� � MARCOLIN GROUP QUARTERLY FINANCIAL REPORT March 31, 2014 Registered Office, Executive Management and Business Offices Longarone (BL) – Z.I. Villanova, 4 Issued capital euro 32,312,475.00 fully paid in R.E.A. n. 64334 Tax code and Companies Register n. BL 01774690273 VAT n. 00298010257
Quarterly Financial Report – March 31, 2104 CONTENTS page General information Corporate Boards and Auditors 3 Marcolin Group Structure 4 Marcolin Group Consolidated Financial Statements Consolidated Statement of Financial Position 5 Consolidated Income Statement and Consolidated Statement of Comprehensive Income 6 Consolidated Statement of Changes in Equity 7 Consolidated Cash Flow Statement 8 Notes to the Consolidated Financial Statements 9 2 Marcolin Group
Quarterly Financial Report – March 31, 2104 Resolutions, pursuant to Civil CORPORATE BOARDS AND AUDITORS BOARD OF DIRECTORS (1) Vittorio Levi Chairman Giovanni Zoppas C.E.O. and General Manager Antonio Abete Director Francesco Capurro Director Cirillo Coffen Marcolin Director Roberto Ferraresi Director Violaine Odile Marie Grison Director Emilio Macellari Director Frédéric Jaques Mari Stévenin Director Franck Raymond Temam Director Raffaele Roberto Vitale Director BOARD OF STATUTORY AUDITORS (1) David Reali Chairman Mario Cognigni Acting Auditor Diego Rivetti Acting Auditor Alessandro Maruffi Alternate Auditor Rossella Porfido Alternate Auditor INTERNAL AUDIT COMMITTEE (2) Vittorio Levi Chairman Roberto Ferraresi Internal Auditor Cirillo Coffen Marcolin Internal Auditor SUPERVISORY BODY (2) Federico Ormesani Chairman David Reali Supervisor Cirillo Coffen Marcolin Supervisor INDEPENDENT AUDITORS (3) PricewaterhouseCoopers S.p.A. (1) Term of office ends on the date of the Shareholders’ Meeting called to approve the annual financial statements for the year ended December 31, 2015 (according to Shareholders’ Resolution of April 30, 2013). (2) Board of Directors' appointment of April 30, 2013. (3) Term of engagement: 2013, 2014 and 2015 (according to Shareholders’ Resolution of April 30, 2013). 3 Marcolin Group
Quarterly Financial Report – March 31, 2104 Code MARCOLIN GROUP STRUCTURE Marcolin S.p.A. 100% Marcolin International B.V. Holland 10,10% 76,89% 89,90% Marcolin USA Inc. Marcolin France Sas Marcolin Iberica SA 100% 23,11% U.S.A. France Spain 100% Viva Optique Inc Marcolin Asia Ltd Marcolin Portugal Lda 99,82% 100% d/b/a Viva International Group Hong Kong Portugal New Jersey Viva IP Corp Marcolin Benelux Sprl 100% 100% New Jersey Belgium Viva International Inc. Marcolin UK Ltd 100% 100% New Jersey UK Viva Europa Inc. Marcolin Deutschland GmbH 100% New Jersey 100% Germany Viva Canada Inc. Marcolin GmbH 100% 100% Canada Switzerland 100% Marcolin do Brasil Ltda Viva Optique de Mexico SA de CV 0,10% 99,90% 50% Brazil Mexico (JV) Eyestyle.com Srl Miracle Optics Inc 100% 100% Italy California Eyestyle Retail Srl Viva Eyewear Uk LTd 100% Italy United kingdom Viva Eyewear HK Ltd Eyestyle Trading (Shanghai) Co 100% Hong Kong Ltd 100% Shanghai Viva Brasil Comércio Produtos 50% 50% Opticos Ltda Brazil Finitec Srl in liquidazione 40% Italy Viva France Sas 100% France 50% Viva Deutschland Germany (JV) Viva Eyewear Australia Pty Ltd 50% Australia (JV) Viva Schweiz AG 100% Switzerland Viva Nederland BV 100% Netherlands Viva Eyewear Brillenvertriebs 100% Gmbh Austria 4 Marcolin Group
Quarterly Financial Report – March 31, 2104 MARCOLIN GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION (euro/000) 3/31/2014 12/31/2013 Notes ASSETS NON-CURRENT ASSETS Property, plant and equipment 22,668 23,489 1 Intangible assets 41,100 34,655 1 Goodwill 256,932 256,917 1 Investments in subsidiaries and associates 2,047 2,030 1 Deferred tax assets 23,747 24,326 1 Other non-current assets 845 870 1 Non-current financial assets 6,349 7,132 1 Total non-current assets 353,687 349,418 CURRENT ASSETS Inventories 68,385 72,907 2 Trade receivables 85,381 72,468 2 Other current assets 14,288 13,994 2 Current financial assets 1,687 1,759 2 Cash and bank balances 23,495 38,536 2 Total current assets 193,237 199,664 TOTAL ASSETS 546,924 549,082 EQUITY Share capital 32,312 32,312 5 Additional paid-in capital 151,994 151,994 5 Legal reserve 3,853 3,853 5 Other reserves 43,787 43,638 5 Retained earnings (losses) (16,750) (4,811) 5 Profit (loss) for the year 278 (12,011) 5 Non-controlling interests - - TOTAL EQUITY 215,474 214,975 LIABILITIES NON-CURRENT LIABILITIES Non-current financial liabilities 196,091 195,891 3 Non-current provisions 18,776 18,287 3 Deferred tax liabilities 2,788 2,987 3 Other non-current liabilities 4,013 3,954 3 Total non-current liabilities 221,669 221,119 CURRENT LIBILITIES Trade payables 65,883 64,711 4 Current financial liabilities 15,609 17,707 4 Current provisions 10,978 14,422 4 Current tax liabilities 5,871 4,640 4 Other current liabilities 11,440 11,508 4 Total current liabilities 109,781 112,988 TOTAL LIABILITIES 331,450 334,106 TOTAL LIABILITIES AND EQUITY 546,924 549,082 5 Marcolin Group
Quarterly Financial Report – March 31, 2104 CONSOLIDATED INCOME STATEMENT (euro/000) Notes 3/31/2014 3/31/2013 % % NET REVENUES 98,702 56,555 7 100.0% 100.0% COST OF SALES (39,721) (40.2)% (21,803) (38.6)% 8 GROSS PROFIT 58,981 59.8% 34,751 61.4% Distribution and marketing expenses (44,647) (45.2)% (24,677) (43.6)% 9 General and administration expenses (7,834) (7.9)% (5,673) (10.0)% 10 Other operating income expenses 11 - other operating income 1,165 1,013 1.2% 1.8% - other operating expenses (190) (0.2)% (113) (0.2)% TOTAL OPERATING INCOME/EXPENSES 975 900 1.0% 1.6% EFFECTS OF ACCOUNTING FOR ASSOCIATES OPERATING INCOME - EBIT 7,476 7.6% 5,301 9.4% FINANCIAL INCOME AND COSTS Financial income 995 1.0% 957 1.7% 12 Finance costs (6,135) (6.2)% (3,409) (6.0)% TOTAL (5,140) (5.2)% (2,452) (4.3)% PROFIT BEFORE TAXES 2,336 2,850 2.4% 5.0% (2,058) (2,107) Income tax expense (2.1)% (3.7)% NET PROFIT/(LOSS) FOR THE YEAR 278 0.3% 743 1.3% � � � � CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (euro/000) 3/31/2014 3/31/2013 NET PROFIT FOR THE YEAR 278 743 Other items that will not subsequently be reclassified to profit or loss: Effect (actuarial gains/losses) on defined benefit plans, - - net of taxes TOTAL OTHER ITEMS THAT WILL NOT SUBSEQUENTLY BE RECLASSIFIED TO PROFIT OR LOSS - - Other items that will be subsequently reclassified to profit or loss Change in foreign currency translation reserve 221 1,299 TOTAL OTHER ITEMS THAT WILL BE SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS 221 1,299 TOTAL COSOLIDATED COMPREHENSIVE INCOME FOR THE YEAR 499 2,042 6 Marcolin Group
Quarterly Financial Report – March 31, 2104 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Other reserves Capital and Non-controlling S.holders reserves net interests in Total Additional paid- Retained earnings/ Profit/(loss) for the Share capital Legal Reserve deposit in Other reserves Period result total equity in capital (losses) year s/capital (euro/000) Balance as of January 1, 2013 1,200 159,660 - - - - - (4,811) 156,049 - 156,049 Capital increase of February 6,2013 - - - 27,300 - - - - 27,300 - 27,300 Allocation of 2012 profit - - - - - - (4,811) 4,811 - - - Merger impact - - - - - - 31,112 (7,666) 3,853 (27,300) - Capital increase of November 29, 2013 - - - 24,000 - - - - 24,000- - 24,000 Capital increase of December 3, 2013 - - - - - - 22,108- - - 22,108 22,108 - Period result - - - - - - - (12,011) (12,011) - (12,011) - Other components of comprehensive income - - - - (2,592) 122 - - -2,470- - (2,470) Total comprehensive income - - - - (2,592) 122 - (12,011) (14,481) - -14,481- Balance as of December 31, 2013 32,312 151,994 3,853 46,108 (2,592) 122 (4,811) (12,011) 214,975 - 214,975 Allocation of 2013 profit - - - - - (16,822) 4,811 12,011 - - - - Period result - - - - - - - 278 278 - 278 - Other components of comprehensive income - - - - 221 - - - 221 - 221 Total comprehensive income - - - - 221 - - 278 499 - 499 Balance as of March 31, 2014 32,312 151,994 3,853 46,108 (2,371) (16,700) - 278 215,474 - 215,474 7 Marcolin Group
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