2013CONSOLIDATED

FINANCIAL STATEMENTS

Dear Shareholders,

during 2013 the Group showed a substantial stability in spite of the consequences of a diffuse and persisting crisis. Despite some positive data (the 6.8% increase in the lifting carriage sector was very comforting), the ongoing crisis brought the Group policy toward rationalisation, productive optimisation and an accurate investment selectivity.

Consolidation and leadership strengthening are today the basis for strong performances and the recovery of cash flow, which will allow to increase the Group value.

A complex framework, partially obscured by the indicators of the second semester, yet it does not influence the middle term vision, on which the Holding has already brought about different projects to redefine and re-focus on strategic assets, in the view of a further optimisation based on cost rationalisation, organisational simplification and a complete productive flexibility.

Our business model has not changed its characteristics of efficacy and distinctiveness, allowing us to face the market oscillation without losing confidence in its full competitiveness.

It is the case of North America, one of the few growing scenarios of 2013, where Calvi Holding S.r.l. is optimising its presence thanks to its acquisitions of companies such as Rathbone Precision Metals, Inc. and Lift Technologies. We brought about new promotion and trade representation policies which we deem will turn out to be very useful to the Group.

The marketing intelligence activity has continued during 2013, along with investments aiming at an in-depth knowledge and analysis of local and international scenarios; at the same time focused measures were taken in the risk management sector, aimed at protecting the stakeholders and safeguarding the company’s capital.

Specific measures were also taken in the sectors of sustainability, life quality and well being of workers, which have always been key goals of Calvi’s policy.

This year also marked some very important milestones, such as the 100th year anniversary of the company Fiav L. Mazzacchera S.p.A., a brand that is part of the Italian manufacturing history and today, after 100 years, still reaffirms the value of its tradition and the intangible endowment of knowledge and abilities.

Only strength and cohesion among each entity made it possible to overcome without any major consequences the tragic accident that affected the company’s production site, which was partially destroyed from a fire.

Calvi Holding S.r.l. restated firmly, even in 2013, its willingness to value multiculturalism and multiterritoriality, along with culture and the diffusion of a true Europeanist spirit.

The special concert which took place in Bergamo in autumn with the cooperation of the orchestra leader Massimiliano Caldi and the instrumentalists of the Beethoven Academy Orchestra from Krakow, to celebrate the bicentenary of Richard Wagner and Giuseppe Verdi’s births, reminded us how important it is to have a harmonious team, even in the artistic field.

Only by sharing common objectives and goals, is it possible to look at wider horizons, imagine ambitious results and act concretely to reach them.

Chairman of Calvi Holding S.r.l.

Riccardo Chini

CHAIRMAN’S LETTER

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MECH

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ICS

FALC

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.r.l.

CALVI

S.p.A

.

CEFIVAL

S.A.

SIDERVAL S.p.A.

HOESCHSCHWERTERPROFILE GmbH

LIFT-TEK

ELECAR

S.p.A

LIFT

TE

CH

NO

LOG

IES

Inc.

FIA

VL.

MA

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CH

ERA

S.p

.A.

RATHBO

NE

PRECISIO

NM

ETALS

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c.

SIPA S.p.A.

EXPRESS6000S.r.l.

GLADIO & COKG GmbHGLADIO & CO

VERWALTUNGSGmbH

100

%

70%

33%89%

100%

100%

100

%

100%

100%

94%

27%

40%

100%100%

100%

Riccardo Chini Chairman

Davide Chini Deputy Chairman

Ambrogio Bollini Board member

Giancarlo Borneto Board member

Barbara Chini Board member

Enrico Chini Board member

Isabella Chini Board member

Vittorio Chini Board member

Giacomo Domenighini Board member

Alain Honnart Board member

Dino Martinazzoli Board member

BOARD OF DIRECTORS

Giacomo Vogini Chairman

Federico Berruti Massimo Ghetti

BOARD OF STATUTORY AUDITORS

Riccardo Chini Chairman

Davide Chini Enrico Chini Alain Honnart

EXECUTIVE COMMITTEE

Mazars S.p.A.

AUDIT FIRM

GOVERNANCE AND GROUP MAP.

IN 2013 CALVI HOLDING PURSUED THE OBJECTIVE TO MAINTAIN UNCHANGED ITS NETWORK MODEL, THE PRODUCTION AND OCCUPATIONAL STRUCTURE OF ITS COMPANIES, AND ITS POSITION ON GLOBAL MARKETS. CALVI HOLDING HAS STRENGTHENED ITS ROLE OF MAIN PLAYER ON THE MOST IMPORTANT REFERENCE MARKETS, IN A GENERAL FRAMEWORK OF STABILITY THANKS TO ITS TWO MAIN DIVISIONS – METALLURGY AND MECHANICS –.

146,306,045 NET DEBT

284,740,797NET REVENUES

9,961,773 INVESTMENTS

21,379,280 CASH FLOW

PROTAGONISTS ON THE MOST IMPORTANT STAGES.

18,662,506EBITDA 6.6%

1,453 NUMBER OF EMPLOYEES

285,675,018 VALUE OF PRODUCTION

81,750 PROFILES SOLD (TONS)

CALVI HOLDING IS TODAY AN EXAMPLE AND A REFERENCE POINT FOR ALL THE STAKEHOLDERS IN THE METALLURGY SECTOR AND FOR OEMS. A LEADERSHIP WHICH HAS NOT BEEN JEOPARDIZED BY THE CRISIS EVEN IN 2013, THANKS TO THE COMPETITIVENESS OF ITS OFFER AND TO THE HIGH LEVEL OF KNOW-HOW AND TECHNOLOGIES THAT CALVI HOLDING HAS BEEN STRENGTHENING SINCE ITS BEGINNING.

“Calvi has been partner of our Group for more than 30 years now, and the collaboration between our two entities has always been a guarantee for success. What makes the difference, is the active cooperation in terms of process and product, the strategic orientation of the supplier in the linear business – synonym for a continuous relationship – and the reactivity of a fully flexible company, with which we have constant, straightforward and successful contacts.”

Francis WantzPurchasing manager of Schaeffler France

Schaeffler Group, a multinational entity which owns the trademarks INA, FAG and LUK, operates in the linear motion and ball bearings for automotive and industrial application sectors, has more than 180 locations in 50 countries worldwide and approximately 80,000 employees.

+

“Loyalty, trust and listening skills are keys in every business. HSP GmbH and Calvi Group have helped us grow during time, protecting our partnership and allowing us to evolve from a small firm to a company capable of reaching the highest standards and competing with sector leaders.”

Rob WendtFounder and Managing Director of PilePro

PilePro Group is specialised in the innovation of sheet pile connectors and owns numerous product patents, such as O-Pile®, Wadit®, iSheelPile® for connectors and sealants.

+

AN INFLUENTIAL VOICE.

CALVI HOLDING’S ACTIVITIES OF STRATEGICAL COORDINATION AND MANAGING CONTROL OVER ITS CONSOLIDATED COMPANIES, HELP THEM MAKE THE MOST APPROPRIATE AND THOUGHT-OUT INDUSTRIAL CHOICES, IN ORDER TO CREATE VALUE FOR ALL PRODUCTIVE UNITS. THE GROUP GOVERNANCE SETS OUT GUIDELINES IN TERMS OF BUDGET ALLOCATION AND INVESTMENT INDIVIDUATION, WHICH TURNED OUT TO BE KEY FACTORS FOR STRENGTHENING THE FINANCING BALANCE IN 2013.

+ The main goal for 2013 has been the consolidation and the productive rationalisation, which involved all the Group companies.

Nevertheless, this has not prevented the Group from investing for improving the output’s productivity and quality.

Calvi Holding S.r.l. has continued its commitment in the technological upgrade, from the enhancement of the hot rolling furnace of Hoesch Schwerter Profile GmbH, through the revamping of the main plant and the installation of the new pickling plant in Calvi S.p.A., to the fully self-funded project of the new hot stretching machine for titanium bars of Siderval S.p.A, developed in partnership with the Politecnico di Milano University (Lecco Campus).

CONDUCTING, GUIDING, VALUING.

CALVI HOLDING HAS FOUND ITS FOCUS IN THE NETWORKING ABILITY OF ITS ENTITIES DURING 2013 AS WELL: SHARING THE TECHNOLOGIES AND CHOOSING THE RIGHT STRATEGIES GO HAND IN HAND WITH THE IMPLEMENTATION OF MEASURES TO ACHIEVE THE GROUP’S COMPETITIVENESS, ENABLING AT THE SAME TIME FULL OPERATIONAL INDEPENDENCE OF EACH SUBSIDIARY COMPANY. THE ORGANISATIONAL MODEL REFERRED ABOVE ENABLES THE ACHIEVEMENT OF ECONOMIES OF SCALE AND HAS FLEXIBILITY AS ITS MAIN STABILITY ELEMENT.

+ The ITER international project is aimed at the construction of a huge tokamak to produce energy for commercial purposes based on nuclear fusion.

Calvi S.p.A. - supported by the French company ABL-Calvi S.A. - and Fiav L. Mazzacchera S.p.A. have worked together in 2013 earning therefore Simic’s trust.

Simic is a company specialized in the design of large critical devices, and produces the radial plates for the 10 big coils which are the European contribution to the toroidal magnetic field of ITER.

Calvi S.p.A. has contributed with its engineering skills building high precision drawn tubes for the cover plates, while Fiav L. Mazzacchera S.p.A. took care of the solubilisation process.

THE HARMONY OF AN ORCHESTRA.

THE GLOBAL CONTEXT IN WHICH CALVI HOLDING HAS BEEN OPERATING SINCE ITS START, REQUIRES, TODAY MORE THAN EVER, THE ABILITY TO READ MARKET’S INPUTS, INTERPRET ITS FLOWS AND TENDENCIES AND ANTICIPATE ITS EVOLUTION. A CAREFUL, CONSTANT AND PUNCTUAL MONITORING OF THE VARIOUS REFERENCE CONTEXTS ALONG WITH A PRECISE ANALYSIS OF THE ACQUIRED DATA ARE KEY FACTORS IN ORDER TO CREATE VALUE AND BRING CONCRETE ADVANTAGES TO THE GROUP’S ACTIVITIES.

+ ENERGY AND ENVIRONMENT

The Energy sector is one of the most dynamic economic sectors worldwide. The change in the use of fossil fuels, the constant growth of renewable energy sources and the decreased importance of the Middle East as energy supplier for the USA, define a precise scenario that Calvi Holding has been monitoring carefully, in order to expand its market quotas.

+ MARKETING INTELLIGENCE

In order to gain a deeper understanding of certain marketplaces and their business development dynamics, marketing intelligence operations took place in 2013: the first phase of the project dealt with precision mechanics sector, where the Group has always operated successfully and is in the position to have further growth margins.

+ USA

USA market proved to be one of the few marketplaces with a positive and concrete outlook in the short and middle term. The acquisition of Rathbone Precision Metals, Inc. which took place in 2008, proved therefore to be a good decision. Nowadays the Palmer-based company (MA-USA) is the main player to promote the Group competencies overseas, focusing in particular in the cold deformation process.

A SCORE TO BE READ.

CALVI HOLDING HAS BUILT ITS INDUSTRIAL PATH ON ITS ABILITY TO RESPOND FAST AND PROACTIVELY TO COMPLY THE REQUIREMENTS OF OTHER STAKEHOLDERS. INNOVATION AND EVOLUTION MEAN ABOVE ALL REACTIVE RESPONSES AND LOOKING AHEAD: IN 2013 CALVI GROUP NOT ONLY FOLLOWED THE MARKET’S RHYTHM BUT WAS ALSO CAPABLE OF PROVIDING DIRECTIONS AND SOLUTIONS WITH EXPERTISE AND PROACTIVENESS.

The Group companies stood out during 2013 for their ability to provide clients from all over the world and from different divisions with an effective service. It is noted the significant innovation process that involved the mechanics division.

Elettric 80, one of the main clients of Lift-Tek Elecar S.p.A., provided Barilla with the carriages for its new logistic site, restating the excellence of the technologies deployed by the Group companies.

Production development of Lift-Tek Elecar S.p.A. concerned other sectors as well, bringing to the upgrade and diversification of the solutions provided by the company.

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LIFTING MASTS 15M

LIFTING MASTS WITH AUTO-FRETTAGE SYSTEM

FIVE STAGE LIFTING MASTS

AUTOMATIC VEHICLES (AGV/LGV)

FULLY ELECTRIC LIFTING MASTS

THE RHYTHM OF EVOLUTION.

COMPETENCE, EXPERTISE AND HISTORY ARE SOME OF THE MOST IMPORTANT VALUES REPRESENTING THE CORE OF CALVI HOLDING AND ITS CONSOLIDATED COMPANIES: MANY OF THESE COMPANIES ARE LANDMARKS OF MANUFACTURE IN THEIR AREA – AND BEYOND - , PROTAGONIST OF ITS HISTORY AND INDUSTRY. PEOPLE WHO HAVE IMPLEMENTED THEIR ACTIVITY ALONG THE YEARS, REAL MASTERS OF THEIR CRAFT AND GUARDIANS OF ANCIENT KNOWLEDGE, WHICH HAS NOW BECOME A CULTURE, MUST BE CELEBRATED AS GREAT ARTISTS.

+ MUSIC AND MULTICULTURALISM

In the occasion of the annual Calvi Network Meeting, the Holding organized a special concert in October to celebrate the bicentenary of Richard Wagner and Giuseppe Verdi’s births. It was an outstanding event, which took place in the evocative setting of the Teatro Sociale of Bergamo, where the orchestra leader Massimiliano Caldi and the instrumentalists of the Beethoven Academy Orchestra from Krakow interpreted amazingly some of the most famous pieces written by the two masters. A proof of the multicultural approach and the active presence in the territory, main strengths of the Group.

+ FIAV L. MAZZACCHERA: A CENTURY OF QUALITY

Founded in 1913 by Luigi Mazzacchera, the Agrate Brianza-based company is one of the oldest factories in Italy and boasts a unique tradition in cold pickling of special pipes; since the beginning of its manufacturing history, the company has produced more than 20 thousands pipes of different shape with all types of steel, focusing then on the management of smaller commission.

In 2013, on its hundredth anniversary, the company had to face the consequences of a severe fire, from which it has recovered rapidly.

HOMAGE TO VIRTUOSITY.