Highlights
First Quarter revenue grew by 16.9% or 15.6% at constant exchange rates to €784 million
Comparable growth reached 5.5%
Revenue growth was delivered in all segments:
G4 revenue grew by 9.7% at constant exchange rates with comparable growth of 6.8%
Other Europe revenue grew by 19.9% at constant exchange rates with comparable growth of 1.4%
Latin America and Asia revenue grew by 48.5% at constant exchange rates with comparable growth of 8.8%
Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 16.3% to €122 million
Adjusted EBITDA margin was broadly stable at 15.6% including the diluting impact of acquisitions.
Excluding acquisitions, the adjusted EBITDA margin improved by 92bps
Total number of stores was 5,825 (5,814 at year-end 2014)

First Quarter 2015 key figures
in millions of EUR (unless stated otherwise) 1Q15 1Q14
Change versus prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 784 671 16.9% 15.6% 7.1% 8.5%
Comparable growth (%) 5.5% 5.2%
Adjusted EBITDA 122 105 16.3% 15.3% 13.8% 1.5%
Adjusted EBITDA margin (%) 15.6% 15.7% -8bps
System wide sales 869 749 16.0%

Revenue
Revenue increased by 16.9% to €784 million (€671 million in 1Q14). At constant exchange rates revenue grew by 15.6% as foreign currency fluctuations had a positive impact of 1.3%. Organic revenue growth of 7.1% came primarily from comparable growth of 5.5% (5.2% in 1Q14). The number of trading days during the first quarter was comparable to the previous year. Acquisitions had an impact on revenue of 8.5%.

Adjusted EBITDA
Adjusted EBITDA, which is EBITDA excluding exceptional and non-recurring items, increased by 16.3% to €122 million (€105 million in 1Q14) or 15.3% at constant exchange rates. This improvement resulted primarily from organic adjusted EBITDA growth of 13.8%, which benefited from higher comparable growth in combination with improved operational efficiencies. Acquisitions had a positive effect of 1.5% on adjusted EBITDA.
The adjusted EBITDA margin was broadly stable at 15.6% (15.7% in 1Q14) and includes the diluting effect of acquisitions as well as the increasing share of the still lower margin business in Latin America and Asia.
Excluding acquisitions, the adjusted EBITDA margin would have improved by 92 bps to 16.6%.
The non-recurring expenses of €3 million in the 1Q15 are mainly related to the initial public offering in February, including its impact on the long-term incentive plan calculations. A reconciliation from adjusted
EBITDA to operating result is presented in the table below:
in millions of EUR 1Q15
Adjusted EBITDA 122
Non-recurring items - 3
EBITDA 119
Depreciation and amortization of software - 29
EBITA 90
Amortization and impairments - 6
Operating result 83

Financial Position
Capital expenditures were €27 million in 1Q15 (€24 million in 1Q14). The increase in capital expenditures of 11.9% is mainly due to the ongoing implementation of the global ERP system and the larger store network.
Net debt decreased to €915 million from €922 million at year-end 2014, including the acquisition of €50 million of treasury shares at the initial public offering. The 12-month rolling net debt/EBITDA ratio fell
below 2.0x.

Segment Review
G4
in millions of EUR (unless stated otherwise) 1Q15 1Q14
Change versus prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 495 441 12.2% 9.7% 7.9% 1.8%
Comparable growth (%) 6.8% 4.3%
Adjusted EBITDA 101 87 16.6% 14.7% 13.7% 1.0%
Adjusted EBITDA margin (%) 20.4% 19.7% 78bps
Revenue in the G4 segment rose by 12.2% to €495 million in 1Q15 (€441 million in 1Q14) and by 9.7% at constant exchange rates. Organic revenue growth and comparable growth were 7.9% and 6.8%, respectively. The comparable growth during the quarter was driven by especially successful commercial campaigns in Germany and Austria. The UK online platform and Spain also performed very strongly.
Adjusted EBITDA in the G4 segment increased by 16.6 % to €101 million (€87 million in 1Q14) and 14.7% at constant exchange rates. Organic adjusted EBITDA grew by 13.7% benefiting from improved operating
leverage and the continued roll-out of the global capabilities. The adjusted EBITDA margin increased by 78
bps to 20.4% (19.7% in 1Q14).
Other Europe
in millions of EUR (unless stated otherwise) 1Q15 1Q14
Change versus prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 204 172 18.4% 19.9% 3.6% 16.3%
Comparable growth (%) 1.4% 5.8%
Adjusted EBITDA 26 25 2.8% 4.5% -2.8% 7.3%
Adjusted EBITDA margin (%) 12.5% 14.4% -190bps
Revenue increased by 18.4% to €204 million (€172 million in 1Q14) and by 19.9% at constant exchange rates. Acquisitions had a positive revenue impact of 16.3% mainly due to the acquisition of Angelo Randazzo in Italy in December 2014. Organic growth of 3.6% included comparable growth of 1.4%. The
timing of marketing campaigns had a lesser impact on comparable growth than in the previous year.
The integration of the Randazzo business in Italy is proceeding as planned.
1Q15 adjusted EBITDA increased by 2.8% to €26 million (€25 million in 1Q14) and 4.5% at constant exchange rates. The decline in organic adjusted EBITDA was mainly due to the phasing of certain operational expenses.

Latin America & Asia
in millions of EUR (unless stated otherwise) 1Q15 1Q14
Change versus prior year Change at constant FX Organic growth Growth from
acquisitions
Revenue 85 57 48.6% 48.5% 11.8% 36.7%
Comparable growth (%) 8.8% 10.1%
Adjusted EBITDA 2 1 59.2% 71.0% 160.6% -89.6%
Adjusted EBITDA margin (%) 2.3% 2.1% 15bps
First Quarter revenue in the Latin America and Asia segment increased by 48.6% to €85 million (€57 million in 1Q14) or 48.5% at constant exchange rates. The acquisitions in China, Colombia, Peru and Turkey added 36.7% to revenue growth. The segment saw strong comparable growth of 8.8% (10.1% in
1Q14) with contributions from all markets.
Sales in Russia continued to grow by high single digits with adjusted EBITDA improving by double digits, despite the negative economic environment. In Turkey, the business is proceeding ahead of expectations
and delivered a good contribution to the first quarter results.
1Q15 adjusted EBITDA in the Latin America and Asia segment increased to €2 million (€1 million in 1Q14), and by 71.0% at constant exchange rates. The organic adjusted EBITDA growth offset a negative impact
from acquisitions. In total, adjusted EBITDA margin expanded by 15 bps to 2.3%.

Financial Calendar 2015
08 May 2015
20 August 2015
10 November 2015
General Shareholders Meeting
Half Year 2015 results press release
Third Quarter 2015 trading update

GrandVision's Annual General Meeting (AGM) adopts all resolutions
Schiphol (Haarlemmermeer), the Netherlands - 8 May 2015
GrandVision N.V. (Euronext: GVNV) announced today that its Annual General Meeting (AGM) has approved all resolutions on the agenda of the AGM. The adopted resolutions are listed below:

Adoption of the annual accounts for the financial year 2014 as drawn up by the Management Board and signed by the Managing Directors and the Supervisory Directors on 17 March 2015
Re- appointment of Mr. M.F. (Mel) Groot as Supervisory Director
Discharge of Managing Directors for their management during the financial year 2014
Discharge of Supervisory Directors for their supervision of management during the financial year 2014.