Page 20 - PARMALAT 2017 ANNUAL REPORT

Like for Like Net Revenue and EBITDA

The diagram below presents the main variables that determined the evolution of net revenue and EBITDA in 2017,
compared with the previous year.

Cumulative Net Revenue December 2017 vs 2016 (€ mln)

+3.2%
+0.1%
170.6 208.3
143.0 85.1
6,489.4 -190.8 -74.7 -38.5 -96.9 6,695.5
6,223.9 6,231.5

Net revenue 2016 Venezuela 2016 (incl. hyperinflation) New activity (Australia YD) Net revenue 2016 excluding Ven./const. scope of cons. Price Discounts Volume/Mix & Other Net revenue 2017 constant scope of consol. & exchange rate excluding Venezuela Currency translation Venezuela 2017 (incl. hyperinflation) New activities (Australia YD/Chile/ Karoun/Silac) Net revenue 2017

Bridge with Reclassified Consolidated Income Statement:
Net Revenue 2016 6,489.4
∆ Perimeter 133.6 Difference between result of new activities 2017 (208.3 mln euros) and 2016 (74.7 mln euros)
∆ Venezuela (20.2) Difference between result of Venezuela 2017 incl. hyperinflatin (170.6 mln euros) and result 2016 (190.8 mln euros)
∆ Business 7.7
Curr. translation 17 85.1
Net Revenue 2017 6,695.5

Cumulative EBITDA December 2017 vs 2016 (€ mln)
-1.1%
-4.5%
104.5
7.9 2.6
29.7 2.0 8.5
-4.9
-116.0
-39.3
458.5 461.6 440.5 453.6

EBITDA 2016 Production costs Volume/Mix Currency translation EBITDA 2017
Venezuela 2016 (incl. hyperinflation) New activity (Australia YD/Sadefox) EBITDA 2016 excluding Ven./const. scope of consol. Price/Discounts Mkt investments and fixed general costs EBITDA 2017 constant scope of consol. & exchange rate excluding Venezuela Venezuela 2017 (incl. hyperinflation/ royalty curr. translation) New activities (Australia YD/Sadefox/ Chile/Karoun/Silac)

Bridge with Reclassified Consolidated Income Statement:
EBITDA 2016 458.5
∆ Perimeter 3.6 Difference between result of new activities 2017 (8.5 mln euros) and 2016 (4.9 mln euros)
∆ Venezuela 10.5 Difference between result of Venezuela 2017 incl. hyperinflation (2.6 mln euros) and result 2016 (-7.9 mln euros)
∆ Business (21.0)
Curr. translation 17 2.0
EBITDA 2017 453.6

18 Report on Operations – Revenue and Profitability