Eataly: Reimagining the Grocery Store Courseware #9-515-708

Exhibit 3. Financials

Eataly Distribuzione (Italian Operations Only)

All figures in Euros (€), rounded to the nearest 1,000

Income Statement (2009-2013)

2009 2010 2011 2012 2013

A) Value of production
Sales revenues € 41,895 € 49,898 € 60,571 € 100,403 € 130,132
Other revenues 1,607 2,866 3,181 5,741 6,943
Total revenues € 43,502 € 52,764 € 63,752 € 106,145 € 137,075
B) Costs of production
Raw material and consumables used 24,366 29,155 34,371 59,773 79,107
Services 6,018 8,239 9,087 10,232 12,650
Cost of use of assets owned by others (third party assets) 848 1,174 1,698 4,159 5,704
Cost of employees 8,991 10,937 13,864 24,328 31,040
Amortization depreciation & write downs 1,849 2,110 2,333 2,260 3,936
Variations of inventory of raw and auxiliary materials, consumables and
supplies (301) (1,144) (209) (726) (2,231)
Other expenses 279 302 378 921 1,303
Total costs of production € 42,050 € 50,773 € 61,521 € 100,946 € 131,509
Difference between value and costs of production € 1,452 € 1,991 € 2,231 € 5,199 € 5,566
C) Financial income and expenses
Other financial income 16 18 234 90 174
Interest and other financial expenses (4) (102) (269) (183) (174)
Exchange rate gains 41 3 (1) 0 (8)
Total financial income and expenses € 53 (€ 81) (€ 36) (€ 93) (€ 9)
E) Extraordinary income and expenses
Extraordinary income 4 7 0 555 348
Extraordinary expenses (74) (275) (231) (155) (482)

Source: Company documents

Total extraordinary income and expenses (€ 70) (€ 268) (€ 230) € 401 (€ 134)
Profit before taxes € 1,435 € 1,643 € 1,964 € 5,506 € 5,424
Taxes on the income of the fiscal year, current, deferred and prepaid 750 930 1,133 2,353 2,054
Net profit (loss) for the fiscal year € 685 € 713 € 832 € 3,153 € 3,370

EBITDA € 3,301 € 4,102 € 4,564 € 7,459 € 9,502

EBITDA (% of value of production) 7.6% 7.8% 7.2% 7.0% 6.9%
EBIT € 1,452 € 1,991 € 2,231 € 5,199 € 5,566
EBIT (% of value of production) 3.3% 3.8% 3.5% 4.9% 4.1%
Eataly Distribuzione (Italian Operations Only)
All figures in Euros (€), rounded to the nearest 1,000

BALANCE SHEET (2009-2013)

FINANCIAL STATEMENT: ASSETS
2009 2010 2011 2012 2013
B) Assets
I) INTANGIBLE ASSETS
Start-up and capital costs € 74 € 83 € 38 € 23 € 13
R&D and advertising costs 414 207 0 0 0
Patent rights and similar rights 1 0 0 0 0
Licenses trade marks and similar rights 984 920 859 822 856
Other intangible assets 432 743 1,811 1,770 4,199
Total intangible assets € 1,906 € 1,953 € 2,708 € 2,616 € 5,068
II) TANGIBLE ASSETS
Land and buildings 9,702 9,044 8,380 7,683 6,991
Plant and machinery 310 611 1,625 1,653 8,269
Industrial and commercial equipment 2,752 2,962 3,621 3,241 7,106
Other tangible assets 1,157 1,486 1,933 1,845 5,160
Assets under construction and payments on account 01 168 351 65 1,879
Total tangible assets € 13,922 € 14,271 € 15,910 € 14,488 € 29,405
III) FINANCIAL ASSETS
Investments 610 706 1,039 1,252 1,232
Receivables 1,156 1,349 703 13,140 467
Total financial assets € 1,767 € 2,054 € 1,742 € 14,392 € 1,700
Total assets € 17,595 € 18,278 € 20,360 € 31,496 € 36,173
C) Assets forming part of working capital
I) INVENTORY
Finished products and goods 2,269 3,413 3,622 4,348 6,579
Total inventory € 2,269 € 3,413 € 3,622 € 4,348 € 6,579
II) RECEIVABLES
Trade receivables 4,025 6,763 8,048 12,834 15,331
Receivables from subsidiary companies 0 265 265 0 1,259
Credit for taxes 910 833 961 928 3,082
Prepaid taxes 18 3 0 0 0
Other receivables 97 227 158 123 685
Total receivables € 5,050 € 8,090 € 9,432 € 13,885 € 20,357
IV) CASH FUNDS 5,901 10,794 11,750 15,147 27,469
Total assets forming part of working capital € 13,219 € 22,297 € 24,804 € 33,380 € 54,406
PREPAYMENTS AND ACCRUED INCOME 14 101 26 37 70
Total assets € 30,828 € 40,676 € 45,190 € 64,913 € 90,649

FINANCIAL STATEMENT: LIABILITIES

A) Net Equity
I) CAPITAL 4,000 4,000 4,000 4,000 4,000
IV) LEGAL RESERVE 130 165 203 244 402
VII) OTHER RESERVES, INDICATED SEPARATELY 0 0 0 0 96
VIII) RETAINED EARNINGS (LOSSES) CARRIED FORWARD 2,430 3,080 3,755 4,545 7,539
IX) NET PROFIT (LOSS) FOR THE YEAR 685 713 832 3,153 3,370
Total net equity € 7,245 € 7,957 € 8,789 € 11,942 € 15,408
B) Provisions for contingencies and charges 0 0 19 5 8
C) Provision for employees severance indemnity 571 886 1,110 1,620 2,325
D) Debts
Amounts payable to partners for funds 6,000 6,095 6,211 6,240 6,383
Amounts payable to banks 0 1,500 2,945 4,387 13,725
Advance payments 9 70 0 0 0
Amounts payable to suppliers 13,356 19,318 21,046 30,875 40,865
Amounts payable to subsidiary companies 700 0 0 0 0
Amonunts payable to parent companies 0 0 0 715 0
Amounts payable to tax authorities 1,028 1,227 1,596 2,770 2,707
Amounts payable to social security institutions 274 379 356 529 807
Other debts 410 557 541 1,239 1,636
Total debts € 21,777 € 29,147 € 32,695 € 46,756 € 66,123
E) ACCRUED EXPENSES AND DEFERRED INCOME 1,235 2,685 2,577 4,589 6,784
Total liabilities € 30,827 € 40,676 € 45,190 € 64,912 € 90,648

Source: Company documents