Schiphol, the Netherlands - 29 April 2016. GrandVision N.V. publishes the First Quarter 2016 trading update.
Highlights
First Quarter revenue grew by 2.5% or 4.9% at constant exchange rates to €803 million
Comparable growth was 0.9% (5.5% in 1Q15)
G4 revenue grew by 1.2% at constant exchange rates with comparable growth of 0.3% (6.7% in 1Q15)
Other Europe revenue grew by 1.0% at constant exchange rates, while comparable sales declined by 0.5% (1.8% in 1Q15)
Americas and Asia revenue grew by 35.5% at constant exchange rates with comparable growth of 8.5% (8.8% in 1Q15)
Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 0.3% to €123 million
The adjusted EBITDA margin decreased by 32 bps to 15.3% including the diluting impact of acquisitions; excluding acquisitions the adjusted EBITDA margin improved by 12 bps to 15.7%
Total number of stores was 6,121 (6,110 at year-end 2015).

First Quarter 2016 key figures
in millions of EUR (unless stated otherwise) 1Q16 1Q15
Change versusprior yearChange atconstant FXOrganicgrowth Growth from
acquisitions
Revenue 803 784 2.5% 4.9% 1.7% 3.2%
Comparable growth (%) 0.9% 5.5%
Adjusted EBITDA 123 122 0.3% 0.8% 0.2% 0.6%
Adjusted EBITDA margin (%) 15.3% 15.6% -32bps
System wide sales 886 869 1.9%
Number of stores (#) 6,121 5,825
Revenue
Revenue increased by 2.5% to €803 million (€784 million in 1Q15) or 4.9% at constant exchange rates.
Comparable growth of 0.9% in 1Q16 was impacted by a high prior year comparable of 5.5% as well as
fewer selling days and an earlier Easter. The Americas and Asia segment delivered 8.5% comparable
growth with a particularly strong performance in Chile, Mexico and Turkey

Adjusted EBITDA
Adjusted EBITDA, which is EBITDA excluding exceptional and non-recurring items, increased by 0.3% to€123 million (€122 million in 1Q15) or 0.8% at constant exchange rates. Adjusted EBITDA growth duringthe quarter was impacted by the timing of expenses in the G4 segment and lower comparable growth.
The adjusted EBITDA margin declined by 32 bps to 15.3% (15.6% in 1Q15) due to the diluting impact ofacquisitions as well as the growth mix of the segments. Excluding acquisitions, the adjusted EBITDAmargin would have improved by 12 bps to 15.7%.
No non-recurring items were recorded in 1Q16. A reconciliation from adjusted EBITDA to operating result is presented in the table below:

in millions of EUR 1Q16 1Q15
Adjusted EBITDA 123 122
Non-recurring items - - 3
EBITDA 123 119
Depreciation and amortization of software - 31 - 29
EBITA 92 90
Amortization and impairments - 7 - 6
Operating result 84 83

Financial Position
Capital expenditures were €25 million in 1Q16 (€27 million in 1Q15). The decrease of €2 million is related to the timing of capital expenditures.
Net debt decreased to €937 million from €941 million at year-end 2015. The 12-month rolling net debt/ EBITDA ratio remained stable at 1.8x.

Segment Review
Since 1 January 2016, GrandVision reports the French Solaris business in the G4 segment (instead of Other Europe) and Spain in the Other Europe segment (instead of the G4), reflecting the transfer of management responsibility for the two businesses. For the Full Year 2015, the impact on revenue is -€8 million for the G4 (€8 million for Other Europe) and €1 million on adj. EBITDA for the G4 (-€1 million for the Other Europe). The comparable figures for 2015 have been restated. For the G4 segment, the restated comparable growth in 2015 was 4.2% (previously 4.1%). Comparable growth for the Other Europe segment
remains unchanged at 3.2%.

G4
in millions of EUR (unless stated otherwise) 1Q16 1Q15*
Change versus prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 494 491 0.7% 1.2% 0.7% 0.6%
Comparable growth (%) 0.3% 6.7%
Adjusted EBITDA 100 101 -0.3% 0.1% -0.8% 0.8%
Adjusted EBITDA margin (%) 20.3% 20.5% -20bps
*1Q15 restated following transfer of management responsibility of the Solaris France and Spanish businesses.

Revenue in the G4 segment increased by 0.7% to €494 million in 1Q16 (€491 million in 1Q15) and by 1.2% at constant exchange rates. Organic revenue growth and comparable growth were 0.7% and 0.3%, respectively.
The comparable growth during the quarter was negatively impacted by a low single digit decline in Germany and Austria following very strong prior year comparables. The different timing of commercial initiatives leads to volatility in comparable growth on a quarter-by-quarter basis. During the quarter, Belgium, France and the UK delivered low single digit comparable growth.
Adjusted EBITDA in the G4 segment decreased by 0.3% to €100 million (€101 million in 1Q15) but increased 0.1% at constant exchange rates due to the timing of expenses and reflecting the low comparable growth. The adjusted EBITDA margin decreased by 20 bps to 20.3% (20.5% in 1Q15).
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GrandVision's Annual General Meeting (AGM) adopts all resolutions
Schiphol (Haarlemmermeer), the Netherlands - 29 April 2016

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 2015 as drawn up by the Management Board and signed by the Managing Directors and the Supervisory Directors on 15 March 2016
Adoption of the 2015 Dividend distribution proposal
Discharge of Managing Directors for their management during the financial year 2015
Discharge of Supervisory Directors for their supervision of management during the financial year 2015
Re-appointment of Mr. W. Eelman as Supervisory Director
Appointment of PricewaterhouseCoopers Accountants N.V. as external auditor for financial year 2017
Authorization of Supervisory Board to issue shares or grant rights to acquire shares
Authorization of Supervisory Board to restrict or exclude pre-emptive rights
Authorization of Management Board to re-purchase shares.

The details of the resolutions, the accompanying explanatory notes and other information and documents are available through GrandVision's website www.grandvision.com