engage in competing businesses while either holds equity in the Company, except for passive financial investments under 5% of the capital in any listed company. New business ventures in unexplored areas require prior notice and potential joint discussion
Dividends: minimum payout ratio of 10% on net profit
15
DOMS Industries Market Data
DOMS Consensus Results and Broker Recommendations
(source: FactSet, May 12°, 2025)
DOMS Industries Share Price Performance
INR millions | 2024A* | 2025E | 2026E | 2027E |
Sales | 15,371 | 19,151 | 24,161 | 29,633 |
EBITDA | 2,727 | 3,504 | 4,281 | 5,255 |
EBIT | 2,215 | 2,859 | 3,467 | 4,256 |
Net Income | 1,532 | 2,105 | 2,590 | 3,233 |
3200
3000
2800
2600
2400
2200
2000
1800
1600
Broker | Rating Date | Rating | Target Price (€) |
Ambit Capital | 22 Apr 2025 | Sell | 23.01 |
Prabhudas Lilladher | 8 Apr 2025 | Buy | 35.14 |
JM Financial Institutional Securities | 3 Apr 2025 | Buy | 31.58 |
Nuvama Institutional Equities | 14 Mar 2025 | Buy | 35.79 |
Restricted | 4 Mar 2025 | Buy | 33.20 |
IIFL Research | 4 Feb 2025 | Overweight | 31.39 |
Asian Markets Securities | 4 Feb 2025 | Overweight | 31.09 |
ICICI Securities | 4 Feb 2025 | Overweight | 32.52 |
Average | / | / | 30.91 |
1400
1200
DOMS Share Price (INR) BSE Sensex Index (rebased) FILA.MI (rebased)
DOMS Share Price on 09 May, 2025 (INR) | 2,809.60 |
DOMS Market Capitalisation (INR bn) | 170.51 |
FILA Stake (%) | 26.01% |
FILA Stake (INR bn) | 44.35 |
EUR/INR | 94.18 |
FILA Stake (€m) | 470.87 |
* Note: DOMS Industries fiscal year falls on 31 March 16
Agenda
- Highlights
- Business Review
- Financial Review
- DOMS Industries
Appendices:
- Details on EBITDA
- Exchange rates
Q1 2025 Adjusted EBITDA
FY 2023 | FY 2024 | delta | 2023 Margin | 2024 Margin | Q1 2024 | Q1 2025 | delta | 2024 Margin | 2025 Margin | |||||
Total Fila | 110.2 | 118.2 | +7.2% | 17.1% | 19.3% | 21.1 | 22.6 | +7.0% | 16.0% | 16.6% | ||||
Group | 96.1 | 103.1 | +7.3% | 14.9% | 16.8% | 18.5 | 19.5 | +5.2% | 14.1% | 14.3% | ||||
59.3 | 60.9 | +2.7% | 18.4% | 20.4% | 9.2 | 10.1 | +9.9% | 16.1% | 15.9% | |||||
North America | 54.1 | 56.1 | +3.8% | 16.8% | 18.8% | 8.1 | 8.9 | +9.1% | 14.2% | 13.9% | ||||
30.9 | 34.7 | +12.2% | 14.5% | 16.1% | 7.4 | 7.9 | +5.7% | 14.4% | 15.0% | |||||
Europe | 27.4 | 31.4 | +14.4% | 12.8% | 14.5% | 6.7 | 7.0 | +4.4% | 13.0% | 13.4% | ||||
14.8 | 18.8 | +26.9% | 16.3% | 23.2% | 3.4 | 3.3 | -1.3% | 17.5% | 20.2% | |||||
C&SA | 10.9 | 13.4 | +22.9% | 12.0% | 16.6% | 3.0 | 2.7 | -8.3% | 15.3% | 16.4% | ||||
5.0 | 3.6 | -29.3% | 35.0% | 27.7% | 1.1 | 1.2 | +7.5% | 38.2% | 40.2% | |||||
Asia | 3.6 | 2.1 | -42.8% | 25.0% | 16.0% | 0.8 | 0.9 | +8.7% | 26.5% | 28.5% | ||||
0.2 | 0.2 | +39.5% | 4.5% | 5.7% | 0.0 | 0.1 | n.m. | 1.8% | 13.4% | ||
RoW | 0.0 | 0.0 | n.m. | n.m. | 0.8% | 0.0 | 0.1 | n.m. | -4.7% | 8.0% | |
Adjusted EBITDA Including IFRS 16 | |||||||||||
Adjusted EBITDA Excluding IFRS 16 | 18 | ||||||||||
Exchange Rates (source: Bank of Italy)
Currency | Avg 3M 24 | Avg 3M 25 | 31/03/2024 | 31/12/2024 | 31/03/2025 | |
Argentinean Peso | ARS | 905.33 | 1,110.74 | 927.23 | 1,070.81 | 1,158.15 |
Australian Dollar | AUD | 1.65 | 1.68 | 1.66 | 1.68 | 1.73 |
Brazilian Real | BRL | 5.38 | 6.16 | 5.40 | 6.43 | 6.25 |
Canadian Dollar | CAD | 1.46 | 1.51 | 1.47 | 1.49 | 1.55 |
Swiss Franc | CHF | 0.95 | 0.95 | 0.98 | 0.94 | 0.95 |
Chilean Peso | CLP | 1,028.07 | 1,013.11 | 1,060.09 | 1,033.76 | 1,028.51 |
Renminbi Yuan | CNY | 7.81 | 7.66 | 7.81 | 7.58 | 7.84 |
Dominican Peso | DOP | 63.84 | 65.40 | 63.92 | 63.48 | 68.44 |
UK Pound | GBP | 0.86 | 0.84 | 0.86 | 0.83 | 0.84 |
Indonesian Rupiah | IDR | 17,003.89 | 17,217.87 | 17,157.87 | 16,820.88 | 17,992.97 |
Shekel | ILS | 3.98 | 3.80 | 3.98 | 3.79 | 4.03 |
Indian Rupee | INR | 90.15 | 91.16 | 90.14 | 88.93 | 92.40 |
Mexican Peso | MXN | 18.44 | 21.50 | 17.92 | 21.55 | 22.06 |
Nuevo Sol | PEN | 3.89 | 3.89 | 3.96 | 3.91 | 3.96 |
Polish Zloty | PLN | 4.33 | 4.20 | 4.31 | 4.28 | 4.18 |
Russian Ruble | RUB | 98.69 | 98.54 | 100.12 | 115.68 | 91.59 |
Swedish Krona | SEK | 11.28 | 11.23 | 11.53 | 11.46 | 10.85 |
Turkish Lira | TRY | 33.63 | 38.22 | 34.95 | 36.74 | 41.04 |
US Dollar | USD | 1.09 | 1.05 | 1.08 | 1.04 | 1.08 |
South African Rand | ZAR | 20.51 | 19.46 | 20.52 | 19.62 | 19.88 |
19
Disclaimer
This document has been prepared by F.I.L.A. S.p.A. ("F.I.L.A." or the "Company"), for information purposes only, exclusively with the aim of assisting you to understand and assess F.I.L.A.'s activities. Statements contained in this presentation, particularly regarding any possible or assumed future performance of the
F.I.L.A. Group, are or may be forward-looking statements based on F.I.L.A.'s current expectations and projections about future events. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond F.I.L.A.'s control. These risks, uncertainties and factors may cause F.I.L.A.'s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performances or achievements). Forward-looking statements are not guarantees of future performance. Consequently, F.I.L.A. and its management can give no assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the expected developments. The data and information contained in this document are subject to changes and integrations. Although F.I.L.A. reserves the right to make such changes and integrations when it deems necessary or appropriate, F.I.L.A. assumes no affirmative obligation to update, change or integrate this document, except as and to the extent required by law. Any reference to the past performance of the F.I.L.A. Group shall not be taken as an indication of future performance. In addition, this presentation includes certain ''Adjusted'' financial and operating indicators and non-IFRS measures, which have been adjusted to reflect extraordinary events, non-recurring and/or non-monetary transactions and/or activities that are not directly related to the Group's ordinary business. These measures are not indicative of our historical operating results, nor are they meant to be predictive of future results. These measures are used by F.I.L.A.'s management to monitor the underlying performance of the business and the operations. Since not all companies calculate these measures in an identical manner, F.I.L.A.'s presentation may not be consistent with similar measures used by other companies. Such "Adjusted" information has been included to facilitate the comparison of financial information among different financial periods; however, it should be noted that such information is not recognized as a measure of financial performance or liquidity under IFRS and/or does not constitute an indication of the historical performance of the Company or the Group. Therefore, investors should not place undue reliance on such data and information. The information contained in this document does not constitute or form any part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as any inducement to enter into, any investment activity. This document does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on F.I.L.A., its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made. The merit and suitability of investment in F.I.L.A. should be independently evaluated and determined by investors. Analyses in this presentation are not, and do not purport to be, appraisals of the assets, stock or business of F.I.L.A., and do not form any publicity material relating to the securities. Any person considering an investment in F.I.L.A. is advised to obtain independent advice as to the legal, tax, accounting, regulatory, financial, credit and other related advice prior to making an investment.
By attending this presentation, you agree to be bound by the foregoing terms.
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F.I.L.A. Investor Relations
Cristian Nicoletti CFO & IR Officer Piero Munari, Daniele Ridolfi - IR ir@fila.it +39 02 38105206