Esprinet : results as at 31 March 2015 approved by the Board

Press release in accordance with Consob Regulation n. 11971/99

A) Espr inet G ro u p 's f inan cial hig h ligh t s

The Group's main economic, financial and asset results as at 31 March 2015 are hereby summarised:

(e uro/000)

Q1 Q1

% % Var. Var. %

2015 2014 re s tate d*

Sales 617,550 100.00% 512,578 100.00% 104,972 20%

Cost of sales (579,920) -93.91% (481,637) -93.96% (98,283) 20% Gros s profit 37,630 6.09% 30,941 6.04% 6,689 22% Sales and marketing costs (10,990) -1.78% (7,947) -1.55% (3,043) 38%

Overheads and administrative costs (16,506) -2.67% (14,384) -2.81% (2,122) 15%

Ope rating incom e (EBIT) 10,134 1.64% 8,610 1.68% 1,524 18%

Finance costs - net (1,578) -0.26% (186) -0.04% (1,392) 748%

Other investments expenses / (incomes) (4) 0.00% - 0.00% (4) 0%

Profit be fore incom e taxe s 8,552 1.38% 8,424 1.64% 128 2%

Income tax expenses (2,288) -0.37% (2,857) -0.56% 569 -20% Profit from continuing ope rations 6,264 1.01% 5,567 1.09% 697 13% Income/(loss) f rom disposal groups - 0.00% 2,656 0.52% (2,656) -100%

Ne t incom e 6,264 1.01% 8,223 1.60% (1,959) -24%

Earnings per share - co ntinuing o peratio ns 0.13 0.11 0.02 15%

Earnings per share - basic (euro ) 0.13 0.16 (0.04) -22%

* Different amounts from those published in the Interim management statement as at 31 March 2014 due to reclassification of the profit and loss values of both Monclick

S.r.l. and Comprel S.r.l. into 'Income/loss from disposal Group' item.

 Consolidated sales, equal to € 617.6 million showed an increase of +20% (€ 105.0 million) compared to € 512.6

million of the first quarter 2014;

 Consolidated gross profit is equal to € 37.6 million showing an increase equal to 22% (€ 6.7 million) compared to the same period of 2014 as consequence of both higher sales and higher gross profit margin;

 Consolidated Operating income (EBIT) totalled € 10.1 million, showing an increase of +18% compared to the first quarter 2014 (€ 8.6 million), with an EBIT margin decreased to 1.64% from 1.68%, notwithstanding a € 5.2 million growth in operating costs compared to the same period of 2014;

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 Consolidated profit before income taxes equal to € 8.6 million, affected by a € 1.4 million increase in net financial charges, remained stable compared to the first quarter 2014 value; the financial costs increase was mainly affected by an unfavourable trend in exchange rates resulting in an increase of net foreign exchange losses equal to € 0.9 million euro;

 Consolidated net income from continuing operation equal to € 6.3 million, shows an increase of +13% (€ 0.7

million) compared to the first quarter 2014;

 Consolidated net income was equal to € 6.3 million, with a reduction of -24% (€ -2.0 million) compared to the first quarter 2014 as a consequence of € 2.7 million in "Profit/(Loss) from disposal groups" booked in the first quarter 2014;

 Basic earnings per share from continuing operations as at 31 March 2015, equal to € 0.13, showed an increase of +15% compared to the first quarter 2014;

 Basic earnings per ordinary share as at 31 March 2015, equal to € 0.13, shows a reduction of -22% compared to the first quarter 2014.

(e uro/000) 31/03/2015 % 31/12/2014 % Var. Va r. %

Fixed assets 100,054 32.39% 98,058 67.82% 1,996 2% Operating net w orking capital 237,804 76.98% 77,431 53.55% 160,373 207% Other current assets/liabilities (16,808) -5.44% (18,804) -13.00% 1,995 -11% Other non-current assets/liabilities (12,145) -3.93% (12,098) -8.37% (47) 0% Total us e s 308,905 100.00% 144,588 100.00% 164,317 114%
Short-term f inancial liabilities 25,067 8.11% 20,814 14.40% 4,253 20%
Current f inancial (assets)/liabilities f or derivatives 142 0.05% 51 0.04% 91 178%

Financial receivables f rom f actoring companies (2,091) -0.68% (690) -0.48% (1,401) 203% Customers f inancial receivables (527) -0.17% (506) -0.35% (22) 4% Cash and cash equivalents (70,068) -22.68% (225,174) -155.74% 155,106 -69% Net current f inancial debt (47,477) -15.37% (205,505) -142.13% 158,027 -77%

Borrow ings 68,537 22.19% 68,419 47.32% 118 0% Debts f or investments in subsidiaries 9,709 3.14% 9,758 6.75% (49) -1% Non-current f inancial (assets)/liab. f or derivatives 205 0.07% 128 0.09% 77 60% Customers f inancial receivables (3,085) -1.00% (3,085) -2.13% - 0%
Net f inancial debt (A) 27,889 9.03% (130,284) -90.11% 158,173 -121%

Net equity (B) 281,016 90.97% 274,872 190.11% 6,144 2%

Total s ource s of funds (C=A+B) 308,905 100.00% 144,588 100.00% 164,317 114%

 Consolidated net working capital as at 31 March 2015 is equal to € 237.8 million, compared to € 77.4 million as at 31 December 2014;

 Consolidated net financial position as at 31 March 2015, is negative by € 27.9 million, compared to a cash surplus of € 130.3 million as at 31 December 2014.

The financial indebtedness growth was connected to the increase of consolidated net working capital as of 31

March 2015 influenced both by technical events often not related to the average level of working capital and by the level of utilisation of 'without-recourse' factoring programs referring to the trade receivables.

This program is aimed at transferring risk and reward to the buyer thus receivables sold are stripped out by balance sheet according to IAS 39.

Even considering other technicalities from factoring by means of which to obtain the result of advancing cash -in of

credits on a "no recourse" basis - such as "confirming" used in Spain -, the impact on financial debt was approx. €

166 million as at 31 March 2015 (approx. € 193 million as at 31 December 2014);

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 Consolidated net equity as at 31 March 2015 was € 281.0 million, increasing by € 6.1 million compared to €

274.9 million as at 31 December 2014.

B) Financial highlights by geographical area

B.1) Subgroup Italy

The main economic, financial and asset results for the Italian subgroup (Esprinet, V-Valley and Celly Group) as at 31

March 2015 are hereby summarized:

(e uro/000)

Q1 Q1

% % Var. Var. %

2015 2014 re s tate d*

Sales to third parties 483,217 393,137 90,080 23%

Intercompany sales 10,289 10,063 226 2%

Sale s 493,506 403,200 90,306 22% Cost of sales (461,873) (377,489) (84,384) 22% Gros s profit 31,633 6.41% 25,711 6.38% 5,922 23% Sales and marketing costs (9,571) -1.94% (6,608) -1.64% (2,963) 45%

Overheads and administrative costs (13,542) -2.74% (11,671) -2.89% (1,871) 16%

Ope rating incom e (EBIT) 8,520 1.73% 7,432 1.84% 1,088 15%

* Different amounts from those published in the Interim management statement as at 31 March 2014 due to reclassification of t he profit and loss values of both Monclick

S.r.l. and Comprel S.r.l. into 'Income/loss from disposal Group' item.

 Sales were € 493.5 million, with an increase of +22% compared to € 403.2 million of the first quarter 2014;

 Gross profit was equal to € 31.6 million showing an increase of +23% compared to € 25.7 million of the first quarter 2014 due to both a gross profit margin increase (from 6.38% to 6.41%) and higher sales;

 Operating income (EBIT) was € 8.5 million, with an increase of +15% compared to the same period of 2014 and with an EBIT margin decreased from 1.84% to 1.73% notwithstanding a € 4.8 million growth in operating costs.

(e uro/000) 31/03/2015 % 31/12/2014 % Var. Va r. %

Fixed assets 108,445 41.50% 106,851 71.03% 1,594 1% Operating net w orking capital 166,219 63.61% 53,792 35.76% 112,427 209% Other current assets/liabilities (3,762) -1.44% (605) -0.40% (3,158) 522% Other non-current assets/liabilities (9,606) -3.68% (9,606) -6.39% - 0%

Total us e s 261,296 100.00% 150,433 100.00% 110,863 74%

Short-term f inancial liabilities 16,148 6.18% 20,438 13.59% (4,290) -21% Current f inancial (assets)/liabilities f or derivatives 142 0.05% 51 0.03% 91 178% Financial receivables f rom f actoring companies (2,091) -0.80% (690) -0.46% (1,401) 203% Financial (assets)/liab. f rom/to Group companies (40,000) -15.31% (40,000) -26.59% - 0%
Customers f inancial receivables (527) -0.20% (506) -0.34% (22) 4%

Cash and cash equivalents (69,036) -26.42% (180,194) -119.78% 111,158 -62%

Net current f inancial debt (95,364) -36.50% (200,901) -133.55% 105,536 -53% Borrow ings 68,537 26.23% 68,419 45.48% 118 0% Debts f or investments in subsidiaries 9,709 3.72% 9,758 6.49% (49) -1% Non-current f inancial (assets)/liab. f or derivatives 205 0.08% 128 0.09% 77 60% Customers f inancial receivables (3,085) -1.18% (3,085) -2.05% - 0%
Net Financial debt (A) (19,998) -7.65% (125,680) -83.55% 105,682 -84%

Net equity (B) 281,294 107.65% 276,113 183.55% 5,181 2%

Total s ource s of funds (C=A+B) 261,296 100.00% 150,433 100.00% 110,863 74%

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 Operating net working capital as at 31 March 2015 was equal to € 166.2 million, compared to € 53.8 million as at

31 December 2014;

 Net financial position as at 31 March 2015, was positive by € 20.0 million, compared to the cash surplus of €

125.7 million as at 31 December 2014. The impact of 'without-recourse' sale of trade receivables as at 31 March

2015 was equal to € 65 million (approx. € 70 million as at 31 December 2014).

B.2) Esprinet Iberica

The main economic, financial and asset results of the Spanish subgroup as 31 March 2015 are hereby summarized:

Q1 Q1

(e uro/000) % % Var. Var. %

2015 2014

Sales to third parties 134,332 119,439 14,893 12%

Intercompany sales - - - 0%

Sale s 134,332 119,439 14,893 12%

Cost of sales (128,318) (114,220) (14,098) 12% Gros s profit 6,014 4.48% 5,219 4.37% 795 15% Sales and marketing costs (1,365) -1.02% (1,229) -1.03% (136) 11% Overheads and administrative costs (3,023) -2.25% (2,825) -2.37% (198) 7%

Ope rating incom e (EBIT) 1,626 1.21% 1,165 0.98% 461 40%

 Sales were equal to € 134.3 million, showing an increase of +12% compared to € 119.4 million of the first quarter

2014;

 Gross profit as at 31 March 2015 totalled € 6.0 million, with an increase of +15% compared to € 5.2 million

resulting in the same period of 2014, and a gross profit margin from 4.37% to 4.48%;

 Operating income (EBIT), equal to € 1.6 million, increased by € 0.5 million compared to the first quarter of 2014, with an increase in EBIT margin from 0.98% to 1.21%.

(e uro/000) 31/03/2015 % 31/12/2014 % Var. Va r. %

Fixed assets 66,161 54.10% 65,765 95.53% 396 1% Operating net w orking capital 71,728 58.65% 23,768 34.53% 47,960 202% Other current assets/liabilities (13,046) -10.67% (18,200) -26.44% 5,154 -28% Other non-current assets/liabilities (2,539) -2.08% (2,492) -3.62% (47) 2%

Total us e s 122,304 100.00% 68,841 100.00% 53,463 78%

Short-term f inancial liabilities 8,919 7.29% 376 0.55% 8,543 2272% Current f inancial (assets)/liabilities f or derivatives - 0.00% - 0.00% - N.S. Financial (assets)/liab. f rom/to Group companies 40,000 32.71% 40,000 58.10% - 0% Cash and cash equivalents (1,032) -0.84% (44,980) -65.34% 43,948 -98% Net current f inancial debt 47,887 39.15% (4,604) -6.69% 52,491 -1140% Net Financial debt (A) 47,887 39.15% (4,604) -6.69% 52,491 -1140%

Net equity (B) 74,417 60.85% 73,445 106.69% 972 1%

Total s ource s of funds (C=A+B) 122,304 100.00% 68,841 100.00% 53,463 78%

 Operating net working capital as at 31 March 2015 was equal to € 71.7 million compared to € 23.8 million as at

31 December 2014;

 Net financial position as at 31 March 2015, is negative by € 47.9 million, compared to a cash surplus of € 4.6 million as at 31 December 2014. The impact of 'without-recourse' sale of both trade receivables and advancing cash-in of credits as at 31 March 2015 was approx. € 101 million (approx. € 123 million as at 31 December 2014).

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C) Significant events occurred in the period

No relevant events occurred in the period.

D) Subsequent events

On April 30th 2015 Esprinet Shareholders' meeting approved the separated financial statements for the fiscal year ended December 31st 2014, and the distribution of a dividend of € 0.125 per ordinary share, corresponding to a pay- out ratio of 25%1. The dividend shall be paid out from May 13th 2015, ex-coupon no. 10 on May 11th 2015 and record date on May 12th 2015.

Following the expiry of previous mandate, Shareholder's Meeting appointed, , the new Board of Directors and the Board of Statutory Auditors which will remain in office until approval of the financial statements for the 2017 fiscal year.

The new Board is made up as follows: Francesco Monti, Maurizio Rota, Alessandro Cattani, Valerio Casari, Marco Monti, Tommaso Stefanelli, Matteo Stefanelli, Cristina Galbusera, Mario Massari, Chiara Mauri, Emanuela Prandelli, Andrea Cavaliere.

The new Board of Statutory Auditors is made up as follows: Giorgio Razzoli (Chairman) Bettina Solimando (standing statutory auditor), Patrizia Paleologo Oriundi (standing statutory auditor), Antonella Koenig (alternate statutory auditor) and Bruno Ziosi (alternate statutory auditor).

Furthermore, Shareholders' Meeting approved a Long Term Incentive Plan, in relation to remuneration policies and in accordance with article 114-bis of legislative decree 58/1998, for the members of the Company's Board of Directors and other executives for the period 2015/2016/2017. The object of the plan is the free allocation of ordinary shares in the Company ("performance stock grant") to beneficiaries designated by the Board of Directors, up to a maximum of

1,150,000 shares in the Company already in portfolio.

Subject to prior revocation of former authorization resolved on the Shareholder's Meeting of April 30th 2014,the Shareholders' Meeting resolved also to authorise, the acquisition and disposal of own shares. The plan represents the re-iteration of the former one and comprises up to 10,480,000 ordinary shares of Esprinet S.p.A. with a nominal value of € 0.15 each, or a maximum of 10% of share capital, taking into account the own shares hold by the Company.

On April 29th 2015 the new legal entity Portugal Lda was established according to the Portuguese law with the

purpose of further enhance Groups' distribution activities in Portugal territory.

E) Outlook

Even with some uncertainties, the first months of 2015 seem to confirm the expected growth of Italy and Spain, already envisaged at the beginning of the year, notwithstanding some shadows mainly connected to the Greek crisis and its potential effects on the Eurozone, on top of the potential speculative bubble on stock exchanges.

In such a fragile economic recovery scenario, taking into consideration both the stagnant level of unemployment in the Countries where the Group operates and the unclear trend of private spending, the role of technology appears more and more crucial to both the enterprise sustainable growth and people daily life.

In fact, according to Context and to the panel 'Global Tech Distribution Council' (May 2015), in the first quarter of the

current year the sales of the technology wholesale distribution market grew by +7% compared to the same period of

2014. Such a trend was even more positive considering that the first quarter of 2014 grew +7% compared to 2013.

Among the most important markets, Germany decreased by -3% while both U.K. and France registered a +10%

growth pace.

Except for Scandinavian Countries, which are less significant as per market size, Spain registered the highest growth rate in the Panel (+17%), as well as also noticeable was the Italian result (+13%). More in details, the Spanish 'mobile computing' sector (mainly the notebook category) grew within the quarter by +7%, being the #1 category in distributors' revenue with a market share of 25%. 'Software' grew by +8% while mobile phones weren't in a good

1 based on Esprinet Group's consolidated net profit

5

'momentum' mainly because of the troubles of certain leading brands in competing with iPhone, the latter being

distributed in Italy, but not in Spain.

Conversely, in Italy TLC made in the first quarter a new step forward reaching the #2 position of distribution sales'

market share, approaching the mobile computing sector, thanks to smartphones' growth.

Esprinet Iberica's market share was stable compared to the same period of the previous year, while Esprinet Italy's

one grew more than +2 percentage points, recording the best result within the latest 15 months.

Even in April Group's sales - on a like-for-like base -- grew +20% compared to the previous year despite some pressure on gross margin due to price competition in the market and sales category mix.

Said the above, the Group confirms the profitability expectations to grow in the current year mostly thanks to the favourable effect of the operating leverage.

DECLARATION EX ART. 154-bis, paragraph 2 Legislative Decree n.58/1998 (T.U.F.)

The officer charged with the drawing up of the accounting documents of the company, Pietro Aglianò, declares that, in compliance with the provisions of paragraph 2 of Article 154 bis of Legislative Decree n.58/1998 (T.U.F.), the financial data shown in this press release corresponds to the findings resulting from accounting documents, books and accounting records.

Annex: Summary of economic and financial results as at 31 March 2015.

For further information:

Esprinet S.p.A. - IR and Communications Director

Tel. +39 02 40496.1 - michele.bertacco@esprinet.com

Esprinet (Italian Stock Exchange: PRT) is engaged in the wholesale distribution of IT and consumer electronics in Italy and Spain, with ~40.000 resellers customers served and 600 brands supplied. Consolidated 2014 sales of € 2.3 billion rank the Company No. 1 in Italy and No. 2 in Spain (No. 5 in Europe). Uniquely enabled by its internet -based business model (www.esprinet.com), Esprinet is especially focused on delivering technology to resellers mainly addressing the small -to-midsize businesses (SMB).

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Summary of main Group's results

Q1 Q1 % va r.

(e uro/000) no t e s % no t e s %

2015 2014 15/14

Pr ofit & Los s

Sales 617,550 100.0% 512,578 (2) 100.0% 20% Gross prof it 37,630 6.1% 30,941 (2) 6.0% 22% EBITDA (1) 11,208 1.8% 9,365 (2) 1.8% 20% Operating income (EBIT) 10,134 1.6% 8,610 (2) 1.7% 18% Prof it bef ore income tax 8,552 1.4% 8,424 (2) 1.6% 2% Net income 6,264 1.0% 8,223 1.6% -24% Financial data

Cash f low (3) 7,058 8,939 (2)

Gross investments 2,018 959

Net w orking capital (4) 220,996 58,627 (5) Operating net w orking capital (6) 237,804 77,431 (5) Fixed assets (7) 100,054 98,058 (5) Net capital employed (8) 308,905 144,588 (5) Net equity 281,016 274,872 (5) Tangible net equity (9) 204,559 198,605 (5) Net f inancial debt (10) 27,889 (130,284) (5) M ain indicator s

Net f inancial debt / Net equity 0.1 (0.5) (5) Net f inancial debt / Tangible net equity 0.1 (0.7) (5) EBIT / Finance costs - net 6.4 46.3 (2) EBITDA / Finance costs - net 7.1 50.3 (2) Net f inancial debt/ EBITDA 0.6 (2.9) (2) Ope r ational data

N. of employees at end-period 978 948

Avarage number of employees (11) 964 962

Ear nings pe r s har e (e ur o)

- From continuing operations - basic 0.13 0.11 18%

- Basic 0.13 0.16 (2) -19%

- From continuing operations - diluted 0.12 0.11 9%

- Diluted 0.12 0.16 (2) -25%

(1) EBITDA is equal to the operating income (EBIT) gross of amortisation and depreciation and accruals for risks and charges.

(2) Different amounts from those published in the interim management statement as at 31 March 2014 due to reclassification of the profit and loss values of both

Monclick S.r.l. and Comprel S.r.l. into 'Income/loss from disposal Group' item.

(3) Sum of consolidated net profit before minority interests and amortisation and depreciation.

(4) Sum of current assets, non-current assets held for sale and current liabilities, gross of short-term net financial position.

(5) Data/indicator referring as at 31 December 2014.

(6) Sum of trade receivables, inventory and trade payables.

(7) Non-current assets net of non-current financial assets.

(8) Equal to the sum of the net working capital plus fixed assets net of non-current liabilities except of financial liabilities.

(9) Equal to net equity less goodwill and intangible assets.

(10) Sum of borrowings and short term financial liabilities net of cash and cash equivalents, assets/liabilities for financial derivatives and financial receivables.

(11) Average of the balance at period beginning and end of companies consolidated.

The 2015 economic and financial results and those of the relative periods of comparison have been measured by applying International Financial Standards ('IFRSs').

In the next table, in combination with IFRSs' defined measures, some 'alternative performance measures', not defined from IFRSs, are presented. These 'alternative performance measures', consistently presented in previous reports and not intended as substitute of IFRSs defined measures, are internally used by the management for measuring and controlling the Group's profitability, performance and financial position.

As required by CESR (Committee of European Securities Regulators) recommendation n. CESR/05-178b, basis of calculation adopted are defined below the table.

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Consolidated statement of financial position

(e uro/000) 31/03/2015

ASSETS

Non-curre nt as s e ts

related parties*

31/12/2014

related parties*
Property, plant and equipment 11,304 10,271
Goodw ill 75,246 75,246
Intangible assets 1,211 1,021
Investments in associates 41 45
Def erred income tax assets 10,709 9,932

Receivables and other non-current assets 4,628 1,188 4,628 1,188

103,139 1,18 8 101,143 1,18 8

Curre nt as s e ts

Inventory 308,575 253,488
Trade receivables 246,244 8 275,983 16
Income tax assets 1,774 1,774
Other assets 15,294 - 9,814 -

Cash and cash equivalents 70,068 225,174

641,955 8 766,233 16

Dis pos al groups as s e ts - -

Total as s e ts 745,094 1,19 6 867,376 1,2 0 4

EQUITY

Share capital 7,861 7,861
Reserves 264,790 237,783

Group net income 6,417 27,035

Group ne t e quity 279,068 272,679

Non-controlling inte re s ts 1,948 2,193

Total e quity 281,016 274,872

LIABILITIES

Non-curre nt liabilitie s

Borrow ings 68,537 68,419
Derivative f inancial liabilities 205 128
Def erred income tax liabilities 4,780 4,795
Retirement benef it obligations 4,488 4,569
Debts f or investments in subsidiaries 9,709 9,758

Provisions and other liabilities 2,877 2,734

90,596 90,403

Curre nt liabilitie s

Trade payables 317,015 - 452,040 -
Short-term f inancial liabilities 25,067 20,814
Income tax liabilities 4,290 1,361
Derivative f inancial liabilities 142 51

Provisions and other liabilities 26,968 4 27,835 -

373,482 4 502,101 -

Dis pos al groups liabilitie s - -

Total liabilitie s 464,078 4 592,504 -

Total e quity and liabilitie s 745,094 4 867,376 -

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Consolidated separate income statement

Q1 Q1

(e uro/000) no n-recurring related parties** no n-recurring related parties**

2015 2014 re s tate d*

Sale s 617,550 - 4 512,578 - 5

Cost of sales (579,920) - - (481,637) - -

Gros s profit 37,630 - 30,941 -

Sales and marketing costs (10,990) - - (7,947) - - Overheads and administrative costs (16,506) - (842) (14,384) - (840) Ope rating incom e (EBIT) 10,134 - 8,610 -

Finance costs - net (1,578) - 3 (186) - 7

Other investments expenses/(incomes) (4) - - -

Profit be fore incom e tax 8,552 - 8,424 -

Income tax expenses (2,288) - - (2,857) - -

Profit from continuing ope rations 6,264 - 5,567 -

Income/(loss) f rom disposal groups - 2,656

Ne t incom e 6,264 - 8,223 -

- o f which attributable to no n-co ntro lling interests (153) -

- o f which attributable to Gro up 6,417 - 8,223 - Earnings co ntinuing o peratio n per share - basic 0.13 0.11

Earnings per share - basic (euro ) 0.13 0.16

Earnings co ntinuing o peratio n per share - diluted 0.12 0.11

Earnings per share - diluted (euro ) 0.12 0.16

(*) Different amounts from those published in the interim management statement as at 31 March 2014 due to reclassification of the profit and loss values of Monclick S.r.l.

and Comprel S.r.l. into 'Income/loss from disposal Group' item.

(**) Emoluments to key managers excluded.

Consolidated statement of comprehensive income

(e uro/000)

Q1 Q1

2015 2014 re s tate d*

Ne t incom e 6,264 8,223

Other comprehensive income:

- Changes in 'cash f low hedge' equity reserve (145) -
- Taxes on changes in 'cash f low hedge' equity reserve 40 -
- Changes in translation adjustment reserve 9 -

Other comprehensive income not to b e reclassified in the separate income statement

- Changes in 'TFR' equity reserve (109) (139)

- Taxes on changes in 'TFR' equity reserve 30 38

Othe r com pre he ns ive incom e (175) (101) Total com pre he ns ive incom e 6,089 8,122

- of w hich attributable to Group 6,236 8,122

- of w hich attributable to non-controlling interests (147) -

* Different amounts from those published in the interim management statement as at 31 March 2014 due to reclassification of the profit and loss values of both Monclick

S.r.l. and Comprel S.r.l. into 'Income/loss from disposal Group' item.

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Consolidated statement of changes in equity

(e uro/000)

Share capital

Re s e rve s

Ow n

s hare s

Profit for the

pe riod

Total ne t e quity

M inority inte re s t

Group ne t e quity

Balance at 31 De ce m be r 2013 7,861 241,940 (13,070) 23,095 259,826 - 259,826

Total com pre he ns ive incom e /(los s ) - (101) - 8,223 8,122 - 8,122

Allocation of last year net income/(loss) - 23,095 - (23,095) - - - Trans actions w ith ow ne rs - 23,095 - (23,095) - - -

Increase/(decrease) in 'stock grant' plan reserve - 228 - - 228 - 228

Balance at 31 M arch 2014 7,861 265,162 (13,070) 8,223 268,176 - 268,176

Balance at 31 De ce m be r 2014 7,861 253,268 (13,070) 26,813 274,872 2,193 272,679

Total com pre he ns ive incom e /(los s ) - (175) - 6,264 6,089 (147) 6,236

Allocation of last year net income/(loss) - 26,813 - (26,813) - - - Trans actions w ith ow ne rs - 26,813 - (26,813) - - - Increase/(decrease) in 'stock grant' plan reserve - 228 - - 228 - 228

Variation in IAS / FTA reserve (176) (176) (71) (105)

Other variations - 3 - - 3 (27) 30

Balance at 31 M arch 2015 7,861 279,961 (13,070) 6,264 281,016 1,948 279,068

Consolidated net financial position

(e uro/000) 31/03/2015 31/12/2014 Var. 31/03/2014 re s tate d*

Var.

Short-term f inancial liabilities 25,067 20,814 4,253 29,948 (4,881) Customer f inancial receivables (527) (506) (22) (465) (62)
Current f inancial (assets)/liabilities f or derivatives 142 51 91 174 (32)

Financial receivables f rom f actoring companies (2,091) (690) (1,401) (1,655) (436) Cash and cash equivalents (70,068) (225,174) 155,106 (59,723) (10,345)

Ne t curre nt financial de bt (47,477) (205,505) 158,027 (31,721) (15,694)

Borrow ings 68,537 68,419 118 2,990 65,547
Debts f or investments in subsidiaries 9,709 9,758 (49) (0) 9,709
Non-current f inancial (assets)/liabilities f or derivatives 205 128 77 - 205

Customer f inancial receivables (3,085) (3,085) - (3,085) -

Ne t financial de bt 27,889 (130,284) 158,173 (31,816) 59,705

* Different amounts from those published in the interim management statement as at 31 March 2014 due to reclassification of the profit and loss values of both Monclick

S.r.l. and Comprel S.r.l. into 'Income/loss from disposal Group' item.

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Consolidated statement of cash flows

(euro/000) Q1

2015

Q1

2014 restated*

Cash flow provided by (used in) operating activities (D=A+B+C) (155.045) (117.531) Cash flow generated from operations (A) 11.080 11.511

Operating income (EBIT) 10.134 8.610

Net income from disposal groups - 2.314

Depreciation, amortisation and other fixed assets write-downs 794 717

Net changes in provisions for risks and charges 143 (231) Net changes in retirement benefit obligations (219) (127) Stock option/grant costs 228 228

Cash flow provided by (used in) changes in working capital (B) (165.584) (126.661) Inventory (55.087) (28.557) Trade receivables 29.739 6.926

Other current assets (4.056) (25.330)

Trade payables (135.222) (104.917) Other current liabilities (958) 25.217

Other cash flow provided by (used in) operating activities (C) (541) (2.381)

Interests paid, net 347 533

Foreign exchange (losses)/gains (888) (159) Gain on Monclick disposal - (2.453) Income taxes paid - (302)

Cash flow provided by (used in) investing activities (E) (1.965) 8.210

Net investments in property, plant and equipment (1.661) (569) Net investments in intangible assets (356) (350) Changes in other non current assets and liabilities 52 259

Monclick selling - 2.787

Net assets disposal group - Comprel - 6.083

Cash flow provided by (used in) financing activities (F) 1.904 (7.849) Medium/long term borrowing (592) - Net financial debts transferred in "disposal group assets/liabilities" figure - (5.774) Net change in financial liabilities 4.151 (3.728) Net change in financial assets and derivative instruments (1.256) 1.653

Deferred price Celly acquisition (49) - Increase/(decrease) in 'cash flow hedge' equity reserve (105) - Equity reserve increase due to 'stock grant' plans to subsidiaries' employees (245) -

Net increase/(decrease) in cash and cash equivalents (G=D+E+F) (155.106) (117.170)

Cash and cash equivalents at year-beginning 225.174 176.893

Net decrease (increase) in cash and cash equivalents (155.106) (117.170) Cash and cash equivalents at year-end 70.068 59.723

* Different amounts from those published in the interim management statement as at 31 March 2014 due to reclassification of the profit and loss values of both Monclick

S.r.l. and Comprel S.r.l. into 'Income/loss from disposal Group' item.

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