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Annual Report 2017 Contents

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Annual Report 2017 Contents Annual Report 2017 Contents Company officers Group Strurctures CONSOLIDATED FINANCIAL STATEMENTS 2017 OF THE LAVAZZA GROUP Consolidated Highlights Directors’ Single Report on Operations Consolidated Financial Statements Notes to the Consolidated Financial Statements Independent Auditors’ Report FINANCIAL STATEMENTS OF LUIGI LAVAZZA S.P.A. AT 31 DECEMBER 2017 Highlights of Luigi Lavazza S.p.A. Financial Statements of Luigi Lavazza S.p.A. Notes to the Financial Statements of Luigi Lavazza S.p.A. Statutory Auditors’ Report Independent Auditors’ Report Company officers and Group Structures Company Officers Group Structure Board of Directors Luigi Lavazza S.p.A. Contents CHAIRMAN Alberto Lavazza 93% 100% 100% 100% 99% 100% 99.9% 100% 100% Company officers VICE CHAIRMEN Giuseppe Lavazza LAVAZZA LAVAZZA LAVAZZA IMMOBILIARE COFINCAF LAVAZZA LEA * LAVAZZA MERRILD PREMIUM KAFFEE MAROC I.N.N.E.T S.P.A. NETHERLANDS S.r.l. AUSTRALIA KAFFE Marco Lavazza COFFEES G.m.b.H. S.a.r.l. S.r.l. B.V. Pty Ltd ApS Group Strurctures Corp. CHIEF EXECUTIVE OFFICER 99.99% 100% Antonio Baravalle 80% 100% 100% 77.86% 100% CONSOLIDATED FINANCIAL STATEMENTS 2017 OF THE LAVAZZA GROUP DIRECTORS Antonella Lavazza KICKING HORSE LAVAZZA LAVAZZA NIMS LAVAZZA FRESH & HONEST MERRILD COFFEE CO LTD DEUTSCHLAND SPAGNA S.p.A. FINANCE CAFÉ BALTICS Francesca Lavazza G.m.b.H. S.L. Ltd Ltd SIA Manuela Lavazza Consolidated Highlights Pietro Boroli Gabriele Galateri di Genola Directors’ Single Report on Operations Robert Kunze-Concewitz 97.54% 100% 100% 100% 100% Antonio Marcegaglia COFFICE * ESPRESSO LAVAZZA CARTE NOIRE LAVAZZA Consolidated Financial Statements S.A. SERVICE TRADING S.a.s. CAPITAL PROXIMITÉ (Shenzhen) S.r.l. S.A. Co. Ltd Notes to the Consolidated Financial Statements Board of Statutory Auditors 100% Independent Auditors’ Report CHAIRMAN 100% 100% Gianluca Ferrero LAVAZZA LAVAZZA CARTE NOIRE COFFEE (UK) SWEDEN OPERATIONS STATUTORY AUDITORS Ltd AB S.a.s. Angelo Gilardi FINANCIAL STATEMENTS OF LUIGI LAVAZZA S.P.A. AT 31 DECEMBER 2017 Lucio Pasquini 99.53% 100% Highlights of Luigi Lavazza S.p.A. Independent Auditors LAVAZZA * LAVAZZA Financial Statements of Luigi Lavazza S.p.A. DO BRASIL Ltda FRANCE EY S.p.A. S.a.s. Notes to the Financial Statements of Luigi Lavazza S.p.A. 100% Statutory Auditors’ Report ALMADA * Cofincaf S.p.A. holds the remaining interest in the company. Independent Auditors’ Report COMERCIO DE CAFÈ Ltda 4 ANNUAL REPORT 2017 5 Consolidated FinancialAnnual Report Statements 2017 of 2017 the Lavazzaof the Lavazza Group Group Consolidated Financial Statements 2017 Lavazza Nuvola – Headquarters 1of the Lavazza Group Contents Company officers Group Strurctures CONSOLIDATED FINANCIAL STATEMENTS 2017 OF THE LAVAZZA GROUP Consolidated Highlights Directors’ Single Report on Operations Consolidated Financial Statements Notes to the Consolidated Financial Statements Independent Auditors’ Report FINANCIAL STATEMENTS OF LUIGI LAVAZZA S.P.A. AT 31 DECEMBER 2017 Highlights of Luigi Lavazza S.p.A. Financial Statements of Luigi Lavazza S.p.A. Notes to the Financial Statements of Luigi Lavazza S.p.A. Statutory Auditors’ Report Independent Auditors’ Report 6 7 Consolidated Financial Statements 2017 of the Lavazza Group Consolidated Highlights Reclassified Income Statement Euro million Year 2017 Ratio % Year 2016 Ratio % Euro million Year 2017 Ratio % Year 2016 Ratio % Changes Changes% Sales of goods and services 2,014.8 100.0% 1,895.7 100.0% Sales of goods and services 2,014.8 100.0% 1,895.7 100.0% 119.1 6.3% EBITDA 200.8 10.0% 178.5 9.4% Other income and revenues 28.1 1.4% 15.0 0.8% 13.1 87.3% EBIT 67.0 3.3% 61.7 3.3% Total income and revenues 2,042.9 101.4% 1,910.7 100.8% 132.2 6.9% Profit before taxes 61.5 3.1% 62.1 3.3% Cost of sales 828.0 41.1% 786.7 41.5% 41.3 5.2% Profit for the year 44.7 2.2% 82.2 4.3% Costs of services 725.9 36.0% 686.5 36.2% 39.4 5.7% Other costs 59.9 3.0% 52.8 2.8% 7.1 13.4% Net working capital 456.9 406.8 Total external costs 1,613.8 80.1% 1,526.0 80.5% 87.8 5.8% Contents Net fixed assets 1,238.9 1,053.9 Value added 429.1 21.3% 384.7 20.3% 44.4 11.5% Total uses 1,695.8 1,460.7 Personnel costs 228.3 11.3% 206.2 10.9% 22.1 10.7% Net financial position (457.7) (687.5) EBITDA 200.8 10.0% 178.5 9.4% 22.3 12.5% Company officers Equity 2,153.5 2,148.2 Amortisation, depreciation and write-downs 126.8 6.3% 107.9 5.7% 18.9 17.5% Total sources 1,695.8 1,460.7 Provisions 7.0 0.3% 8.9 0.5% (1.9) (21.3%) Group Strurctures EBIT 67.0 3.3% 61.7 3.3% 5.3 8.5% CAPEX 99.2 101.8 Income (expense) from equity investments (1.3) (0.2%) (4.4) (0.2%) 3.1 (70.5%) Headcount 3,085 2,829 Financial income (expense) (4.2) (0.2%) 4.8 0.3% (9.0) (187.5%) Profit before taxes 61.5 3.1% 62.1 3.3% (0.6) (1.0%) CONSOLIDATED FINANCIAL STATEMENTS 2017 OF THE LAVAZZA GROUP ROS 3.4% 3.4% Income taxes (16.8) (0.8%) 20.1 1.1% (36.9) (183.6%) ROI 4.0% 4.4% Profit for the year 44.7 2.2% 82.2 4.3% (37.5) (45.6%) Consolidated Highlights ROE 2.1% 3.8% Profit (loss) attributable to minority interests 0.3 0.0% 0.2 0.0% 0.1 0.0% Profit (loss) attributable to the Group 44.4 2.2% 82.0 4.3% (37.6) (45.9%) Directors’ Single Report on Operations Consolidated Financial Statements Notes to the Consolidated Financial Statements Independent Auditors’ Report FINANCIAL STATEMENTS OF LUIGI LAVAZZA S.P.A. AT 31 DECEMBER 2017 Highlights of Luigi Lavazza S.p.A. Financial Statements of Luigi Lavazza S.p.A. Notes to the Financial Statements of Luigi Lavazza S.p.A. Statutory Auditors’ Report Independent Auditors’ Report 8 ANNUAL REPORT 2017 9 Consolidated Financial Statements 2017 of the Lavazza Group Reclassified Balance Sheet Reclassified Cash Flow Statement Euro million 31/12/2017 31/12/2016 Changes Euro million Year 2017 Year 2016 Inventories 360.2 318.9 41.3 Profit for the year 44.7 82.2 Trade receivables 420.8 414.8 6.0 Amortisation and depreciation 120.8 99.8 Receivables from subsidiaries, affiliates and Parent Company 39.7 47.2 (7.5) Net change in leaving indemnities (2) (0.5) Deferred tax assets and tax receivables 75.3 55.1 20.2 Net change in provisions for risks and charges (4.8) 13.0 Prepayments and accrued income 50.2 26.8 23.4 Write-downs/-ups of equity investments and financial assets 0.0 1.5 A. Total operating assets 946.2 862.8 83.4 Other write-downs of fixed assets 4.9 5.9 Advances 37.9 0.6 37.3 (Gains)/Losses from the disposal of assets 0.7 1.7 Contents Trade payables 319.4 333.3 (13.9) Write-downs of current securities and amortised cost 2.9 3.4 Payables to subsidiaries, affiliates and the Parent Company 0.8 1.5 (0.7) Finance income from derivatives (1.3) (0.8) Tax and social security liabilities 38.7 36.3 2.4 Company officers Other liabilities and deferred income 92.5 84.3 8.2 Change of items in net working capital B. Total operating liabilities 489.3 456.0 33.3 - Inventories (25.3) (29.9) Group Strurctures C. Net working capital (A-B) 456.9 406.8 50.1 - Trade receivables 1.8 (82.4) Intangible assets 861.1 737.2 123.9 - Other receivables and assets (6.9) (39.9) Tangible assets 439.8 369.7 70.1 - Trade payables (16.4) 88.1 Financial fixed assets 28.3 29.4 (1.1) - Other payables and liabilities (5.1) 25.4 CONSOLIDATED FINANCIAL STATEMENTS 2017 OF THE LAVAZZA GROUP D. Total fixed assets 1,329.2 1,136.3 192.9 Cash flow generated by (used for) operating activities 114.0 167.5 Provisions for risks and charges 67.0 57.8 9.2 Net investments in: Consolidated Highlights Employee leaving indemnities 23.3 24.6 (1.3) - Intangible assets (15.1) (14.7) E. Total fixed liabilities 90.3 82.4 7.9 - Tangible assets (84.1) (87.1) Directors’ Single Report on Operations F. Total fixed assets, net (D-E) 1,238.9 1,053.9 185.0 - Equity investments in subsidiaries, net of changes in consolidation area 0.1 0.0 G. Total uses of funds (C+F) 1,695.8 1,460.7 235.1 - Equity investments in other companies (0.6) 0.0 Consolidated Financial Statements Short-term financial receivables (-) (25.0) 0.0 (25.0) - Other securities 2.2 1.8 Cash and cash equivalents (-) (593.3) (671.3) 78.0 - Other financial assets (2.0) 0.1 Notes to the Consolidated Financial Statements Current financial assets (-) (335.6) (460.2) 124.6 - Business unit acquisitions (171.5) (709.5) Payables to banks and other lenders 496.2 444.0 52.2 Cash flow generated by (used for) investing activities (271.0) (809.4) Independent Auditors’ Report H. Net financial position (457.7) (687.5) 229.8 Dividends paid (27.0) (25.2) Share capital 25.0 25.0 0.0 Cash flow generated by (used for) financing activities (27.0) (25.2) Reserves 593.6 606.5 (12.9) Currency translation gains and losses and other (2.2) (0.9) Retained earnings 1,487.8 1,433.2 54.6 Net cash flow for the year (186.2) (668.0) FINANCIAL STATEMENTS OF LUIGI LAVAZZA S.P.A.
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