YOOX S.P.A. REPORTS 2014 NINE-MONTH RESULTS TO 30 SEPTEMBER 2014 NET REVENUES +18% AT CONSTANT EXCHANGE RATES, EBITDA +26%, NET INCOME +30%

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1 PRESS RELEASE YOOX S.P.A. REPORTS 2014 NINE-MONTH RESULTS TO 30 SEPTEMBER 2014 NET REVENUES +18% AT CONSTANT EXCHANGE RATES, EBITDA +26%, NET INCOME +30% Net revenues at Euro million, +14.7% (+17.9% at constant exchange rates) compared with million in the first nine months of Multi-brand net revenues +21.5% at constant exchange rates; Mono-brand gross merchandise value +18.7% at constant exchange rates EBITDA at Euro 27.1 million, +26.3% compared with 21.5 million in the first nine months of 2013, with a 7.4% margin, up from 6.7% in EBITDA Excluding Incentive Plan Costs at Euro 28.1 million compared with 25.3 million in the first nine months of 2013, with a margin at 7.7% Net income at Euro 4.6 million, +29.6% compared with 3.5 million in the first nine months of 2013 Net financial position positive at Euro 3.1 million, compared with 20.5 million at 31 December million average number of monthly unique visitors, compared with 12.5 million in the first nine months of million orders, compared with 2.0 in the first nine months of 2013 Euro 198 Average Order Value (Euro 203 at constant exchange rates), compared with Euro 213 in the first nine months of million active customers, compared with 1.0 million at 30 September 2013 In these first nine months YOOX has once more achieved solid revenue growth and improved profitability, despite the headwinds that marked 2014 commented Federico Marchetti, Founder and CEO of YOOX Group. We are moving full speed ahead into the most important quarter of the year, counting on the quality of the initiatives that have been carefully planned for this Christmas campaign, and the team s intense focus on successfully achieving our targets. Milan, 5 November The Board of Directors of YOOX S.p.A. (MTA, STAR: YOOX), the global Internet retailing partner for leading fashion and design brands, which met today, examined and approved the consolidated interim financial statements for the nine months ended 30 September Note: For clarity of information, the percentage changes reported in this press release have been calculated using exact figures. Any differences found in some of the tables are due to the rounding of values expressed in millions of Euros. 1

2 THE GROUP S PERFORMANCE IN THE FIRST NINE MONTHS OF 2014 Key performance indicators 1 9M M 2013 Monthly unique visitors 2 (millions) Orders (millions) AOV 3 (Euro) Active customers 4 (millions) In the first nine months of 2014, the Group recorded a monthly average of 14.1 million unique visitors, which translated to 2.4 million orders, an increase of 22.0% from 2.0 million in the same period of the previous year. The Average Order Value (AOV) excluding VAT came in at Euro 203 at constant exchange rates (Euro 198 at current exchange rates). The number of active clients also increased to 1.2 million at 30 September 2014, compared with 1 million at 30 September Consolidated net revenues In the first nine months of 2014, YOOX Group posted consolidated net revenues, net of returns and customer discounts, of Euro million, up 14.7% (+17.9% at constant exchange rates) from Euro million at 30 September Consolidated net revenues by business line million 9M 2014 % 9M 2013 % Change % current FX Change % constant FX Multi-brand % % +17.7% +21.5% Mono-brand % % +7.1% +8.6% Total YOOX Group % % +14.7% +17.9% Multi-brand The Multi-brand business line, which includes yoox.com, thecorner.com and shoescribe.com, posted consolidated net revenues of Euro million, up 17.7% (+21.5% at constant exchange rates) from Euro million in the first nine months of 2013, thanks to the positive results of all three online stores. During the period, yoox.com recorded a significant acceleration in the growth of new customers compared to the previous year, with substantially stable acquisition costs, as well as steadily rising retention rates. In the second half of September, yoox.com unveiled the area dedicated to fashion and lifestyle sportswear featuring numerous exclusive collaborations with famous designers and brands, such as Adidas by Stella McCartney, Adidas by Porsche Design, BWGH for Puma, some of the most well-known international brands like Nike, Under Armour, Oakley, Patagonia, Puma, Reebok, The North Face, as well as niche labels such as Drop of Mindfulness, Lucas Hugh and NO KA OI. The brand portfolio, which from the outset already offered a rich selection, will continue to be constantly enhanced. Overall, at 30 September 2014, the Multi-brand business line accounted for 73.9% of the Group s consolidated net revenues. 1 Key performance indicators refer to yoox.com, thecorner.com, shoescribe.com and the other mono-brand online stores Powered by YOOX Group. Key performance indicators related to the joint venture with Kering are excluded. 2 Monthly unique visitor is defined as a visitor who opened at least one browser session to visit the online store over the month. The figure reported is calculated as the average of monthly unique visitors for the reporting period. Source: SiteCatalyst for yoox.com; Google Analytics for thecorner.com, shoescribe.com and the mono-brand online stores "Powered by YOOX Group". 3 Average Order Value, or AOV, indicates the average value of all orders placed, excluding VAT. 4 Active customer is defined as a customer who placed at least one order during the 12 preceding months. 2

3 Mono-brand current FX Change 9M 2014 vs. 9M 2013 constant FX Gross merchandise value % +18.7% Consolidated net revenues +7.1% +8.6% The Mono-brand business line includes the design, set-up and management of the online stores of some of the leading global fashion and luxury brands. In the first nine months of 2014, this business line posted consolidated net revenues of Euro 95.6 million, up 7.1% (+8.6% at constant exchange rates), compared with 89.3 million in the same period of 2013, while gross merchandise value 5 grew by 16.3% (+18.7% at constant exchange rates). This business line reflects, on the one hand, the solid performance of the joint venture with Kering and of most of the Mono-brand portfolio and, on the other hand, the lower results of a defined number of online stores and a smaller business perimeter. Excluding this latter effect 6 and at constant exchange rates, the Mono-brand business line would have posted growth of 16.2%, while gross merchandise value would have been up 26.5%. In addition, the Moncler online store was extended to the Japanese market in September Overall, at 30 September 2014, the Mono-brand business line accounted for 26.1% of the Group s consolidated net revenues with 36 online stores. Consolidated net revenues by geographical area million 9M 2014 % 9M 2013 % Change % current FX Change % constant FX Italy % % +23.8% +23.8% Europe (excluding Italy) % % +14.3% +17.3% North America % % +7.2% +10.2% Japan % % +8.9% +19.2% Other Countries % % +28.3% +31.5% Not country related % % +40.9% +40.9% Total YOOX Group % % +14.7% +17.9% In the first nine months of 2014, the Group recorded growth in all its key markets. Excellent results were recorded by Italy, up 23.8% compared with the first nine months of 2013 to Euro 58.8 million net revenues, and accelerating in the third quarter of the year (+25.5%) thanks to customers' constant trust in the YOOX brand and the rising contribution to sales of smartphones and tablets - 19% higher than in the rest of the world. This performance once again confirms YOOX's leadership in its domestic market, which is an extremely strategic country for the Group given that it is the world's number one manufacturer of luxury goods and the third highest for their consumption 7, thus offering a long-term competitive advantage. For this reason, the Group will continue to invest in Italy, where it ran another TV campaign for yoox.com once again this year, with 50% of the advertisements aired on prime time. Launched ahead of the all-important fourth quarter, the new TV ad has achieved excellent results so far, with triple-digit growth in registered users compared with 2013, and a significant increase in new customers and visits, driven by mobile. 5 Retail value of sales of all the mono-brand online stores, net of returns and customer discounts. Set-up, design and maintenance fees for the mono-brand online stores accounted in Not country related are excluded. 6 The growth rate is calculated excluding the contribution of diesel.com in the US from the net revenues of the first nine months of Source: Altagamma 2014 Worldwide Markets Monitor Presentation, Bain Altagamma, Milan, 14 October

4 The rest of Europe also recorded positive performance, with growth of 14.3% (+17.3% at constant exchange rates) in the first nine months of The main countries that contributed to the Group's revenues in Europe were France, Germany, the UK - which all reported improved figures compared with the same period of the previous year - and Russia, which is posting continuously improving growth rates month after month. North America posted growth of 7.2% (+10.2% at constant exchange rates). This performance reflects the combined effect of a smaller business perimeter and, in the third quarter, a very challenging comparison (+41.7% in the third quarter of 2013), and a lower AOV due to the promotional activities supporting the Spring/Summer collection, which was adversely affected by the unusually cold weather. Excluding the perimeter effect, and at constant exchange rates, North America would have posted growth of 19.8% 8 in the first nine months of the year. Japan also recorded solid results, with net revenues up 19.2% at constant exchange rates (8.9% at current exchange rates) compared with the first nine months of 2013, thanks to the marked acceleration in the third quarter of the year (+21.0% at constant exchange rates, +15.3% at current exchange rates). Lastly, the outstanding performance of Other countries continued, with growth of 28.3% (+31.5% at constant exchange rates) in the first nine months of 2014, which accelerated in the third quarter (+40.8% at current exchange rates, +42.8% at constant exchange rates). This performance was driven by yoox.com in China, which benefited from the extension of its offer following the introduction of the complementary logistics set-up in February EBITDA Pre Corporate Costs In the first nine months of 2014, EBITDA Pre Corporate Costs came in at Euro 56.9 million, up 12.6% on the Euro 50.5 million at 30 September 2013, with a 15.5% margin compared with 15.8% in the same period of the previous year. This result was due to the unfavourable impact of exchange rates at gross profit level, which was not entirely offset by the greater efficiency of sales and marketing investments. Multi-brand Mono-brand Group Total million 9M M M M M M 2013 EBITDA Pre Corporate Costs % of business line net revenues 13.8% 14.2% 20.4% 20.0% 15.5% 15.8% % change 14.6% 9.1% 12.6% EBITDA Pre Corporate Costs in the Multi-brand business line came in at Euro 37.4 million, a 14.6% increase on the figure of Euro 32.7 million in the first nine months of 2013, with an EBITDA margin at 13.8% compared with 14.2% in This result reflects a lower gross margin, which was partly offset by the operating leverage on fulfillment and sales and marketing costs. In particular, the gross margin performance reflected the unfavourable exchange rates movements in the period, as well as, in the third quarter, higher delivery costs over net revenues due to the lower AOV and greater promotional activities supporting the Spring/Summer collection, which was adversely affected by the unusually cold weather in the US and some European countries. EBITDA Pre Corporate Costs in the Mono-brand business line stood at Euro 19.5 million, a rise of 9.1% on the Euro 17.9 million in the first nine months of 2013, with a 20.4% margin up from 20.0% of the previous year. This result is mainly due to the improvement in the gross margin, which benefited from the positive contribution of the joint venture with Kering, and the effectiveness of the dynamic and profit-driven management strategy of the mono-brand portfolio. 8 The growth rate is calculated excluding the contribution of diesel.com in the US from the net revenues of the first nine months of

5 EBITDA In the first nine months of 2014, EBITDA stood at Euro 27.1 million, a 26.3% increase compared with Euro 21.5 million in the same period of the previous year. The EBITDA margin was 7.4%, an improvement on the 6.7% in the first nine months of 2013, thanks to strong operating leverage and lower non-cash costs relating to existing incentive plans. EBITDA Excluding Incentive Plan Costs amounted to Euro 28.1 million, with a margin on net revenues of 7.7%. Net income Consolidated net income came in at Euro 4.6 million in the first nine months of 2014, up 29.6% on Euro 3.5 million in 2013, reflecting the excellent performance achieved in the third quarter, when net income rose by 52.7%. Profit for the first nine months of 2014 reflects the combined effect of an improved result from investment in associates, lower financial expenses relating to exchange rate gains in the third quarter and a higher tax burden as a percentage of sales. Taking out non-cash costs relating to existing incentive plans and the related tax effect, Net Income Excluding Incentive Plan Costs came in at Euro 5.3 million. Net working capital Net working capital came in at Euro 51.0 million at 30 September 2014, compared with Euro 28.3 million at 31 December This change is mainly attributable to the seasonal nature of the business, which experiences a customary increase in working capital in the third quarter, and is also due to the replenishment of stock ahead of the holiday season along with earlier deliveries of the Spring/Summer collection of yoox.com as compared with September Investments In the first nine months of 2014, the Group continued to invest in the innovation and consolidation of its global technologistics platform: capital expenditure amounted to Euro 25.5 million compared with Euro 26.5 million in the same period of the previous year, with a percentage of net revenues at 7.0%, down from 8.3% of the previous year. On 23 October, the Group launched a new smartphone native application for yoox.com on ios and Android operating systems. The new app, immediately localised into all of the Group's 11 languages, is also available for the first time in China, thereby allowing yoox.cn to fully seize the enormous potential of this country. In fact, the Chinese mobile commerce market, which already has more smartphone users than the United States, has grown more than tenfold in the last two years, and boasts a greater propensity for mobile shopping, which is historically due to the lower penetration of desktop Internet. The new app was redesigned with immediacy and user-friendliness in mind to speed up small-screen navigation and shopping, and has introduced functionalities and content aimed at improving user experience, as well as increasing the conversion rate and AOV. Among the new functions, there is the option of logging in from the main social networks, the possibility - thanks to geolocalisation - of discovering the products most frequently purchased in a given city, along with the automatic capture of credit card details via photo scanning. Based on the evidence of the first few weeks, the new native app is achieving excellent results in terms of traffic and sales compared with the previous version, as well as a significant increase in browsing speed. The Group also continued to implement on yoox.com new automated marketing functionalities designed to automate, in the fourth quarter, the sending of personalised newsletters based on users' specific browsing behaviour or on their specific actions such as, for example, cart abandonment. Lastly, YOOX also continued with the roll-out of some cross-channel functionalities, allowing its Mono-brand partners to offer their customers a fully integrated and seamless experience between their physical and their virtual stores Powered by YOOX. Specifically, in select boutiques in Europe and the United States, some Brands already offer their customers the possibility of shopping from the online catalogue from in-store ipads, collecting and returning products bought online at the boutique, checking in-store product availability and reserving online items 5

6 which are available in the physical stores only, as well as booking an in-store appointment with a tailoring specialist on the website. Net financial position At 30 September 2014, the Group s net financial position was positive at Euro 3.1 million, compared with Euro 20.5 million at 31 December This cash absorption is attributable to capital expenditure of Euro 25.5 million, mainly for technological innovation, and to the increase in working capital, due mainly to the seasonal nature of the business. On 3 October 2014, YOOX obtained a new line of credit of Euro 45 million from the European Investment Bank, which will be used to finance part of the already-announced investment plan for technological innovation, and will also allow the Group s average cost of debt to be reduced thanks to its highly competitive terms. This agreement is part of YOOX's strategy to optimise its financial structure and will complement the credit lines that are already available to finance capital expenditure and working capital peaks during the buying campaigns. OVERVIEW OF THE THIRD QUARTER OF 2014 In the third quarter of 2014, the Group s consolidated net revenues came in at Euro million, compared with Euro million in the same period of 2013, up 14.7% (+16.3% at constant exchange rates). EBITDA Pre Corporate Costs amounted to Euro 18.7 million compared with Euro 17.1 million in the third quarter of the previous year. The EBITDA margin was 14.6% compared with 15.3% in 2013, mainly reflecting the gross margin performance, which reflected the unfavourable exchange rates movements, the promotional activities supporting the Spring/Summer collection, which was adversely affected by the unusually cold weather, and the higher delivery costs over net revenues due to the lower AOV. The gross margin performance was partly offset by the greater efficiency of sales and marketing investments. EBITDA came in at Euro 9.3 million, up by 16.9% compared with the Euro 7.9 million achieved in the third quarter of The EBITDA margin was 7.2%, an improvement on the 7.1% of the same period in the previous year, primarily thanks to the greater efficiency of sales and marketing investments, the operating leverage on general and administrative expenses and lower non-cash costs relating to incentive plans. Consolidated net income came in at Euro 2.0 million, up 52.7% on the Euro 1.3 million in the third quarter of This increase reflects an improved result from investment in associates and financial income relating to exchange rate gains, which more than offset the higher tax burden as a percentage of sales. SIGNIFICANT EVENTS AFTER 30 SEPTEMBER 2014 Mono-brand online stores On 4 November 2014, Jeanne Lanvin S.A. and YOOX S.p.A. finalised a 5-year partnership for the set-up and management of the Lanvin online store in Europe, the United States and in the main countries of the Asia- Pacific region. The new global release of valentino.com, whose graphic concept has been developed by YOOX's creative web agency in collaboration with Valentino, has been launched today. The new valentino.com combines experience and e-commerce within a single integrated website, which at launch was also localised into the local language and payment systems in China, to improve Chinese customers' shopping experience. The dedicated online store for the REDValentino brand was activated at the same time. The number of the Mono-brand online stores managed by the Group has thus now reached 37. 6

7 Exercise of stock options In the third quarter of 2014, a total of 800,228 ordinary shares were issued following the exercise of a total of 15,389 options relating to existing Stock Option Plans. After 30 September 2014, a total of 104,312 ordinary shares were issued following the exercise of 2,006 options relating to existing Stock Option Plans. As a result of the above, the new share capital issued by YOOX S.p.A. at today s date is equal to Euro 597, divided into 59,704,840 ordinary shares with no indication of nominal value. BUSINESS OUTLOOK In light of the proven effectiveness of the YOOX business model worldwide, the results achieved in the first nine months of the year and the quality of the commercial, marketing and technological initiatives that have been carefully planned for the all-important Christmas campaign, it is reasonable to expect that YOOX Group will continue to see growth in sales and profits in Both business lines and all the Group s key markets are expected to positively contribute to this growth. In particular, the last months of 2014 could benefit from an overall improvement in all of the most important currencies against the Euro, with the exception of the Rouble; the Mono-brand business line could count on a substantially similar business perimeter as in the same months of 2013, while the Multi-brand business line could benefit from all the initiatives planned ahead of the Christmas season. Investments in innovation and consolidation of YOOX s global techno-logistics platform will continue: in particular, the Group plans to further strengthen its mobile offer and proceed with the roll-out of cross-channel features for an increasing number of mono-brand partners, allowing them to provide their customers with a fully integrated and seamless experience between their physical stores and the virtual ones Powered by YOOX Group. Lastly, internal initiatives to improve efficiency and ensure tight cost control will continue. *** Pursuant to Article 154-bis, paragraph 2 of the Italian Consolidated Law on Finance, Francesco Guidotti, the Director responsible for preparing the financial statements, certifies that the accounting information contained in this press release corresponds to documentary records and to accounting books and ledger entries. *** 7

8 CONFERENCE CALL A conference call will take place today, Wednesday 5 November 2014, at 17:45 (CET), during which the YOOX Group s management will present the results for the first nine months of If you wish to take part in the conference call, please call one of the following numbers: from Italy: from the UK: from the US (toll-free number): from the US (local number): The presentation may be downloaded before the start of the conference call from the Investor Relations section of the YOOX Group website at A recording of the conference call will be available from Wednesday 5 November 2014, after the call, until Wednesday 19 November 2014 on the following numbers: from Italy: from the UK: from the US (local number): Access code: 851# YOOX Group analyst/investor contacts YOOX Group media contacts Silvia Scagnelli Corporate Development & Financial Communications Director T investor.relations@yoox.com Image Building Simona Raffaelli, Emanuela Borromeo T yoox@imagebuilding.it YOOX Group YOOX Group is the global Internet retailing partner for leading fashion & design brands. It has established itself amongst the market leaders with the multi-brand online stores yoox.com, thecorner.com and shoescribe.com, as well as with numerous monobrand online stores, all of which are "Powered by YOOX Group." The Group is also a partner of Kering, with which it has created a joint venture dedicated to the management of the mono-brand online stores of several of the Kering Group's luxury brands. The Group has offices and operations in Europe, the United States, Japan, China and Hong Kong and delivers to more than 100 countries worldwide. Listed on the Milan stock exchange, the Group posted consolidated net revenues of Euro 456 million in For further information: 8

9 ANNEX 1 - YOOX GROUP RECLASSIFIED CONSOLIDATED INCOME STATEMENT million 3Q Q 2013 Change 9M M 2013 Change Consolidated net revenues % % Cost of goods sold (85.1) (72.5) 17.4% (236.9) (203.3) 16.5% Gross Profit % % % of consolidated net revenues 33.7% 35.2% 35.3% 36.3% Fulfillment costs (11.4) (9.4) 20.8% (33.4) (29.1) 14.7% Sales and marketing costs (13.1) (12.8) 2.2% (39.1) (36.3) 7.7% EBITDA Pre Corporate Costs % % % of consolidated net revenues 14.6% 15.3% 15.5% 15.8% General & administrative expenses (9.1) (8.5) 7.2% (27.9) (26.5) 5.0% Other income and expenses (0.4) (0.7) -48.6% (1.9) (2.5) -22.9% EBITDA % % % of consolidated net revenues 7.2% 7.1% 7.4% 6.7% Depreciation and amortisation (6.2) (4.7) 33.7% (17.9) (13.5) 32.7% Non-recurring items Operating profit % % % of consolidated net revenues 2.4% 2.9% 2.5% 2.5% Income/Loss from investment in associates (0.1) (0.2) -51.4% (0.6) (0.8) -21.8% Financial income >100% >100% Financial expenses (1.4) (1.2) 16.8% (3.0) (2.6) 12.3% Profit before tax % % % of consolidated net revenues 2.6% 1.9% 2.1% 1.8% Taxes (1.3) (0.8) 63.6% (3.2) (2.1) 54.9% Consolidated net income % % % of consolidated net revenues 1.6% 1.2% 1.2% 1.1% EBITDA Excluding Incentive Plan Costs % % % of consolidated net revenues 7.3% 7.9% 7.7% 7.9% Net Income Excluding Incentive Plan Costs % % % of consolidated net revenues 1.6% 1.8% 1.4% 2.0% 9 Gross profit is earnings before fulfillment costs, sales and marketing costs, general and administrative expenses, other operating income and expenses, depreciation and amortisation, non-recurring expenses, income/loss from investment in associates, financial income and expenses and income taxes. Since gross profit is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard, and the measurement criterion adopted by the Group might not be consistent with that adopted by other groups. Accordingly, the resulting figures may not be comparable. 10 EBITDA Pre Corporate Costs (or Operating Profit by business line) is defined as earnings before general and administrative expenses, other income and expenses, depreciation and amortisation, non-recurring expenses, income/loss from investment in associates, financial income and expenses and income taxes. Since EBITDA Pre Corporate Costs is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard, and the measurement criterion adopted by the Group might not be consistent with that used by other groups. Accordingly, the resulting figures may not be comparable. EBITDA Pre Corporate Costs corresponds to the operating profit by business line reported in the Group's Consolidated Interim Financial Statements. 11 EBITDA is earnings before depreciation and amortisation, non-recurring expenses, income/loss from investment in associates, financial income and expenses and income taxes. Since EBITDA is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union, its calculation might not be standard. Group management uses EBITDA to monitor and measure the Group s performance. The management believes that EBITDA is an important indicator of operating performance in that it is not affected by the various criteria used to calculate taxes, the amount and characteristics of invested capital and the related amortisation and depreciation methods. The criterion used by the Group to calculate EBITDA might not be consistent with that adopted by other groups. Accordingly, the resulting figures may not be comparable between groups. 12 EBITDA Excluding Incentive Plan Costs is defined as EBITDA before the costs associated with Stock Option Plans and Company Incentive Plans, as described in the Group's Consolidated Interim Financial Statements. 13 Net income Excluding Incentive Plans Costs is defined as the consolidated Net income of the period before the non-cash costs associated with Stock Option Plans and Company Incentive Plans and their related tax effects. 9

10 ANNEX 2 - YOOX GROUP RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION million 30 September December 2013 Change Net working capital % Non-current assets % Non-current liabilities (excluding financial liabilities) (0.2) (0.4) -49.9% Net invested capital % Shareholders' equity % Net debt / (net financial position) 16 (3.1) (20.5) -84.7% Total sources of financing % ANNEX 3 - YOOX GROUP RECLASSIFIED CONSOLIDATED STATEMENT OF CASH FLOWS million 30 September September 2013 Change Cash flow from (used in) operating activities % Cash flow from (used in) investing activities (28.4) (29.8) -4.6% Sub-Total (27.8) (14.1) 97.9% Cash flow from (used in) financing activities (0.2) 3.2 <100% Total Cash Flow for the period (28.0) (10.8) >100% 14 Net working capital is current assets, net of current liabilities, with the exception of cash and cash equivalents, bank loans and borrowings and other financial payables falling due within one year and financial assets and liabilities included under other current assets and liabilities. Net working capital is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups. 15 Net invested capital is the sum of net working capital, non-current assets and non-current liabilities net of non-current financial liabilities. Net invested capital is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups. 16 Net debt (or net financial position) is the sum of cash and cash equivalents, other current financial assets, net of bank loans and borrowings and other financial payables falling due within one year, other current financial liabilities and non-current financial liabilities. Net debt (or net financial position) is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups. Other current financial assets are not governed in detail in CESR's definition of net debt (or net financial position): the Group considers it appropriate to supplement this definition by including receivables from acquirers and logistics operators that have been requested to collect cash on delivery under other current financial assets. 10