Esprinet Group

Interim management statement as at 31 December 2015

Approved by the Board of Directors on 11 February 2016

Parent Company:

Esprinet S.p.A. VAT Number: IT 02999990969 Monza e Brianza Companies' Register and Tax Number: 05091320159 R.E.A. 1158694 Registered Office and Administrative HQ: Via Energy Park, 20 - 20871 Vimercate (MB) Subscribed and paid-in share capital as at 31/12/2015: Euro 7,860,651 www.esprinet.com - [email protected]

Company Officers

Board of Directors:

(Mandate expiring with approval of accounts for the year ending 31 December 2017)

Chairman Deputy Chairman Chief Executive Officer	Francesco Monti Maurizio Rota Alessandro Cattani	(SC) (SC) (SC) (CSC)
Director	Valerio Casari	(CSC)
Director	Marco Monti	(SC)
Director	Tommaso Stefanelli	(SC) (CSC)
Director	Matteo Stefanelli	(SC) (CSC)
Director	Cristina Galbusera	(InD) (CRC) (RAC)
Director	Mario Massari	(InD) (CRC) (RAC)
Director	Chiara Mauri	(InD) (CRC) (RAC)
Director	Emanuela Prandelli	(InD)
Director	Andrea Cavaliere
Secretary	Manfredi Vianini Tolomei	Studio Chiomenti

Notes:

(InD): Independent Director

(CRC): Control and Risk Committee

(RAC): Remuneration and Appointments Committee (SC): Strategy Committee

(CSC): Competitiveness and Sustainability Committee

Board of Statutory Auditor:

(Mandate expiring with approval of accounts for the year ending 31 December 2017)

Chairman	Giorgio Razzoli
Permanent Auditor	Bettina Solimando
Permanent Auditor	Patrizia Paleologo Oriundi
Alternate Auditor	Antonella Koenig
Alternate Auditor	Bruno Ziosi

Independent Auditor:

(Mandate expiring with approval of accounts for the year ending 31 December 2018)

Reconta Ernst & Young S.p.A.

Waiver of the obligations to provide information on extraordinary transactions

Pursuant to article 70, section 8, and article 71, section 1-bis, of the Issuers' Regulations issued by Consob, on 21 December 2012 the Board of Directors of Esprinet S.p.A. resolved to make use of the right to waive the obligations to publish the information documents stipulated for significant transactions relating to mergers, demergers, increases in capital by the contribution of goods in kind, acquisitions and transfers.

		Company officers	page	2
		1 Summary of the Group's economic and financial results	page	4
		2 Contents and format of the interim management statement	page	5
	2.1	Consolidation policies, accounting principles and valuation criteria
	2.2	General information about the Esprinet Group
	2.3	Consolidation area
	2.4	Principal assumptions, estimates and roundings
	2.5	Restatements of previous published financial statements
		3 Consolidated income statement and notes	page	8
	3.1	Consolidated separate income statement
	3.2	Consolidated statement of comprehensive income
	3.3	Notes on financial performance of the Group
	3.4	Notes to consolidated income statement items
		Sales
		- Sales by geographical area
		- Sales by products and services
		- Sales by product family and customer type
		Gross profit
		Operating costs
		Reclassification by nature of some categories of operating costs
		- Labour costs and number of employees
		- Amortisation, depreciation , write-downs and accruals for risks
		Finance costs net
		Income tax expenses
		Net income and earnings per share
		Income/(loss) from disposal groups
		4 Consolidated statement of financial position and notes	page 2	2
	4.1	Consolidated statement of financial position
	4.2	Notes to the most significant statement of financial position items
		4.2.1 Gross investments
		4.2.2 Net financial position and covenants
		4.2.3 Goodwill
		5 Consolidated statement of changes in net equity	page 2	5
		6 Consolidated statement of cash flows	page 2	6
		7 Relationship with related parties	page 2	7
		8 Segment information	page 2	8
		8.1 Introduction
		8.2 Separate income statement by operating segments
		9 Atypical and/or unusual operations	page 3	3
1		0 Non-recurring significant events and operations	page 3	3
1		1 Significant events occurred in the period	page 3	3
1		2 Subsequent events	page 3	5
1	3 Outlook		page 3	5
1		4 Declaration of the officer responsible for financial reports	page 3	7

1. Notes on financial performance for the period

				12 months			Q4
(euro/000)	notes	2015	%	2014	notes	%	% var. 15/14	2015	%	2014	notes	%	% var. 15/14
Profit & Loss
Sales		2,693,932 100.0% 2,291,141				100.0%		18% 888,415 100.0% 755,758				100.0%	18%
Gross profit		156,768	5.8%	141,836		6.2%	11%	47,745	5.4%	45,549		6.0%	5%
EBITDA	(1)	50,518	1.9%	45,139		2.0%	12%	19,177	2.2%	18,264		2.4%	5%
Operating income (EBIT)		46,457	1.7%	41,086		1.8%	13%	18,101	2.0%	16,773		2.2%	8%
Profit before income tax		42,410	1.6%	39,100		1.7%	8%	17,132	1.9%	16,144		2.1%	6%
Net income		30,827	1.1%	26,813		1.2%	15%	13,071	1.5%	9,463		1.3%	38%
Financial data
Cash flow	(2)	34,166		30,080
Gross investments		5,737		3,593
Net w orking capital	(3)	22,616		58,627	(4)
Operating net w orking capital	(4)	34,530		77,431	(4)
Fixed assets	(5)	101,106		98,058	(4)
Net capital employed	(6)	112,296		144,588	(4)
Net equity		298,364		274,872	(4)
Tangible net equity	(7)	222,452		198,605	(4)
Net financial debt	(8)	(186,068)		(130,284)	(4)
Main indicators
Net financial debt / Net equity		(0.6)		(0.5)	(4)
Net financial debt / Tangible net equity		(0.8)		(0.7)	(4)
EBIT / Finance costs - net		11.4		20.7
EBITDA / Finance costs - net		12.3		22.7
Net financial debt/ EBITDA		(3.7)		(2.9)	(4)
Operational data
N. of employees at end-period		1,016		969
Avarage number of employees	(9)	993		972
Earnings per share (euro)
- From continuing operations - basic		0.60		0.51			18%	0.25		0.20			25%
- Basic		0.60		0.53			13%	0.25		0.18			39%
- From continuing operations - diluted		0.60		0.50			20%	0.25		0.19			32%
- Diluted		0.60		0.52			15%	0.25		0.18			39%

(1) EBITDA is equal to the operating income (EBIT) gross of amortisation and depreciation and accruals for risks and charges.

(2) Sum of consolidated net profit before minority interests and amortisation and depreciation.

(3) Sum of current assets, non-current assets held for sale and current liabilities, gross of short-term net financial position.

(4) Sum of trade receivables, inventory and trade payables.

(5) Non-current assets net of non-current financial assets.

(6) Equal to the sum of the net working capital plus fixed assets net of non-current liabilities except of financial liabilities.

(7) Equal to net equity less goodwill and intangible assets.

(8) Sum of borrowings and short term financial liabilities net of cash and cash equivalents, assets/liabilities for financial derivatives and financial receivables. (9) Average of the balance at period beginning and end of companies consolidated.

The 2015 economic and financial results and those of the relative periods of comparison have been measured by applying International Financial Standards ('IFRSs').

In the next table, in combination with IFRSs' defined measures, some 'alternative performance measures', not defined from IFRSs, are presented. These 'alternative performance measures', consistently presented in previous reports and not intended as substitute of IFRSs defined measures, are internally used by the management for measuring and controlling the Group's profitability, performance and financial position.

As required by CESR (Committee of European Securities Regulators) recommendation n. CESR/05-178b, basis of calculation adopted are defined below the table.

2. Contents and format of the interim management statement

2.1 Consolidation policies, accounting principles and valuation criteria

Ordinary shares in Esprinet S.p.A. (ticker: PRT.MI) have been listed in the STAR segment of the MTA market of Borsa Italiana S.p.A., the Italian Stock Exchange since July 27, 2001.

Due to this, the Esprinet Group consolidated interim management statement as at 31 December 2015, nonaudited, has been drawn up in accordance with Article 2.2.3, paragraph 3 a), of the 'Regolamento dei mercati organizzati e gestiti da Borsa Italiana S.p.A.' (market rules of Borsa Italiana S.p.A.), as well as Article 154-ter, paragraph 5 (Financial reports), of the Legislative Decree No. 58/1998 (T.U.F. - Finance Consolidation Act).

Financial data presented in this document result from the application of the same accounting principles (IFRSs - International Financial Reporting Standards), consolidation principles and methods, valuation criteria, conventional definitions and accounting estimates used in previous consolidated financial statements for interim and annual periods, unless otherwise indicated.

Pursuant to Consob Communication No. DEM/8041082 of 30 April 2008 ('Interim financial report of companies listed in Italy') the financial data in said report are comparable with that shown in previous reports and are in line with the financial statements published in the annual report as at 31 December 2014 to which reference should be made for all the explanatory notes to the annual report.

2.2 General information about the Esprinet Group

9.5% 100% 80% 100% 95% 5% 100% 100% 25% 100% Celly Pacific Limited Celly Swiss S.a.g.l. V-Valley S.r.l. Celly S.p.A. Esprinet S.p.A. Assocloud S.r.l. Esprinet Iberica S.L.U. Esprinet Portugal Lda Celly Nordic OY Ascendeo S.a.s.

The chart below illustrates the structure of the Esprinet Group as at 31 December 2015:

Esprinet S.p.A. (hereafter 'Esprinet' or the 'parent company') and its subsidiaries (the 'Esprinet Group' or the 'Group') operate on the Italian, Spanish and Portuguese markets in the 'business-to-business' (B2B) distribution of Information Technology (IT) and consumer electronics.

References to 'Subgroup Italy' and 'Subgroup Spain' can be found in next comments and tables.

As at 31 December 2015, the 'Subgroup Italy' includes, besides the parent company Esprinet S.p.A., V-Valley S.r.l. and Celly S.p.A. (acquired on 12 May 2014), all directly controlled companies, in addition to the associated company Assocloud S.r.l.. The latter, owned by Esprinet S.p.A. together with other 10 partners, is considered as an 'investment in associate' due to Esprinet's significant influence as per by-law provisions.

The acquisition perimeter concerning Celly S.p.A., a company operating in the 'business-to-business' (B2B) distribution of Information Technology (IT) and consumer electronics and more specifically in the wholesale distribution of accessories for mobile devices, includes also its wholly-owned subsidiaries:

Celly Nordic OY, a Finnish-law company;
Celly Swiss SAGL, a Helvetic-law company;
Celly Pacific LTD, a Chinese-law company, completely owned by Celly Swiss SAGL;

all of which are operating in the same segment as the Holding Company, as well as Celly's 25% share in Ascendeo SAS, a French-law company.

At the same date, the Spanish Subgroup is made up by the subsidiary Esprinet Iberica S.L.U. as well as by the Portuguese subsidiary Esprinet Portugal Lda, established on 29 April 2015 and operating since the beginning of June.

Esprinet S.p.A. has its registered and administrative offices in Italy in Vimercate (Monza e Brianza), while warehouses and logistics centres are located in Cambiago (Milan) and Cavenago (Monza e Brianza). Esprinet S.p.A. uses Banca IMI S.p.A. as its specialist firm.

2.3 Consolidation area

The consolidated financial statement derives from the interim accounts of the parent company Esprinet S.p.A. and of its directly and/or indirectly subsidiaries or associated companies, approved by their respective Boards of Directors.

Wherever necessary, the interim accounts of subsidiaries have been suitably adjusted to ensure consistency with the accounting principles used by the parent company.

The table below lists companies included in the consolidation perimeter as at 31 December 2015, all consolidated on a line-by-line basis except for the companies Assocloud S.r.l. and Ascendeo SAS accounted for using the equity method.

Company name	Share capital Head Office (euro) *		Group interest	Shareholder	Interest held
Holding company:
Esprinet S.p.A.	Vimercate (MB)	7,860,651
Subsidiaries directly controlled:
V-Valley S.r.l.	Vimercate (MB)	20,000	100.00%	Esprinet S.p.A.	100.00%
Celly S.p.A.	Vimercate (MB)	1,250,000	80.00%	Esprinet S.p.A.	80.00%
Esprinet Iberica S.L.U.	Saragoza (Spain)	55,203,010	100.00%	Esprinet S.p.A.	100.00%
Subsidiaries indirectly controlled:
Esprinet Portugal Lda	Porto (Portugal)	1,000,000	100.00%	Esprinet Iberica S.L.U.	95.00%
				Esprinet S.p.A.	5.00%
Celly Nordic OY	Helsinki (Finland)	2,500	80.00%	Celly S.p.A.	100.00%
Celly Swiss SAGL	Lugano (Switzerland)	16,296	80.00%	Celly S.p.A.	100.00%
Celly Pacific LTD	Honk Kong (China)	935	80.00%	Celly Swiss SAGL	100.00%
Associated company
Ascendeo SAS	La Courneuve (France)	37,000	20.0%	Celly S.p.A.	25.00%
Assocloud S.r.l.	Vimercate (MB)	72,000	9.52%	Esprinet S.p.A.	9.52%

(*) Share capital values, with reference to the companies publishing financial statements in a currency other than euro, are displayed at historical value.

As compared to 31 December 2014 we remark the entry into the consolidation area of Esprinet Portugal Lda, established under Portuguese law on 29 April 2015.

In addition to the above, on 20 July 2015 the shareholding in the subsidiary Celly S.p.A. grew from 60% to 80%.

For further information please refer to the paragraph 'Significant events occurred in the period'.

2.4 Principal assumptions, estimates and rounding

Within the scope of preparing these interim consolidated financial statements, several estimates and assumptions have been made on the values of revenue, costs, assets and liabilities in the financial statements and on the information relating to potential assets and liabilities at the date of the interim financial statements. These have been applied uniformly to all the financial years presented in this document, unless indicated otherwise.

If these estimates and assumptions, which are based on the best valuation by the management, should differ from actual circumstances in the future, they will be suitably amended during the period in which those circumstances arise.

A detailed description of the assumptions and estimates adopted can be found in the Notes to the Consolidated Financial Statements of the Esprinet Group as at 31 December 2014, to which reference is made.

During the previous interim periods, as permitted by IAS 34, income taxes have been calculated based on the best estimate of the tax burden expected for the entire financial year. On the contrary, in the annual consolidated financial statements and in these interim financial statements and in the interim financial statements relating to fourth quarter 2014, current taxes have been calculated specifically based on the tax rates in force at the closing date of the financial statements.

Prepaid and deferred taxes have been instead estimated based on the tax rates considered to be in force at the time of realization of the assets or settlement of the liabilities to which they refer.

Figures in this document are expressed in thousands of euro, unless otherwise indicated.

In some cases, rounding differences may occur in the tables since figures are shown in euro thousands.

2.5 Restatements of previous published financial statements

No reclassification or changes in the critical accounting estimates regarding previous periods, pursuant to IAS 8, have been made in this interim management statement.

3. Consolidated income statement and notes

3.1 Consolidated separate income statement

Below is the consolidated separate income statement, showing revenues by 'function' in accordance with the IFRS, complete with the additional information required under CONSOB decision number 15519 of 27 July 2006:

		12 months	non -	related	12 months	non -	related
(euro/000)	Notes	2015	recurring	parties*	2014	recurring	parties*
Sales	33	2,693,932	-	25	2,291,141	-	13
Cost of sales		(2,537,164)	-	-	(2,149,305)	-	-
Gross profit	35	156,768	-		141,836	-
Sales and marketing costs	37	(43,955)	-	-	(38,381)	-	-
Overheads and administrative costs	38	(66,356)	(657)	(3,611)	(62,369)	(918)	(3,384)
Operating income (EBIT)		46,457	(657)		41,086	(918)
Finance costs - net	42	(4,040)	-	7	(1,987)	-	12
Other investments expenses/(incomes)	43	(7)	-		1	-
Profit before income tax		42,410	(657)		39,100	(918)
Income tax expenses	45	(11,583)	228	-	(13,413)	(428)	-
Profit from continuing operations		30,827	(429)		25,687	(1,346)
Income/(loss) from disposal groups	47	-			1,126
Net income		30,827	(429)		26,813	(1,346)
- of which attributable to non-controlling interests		(299)			(222)
- of which attributable to Group		31,126	(429)		27,035	(1,346)
Earnings continuing operation per share - basic	46	0.60			0.51
Earnings per share - basic (euro)	46	0.60			0.53
Earnings continuing operation per share - diluted	46	0.60			0.50
Earnings per share - diluted (euro)	46	0.60			0.52

		Q4	non -	related	Q4	non -	related
(euro/000)	Notes	2015	recurring	parties*	2014	recurring	parties*
Sales	33	888,415	-	11	755,758	-	3
Cost of sales		(840,670)	-	-	(710,209)	-	-
Gross profit	35	47,745	-		45,549	-
Sales and marketing costs	37	(11,879)	-	-	(11,121)	-	-
Overheads and administrative costs	38	(17,765)	-	(938)	(17,655)	(25)	(841)
Operating income (EBIT)		18,101	-		16,773	(25)
Finance costs - net	42	(969)	-	(2)	(653)	-	(10)
Other investments expenses/(incomes)	43	-	-		24	-
Profit before income tax		17,132	-		16,144	(25)
Income tax expenses	45	(4,061)	-	-	(5,963)	(723)	-
Profit from continuing operations		13,071	-		10,181	(748)
Income/(loss) from disposal groups	47	-			(718)
Net income		13,071	-		9,463	(748)
- of which attributable to non-controlling interests		(63)			(54)
- of which attributable to Group		13,134	-		9,517	(748)
Earnings continuing operation per share - basic	46	0.25			0.20
Earnings per share - basic (euro)	46	0.25			0.18
Earnings continuing operation per share - diluted	46	0.25			0.19
Earnings per share - diluted (euro)	46	0.25			0.18

(*) Excludes fees paid to executives with strategic responsibilities.

3.2 Consolidated statement of comprehensive income

(euro/000)	12 months	12 months	Q4	Q4
	2015	2014	2015	2014
Net income	30,827	26,813	13,071	9,463
Other comprehensive income:
- Changes in 'cash flow hedge' equity reserve	(241)	(339)	(83)	(178)
- Taxes on changes in 'cash flow hedge' equity reserve	66	(2)	23	49
- Changes in translation adjustment reserve	(11)	10	(1)	10
Other comprehensive income not to be reclassified in the separate income statement
- Changes in 'TFR' equity reserve	276	(537)	14	(162)
- Taxes on changes in 'TFR' equity reserve	(76)	148	(4)	45
Other comprehensive income	14	(721)	(51)	(236)
Total comprehensive income	30,841	26,092	13,020	9,227
- of w hich attributable to Group	31,117	26,349	13,081	9,316
- of w hich attributable to non-controlling interests	(276)	(257)	(60)	(89)

3.3 Notes on financial performance of the Group

A) Esprinet Group's financial highlights

The Group's main economic, financial and asset results as at 31 December 2015 are hereby summarised:

	12 months		12 months
(euro/000)	2015	%	2014	%	Var.	Var. %
Sales	2,693,932	100.00%	2,291,141	100.00%	402,791	18%
Cost of sales	(2,537,164)	-94.18%	(2,149,305)	-93.81%	(387,859)	18%
Gross profit	156,768	5.82%	141,836	6.19%	14,932	11%
Sales and marketing costs	(43,955)	-1.63%	(38,381)	-1.68%	(5,574)	15%
Overheads and administrative costs	(66,356)	-2.46%	(62,369)	-2.72%	(3,987)	6%
Operating income (EBIT)	46,457	1.72%	41,086	1.79%	5,371	13%
Finance costs - net	(4,040)	-0.15%	(1,987)	-0.09%	(2,053)	103%
Other investments expenses / (incomes)	(7)	0.00%	1	0.00%	(8)	-800%
Profit before income taxes	42,410	1.57%	39,100	1.71%	3,310	8%
Income tax expenses	(11,583)	-0.43%	(13,413)	-0.59%	1,830	-14%
Profit from continuing operations	30,827	1.14%	25,687	1.12%	5,140	20%
Income/(loss) from disposal groups	-	0.00%	1,126	0.05%	(1,126)	-100%
Net income	30,827	1.14%	26,813	1.17%	4,014	15%
Earnings per share - continuing operations	0.60		0.51		0.09	18%
Earnings per share - basic (euro)	0.60		0.53		0.07	13%

	Q4		Q4
(euro/000)	2015	%	2014	%	Var.	Var. %
Sales	888,415	100.00%	755,758	100.00%	132,657	18%
Cost of sales	(840,670)	-94.63%	(710,209)	-93.97%	(130,461)	18%
Gross profit	47,745	5.37%	45,549	6.03%	2,196	5%
Sales and marketing costs	(11,879)	-1.34%	(11,121)	-1.47%	(758)	7%
Overheads and administrative costs	(17,765)	-2.00%	(17,655)	-2.34%	(110)	1%
Operating income (EBIT)	18,101	2.04%	16,773	2.22%	1,328	8%
Finance costs - net	(969)	-0.11%	(653)	-0.09%	(316)	48%
Other investments expenses / (incomes)	-	0.00%	24	0.00%	(24)	-100%
Profit before income taxes	17,132	1.93%	16,144	2.14%	988	6%
Income tax expenses	(4,061)	-0.46%	(5,963)	-0.79%	1,902	-32%
Profit from continuing operations	13,071	1.47%	10,181	1.35%	2,890	28%
Income/(loss) from disposal groups	-	0.00%	(718)	-0.10%	718	-100%
Net income	13,071	1.47%	9,463	1.25%	3,608	38%
Earnings per share - continuing operations	0.25		0.20		0.05	25%
Earnings per share - basic (euro)	0.25		0.19		0.06	32%

Consolidated sales equal to 2,693.9 million euro showed an increase of +18% (402.8 million euro) compared to 2,291.1 million euro as at 31 December 2014. In the fourth quarter sales increased by +18% compared to the same period of the previous year (from 755.8 million euro to 888.4 million euro).

Consolidation gross profit equal to 156.8 million euro showed an increase of +11% (14.9 million euro) compared to the 2014 as consequence of higher sales only partially counterbalanced by a decrease in the gross profit margin. In the fourth quarter gross profit, equal to 47.7 million euro, increased by +5% compared to the same period of previous year.

Consolidated operating income (EBIT) as at 31 December 2015, equal to 46.5 million euro, showed an increase of +13% compared to 31 December 2014 (41.1 million euro). Sales margin, equal to 1.72%, showed a light decrease compared to 1.79% of 2014 and highlighted a recovery in the gross margin decrease, as consequence of a lower operating costs weight, the latter decreased to 4.09% from 4.40%. In the fourth quarter, EBIT equal to 18.1 million euro, increased by +8% (1.3 million euro) compared to the fourth quarter 2014, with an EBIT margin decreased from 2.22% to 2.04% and with a 47bps reduction in operating costs impact.

Consolidated profit before income taxes equal to 42.4 million euro, showed an increase of +8% compared to 31 December 2014, notwithstanding a 2.1 million euro increase in financial charges. In the fourth quarter profit before income taxes increased by +6% (1.0 million euro), thus reaching 17.1 million euro.

Consolidated profit from continuing operation equal to 30.8 million euro, showed an increase of +20% (5.1 million euro) compared to 31 December 2014. In the fourth quarter profit from continuing operation increased by 2.9 million euro (+28%) compared to the same period of 2014.

Consolidated net income was equal to 30.8 million euro, with an increase of +15% (4.0 million euro) compared to 31 December 2014, notwithstanding a 1.1 million euro gain in 'Profit/Loss from disposal groups' booked in 2014 referred to the disposal of Monclick S.r.l. and Comprel S.r.l. subsidiaries. In the fourth quarter 2014 the latter disposal on the contrary resulted in a 0.7 million euro booked charges, thus containing the overall result to 9.5 million euro against 13.1 million euro of the corresponding period of 2015 (+38%).

Earnings per ordinary share from continuing operations as at 31 December 2015, equal to 0.60 euro, showed an increase of +18% compared to 31 December 2014 figure (0.51 euro). In the fourth quarter earnings per ordinary share from continuing operations was equal to 0.25 euro compared to 0.20 euro of 2014.

Earnings per ordinary share as at 31 December 2015, equal to 0.60 euro, showed an increase of +13% compared to 31 December 2014. In the fourth quarter earnings per ordinary share was equal to 0.25 euro compared to 0.19 euro of the corresponding 2014 quarter (+32%).

(euro/000)	31/12/2015	%	31/12/2014	%	Var.	Var. %
Fixed assets	101,106	90.04%	98,058	67.82%	3,047	3%
Operating net w orking capital	34,530	30.75%	77,431	53.55%	(42,901)	-55%
Other current assets/liabilities	(11,914)	-10.61%	(18,804)	-13.00%	6,890	-37%
Other non-current assets/liabilities	(11,426)	-10.17%	(12,098)	-8.37%	672	-6%
Total uses	112,296	100.00%	144,588	100.00%	(32,292)	-22% N.S.
Short-term financial liabilities	29,110	25.92%	20,814	14.40%	8,296	40%
Current financial (assets)/liabilities for derivatives	280	0.25%	51	0.04%	229	449%
Financial receivables from factoring companies	(2,510)	-2.24%	(690)	-0.48%	(1,820)	264%
Customers financial receivables	(507)	-0.45%	(506)	-0.35%	(1)	0%
Cash and cash equivalents	(280,089)	-249.42%	(225,174)	-155.74%	(54,915)	24%
Net current financial debt	(253,716)	-225.94%	(205,505)	-142.13%	(48,211)	23%
Borrow ings	65,138	58.01%	68,419	47.32%	(3,281)	-5%
Debts for investments in subsidiaries	4,982	4.44%	9,758	6.75%	(4,776)	-49%
Non-current financial (assets)/liab. for derivatives	224	0.20%	128	0.09%	96	75%
Customers financial receivables	(2,696)	-2.40%	(3,085)	-2.13%	388	-13%
Net financial debt (A)	(186,068)	-165.69%	(130,284)	-90.11%	(55,784)	43%
Net equity (B)	298,364	265.69%	274,872	190.11%	23,492	9%
Total sources of funds (C=A+B)	112,296	100.00%	144,588	100.00%	(32,292)	-22%

Consolidated net working capital as at 31 December 2015 was equal to 34.5 million euro compared to 77.4 million euro as at 31 December 2014.

Consolidated net financial position as at 31 December 2015, was positive by 186.1 million euro, compared to a cash surplus of 130.3 million euro as at 31 December 2014. The rise in spot cash liquidity was connected to the improvement in the spot consolidated net working capital as of 31 December 2015 which in turn is influenced by technical events often not related to the average level of working capital and by the level of utilisation of both 'without-recourse' factoring programs referring to the trade receivables and of the corresponding securitization program.

This program is aimed at transferring risks and rewards to the buyer, thus receivables sold are eliminated from balance sheet according to IAS 39.

Taking into account other technical forms of cash advances other than 'without-recourse assignment', but showing the same effects – such as 'confirming' used in Spain –, the overall impact on financial debt was approx. 278 million euro as at 31 December 2015 (approx. 193 million euro as at 31 December 2014);

Consolidated net equity as at 31 December 2015 equal to 298.4 million euro, showed an increase of 23.5 million euro compared to 274.9 million euro as at 31 December 2014.

B) Financial highlights by geographical area

B.1) Subgroup Italy

The main economic, financial and asset results for the Italian subgroup (Esprinet, V-Valley and Celly Group) as at 31 December 2015 are hereby summarised:

	12 months		12 months
(euro/000)	2015	%	2014	%	Var.	Var. %
Sales to third parties	1,997,858	100.00%	1,689,587	100.00%	308,271	18%
Intercompany sales	42,871	2.15%	43,901	2.60%	(1,030)	-2%
Sales	2,040,729	102.15%	1,733,488	102.60%	307,241	18%
Cost of sales	(1,914,735)	-95.84%	(1,616,960)	-95.70%	(297,775)	18%
Gross profit	125,994	6.17%	116,528	6.72%	9,466	8%
Sales and marketing costs	(37,825)	-1.85%	(33,112)	-1.91%	(4,713)	14%
Overheads and administrative costs	(54,217)	-2.66%	(50,252)	-2.90%	(3,965)	8%
Operating income (EBIT)	33,952	1.66%	33,164	1.91%	788	2%

(euro/000)	Q4 2015	%	Q4 2014	%	Var.	Var. %
Sales to third parties	637,554		536,056		101,498	19%
Intercompany sales	10,702		10,993		(291)	-3%
Sales	648,256		547,049		101,207	19%
Cost of sales	(611,086)		(510,189)		(100,897)	20%
Gross profit	37,170	5.73%	36,860	6.74%	310	1%
Sales and marketing costs	(10,229)	-1.58%	(9,900)	-1.81%	(329)	3%
Overheads and administrative costs	(14,454)	-2.23%	(14,077)	-2.57%	(377)	3%
Operating income (EBIT)	12,487	1.93%	12,883	2.35%	(396)	-3%

Sales totalled 2,040.7 million euro, showing an increase of +18% compared to 1,733.5 million euro as at 31 December 2014. In the fourth quarter, sales showed an increase of +19% compared to the fourth quarter 2014.

Gross profit, equal to 126.0 million euro showed an increase of +8% compared to 116.5 million euro of 31 December 2014, due to the combined effect of a gross profit margin reduction (from 6.72% to 6.17%) and higher sales. In the fourth quarter 2015, gross profit totalled 37.2 million euro with an increase of +1% compared to the fourth quarter 2014.

Operating income (EBIT) equal to 34.0 million euro showed an increase of +2% compared to the same period of 2014 and an EBIT margin decreased form 1.91% to 1.66% also due to an increase in operating income. In the fourth quarter 2015 EBIT showed a decrease of -3%, reaching 12.5 million euro compared to 12.9 million euro of 2014, and an EBIT margin equal to 1.93% compared to 2.35% of the same period of 2014.

(euro/000)	31/12/2015	%	31/12/2014	%	Var.	Var. %
Fixed assets	110,210	92.28%	106,851	71.03%	3,358	3%
Operating net w orking capital	18,351	15.37%	53,792	35.76%	(35,441)	-66%
Other current assets/liabilities	(327)	-0.27%	(605)	-0.40%	278	-46%
Other non-current assets/liabilities	(8,806)	-7.37%	(9,606)	-6.39%	800	-8%
Total uses	119,428	100.00%	150,433	100.00%	(31,005)	-21%
Short-term financial liabilities	28,834	24.14%	20,438	13.59%	8,396	41%
Current financial (assets)/liabilities for derivatives	280	0.23%	51	0.03%	229	449%
Financial receivables from factoring companies	(2,510)	-2.10%	(690)	-0.46%	(1,820)	264%
Financial (assets)/liab. from/to Group companies	(50,000)	-41.87%	(40,000)	-26.59%	(10,000)	25%
Customers financial receivables	(507)	-0.42%	(506)	-0.34%	(1)	0%
Cash and cash equivalents	(215,589)	-180.52%	(180,194)	-119.78%	(35,395)	20%
Net current financial debt	(239,492)	-200.53%	(200,901)	-133.55%	(38,591)	19%
Borrow ings	65,138	54.54%	68,419	45.48%	(3,281)	-5%
Debts for investments in subsidiaries	4,982	4.17%	9,758	6.49%	(4,776)	-49%
Non-current financial (assets)/liab. for derivatives	224	0.19%	128	0.09%	96	75%
Customers financial receivables	(2,696)	-2.26%	(3,085)	-2.05%	388	-13%
Net Financial debt (A)	(171,844)	-143.89%	(125,680)	-83.55%	(46,164)	37%
Net equity (B)	291,272	243.89%	276,113	183.55%	15,159	5%
Total sources of funds (C=A+B)	119,428	100.00%	150,433	100.00%	(31,005)	-21%

Operating net working capital as at 31 December 2015 was equal to 18.4 million euro, compared to 53.8 million euro as at 31 December 2014.

Net financial position as at 31 December 2015, was positive by 171.8 million euro, compared to a cash surplus of 125.7 million euro as at 31 December 2014. The impact of 'without-recourse' sale of trade receivables as at 31 December 2015 was equal to 147 million euro (approx. 70 million euro as at 31 December 2014).

B.2) Subgroup Iberica

The main economic, financial and asset results for the Iberica Subgroup (Esprinet Iberica and Esprinet Portugal) as at 31 December 2015 are hereby summarised:

	12 months		12 months
(euro/000)	2015	%	2014	%	Var.	Var. %
Sales to third parties	696,075	100.00%	601,554	100.00%	94,521	16%
Intercompany sales	-	-	-	0.00%	-	0%
Sales Cost of sales	696,075 (665,251)	100.00% -95.57%	601,554 (576,161)	100.00% -95.78%	94,521 (89,090)	16% 15%
Gross profit	30,824	4.43%	25,393	4.22%	5,431	21%
Sales and marketing costs	(6,058)	-0.87%	(4,924)	-0.82%	(1,134)	23%
Overheads and administrative costs	(12,233)	-1.76%	(12,471)	-2.07%	238	-2%
Operating income (EBIT)	12,533	1.80%	7,998	1.33%	4,535	57%
(euro/000)	Q4 2015	%	Q4 2014	%	Var.	Var. %
Sales to third parties	250,862		219,702		31,160	14%
Intercompany sales	-		-		-	0%
Sales Cost of sales	250,862 (240,270)		219,702 (211,056)		31,160 (29,214)	14% 14%
Gross profit	10,592	4.22%	8,646	3.94%	1,946	23%
Sales and marketing costs	(1,631)	-0.65%	(1,163)	-0.53%	(468)	40%
Overheads and administrative costs	(3,339)	-1.33%	(3,638)	-1.66%	299	-8%
Operating income (EBIT)	5,622	2.24%	3,845	1.75%	1,777	46%

Sales was equal to 696.1 million euro, showing an increase of +16% compared to 601.6 million euro of 31 December 2014. In the fourth quarter sales registered an increase of +14% (equal to 31.2 million euro) compared to the same period of 2014.

Gross profit as at 31 December 2015 was equal to 30.8 million euro, showing an increase of +21% compared to 25.4 million euro of the same period of 2014, with a gross profit margin increase from 4.22% to 4.43%. In the fourth quarter gross profit increased by +23% compared to the previous period, with a gross profit margin growth from 3.94% to 4.22%.

Operating income (EBIT), equal to 12.5 million euro, increased by 4.5 million euro compared to 31 December 2014, with an EBIT margin increase from 1.33% to 1.80%. In the fourth quarter 2015 EBIT totalled 5.6 million euro compared to 3.8 million euro of the fourth quarter 2014 showing an EBIT margin increased from 1.75% to 2.24%.

(euro/000)	31/12/2015	%	31/12/2014	%	Var.	Var. %
Fixed assets	65,540	96.85%	65,765	95.53%	(225)	0%
Operating net w orking capital	16,336	24.14%	23,768	34.53%	(7,432)	-31%
Other current assets/liabilities	(11,587)	-17.12%	(18,200)	-26.44%	6,613	-36%
Other non-current assets/liabilities	(2,620)	-3.87%	(2,492)	-3.62%	(128)	5%
Total uses	67,669	100.00%	68,841	100.00%	(1,172)	-2%
Short-term financial liabilities	276	0.41%	376	0.55%	(100)	-27%
Financial (assets)/liab. from/to Group companies	50,000	73.89%	40,000	58.10%	10,000	25%
Cash and cash equivalents	(64,500)	-95.32%	(44,980)	-65.34%	(19,520)	43%
Net Financial debt (A)	(14,224)	-21.02%	(4,604)	-6.69%	(9,620)	209%
Net equity (B)	81,893	121.02%	73,445	106.69%	8,448	12%
Total sources of funds (C=A+B)	67,669	100.00%	68,841	100.00%	(1,172)	-2%

Operating net working capital as at 31 December 2015 was equal to 16.3 million euro compared to 23.8 million euro as at 31 December 2014.

Net financial position as at 31 December 2015, was positive by 14.2 million euro compared to a cash surplus of 4.6 million euro as at 31 December 2014. The impact of 'without-recourse' sale of both trade receivables and advancing cash-in of credits was approx. 132 million euro (approx. 123 million euro as at 31 December 2014).

C) Separate income statement by legal entity

Find below the separate income statement showing the contribution of each legal entities as considered significant¹ :

¹ V-Valley S.r.l. and Esprinet Portugal Lda, are both not showed separately as just a "commission sales agent" of Esprinet S.p.A. and just set up in June 2015 respectively.

			12 months	2015
			Italy		Iberica
(euro/000)	E.Spa + V-Valley	Celly*	Elim. and other	Total	E.Iberica + E.Portugal	Elim. and other	Group
Sales to third parties	1,972,407	25,451	-	1,997,858	696,075	-	2,693,932
Intersegment sales	42,829	2,276	(2,234)	42,871	-	(42,871)	-
Sales	2,015,236	27,727	(2,234)	2,040,729	696,075	(42,871)	2,693,932
Cost of sales	(1,901,594)	(15,235)	2,094	(1,914,735)	(665,251)	42,822	(2,537,164)
Gross profit	113,642	12,492	(140)	125,994	30,824	(49)	156,768
Sales and marketing costs	(28,131)	(9,732)	38	(37,825)	(6,058)	(72)	(43,955)
Overheads and admin. costs	(50,319)	(3,880)	(18)	(54,217)	(12,233)	94	(66,356)
Operating income (Ebit)	35,192	(1,120)	(120)	33,952	12,533	(27)	46,457
Finance costs - net							(4,040)
Share of profits of associates							(7)
Profit before income tax							42,410
Income tax expenses							(11,583)
Profit from continuing operations							30,827
Income/(loss) from disposal groups							-
Net income							30,827
- of which attributable to non-controlling interests							(299)
- of which attributable to Group							31,126

			12 months	2014
			Italy		Iberica
(euro/000)	E.Spa + V-Valley	Celly*	Elim. and other	Total	Iberica	Elim. and other	Group
Sales to third parties	1,669,896	19,691	-	1,689,587	601,554	-	2,291,141
Intersegment sales	45,685	-	(1,784)	43,901	-	(43,901)	-
Sales	1,715,581	19,691	(1,784)	1,733,488	601,554	(43,901)	2,291,141
Cost of sales	(1,608,661)	(9,967)	1,668	(1,616,960)	(576,161)	43,816	(2,149,305)
Gross profit	106,920	9,724	(116)	116,528	25,393	(85)	141,836
Sales and marketing costs	(26,275)	(6,864)	27	(33,112)	(4,924)	(345)	(38,381)
Overheads and admin. costs	(47,427)	(2,825)	-	(50,252)	(12,471)	354	(62,369)
Operating income (Ebit)	33,218	35	(89)	33,164	7,998	(76)	41,086
Finance costs - net							(1,987)
Share of profits of associates							1
Profit before income tax							39,100
Income tax expenses							(13,413)
Profit from continuing operations							25,687
Income/(loss) from disposal groups							1,126
Net income							26,813
- of which attributable to non-controlling interests							(222)
- of which attributable to Group							27,035

* Consisting of Celly S.p.A., Celly Nordic OY, Celly Swiss S.a.g.l. and Celly Pacific Limited.

Italian Operating income, excluding the negative results of the controlled Celly, is equal to 35.2 million euro, with an increase of +6% compared to the same period of previous year.

3.4 Notes to consolidated income statement items.

In this section the paragraph numbers refer to the corresponding 'Note' in the consolidated separate income statement.

33) Sales

The following provides a breakdown of the Group's sales performance during the period.

Sales by geographical segment

(euro/million)	12 months 2015	%	12 months 2014	%	% Var.	Q4 2015	%	Q4 2014	%	% Var.
Italy	1,973.7	73.3%	1,680.1	73.3%	17%	628.4	70.7%	532.3	70.4%	18%
Spain	664.1	24.7%	561.7	24.5%	18%	241.8	27.2%	206.0	27.3%	17%
Other EU countries	45.6	1.7%	43.6	1.9%	5%	13.3	1.5%	15.8	2.1%	-16%
Extra EU countries	10.5	0.4%	5.7	0.2%	84%	4.8	0.5%	1.7	0.2%	185%
Group sales	2,693.9	100%	2,291.1	100.0%	18%	888.4	100.0%	755.8	100.0%	18%

Sales in other EU countries mainly refer to sales made by the Spanish and Portuguese subsidiaries to customers residing in Portugal. Sales to extra E.U. countries almost wholly refer to the sales to clients whose residence is in the Republic of San Marino.

Sales by products and services

(euro/million)	12 months		12 months		%	Q4		Q4		%
	2015	%	2014	%	Var.	2015	%	2014	%	Var.
Product sales	1,989.5	73.9%	1,681.6	73.4%	18%	635.2	71.5%	533.9	70.6%	19%
Services sales	8.4	0.3%	8.0	0.3%	5%	2.4	0.3%	2.1	0.3%	14%
Sales - Subgroup Italy	1,997.9	74.2%	1,689.6	73.7%	18%	637.6	71.8%	536.0	70.9%	19%
Product sales	696.0	25.8%	601.5	26.3%	16%	250.8	28.2%	219.8	29.1%	14%
Sales - Subgroup Spain	696.0	25.8%	601.5	26.3%	16%	250.8	28.2%	219.8	29.1%	14%
Group sales	2,693.9	100.0%	2,291.1	100.0%	18%	888.4	100.0%	755.8	100.0%	18%

Sales by product family and customer type

(euro/million)	12 months 2015	%	12 months 2014	%	% Var.	Q4 2015	%	Q4 2014	%	% Var.
GDO/GDS	755.5	28.0%	514.6	22.5%	47%	299.2	33.7%	191.7	25.4%	56%
Dealers	752.8	27.9%	661.6	28.9%	14%	235.6	26.5%	208.0	27.5%	13%
Office/Consumables dealers	428.6	15.9%	419.2	18.3%	2%	130.9	14.7%	126.3	16.7%	4%
Vars	410.2	15.2%	397.2	17.3%	3%	98.8	11.1%	123.2	16.3%	-20%
Shops on-line	208.6	7.7%	181.0	7.9%	15%	68.6	7.7%	66.5	8.8%	3%
Sub-distributors	138.2	5.1%	117.5	5.1%	18%	55.3	6.2%	40.1	5.3%	38%
Sales	2,693.9	100.0%	2,291.1	100.0%	18%	888.4	100.0%	755.8	100.0%	18%

(euro/million)	12 months 2015	%	12 months 2014	%	% Var.	Q4 2015	%	Q4 2014	%	% Var.
PCs - notebooks	562.4	20.9%	504.7	22.0%	11%	193.1	21.7%	161.1	21.3%	20%
TLC	571.1	21.2%	284.7	12.4%	101%	220.6	24.8%	134.8	17.8%	64%
PCs - desktops and monitors	264.0	9.8%	245.5	10.7%	8%	86.1	9.7%	75.9	10.0%	13%
Consumables	234.8	8.7%	243.9	10.6%	-4%	58.3	6.6%	64.4	8.5%	-9%
Consumer electronics	264.0	9.8%	235.6	10.3%	12%	87.7	9.9%	76.4	10.1%	15%
PCs - tablets	189.2	7.0%	216.3	9.4%	-13%	69.1	7.8%	75.5	10.0%	-8%
Storage	113.7	4.2%	106.5	4.6%	7%	27.8	3.1%	34.5	4.6%	-19%
Peripheral devices	121.8	4.5%	117.0	5.1%	4%	36.4	4.1%	38.5	5.1%	-5%
Softw are	110.2	4.1%	105.6	4.6%	4%	37.5	4.2%	30.2	4.0%	24%
Netw orking	58.0	2.2%	41.4	1.8%	40%	20.6	2.3%	12.8	1.7%	61%
Servers	47.3	1.8%	37.1	1.6%	27%	13.2	1.5%	11.8	1.6%	12%
Services	19.6	0.7%	18.3	0.8%	7%	5.6	0.6%	5.0	0.7%	12%
Other	137.8	5.1%	134.5	5.9%	2%	32.4	3.6%	34.9	4.6%	-7%
Sales	2,693.9	100%	2,291.1	100%	18%	888.4	100%	755.8	100%	18%

The sales analysis by customer type shows a widespread improvement as compared to 2014, with significant performance in the 'GDO/GDS' channel (+47%) as well as in small-medium business customers ('Dealers', +14%).

A general growth also is recorded in the third quarter, continuing to be driven by 'GDO/GDS' channel (+56%), with the only exception of 'VAR' channel (-20%).

The analysis by product highlights a boost for 'TLC' segment (+101%), where the surge of smartphones can be pointed out, and positive results for 'PCs-notebooks' (+11%) and 'Consumer electronics' (+12%) segments. The families 'PCs-desktops and monitors' (+8%), 'Storage' (+7%), 'Networking' (+40%) and 'Servers' (+27%) also show positive results, as opposed to the negative trend of 'Tablets' (-13%) and 'Consumables' (-4%). The fourth quarter shows similar trends for the above mentioned product families with the exception of 'Storage' that shows a decrease (-19%).

35) Gross profit

	12 months		12 months		%	Q4		Q4		%
(euro/000)	2015	%	2014	%	Var.	2015	%	2014	%	Var.
Sales	2,693,932 100.00%		2,291,141 100.00% 18%				888,415 100.00%	755,758 100.00%		18%
Cost of sales	2,537,164	94.18%	2,149,305	93.81% 18%		840,670	94.63%	710,209	93.97%	18%
Gross profit	156,768	5.82%	141,836	6.19% 11%		47,745	5.37%	45,549	6.03%	5%

The consolidated gross profit totalled 156.8 million euro and showed an increase of +11% (+14.9 million euro) compared to 2014 as a consequence of higher sales only partially counterbalanced by a decrease in gross profit margin. In the fourth quarter the gross profit, equal to 47.7 million euro, increased by 5% compared to the same period of previous year.

37-38) Operating costs

(euro/000)	12 months		12 months		%	Q4		Q4		%
	2015	%	2014	%	Var.	2015	%	2014	%	Var.
Sales	2,693,932	100.00%	2,291,141 100.00%		18%	888,415 100.00% 755,758			100.00%	18%
Sales and marketing costs	43,955	1.63%	38,381	1.68%	15%	11,879	1.34%	11,121	1.47%	7%
Overheads and administrative costs	66,356	2.46%	62,369	2.72%	6%	17,765	2.00%	17,655	2.34%	1%
Operating costs	110,311		4.09% 100,750	4.40%	9%	29,644	3.34%	28,776	3.81%	3%
- of w hich non recurring	657	0.02%	918	0.04%	-28%	-	0.00%	(25)	0.00%	-100%
'Recurring' operating costs	109,654	4.07%	99,832	4.36%	10%	29,644	3.34%	28,801	3.81%	3%

In 2015, operating costs, amounting to 110.3 million euro, increased by 9.6 million euro compared to 2014 although with an operating costs margin down from 4.40% in 2014 to 4.09% in 2015. During 2015, key personnel termination indemnities were displayed as non-recurring costs (657 thousand euro). In the same period of 2014 key personnel termination indemnities in the parent company (equal to 700 thousand euro), as well as estimated transaction costs related to Celly's acquisition (equal to 218 thousand euro) were identified as non-recurring items.

Reclassification by nature of some categories of operating costs

For the purposes of providing more information, some categories of operating costs allocated by 'function' have been reclassified by 'nature'.

	Labour costs and number of employees

(euro/000)	12 months 2015	%	12 months 2014	%	% Var.	Q4 2015	%	Q4 2014	%	% Var.
Sales	2,693,932		2,291,141		18%	888,415		755,758		18%
Wages and salaries	33,909	1.26%	31,028	1.35%	9%	8,864	1.00%	8,163	1.08%	9%
Social contributions	10,012	0.37%	9,386	0.41%	7%	2,490	0.28%	2,360	0.31%	6%
Pension obligations	2,001	0.07%	1,799	0.08%	11%	494	0.06%	429	0.06%	15%
Other personnel costs	911	0.03%	745	0.03%	22%	259	0.03%	182	0.02%	42%
Employee termination incentives	999	0.04%	791	0.03%	26%	83	0.01%	46	0.01%	80%
Share incentive plans	381	0.01%	220	0.01%	73%	154	0.02%	55	0.01%	180%
Total labour costs (1)	48,213	1.79%	43,969	1.92%	10%	12,344	1.39%	11,235	1.49%	10%

(1) Cost of temporary workers excluded

At 31 December 2015 the labour costs amounted to 48.2 million euro, increasing by +10% (+4.2 million euro) compared to the previous year.

This change is mainly due to the fact that Celly group was included for only 5 months in 2014 (having been acquired on 12 May 2014) and that the staff number increased across other Group companies.

The 'Share incentive plans' amount refers to the costs of 'Long Term Incentive Plans' in force in each different period. In 2015, 308 thousand euro refer to the last plan approved in April 2015 and vesting up to in April 2018, while the residual 73 thousand euro refer to the 2012-2014 plan ended in April 2015.

The employees number of the Group as at 31 December 2015 - split by qualification - is shown in the table below: 2

² Interns and temporary workers excluded.

		Clerks and
	Executives	middle manager	Workers	Total	Average*
Esprinet S.p.A.	18	641	2	661
Celly S.p.A.	1	36	-	37
V-Valley S.r.l.	-	-	-	-
Celly Pacific LTD	-	3	-	3
Celly Sw iss SAGL	-	-	-	-
Celly Nordic OY	-	2	-	2
Subgroup Italy	19	682	2	703	701
Esprinet Iberica S.L.U.	-	256	50	306
Esprinet Portugal Lda	-	7	-	7
Subgroup Spain	-	263	50	313	292
Group as at 31 December 2015	19	945	52	1,016	993
Group as at 31 December 2014	20	895	54	969	972
Var 31/12/2015 - 31/12/2014	(1)	50	(2)	47	21
Var %	-5%	6%	-4%	5%	2%

(*) Average of the balance at period-beginning and period-end.

The number of employees increased by 47 units, from 969 to 1,016, compared to 31 December 2014, while the employees average number in 2015 increased by 21 units compared to the same period of the previous year.

Amortisation, depreciation, write-downs and accruals for risks

	12 months		12 months		%	Q4		Q4		%
(euro/000)	2015	%	2014	%	Var.	2015	%	2014	%	Var.
Sales	2,693,932	#####	2,291,141	#####	18%	888,415	#####	755,758	#####	18%
Depreciation of tangible assets	2,845	0.11%	2,648	0.12%	7%	798	0.09%	670	0.09%	19%
Amortisation of intangible assets	494	0.02%	619	0.03%	-20%	48	0.01%	199	0.03%	-76%
Amort . & depreciation	3,339	0.12%	3,268	0.14%	2%	846	0.10%	869	0.12%	-3%
Write-dow ns of fixed assets	-	0.00%	-	0.00%	0%	-	0.00%	-	0.00%	0%
Amort. & depr., write-downs (A)	3,339	0.12%	3,268	0.14%	2%	846	0.10%	869	0.12%	-3%
Accruals for risks and charges (B)	722	0.03%	785	0.03%	-8%	230	0.03%	622	0.08%	-63%
Amort. & depr., write-downs, accruals for risks (C=A+B)	4,061	0.15%	4,053	0.18%	0%	1,076	0.12%	1,491	0.20%	-28%

42) Finance costs – net

	12 months		12 months		%	Q4		Q4		%
(euro/000)	2015	%	2014	%	Var.	2015	%	2014	%	Var.
Sales	2,693,932	######	2,291,141	######	18%	888,415	######	755,758	######	18%
Interest expenses on borrow ings	1,948	0.07%	953		0.04% >100%	517	0.06%	455	0.06%	14%
Interest expenses to banks	527	0.02%	586	0.03%	-10%	124	0.01%	93	0.01%	33%
Other interest expenses	21	0.00%	9		0.00% >100%	-	0.00%	1	0.00%	NA
Upfront fees amortisation	410	0.02%	209	0.01%	96%	105	0.01%	101	0.01%	4%
Interest on shareholdings acquired	140	0.01%	34		0.00% >100%	50	0.01%		(202) -0.03% <-100%
IAS 19 expenses/losses	66	0.00%	113	0.00%	-42%	17	0.00%	20	0.00%	-15%
IFRS financial lease interest expenses	1	0.00%	-	0.00%	NA	-	0.00%	-	0.00%	NA
Total financial expenses (A)	3,113	0.12%	1,904	0.08%	64%	813	0.09%	468	0.06%	74%
Interest income from banks		(336) -0.01%		(799) -0.03%	-58%		(58) -0.01%		(184) -0.02%	-68%
Interest income from others		(156) -0.01%		(176) -0.01%	-11%	(32)	0.00%		(43) -0.01%	-26%
Derivatives ineffectiveness	-	0.00%		(310) -0.01%	NA	-	0.00%	-	0.00%	NA
Total financial income(B)	(492)	-0.02%	(1,285)	-0.06%	-62%	(90)	-0.01%	(227)	-0.03%	-60%
Net financial exp. (C=A+B)	2,621	0.10%	619		0.03% >100%	723	0.08%	241		0.03% >100%
Foreign exchange gains		(833) -0.03%		(269) -0.01% >100%			(85) -0.01%		(111) -0.01%	-23%
Foreign exchange losses	2,252	0.08%	1,637	0.07%	38%	331	0.04%	523	0.07%	-37%
Net foreign exch. (profit)/losses (D)	1,419	0.05%	1,368	0.06%	4%	246	0.03%	412	0.05%	-40%
Net financial (income)/costs (E=C+D)	4,040	0.15%	1,987		0.09% >100%	969	0.11%	653	0.09%	48%

The negative balance of 4.0 million euro between financial income and charges shows a worsening (+2.1 million euro) compared to the same period of previous year.

This result is mainly due to the net interest to banks (equal to a negative balance of 1.6 million euro), showing a 1.4 million euro increase compared to the same period of last year, as a consequence of the following combined effects:

an increase in the average financial indebtedness of the Group toward the banking sector due to higher average working capital requirements substantially resulting from the growth in business volume;
a different mix of financing in favour of more stable and expensive technical forms rather then short-term receivables based financing, aimed at extending indebtedness duration;
a decrease in interest rates receivable on temporary liquidity deposits.

The increase in items other than interest to banks is mainly due to the zeroing in financial income relating to derivative ineffectiveness (0.3 million in the 2014) as well as to the increase in upfront fee amortisation charges (equal to 0.2 million euro).

Also in the fourth quarter of 2015, net financing costs show an increase (+0.3 million euro) as compared to the same period of the previous year mainly due to the combined effects of a rise in the balance of banking interest (+0.2 million euro) as well as of interest on shareholding acquisitions (+0.3 million), only partially offset by an improved foreign exchange management (-0.2 million euro).

45) Income tax expenses

(euro/000)	12 months 2015	%	12 months 2014	%	% Var.	Q4 2015	%	Q4 2014	%	% Var.
Sales Current and deferred taxes	2,693,932 ###### 11,583	0.43%	2,291,141 ###### 13,413	0.59%	18%Ricavi	888,415 ###### -14% Imposte correnti e differite 4,061	0.46%	755,758 ###### 5,963	0.79%	18% -32%
Profit before taxes Tax rate	42,410 27%	1.57% 0.00%	39,100 34%	1.71% 0.00%		8% Utile ante imposte 17,132 1.93% -20% Tax rate 24%	0.00%	16,144 37%	2.14% 0.00%	6% -36%

Income tax expenses, equal to 11.6 million euro, decreased by -14% compared to 2014 because of a lower tax rate, mainly due to the coming into effect of deductibility of labour costs³ for IRAP tax purposes, only partially offset by a higher taxable income.

46) Net income and earnings per share

30,827 30,827 51,704,685 51,222,940 51,897,324 52,330,411 0.60 0.60	25,687 26,813 0.51	5,140 4,015	20% 15%	13,071 13,071 51,757,451 51,222,940	10,181 9,463	2,890 3,608	28% 38%



				52,098,436 52,420,455
		0.09	18%	0.25	0.20	0.05	25%
	0.53	0.07	13%	0.25	0.18	0.07	39%
0.60	0.50	0.10	20%	0.25	0.19	0.06	32%
0.60	0.52	0.08	15%	0.25	0.18	0.07	39%
				Q4	Q4		%
					2014		Var.
					755,758		18%
0.00%				-

Monclick				Monclick	Comprel
	- - -	- - -	- - -				344 842 (60)
	-	-	-				1,126
		12 months 2014 2,291,141 Realised disposal gains/losses are stated net of selling costs.	shares, were used in the calculation of the 'diluted' profit per share. % 12 months 2015 Comprel	% Var. 18% 1,126 0.05% -100% Total	No own shares held in portfolio were used to calculate the 'basic' earnings per share. % 2015 888,415	0.00% 28 February with respect to Monclick and on 23 July 2014 with respect to Comprel S.r.l The table below summarizes the above-mentioned results, broken down by disposal group. 14 2,452 (4) 2,462	The potential shares involved in the stock grant plan approved on 30 April 2015 by the Esprinet S.p.A. Shareholders' meeting, resulting in the free assignment of 646,889 rights to receive Esprinet S.p.A. ordinary % (718) -0.10% -100% As at 31 December 2014 this item summed up the net income of both the subsidiary Monclick S.r.l. and Comprel S.r.l. held for sale, as well as the other charges and income referring to their disposal, occurred on 12 months 2014 Total 330 (1,610) (56) (1,336)

47) Income/(loss) from disposal groups

(euro/000)	12 months 2015	%	12 months 2014	%	% Var.	Q4 2015	%	Q4 2014	%	% Var.
Sales	2,693,932		2,291,141		18%	888,415		755,758		18%
Income/(loss) from disposal group	-	0.00%		1,126 0.05% -100%		-	0.00%	(718) -0.10% -100%

(euro/000)		12 months 2015		12 months 2014
	Monclick Comprel		Total	Monclick	Comprel	Total
Net income from disposal group	-	-	-	14	330	344
Gain/(Loss) realized	-	-	-	2,452	(1,610)	842
Income taxes on gain/(loss) from disposal groups	-	-	-	(4)	(56)	(60)
Income/(loss) from disposal group	-	-	-	2,462	(1,336)	1,126

4. Consolidated statement of financial position and notes

4.1 Consolidated statement of financial position

The table below shows the consolidated statement of financial position drawn up according to IFRS principles, together with the information required pursuant to Consob Resolution No. 15519 of 27 July 2006:

(euro/000)	related 31/12/2015 parties		31/12/2014	related parties
ASSETS
Non-current assets
Property, plant and equipment	12,131		10,271
Goodw ill	75,246		75,246
Intangible assets	665		1,021
Investments in associates	48		45
Deferred income tax assets	8,346		9,932
Receivables and other non-current assets	7,366	1,285	4,628	1,188
	103,802	1,285	101,143	1,188
Current assets
Inventory	304,848		253,488
Trade receivables	251,398	13	275,983	16
Income tax assets	4,154		1,774
Other assets	17,306	-	9,814	-
Cash and cash equivalents	280,089		225,174
	857,795	13	766,233	16
Disposal groups assets	-		-
Total assets	961,597	1,298	867,376	1,204

EQUITY
Share capital	7,861		7,861
Reserves	258,601		237,783
Group net income	31,126		27,035
Group net equity	297,588		272,679
Non-controlling interests	776		2,193
Total equity	298,364		274,872
LIABILITIES
Non-current liabilities
Borrow ings	65,138		68,419
Derivative financial liabilities	224		128
Deferred income tax liabilities	4,760		4,795
Retirement benefit obligations	4,044		4,569
Debts for investments in subsidiaries	4,982		9,758
Provisions and other liabilities	2,622		2,734
	81,770		90,403
Current liabilities
Trade payables	521,716	-	452,040	-
Short-term financial liabilities	29,110		20,814
Income tax liabilities	764		1,361
Derivative financial liabilities	280		51
Provisions and other liabilities	29,593	-	27,835	-
	581,463	-	502,101	-
Disposal groups liabilities	-		-
Total liabilities	663,233	-	592,504	-
Total equity and liabilities	961,597	-	867,376	-

For further details on operations with related parties, see the related section in the 'Interim Management Statement'.

4.2 Notes to the most significant statement of financial position items

4.2.1 Gross investments

		31/12/2015		31/12/2014
(euro/000)	Esprinet Group	Subgroup Italy	Esprinet Iberica	Esprinet Group
Plant and machinery	1,230	574	656	265
Ind. and comm. equipment & Other assets	3,511	3,316	195	1,584
Assets under construction and advances	550	451	99	930
Total Property, plant and equipment	5,291	4,341	950	2,779
Start-up and expansion costs	-	-	-	-
Industrial patents and intellectual rights	446	437	9	766
Licences, concessions, brand names and similar rights	-	-	-	11
Assets under construction and advances	-	-	-	37
Total intangible asstes	446-	437-	9-	814-
Total gross investments	5,737	4,778	959	3,593

Investments in 'Plant and machinery' mainly refer to the opening of the new Cash & Carry store in Madrid on 23 April 2015 and to investments linked to the extension of Italian warehouses. Increase in 'Industrial & commercial equipment & other assets' mainly refers to purchase of electronic machinery by the parent company.

4.2.2 Net financial position and covenants

(euro/000)	31/12/2015	31/12/2014	Var.	30/09/2015	Var.
Short-term financial liabilities	29,110	20,814	8,296	64,918	(35,808)
Customer financial receivables	(507)	(506)	(1)	(475)	(32)
Current financial (assets)/liabilities for derivatives	280	51	229	217	63
Financial receivables from factoring companies	(2,510)	(690)	(1,820)	(600)	(1,910)
Cash and cash equivalents	(280,089)	(225,174)	(54,915)		(69,529) (210,560)
Net current financial debt	(253,716)	(205,505)	(48,211)		(5,469) (248,215)
Borrow ings	65,138	68,419	(3,281)	61,090	4,048
Debts for investments in subsidiaries	4,982	9,758	(4,776)	4,933	49
Non-current financial (assets)/liabilities for derivatives	224	128	96	154	70
Customer financial receivables	(2,696)	(3,085)	388	(2,696)	-
Net financial debt	(186,068)	(130,284)	(55,784)	58,012	(244,080)

For the definition of financial debt please see the paragraph 'Principal accounting definitions and estimates' in the consolidated accounts as at 31 December 2014.

The Group's net financial position, positive in the amount of 186.1 million euro, corresponds to a net balance of gross financial debts of 94.2 million euro, customer financial receivables equal to 3.2 million euro, financial receivables from factoring companies totalling 2.5 million euro, debts for investments in subsidiaries equal to 5.0 million euro, cash and cash equivalents equal to 280.1 million euro and financial liabilities for derivatives of 0.5 million euro.

The liquid assets mainly consist of free and unrestricted bank deposits of a transitional nature as they are formed temporarily at the end of the month as a result of the Group's distinctive financial cycle.

A feature of this cycle is the high concentration of funds received from customers and factoring companies – the latter in the form of net income from the non-recourse assignment of trade receivables – normally received at the end of each calendar month, while payments to suppliers, also tending to be concentrated at the end of the period, are usually spread more equally throughout the month. For this reason, the spot figure at the end of a period does not represent the net financial indebtedness or the average treasury resources for the same period.

The without-recourse sale of account receivables revolving programme focusing on selected customer segments continued during 2015 both in Italy and in Spain as part of the processes aimed at the structural optimisation of the management of working capital. In addition, in July 2015 a securitization program of other trade receivables was started in Italy. These programs are aimed at transferring risks and rewards to the buyer thus receivables sold are eliminated from balance sheet according to IAS 39. The overall effect on the levels of financial debt as at 31 December 2015 is approx. 278 million euro (approx. 193 million euro as at 31 December 2014).

4.2.3 Goodwill

Goodwill amounts to 75.2 million euro with no changes compared to 31 December 2014.

The annual impairment test, required by IAS 36, was carried out in reference to the financial statements as at 31 December 2014 and no impairment loss emerged with reference to the CGUs existing at that date.

IAS 36 also requires the goodwill impairment test to be effected more frequently whenever 'triggering events' (i.e. indications of loss of value) occur. However, as no such indicators appeared in the period between the annual impairment test, made in March 2015, and the date of this financial report, no other impairment tests were carried out on figures posted as at 31 December 2015.

In the light of above, the goodwill values booked as at 31 December 2014 and still outstanding in this financial report are confirmed.

It is noted that the Board of Directors meeting called in March 2016 to discuss the draft financial statements for the year ended 31 December 2015 will also formally and specifically approve both the 2016-20E plans and the impairment test procedure in order to ensure that it complies with the IAS 36 requirements.

Further information regarding 'Goodwill' and the impairment test methods used can be found in the notes to the consolidated financial statements of 31 December 2014.

5. Consolidated statement of changes in net equity

(euro/000)	Share capital	Reserves	Own shares	Profit for the period	Total net equity	Minority interest	Group net equity
Balance at 31 December 2013	7,861	241,940	(13,070)	23,095	259,826	-	259,826
Total comprehensive income/(loss)	-	(721)	-	26,813	26,092	(257)	26,349
Change in equity by Celly group acquisition	-	2,528	-	-	2,528	2,528	-
Allocation of last year net income/(loss)	-	18,536	-	(18,536)	-	-	-
Dividend payment	-	-	-	(4,559)	(4,559)	-	(4,559)
Transactions with owners	-	21,064	-	(23,095)	(2,031)	2,528	(4,559)
Increase/(decrease) in 'stock grant' plan reserve	-	913	-	-	913	-	913
Variation in Celly IAS / FTA reserve	-	(203)	-	-	(203)	(78)	(125)
Other variations	-	4	-	-	4	-	4
Variation in reserve on 40% Celly option	-	(9,729)	-	-	(9,729)	-	(9,729)
Balance at 31 December 2014	7,861	253,268	(13,070)	26,813	274,872	2,193	272,679-
Balance at 31 December 2014	7,861	253,268	(13,070)	26,813	274,872	2,193	272,679
Total comprehensive income/(loss)	-	14	-	30,827	30,841	(276)	31,117
Allocation of last year net income/(loss)	-	20,410	-	(20,410)	-	-	-
Change in equity by Celly group acquisition	-	(1,990)	-	-	(1,990)	(1,086)	(904)
Dividend payment	-	-	-	(6,403)	(6,403)	-	(6,403)
Transactions with owners	-	18,420	-	(26,813)	(8,393)	(1,086)	(7,307)
Change in 'stock grant' plan reserve	-	(1,662)	-	-	(1,662)	-	(1,662)
Assignment and acquisition of Esprinet ow n shares	-	(9,985)	7,925	-	(2,060)	-	(2,060)
Variation in Celly IAS / FTA reserve	-	(87)	-	-	(87)	(17)	(70)
Other variations	-	(26)	-	-	(26)	(38)	12
Variation in reserve on 40% Celly option	-	4,879	-	-	4,879	-	4,879
Balance at 31 December 2015	7,861	264,821	(5,145)	30,827	298,364	776	297,588

6. Consolidated statement of cash flows⁴

(euro/000)	12 months 2015	12 months 2014
Cash flow provided by (used in) operating activities (D=A+B+C)	74,021	3,872
Cash flow generated from operations (A)	50,444	46,324
Operating income (EBIT)	46,457	41,086
Net income from disposal groups	-	1,533
Depreciation, amortisation and other fixed assets w rite-dow ns	3,339	3,267
Net changes in provisions for risks and charges	(112)	(36)
Net changes in retirement benefit obligations	(316)	(439)
Stock option/grant costs	1,076	913
Cash flow provided by (used in) changes in working capital (B)	38,910	(29,587)
Inventory	(51,139)	(34,785)
Trade receivables	24,585	(54,006)
Other current assets	(8,050)	(3,954)
Trade payables	69,559	54,266
Other current liabilities	3,955	8,892
Other cash flow provided by (used in) operating activities (C)	(15,333)	(12,865)
Interests paid, net	(1,037)	446
Foreign exchange (losses)/gains	(1,470)	(1,239)
Net results from associated companies	(10)	(7)
Gain on Monclick disposal	-	(2,452)
Comprel w rite - dow n	-	1,610
Income taxes paid	(12,815)	(11,223)
Cash flow provided by (used in) investing activities (E)	(14,747)	638
Net investments in property, plant and equipment	(4,705)	(2,606)
Net investments in intangible assets	(138)	(769)
Changes in other non current assets and liabilities	(3,117)	643
Celly business combination	(1,990)	(12,336)
Monclick selling	-	2,787
Net assets disposal group - Comprel	-	12,919
Ow n shares acquisition	(4,797)	-
Cash flow provided by (used in) financing activities (F)	(4,360)	43,771
	15,000	67,000
Medium/long term borrow ing	(1,707)	(13,274)
Net change in financial liabilities	(9,796)	(7,370)
Net change in financial assets and derivative instruments	(1,108)	2,583
Deferred price Celly acquisition Option on 40% Celly sharesd	(4,776) 4,913	9,758 (9,691)
Dividend payments	(6,403)	(4,559)
Increase/(decrease) in 'cash flow edge' equity reserve	(175)	(341)
Changes in third parties net equity	(308)	(335)
Net increase/(decrease) in cash and cash equivalents (G=D+E+F)	54,915	48,281
Cash and cash equivalents at year-beginning	225,174	176,893
Net increase/(decrease) in cash and cash equivalents	54,915	48,281
Cash and cash equivalents at year-end	280,089	225,174
The table below shows the changes during the period and the reconciliation with the final situation at the end of that period:
4 Effects of relationships with related parties are omitted as non-significant.

(euro/000)	12 months 2015	12 months 2014
Net financial debt at start of year	(130,284)	(141,652)
Cash flow provided by (used in) operating activities	74,021	3,872
Cash flow provided by (used in) investing activities	(14,747)	638
Cash flow provided by (used in) changes in net equity	(1,974)	(14,926)
Total cash flow	57,300	(10,416)
Unpaid interests	(1,516)	(952)
Net financial position at end of year	(186,068)	(130,284)
Short-term financial liabilities	29,110	20,814
Financial receivables from customers	(507)	(506)
Current financial (assets)/liabilities for derivatives	280	51
Financial receivables from factoring companies	(2,510)	(690)
Cash and cash equivalents	(280,089)	(225,174)
Net currant financial debt	(253,716)	(205,505)
Borrowings	65,138	68,419
Debts for investments in subsiadiaries	4,982	9,758
Non current financial (assets)/liabilities for derivatives	224	128
Financial receivables from customers	(2,696)	(3,085)
Net financial debt	(186,068)	(130,284)

7. Relationship with related parties

Group operations with related parties have been defined as per IAS 24 and were effected in compliance with current laws and according to mutual economic advantage.

Any products sold to individuals were done so under the same conditions as those usually applied to employees.

Operations among the parent company Esprinet S.p.A. and its subsidiaries included in the consolidation area were excluded from the interim consolidated financial statements and therefore they are not quoted in this section.

During the first nine months, relationships with related parties consisted essentially in the sales of products and services at market conditions between Group's entities and associates or companies where the key management personnel of Esprinet S.p.A. play important roles.

Relationships with key managers result from the recognition of the payments for services rendered by the same.

Achieved sales are related to the sales of consumer electronics products to business and private customers at market condition.

Services received mainly refer to leasing agreements entered into at market conditions in previous years with the real estate companies, Immobiliare Selene S.r.l. in the case of the Cambiago (MI) logistics site and M.B. Immobiliare S.r.l. in the case of the Cavenago (MB) logistics site, respectively.

As shown in the previous table, the total value of the aforementioned transactions is not material compared to the total volume of the Company's activities, however.

8. Segment information

8.1 Introduction

The Esprinet Group is organised in the geographical business areas of Italy and Spain (operating segments) where it performs the business-to-business (B2B) distribution of Information Technology (IT) and consumer electronics.

A 'geographical segment' is involved in investments and transactions aimed at providing products or services within a particular economic environment that is subject to risks and returns that are different from those achievable in other geographical segments.

A 'business segment' is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments.

Although the organisation by geographical segments is the main way of managing and analysing the Group's results, the next tables also provide a fuller picture of the operating results and assets balances of the business segments where the Group has operated in Italy.

8.2 Segment results

The separate income statement, statement of financial position and other significant information regarding each of the Esprinet Group's operating segments are as follows:

				12 months	2015
			Italy				Iberica
(euro/000)	Distr. IT & CE B2B	Distr. IT & CE B2C	Electr. Comp. Distr.	Elim. and other	Total	%	Distr. It & CE B2B	%	Elim. and other	Group
Sales to third parties	1,997,858	-	-	-	1,997,858		696,075		-	2,693,932
Intersegment sales	42,871	-	-	-	42,871		-		(42,871)	-
Sales	2,040,729	-	-	-	2,040,729		696,075			(42,871) 2,693,932
Cost of sales	(1,914,613)	-	-		(122) (1,914,735)		(665,251)			42,822 (2,537,164)
Gross profit	126,116	-	-	(122)	125,994	6.31%	30,824	4.43%	(49)	156,768
Sales and marketing costs	(37,825)	-	-	-	(37,825) -1.89%		(6,058)	-0.87%	(72)	(43,955)
Overheads and admin. costs	(54,219)	-	-	2	(54,217) -2.71%		(12,233)	-1.76%	94	(66,356)
Operating income (Ebit)	34,072	-	-	(120)	33,952	1.70%	12,533	1.80%	(27)	46,457
Finance costs - net										(4,040)
Share of profits of associates										(7)
Profit before income tax										42,410
Income tax expenses										(11,583)
Profit from continuing operations										30,827
Income/(loss) from disposal groups										-
Net income										30,827
- of which attributable to non-controlling interests										(299)
- of which attributable to Group										31,126
Depreciation and amortisation	2,715	-	-	-	2,715		380		244	3,339
Other non-cash items	3,113	-	-	-	3,113		130		-	3,243
Investments					4,778		959		-	5,737
Total assets					812,148		276,995		(127,546)	961,597

Separate income statement and other significant information per operating segment

				12 months	2014
			Italy				Iberica
(euro/000)	Distr. IT & CE B2B	Distr. IT & CE B2C	Distr. Comp. Elettr.	Elim. and other	Total	%	Distr. It & CE B2B	%	Elim. and other	Group
Sales to third parties	1,689,587	-	-	-	1,689,587		601,554		-	2,291,141
Intersegment sales	43,901	-	-	-	43,901		-		(43,901)	-
Sales	1,733,488	-	-	-	1,733,488		601,554		(43,901)	2,291,141
Cost of sales	(1,616,872)	-	-		(88) (1,616,960)		(576,161)			43,816 (2,149,305)
Gross profit	116,616	-	-	(88)	116,528	6.90%	25,393	4.22%	(85)	141,836
Sales and marketing costs	(33,112)	-	-	-	(33,112)	-1.96%	(4,924)	-0.82%	(345)	(38,381)
Overheads and admin. costs	(50,252)	-	-	-	(50,252)	-2.97%	(12,471)	-2.07%	354	(62,369)
Operating income (Ebit)	33,252	-	-	(88)	33,164	1.96%	7,998	1.33%	(76)	41,086
Finance costs - net										(1,987)
Share of profits of associates										1
Profit before income tax										39,100
Income tax expenses										(13,413)
Profit from continuing operations										25,687
Income/(loss) from disposal groups										1,126
Net income										26,813
- of which attributable to non-controlling interests										(222)
- of which attributable to Group										27,035
Depreciation and amortisation	2,710	-	-	-	2,710		307		251	3,268
Other non-cash items	3,363	-	-	-	3,363		243		-	3,606
Investments					2,900		693		-	3,593
Total assets					742,357		244,384		(119,365)	867,376

				Q4	2015
			Italy				Iberica
(euro/000)	Distr. IT & CE B2B	Distr. IT & CE B2C	Electr. Comp. Distr.	Elim. and Other	Total	%	Distr. It & CE B2B	%	Elim. and other	Group
Sales to third parties	637,554	-	-	-	637,554		250,862			888,415
Intersegment sales	10,702	-	-	-	10,702		-		(10,702)	-
Sales	648,256	-	-	-	648,256		250,862		(10,702)	888,415
Cost of sales	(611,109)	-	-		23 (611,086)		(240,270)		10,686	(840,670)
Gross profit	37,147	-	-	23	37,170	5.83%	10,592	4.22%	(16)	47,745
Sales and marketing costs	(10,229)	-	-	-	(10,229)	-1.60%	(1,631)	-0.65%	(19)	(11,879)
Overheads and admin. costs	(14,453)	-	-	(1)	(14,454)	-2.27%	(3,339)	-1.33%	28	(17,765)
Operating income (Ebit)	12,465	-	-	22	12,487	1.96%	5,622	2.24%	(7)	18,101
Finance costs - net										(969)
Share of profits of associates										-
Profit before income tax										17,132
Income tax expenses										(4,061)
Profit from continuing operations										13,071
Income/(loss) from disposal groups										-
Net income										13,071
- of which attributable to non-controlling interests										(63)
- of which attributable to Group										13,134
Depreciation and amortisation	672	-	-	-	672		112		62	846
Other non-cash items	488	-	-	-	488		19		-	507
Investments					1,020		117		-	1,137
Total assets					812,148		276,995		(127,546)	961,597

				Q4	2014
			Italy				Iberica
(euro/000)	Distr. IT & CE B2B	Distr. IT & CE B2C	Electr. Comp. Distr.	Elim. and Other	Total	%	Distr. It & CE B2B	%	Elim. and other	Group
Sales to third parties	536,056	-	-	-	536,056		219,702			755,758
Intersegment sales	10,993	-	-	-	10,993		-		(10,993)	-
Sales	547,049	-	-	-	547,049		219,702		(10,993)	755,758
Cost of sales	(510,147)	-	-		(42) (510,189)		(211,056)		11,036	(710,209)
Gross profit	36,902	-	-	(42)	36,860	6.88%	8,646	3.94%	43	45,549
Sales and marketing costs	(9,900)	-	-	-	(9,900)	-1.85%	(1,163)	-0.53%	(58)	(11,121)
Overheads and admin. costs	(14,085)	-	-	8	(14,077)	-2.63%	(3,638)	-1.66%	60	(17,655)
Operating income (Ebit)	12,917	-	-	(34)	12,883	2.40%	3,845	1.75%	45	16,773
Finance costs - net										(653)
Share of profits of associates										24
Profit before income tax										16,144
Income tax expenses										(5,963)
Profit from continuing operations								10,181
Income/(loss) from disposal groups									(718)
Net income										9,463
- of which attributable to non-controlling interests							(54)
- of which attributable to Group										9,517
Depreciation and amortisation	723	-	-	-	723		80		67	870
Other non-cash items	1,093	(19)	(123)	-	951		225		-	1,176
Investments					862		520		-	1,382
Total assets					742,357		244,384		(119,365)	867,376

Statement of financial position by operating segments

	31/12/2015
(euro/000)		Italy		Iberica
	Distr. IT & CE B2B	Elim. and other	Total Italy	Distr. IT & CE B2B	Elim. and other	Group
ASSETS
Non-current assets
Property, plant and equipment	10,495	-	10,495	1,636	-	12,131
Goodw ill	10,626	5,020	15,646	58,561	1,039	75,246
Intangible assets	621	-	621	44	-	665
Investments in associates	66	(18)	48	-	-	48
Investments in others	85,688	(9,955)	75,733	-	(75,733)	-
Deferred income tax assets	3,129	66	3,195	5,101	50	8,346
Receivables and other non-current assets	7,168	-	7,168	198	-	7,366
	117,793	(4,887)	112,906	65,540	(74,644)	103,802
Current assets Inventory	217,919	(210)	217,709	87,296	(157)	304,848
Trade receivables	192,176	-	192,176	59,222	-	251,398
Income tax assets	4,154	-	4,154	-	-	4,154
Other assets	69,614	-	69,614	437	(52,745)	17,306
Cash and cash equivalents	215,589	-	215,589	64,500	-	280,089
	699,452	(210)	699,242	211,455	(52,902)	857,795

Disposal groups assets	-	-	-	-	-	-
Total assets	817,245	(5,097)	812,148	276,995	(127,546)	961,597
EQUITY
Share capital	9,131	(1,270)	7,861	54,693	(54,693)	7,861
Reserves	269,498	(9,667)	259,831	18,798	(20,028)	258,601
Group net income	22,723	65	22,788	8,367	(29)	31,126
Group net equity	301,352	(10,872)	290,480	81,858	(74,750)	297,588
Non-controlling interests	-	792	792	35	(51)	776
Total equity	301,352	(10,080)	291,272	81,893	(74,801)	298,364

LIABILITIES
Non-current liabilities
Borrow ings	65,138	-	65,138	-	-	65,138
Derivative financial liabilities	224	-	224	-	-	224
Deferred income tax liabilities Retirement benefit obligations	2,521 4,044	- -	2,521 4,044	2,239 -	- -	4,760 4,044
Debts for investments in subsidiaries	-	4,982	4,982	-	-	4,982
Provisions and other liabilities	2,240	1	2,241	381	-	2,622
	74,167	4,983	79,150	2,620	-	81,770

Current liabilities
Trade payables	391,534	-	391,534	130,182	-	521,716
Short-term financial liabilities	28,834	-	28,834	50,276	(50,000)	29,110
Income tax liabilities	90	-	90	674	-	764
Derivative financial liabilities	280	-	280	-	-	280
Provisions and other liabilities	20,988	-	20,988	11,350	(2,745)	29,593
	441,726	-	441,726	192,482	(52,745)	581,463
Disposal groups liabilities	-	-	-	-	-	-
Total liabilities	515,893	4,983	520,876	195,102	(52,745)	663,233
Total equity and liabilities	817,245	(5,097)	812,148	276,995	(127,546)	961,597

	31/12/2014
		Italy		Iberica
(euro/000)	Distr. IT & CE B2B	Elim. and other	Total Italy	Distr. IT & CE B2B	Elim. and other	Group
ASSETS
Non-current assets
Property, plant and equipment	9,191	-	9,191	1,080	-	10,271
Goodw ill	10,626	5,020	15,646	58,561	1,039	75,246
Intangible assets	944	-	944	77	-	1,021
Investments in associates	55	(10)	45	-	-	45
Investments in others	83,602	(7,965)	75,637	-	(75,637)	-
Deferred income tax assets	4,014	28	4,042	5,850	40	9,932
Receivables and other non-current assets	4,431	-	4,431	197	-	4,628
	112,863	(2,927)	109,936	65,765	(74,558)	101,143
Current assets
Inventory	195,347	(89)	195,258	58,359	(129)	253,488
Trade receivables	201,100	-	201,100	74,883	-	275,983
Income tax assets	1,774	-	1,774	-	-	1,774
Other assets	54,094	-	54,094	397	(44,677)	9,814
Cash and cash equivalents	180,194	-	180,194	44,980	-	225,174
	632,509	(89)	632,420	178,619	(44,806)	766,233
Disposal groups assets	-	-	-	-	-	-
Total assets	745,372	(3,016)	742,356	244,384	(119,364)	867,376

EQUITY
Share capital	9,131	(1,270)	7,861	54,693	(54,693)	7,861
Reserves Group net income	240,191 39,565	(10,667) (3,054)	229,524 36,511	14,467 4,285	(6,208) (13,761)	237,783 27,035
Group net equity	288,887	(14,991)	273,896	73,445	(74,662)	272,679

Non-controlling interests	- 288,887	2,217 (12,774)	2,217 276,113	- 73,445	(24) (74,686)	2,193 274,872
Total equity
LIABILITIES
Non-current liabilities
Borrow ings	68,419	-	68,419	-	-	68,419
Derivative financial liabilities	128	-	128	-	-	128
Deferred income tax liabilities	2,690	-	2,690	2,105	-	4,795
Retirement benefit obligations	4,569	-	4,569	-	-	4,569
Debts for investments in subsidiaries	-	9,758	9,758	-	-	9,758
Provisions and other liabilities	2,347	-	2,347	387	-	2,734
	78,153	9,758	87,911	2,492	-	90,403
Current liabilities
Trade payables	342,566	-	342,566	109,474	-	452,040
Short-term financial liabilities	20,438	-	20,438	40,376	(40,000)	20,814
Income tax liabilities	1,111	-	1,111	250	-	1,361
Derivative financial liabilities	51	-	51	-	-	51
Provisions and other liabilities	14,166	-	14,166	18,347	(4,678)	27,835
	378,332	-	378,332	168,447	(44,678)	502,101
Disposal groups liabilities	-	-	-	-	-	-
Total liabilities	456,485	9,758	466,243	170,939	(44,678)	592,504
Total equity and liabilities	745,372	(3,016)	742,356	244,384	(119,364)	867,376

9. Atypical and/or unusual operations

No atypical and/or unusual events or operations according to the definition as per Consob communication No. DEM 6064293 of 28 July 2006 occurred during the period.

10. Non-recurring significant events and operations

During 2015, key personnel termination indemnities were displayed as non-recurring costs (657 thousand euro).

In 2014 employee termination indemnities in the parent company (equal to 700 thousand euro), tax expense in Spain, mainly arising from the impairment of deferred tax assets related to previous losses due to the future cut in the Spanish theoretical tax rate (equal to 689 thousand euro), as well as estimated transaction costs in Celly's acquisition (equal to 218 thousand euro) were identified as non-recurring items.

The following table shows effects of the above said events and operations on the income statement (included the related fiscal effects):

(euro/000)	Charge type	12 months 2015	12 months 2014	Var.
Overheads and administrative costs	Transaction costs on Celly's acquisition	-	(218)	218
Overheads and administrative costs	Employee termination incentives	(657)	(700)	43
Overheads and administrative costs	Defence charges	-	-	-
Total SG&A		(657)	(918)	261
Operating income (EBIT)		(657)	(918)	261
Finance costs - net	Interests on delayed tax payments	-	-	-
Profit before income taxes		(657)	(918)	261
Income tax expenses	Recovery of previous years taxes	-	-	-
Income tax expenses	Changes in Spanish tax rate on initial losses	-	(689)	689
Income tax expenses	Non-recurring events impact	228	261	(33)
Profit for the period		(429)	(1,346)	228
Non - controlling interest		-	-	-
Net income / (loss)		(429)	(1,346)	228

11. Significant events occurred in the period

Relevant events occurred in the period are briefly described below:

Esprinet Portugal established

On April 29th 2015 the new legal entity Portugal Lda was established according to the Portuguese law with the purpose of further enhance Groups' distribution activities in Portugal territory. The abovementioned company started its operating activities at the beginning of June.

Esprinet S.p.A. Annual Shareholders Meeting

On April 30th 2015, Esprinet Shareholders' meeting approved the separated financial statements for the fiscal year ended December 31st 2014, and the distribution of a dividend of € 0.125 per ordinary share, corresponding to a pay-out ratio of 25% based on Esprinet Group's consolidated net profit.

Following the expiry of previous mandate, Shareholder's Meeting appointed the new Board of Directors and the Board of Statutory Auditors which will remain in office until approval of the financial statements for the 2017 fiscal year.

The new Board is made up as follows: Francesco Monti, Maurizio Rota, Alessandro Cattani, Valerio Casari, Marco Monti, Tommaso Stefanelli, Matteo Stefanelli, Cristina Galbusera, Mario Massari, Chiara Mauri, Emanuela Prandelli, Andrea Cavaliere.

The new Board of Statutory Auditors is made up as follows: Giorgio Razzoli (Chairman) Bettina Solimando (standing statutory auditor), Patrizia Paleologo Oriundi (standing statutory auditor), Antonella Koenig (alternate statutory auditor) and Bruno Ziosi (alternate statutory auditor).

Shareholders' Meeting approved a Long Term Incentive Plan, in relation to remuneration policies and in accordance with article 114-bis of legislative decree 58/1998, for the members of the Company's Board of Directors and other executives for the period 2015/2016/2017. The object of the plan is the free allocation of ordinary shares in the Company ('performance stock grant') to beneficiaries designated by the Board of Directors, up to a maximum of 1,150,000 shares in the Company already in portfolio.

Subject to prior revocation of former authorization resolved on the Shareholder's Meeting of April 30th 2014,the Shareholders' Meeting resolved also to authorise, the acquisition and disposal of own shares. The plan represents the re-iteration of the former one and comprises up to 10,480,000 ordinary shares of Esprinet S.p.A. with a nominal value of € 0.15 each, or a maximum of 10% of share capital, taking into account the own shares hold by the Company.

New Long-term incentive plan: allocation of share rights for free

On June 30th 2015 Esprinet S.p.A Board of Directors', pursuant to the Shareholders' Meeting resolution as of April 30th 2015 concerning the new 2015-17 'Long Term Incentive Plan', freely assigned n. 646.889 rights out of a maximum of 1,150,000 designed by the Shareholding Meeting – to some members of the Board of Directors as well as to other Company's executives.

The exercise of the stock plan is conditional upon the achievement of some financial targets and the beneficiary being still employed by the Group at the expiry of the vesting period which coincides with the date of presentation of the Consolidated Financial Statement of Esprinet Group as at 31 December 2017.

Acquisition of additional 20% in Celly's share capital

On July 20th, Esprinet S.p.A acquired 20% stake in Celly S.p.A. from GIR S.r.l., a company owned by Claudio Gottero, Celly's former co-Chief Executive Officer. The transaction is part of the agreements aimed at regulating the termination of any relationships between Celly and the above-mentioned Claudio Gottero. As consequence of this acquisition, Esprinet owns 80% in Celly's share capital.

Purchase price for the 20% of shares has been equal to 1.99 million euro, thus implying a 100% equity value of 9.95 million euro.

Stefano Bonfanti remains as owner of remaining 20% of shares keeping its powers as Chief Executive Officer.

Share buy-back program

Pursuant to the Shareholders Meeting's resolution as of April 30th 2015 and in execution of the share buy-back program initiated on June 30th 2015, the Company purchased a total of 615,489 ordinary shares of Esprinet S.p.A. (or 1.17% of total share capital) along the period between July 22nd 2015 and September 24th 2015. The average gross purchase price was of euro 7.79 per share.

Taking into account the abovementioned operations the Company owned n. 646,889 own shares (or 1.23% of share capital) as of September 30th 2015.

Securitization of trade receivables for a maximum amount of 80.0 million euro

On July 27th 2015, Esprinet S.p.A. and its fully owned subsidiary V-Valley S.r.l. have completed as originators a securitization transaction involving the transfer of up to 80.0 million euro of their trade receivables.

The transaction, which has been structured by UniCredit Bank AG involves the assignment on a monthly "nonrecourse" revolving basis of trade receivables to a "special purpose vehicle" under L. n. 130/99 named Vatec S.r.l., over a maximum period of 3 years.

The purchase of trade receivables by Vatec S.r.l. is being funded through the issue of different classes of notes: class A notes (senior), subscribed by a conduit sponsored by UniCredit Group, class B notes (mezzanine) and class C notes (junior) subscribed by specialised investors.

Challenge of some resolutions of the Shareholders' Meeting and the Board of Directors

Some Esprinet's shareholders has challenged before the Court of Milan, by serving on 30th July 2015 a writ of summon, some Shareholders Meeting's resolutions as at 30 April 2015 having as object the Report on

Remuneration as well as an incentive plan, to the benefit of the Directors and managers of the Company, consisting in the granting to such beneficiaries of rights to subscribe for free the shares of the Company subject to the occurrence of certain performance targets.

On 31st July and on 3rd August 2015 a Director of the Company – appointed after the slate of candidates for the Board of Directors presented by the same shareholders who have challenged the abovementioned resolutions – has challenged, by serving two writ of summons, some resolutions passed by the Board of Directors' meeting held on 4th May 2015, having as objects, respectively, the granting of delegated powers to some Directors, the appointment of the Vice-President of the Company and the approval of a non-fixed remuneration plan defined by the Shareholders' Meeting held on 30th April 2015.

The Company - supported by its legal advisories – reaffirms the full fairness and compliance to laws and articles of association of the conduct of its managerial bodies and trusts that the court will soon confirm it by rejecting any challenge.

Sale of 'Rosso Garibaldi' shops through subsidiary Celly

On 30 October 2015 Celly S.p.A. signed the selling agreement of 'Rosso Garibaldi' retail business involved in the retail sale of mobile phone accessories. It was made up of n. 5 shops under the brand 'Rosso Garibaldi' including n. 20 employees - located in as many shopping malls in Milano, Roma, Grugliasco (TO), Marghera (VE) and Vimodrone (MI).

The consideration of the transaction was 0.7 million euro of which 100 thousand euro as goodwill. The buyer, RossoGaribaldi S.p.A., is a newly created company under the sponsorship of Claudio Gottero, former CEO at Celly S.p.A., with the purpose of being an Italian hub for future developments in mobile phone accessories retail space.

Total turnover achieved by the shops in the first 10 months of 2015 was approx. 0.9 million euro.

The transaction is fully consistent with Esprinet Group's strategy aimed at focusing on B2B distribution through dismissal of 'non-core' activities. Sale took effect from 11.59 p.m. of 31 October 2015.

12. Subsequent events

No significant events occurred after 31 December 2015.

13. Outlook

Despite concerns related to the worsening sentiment in the Eurozone, due to the fears for the slowdown of the global economy, the IT distribution market doesn't stop showing a strong appeal both to vendors and resellers both for its skilled operating efficiency as well as for its ability to offer to customers both a wide product range and delivery capabilities.

With reference to the wholesale distribution market, Context data (FY 2015 data, January 2016) showed a growth of European distributors' sales equal to +8% compared to 2014, with the fourth quarter growing by +9% compared to the same period of the previous year.

The Panel covers so far around € 60 billion revenue, with the German market ranking first, U.K. second, Italy third preceding France, which ranked fourth as per sales volume. While in the first half the European distributors grew by +7%, in the second half they increased to +9% mainly thanks to the recovery of Germany, which grew to +5% of the second half from the -4% of the first one.

With reference to the countries where the Group operates, Spain ranked in the first place as per sales growth among the European countries, with an impressive +18.6% year-over-year (with the second half posting a +17% after the +20% of the first one), while Portugal, where the Group has recently started its local operations, recorded a light decrease (-1.2%).

In Spain, the best performing product macro-categories were TLCs (mainly smartphones), growing by +30%, followed by software (+25%) and mobile computing (i.e. notebook) increasing by +6%, hence maintaining its leadership in the distributors' sales mix with a share of more than 24%. Looking at vendors' performance, Apple, Lenovo and Hewlett Packard were the fastest-growing ones, while IBM and Samsung decreased compared to 2014. Esprinet Iberica grew its market share by half a point, hence getting close to the second position within the national distributors' ranking, despite lacking the Apple iPhone distribution contract, which also influenced the positive results of the Panel. More in particular, the market share grew in the retailers' cluster (representing about 40% of Iberica's sales), which grew by +10% year-over-year (source: GFK, February 2016).

The Italian distributors grew by +9% in the second half compared to the same period of 2015, following the +13% of the first six months: such a result was pushed by TLCs (+81%) which, thanks to smartphones, triggered the category to the first place of distributors' sales mix, with an historic overtaking with respect to mobile computing (i.e. notebook). Smartphones weighted more than 80% of the whole growth of the Panel in 2015: net of smartphones, the Italian distribution grew by +2%. Looking at vendors' results, best performers were Apple, Lenovo, Dell and Cisco, while Samsung, Acer and Toshiba were down year over year. Esprinet Italy market share, by far the #1 in the ranking, furtherly increased by almost +2 percentage points. While Esprinet Italy sales mix generates a higher sales volume with 'business' resellers (which represent two third of the revenue) compared to Iberica's one, the Italian operations were able to increase their share also within the 'consumer' ones (i.e. 'retailer'), the latter growing by +5% (source GFK, February 2016).

The FY 2015 results met the financial market consensus and confirmed management's skills in exploiting the opportunities to both reinforce the Group's leadership in Italy, mainly referring to smartphone's growth, and increase sales and EBIT % of the Spanish subsidiary, the latter being able to react to competitors armed by Apple iPhone contract.

With reference to the current fiscal year, the Group will confirm the strategy, started in the middle of 2014, pointed at focusing exclusively on the wholesale distribution business, implementing the capability to profit out of the vertical competences in the 'value' distribution area, through the subsidiary V-Valley, and in the mobility one, mainly thanks to the subsidiary Celly.

The Group expects to overperform the market in 2016 as well, favoring the suppliers and the product categories providing the best gross margin while continuing its tight risk management of inventory and receivables.

The Group will continue to take into account also external growth options, both in Italy and Spain, everywhere any value creation opportunity for its shareholders may arise.

Vimercate, 11 February 2016

Of behalf of the Board of Directors The Chairman Francesco Monti

14. Declaration of the officer responsible for financial reports

Declaration under article 154-bis, par. 2 of the Financial Consolidation Act.

SUBJECT: Interim management statement as at 31 December 2015

The undersigned Pietro Aglianò, the manager responsible for preparing the accounting documents of

ESPRINET S.p.A.

in accordance with the provisions of in article 154 bis, par. 2 of the Finance Consolidation Act

HEREBY DECLARES

that the Interim management statement as at 31 December 2015 agrees with the accounting documents, books and records.