Investor Presentation • Feb 12, 2015
Investor Presentation
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AEFFE 2014 Consolidated Revenues Presentation12, February 2015
**Net of the effects of the Japanese distribution reorganization and of the terminated licenses at constant exchange rates
(1) Before inter-divisional eliminations
2Q3Q
4Q
2
1Q
3
and net of the effects of already terminated licenses
(1) Italy and Russia excluded
* At constant exchange rates
** Data reflect the reorganization of the distribution network
1Q 2Q3Q4Q
* At constant exchange rates
** Net of the effects of the Japanese distribution reorganization and of the terminated licenses
at constant exchange rates
2Q3Q4Q
1Q
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