Derego Management Report 2015

Registered office in Villanova Industrial Zone, 12- 32013 Longarone (BL)
Share capital Euro 10,968,535.24 fully paid-in

2 Directors Report on the 2015 separate and consolidated financial statements
Directors Report
on the 2015 separate and consolidated financial statements
In implementation of Legislative Decree No. 32, Article 1, point c) of February 2, 2007, the company utilises the
option to present in a single document the consolidated Directors Report and the separate Directors Report,
with a greater focus in the consolidated financial statements, where appropriate, upon matters of significance
for the companies included in the consolidation.
Therefore, the present consolidated Directors Report also contains the disclosure required by Article 2428 of
the Civil Code, with reference to the separate financial statements of De Rigo S.p.A..
Corporate Boards
The Board of Directors of the parent company comprises 7 members:
Ennio De Rigo Piter Chairman

Emiliana De Meio Vice Chairman
Massimo De Rigo Piter Executive Vice Chairman
Maurizio Dessolis Executive Vice Chairman
Michele Aracri Executive Director
Giorgio De Rigo Piter Director
Roberto De Rigo Director
The Board of Directors will remain in office until the approval of the 2017 Annual Accounts.
According to the motions of June 1, 2012, the Chairman assumes the broadest powers of ordinary and extraor-
dinary administration, while the three Vice Chairmen, Emiliana De Meio, Massimo De Rigo Piter and Maurizio
Dessolis and the Executive Director Michele Aracri have powers limited to ordinary administration.
The Board of Statutory Auditors is comprised of 5 members:
Mario Bampo Chairman

Gianfilippo Cattelan Statutory Auditor
Mario Sommavilla Statutory Auditor
Federica Monti Alternate Auditor
Stefano Lodolo Alternate Auditor
The Board of Statutory Auditors will remain in office until the approval of the 2015 Annual Accounts.
Directors Report on the 2015 separate and consolidated financial statements 3

Group operating structure
De Rigo S.p.A.
(Industrial & property holding co. w/ brand management)
Wholesale business Retail business
Wholesale Retail
EUROPE EUROPA
De Rigo Vision S.p.A. General Optical S.a.
Italy Spain and Portugal
De Rigo Vision Espana S.a. De Rigo Opmar Optik Ticaret A.S.
Spain Turkey
De Rigo France S.a. Boots Optical Investment Holdings Ltd.
*
France Great Britain

De Rigo Uk Ltd. Retail
Great Britain ASIA
*
Sewon ITC
De Rigo Hellas A.E.E. Korea
Greece
De Rigo Vision Portugal Lda.

Portugal
De Rigo Hrvatska d.o.o.

Croatia
De Rigo Gozluk Sanayi Ticaret A.S.

Turkey *minority holding
OPSA Optik Camlari Ticaret L.S.

Turkey
De Rigo Vision D.A.CH. Gmbh

Germany
THE AMERICAS
De Rigo Vision USA Inc.
U.S.A.
Wilvale De Rigo S.a.

Brazil
*
Marr International Inc.
U.S.A.
REST OF THE WORLD

De Rigo Hong Kong Ltd.
Hong Kong
De Rigo Vision Trading (Guangzhou) Ltd.

China
De Rigo Japan Co. Ltd.

Japan
De Rigo Vision Middle East FZCO

U.A.E.

Shareholders
At December 31, 2015, the shareholder structure of De Rigo S.p.A. comprised:
De Rigo Holding S.r.l. 96.889%

Ennio De Rigo Piter 0.951%
Roberto De Rigo 0.474%
Giorgio De Rigo Piter 0.474%
Others 1.212%
At December 31, 2015, De Rigo S.p.A. securities comprised only ordinary shares not listed on an official market.
At the reporting date, De Rigo S.p.A. does not hold treasury shares.
The subsidiaries do not directly or indirectly hold shares of the parent company.

Operating conditions and developments
Dear Shareholders,
the continually evolving economic environment has outstripping that of the main competitors on the
required a significant refocus in line with the altered Spanish market.
conditions, also in markets in which we have esta- 2015 was again a very strong year for the Turkish
blished a consolidated position. chain Opmar Optik, which has now consolidated its
position as the second largest player on the market,
The Wholesale division further consolidated its glo- thanks also to the opening of an additional 18 sales
bal market positioning, maintaining sales growth. points, despite the tragic events in the final months
The Retail division confirmed once again consi- of the year.
derable growth on the Iberian and Turkish mar-
kets. The General Optica chain has benefitted well
from the uptake in local consumption, with growth
Group overview
Group consolidated income statement

As reported below in the reclassified Income Sta- ductions in countries in which the local currencies
tement, consolidated revenues grew 7.3% to Euro significantly depreciated and the restructuring of the
403.0 million, from Euro 375.5 million in 2014. At sales networks of a number of overseas subsidia-
like-for-like exchange rates, Group revenues were ries.
up 6.7%.
EBIT decreased 9.8% to Euro 16.6 million, from
Wholesale division revenues increased 4.2% to Euro 18.4 million in 2014, and reported a 4.2%
Euro 231.0 million, from Euro 221.8 million in 2014. revenue margin (4.9% in 2014). The reduction is
principally due to the poor performance of the Who-
Retail division revenues rose 9.6% to Euro 184.9 lesale division, while the Retail division reported si-
million, from Euro 168.7 million in 2014, thanks to gnificantly improved profitability.
sales growth delivered both by General Optica and
Opmar Optik. Net extraordinary and financial income of Euro 5.1
million was reported, compared to a net charge of
EBITDA, calculated as the operating profit before Euro 1.6 million in 2014.
amortisation and depreciation, decreased 4.8% to
Euro 31.8 million, from Euro 33.4 million in 2014, The Group net profit was up 13.6% to Euro 14.7
with a 7.9% revenue margin. The reduction in million, compared to Euro 12.9 million in 2014.
EBITDA is principally due to the increase in the pro-
duct cost, due to the strengthening of the US Dollar At December 31, 2015, the De Rigo Group reported
against the Euro, the defensive commercial policies a net cash position of Euro 65.3 million, compared
which saw the implementation of sales prices re- to Euro 43.0 million at December 31, 2014.

The consolidated income statement reports the key operating figures (in thousands of Euro), reclassified for
an improved understanding of operating events:
2015 2014 Cge. %

NET SALES REVENUES 403,034 375,529 7.3%
Sold product cost (177,779) (161,011) 10.4%
GROSS PROFIT 225,255 214,518 5.0%
Advertising & promotion costs (31,523) (30,283) 4.1%

Sales costs (142,489) (133,000) 7.1%
General & administrative costs (34,680) (32,813) 5.7%
OPERATING COSTS (208,692) (196,096) 6.4%
EBIT 16,564 18,422 -10.1%
Interest income 564 495 13.9%

Interest charges (4,349) (3,367) 29.2%
Other non-operating income (charges) 8,834 1,242 611.3%
OTHER REVENUES (COSTS) 5,049 (1,631) -409.6%
PROFIT BEFORE TAXES 21,613 16,791 28.7%
INCOME TAXES (7,960) (3,874) 105.5%
NET PROFIT/LOSS BEFORE MINORITY

INTERESTS 13,653 12,917 5.7%
MINORITY INTEREST SHARE 1,036 11 9318.2%
NET PROFIT 14,689 12,928 13.6%
Group consolidated revenues by region

Consolidated revenues by region are broken down as follows:
revenues in Europe totalled Euro 277.3 million, up 1.5%, principally following the improved sales
of the Retail division on the Spanish, Portuguese and Turkish markets and of Wholesale sales in
Spain, Italy and Portugal;
revenues in the Americas reduced 4.3% to Euro 26.5 million, particularly due to the effect of the
depreciation of the Brazilian Real on the sales of the Brazilian subsidiary;
Rest of the World sales rose 32.0% to Euro 90.0 million, principally due to sales growth in Korea
and of the Chinese subsidiary.
Sales by region 2015 on the 2015 separate

Directors Report 2014 and consolidated
Change financialChange %
statements 7
Europe (including Italy) 277.3 273.1 4.2 1.5%
The Americas 26.5 27.7 (1.2) -4.3%
Rest of the World 90.0 68.2 21.8 32.0%
OTHER REVENUES (COSTS) 5,049 (1,631) -409.6%
PROFIT BEFORE TAXES 21,613 16,791 28.7%
INCOME TAXES (7,960) (3,874) 105.5%
NET PROFIT/LOSS BEFORE MINORITY

INTERESTS 13,653 12,917 5.7%
MINORITY INTEREST SHARE 1,036 11 9318.2%
Group consolidated revenues by region14,689

NET PROFIT 12,928 13.6%

Group consolidated revenues by region
revenues in Europe totalled Euro 277.3 million, up 1.5%, principally following the improved sales of the
Retail division on the Spanish, Portuguese and Turkish markets and of Wholesale sales in Spain, Italy
and Portugal;
revenues
revenues in Europe reduced
in the Americas totalled Euro
4.3%277.3 million,
to Euro 26.5 up 1.5%,particularly
million, principally due
following
to thethe improved
effect sales
of the depre-
ciation of the Brazilian
of the Retail division
Real onon the Spanish,
the sales Portuguese
of the Brazilianand Turkish markets and of Wholesale sales in
subsidiary;
Spain, Italy and Portugal;
Rest ofrevenues
the Worldinsales rose 32.0%
the Americas to Euro
reduced 4.3%90.0
to million,
Euro 26.5principally due to sales
million, particularly duegrowth
to theineffect
Koreaofand
the of
the Chinese subsidiary.
depreciation of the Brazilian Real on the sales of the Brazilian subsidiary;
Rest of the World sales rose 32.0% to Euro 90.0 million, principally due to sales growth in Korea
and of the Chinese subsidiary.
Sales by region 2015 2014 Change Change %

Europe (including Italy) 277.3 273.1 4.2 1.5%
The Americas 26.5 27.7 (1.2) -4.3%
Rest of the World 90.0 68.2 21.8 32.0%
Total 393.8 369.1 24.7 6.7%
Other revenues 9.2 6.5 2.7 41.8%
Consolidated revenues 403.0 375.5 27.5 7.3%
Consolidated Group revenues by business division

The following table outlines the financial highlights of the two divisions in 2015 and 2014 in millions of
Consolidated
Euro: Group revenues by business division
The following table outlines the financial highlights of the two divisions in 2015 and 2014 in millions of Euro:
Directors Report on the 2015 separate and consolidated financial statements page 5
PRODUCTION AND SERVICE

EBITDA EBIT
REVENUES
Group Divisions 2015 2014 Change % 2015 2014 Change % 2015 2014 Change %
Wholesale 231.0 221.8 4.1% 13.0 22.4 -42.0% 8.4 18.3 -54.1%
184.9 168.7 9.6% 18.9 11.2 68.8% 13.3 5.4 146.3%
Retail
Inter-company
-12.9 -14.9 -13.4% -0.1 -0.2 -50.0% -5.1 -5.2 -1.9%
eliminations
Total 403.0 375.5 7.3% 31.8 33.4 -4.8% 16.6 18.4 -9.8%
Wholesale business
Wholesale division revenues reported further growth, thus surpassing the level achieved in 2014.
Division revenues increased 4.1% to Euro 231.0 million, compared to Euro 221.8 million in 2014. The
major growth across various markets - in particular Spain, Turkey, China and Korea - was however
partially offset by the weakness in Russia, Brazil and the U.A.E. and the depreciation of a number of local
currencies, such as the Turkish Lira and the Brazilian Real, which respectively impacted the significant
real growth of the Turkish subsidiary and held back the development of sales by the Brazilian subsidiary.
Retail sales
The Group Retail network at December 31, 2015 comprised the following sales points:
PRODUCTION AND SERVICE
EBITDA EBIT
REVENUES
Group Divisions 2015 2014 Change % 2015 2014 Change % 2015 2014 Change %
Wholesale business 231.0
Wholesale 221.8 4.1% 13.0 22.4 -42.0% 8.4 18.3 -54.1%
184.9 168.7 9.6% 18.9 11.2 68.8% 13.3 5.4 146.3%
Retail
Wholesale division revenues reported further and the U.A.E. and the depreciation of a number of
Inter-company
growth, thus -12.9 -14.9 -13.4%
surpassing the level achieved in 2014. -0.1 -0.2 -50.0%
local currencies, such as -5.1 -5.2 Lira
the Turkish -1.9%
and the
eliminations
Division revenues
Total increased 4.1%
403.0 to Euro 7.3%
375.5 231.0 Brazilian
31.8 33.4Real,-4.8%
which respectively
16.6 impacted
18.4 the si-
-9.8%
million, compared to Euro 221.8 million in 2014. The gnificant real growth of the Turkish subsidiary and
major growth across various markets - in particu- held back the development of sales by the Brazilian
Wholesale business
lar Spain, Turkey, China and Korea - was however subsidiary.
Wholesale division revenues reported further growth, thus surpassing the level achieved in 2014.
partially offset by the weakness in Russia, Brazil
Division revenues increased 4.1% to Euro 231.0 million, compared to Euro 221.8 million in 2014. The
major growth across various markets - in particular Spain, Turkey, China and Korea - was however
partially offset by the weakness in Russia, Brazil and the U.A.E. and the depreciation of a number of local
currencies, such as the Turkish Lira and the Brazilian Real, which respectively impacted the significant
Retail
realsales
growth of the Turkish subsidiary and held back the development of sales by the Brazilian subsidiary.
Retail sales
Directly owned stores Stores under franchise Total
2015 2014 Change 2015 2014 Change 2015 2014 Change
General Optica 198 196 2 57 55 2 255 251 4
Opmar Optik 74 56 18 0 0 0 74 56 18
Boots Opticians 461 448 13 178 181 -3 639 629 10
Total 733 700 33 235 236 -1 968 936 32
The network of Group stores comprises: General Optica, the leading chain of opticians on the Spanish
market; Mais Optica, one of the main chains in Portugal; the Opmar Optik chain, the second largest
retailer in Turkey; Boots Optical Investment Holdings Limited, the second largest chain of opticians on the
British market, of which the De Rigo Group holds 42% (consolidated indirectly at Equity).
The network of Group stores comprises: General ars - significantly boosted sales, while assisted also
Optica, the leading chain of opticians on the Spa-
Retail sales, concerning General Optica, Mais Optica andby aOpmar
particularly
Optik strong
alone, local economy.
totalled Euro 184.9 million,
up 9.6%Mais
nish market; on Euro 168.7
Optica, onemillion
of theinmain
2014.chains in Opmar Optik continued its Retail expansion policy
Portugal; the Opmar Optik chain, the second largest on the Turkish market, with the net opening of an
The commercial policies of the Spanish and Portuguese chain - after the restructurings of previous years -
retailer in Turkey; Boots Optical Investment Hol- additional 18 sales points.
significantly boosted sales, while assisted also by a particularly strong local economy.
dingsOpmar
Limited,Optik
the second largest chain of opticians
continued its Retail expansion policy on the Turkish market, with the net opening of an
on theadditional
British market,
18 salesofpoints.
which the De Rigo Group
holds 42% (consolidated indirectly at Equity).
RetailConsolidated
sales, concerningcosts
General Optica, Mais Opti-
ca and Opmar Optik alone, totalled Euro 184.9 mil-
The principal operating costs reported the following movements (in thousands of Euro as per the financial
lion, up 9.6% on Euro 168.7 million in 2014.
statements):
The commercial policies of the Spanish and Portu-

guese chain - after the restructurings of previous ye-

Consolidated costs
statements):
Description 2015 2014 Cge. %

Personnel costscosts
Personnel 113,045
113,045 106,684
106,684 6.0%
6.0%
Raw materials, consumables
Raw materials, and and
consumables goods, adjusted
goods, by by
adjusted thethe
change in in
change the
theinventories
inventoriesofofraw
raw
materials, consumables
materials, and and
consumables goods andand
goods of the change
of the in inventories
change in inventoriesofofwork
workininprogress,
progress,
semi-finished and finished
semi-finished goods.
and finished goods. 148,385
148,385 130,453
130,453 13.7%
13.7%
Service costscosts
Service 82,428
82,428 80,378
80,378 2.6%
2.6%
Rents,Rents,
leaselease and similar
and similar 22,619
22,619 21,553
21,553 4.9%
4.9%
Amortisation,
Amortisation, depreciation
depreciation & write-downs
& write-downs 16,635
16,635 16,118
16,118 3.2%
3.2%
Provisions
Provisions for risks,
for risks, otherother provisions
provisions andand other
other operating
operating charges
charges 6,879
6,879 6,532
6,532 5.3%
5.3%
TOTAL COSTS OF PRODUCTION ADJUSTED BY THE CHANGE IN INVENTORIES 389,990 361,717 7.8%
TOTAL COSTS OF PRODUCTION ADJUSTED BY THE CHANGE IN INVENTORIES 389,990 361,717 7.8%
The movements
The movements in operating
in operating costs costs related
related to:to:to: fair costs.
The movements in operating costs related
Personnel costs: +6.0%, principally due to the increase in costs of De Rigo Vision S.p.A. and of the
Personnel
Personnel costs:
Turkish
costs:
and+6.0%,
+6.0%, principally
Spanish principally
retail chains,due
duethe
alsotodue
totoin-
the increase
Rents,
the new sales
inpoint
costs
lease of De
andRigo
openings.
Vision +4.9%,
similar: S.p.A. and of the fol-
principally
Turkish and Spanish retail chains, also due to the new sales point openings.
crease in costs of De Rigo Vision S.p.A. and of the lowing the increase in the cost for the rental of
Raw material purchase costs and inventory changes: +13.7%, the account increased on the
Turkish and Spanish
Rawprevious
material retail chains, also due to the spaces+13.7%,
followingthe theaccount
rolling increased
out of theonsales point
yearpurchase costs and
due to a number inventory
of factors, mainlychanges:
the increase in sales volumes and the increase the
of
new sales point
previous
unitary openings.
year duedue
costs to toa the
number of factors,
depreciation of themainly the opening
Euro against increase
the US plan in Turkey
inDollar,
sales volumes
which andandthethe
principally indexing toofthe US
increasethe
impacted
unitary
sharecosts due to the
of products depreciation
purchased overseas.of the Euro against the of
Dollar USaDollar,
number which principally
of Turkish storeimpacted the
rental contracts.
share of products purchased overseas.
Raw material purchase costs and inventory
Service costs: +2.6%, principally due to the increase in promotion, advertising, testimonial and trade
changes:
Service+13.7%,
fair costs: the
costs. +2.6%,account increased
principally due toon increase Amortisation,
thethe depreciation
in promotion, advertising, and and
testimonial write-downs:
trade
fair costs.
previous year due to a number of factors, mainly the +3.2%, following the investments incurred for the
Rents, lease and similar: +4.9%, principally following the increase in the cost for the rental of spaces
increase in sales volumes and the increase of unita- opening of sales points in Turkey.
following
Rents, leasethe and rolling out of+4.9%,
similar: the sales point opening
principally plan the
following in Turkey
increaseandinthe
theindexing
cost fortothe
therental
US Dollar of a
of spaces
ry costs due tothe
number
following the depreciation
ofrolling
Turkish store
out of sales
rental
of the the Euro
pointagainst
contracts. opening plan in Turkey and the indexing to the US Dollar of a
the US Dollar,ofwhich
number Turkishprincipally
store rental impacted
contracts.the share Provisions for risks, other provisions and other
Amortisation, depreciation and write-downs: +3.2%, following the investments incurred for the
of products purchased overseas. operating charges: +5.3%, mainly due to the pro-
opening of sales
Amortisation, points in Turkey.
depreciation and write-downs: +3.2%, following the investments incurred for the
vision for restructuring costs of the sales networks
opening of sales points in Turkey.
Provisions for risks, other provisions
Service costs: +2.6%, principally due to the incre- and other operating
of some group charges: +5.3%, mainly due to the
subsidiaries.
provision for restructuring costs of the sales networks of some group subsidiaries.
ase inProvisions
promotion,for advertising,
risks, other testimonial
provisionsand and
tradeother operating charges: +5.3%, mainly due to the
provision
Duringforthe
restructuring costs
year, the Group of the sales
undertook networkstransactions
the following of some group
withsubsidiaries.
related parties:
During the year, the Group undertook the following transactions with related parties:
During the year, the Group undertook the following transactions with related parties:
Financial
Financial Trade Other Financial Other
Description Revenues Costs income
receivables receivables receivables payables payables
(charges)
Financial
Financial Trade Other Financial Other
Description
DE RIGO HOLDING SRL - - - 482 - Revenues- Costs2 income 3
receivables receivables receivables payables payables
DE RIGO IMMOBILIARE (charges)
- - 10 - - 10 67 -
SRL SRL
DE RIGO HOLDING - - - 482 - - 2 3
DE RIGO IMMOBILIARE
SEWON I.T.C. CO. LTD. - 4,789 - - 36 15,833 334 -
- - 10 - - 10 67 -
SRL
AMSTERDAM
- - 8 - - 5 169 -
SEWON PROPERTIES
I.T.C. CO. LTD.
S.L. - 4,789 - - 36 15,833 334 -
BOOTS OPTICIANS* - 1,337 1,868 - 906 7,900 358 28
AMSTERDAM
- - 8 - - 5 169 -
PROPERTIES S.L.
MARR INTERNATIONAL
- 813 - - 42 600 8
GROUP LTD.
BOOTS OPTICIANS* - 1,337 1,868 - 906 7,900 358 (38)
28
Total
MARR INTERNATIONAL - 6,939 1,886 482 984 24,348 938 (7)
- 813 - - 42 600 8
GROUP LTD. (38)
*The chain *Boots
The Opticians
chain Boots
has Opticians
in place anhas in placewith
agreement an agreement
the companywith
BBGR theLtd.
company BBGR and
for the supply Ltd.mounting
for the supply andand
of lenses mounting
logistics of lenses and logistics
management. Under this agreement, De Rigo
management.
Vision invoices the majority Under
of ordersthis agreement,
received by theDe Rigo
Boots Vision invoices
Opticians thecompany
chain to the majorityBBGR
of orders
Ltd., received by the once
which thereafter, Bootsthe
Opticians
requested chain to the
service has company BBGR
been provided, invoices in turn
Ltd., whichTotal
thereafter, once the requested-service has 6,939 1,886 in
been provided, invoices 482Opticians.
turn Boots 984
Therefore,24,348
in order to 938
provide a better (7)
Boots Opticians. Therefore,for
representation in order to provide
the reader, theaitems
betterconcerning
representation for the
BBGR arereader, the items
aggregated concerning
with BBGR Opticians.
those of Boots are aggregated with those of Boots Opticians.
* The chain
Payables to DeBoots Opticians
Rigo Holdinghas in place
S.r.l. are an
of agreement
a financialwith the company
nature and as aBBGR Ltd.offor
result thetheloan
supply and mounting
granted by the of lensescompany.
parent and logisticsReceivables and
management. Under this agreement, De Rigo Vision invoices the majority of orders received by the Boots Opticians chain to the company BBGR
payables with
Ltd., which other associates
thereafter,
Directors once on
Report concern
thethe
requested trade receivables.
service
2015 separate has consolidated
and been provided, invoices
financial in turn Boots Opticians. Therefore, in order to provide a better
statements page 8
representation for the reader, the items concerning BBGR are aggregated with those of Boots Opticians.

Extraordinary and financial management and consolidated investments
Extraordinary and financial management reported net financial charges, also concerning the English
Group net income of Euro 5.1 million compared to a pension fund. The impact of exchange movements
Payables to De Rigo Holding
charge of Euro 1.6 million in 2014. S.r.l. are of a financial nature
wasand as a result neutral,
substantially of the loan granted
as in by the year.
the previous
parent company. Receivables and payables
This result was principally due to the combined ef- with other associates concern trade receivables.
The disposal of the English property complex, for-
fect of the positive contribution from the write-back mer headquarters of the Dollond & Aitchison chain,
Extraordinary and financial management and
of the investment in Boots Optical Investment Hol-
consolidated investments
resulted in a gain of Euro 3.3 million.
ding for Euro 17.1 million, the negative impact from
Extraordinary and financial management reported Group net income of Euro 5.1 million compared to a
thecharge
contribution
of Euroto1.6
themillion
deficit in
of 2014.
the English pension
fund forresult
This Eurowas
8.2 principally
million anddue fortoEuro
the 2.4 millioneffect of the positive contribution from the write-back of
combined
the investment in Boots Optical Investment Holding for Euro 17.1 million, the negative impact from the
contribution to the deficit of the English pension fund for Euro 8.2 million and for Euro 2.4 million net
financial charges, also concerning the English pension fund. The impact of exchange movements was
substantially neutral, as in the previous year. The disposal of the English property complex, former
headquarters of the Dollond & Aitchison chain, resulted in a gain of Euro 3.3 million.
The
The Group
Group netnet financial
financial position,
position, in thousands
in thousands of of Euro,
Euro, at year-end
at year-end waswas
as as follows:
follows:
2015 2014 Change

Bank deposits 76,599 49,645 26,954
Cash on hand and similar 571 549 22
Treasury shares - - -
Cash and cash equivalents 77,170 50,194 26,976
Bonds and convertible bonds (within 12 months) - - -

Shareholder loans (within one year) (482) (509) 27
Bank payables (within one year) (11,344) (6,355) (4,989)
Other lenders (within one year) (43) (38) (5)
Advances on foreign payments - - -
Short-term portion of loans - - -
Short-term financial payables (11,869) (6,902) (4,967)
Short-term net financial position 65,301 43,291 22,010
Bonds and convertible bonds (over 12 months) - - -

Shareholder loans (beyond one year) - - -
Bank payables (beyond one year) 0 (230) 230
Other lenders (beyond one year) (33) (19) (14)
Long-term portion of loans - - -
Financial receivables - - -
Net financial position - Medium/long-term (33) (249) 216
Net Financial Position 65,268 43,042 22,226
At the end of 2015, the Group reported a net cash position of Euro 65.3 million, compared to Euro 43.0
million in the previous year. The improved financial position is principally due to cash generated from
operating activities of Euro 28.2 million, compared to Euro 35.7 million in the previous year, the gain on
the disposal of fixed assets of Euro 5.6 million (Euro 0.6 million in 2014), despite the absorption of cash
from gross investments for Euro 12.1 million, compared
Directors Report on theto2015
Euro 7.7 and
separate million in 2014,
consolidated and
financial cash flow
statements 11
generated from financing activities for Euro 5.2 million, compared to an absorption of Euro 2 million in
2014.
At the end of 2015, the Group reported a net cash position of Euro 65.3 million, compared to Euro 43.0 million
in the previous year. The improved financial position is principally due to cash generated from operating acti-
vities of Euro 28.2 million, compared to Euro 35.7 million in the previous year, the gain on the disposal of fixed
assets of Euro 5.6 million (Euro 0.6 million in 2014), despite the absorption of cash from gross investments for
Euro 12.1 million, compared to Euro 7.7 million in 2014, and cash flow generated from financing activities for
Euro 5.2 million, compared to an absorption of Euro 2 million in 2014.
The balance sheet reclassified to net capital employed is reported below, in thousands of Euro:
2015 2014 Change

Trade receivables 72,252 70,865 1,387
Other receivables 44,409 46,667 (2,258)
Inventories 91,749 76,154 15,595
Current non-financial payables (108,480) (95,559) (12,921)
A) Working capital 99,930 98,127 1,803
Net tangible and intangible assets 88,724 93,486 (4,762)

Investments 48,682 38,444 10,238
Non-current provisions and non-financial payables (46,664) (35,922) (10,742)
B) Net fixed capital 90,742 96,008 (5,266)
A+B= Net capital employed 190,672 194,135 (3,463)
C) Net financial debt (65,268) (43,042) (22,226)

Opening shareholders equity 240,809 223,145 17,664
Minority interest capital and reserves 442 1,104 (662)
Net Profit 14,689 12,928 1,761
D) Closing shareholders equity 255,940 237,177 18,763
C+D = Total financial debt (cash) and shareholders equity 190,672 194,135 (3,463)
Net investments for Euro 12.1 million refer principally to the opening of new sales points in Turkey and
Spain and Group IT system investments, in addition to the upgrading of production plant at Group
facilities.
Net Receivables
investmentswere substantially
for Euro in line
12.1 million referwith the previous
principally to theyear, whileofthe
opening newincrease in final
sales points in inventories
Turkey andwas
Spain
principally due to the accelerated operating cycle of De Rigo Vision and the extension of the number of
and Group IT system investments, in addition to the upgrading of production plant at Group facilities.
Retail division sales points.
Receivables were substantially

The key earnings in line
indicators are with the
reported previous
below year, of
(in millions while the increase in final inventories was prin-
Euro):
cipally due to the accelerated operating cycle of De Rigo Vision and the extension of the number of Retail
Debt
division coverage
sales points.index
The Group has a positive net financial position.
Return on sales (ROS):
2015 2014
EBIT 16.6 18.4
Revenues 403.0 375.5
ROS % 4.1% 4.9%
Return on investment (ROI):

2015 2014
EBIT 16.6 18.4
Net capital employed 190.7 194.1
D)
C+DClosing
Minority shareholders
= interest
Total financial equity
debt
capital and (cash) and shareholders equity
reserves 255,940
190,672
442 237,177
194,135
1,104 18,763
(3,463)
(662)
C+D = Total
Net Profit financial debt (cash) and shareholders equity 190,672
14,689 194,135
12,928 (3,463)
1,761
D) Closing shareholders equity 255,940 237,177 18,763
Net
C+D investments for Euro
= Total financial 12.1 million
debt (cash) refer principally
and shareholders equity to the opening 190,672
of new sales points
194,135in Turkey and
(3,463)
Net
Spain investments
and GroupforITEuro 12.1investments,
system million refer in
principally
addition totothe
theopening of new
upgrading sales pointsplant
of production in Turkey and
at Group
Spain and Group IT system investments, in addition to the upgrading of production plant at Group
facilities.
facilities.
Net investments for Euro 12.1 million refer principally to the opening of new sales points in Turkey and
Receivables
Spain and Group were substantially in line with the
IT system investments, previous to
in addition year,
thewhile the increase
upgrading in final inventories
of production was
plant at Group
Receivables
principally
facilities. were
due to substantially
the in
accelerated line with
operatingthe previous
cycle of De year,
Rigo while
Vision the
and increase
the in final
extension ofinventories
the numberwas
of
principally duesales
Retail division to the accelerated operating cycle of De Rigo Vision and the extension of the number of
points.
The key earnings indicators are reported below (in millions of Euro):
Retail divisionwere
Receivables salessubstantially
points. in line with the previous year, while the increase in final inventories was
The key earnings indicators are reported
principally due to the accelerated below
operating (in of
cycle millions of Euro):
De Rigo Vision and the extension of the number of
The key earnings
Debtdivision
Retail coverage indicators
sales index
points. are reported below (in millions of Euro):
Debt coverage index
The Group
Debt has a positive net financial position.
coverage
The key earningsindex
indicators are reported below (in millions of Euro):
The
DebtGroup has a positive
coverage index net financial position.
Return on sales
(ROS):
2015 2014
Return
EBIT on sales (ROS): 2015 16.6 2014 18.4
Revenues
EBIT 403.0
16.6 375.5
18.4
Revenues
ROS % 403.0
4.1%
2015 375.5
4.9%
2014
ROS
EBIT % 4.1%
16.6 4.9%
18.4
Revenues 403.0 375.5
Return
ROS % on investment (ROI): 4.1% 4.9%
Return
Returnononinvestment (ROI):
investment (ROI):
2015 2014
Return
EBIT on investment (ROI): 2015 16.6 2014 18.4
Net capital employed
EBIT 190.7
16.6 194.1
18.4
Net
ROIcapital
% employed 190.7
8.7%
2015 194.1
9.5%
2014
ROI
EBIT % 8.7%
16.6 9.5%
18.4
Return on
Net capital equity (ROE):
employed 190.7 194.1
Return
ROI % on equity (ROE): 8.7% 9.5%
2015 2014
Return
Return onequity
Net resulton equity (ROE):
(ROE): 2015 14.7 2014 12.9
equity
Net result 255.5
14.7 236.1
12.9
ROEequity
Net % 5.8%
2015255.5 5.5%
236.1
2014
ROE %
Net result 5.8%
14.7 5.5%
12.9
Net equity
Directors Report on the 2015 separate and consolidated financial statements 255.5 236.1 page 10
ROE % Report on the 2015 separate and consolidated financial statements
Directors 5.8% 5.5% page 10

Consolidated tax charge
The Group reported an effective average tax rate sed. This contribution, together with the adjustment
of 36.8%, compared to 23.1% in the previous year. to deferred tax assets following the change in the
This significant increase is mainly due to the reduc- Italian rate, is reflected in an increased effective rate
tion of the Groups assessable income base fol- compared to the parent companys theoretical rate.
lowing the increased proportion of tax losses incur-
red in foreign countries, against which the relative
Consolidated
deferred tax
tax assets had notcharge
been prudently recogni-
The Group reported an effective average tax rate of 36.8%, compared to 23.1% in the previous year.
This significant increase is mainly due to the reduction of the Groups assessable income base following
Social, political
the increased andoftrade
proportion union
tax losses developments
incurred in foreign countries, against which the relative deferred
tax assets had not been prudently recognised. This contribution, together with the adjustment to
Despite thetax
deferred challenging market and
assets following thethechange
difficult in
ini-the Italian
countered
rate, with the tradeinunions
is reflected or groupseffective
an increased of wor- rate
compared
tiatives whichtothe
theGroup
parenthas
companys
needed totheoretical
implement rate. kers, assisting therefore the harmonious operation
to contain costs (reduction of some overseas sales of Group workplaces.
networks), again this year no difficulties were en-
Social, political and trade union developments
Despite the challenging market and the difficult initiatives which the Group has needed to implement to
contain costs (reduction of some overseas sales networks), again this year no difficulties were
Personnel
encountered with the trade unions or groups of workers, assisting therefore the harmonious operation of
Group workplaces.
The average Group workforce at December 31, 2015 and 2014, broken down by category and in FTE, is re-
ported below:
Personnel
The average Group workforce at December 31, 2015 and 2014, broken down by category and in FTE, is
reported below:
2015 2014 Changes

Workforce
Executives 47 46 1
White-collar 2,199 2,088 111
Blue-collar 699 686 13

Other 133 103 30
Total 3,078 2,923 155
Other information
In accordance with Article 2428, paragraph 2, we report the following:
Research and development

The Group has always invested in aligning its production processes with the most advanced technological
standards. The limited amount of technological developments on the market in recent times have
restricted the need for significant industrial investment.
IT investments are increasingly important for our Group. The replacement of IT systems was extended
also to other Group companies, which currently largely operate through a centralised SAP system. The
activities
14 toReport
Directors improve theseparate
on the 2015 level and
of consolidated
computerisation of the sales networks in the countries in which the
financial statements
Group operates directly continued also in 2015.
The intensive production research and development activities did not result in the capitalisation of costs,
Other information
In accordance with Article 2428, paragraph 2, we report the following:
Research and development

The Group has always invested in aligning its pro- as mainly concerning individual product models, for
duction processes with the most advanced techno- which their utility is limited to the period of produc-
logical standards. The limited amount of technolo- tion of the model and is generally concentrated in a
gical developments on the market in recent times period of less than one year, or for the completion
have restricted the need for significant industrial of plant and machinery for which these operations
investment. are outsourced and included in the acquisition cost
of the asset.
IT investments are increasingly important for our
Group. The replacement of IT systems was exten-
ded also to other Group companies, which currently
largely operate through a centralised SAP system.
The activities to improve the level of computerisa-
tion of the sales networks in the countries in which
the Group operates directly continued also in 2015.
The intensive production research and development
activities did not result in the capitalisation of costs,
Disclosure as per Article 2428, paragraph 2, point 6-bis of the Civil Code
In accordance with Article 2428, paragraph 2, point rate and price risk are knowledgeably managed.
6-bis of the Civil Code, the information concerning Where risks may be covered through insurance,
the use of financial instruments is detailed below, as the Group undertakes the necessary policies. With
relevant for the calculation of the companys equity regards to currency risks, the company usually hed-
and financial position. ges its currency surplus/deficit so as to minimise the
Company management seek to hedge risks through economic effect.
the use of various types of existing beneficial finan-
cial instruments, to ensure that currency, interest
In particular:
Credit Risk
The credit risk deriving from normal Group opera- The amount and measurement criteria for the
tions with commercial counterparties is managed Doubtful debt provision at the reporting date are
and controlled within the procedures for the alloca- outlined in the Explanatory Notes.
tion and monitoring of client credit standings. Credit At the reporting date, any significant concentra-
management activities are coordinated through re- tions of credit risk have been monitored, with ap-
porting and periodic meetings concerning all Group propriate write-down provisions established where
companies. necessary.

Liquidity and cash flow risk
The majority of Group receivables are short-term. the Group holds financial assets for which a li-
For some receivables for which late payment was quid market does not exist, but from which fi-
considered as a potential insolvency indicator, the nancial cash flows are expected (capital or in-
Group has already provisioned for the relative risk. terest) which will be available to satisfy liquidity
The Group does not have significant exposures needs;
which may compromise its liquidation capacity.
various sources of financing exist;
The following is also noted:
there is no significant concentration of liquidity
debt instruments or other lines of credit to servi- risk, either from financial assets or from finan-
ce liquidity requirements are in place; cing sources.
Market risk
A sensitivity indication at the reporting date is pro- GB Sterling, Brazilian Real, Turkish Lira, Chinese
vided below, highlighting the effects of possible Renminbi and Japanese Yen). The currency hed-
changes on the income statement in relation to the ging policy therefore seeks to minimise the differen-
significant risk variables for each of the following ces generated between the budget exchange rate
components: and that relating to commercial transactions for the
purchase or sale of goods and services in foreign
interest rate risk: the Group is exposed to interest currencies (receipts or payments). The derivative
rate risk from financial payables to credit institu- instruments utilised by the company to hedge cur-
tions. As this debt is indexed to the Euribor rate, rency risk principally concern options and forward
any change results in a positive or negative impact contracts.
on the income statement. Management consider
that the exposure to this risk is marginal in compari- price risks: very few raw materials utilised by the
son to the amount of business generated. company have historically reported significant price
changes. These changes do not have significant
currency risk: the Group undertakes commercial impacts on the income statement.
transactions (purchase and sale of goods) in curren-
cies other than the Euro (principally the US Dollar,
The environment
The Group has always operated in compliance with environmental regulations, putting in place all actions ne-
cessary to align production standards with those required by the applicable regulations.

The environment
The Group has always operated in compliance with environmental regulations, putting in place all actions
necessary to align production standards with those required by the applicable regulations.
Parent company De Rigo S.p.A. overview
Parent company De Rigo S.p.A. overview

Parent Company Income Statement
Parent Company Income Statement
Parent company revenues increased 6.2% to Euro EBIT rose 14.1% to Euro 5.7 million, from Euro 5.0
Parent company revenues increased 6.2% to
7.3 million, compared to Euro 6.9 million in 2014, Euro 7.3 million,
million compared to Euro 6.9 million in 2014,
in 2014.
following the increase in royalties received on
following the increase in royalties received on brandbrand licenses across all goodstocategories
The net profit amounted in which
Euro 0.2 million, the
compa-
brands are present.
licenses across all goods categories in which the red to Euro 1.4 million in 2014.
brands are present.
EBIT rose 14.1% to Euro 5.7 million, from Euro 5.0 million in 2014.
The net profit amounted to Euro 0.2 million, compared to Euro 1.4 million in 2014.
The income statement reports the key operating figures of the parent company De Rigo S.p.A. (in
thousands of Euro), reclassified for an improved understanding of operating events:
2015 2014 Cge. %

NET SALES REVENUES 7,346 6,919 6.2%
Sold product cost (288) (286) 0.7%
GROSS PROFIT 7,058 6,633 6.4%
Advertising & promotion costs (48) (178) -73.0%

Sales costs (13) (13) 0%
General & administrative costs (1,293) (1,442) -10.3%
OPERATING COSTS (1,354) (1,633) -17.1%
EBIT 5,704 5,000 14.1%
Interest income 44 65 -32.3%

Interest charges - - 0.0%
Other non-operating income (charges) (3,516) (2,000) 75.8%
OTHER REVENUES (COSTS) (3,472) (1,935) 79.4%
PROFIT BEFORE TAXES 2,232 3,065 -27.2%
INCOME TAXES (2,034) (1,688) 20.5%
NET PROFIT/LOSS BEFORE MINORITY INTERESTS 198 1,377 -85.6%

Costsof
Costs of the Parent
ParentCompany
Costs of the
the Parent Company
Company
TheThe
principal operating costs reported the following movements (in thousands of Euro as per the financial
principal operating costs reported the following movements (in thousands of Euro as per the financial
statements):
statements):
statements):
Personnel costs - - 0.0%
Personnel costs - - 0.0%
Raw materials, consumables and goods, adjusted by the change in the inventories of
Raw materials, consumables
raw materials, consumables and
and goods
goods,and
adjusted
of the by the change
change in the inventories
in inventories of work in of
raw materials,
progress, consumables
semi-finished and goods
and finished and of the change in inventories of work in
goods. 2 2 -4.2%
progress, semi-finished and finished goods. 2 2 -4.2%
Service costs 1,045 1,268 -17.6%
Service costs 1,045 1,268 -17.6%
Rents, lease and similar - - 0.0%
Rents, lease and similar - - 0.0%
Amortisation, depreciation & write-downs 560 565 -0.9%
Amortisation, depreciation & write-downs 560 565 -0.9%
Provisions for risks, other provisions and other operating charges 116 113 2.6%
Provisions for risks, other provisions and other operating charges 116 113 2.6%
TOTAL COSTS OF PRODUCTION ADJUSTED BY THE CHANGE IN
TOTAL COSTS OF PRODUCTION ADJUSTED BY THE CHANGE IN
INVENTORIES 1,723 1,948 -11.6%
INVENTORIES 1,723 1,948 -11.6%
TheThe
account is is
account substantially
substantiallyininline
linewith
with 2014.
2014.
The account is substantially in line with 2014.
During
During thethe year,
year, thethe companyundertook
company undertook the following
following transactions
transactionswith
withrelated parties:
During the year, the company undertook the
the following transactions with related
related parties:
parties:
Other Financial
Financial Trade Other Financial Other Financial
Description Financial Trade receivabl Financial Other Revenues Costs income
Description receivables receivables receivabl payables payables Revenues Costs income
receivables receivables es payables payables (charges)
es (charges)
DE RIGO VISION
DE RIGO VISION
S.p.A. 21,003 576 - 1,033 281 4,046 281 -
S.p.A. 21,003 576 - 1,033 281 4,046 281 -
Total 21,003 576 - 1,033 281 4,046 281 -
Total 21,003 576 - 1,033 281 4,046 281 -
Financial management and investments of the parent company De Rigo S.p.A

Net financial charges of Euro 44 thousand were reported, in line with the previous year.
Net financial charges of Euro 44 thousand were reported, in line with the previous year.
Extraordinary items in 2014 included the write-down of Euro 2 million of the investment in De Rigo ve
Extraordinary items in 2014 included the write-down of Euro 2 million of the investment in De Rigo ve
Sesa Grup Gozluk Sanayi Ticaret A.S.; in 2015 the account included the allocation to the share capital
Sesa Grup Gozluk Sanayi Ticaret A.S.; in 2015 the account included the allocation to the share capital
increase provision of the Turkish subsidiary De Rigo Ve Sesa Group Gozluk.
increase provision of the Turkish subsidiary De Rigo Ve Sesa Group Gozluk.
18 Directors Report
Directors on the
Report 2015
on the separate
2015 andand
separate consolidated financial
consolidated statements
financial statements page 14
Net financial charges of Euro 44 thousand were re- account included the allocation to the share capital
ported, in line with the previous year. increase provision of the Turkish subsidiary De Rigo
Ve Sesa Group Gozluk.
Extraordinary items in 2014 included the write-down
of Euro 2 million of the investment in De Rigo ve
Sesa Grup Gozluk Sanayi Ticaret A.S.; in 2015 the
2015 2014 Change

Bank deposits 39 72 (33)
Cash on hand and similar 0 1 (1)
Cash and cash equivalents 40 73 (33)
Bonds and convertible bonds (within 12 months) - - -

Shareholder loans (within one year) - - -
Bank payables (within one year) - - -
Other lenders (within one year) (281) (275) (6)
Short-term portion of loans - - -
Loans to subsidiaries 21,003 17,091 3,912
Short-term financial receivables (payables) 20,723 16,816 3,907
Short-term net financial position 20,762 16,889 3,873
Bonds and convertible bonds (over 12 months) - - -

Shareholder loans (beyond one year) - - -
Bank payables (beyond one year) - - -
Other lenders (beyond one year) - - -
Net financial position - Medium/long-term - - -
At December 31, 2015, De Rigo S.p.A. reported a net cash position of Euro 20.8 million, increasing on
Euro 16.9 million at December 31, 2014.
2015 2014 Change

Trade receivables 1,483 1,164 319
Other receivables 1,324 2,035 (711)
Inventories - - -
Current non-financial payables (822) (1,580) 758
A) Working capital 1,985 1,619 366
Net tangible and intangible assets 5,577 6,003 (426)

Financial assets (0) 0 (1)
Investments 206,618 206,618 (0)
Non-current provisions and non-financial payables (3,629) (14) (3,615)
Other lenders (beyond one year) - - -
Net financial position - Medium/long-term - - -
At December 31, 2015, De Rigo S.p.A. reported a net cash position of Euro 20.8 million, increasing on
Euro 16.9 million at December 31, 2014.
2015 2014 Change

Trade receivables 1,483 1,164 319
Other receivables 1,324 2,035 (711)
Inventories - - -
Current non-financial payables (822) (1,580) 758
A) Working capital 1,985 1,619 366
Net tangible and intangible assets 5,577 6,003 (426)

Financial assets (0) 0 (1)
Investments 206,618 206,618 (0)
Non-current provisions and non-financial payables (3,629) (14) (3,615)

Minority interest capital and reserves - - -
Net Profit 198 1,377 (1,179)
D) Closing shareholders equity 231,313 231,115 198
C+D = Total financial debt (cash) and shareholders equity 210,551 214,226 (3,675)
For further information, reference should be made to the Explanatory Notes.

The key earnings indicators are reported below (in millions of Euro):
The keycoverage
Debt earnings indicators
index are reported below (in millions of Euro):
Debt
The coverage
Thekey
company
earningsindex
has a positiveare
indicators netreported
financial below
position.
(in millions of Euro):
The company has a positive net financial position.
Debt coverage
The key earningsindex
indicators are reported below (in millions of Euro):
Return
The on sales
company has a(ROS)
positive
Return on sales (ROS)net financial position.
Debt coverage index
Return on sales
The company has a(ROS)
positive net financial position. 2015 2014
EBIT 5.7 5.0
Revenueson
Return sales (ROS) 2015 7.3 2014 6.9
ROS %
EBIT 78.1%
5.7 72.3%
5.0
Revenues 2015 7.3 2014 6.9
Return
ROS
EBIT %
on investment (ROI) 78.1%
5.7 72.3%
5.0
Revenues 7.3 6.9
Return
ROS % on
Return oninvestment (ROI)
investment (ROI) 2015
78.1% 2014
72.3%
EBIT 5.7 5.0
Return on
Net capital investment (ROI)
employed 2015210.6 2014214.2
ROI %
EBIT 2.7%
5.7 2.3%
5.0
Net capital employed 2015 210.6 2014214.2
Return
EBIT % on equity (ROE):
ROI 2.7%
5.7 2.3%
5.0
Net capital employed 210.6 214.2
Return
ROI % on equity (ROE): 2015
2.7% 2014
2.3%
Net result 0.2 1.4
Return
Return on
Net equityon equity
equity (ROE):
(ROE): 2015231.3 2014231.1
ROE %
Net result 0.1%
0.2 0.6%
1.4
Net equity 2015 231.3 2014231.1
ROE %
Net result 0.1%
0.2 0.6%
1.4
Parent
Net equity Company tax charge 231.3 231.1
ROE % 0.1% 0.6%
Parent
The Company
company taxeffective
reported an charge average tax rate of 68.1%, compared to 55.1% in the previous year.
Parent
The Company
company reported tax
Human resources charge
an effective average tax rate of 68.1%, compared to 55.1% in the previous year.
Parent
The Company
company tax charge
reported an effective average tax rate of 68.1%, compared to 55.1% in the previous year.
Human resources
The company did not have any employees in the years 2015 and 2014.
The company reported an effective average tax rate of 68.1%, compared to 55.1% in the previous year.
Human resources
The company did not have any employees in the years 2015 and 2014.
Subsequent events and outlook
Human
The companyresources
did not have any employees in the years 2015 and 2014.
Subsequent
Strong performancesevents andacross
were reported outlook
the various markets in which the Group operates in the initial
months of 2016,
The company diddespite theany
not have continued
employeessignificant degree
in the years of uncertainty.
2015 and 2014. The temporary strengthening of
Subsequent
the Euro
Strong against theevents
performances Dollar andhave
should
were reported outlook
a positive
across the variousimpact on non-Eurozone
markets in which the procurement
Group operates costs, although
in the initial
a part ofofthese
months 2016,benefits
despiteare
theoffset by lower
continued revenues
significant following
degree the conversion
of uncertainty. The of sales in US
temporary Dollars.
strengthening of
the Euro
Strong against the Dollar
performances should have
were reported a positive
across the variousimpact on non-Eurozone
markets in which the procurement
Group operates costs, although
in the initial
In
a the of
part
months initial months
ofthese
2016, of 2016,
benefits
despite are the by
theoffset sales
continued numbers
lower revenues
significant of the Spanish
following
degree thechain have
conversion
of uncertainty. Thecontinued
of sales in
temporary to strengthening
grow
US week after
Dollars. of
week, indicating
the Euro against therefore
the Dollaranother
should strong
have a year.
positive impact on non-Eurozone procurement costs, although
a part
In the of these
initial benefits
months are offset
of 2016, the by lower
sales revenues
numbers following
of the Spanish thechain
conversion of sales intoUS
have continued Dollars.
grow week after
The wholesale
week, indicatingdivision undertook
therefore a reorganisation
another strong year. of the production structure, adjusting therefore the
excess production
In the initial months capacity to the
of 2016, group needs.
sales numbersThisofhas therequired,
Spanish chainin an initial phase, a request
have continued to growto introduce
week after
a voluntary
week, incentivised
indicating mobility
therefore anotherprogramme
strong at
year. the Italian facilities.
The wholesale division undertook a reorganisation of the production structure, adjusting therefore the
excess production capacity to group needs. This has required, in an initial phase, a request to introduce
Investment
aThe wholesale
voluntary programmes have however
division undertook
incentivised mobility been atprudently
a reorganisation
programme maintained
of the
the Italian production
facilities. at astructure,
limited level, giving therefore
adjusting greater space
the
to maintenance and replacement rather than any major expansion focused investment.
excess production capacity to group needs. This has required, in an initial phase, a request to introduce
Recent
Investmentterrorism
a voluntary has contributed
incentivised
programmes mobility to consumption
programme
have however
Directors Report on the 2015 separate and consolidated financial statements
theinstability,
beenatprudentlyItalian resulting
facilities.
maintained at in uncertain
a limited customer
level, footfall at
giving greater the21
space
Turkish network and
to maintenance stores.
replacement rather than any major expansion focused investment.
Investment
Recent programmes
terrorism have however
has contributed been prudently
to consumption maintained
instability, resulting at ain limited
uncertainlevel, giving greater
customer footfall space
at the
Subsequent events and outlook
Strong performances were reported across the va- excess production capacity to group needs. This
rious markets in which the Group operates in the has required, in an initial phase, a request to intro-
initial months of 2016, despite the continued signifi- duce a voluntary incentivised mobility programme
cant degree of uncertainty. The temporary streng- at the Italian facilities.
thening of the Euro against the Dollar should have
a positive impact on non-Eurozone procurement Investment programmes have however been pru-
costs, although a part of these benefits are offset by dently maintained at a limited level, giving greater
lower revenues following the conversion of sales in space to maintenance and replacement rather than
US Dollars. any major expansion focused investment.
Recent terrorism has contributed to consumption
In the initial months of 2016, the sales numbers of instability, resulting in uncertain customer footfall at
the Spanish chain have continued to grow week af- the Turkish network stores.
ter week, indicating therefore another strong year.
The wholesale division undertook a reorganisation

of the production structure, adjusting therefore the
Privacy regulation (Legislative Decree No. 196/2003)

In accordance with Attachment B, point 26, of Le- registered office and freely available, was drawn up
gislative Decree 196/2003 in relation to the protec- on March 31, 2005 and updated on March 21, 2016.
tion of personal data, the directors report that the
Company has introduced adequate measures for
the protection of personal data. In particular, the
protection of Personal Data Document, filed at the
Further information
No atypical or unusual transactions were underta- The information provided sets out a true, balanced
ken with related parties. and exhaustive analysis of the companys position,
With regards to any investments held by directors, performance and operating results, overall and
statutory auditors or general managers, reference among the various sectors in which it operates, also
should be made to the Explanatory Notes. through subsidiaries.

Proposal for the approval of the financial statements and the allocation
of the net profit
It is proposed that the Shareholders Meeting allocates the net profit of the parent company De Rigo S.p.A. of
Euro 198 thousand to the extraordinary reserve.
The Chairman of the Board of Directors

Ennio De Rigo Piter
The undersigned ENNIO DE RIGO PITER, Chairman of the Board of Directors of the company De Rigo S.p.A.,
declares that the present electronic document conforms to that transcribed and signed in the companys ac-
counting records.

Derego Management Report 2015

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Derego Management Report 2015

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Registered office in Villanova Industrial Zone, 12- 32013 Longarone (BL)

Share capital Euro 10,968,535.24 fully paid-in

The Board of Directors of the parent company comprises 7 members:

Ennio De Rigo Piter Chairman

The Board of Statutory Auditors is comprised of 5 members:

Mario Bampo Chairman

Directors Report on the 2015 separate and consolidated financial statements 3

Wholesale business Retail business

France Great Britain

De Rigo Vision Portugal Lda.

De Rigo Hrvatska d.o.o.

De Rigo Gozluk Sanayi Ticaret A.S.

OPSA Optik Camlari Ticaret L.S.

De Rigo Vision D.A.CH. Gmbh

Wilvale De Rigo S.a.

REST OF THE WORLD

De Rigo Vision Trading (Guangzhou) Ltd.

De Rigo Japan Co. Ltd.

De Rigo Vision Middle East FZCO

4 Directors Report on the 2015 separate and consolidated financial statements

At December 31, 2015, the shareholder structure of De Rigo S.p.A. comprised:

De Rigo Holding S.r.l. 96.889%

Directors Report on the 2015 separate and consolidated financial statements 5

Group consolidated income statement

6 Directors Report on the 2015 separate and consolidated financial statements

2015 2014 Cge. %

Sold product cost (177,779) (161,011) 10.4%

GROSS PROFIT 225,255 214,518 5.0%

Advertising & promotion costs (31,523) (30,283) 4.1%

EBIT 16,564 18,422 -10.1%

Interest income 564 495 13.9%

PROFIT BEFORE TAXES 21,613 16,791 28.7%

INCOME TAXES (7,960) (3,874) 105.5%

NET PROFIT/LOSS BEFORE MINORITY

MINORITY INTEREST SHARE 1,036 11 9318.2%

NET PROFIT 14,689 12,928 13.6%

Group consolidated revenues by region

Sales by region 2015 on the 2015 separate

PROFIT BEFORE TAXES 21,613 16,791 28.7%

INCOME TAXES (7,960) (3,874) 105.5%

NET PROFIT/LOSS BEFORE MINORITY

MINORITY INTEREST SHARE 1,036 11 9318.2%

Group consolidated revenues by region14,689

Consolidated revenues by region are broken down as follows:

Sales by region 2015 2014 Change Change %

Consolidated Group revenues by business division

PRODUCTION AND SERVICE

Directly owned stores Stores under franchise Total

2015 2014 Change 2015 2014 Change 2015 2014 Change

General Optica 198 196 2 57 55 2 255 251 4

Boots Opticians 461 448 13 178 181 -3 639 629 10

Total 733 700 33 235 236 -1 968 936 32

The commercial policies of the Spanish and Portu-

Directors Report on the 2015 separate and consolidated financial statements 9

Description 2015 2014 Cge. %

10 Directors Report on the 2015 separate and consolidated financial statements

2015 2014 Change

Bonds and convertible bonds (within 12 months) - - -

Short-term net financial position 65,301 43,291 22,010

Bonds and convertible bonds (over 12 months) - - -

Net Financial Position 65,268 43,042 22,226

2015 2014 Change

Net tangible and intangible assets 88,724 93,486 (4,762)

C) Net financial debt (65,268) (43,042) (22,226)