DeLclima S.p.A.: Approval of Consolidated Results at September 30, 2014

September 30, 2013 ;

In the first nine months of 2014 totalled Euro 296.8 million , compared to same period of 2013. Both the ICC&R and Radiators businesses contributed to growth. The increase on the first nine months of 2013 reported revenues was 28.9%: Euro 14.7 million of this improvement stems from the business performance. ICC&R business revenues grew across all regions, strongly in Asia and significantly in the Rest of the World.  The gross profit rose, while the revenue margin remained stable.

amounted to Euro 32.2 million compared to Euro 28.4 million in the same period of 2013,

with the revenue margin increasing to 10.8% from 10.1%. The EBITDA growth relates both to the

ICC&R business, and the Radiators business, which reported substantial breakeven.

The Radiators business result was achieved on the basis of a turnaround strategy which

involved the restructuring of the client portfolio and the acquisition of a major OEM commercial

contract. In both sectors, the component and raw material procurement activities contributed

significantly.

The was Euro 12.0 million , on the same period of 2013,

whether including or excluding write-downs made in 2013 principally on Radiators business

goodwill. We recall that in the first nine months of 2013 one-off tax benefits of approximately

Euro 0.9 million were reported.

The (net debt) at September 30, 2014 improved approximately Euro 11.3

million compared to September 30, 2013 , thanks to the liquidity generated by operations, and

approximately Euro 4.3 million compared to December 31, 2013 .

The net financial position (net debt) at September 30, 2014 also includes the effects from the acquisition of Powermaster Products and Powermaster Service.

In the same day the Board of Directions approved a Dividend Policy stating that DeLclima aims at granting a stable and significant dividend payment stream for its shareholders, while providing increased long term value for their investment .

In the absence of exceptional events, the Board of Directors will propose to the yearly

Shareholders' Meeting the distribution as a dividend of Annual

Profits, which is compatible with ensuring growth potential also through external lines, maintaining an appropriate and safe debt ratio.

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