2011 Half-year report - Tod's

Group
2011 IAS/IFRS Half Year Report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
TABLE OF CONTENTS
Company’s data ................................................................................................... 1
Corporate Governance bodies .................................................................................. 2
TOD’S Group ....................................................................................................... 3
Group’s organizational chart .................................................................................... 4
Distribution network as of June 30 th 2011 ................................................................... 5
Key consolidated financial figures ............................................................................. 6
Highlights of results .............................................................................................. 8
Interim Report ........................................................................................................ 9
Group’s activity ......................................................................................................... 10
Group’s brands .......................................................................................................... 10
Organizational structure of the Group ....................................................................... 11
Foreign currency markets .......................................................................................... 11
Main events and operations during the perio d .......................................................... 12
The Group’s results in HY 2011 .................................................................................. 13
Significant events occurring after the end of the period ........................................... 20
Business Outlook ....................................................................................................... 20
Supplementary notes ..............................................................................................21
1. General notes ............................................................................................. 22
2. Accounting policies ..................................................................................... 22
3. Seasonal or ciclical nature of interim transactions ......................................... 24
4. Alternative indicators of performances ......................................................... 24
5. Scope of consolidation ................................................................................ 25
6. Segment reporting ...................................................................................... 26
7. Earnings per share ...................................................................................... 28
8. Dividends ................................................................................................... 29
9. Intangible and tangible fixed assets .............................................................. 29
10. Hedging of financial risks (IFRS 7) ................................................................. 29
11. Transactions with related parties ................................................................. 30
Half-year Condensed Financial Statements ................................................................33
Consolidated Profit & Loss ......................................................................................... 34
Consolidated comprehensive income ......................................................................... 35
Consolidated Statements of Financial Position .......................................................... 36
Consolidated Statements of Cash Flows ..................................................................... 38
Attestation of the Half-Year condensed financial statements of TOD’S Group pursuant
article 154 bis of D.LGS. 58/98 and of article 81 -ter of Consob Regulation n. 11971 of May
14 th 1999 and further modifications and integrations. ................................................40
Table of contents

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Company’s data
Registered office
TOD’S S.p.A.
Via Filippo Della Valle, 1
63811 Sant'Elpidio a Mare (Fermo) - Italy
Tel. +39 0734 8661
Legal data Parent company
Share capital resolved euro 61,218,802
Share capital subscribed and paid euro 61,218,802
Fiscal Code and registration number on Company Register of Court of Fermo: 01113570442
Registered with the Chamber of Commerce of Fermo under n. 114030 R.E.A.
Offices e Show rooms Dusseldorf – Kaistrasse, 2
Hong Kong - Three Pacific Place, 1 Queen’s Road East
London - Old Bond Street, 16
Milan - Corso Venezia, 30
Milan - Via Savona, 56
Milan - Via Serbelloni 1-4
Milan - Via della Spiga, 22
Milan - Via Montenero, 63
New York - 450, West 15 th Street
Paris - Rue Royale, 20
Seoul - 89-10, Cheongdam-dong, Kangnam-ku
Shanghai - 1366 Nanjing West Road, Plaza 66 Tower 2
Tokyo - Omotesando Building, 5-1-5 Jingumae
Production facilities Comunanza (AP) - Via Merloni, 7
Comunanza (AP) - Via S.Maria, 2-4-6
Sant'Elpidio a Mare (FM) - Via Filippo Della Valle, 1
Bagno a Ripoli, Loc. Vallina (FI) - Via del Roseto, 60
Bagno a Ripoli, Loc. Vallina (FI) - Via del Roseto, 50
Tolentino (MC) - Via Sacharov 41/43
1 Company’s data

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Corporate Governance bodies
Board of directors ( 1) Diego Della Valle Chairman
Andrea Della Valle
Vice- Chairman
Luigi Abete
Maurizio Boscarato
Luigi Cambri
Luca Cordero di Montezemolo
Emanuele Della Valle
Fabrizio Della Valle
Emilio Macellari
Pierfrancesco Saviotti
Stefano Sincini
Vito Varvaro
Executive Committee Diego Della Valle Chairman
Andrea Della Valle
Fabrizio Della Valle
Emilio Macellari
Stefano Sincini
Vito Varvaro
Compensation Luigi Abete Chairman
Committee
Luigi Cambri
Pierfrancesco Saviotti
Internal Control and Maurizio Boscarato Chairman
Corporate Governance
Luigi Cambri
Committee
Pierfrancesco Saviotti
Independent Directors Luigi Abete Chairman
Committee
Luigi Cambri
Pierfrancesco Saviotti
Board of statutory ( 2) Enrico Colombo Chairman
Auditors Fabrizio Redaelli Acting stat. auditor
Gian Mario Perugini
Acting stat. auditor
Gilfredo Gaetani
Substitute auditor
Massimo Foschi
Substitute auditor
Independent Auditors ( 3)
Manager charged with preparing
a company’s financial report
Deloitte & Touche S.p.A.
Rodolfo Ubaldi
( 1 )
Term of the office: 2009 -2011 (resolution of the Shareholders’ meeting as of April 20 th , 2009)
( 2 )
Term of the office: 2010 -2012 (resolution of the Shareholders’ meeting as of A pril 22 nd , 2010)
( 3 )
Term of the office: 2006 -2011 (resolution of the Share holders’ meeting as of April 28 th , 2006)
2 Corporate Governance bodies

TOD’S Group
2011 Half Year Financial Report
06.30.2011
TOD’S Group
TOD’S S.p.A.
Parent Company, owner of
TOD’S, HOGAN and FAY brands
and licensee of ROGER VIVIER
brand.
Del.Com. S.r.l.
Subholding for operation of national
subsidiaries and DOS in Italy.
TOD’S International B.V.
Subholding for operation of
international subsidiaries and DOS in
The Netherlands.
An.Del. Usa Inc.
Subholding for operation of
subsidiaries in the United States.
Del.Pav S.r.l.
Company that operates DOS in Italy.
Filangieri 29 S.r.l.
Company that operates DOS in Italy.
Gen.del. SA
Company that operates DOS in
Switzerland.
TOD’S Belgique S.p.r.l.
Company that operates DOS in
Belgium.
TOD’S Deutschland Gmbh
Company that distributes and
promotes products in Germany and
manages DOS in Germany.
TOD’S Espana SL
Company that operates DOS in
Spain.
TOD’S France Sas
Company that distributes and
promotes products in France and
manages DOS in France.
TOD’S Luxembourg S.A.
Company that operates DOS in
Luxembourg.
TOD’S Hong Kong Ltd
Company that distributes and
promotes products in Far East and
South Pacific and manages DOS in
Hong Kong.
TOD’S Japan KK
Company that operates DOS in
Japan.
TOD’S Korea Inc.
Company that promotes products in
Korea.
TOD’S Macao Ltd
Company that operates DOS in
Macao.
TOD’S Retail India Private Ltd
Company that operates DOS in India.
TOD’S Saint Barth Sas
Not operating company .
TOD’S (Shanghai) Trading Co. Ltd
Company that operates DOS in China.
TOD’S Singapore Pte Ltd
Company that operates DOS in
Singapore.
TOD’S UK Ltd
Company that operates DOS in Great
Britain.
Webcover Ltd
Company that distributes and
promotes products in Great Britain
and manages DOS in Great Britain.
Cal.Del. Usa Inc.
Company that operates DOS in
California (USA).
Colo. Del. Usa Inc.
Not operating company .
Deva Inc.
Company that distributes and
promotes products in North America,
and manages of DOS in New Jersey
(USA).
Flor. Del. Usa Inc.
Company that operates DOS in Florida
(USA).
Hono. Del. Inc.
Company that operates DOS in Hawa ii
(USA).
Il. Del. Usa Inc.
Company that operates DOS in Illinois
(USA).
Neva. Del. Inc.
Company that operates DOS in Nevada
(USA).
Or. Del. Usa Inc.
Company that operates DOS in
California (USA).
TOD’S Tex. Del. Usa Inc.
Company that operates DOS in Texas
(USA).
Sandel SA
Not operating company .
Un.Del. Kft
Production company.
Alban.Del Sh.p.k.
Production company.
Holpaf B.V.
Real estate company .
Re.Se.Del. S.r.l.
Company for services.
3 TOD’S Group

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Group’s organizational chart
TOD’S S.p.A.
100%
Gen.Del. SA
Zurich – Switzerland
S.C. Chf 200,000
TOD’S International BV
Amsterdam – The Netherlands
S.C. - Euro 2,600,200
100% 100%
ALBAN.DEL Sh.p.k
Tirana – Albania
S.C. – Euro 720,000
1% 99%
TOD’S (Shanghai) Trading Co. Ltd
Shanghai- China
S.C. Usd 6,000,000
10%
1%
TOD’S Hong Kong Ltd
Hong Kong
S.C. - Usd 16,550,000
100% 50% 1%
50%
TOD’S Belgique S.p.r.l.
Bruxelles - Belgium
S.C. - Euro 300,000
TOD’S Japan KK
Tokio - Japan
S.C. - Jpy 100,000,000
TOD’S Saint Barth Sas
Saint Barthélemy
S.C. - Euro 500,000
Un.Del Kft
Tata - Hungary
S.C. - Huf 42,900,000
TOD’S Macao Lda
Macao
S.C. Mop 20,000,000
TOD’S India Retail Private Ltd
Mumbai – India
S.C. Inr 193,900,000
100%
100%
100%
90%
99%
100%
100%
100%
100%
50%
100%
Webcover Ltd
London – Great Britain
S.C. - Gbp 1,000
TOD’S UK Ltd
London – Great Britain
S.C. - Gbp 350,000
TOD’S Espana SL
Madrid – Spain
S.C. - Euro 468,539.77
TOD’S Korea Inc
Seoul - Korea
S.C. Won 1,600,000,000
TOD’S Singapore Ltd
Singapore
S.C. - Sgd 300,000
TOD’S Luxembourg S.A.
Luxembourg
S.C. Euro 31,000.00
Sandel SA
San Marino
S.C. - Euro 258,000
100%
An.Del. USA Inc.
New York U.S.A.
S.C. - Usd 3,700,000
Cal.Del. USA Inc.
Beverly Hills, Ca U.S.A.
S.C. - Usd 10,000
Deva Inc.
Wilmington, DE U.S.A.
S.C. - Usd 500,000
Hono.Del. Inc.
Honolulu, Hi U.S.A.
S.C. - Usd 10,000
Neva.Del. Inc.
Carson City, Nv U.S.A.
S.C. - Usd 10,000
TOD’S Tex. Del. Inc.
Dallas, Tx U.S.A
S.C. - Usd 10,000
100% 100%
100% 100%
100% 100%
100% 100%
100%
Colo.Del. USA Inc
Denver, Co U.S.A.
S.C. - Usd 10,000
Flor.Del. USA Inc.
Tallahassee, Fl U.S.A.
S.C. - Usd 10,000
Il.Del. USA Inc.
Springfield, Il U.S.A.
S.C. - Usd 10,000
Or.Del. USA Inc.
Sacramento, Ca U.S.A.
S.C. - Usd 10,000
100%
Del.Com S.r.l.
S.Elpidio a Mare - Italy
S.C. - Euro 31,200
Del.Pav. S.r.l.
S.Elpidio a Mare - Italy
S.C. - Euro 50,000
50%
100%
Re.Se.Del. S.r.l.
S.Elpidio a Mare - Italy
S.C. - Euro 25,000
100%
TOD’S France Sas
Paris - France
S.C. - Euro 780,000
50%
Filangieri 29 S.r.l.
S.Epidio a Mare- Italy
S.C. - Euro 100,000
100%
TOD’S Deutschland Gmbh
Dusseldorf - Germany
S.C. - Euro 153,387.56
100%
Holpaf B.V.
Amsterdam – The Netherlands
S.C. - Euro 5,000,000
4 TOD’S Group

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Distribution network as of June 30 th 2011
(D)=DOS
(D)=DOS
USA USA (D) (D) (F) (F)
U.S.A.
U.S.A. 14
14
Total 14
RoW RoW (D) (D) (F) (F)
Saudi Arabia 2 2
Bahrain Baharain 2 2
U.A.E. United Arab E. 5 5
Kuwait 2 2
Lebanon 2 2
Qatar 1 1
Total 14 14
(F)=FRANCHISING
(F)=FRANCHISED STORES
Europe (D) (F)
Italy 41 5
Belgium 1
France 11
Germany 9
Great Britain 5
Greece 5
Luxembourg 1
Netherlands 1
Portugal 1
Russia 2
Spain 2 1
Switzerland 3
Turkey 1
Total 74 15
Asia (D) (F)
Asia Japan (D) 27 (F) 1
Japan China 27 24 41
China Korea 208 74
Korea Philippines 9 27
Philippines Hong Kong 9 12
Hong India Kong 82
1
India Indonesia 2 3
Indonesia
Macau 1 1
3
Macao
Malaysia
1
3
1
Malaysia
Singapore 2 1
2
Singapore Taiwan 15
Taiwan 14
Thailand 2
Thailandia 3
U.S.A. 1
U.S.A. Total 73 41
Total 69 40
To
Ro
Sa
Ba
U.
Ku
Le
Qa
To
As
Ja
Ch
Ko
DOS, 2011 new openings
Franchised stores, 2011 new openings
Far East
Far East
Nanning (China) Taipei (Taiwan)
Zhengzhou (China) Kuala Lumpur (Malaysia)
Hong Kong
(China)
Tianjin
(China)
Europe
Madrid
Milan
(Spain)
(Italy)
For a complete list of retail outlets ope rated by the DOS and franchising network, reference should be made
to the corporate web site: www.todsgroup.com
5 Distribution network

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Key consolidated financial figures
H1 11 Revenues - % by brand
P&L key figures (Euro mn)
HOGAN
33.8%
FAY
8.1%
Roger
Vivier
3.5%
Altro
0,1%
H1 2011 H1 2010 H1 2009 H1 2008
Revenues 439.5 377.5 359.0 347.0
EBITDA 115.6 26.3% 90.7 24.0% 78.9 22.0% 76.1 21.9%
EBIT 96.4 21.9% 74.3 19.7% 63.2 17.6% 61.5 17.7%
TOD'S
54.5%
PRE-TAX 96.9 22.0% 77.0 20.4% 62.5 17.4% 60.3 17.4%
Net income 66.1 15.0% 52.4 13.9% 43.1 12.0% 39.9 11.5%
H1 11 Revenues - % by region
Europe
20.8%
Italy
51.4%
North
Am.
6.7%
RoW
21.1%
Key Balance Sheet figures (Euro mn)
06.30.11 12.31.10 06.30.10
Net working capital (*) 209.8 298.7 193.4
Net fixed capital 375.4 363.2 301.6
Shareholder's equity 617.5 618.4 667.0
Net financial position 88.7 96.5 200.3
Capital expenditures 37.7 96.1 16.1
(*)
Trade receivables + inventories – trade payables
H1 11 Revenues - % by product
Leather
goods
16.5% Appar.
9.3%
Altro
0.1%
Financial key figures (Euro mn)
06.30.11 12.31.10 06.30.10
Self-financing 83.7 144.8 61.7
Cash flow from operation 70.2 169.0 89.6
Free cash flow (12.8) (44.7) 22.3
Shoes
74.1%
6 Key financial figures

Euro
TOD’S Group
2011 Half Year Financial Report
06.30.2011
2011 Group employees
BLC
33%
EX
1%
The Group employees
06.30.11 12.31.10 06.30.10 06.30.09
Year to date 3,416 3,194 3,102 2,820
WHC
66%
EX = executives
WHC = white collar employees
BLC = blue collar employees
Main Stock Market indicators (Euro) – TOD’S S.p.A.
S h a r e s ’ p r i c e
Official price at January 3 th 2011 74.71
Official price at June 30 th 2011 91.35
Minimum price (January-June) 70.33
Maximum price (January-June) 98.45
M a r k e t c a p i t a l i z a t i o n
At January 3 th 2011 2,286,925,381
At June 30 th 2011 2,796,199,391
D i v i d e n d p e r s h a r e
Extraordinary Dividend 2010 3.50
Year 2010 2.00
Year 2009 1.50
O r d i n a r y s h a r e s
Number of outstanding shares 30,609,401
Earning per share (euro)
Stock performance
2.14
100,00
1.69
1.39
1.29
95,00
90,00
85,00
80,00
75,00
70,00
HI 2011 HI 2010 HI 2009 H1 2008
65,00
January - June 2011
7 Key financial figures

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Highlights of results
Revenues: revenues totalled 439.5 million euros
during the period (the average change in foreign
exchange rates had a positive impact of 1.0
million euros), equivalent to growth of 16.4%
from H1 2010. Sales by the DOS network
totalled 227.0 million euros (+22.4%).
Sales revenues (Euro mn)
438,5 439,5
377,5
359,0
347,0
EBITDA: this grew by 27.5%, to 1 1 5 . 6 million
euros. At June 30 th 2011, it was equivalent to
26.3% of sales (H1 2010: 24.0%).
H1 11 comp.
ex. rates basis
114,2 115,6
H1 11 H1 10 H1 09 H1 08
EBITDA (Euro mn)
EBIT: this totalled 9 6 . 4 million euros, +29.8%
compared with H1 2010 (74.3 million euros).
When measured on a comparable exchange rate
basis, EBIT totalled 9 4 . 9 million euros
(+2 7 . 8 %).
H1 11 comp.
ex. rates basis
90,7
78,9 76,1
H1 11 H1 10 H1 09 H1 08
EBIT (Euro mn)
Net financial position (NFP): the Group had
157.0 million euros in liquid assets at June 30 th
2011. Its net financial position was 88.7 million
94,9 96,4
74,3
63,2 61,5
euros at the same date.
Capital expenditures: 37.7 million euros in
capital expenditures were made in H1 201 1, in
H1 2010 amounted to 16.1 million euros.
H1 11 comp.
ex. rates basis
H1 11 H1 10 H1 09 H1 08
NFP (Euro mn)
Distribution network: at June 30 th
the single
200,3
brand distribution network comprised 1 61 DOS
and 70 Franchised stores.
88,7
100,0
52,8
06.30.11 06.30.10 06.30.09 06.30.08
8 Highlights of results

Group
Interim Report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Group’s activity
TOD’S Group operates in the luxury sector under its proprietary brands (TOD’S, HOGAN, and FAY)
and licensed brands (ROGER VIVIER). It actively creates, produces and distributes shoes, leather
goods and accessories, and apparel. The firm’s mission is to offer global customers top-quality
products that satisfy their functional requirements and aspirations.
Development of production. Group’s production structure is based on complete control of the
production process, from creation of the collectio ns to production and then distribution of the
products. This approach is considered key to assuring the prestige of its brands.
Shoes and leather goods are produced in Group -owned plants, with partial outsourcing to
specialized workshops. All of these ou tsourcers are located in areas with a strong tradition of
shoe and leather good production. This preference reflects the fact that an extremely high
standard of professional quality is required to make these items, with a significantly high level of
added value contributed to the final product by manual work.
The Group relies exclusively on selected specialized outsourcers, which enables it to exploit their
respective specializations in crafting the individual products sold as part of the apparel line.
Distribution structure. The prestige of Group’s brands and the high degree of specialization
necessary to offer the respective products to customers entails distribution through a network of
similarly specialized stores. Accordingly, the Group relies pr incipally on three channels: DOS
(directly operated stores), franchised retail outlets, and a series of selected, independent
multibrand stores. Group’s strategy is focused on development of the DOS and franchising
networks, given that these channels offer greater control and more faithful transmission of the
individual brands. It is also clear that, in particular market situations, distribution through
independent multibrand stores is more efficient. This channel is of key importance to the Group.
Group’s brands
The Tod’s brand is known for shoes and luxury leather goods, with styles that
have became icons of modern living. Tod’s is known in the luxury goods sector as a symbol of the
perfect combination of tradition, quality and modernity. Each product is hand-crafted with
highly-skilled techniques, intended, after laborious reworking, to become an exclusive,
recognisable, modern and practical object. Some styles, like the Driving Shoe and the D bag, are
10 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
cherished by celebrities and ordinary people worldwide, and have become icons and forerunners
of a new concept of elegance, for both women and men .
Begun in the 80s with shoe collections for women, men and children, the
Hogan brand now also crafts various leather goods items. The Hogan brand is distinctive for high
quality, functionality and design. Every product stems from a highly skilled design technique and
is created using quality materials with a particular passion f or details and a search for perfection.
Hogan products are the highest expression of a “new luxury” lifestyle. Hogan is meant for
someone who cherishes the type of luxury associated with product excellence, innovative original
design and consummate practic ality. The Traditional and the Interactive shoe styles endure as
continuing “best sellers”.
FAY is a brand created in the mid 80s with a product range of high quality casual
wear. The brand is known for its quality craftsmanship, for the excellence of its materials, a
meticulous attention to craft details and its high functionality without sacrificing style and
quality. FAY products are wearable everywhere: from the stadium to the office, in urban areas
and in the countryside. The line, which has seasonal men’s, women’s and junior’s collect ions,
focuses on classic evergreen styles, continuously modified and refreshed with innovative and
recognisably eye-catching design.
Organizational structure of the Group
Group’s organisational configuration rotates around TOD’S S.p.A. that is at the heart of Group’s
organisation, its parent company that owns TOD’S,HOGAN and FAY brands, holds the licenses to the
ROGER VIVIER, and manages Group’s production and distribution. Through a series of sub-holdings,
the organisation is rounded out by a series of commercial companies that are delegated complete
responsibility for retail distribution through the DOS network. Certain of them, strategically located
on international markets, are assigned major roles in product distribution, marketing and promotion,
and public relations processes along the “value chain”, while simultaneously guaranteeing the
uniform image that Group brands must have worldwide.
Foreign currency markets
Comparative analysis of the average exchange rates for the euro against other major currencies
between January and June 2011 and the first half of 2010 reveals a general increase in the value of
11 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
the euro with respect to the U.S. dollar and currencies that are linked to it, and a decrease with
respect to the other currencies, among which Swiss Franc, Japanese Yen and Singapore Dollar.
Change (%) on exchange
rate - major
extra/UE currencies
13.1%
4.8%
5.4%
0.2%
-1.4%
GBP CHF HKD SGD USD JPY RMB
-5.6%
-5.5%
Change vs H1 2010 average
Main events and operations during the period
The results realised during H1 2011 confirm broadly the same growth rates of revenue and
operating margin as the ones already performed in the 1 st quarter 2011. Sales, mainly driven by
the acceleration of TOD’S brand, show the appeal of Group’s trademarks in all the markets,
particularly important in international ones, driven by outstanding results of Greater China
(China, Hong Kong, Macao and T aiwan). Strong acceleration of revenue has been performed also
in the US market, where an inversion of the trend has been confirmed in respect of last period s.
Nonetheless, the first half of the year was characterised by two major initiatives taken by the
Group to protect and promote Italian heritage . The first of these involves its full financial
support, as sole sponsor, for restoration of the Coliseum, based on the agreement reached
January 21 st 2011 with the Ministry of Cultural Affairs ( Ministero per i Beni e le Attività Culturali)
and the Supervisor for central Rome's archaeological area (Soprintendenza speciale per i beni
archeologici). The financial commitment assumed by the Group for this monument, a symbol of
Italian history and culture, totals 25 million euros. It will be disbursed in instalments over the
entire duration of restoration work. The Soprintendenza speciale per i beni archeologici di Roma
will be responsible for planning and executing the work . Following a favourable resolution by the
Shareholders’ Meeting on May 16 th 2011, Tod’s S.p.A. acquired the status of Permanent Founding
Member of Fondazione Teatro alla Scala in June. By donating 5.2 million euros to that
foundation, which will be payable in four years, Tod’s S.p.A. has confirmed its wish to assist La
Scala opera house, with its glorious reputation and excellent organisation, preserve its world
status as a shining example of “made in Italy”.
12 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
The Group’s results in HY 2011
The half-year results of the Group confirm the growth trend reported for the first three months
of FY 2011.
Supported by the excellent performance of the DOS network, especially in Asia and United States
(with aggregate DOS sales totalling 227 million euros in H1 2011, for growth of 22.4% from 2 010),
revenue during the period totalled 439.5 million euros. That was up 62 million euros from the
377.5 million euros reported in the same period of 2010, representing an increase of 16.4%. The
effect of changes in average exchange rates was negligible. On a like-for-like cross-rate basis,
revenues would have been 438.5 million euros, with a growth rate of 16.2%.
The product leverage effect on operating income was extremely positive, both on account of the
significant growth in revenue and its compositio n, which was concentrated in markets (Asia) and
merchandise categories (leather goods and accessories) having higher margins, while the organic
component was preponderant. Earnings consequently grew at strong rates. Compared with H1
2010, EBITDA and EBIT grew by 27.5% and 29.8%, respectively, to 115.6 million euros and 96.4
million euros, respectively. In H1 2011, EBITDA represented 26.3% of revenues, more than 230
basis points higher than the figure for the same period of 2010 (24%). EBIT was equal to 21.9 % of
sales, compared with 19.7% in 2010.
Net consolidated income turned in exactly the same performance. With a tax rate that was
substantially identical, net income for the period was 66.1 million euros (52.4 million euro s at
June 2010), up 26%, or 13.7 million euros.
(Euro 000’s)
FY 10 Main P&L indicators H1 2011 H1 2010 Change %
7 8 7 , 5 3 9 S a l e s r e v e n u e s 4 3 9 , 4 5 8 3 7 7 , 4 6 2 6 1 , 9 9 6 1 6 . 4
1 9 3 , 0 5 9 E B I T D A 1 1 5 , 6 1 6 9 0 , 6 9 3 2 4 , 9 2 3 2 7 . 5
( 3 3 , 1 1 5 ) D e p r. , a m o r t . , w r i t e - d o w n s ( 1 9 , 2 0 0 ) ( 1 6 , 4 2 5 ) ( 2 , 7 7 5 ) 1 6 . 9
1 5 9 , 9 4 4 E B I T 9 6 , 4 1 6 7 4 , 2 6 8 2 2 , 1 4 8 2 9 . 8
1 6 3 , 3 5 2 P r e - t a x p r o f i t 9 6 , 8 6 5 7 6 , 9 6 9 1 9 , 8 9 6 2 5 . 8
110,7 8 6 C o n s o l i d a t e d n e t i n c o m e 6 6 , 0 6 4 5 2 , 4 2 1 1 3 , 6 4 3 2 6 . 0
F o r e i g n e x c h a n g e i m p a c t o n r e v e n u e s ( 9 2 3 )
A d j u s t e d s a l e s r e v e n u e s 4 3 8 , 5 3 5 3 7 7 , 4 6 2 6 1 , 0 7 3 1 6 . 2
F o r. e x c h . i m p a c t o n o p e r a t i n g c o s t ( 5 1 2 )
A d j u s t e d E B I T D A 1 1 4 , 1 8 1 9 0 , 6 9 3 2 3 , 4 8 8 25.9
F o r. e x c h . i m p a c t o n d e p r e c . & a m o r t . ( 8 0 )
A d j u s t e d E B I T 9 4 , 9 0 1 7 4 , 2 6 8 2 0 , 6 3 3 2 7 . 8
E B I T D A % 2 6 . 3 2 4 . 0
E B I T % 2 1 . 9 1 9 . 7
A d j u s t e d E B I T D A % 2 6 . 0 2 4 . 0
A d j u s t e d E B I T % 2 1 . 6 1 9 . 7
Ta x r a t e % 3 1 . 8 3 1 . 9
13 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
(Euro 000’s)
06.30.10 Main Balance sheet indicators 06.30.11 12.31.10 Change
1 9 3 , 3 8 2 N e t w o r k i n g c a p i t a l ( *) 2 0 9 , 8 1 0 1 9 2 , 6 8 8 1 7 , 1 2 2
3 0 1 , 6 2 1 Non- c u r r e n t a s s e t s 3 7 5 , 4 1 1 3 6 3 , 1 8 6 1 2 , 2 2 5
( 2 8 , 3 0 0 ) O t h e r c u r r e n t a s s e t s / l i a b i l i t i e s ( 5 6 , 5 0 7 ) ( 3 3 , 9 2 8 ) ( 2 2 , 5 7 9 )
466,703 Invested Capital 528,714 521,946 6,768
2 0 0 , 2 9 9 N e t f i n a n c i a l p o s i t i o n 8 8 , 7 4 8 9 6 , 4 9 5 ( 7 , 7 4 7 )
667,002 Shareholder’s equity 617,462 618,441 (979)
1 6 , 1 1 2 C a p i t a l e x p e n d i t u r e s 3 7 , 6 7 7 9 6 , 0 6 7 ( 5 8 , 3 9 0 )
8 9 , 5 5 3 C a s h f l o w f r o m o p e r a t i o n 7 0 , 1 7 7 1 6 8 , 9 5 0 ( 9 8 , 7 7 3 )
2 2 , 3 2 3 F r e e c a s h f l o w ( 1 2 , 7 9 4 ) ( 4 4 , 7 0 8 ) 3 1 , 9 1 4
( * )
Trade receivables + inventories – trade payables
Revenues. Consolidated sales were 439.5 million euros in the first half of 2011, up 16.4% from H1
2010. All the distribution channels posted outstanding performances, in all the product categories
and the geographical regions.
In the first half of 2011, revenues to third parties totalled 212.5 million euros, with growth of
10.7% from H1 2010. The DOS network posted excellent results; in the first six months of 2011,
revenues through DOS globally amounted to 227 million euros, with growth of 22.4% from H1
2010 (+21.6% in Q1
2011, +22.9% in Q2
2011). As of June
30 th 2011, the
Group’s distribution
network
is
represented by 161
DOS and 70
franchised
stores,
compared to 151
DOS and 71
(Euro mn) H1 2011 % H1 2010 % Change %
DOS 227.0 51.6 185.5 49.1 41.5 22.4
Third parties (WS) 212.5 48.4 192.0 50.9 20.5 10.7
Total 439.5 100.0 377.5 100.0 62.0 16.4
Third
Third
parties
parties
(WS)
(WS)
48,4%
48.4%
DOS
DOS
51.6%
51,6%
450
400
400
350
350
300
300
250
250
200
200
150
150
100
50
0
Third WS parties
(WS)
DOS
Third WS parties
(WS)
DOS
H1 2011 H1 2010
franchised stores as of June 30th 2010. The organic growth was brilliant: the Same Store Sales
Growth (SSSG) rate, calculated as the worldwide average of sales growth rates reported by DOS
opened as of January 1st, 2010 , was 17.2% for the first 31 weeks of the year (from January 1st to
July 31st, 2011), showing an acceleration versus the first months of the year, despite a more
challenging comparison basis.
The Tod’s brand achieved excellent results, showing an acceleration of its growth (+19.3% in Q1
2011, +25.6% in Q2 2011), driven by the outstanding results of the DOS network, in all the product
categories and the geographical regions. In the first half of 2011, the brand’s sales totalled 239.7
14 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
million euros, up 22.3% from H1 2010. Revenues of the Hogan brand were 148.3 million euros, with
growth of 7.9% from H1 2010, driven by the organic growth in It aly. The brand is currently focused
on its expansion abroad, with emphasis on the Asian markets, where some stores are scheduled to
be opened in the next few months.
The Fay brand
totalled 35.4 million
euros of sales, with
growth of 3.3% from
H1 2010, driven by
the Italian market, as
well. Finally, the
Roger Vivier brand’s
revenues were 15.6
million euros in H1
2011, up 64.3% from
H1 2010. This growth
rate is considerable,
(Euro mn) H1 2011 % H1 2010 % Change %
TOD'S 239.7 54.5 195.9 51.9 43.8 22.3
HOGAN 148.3 33.8 137.5 36.4 10.8 7.9
FAY 35.4 8.1 34.3 9.1 1.1 3.3
RV 15.6 3.5 9.5 2.5 6.1 64.3
Other 0.5 0.1 0.3 0.1 0.2 n.s.
Total 439.5 100.0 377.5 100.0 62.0 16.4
RV
RV
3,5%
2,5%
FAY
FAY
8,1%
8,.%
HOGAN
33.8% 33,7%
TOD'S
54,5%
TOD'S
54.5%
450
400
400
350
350
300
300
250
250
200
200
150 150
100
50
0
RV
FAY
HOGAN
HOGAN
TOD'S
RV
FAY
RV
FAY
HOGAN
HOGAN
TOD'S
H1 2011 H1 2010
despite we continue to remind that this brand is still consolidating its positio ning among the most
exclusive luxury brands worldwide.
The Group confirms its leadership in the core business of shoes, thanks to the outstanding
performances of the Tod’s and Hogan brand. This product category totalled 325.5 million euros
of revenues in H1
2011, up 15.3% from
H1 2010. Sales from
leather goods and
accessories posted a
significant acceleration
of their performance
(+21.6% in Q1 2011,
+29.7% in Q2 2011),
driven by the
outstanding results of
(Euro mn) H1 2011 % H1 2010 % Change %
Shoes 325.5 74.1 282.4 74.8 43.1 15.3
Leather goods 72.7 16.5 57.8 15.3 14.9 25.7
Appareal 41.0 9.3 37.0 9.8 4.0 10.7
Other 0.3 0.1 0.3 0.1 0.0 n.s.
Total 439.5 100.0 377.5 100.0 62.0 16.4
Other
0,1%
Leather
goods
16,5% 15.3%
Appar.
Appar.
9.8%
9,3%
Shoes
74.8%
Shoes
74,1%
450
400
400
350
350
300
300
250
250
200
200
150
100
50
0
Leather
Appar.
Leather goods
goods
Shoes
Apparel
Leather Appar.
Leather
goods
goods
Shoes
H1 2011 H1 2010
the Tod’s brand in the whole collection of handbags and accessories. The Group’s revenues of this
product category totalled 72.7 million euros in H1 2011, up 25.7% from H1 2010. Finally, sales from
apparel totalled 41 million euros in H1 2011, with growth of 10.7% from H1 2010.
All the regions, where the Group operates, posted double -digit growth rates. The Group confirmed
its leadership in Italy, with all its brands. In H1 2011 sales on the domestic market totalled 226.1
15 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
million euros (up
+11% from H1 2010).
Sales in the rest of
Europe totalled 91.2
million euros in H1
2011, with growth of
13.5% from H1 2010.
Strong
acceleration
of the US market
(+5.3% in Q1 2011,
+23.5% in Q2 2011),
driven by the
(Euro mn) H1 2011 % H1 2010 % Change %
Italy 226.1 51.4 203.7 54.0 22.4 11.0
Europe 91.2 20.8 80.3 21.3 10.9 13.5
North America 29.3 6.7 25.5 6.7 3.8 15.2
RoW 92.9 21.1 68.0 18.0 24.9 36.6
Total 439.5 100.0 377.5 100.0 62.0 16.4
North
Nord Am. Am.
6,8% 6.7%
Europe Europe
21.3% 20.8%
RoW
21.1% RoW
21.1%
Italy
54.0% Italy
51.4%
400 450
350 400
300 350
300
250
250
200
200
150
150
100
50
0
RoW
RoW
North. Am.
North Am.
Europe
Europe
Italy
Italy
RoW
North. RoWAm.
North Am.
Europe
Europe
Italy
H1 2011 H1 2010
excellent results of the DOS channel. In H1 2011, the Group’s sales in the US totalled 29.3 million
euros (up 15.2% from H1 2010; +18% at constant exchange rates) . Finally, revenues for the area
“Rest of World” totalled 92.9 million euros in H1 2011, with growth of 36.6% from H1 2010. The
acceleration of the Asian performance was driven by the excelle nt results of mainland China, and
Hong Kong. Japanese revenues grew in H1 2011, despite the tragic events which hit the country,
mainly due to the more favourable currency exchange rate .
O p e r a t i n g r e s u l t s . EBITDA in H1 2011 totalled 115.6 million euros, up 24.9 million euros from
the amount reported in H1 2010, when it was 90.7 million euros. Gross operating profit was thus
equivalent to 26.3% of consolidated revenue (H1 2010: 24%).
The change on a comparable exchange rate basis was negligible. In this case, EBITDA would be
about 114.2 million euros, and would represent about 26% of sales. In absolute terms, growth
would amount to 23.5 million euros.
16 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
As previously mentioned, the positive effects on
operating results were generated by a
composition of sales where higher margin
components made a greater contribution
(geographical areas and product categories),
which were only partially absorbed by the
structural growth in overhead costs, tied to
development of business volumes. Lease and rental
expenses (leases of locations and royalties for use
of licenses) totalled 30.4 million euros at June
30 th 2011, up 2.2 million euros from 2010. They
represented 7.5% of revenue at June 30 th 2010
and 6.9% at June 30 th 2011.
EBITDA (Euro mn)
114,2 115,6
H1 2011 comparable
exch. rate basis
90,7
H1 2011 H1 2010
The cost for Group employee remuneration totalled 63.1 million euros, compared with 57.8
million euros in the first six m onths of the previous year. The change is mainly connected with
the increase in headcount, with a total of 3,416 employees at June 30 th 2011, or 222 and 314
persons more than at December 31 st and June 30 th 2010, respectively. The increase in employees
stems mainly from reinforcement of the Group production organisation, as well as opening of new
boutiques during the first half. At June 30 th
revenue, as compared with 15.3% in the first six months of 2010.
2011, employee costs equalled 14.4% of Group
Amortisation and depreciation expenses grew,
from 15.8 million euros in H1 2010, to 18.4 million
euros in H1 2011, while their ratio to revenue
remained constant at 4.2%. Net of additional
operating provisions of 0.8 million euros, EBIT in
H1 2011 totalled 96.4 million euros (74.3 million
euros in H1 2010) and was equal to 21.9% of
Group sales, up significantly from 19.7% in H1
2010).
On a comparable exchange rate basis, EBIT would
have been 94.9 million euros, and would be equal
to 21.6% of revenues.
EBIT (Euro mn)
94,9 96,4
H1 2011 comparable
exch. rate basis
74,3
H1 2011 H1 2010
17 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Net financial income for the period was slightly above th e break-even point, at a positive 0.4
million. Consolidated net income in H1 2011 was 66.1 million euros, representing growth of
26.0% from the figure for the same period of the previous year (first six months of 2010: 52.4
million euros). At June 30 th 2011, net income was equal to 15.0% of revenue, compared with
13.9% in H1 2010. Net income shows the result after income taxes accrued for the period
(including the effects of deferred taxes) totalling 30.8 million euros, for a tax rate of 31.8%
(31.9% in H1 2010).
Capital expenditures. Capital expenditure in H1 2011 totalled 37.7 million euros. This increase
includes about 20.0 million euros to reflect the intangible asset in relation to the agreement
signed for financing of restoration work on the Coliseum. Net of this asset, the outlay for
operating capital expenditure totalled 17.7 million euros, compared with 16.1 million euros in
the same period of 2010.
Tangible & intangible assets -
Capital expenditures
(Euro mn)
96.1
37.7
40.8
16.1
21.3
H1 2011 H1 2010 FY 2010 FY 2009 FY 2008
The capital expenditure during the period by the DOS network totalled about 8.6 million euros.
This amount was used primarily to expand the
DOS network in mainland China, with four new
store openings in H1 2011, as well as the
fitting out of two new TOD’S brand store
corners in Milan and Madrid. TOD’S retail
outlet space in Madrid was expanded and
TOD’S boutique in Düsseldorf was renovated
during the same period.
INVESTMENTS BY ALLOCATION
Other
65%
Prod.
12%
DOS
23%
18 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Net financial position (NFP). At June 30 th
2011, net financial position was positive and equal to
88.7 million euros (200.3 million euros at June 30 th 2010), including liquid assets (cash and bank
deposits) for 157.0 million euros, and liabilities for 68.3 million euros, of which 37.8 million
euros for long-term exposures.
Net Financial position (Euro 000’s)
06.30.10 06.30.11 12.31.10 Change
Current financial assets
232,119 Cash and cash equivalents 157,017 171,729 (14,712)
232,119 Current financial assets 157,017 171,729 (14,712)
Current financial liabilities
(24,267) Current account overdraft (25,343) (27,283) 1,940
(1,521) Current share of medium-long term financing (5,168) (5,146) (22)
(25,788) Current financial liabilities (30,511) (32,429) 1,918
206,331 Current net financial position 126,506 139,300 (12,794)
Non-Current financial liabilities
(6,032) Financing (37,758) (42,805) 5,047
(6,032) Non-Current financial liabilities (37,758) (42,805) 5,047
200,299 Net financial position 88,748 96,495 (7,747)
Net financial position at June 30 th
2011 amounts to 88.7 million euros (96.5 million euros at
December 31 st 2010). Gross of dividends paid, net financial position would be equal to 150.0
million euros (+53.5% millions in respect to December 31 s t 2010).
(Euro 000’s)
Cash Flows H1 2011 H1 2010
Profit (loss) for the period 65,409 51,618
Non cash items 18,283 10,083
Cash Flow 83,692 61,701
Changes in operating net working capital (13,515) 27,852
Operating cash flow 70,177 89,553
Cash Flow from (used in) investment activity (31,270) (17,180)
Cash Flow from (used in) financing activity (51,701) (50,050)
Cash Flow from (used in) continuing operation (12,794) 22,323
Cash flow from assets held for sale 0 0
Cash Flow generated (used) (12,794) 22,323
Net financial position at the beginning of the period 139,300 184,008
Net financial position at the end of the period 126,506 206,331
Change in current net finan cial position (12,794) 22,323
Cash flow was 83.7 million euros in H1 2011, up 22 million euros from H1 2010. Operating cash
flow was 70.2 million euros (89.6 million euros at June 30 th 2010), due to greater use of working
capital, largely connected with the temporary accumulation of inventories due to the advanced
19 Interim report

TOD’S Group
2011 Half Year Financial Report
06.30.2011
stage of production for the next Fall -Winter collection, which will be sold entirely in the second
half.
The value of investments to finance capital expenditure and distribution of dividends also grew.
Net of these, the free cash flow used in the period totalled 12.8 million euros .
Significant events occurring after the end of the period
No significant events affecting the Group’ activities occurred after the end of H1 2011.
Business Outlook
The most important signals resulting from analysis of t he business in H1 2011 are found in the
excellent positioning of the brands and firm customer satisfaction with the collections offered,
both inside and outside Italy, as confirmed by the generally excellent sales performance of the
DOS network.
Particularly significant indicators of this positive trend, with respect to their relative weight in
overall Group activity, are represented by the sharp reversal of performance on the United States
market and brilliant performance by the ROGER VIVIER brand, which testify to how brand
awareness is rapidly consolidating in the selected niche of target customers.
Considering the number of orders received for the upcoming Fall -Winter collection, and the
results obtained during the first six months of the year, positi ve forecasts can be made for the
entire year in terms of growth in revenue and margins from FY 2010.
Sant’Elpidio a Mare, August 5 th , 2011
The Chairman of the Board of Directors
Diego Della Valle
20 Interim report

Group
Half-year Interim Report
Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
1. General notes
The half-year Financial Report, which includes the half-year condensed financial statements of
TOD’S Group at June 30th, 2011, has been prepared in accordance with Article 154 ter (2, 3 and
4) of the Consolidated Law on Financial Intermediation (“TUF”), introduced by Legislative Decree
195/2007 in implementation of Directive 2004/109/EC (the “Transparency” directive), and
complies with IAS 34 – Interim Financial Reporting, adopted according to the procedure
envisaged in Article 6 of EC Regulation no. 1606/2002. Consequently, this half-year condensed
financial statements not include all the information required for the annual report and must be
read together with the annual report prepared for the financial year at December 31st 20 10.
It includes the half-year condensed financial statements of TOD’S S.p.A. and its Italian and
foreign subsidiaries, together identified as TOD’S Group, drafted with the reference date of June
30th, 2011 (January 1st – June 30th).
The half-year condensed financial statements (profit and loss account, comprehensive profit and
loss account, Consolidated Statement of Financial position , Consolidated Statement of Cash
Flows, and Consolidated statement of changes in equity) were drafted in the long form and are
the same as those used for the consolidated financial statements at December 31st, 20 10.
As envisaged in IAS 34, the notes to the financial statements were drafted in summary form and
refer only to the components of the profit and loss account, balance sheet, and fund s flow
statement, whose composition or change in amount or nature was significant. Thus, they
illustrate additional information for accurate comprehension of Group’s financial position at June
30 th , 2011.
The Half Year Financial Report at June 30th, 2011 was approved by the Board of Directors of
TOD’S S.p.A. on August 5th, 2011, when its publication was authorised. It was audited (limited
review) by the independent auditor Deloitte & Touche S.p.A.
2. Accounting policies
The half-year condensed financial statements were prepared according International Accounting
Standards (“IFRS”) issued by International Accounting Standards Board (“IASB”) and approved by
the European Union. IFRS refers also to the International Accounting Standards (“IAS”), in force
at reporting date, and all interpretative documents issued by International Financial Reporting
Interpretations Committee (“SIC”) .
The accounting standards used to prepare this half-year condensed financial statements are
consistent with those used to prepare the consolidated annual report at 31 December 20 10, to
which reference is made for full treatment.
22 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
i. Accounting standards, amendments and interpretations applied since Januar y 1 st 2011,
relevant for the Group
‣ IAS 24 Revised – Related parties disclosures: it has been clarified the definition of a related
party and simplified disclosures for government-related entities.
ii. Accounting standards, amendments and interpretations a pplied since January 1 st 2011, not
relevant for the Group
The following accounting standards, amendments, improvements and interpretations, are
applicable since 1 st January 2011 and refer to situations or cases that were not applied in the
half-year condensed financial statements of TOD’S Group for the period ending at June 30 th 2011:
‣ IAS 34 Improvement – Interim financial reporting: it has been clarified the disclosure
principle for significant transactions on interim financial reporting.
‣ IAS 1 Improvement – Presentation of financial statements : an entity, for each component of
equity, may present the breakdown of other comprehensive income either in the statement
of changes in equity or in the no tes to the financial statements.
‣ IFRS 1 Improvement – First time adoption: a first time adopter that changes its accounting
policies or its use of IFRS 1 exemptions after publishing a set of IAS 34 interim financial
information should explain those changes and include the effects of such changes in its
opening reconciliations within the first annual IFRS financial statements; the exemption to
use a ‘deemed cost’ arising from a revaluation , is extended to revaluations occurred during
the period covered by the first IFRS financial statements; entities subject to rate regulation
are permitted to use previous GAAP carrying amounts of property plant and equipment or
intangible assets as deemed cost.
‣ IFRS 7 Improvement, Amendment – Financial instruments disclosures: it has been clarified
disclosures on the nature and extent of risks arising from financial instruments;
‣ IFRIC 13 Improvement – Customer loyalty programmes: it has been clarified the meaning of
the term ‘fair value’ in the context of measuring award cre dits under customer loyalty
programmes.
‣ IFRIC 14 Amendment – The limit on a defined benefit asset, minimum funding requirements
and their interaction: it has been clarified the conditions under which an asset could be
recognised in the financial statements.
‣ IFRIC 19 – Extinguishing financial liabilities with equity instruments: it has been clarified the
accounting treatment for renegotiating the term of a financial liability fully o partially issuing
equity instruments.
Estimates and assumptions. Preparation of the financial figures reported on the half-year
condensed financial statements entails making estimates and assumptions based on the
23 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
management’s best valuation. Estimates and assumptions are reviewed regularly . If these
estimates and assumptions should change in future from the actual circumstances, they will
obviously be modified for the period in which those circumstances changed.
Specifically with regard to determination of eventual impairment losses affecting fixed assets,
complete tests are performed only when the annu al report is prepared, when all information as
might be necessary are available, unless there are indications that require immediate valuation
of eventual impairment losses or the occurrence of events that required re iteration of the
procedure. The analyses carried out at this reporting date have not revealed any impairment
indicators.
Presentation of financial statements drafted in foreign currency. The rates applied for
translation of the financial statements of subsidiaries using a functional currency other than the
currency used for consolidation, are illustrated in the following table and compared with those
used in the previous period:
Jan. - June 2011 Jan. - June 2010
Exch. rate at Average Exch. rate at Average
Base June 30 th exch. rate June 30 th exch. rate
US Dollar 1 0.691 0.713 0.815 0.755
UK pound sterling 1 1.108 1.153 1.223 1.150
Swiss franc 1 0.828 0.788 0.753 0.697
Hong Kong dollar 100 8.891 9.167 10.466 9.714
Japanese yen 100 0.860 0.870 0.919 0.826
Hungarian forint 1,000 3.758 3.713 3.496 3.683
Singapore dollar 1 0.563 0.567 0.583 0.541
Korean WON 1,000 0.648 0.647 0.667 0.654
Chinese Renminbi 100 10.705 10.906 12.017 11.061
Macao Pataca 100 8.636 8.905 10.169 9.438
Albanian Lek 100 0.708 0.711 0.732 0.725
Indian Rupia 100 1.549 1.585 1.755 1.649
3. Seasonal or ciclical nature of interim transactions
TOD’S Group engages in a business that, while not manifesting significant seasonal or cyclical
changes in overall annual sales, is impacted by monthly differences in the flows of revenues and
costs generated by its industrial activity over the course of the year.
4. Alternative indicators of performances
In order to strip the effects of changes in exchange rates from the average values of the first six
months of 2011 from the results for the six months of 20 10, the typical economic indicators
(Revenues, EBITDA, EBIT) have been recalculated by applying the average exchange rates for the
six months of 2010, thereby rendering them fully comparable with those of the pre vious period.
24 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
These criteria for measuring business performance must not be considered alternative to those
established by IFRSs.
Furthermore – as it has already been mentioned in the preceding paragraph, the Group’s cash
flow is uneven from quarter to qua rter, largely on account of its industrial activity. Consequently,
the analysis of interim results and financial statement indicators (EBITDA, EBIT, financial position
and working capital) cannot be considered fully representative, and it would thus be imp roper to
consider the indicators for the reference period to be in proportion to the results for the entire
financial year.
5. Scope of consolidation
On November 26th 2010, the Group acquired full ownership of Holpaf B.V., the real estate
company that owns the Tokyo building that, since 2005, pursuant to a lease agreement, houses
both TOD’S Japan KK’s administrative offices and the largest TOD’s flagship store in Japan (for
further details see the financial statements for 2010). The entire absorption of this company
represents the only change in the reporting entity covered under the half-year condensed
financial statements as at June 30th 2010.
It is assumed that the Group controls those companies in which it does not own more than 50%
of the capital, and thus disposes of the same percentage of voting power at the Shareholders’
Meeting, where the Group has the power to exercise direct or indirect control of those
companies’ financial and operating policies in view of realizing benefits from their activities.
The following list illustrates the entire scope of consolidation at June 30th, 201 1:
Parent Company
TOD’S S.p.a.
S.Elpidio a Mare - Italy
Share Capital (S.C.) - Euro 61,218,802
Direct subsidiaries
TOD’S Deutsch. Gmbh TOD’S France Sas An.Del. USA Inc. TOD’S Internat. BV
Dusseldorf - Germany Paris - France New York - U.S.A Amsterdam –Netherlands
S.C. - Euro 153,387.56 S.C. - Euro 780,000 S.C. - Usd 3,700,000 S.C. - Euro 2,600,200
% held: 100% % held: 100% % held: 100% % held: 100%
Del.Com S.r.l.
Holpaf B.V.
S.Elpidio a Mare – Italy Amsterdam - Netherlands
S.C. - Euro 31,200 S.C. - Euro 5,000,000
% held: 100% % held: 100%
Indirect subsidiaries
Cal.Del. USA Inc. Colo.Del. USA Inc. Deva Inc. Flor.Del. USA Inc.
Beverly Hills, Ca - U.S.A. Denver, Co - U.S.A. Wilmington, DE – U.S.A. Tallahassee, Fl - U.S.A.
S.C. - Usd 10,000 S.C. - Usd 10,000 S.C. - Usd 500,000 S.C. - Usd 10,000
% held: 100% % held: 100% % held: 100% % held: 100%
25 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Indirect subsidiaries (continues)
Hono.Del. Inc. Il.Del. USA Inc. Neva.Del. Inc. Or.Del. USA Inc.
Honolulu, Hi - U.S.A. Springfield, Il - U.S.A. Carson City, Nv - U.S.A. Sacramento, Ca - U.S.A.
S.C. - Usd 10,000 S.C. - Usd 10,000 S.C. - Usd 10,000 S.C. - Usd 10,000
% held: 100% % held: 100% % held: 100% % held: 100%
TOD’S Tex Del USA Inc. Gen.Del SA Sandel SA TOD’S Belgique S.p.r.l.
Dallas, Tx - U.S.A Ginevra - Switzerland San Marino Bruxelles - Belgium
S.C. - Usd 10,000 S.C. - Chf 200,000 S.C. - Euro 258,000 S.C. - Euro 300,000
% held: 100% % held: 100% % held: 100% % held: 100%
TOD’S Espana SL TOD’S Hong Kong Ltd TOD’S Japan KK TOD’S Saint Barth Sas
Madrid – Spain Hong Kong Tokio - Japan Saint Barthélemy
S.C. - Euro 468,539.77 S.C. - Usd 16,550,000 S.C. - Jpy 100,000,000 S.C. - Euro 500,000
% held: 100% % held: 100% % held: 100% % held: 100%
TOD’S Singapore Pte Ltd Un.Del Kft TOD’S UK Ltd Webcover Ltd
Singapore Tata - Hungary London – Great Britain London – Great Britain
S.C. - Sgd 300,000 S.C. - Huf 42,900,000 S.C. - Gbp 350 ,000.00 S.C. - Gbp 1,000.00
% held: 100% % held: 100% % held: 100% % held: 50%
TOD’S Luxembourg SA TOD’S Korea Inc. TOD’S Macao ltd TOD’S (Shanghai) Tr. Co Ltd
Luxembourg Seoul - Korea Macao Shanghai – China
S.C. - Euro 31,000.00 S.C. - Won 1,600,000,000 S.C. – MOP 20,000,000 S.C. – USD 6,000,000
% held: 50% % held: 100% % held: 100% % held: 100%
TOD’S India Retail Pte Ltd Re.Se.Del. S.r.l. Del.Pav. S.r.l. Filangieri 29 S.r.l.
Mumbai - India S.Elpidio a Mare- Italy S.Elpidio a Mare- Italy S.Elpidio a Mare- Italy
S.C. – INR 193,900,000 S.C. - Euro 25,000.00 S.C. - Euro 50 ,000 S.C. - Euro 100,000
held: 51% held: 100% held: 50% held: 50%
Alban.Del Sh.p.k.
Tirana - Albania
S.C. - Euro 720,000
held: 100%
6. Segment reporting
The search for higher levels of operating efficiency has revealed the general importance of a
significant portion of service activities (first and foremost produc tion), both at the central and
peripheral levels, as the basis for maximi sing profitability. This renders the possibility of
aggressive segmentation of the business uneconomical under current circumstances.
At the operating level, Group’s organization is based on an articulated matrix structure according
to the different functions/activities in the value chain, alternatively according to brand, product,
channel and geographical area. The overall organization envisages a unified strategic vision of
the business.
This type of organization is reflected in the ways in which management monitors and strategically
focuses the Group’s activities.
The economic disclosure set out in the Interim Report is completed as follows, including a break -
down of consolidated revenues by BRAND, CHANNEL, PRODUCT TYPE and REGION, and INCOME
STATEMENT for the business:
26 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
2011 Capital expenditures
By investment allocation (Euro mn)
By region (Euro mn)
H1 2009 2011
24,7
H1 2008 2010
24.7
29.6 29,6
H1 2009 2011
H1 2008 2010
-
8,6 9,2
8.6 9.2
4,4 4.4 3,8 3.8 3,1 3.1
7.57,5
3.0 3,0 2,9
3.7 4.2
2.9
1.4 1.5 1,4 1,5
3,7 4,2
-
Key money DOS Prod. Other
Italy Italy Europe EuropeNorth Am. North Am. RoW RoW
Distribution network
TOD’S GROUP - Distribution network
06.30.11 06.30.10
Italy DOS 41 37
FRANCHISED STORES 5 6
Europe DOS 33 31
FRANCHISED STORES 10 11
USA DOS 14 14
FRANCHISED STORES - -
RoW DOS 73 69
FRANCHISED STORES 55 54
Total DOS 161 151
Total FRANCHISED STORES 70 71
107
101
13
12
10
11
TOD'S
58
58
HOGAN
DOS
Franchised stores
H1 2011 H1 2010
DOS
Franchised stores
H1 2011 H1 2010
27 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
3
3
7
6
FAY
ROGER
VIVIER
0
0
1
1
DOS
Franchised stores
H1 2011 H1 2010
DOS
Franchised stores
H1 2011 H1 2010
7. Earnings per share
The calculation of base and diluted earnings per share is based on the followings:
i. R e f e r e n c e p r o f i t
(Euro 000’s)
From continuing and discontinued operations HY 2011 H1 2010
Profit used to determine basic earning s per share 65,409 51,618
Dilution effects 0 0
Profit used to determine diluted earnings per share 65,409 51,618
(Euro 000’s)
From continuing and discontinued operations H1 2011 H1 2010
Profit attributable to equity holders of the Company 65,409 51,618
Income (Loss) from discontinued operations
Profit used to determine basic earning per sh are 65,409 51,618
Dilution effects
Profit used to determine dilu ted earning per share 65,409 51,618
In both periods, first half 2011 and 2010, there were no dilutions of net consolidated earnings,
partly as a result of activities that were disc ontinued during the periods in question.
ii. R e f e r e n c e n u m b e r o f s h a r e s
H1 2011 H1 2010
Weighted average number of shares to determine basic earning s per share 30.609.401 30.609.401
Share options - -
Weighted average number of shares to determine dilu ted earning per share 30.609.401 30.609.401
28 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
8. Dividends
Pursuant to a resolution by the Shareholders’ Meeting of April 2 0 th 2011, the parent company
TOD’S S.p.A. paid its shareholders dividends in May for the net profit realised in FY 20 10. The
aggregate value of dividends paid totals 61,218,802.00 euros, at the rate of 2 euros for each of
the 30,609,401 shares comprising share capital at the ex dividend date (May 23 rd 2011).
Moreover, other Group companies paid 1,790 thousand euros in dividends to their own minority
shareholders.
9. Intangible and tangible fixed assets
Intangible assets of TOD’S S.p.A. include the net book value related to the agreement signed with
the Ministry of Cultural Affairs and the Supervisor for Central Rome ’s Archaeological Area for
financing the restoration work on the Coliseum, amounting to 18.5 million euros net of
amortization for 1.5 million euros. The asset value has been determined by discounting expected
cash flows for restoration activities based on the expected work plan. The liability for financing
restoration works amounts to 20.2 million euros, net of VAT, of which 16.7 million euros for longterm
exposures.
10. Hedging of financial risks (IFRS 7)
Consistently with the provisions of the Code of Self -discipline of Listed Companies, TOD’S Group
has set up a system for monitoring the financial risks to which it is exposed. These can be
identified as follows:
i. Credit risk. This represents the exposure of TOD’S Group to potential losses stemming from
default on the obligations assumed by commercial counterparties.
ii. Liquidity risk. This represents the risk stemming from the unavailability of financial resources
as necessary to meet the short-term commitments assumed by the Group and its own
financial requirements.
iii. Market risk. This type of risk includes those risks that are directly or indirectly tied with the
fluctuation of physical and financial market prices to which a company is exposed:
– exchange rate risk;
– interest rate risk;
– commodity risk, which is tied to the volatility of prices for the raw materials used in the
production process.
In the ambit of the policy adopted for management of the aforementioned risks, the Group
constantly monitors the financial risks connected with its operations, so that it can a ssess their
potential negative effects in advance and take the necessary actions to mitigate them.
29 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Particularly in regard to exchange rate risk, the Group has adopted a risk management policy that
pursues the objective of guarant eeing that the countervalue in euro of the receipts from
wholesale sales in foreign currency of each collection (Spring -Summer and Fall-Winter) is equal
or better on average to what would be obtained by applying the set target exchange rates. The
foregoing purposes are pursued by executing forward contracts for each individual currency in
which the Group operates (principally USD, CHF, GBP, HKD, SGD), in order to hedge a specific
percentage of revenue volumes (and costs) expected in the individual currencies other than the
functional currency, without any speculative or trading purpose, consistently with the strategic
policies adopted for prudent management of cash flows. This might involve foregoing
opportunities, but also avoids incurring speculative risks. The fair value of these derivative
financial instruments is classifiable as being 2 nd level, according to the hierarchy of fair value
requested by IFRS 7.
11. Transactions with related parties
In implementation of the Related Party Transactions Regulation adopted by CONSOB with
Resolution no. 17221 of March 12th 2010, as amended by Resolution no. 17389 of June 23 rd
2010, during 2010 TOD’S Group modified its existing procedures governing the transparency and
substantive fairness of related party transactions, to bring them in line with the principles set
out in the cited CONSOB Regulation. (The complete text of the “Related PartyTransactions
Procedure of TOD’S S.p.A.” can be found at www.todsgroup.com). The new related parties
procedure was approved – after receiving the favourable opinion of independent directors – by
the Board of Directors of the parent company on November 11 th 2010 and came into force on
January 1st 2011.
Transactions concluded during the period.
In continuation of contractual relationships already existing in 2010, TOD’S Group continued to
maintain a series of contractual relationship with related parties (directors/controlling or
significant shareholders) in the first half of 2011. All transactions – which are connected with the
normal operations of TOD’S Group companies – were executed solely on behalf of the Group by
applying contractual conditions consistent with those tha t can theoretically be obtained on an
arm’s length basis and compliant with corporate governan ce provisions which ensure regularity,
transparency and fairness of such transactions. The main object of the transactions was the sale
of products, lease of sales spaces, show rooms and offices, use of the ROGER VIVIER brand
license and the provision of advertising services.
On November 4 th 2009, the IASB issued a revised version of IAS 24 - Related Party Disclosures,
applicable from January 1 st 2011, that clarifies the definition of a related party. Application of
this amendment did not have any significant effects on the measurement of items in Group’s
30 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
financial statements and had only limited effects on the disclosures for related par ty
transactions.
i. Commercial transactions with related parties – Revenues
Euro 000’s
Sales of Rendering Sales Operating Other
products of services of assets Royalties lease operations
30 June 2011
Parent Company ( * ) 1,182 1,296 5,093 67
Directors 1 32
Exec. with strat. respons.
Other related parties ( * * ) 1,475
Total 2,658 1,296 - 5,093 99 -
30 June 2010
Parent Company ( * ) 945 1,850 5,343 33
Directors 1 32
Exec. with strat. respons.
Other related parties ( * * ) 1,090
Totale 2,036 1,850 - 5,343 65 -
ii.
Commercial transactions with related parties – Costs
Euro 000’s
Purchase of Rendering Sales Operating Other
products of services of assets Royalties lease operations
30 June 2011
Parent Company ( * ) 978 1,061 2,132 4
Directors 1,741
Exec. with strat. respons.
Other related parties ( * * ) 2,991 117 282
Total 978 4,732 - 1,178 2,414 4
30 June 2010
Parent Company ( * ) 925 895 3,663
Directors 1,710
Exec. with strat. respons.
Other related parties ( * * ) 2,323 83 280
Totale 925 4,033 - 978 3,943
31 Supplementary notes

TOD’S Group
2011 Half Year Financial Report
06.30.2011
iii. Commercial transactions with related parties – Receivables and payables
(Euro000’s) 06.30.11 06.30.10
Receivables Payables Receivables Payables
Parent Company ( * ) 4,496 1,721 10,032 1,314
Directors 7 1,230 5 1,119
Exec. with strat. respons.
Other related parties ( * * ) 412 2,750 268 2,116
Total 4,915 5,701 10,305 4,549
(*) Companies directly or indirectly controlled by Chairman of the Board of Directors Diego Della Valle.
(**) Companies where Mr. Diego Della Valle is executive with strategic responsibilities (and subsidiaries
controlled by these companies).
iv. Commercial transactions with unconsolidated subsidiaries
Receivables and payables 06.30.11 06.30.10
(Euro000’s) Receivables Payables Receivables Payables
Special Purpose Entities (** * ) 406
(***) F inancial balances referred to the period prior to acquisition of the activities.
Given the insignificance of these amounts, they ha ve not been separately listed on the face of
the financial statements. Transactions between Group companies included in the s cope of
consolidation have been eliminated from the half-year condensed financial statements.
Consequently, they have not been highlighted in these notes.
Compensation of Directors, Statutory Auditors and General Managers
Compensation of Directors, Statutory Auditors and Executives with strategi c responsibilities of
TOD’s S.p.A. for the first half of 2011 (including compensation for the activities performed at
subsidiaries) are not significantly changed in respect to the period ended at 31 st December 2010.
No severance indemnity is provided for Directors and Executives with Strategic Responsibilities .
32 Supplementary notes

Group
Half-year Interim Report
Financial Statements

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Consolidated Profit & Loss
Euro 000’s
H1 2011 H1 2010 Year 2010
Revenues
Sales revenues 439,458 377,462 787,539
Other revenues and income 8,614 9,610 18,819
Total revenues and income 448,072 387,072 806,358
Operating costs
Change in inventories (work in progr. & finished goods) 16,640 1,888 952
Cost of raw materials, supplies, and material for consumpt ion (103,222) (86,837) (178,829)
Cost of services (135,571) (115,808) (238,514)
Cost of use of third parties assets (30,434) (28,151) (58,714)
Cost of labour (63,125) (57,862) (117,751)
Other operating charges (16,744) (9,609) (20,443)
Total operating cost (332,456) (296,379) (613,299)
EBITDA 115,616 90,693 193,059
Amortization, depreciation and write -downs
Amortization of intangible assets (5,341) (3,695) (7,599)
Depreciation of tangible assets (13,102) (12,093) (24,476)
Other adjustments - - -
Total amortization, depreciation and write -downs (18,443) (15,788) (32,075)
Provision (757) (637) (1,040)
EBIT 96,416 74,268 159,944
Financial income and charges
Financial income 8,391 10,853 19,371
Financial charges (7,942) (8,152) (15,963)
Total financial income (charges) 449 2,701 3,408
Income (losses) from equity investments - - -
Profit before taxes 96,865 76,969 163,352
Income taxes (30,801) (24,548) (52,566)
Profit/(Loss) for the period 66,064 52,421 110,786
Non-controlling interest (655) (803) (1,710)
Profit /(Loss) of the group 65,409 51,618 109,076
EPS (Euro) 2.14 1.69 3.56
EPS diluted (Euro) 2.14 1.69 3.56
34 Financial Statements

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Consolidated comprehensive income
Euro 000’s
H1 2011 H1 2010
Profit (loss) for the period (A) 66,064 52,421
Other Gains/(Losses)
Gains/(Losses) from derivative financial
instruments (cash flow hedge) 1,156 (2,003)
Gains/(Losses) from foreign subsidiaries F/S translation (3,844) 2,782
Total Other Gains/(Losses) net of tax (B) (2,688) 779
Total Comprehensive Income (A) + (B) 63,376 53,200
Attributable to Shareholders of Parent Company 62,757 52,168
Attributable to non-controlling interests 619 1,032
35 Financial Statements

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Consolidated Statements of Financial Position
Euro 000’s
06.30.11 12.31.10 06.30.10
Non current-assets
Intangible fixed assets
Asset with indefinite useful life 149,024 149,024 149,024
Key money 25,605 27,679 29,765
Others 29,688 12,380 11,151
Total intangible fixed assets 204,317 189,083 189,940
Tangible fixed assets
Building and lands 100,660 105,721 40,099
Plant and machinery 4,311 3,962 4,757
Equipment 12,902 12,573 12,380
Leasehold improvements 30,351 30,595 34,380
Others 22,870 21,252 20,065
Total tangible fixed assets 171,094 174,103 111,681
Other assets
Real estate investments 44 46 47
Equity investments 20 20 20
Deferred tax assets 36,647 32,027 28,772
Others 8,393 7,789 9,004
Total other assets 45,104 39,882 37,843
Total non-current assets 420,515 403,068 339,464
Current-assets
Inventories 227,689 203,136 205,938
Trade receivables 126,468 119,560 116,907
Tax receivables 7,246 3,856 3,026
Derivative financial instruments 3,506 2,084 898
Others 12,565 12,263 9,916
Cash and cash equivalents 157,017 171,729 232,119
Total current assets 534,491 512,628 568,804
Assets held for sale - - -
Total assets 955,006 915,696 908,268
36 Financial Statements

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Euro 000’s
(continue) 06.30.11 12.31.10 06.30.10
Equity
Share capital 61,219 61,219 61,219
Capital reserves 214,055 214,055 214,055
Treasury stock - - -
Hedging and translation reserves (6,915) (4,263) (4,783)
Retained earnings 277,962 231,451 338,745
Accumulated earnings/losses - - -
Profit attributable to the Group 65,409 109,076 51,618
Total Equity attributable to the Group 611,730 611,538 660,854
Non controlling interests
Share capital and reserves 5,077 5,193 5,345
Profit attributable to non controlling interests 655 1,710 803
Total Equity attributable to non controlling interests 5,732 6,903 6,148
Total Equity 617,462 618,441 667,002
Non current liabilities
Provisions for risks 1,515 1,369 1,073
Deferred tax liabilities 28,749 27,722 24,187
Retirement benefit obligation 11,233 11,419 11,450
Others 20,280 - -
Bank borrowings 37,758 42,805 6,032
Total non-current liabilities 99,535 83,315 42,742
Current liabilities
Trade payables 144,347 130,008 129,463
Tax payables 18,105 20,064 13,523
Derivative financial instruments 1,769 2,333 5,101
Others 43,277 29,106 24,649
Banks 30,511 32,429 25,788
Total current liabilities 238,009 213,940 198,524
Liabilities held for sale - - -
Total Equity and liabilities 955,006 915,696 908,268
37 Financial Statements

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Consolidated Statements of Cash Flows
Euro 000’s Period Period
Jan. – Jun. 11 Jan. – Jun. 10
Profit (loss) attributable to the Group 65,409 51,618
Non cash adjustments
Amortization, depreciation, revaluation and write -downs 21,370 13,397
Change in employee severance indemnity reserve 499 558
Change in deferred tax assets/liabilities (3,593) (4,482)
Other changes 7 610
Cash Flow (a) 83,692 61,701
Changes in current assets and liabilities:
Inventories (27,317) (7,658)
Trade receivables (7,071) (8,747)
Tax receivables (3,390) (811)
Other current assets (1,724) (1,214)
Trade Payables 14,339 25,542
Tax payables (1,959) 9,353
Other current liabilities 13,607 11,387
Change in operating working capital (b) (13,515) 27,852
Cash flow from operating activities (c)=(a)+(b) 70,177 89,553
Net investments in tangible and intangible assets (36,819) (15,757)
(Increase) reduction of equity investments - -
Other changes in fixed assets 6,151 -
Reduction (increase) of other non current assets (602) (1,423)
Cash Flow from (used in) investment activities (d) (31,270) (17,180)
Dividends paid (61,219) (45,914)
Changes in long term loans 14,687 (1,217)
Capital increase - -
Other changes in shareholders equity (3,998) (3,785)
Changes in non-controlling interests (1,171) 866
Cash Flow from (used in) financing activit ies (e) (51,701) (50,050)
Cash Flow from continuing operations (f)=(c)+(d)+(e) (12,794) 22,323
Cash flow from assets held for sale (g) - -
Net Cash Flow (h)=(f)+(g) (12,794) 22,323
Net financial position at the beginning of the period 139,300 184,008
Net financial position at the end of the period 126,506 206,331
Change in current net financial position (12,794) 22,323
38 Financial Statements

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Statement of changes in equity
January - June 2011
Euro 000’s
Hedging and
Total
Share Capital translation Retained Group Minority
Capital reserves reserves earnings interests interests Total
Balance as of 01.01.11 61,219 214,055 (4,263) 340,527 611,538 6,903 618,441
Profit/(Loss) for the period
Profit and Loss account 65,409 65,409 655 66,064
Directly in Equity (2,652) (2,652) (36) (2,688)
Total Comprehensive Income - - (2,652) 65,409 62,757 619 63,376
Dividends (61,219) (61,219) (1,790) (63,009)
Capital Increase
Share based payments
Other (1,346) (1,346) (1,346)
Balance as of 06.30.11 61,219 214,055 (6,915) 343,371 611,730 5,732 617,462
January - June 2010
Euro 000’s
Hedging and
Total
Share Capital translation Retained Group Minority
Capital reserves reserves earnings interests interests Total
Balance as of 01.01.10 61,219 214,055 (5,333) 384,710 654,651 5,282 6 5 9 , 9 3 3
Profit/(loss) for the period
Profit & Loss account 51,618 51,618 803 52,421
Directly in equity 550 550 229 779
Total Comprehensive Income - - 550 51,618 52,168 1,032 53,200
Dividends (45,914) (45,914) (725) (46,639)
Capital increase
Share based payments
Other ( 5 1 ) ( 5 1 ) 559 508
Balance as of 06.30.10 61,219 214,055 (4,783) 390,363 6 6 0 , 8 5 4 6 , 1 4 8 6 6 7 , 0 0 2
39 Financial Statements

TOD’S Group
2011 Half Year Financial Report
06.30.2011
Attestation of the Half-Year condensed financial statements of TOD’S Group pursuant
article 154 bis of D.LGS. 58/98 and of article 81-ter of Consob Regulation n. 11971 of
May 14 th 1999 and further modifications and integrations.
1. The undersigned Stefano Sincini, Chief Executive Officer of TOD’S S.p.A., and Rodolfo Ubaldi,
manager responsible for the drawing up of the financial reports of TO D’S S.p.A., certify, in
accordance with the provisions of Article 154 -bis, subsections 3 and 4, of Legislative Decree no.
58 of February 24 th , 1998:
• the adequacy in terms of the company’s characteristics and
• effective application
of administrative and accounting procedures for preparation of the 20 11 Half Year condensed
financial statements during the period January 1 st , 2011 to June 30 th , 2011.
2. They also certify that Half-Year condensed financial statements:
a) have been prepared in accordance with International Financial Reporting
Standards, as endorsed by the European Union through Regulation (EC) 1606/2002 of the
European Parliament and Counsel, dated 19 July 2002 ;
b ) correspond with the account book and ledger entries;
c) give a true and fair view of the assets, liabilities, income and financial position of
the issuer and entities included in the scope of consolidation.
3. Interim report provides a reliable analysis of the significant events for the first six months of
the current fiscal year and the impact of such events on the Half year condensed financial
statements as well as a description of the main risks and uncertainties for the second half of the
year in addition to a reliable analysis of the information on the significant related party
transactions
Sant’Elpidio a Mare, August 5 th , 2011
Chief Executive Officer
Stefano Sincini
Manager responsible for drawing
up of the financial report
Rodolfo Ubaldi
40 Attestation