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2014 Financial Report

Comments on the 2014 Financial Statements

In an economic environment that is starting to show signs of recovery, Giobert S.p.A. has essentially replicated the results of the previous year, with sales growth in Brazil offsetting the slight decline in sales in Europe.

Significant resources, totalling approximately 6% of revenue, have been allocated to both intangible assets and property, plant and equipment, representing an increase of one percentage point compared to the previous year.

During 2014, the sales revenue at consolidated level amounted to 21,687 thousand euro, in line with revenue for 2013.

In the first quarter of 2015, Giobert S.p.A.’s sales compared to 2014 increased by 28.3% in Italy and by 25.5% at consolidated level. According to forecasts, growth is expected to accelerate further in the second half of the year.