Informazione Regolamentata n. 1220-4-2015		Data/Ora Ricezione 12 Marzo 2015 17:35:47
Societa'	:	SALVATORE FERRAGAMO
Identificativo Informazione Regolamentata	:	54297
Nome utilizzatore	:	FERRAGAMON02 - Mentil
Tipologia	:	IRAG 01; IRED 01
Data/Ora Ricezione	:	12 Marzo 2015 17:35:47
Data/Ora Inizio Diffusione presunta	:	12 Marzo 2015 17:50:47
Oggetto	:	Press Release 2014 Group Results
Testo del comunicato

Vedi allegato.

PRESSRELEASE

Salvatore FerragamoS.p.A.

The Boardof Directorsapproved the non-auditeddraft CompanyStatutoryFinancial Statementsandthe Consolidated Financial Statementsforthe Year 2014

Another year of growthin RevenuesandProfitability for the Salvatore FerragamoGroup: Revenuesforthe Year 2014 +6%, EBITDA+13%andEBIT+12%

Total Revenues: 1,332 millionEuros(+6%compared to 1,258 millionEurosof FY2013)
EBITDA 1 : 293 millionEuros(+13%compared to 260 millionEurosof FY2013)
EBIT: 245 millionEuros(+12%compared to 219 millionEurosof FY2013)
Net Profit 164 million Euros, vs. 160 million Euros that, at 31 December 2013, included ca. 13 million Euros capital gain deriving from the disposal of the participation in Zefer; excludingthe capital gain the Net Profit increased 11%
Group Net Profit: 157 million Euros vs. 150 million Euros at December 2013, +13% excludingthe capital gain from the disposal of the participation in Zefer
Approval of Corporate Governance Report
Approval of Remuneration Report pursuant to Article 123-ter of Legislative Decree 58 of February 24, 1998
Notice of call of Annual ShareholdersMeeting

Florence, 12 March 2015 The Board of Directors of Salvatore Ferragamo S.p.A. (MTA: SFER), parent company of the Salvatore Ferragamo Group, one of the global leaders in the luxury sector, meeting under the chairmanship of Ferruccio Ferragamo, examined and approved the non audited draft Company Statutory Financial Statements and the Consolidated Financial Statements for the Year ended 31 December 2014, both prepared according to IAS/IFRS international accounting principles.

¹ EBITDAismeasured by our management to evaluate operating performance. We define EBITDAasoperating income plus (i) depreciation of property, plant and equipment, investment property, (ii) amortization of other intangible assets with definite useful life and (iii) write-downs of property, plant and equipment, investment property and other intangible assetswith definite useful life and goodwill. We believe that EBITDAisan important indicator for measuring the Group sperformance as it is not influenced by various methodsof calculating taxes, amortization or depreciation. As EBITDA is not an indicator defined by the accounting principles used by our Group, our method of calculating EBITDA may not be strictly comparable to that used by other companies.

Notesto the Income Statement for FY2014

Consolidated Revenue figuresfor FY2014

As of 31 December 2014, the Salvatore Ferragamo Group has posted Total Revenues of 1,332 million Euros, a 5.9% increase at current exchange rates (+9.3% in 4Q 2014) over the 1,258 million Euros recorded in FY2013. Revenue growth at constant exchange rates 2 has been 6.5% (+7.7%in 4Q2014).

Hereafter the variations in Revenues are calculated at constant exchange rates2 , unless differently indicated.

Revenuesbygeographical area 3

The Asia Pacificarea is confirmed as the Group's top market in terms of Revenues, representing 37%of total in FY2014, up by over 5%(+7%in 4Q 2014), despite the tensions registered in Hong Kong in the last part of the year. A major contribution was given by the retail channel in China, which in FY2014 recorded a 18%growth compared to the same period in 2013.

Europe posted an increase in Revenues of 9%, compared to the same period in 2013 (+14%in 4Q 2014), even if penalized by the ongoing geopolitical tensions, which negatively impacted the global tourist flows, and by the enduring difficult economic situation.

North America registered an increase in Revenues of 5%in FY2014 (+2%in 4Q 2014 that had a hard comparison base, +11%in 4Q2013).

The Japanese market showed an increase in Revenues of 4% in FY 2014 (+6% in 4Q 2014), registering a 4% decrease at current exchange rates, due to the deterioration of the Japanese currency.

Revenues in Central and South America showed solid results with an increase of 14%in FY2014 (+17%in4Q2014).

² Revenues at constant exchange rates are calculated by applying to the Revenues of the full-year 2013, not including the hedging effect , the average exchange rate of the full-year 2014.

³ The variationsin Revenuesare calculated at constant exchange rates, unlessdifferently indicated.

Revenuesbydistribution channel⁴

As of 31 December 2014, the Salvatore Ferragamo Group's Retail network could count on 373 Directly Operated Stores (DOS), while the Wholesale and Travel Retail channel included 270 ThirdParty OperatedStores(TPOS), aswell aspresence in major Department Storesand high-end multi-brand Specialty Stores.

In FY2014 the Retail distribution channel posted Consolidated Revenues up by about 5%(+6%in 4Q 2014) compared to the same period in 2013. The increase at constant exchange rates and perimeter(like-for-like) wasca. 2%and 4%, respectively inFY2014 and in 4Q.

The Wholesale channel delivered in FY2014 a growth of 10%(+12%in4Q2014), mainly thanksto the strong performance of the Travel Retail channel.

Revenuesbyproduct category 4

Among the product categories, it is especially worth highlighting the increase of handbags and leather accessories (+13%) and of footwear (+5%), which together represent 78% of the Group total turnover. The performance of fragrances, thanks to the expected acceleration in 4Q 2014 (+23%), reached an increase of over 5%in FY2014.

GrossProfit

In FY2014 the GrossProfit reached 848 million Euros, recording a 6%growth. Its incidence on revenues was 63.7%, from 63.5% registered in FY2013, and 65.3% in 4Q 2014 vs. 64.3% in 4Q 2013.

OperatingCosts

In FY2014 Operating Costs grew by 4%. Their incidence on revenues decreased from 46.1%to 45.3%in FY2014, and from 47.7%to 44.9%in 4Q2014.

⁴ The variationsin Revenuesare calculated at constant exchange rates, unlessdifferently indicated.

GrossOperatingProfit (EBITDA 5 )

Gross Operating Profit (EBITDA) increased by 13% in FY 2014, from 260 million Euros to 293 million Euros with an incidence on revenuesincreasing from 20.7% to 22.0%. In 4Q2014 the EBITDA was90 million Eurosfrom 68 million Euros, up by 32%vs. 4Q2013, with an incidence on revenuesof 23.9%vs.19.9%in 4Q2013.

OperatingProfit (EBIT)

OperatingProfit (EBIT) grew from 219 million Euros to 245 million Euros, registering an increase of 12%and an incidence on revenuesrisingto18.4%, from 17.4%in FY2013.

Profit before taxes

The Profit before taxes, over the period, moved to 238 million Eurosfrom 221 million Euros in FY 2013, that included ca. 13 million Euros capital gain deriving from the disposal of the participation in ZeFer; excludingthe capital gainthe Profit before taxesincreasedby 14%.

Net Profit for the Period

The Net Profit for the period, including a Minority Interest of 7 million Euros, reached 164 million Euros, marking a 2%increase vs. FY2013, but up by 11%excludingthe capital gain, deriving from the disposal of the participation in ZeFer, from the result of FY2013.

The Group Net Profit reached 157 million Euros, as compared to 150 million Euros in FY2013, up by 4%, but increasing 13% excluding the capital gain deriving from the disposal of the participation in ZeFer.

⁵ EBITDAismeasured by our management to evaluate operating performance. We define EBITDAasoperating income plus (i) depreciation of property, plant and equipment, investment property, (ii) amortization of other intangible assets with definite useful life and (iii) write-downs of property, plant and equipment, investment property and other intangible assetswith definite useful life and goodwill. We believe that EBITDAisan important indicator for measuring the Group sperformance as it is not influenced by various methodsof calculating taxes, amortization or depreciation. As EBITDA is not an indicator defined by the accounting principles used by our Group, our method of calculating EBITDA may not be strictly comparable to that used by other companies.

Notesto the Balance Sheet for FY2014

Net WorkingCapital⁶

Net WorkingCapital went from 209 million Eurosat 31 December 2013 to 302 million Eurosat 31 December 2014, registering a variation of +44%, also negatively impacted by the currencies trend (+29%at constant exchange rates 7 ).

Investments(CAPEX)

In FY2014 Investments (CAPEX) amounted to 83 million Euros (in line with the 82 million Euros registered in FY2013), and to 32 million Eurosin 4Q 2014, mainly attributable to the new stores, the enlargement and refurbishment of existing key locations, in addition to continuing logistics enhancementsand digital projects(Marlin Project and E-commerce).

Net Financial Position

The Net Financial Debt at 31 December 2014 went to 49 million Euros, compared to 33 million Euros at 31 December 2013. For FY 2014 the Group registered a significant operating cash generation of 144 million Euros(41 million Eurosin 4Q2014, +23%vs. 4Q2013).

⁶ Net working capital is calculated (in accordance with CESR Recommendation 05-054/b of February 10, 2005) as inventories and trade receivables net of trade payables (excluding other current assets and liabilities and other financial assets and liabilities). As net working capital is not an indicator defined by the accounting principles used by our Group, our method of calculating net working capital may not be strictly comparable to that used by other companies.

⁷ The net working capital at constant exchange rates is calculated by applying to the net working capital as of 31 December 2013, the exchange rate asof 31 December 2014.

The business trend, recorded in the first months of the current year, justifies expectations for growth also throughout 2015, in the absence of significantly adverse geopolitical conditions.

****

On the same meeting the Board of Directors also examined and approved the non-audited draft Company Statutory Financial for the Year ended 31 December 2014 of the Salvatore Ferragamo S.p.A., that recorded Total Revenues of 755 million Euros (up by 5% vs. FY 2013), an Operating Profit of 155 million Euros(up by 9%) and a Net Profit of 107 million Euros(up by 2%).

The Board of Directors resolved to propose to the Annual Shareholders' Meeting for approval the distribution of a dividend of 0.42 Euros per ordinary share, which represents a 5%increase on the 0.40 Euros of FY 2013. The cash dividend will be payable on May 20, 2015 (with coupon detachment date May 18, 2015 and record date May 19, 2015).

The Board of Directors also verified the existance of the requirements to qualifyas independent director pursuant to Article 148,-paragraph 3 of the TUF, Article 20 of the Company'sBy-laws and Article 3 of the Corporate Governance Code of Borsa Italiana asregardsto itsdirectorsMarzio Saà, Umberto Tombari and LidiaFiori.

Approval of Corporate Governance Report and Remuneration Report

The Board of Directors of Salvatore Ferragamo S.p.A. approved the report on corporate governance and ownership structures for 2014, in compliance with article 123-bis of Legislative Decree 58/1998 (Law 58/1998).

The Board of Directors further approved the report on remuneration of members of the Company's directors and managers with strategic responsibilities for 2015, in compliance with article 123-ter of Law 58/1998 and with article 84-quater and Annex 3A, Scheme 7-bis of CONSOB Regulation 11971/1999.

The above mentioned reports will be available at the Company registered office in Florence, Via Dei Tornabuoni n. 2 and published on the Company's website http://group.ferragamo.com, in the section Governance/Shareholders' Meetings , in compliance with the applicable law.

Notice of call of Annual ShareholdersMeeting

The Board of Directors has further decided to call the Annual Shareholders' Meeting of Salvatore Ferragamo S.p.A. on April 24, 2015, in order to discussand deliberate on the following agenda:

1) Financial statement of Salvatore Ferragamo S.p.A. for the year ending on 31 December 2014. Report by Board of Directors on FY2014, Report by Board of Statutory Auditors and external Auditors. Related and consequent decisions.
2) Allocation of 2014 results.
3) Determination of the number of directors.
4) Determination of the term of office of directors.
5) Appointment of directors.
6) Determination of directorsremuneration.
7) Appointment of Honorary President.
8) Consultation on the Remuneration Policy for directors and managers with strategic responsibilities.

The directors under point 5 of the Agenda will be appointed on the basis of lists presented the shareholders according to article 147-ter of Law 58/1998 and article 20 of the company By-Laws. The lists complete with all information requested will be available at the Company registered office, at the company that manage the Italian stock exchange and will also be published on the Company's website http://group.ferragamo.com, in the section Governance/Shareholders' Meetings , in compliance with the applicable law.

****

The Notice of Call, complete with all information to shareholders required by article 125-bisof Law 58/1998, as well as all the documentation which will be submitted to the meeting, in compliance with articles 125-ter and 125-quater of Law 58/1998, will be available at the Company registered office in Florence, Via Dei Tornabuoni n. 2, 50123 Florence and published on the Company's website http://group.ferragamo.com, in the section Governance/Shareholders' Meetings .

The manager mandated to draft the corporate accounting documents, Ernesto Greco, pursuant to article 154-bis, paragraph 2, of Legislative Decree no. 58/1998 (Consolidated Financial Law), hereby declares that the information contained in this Press Release faithfully represents the content of documents, financial booksand accounting records.

****

Furthermore, in addition to the conventional financial indicators required by IFRS, this Press Release includes some alternative performance indicators (such asEBITDA, for example) in order to allow for a better assessment of the performance of the economic and financial management. These indicatorshave been calculated according to the usual market practices.

This document may contain forecasts, relating to future events and operating results, which by their very nature are uncertain, in that they depend on future events and developments that cannot be predicted with certainty. Actual resultsmay therefore differ with those forecast, due to a variety of factors.

****

The Consolidated Financial Statements for the Year ended 31 December 2014 will be available to anyone requesting it at the headquarters of the Company and can also be consulted in the Governance/Shareholders' Meetings section of the Salvatore Ferragamo Group's website http://group.ferragamo.com in compliance with the law.

The Results of FY2014 will be illustrated today, 12 March 2015, at 6.00 pm (CET) in a conference call with the financial community. The presentation is be available on the Company's website http://group.ferragamo.com in the section Investor Relations/Presentations .

Salvatore FerragamoS.p.A.

Salvatore Ferragamo S.p.A. is the parent company of the Salvatore Ferragamo Group, one of the world's leaders in the luxury goods sector and whose origins date back to 1927. The Group is active in the creation, production and sale of shoes, leather goods, clothing, silk products and other accessories, aswell aswomen'sand men'sperfumes.

The Group'sproduct range also includeseyewear and watches, manufactured by licensees.

Attention to uniqueness and exclusivity, with a perfect blend of style, creativity and innovation enriched by the quality and craftsmanship of the 'Made in Italy' tradition, have always been the hallmarksof the Group'sproducts.

With about 4,000 employeesand a network of over 640 single-brand stores as of 31 December 2014, the Ferragamo Group operates in Italy and worldwide through companies that allow it to be a leader on European, American and Asian markets.

****

For further information:

Salvatore FerragamoS.p.A.

Tel. (+39) 055 3562230 [email protected]

Image Building

PaolaPecciarini Group Investor Relations GiulianaPaoletti, Mara Baldessari, Alfredo Mele Media Relations

****

Tel. (+39) 02 89011300 [email protected]

ThisPressRelease isalso available on the Company'swebsite http://group.ferragamo.com, in the section Investor Relations/Financial PressReleases .

****

On the following pages: a more detailed analysis of revenues, the consolidated income statement, a summary of consolidated statement of financial position, the consolidated cash flow statement and the net financial position of the Salvatore Ferragamo Group as of 31 December 2014.

Revenue bygeographicarea asof 31 December 2014

(In thousands of Euro)						at constant exchange
	2014	% of Revenues	2013	% of Revenues	% Change	rate % Change
Europe	354,816	26.6%	326,365	25.9%	8.7%	8.6%
North America	304,828	22.9%	290,347	23.1%	5.0%	5.2%
Japan	111,495	8.4%	116,103	9.2%	(4.0%)	3.8%
Asia Pacific	496,013	37.2%	466,504	37.1%	6.3%	5.4%
Central and South America	64,670	4.9%	58,715	4.7%	10.1%	13.5%
Total	1,331,822	100.0%	1,258,034	100.0%	5.9%	6.5%

Revenue bydistribution channel asof 31 December 2014

(In thousands of Euro)						at constant
						exchange rate
	2014	% of Revenues	2013	% of Revenues	% Change	% Change
Retail	833,101	62.6%	802,821	63.8%	3.8%	4.7%
Wholesale	478,425	35.9%	433,861	34.5%	10.3%	10.2%
Licenses and services	9,375	0.7%	10,694	0.9%	(12.3%)	(12.3%)
Rental income investment properties	10,921	0.8%	10,658	0.8%	2.5%	2.5%
Total	1,331,822	100.0%	1,258,034	100.0%	5.9%	6.5%

Revenue byproduct category asof 31 December 2014

(In thousands of Euro)						at constant
						exchange rate
	2014	% of Revenues	2013	% of Revenues	% Change	% Change
Footwear	568,412	42.7%	544,076	43.3%	4.5%	4.9%
Leather goods	471,650	35.4%	418,710	33.3%	12.6%	13.2%
Apparel	97,231	7.3%	103,209	8.2%	(5.8%)	(4.1%)
Accessories	90,063	6.8%	90,848	7.2%	(0.9%)	0.1%
Fragrances	84,170	6.3%	79,839	6.3%	5.4%	5.4%
Licenses and services	9,375	0.7%	10,694	0.9%	(12.3%)	(12.3%)
Rental income investment properties	10,921	0.8%	10,658	0.8%	2.5%	2.5%
Total	1,331,822	100.0%	1,258,034	100.0%	5.9%	6.5%

Consolidated resultsfor Salvatore FerragamoGroup

Consolidated income statement asof 31 December 2014

(In thousands of Euro)
	2014	% of	2013	% of	%
		Revenues		Revenues	change
Revenue from sales and services	1,320,901	99.2%	1,247,376	99.2%	5.9%
Rental income investment properties	10,921	0.8%	10,658	0.8%	2.5%
Revenues	1,331,822	100.0%	1,258,034	100.0%	5.9%
Cost of goods sold	(483,389)	(36.3%)	(458,955)	(36.5%)	5.3%
Gross profit	848,433	63.7%	799,079	63.5%	6.2%
Style, product development and logistics costs	(43,491)	(3.3%)	(44,383)	(3.5%)	(2.0%)
Sales & distribution costs	(388,308)	(29.2%)	(361,985)	(28.8%)	7.3%
Marketing & communication costs	(68,047)	(5.1%)	(77,880)	(6.2%)	(12.6%)
General and administrative costs	(97,631)	(7.3%)	(94,292)	(7.5%)	3.5%
Other operating costs	(16,421)	(1.2%)	(13,631)	(1.1%)	20.5%
Other income	10,881	0.8%	12,150	1.0%	(10.4%)
Operating profit	245,416	18.4%	219,058	17.4%	12.0%
Financial charges	(29,817)	(2.2%)	(31,475)	(2.5%)	(5.3%)
Financial income	22,381	1.7%	33,108	2.6%	(32.4%)
Profit before taxes	237,980	17.9%	220,691	17.5%	7.8%
Income taxes	(74,465)	(5.6%)	(60,724)	(4.8%)	22.6%
Net profit/(loss) for the period	163,515	12.3%	159,967	12.7%	2.2%
Net profit/(loss) - Group	156,565	11.8%	150,451	12.0%	4.1%
Net profit/(loss) - minority interests	6,950	0.5%	9,516	0.8%	(27.0%)
EBITDA(*)	292,934	22.0%	259,977	20.7%	12.7%

(*) EBITDA is operating profit before amortization and depreciation and write-downs of tangible/intangible assets. EBITDA so defined is a parameter used by the management to monitor and assess the operating performance and is not identified as an accounting measurement under IFRS and, therefore, must not be considered as an alternative measurement to assess Group performance. Since the composition of EBITDA is not regulated by reference accounting standards, the determination criterion applied by the Group may differ from that adopted by others and therefore may not be comparable.

Summaryof consolidated statement of financial position asof 31 December 2014

(In thousands of Euro)	31 December	31 December	%
	2014	2013	change
Property, plant and equipment	212,077	168,398	25.9%
Investment property	7,015	6,455	8.7%
Intangible assets with definite useful life	29,220	26,090	12.0%
Inventories	338,555	290,705	16.5%
Trade receivables	150,895	121,408	24.3%
Trade payables	(187,555)	(202,752)	(7.5%)
Other non current assets/(liabilities), net	45,032	35,093	28.3%
Other current assets/(liabilities), net	(37,692)	(13,029)	189.3%
Net invested capital	557,547	432,368	29.0%
Group shareholders equity	466,190	365,465	27.6%
Minority interests	42,004	34,305	22.4%
Shareholders equity (A)	508,194	399,770	27.1%
Net financial debt (B) (1)	49,353	32,598	51.4%
Total sources of financing (A+B)	557,547	432,368	29.0%

(1) Pursuant to the provisions of CONSOB Communication no. DEM/6064293 of 28 July 2006, it should be noted that net financialdebt is calculated as the sum of cash and cash equivalents, current financial receivables including the positive fair value of financial instruments and current financial assets, current and non current financial liabilities and the negative fair value of financial instrumentsand has been determined in accordance with the provisions of CESR ^s Recommendation on alternative performance measures 05- 178/b of 3 November 2005 Recommendations of Cesr on alternative performance measures .

Consolidated net financial position asof 31 December 2014

(In thousands of Euro)	31 December	31 December	change
	2014	2013	2014 vs 2013
A. Cash	1,073	848	225
B. Other cash equivalents	95,390	69,460	25,930
C. Cash and cash equivalents (A)+(B)	96,463	70,308	26,155
Derivatives non-hedge component	976	1,928	(952)
Other financial assets	-	-	-
D. Current financial receivables	976	1,928	(952)
E. Current bank payables	121,083	100,052	21,031
F. Derivatives non-hedge component	260	867	(607)
G. Other current financial payables	4,118	3,915	203
H. Current financial debt (E)+(F)+(G)	125,461	104,834	20,627
I. Current financial debt, net (H)-(C)-(D)	28,022	32,598	(4,576)
J. Non current bank payables	21,331	-	21,331
K. Derivatives non-hedge component	-	-	-
M. Other non current financial payables	-	-	-
N. Non-current financial debt (J)+(K)+(M)	21,331	-	21,331
O. Net financial debt (I)+(N)	49,353	32,598	16,755

Consolidated statement of cash flowsasof 31 December 2014

(In thousands of Euro)	2014	2013
Net profit / (loss) for the period	163,515	159,967
Depreciation, amortization and write down of property, plant and
equipment, intangible assets and investment properties	47,518	40,919
Net change in deferred taxes	(5,306)	(13,990)
Net change in provision for employee benefit plans	186	(611)
Loss/(gain) on disposal of tangible and intangible assets	728	636
Other non cash items	3,796	(10,166)
Net change in net working capital	(59,991)	(14,844)
Net change in other assets and liabilities	(6,671)	(11,926)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	143,775	149,985
Purchase of tangible assets	(73,126)	(69,707)
Purchase of intangible assets	(9,745)	(12,554)
Net change in non current assets and liabilities	(1,777)	(2,057)
Proceeds from the sale of tangible and intangible assets	301	160
Proceeds from the sale of Investments in associated and jointly
controlled companies	-	13,855
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(84,347)	(70,303)
Net change in financial receivables	1,010	(96)
Net change in financial payables	35,802	(62,569)
Payment of dividends	(69,787)	(62,217)
Purchase of minority interests in companies consolidated on a
line-by line basis	-	(779)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(32,975)	(125,661)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	26,453	(45,979)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	70,292	110,808
Net increase / (decrease) in cash and cash equivalents	26,453	(45,979)
Net effect of translation of foreign currencies	(290)	5,463
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	96,455	70,292

On the following pages: the income statement, a summary of statement of financial position, the cash flow statement and the net financial position of the Salvatore Ferragamo S.p.Aasof 31 December 2014.