MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	AEFFE S.P.A.

Registered Office :	Via Delle Querce 51 San Giovanni in Marignano (RN), 47842

Country :	Italy

Financials (as on) :	31.12.2009

Date of Incorporation :	11.03.1988

Com. Reg. No.:	01928480407

Legal Form :	Public Parent

Line of Business :	Manufacture of other outerwear

No. of Employees :	1,470

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

company name and address

Aeffe S.p.A.

via delle Querce 51


San Giovanni in Marignano (RN), 47842
Italy

Tel:	39-0541-965211
Fax:	39-0541-955650

www.aeffe.com

Employees:

1,470

Company Type:

Public Parent

Corporate Family:

7 Companies

Traded:

Italian SE (Mercato Continuo Italia):

AEF

Incorporation Date:

11-Mar-1988

Auditor:

Mazars SpA

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	298.1 ¹
Net Income:	(16.6)
Total Assets:	517.6 ²
Market Value:	95.9
	(11-Nov-2011)

Business Description

Aeffe SpA is an Italy-based company engaged in the fashion and luxury goods sector. The Company is active in the design, production and distribution of a range of products, divided into two business lines: pret-a-porter, which includes lingerie and swimwear, and footwear and leather goods. Aeffe SpA offers its products under its own brands, including Alberta Ferretti, Moschino and Pollini, among others. It also owns licenses for the use of such brand names as Jean Paul Gaultier, Blugirl and Cacharel. In addition, the Company offers other accessories and products, such as perfumes, junior and children's lines, watches and sunglasses. The Company operates worldwide through its subsidiaries, including Moschino SpA, Pollini SpA, Velmar SpA, Fashoff UK Ltd, Aeffe Japan Inc., Aeffe France Sarl and Moschino GmbH among others. For the six months ended 30 June 2011, Aeffe S.p.A.'s total revenue increased 15% to EUR122.5M. Net loss for the period decreased 19% to EUR5.1M. Total revenue reflects an increase in demand for the Company's products and services in all business segments in Italy, Russia, Japan and Rest of the World geographic segments. Lower net loss for the period reflects significantly improved operating margins.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	1351 - Clothing Manufacturing
NACE 2002:	1822 - Manufacture of other outerwear
NAICS 2002:	315233 - Women's and Girls' Cut and Sew Dress Manufacturing
UK SIC 2003:	18222 - Manufacture of other women's outerwear
US SIC 1987:	2335 - Women's, Misses', and Juniors' Dresses

Key Executives

Name	Title
Simone Badioli	Chief Executive Officer, Director
Giorgio Bruzzesi	EDP manager
Roberto Gigli	Direttore-Operazione
Fernando Ciotti	Statutory Auditor
Annalisa Aldrovandi	Direttore-Investor Relations

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers / Acquisitions	1	Aeffe S.p.A. Reaches 100% of the Share Capital of Pollini	16-Feb-2011

* number of significant developments within the last 12 months

News

Title	Date
Horiyoshi Worldwide Provides Corporate Update and Announces Plans to list on a National Market Exchange PR Newswire US (725 Words)	5-Jan-2011
Italy's Aeffe returns to EUR 800,000 net profit in Q1 ADP Italy News (135 Words)	11-May-2011
AEFFE SPA Consensus Recommendation: STRONG BUY Nelson Information - Daily (37 Words)	25-Mar-2011
meb Changes EPS Estimate of AEFFE SPA Nelson Information - Daily (65 Words)	25-Mar-2011
Mediobanca promotes Italian Aeffe's stock rating to "outperform" ADP Italy News (85 Words)	22-Mar-2011

Financial Summary

As of 30-Sep-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.94	2.75
Quick Ratio (MRQ)	0.52	1.45
Debt to Equity (MRQ)	0.93	0.52
Sales 5 Year Growth	-2.07	10.05
Net Profit Margin (TTM) %	-3.06	7.39
Return on Assets (TTM) %	-1.94	7.59
Return on Equity (TTM) %	-5.28	15.09

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Stock Snapshot

Traded: Italian SE (Mercato Continuo Italia): AEF

As of 11-Nov-2011

Financials in: EUR

Recent Price	0.65	EPS	-0.10
52 Week High	1.50	Price/Sales	0.31
52 Week Low	0.38	Price/Book	0.51
Avg. Volume (mil)	0.56	Beta	1.09
Market Value (mil)	69.79

	Price % Change	Rel S&P 500%
4 Week	-9.03%	-6.23%
13 Week	-17.46%	-16.83%
52 Week	41.30%	83.48%
Year to Date	32.38%	67.63%

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
via delle Querce 51
San Giovanni in Marignano (RN), 47842
Italy

Tel:	39-0541-965211
Fax:	39-0541-955650

www.aeffe.com

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Quote Symbol - Exchange
AEF - Italian SE (Mercato Continuo Italia)
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Sales EUR(mil):	225.1
Assets EUR(mil):	385.8
Employees:	1,470
Fiscal Year End:	31-Dec-2010

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Industry:	Apparel and Accessories

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Incorporation Date:	11-Mar-1988
Company Type:	Public Parent
Quoted Status:	Quoted
Registered No.(ITA):	01928480407

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Chief Executive Officer, Director:	Simone Badioli

Company Web Links

· Company Contact/E-mail">Company Contact/E-mail

· Corporate History/Profile

· Employment Opportunities

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Financial Information

Home Page

Investor Relations

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News Releases

Products/Services

Contents

· Industry Codes

· Business Description

· Brand/Trade Names

· Financial Data

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Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

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Industry Codes

ANZSIC 2006 Codes:
1352	-	Footwear Manufacturing
1351	-	Clothing Manufacturing
3712	-	Clothing and Footwear Wholesaling
1320	-	Leather Tanning, Fur Dressing and Leather Product Manufacturing

NACE 2002 Codes:
1810	-	Manufacture of leather clothes
1930	-	Manufacture of footwear
1823	-	Manufacture of underwear
1920	-	Manufacture of luggage, handbags and the like, saddlery and harness
1822	-	Manufacture of other outerwear
5142	-	Wholesale of clothing and footwear

NAICS 2002 Codes:
315233	-	Women's and Girls' Cut and Sew Dress Manufacturing
316213	-	Men's Footwear (except Athletic) Manufacturing
315221	-	Men's and Boys' Cut and Sew Underwear and Nightwear Manufacturing
316992	-	Women's Handbag and Purse Manufacturing
315292	-	Fur and Leather Apparel Manufacturing
315231	-	Women's and Girls' Cut and Sew Lingerie, Loungewear, and Nightwear Manufacturing
315239	-	Women's and Girls' Cut and Sew Other Outerwear Manufacturing
315222	-	Men's and Boys' Cut and Sew Suit, Coat, and Overcoat Manufacturing
424330	-	Women's, Children's, and Infants' Clothing and Accessories Merchant Wholesalers
316214	-	Women's Footwear (except Athletic) Manufacturing

US SIC 1987:
3144	-	Women's Footwear, Except Athletic
2335	-	Women's, Misses', and Juniors' Dresses
2341	-	Women's, Misses', Children's, and Infants' Underwear and Nightwear
2322	-	Men's and Boys' Underwear and Nightwear
5137	-	Women's, Children's, and Infants' Clothing and Accessories
3143	-	Men's Footwear, Except Athletic
2311	-	Men's and Boys' Suits, Coats, and Overcoats
3171	-	Women's Handbags and Purses
2386	-	Leather and Sheep-Lined Clothing
2339	-	Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified

UK SIC 2003:
18221	-	Manufacture of other men's outerwear
5142	-	Wholesale of clothing and footwear
18231	-	Manufacture of men's underwear
1920	-	Manufacture of luggage, handbags and the like, saddlery and harness
1810	-	Manufacture of leather clothes
18222	-	Manufacture of other women's outerwear
1930	-	Manufacture of footwear
18232	-	Manufacture of women's underwear

Business Description

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More Business Descriptions

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Manufacture and sale of clothing

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Aeffe SpA is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.

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Cut and Sew Apparel Contractors

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Brand/Trade Names

Alberta Ferretti

Moschino

Pollini

Financial Data

Financials in:	EUR(mil)
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Revenue:	225.1
Net Income:	-12.5
Assets:	385.8
Long Term Debt:	13.2
Total Liabilities:	256.0
Working Capital:	0.0
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Date of Financial Data:	31-Dec-2010

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1 Year Growth

1.0%

-2.0%

Market Data

Quote Symbol:	AEF
Exchange:	Italian SE (Mercato Continuo Italia)
Currency:	EUR
Stock Price:	0.7
Stock Price Date:	11-11-2011
52 Week Price Change %:	41.3
Market Value (mil):	69,785.6
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SEDOL:	B23FFF5
ISIN:	IT0001384590

Subsidiaries

Company	Percentage Owned	Country
Nuova Stireria Tavoleto Srl	100%	ITALY
Velmar SpA	75%	ITALY
Aeffe Japan Inc	100%	JAPAN
Ferretti Studio Srl	100%	ITALY
Aeffe Retail SpA	100%	ITALY
Aeffe USA Inc	100%	USA
Aeffe UK Ltd	100%	UK
Aeffe France Sarl	99.90%	FRANCE
Ozbeck (London) Ltd	92%	UK
Divé SA	75%	SAN MARINO
Fashoff UK Ltd	100%	UK
Bloody Mary Inc	100%	USA
Moschino France Sarl	100%	FRANCE
Moschino Retail GmbH	100%	GERMANY
Moschino Far East	50.10%	HONG KONG SAR
Pollini SpA	72%	ITALY
Moschino SpA	70%	ITALY
Aeffe USA Inc		United States of America
Ozbek (London) Ltd		England
Velmar SpA		Italy
Nuova Stireria Tavoleto SRL		Italy
Moschino SpA		Italy
Aeffe Retail SpA		Italy
Aeffe U K Ltd		England
Pollini SpA		Italy

Shareholders

Major Shareholders

Fratelli Ferretti Holding Srl (37.39%); I.M. Fashion SA (24.41%) Aeffe SpA (5.47%)

Key Corporate Relationships

Auditor:	Mazars SpA
Bank:	Banca Monte dei Paschi di Siena ag, Unicredit Banca Ag, Banca Nazionale del Lavoro ag
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Auditor:	Mazars SpA, Mazars SpA
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Corporate Structure News

Total Corporate Family Members: 7

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Aeffe S.p.A.	Parent	San Giovanni in Marignano (RN)	Italy	Apparel and Accessories	298.1	1,470
Moschino SpA	Subsidiary	Milano	Italy	Apparel and Accessories	47.4	122
Pollini SpA	Subsidiary	Gatteo, FC	Italy	Footwear	102.0	64
Pollini Retail SRL	Subsidiary	Gatteo, Null	Italy	Apparel and Accessories	26.6	94
Aeffe Retail SpA	Subsidiary	San Giovanni In Marignano, Rimini	Italy	Retail (Apparel)	13.6	63
Velmar SpA	Subsidiary	San Giovanni In Marignano, Rimini	Italy	Apparel and Accessories	22.0	56
Nuova Stireria Tavoleto SRL	Subsidiary	Tavoleto, Null	Italy	Textiles - Non Apparel	2.2	44

Executives Report

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Board of Directors

Name

Title

Function

Massimo Ferretti

Chairman of the Board

Chairman

Mr. Massimo Ferretti has served as Chairman of the Board of Directors at Aeffe SpA since April 20, 2005. Apart from that he has also served as Chief Executive Officer at Camera Nazionale della moda italiana and Altagamma, among others. He co-founded the Company in 1980. He also servers as Vice Chairman of Pollini SpA.

Compensation/Salary: 604

Alberta Ferretti

Vice Chairman of the Board

Vice-Chairman

Ms. Alberta Ferretti serves as Vice Chairman of the Board of Aeffe SpA. She was awarded an ad Honorem graduation in Cultural Heritage. She co-founded the Company in 1980. In 1981 she opened her showroom in Milan. In 1983 she debuted in the catwalk in Milan and in 1984 she launched her first brand, Philosophy by Alberta Ferretti. In 1998 she has been awarded wth the tiltle of Cavaliere del Lavoro. In 2005 she received from the Major of Rome the award for her career, and in the same year she has been awarded wth The Romantics award by the International Fashion Group.

Compensation/Salary: 483

Simone Badioli

Chief Executive Officer, Director

Director/Board Member

Dr. Simone Badioli has served as Chief Executive Officer and Director at Aeffe SpA since 2004. In 1997 he becam Co-Chief Executive Officer of the Company, a position he held until 2004. He also serves as Chairman of the Board of Pollini SpA, a company where he also served as Chief Executive Officer from 2001 to 2004. He graduated in Business Economics from Universita degli Studi di Bologna.

Education

Business Economics, Universita degli Studi di Bologna

Compensation/Salary: 254

Pierfrancesco Giustiniani

Non-Executive Director

Director/Board Member

Mr. Pierfrancesco Giustiniani has served as Non-Executive Director of Aeffe SpA since May 1, 2008. He also serves as Member of the Audit and Remuneration Committees of the Company. He holds a degree in Jurisprudence and is registered within the Milan's bar. From 1992 to 1996, he served at the legal office Toffoletto & Associati. In August 1996, he joined the legal office Erede & Associati, now Bonelli Erede Pappalardo, where he still serves as Partner.

Compensation/Salary: 30

Roberto Lugano

Non-Executive Independent Director

Director/Board Member

Dr. Roberto Lugano has served as Non-Executive Independent Director at Aeffe SpA since May 20, 2005. He also serves as Chairman of the Audit and Member of the Remuneration Committees of the Company. He also serves as Director and Member of the Internal Audit Committe of Snam Rete Gas SpA. He is a Certified Accountant and an Auditor since 1987. He has been also in the register of Journalists since 1992. In 1994, he founded the legal office Lugano Ceppellini & Associati. In 2001 he became Partner of Ceppellini Lugano & Associati Consulting Network. He also serves as Technical Consultant for the the Voghera Court. He is author of books and publications in of fiscal, accounting and corporate matters. He also serves as Scientific coordinator of Didacom Srl. He also serves at Assolombarda. He graduated in Business Economics from the Universita degli Studi di Pavia.

Education

Business Economics, Universita degli Studi di Pavia

Compensation/Salary: 27

Umberto Paolucci

Director

Director/Board Member

Marco Salomoni

Director

Director/Board Member

Education

Economics, Universita Commerciale Luigi Bocconi

Marcello Tassinari

Executive Director, General Manager, Financial Reporting Officer

Director/Board Member

Dr. Marcello Tassinari serves as Executive Director, General Manager and Financial Reporting Officer at Aeffe SpA. He has been appointed General Manager and Executive Director of the Company in 2002. From 1990 to 1998, he served as Manager at Arthur Andersen SpA. From 1998 to 2001, he served as Financial Director at the Caviro group. From 2001 to 2002, he served as Senior Manager at Deloitte & Touche SpA. In 2002 he became Director of Finance of the Company. In 2007, he was appointed as General Manager of the Company Apart from that he has seved at a number of companies, including Nuova Stireria Tavoleto Srl where he has serveed as Chairman. He graduated in Business Economics from Universita degli Studi di Bologna. He is in the register of Chartered Accountants and of Auditors. He also serves as Director at Pollini SpA.

Education

Business Economics, Universita degli Studi di Bologna

Compensation/Salary: 331

Gianfranco Vanzini

Director

Director/Board Member

Executives

Name

Title

Function

Simone Badioli

Chief Executive Officer, Director

Chief Executive Officer

Education

Business Economics, Universita degli Studi di Bologna

Compensation/Salary: 254

Matsumi Mitsuyasu

Chief Executive Officer of Aeffe Japan

Division Head Executive

Michelle Stein

Chairman of Aeffe USA

Division Head Executive

Marcello Tassinari

Executive Director, General Manager, Financial Reporting Officer

Division Head Executive

Education

Business Economics, Universita degli Studi di Bologna

Compensation/Salary: 331

Antonella Tomasetti

Chief Executive Officer of Pollini and Pollini Retail

Division Head Executive

Alessandro Varisco

General Manager of Moschino

Division Head Executive

Roberto Gigli

Direttore-Operazione

Operations Executive

Roberto Ciotti

Head of accounting department

Accounting Executive

Fernando Ciotti

Statutory Auditor

Accounting Executive

Romano Del Bianco

Statutory Auditor

Accounting Executive

Bruno Piccioni

Statutory Auditor

Accounting Executive

Annalisa Aldrovandi

Direttore-Investor Relations

Investment Executive

Giorgio Bruzzesi

EDP manager

Information Executive

Fausto Bacchini

Executive

Other

Lino Crisanti

Executive

Other

Giuseppe Del Bianco

Executive

Other

Marinella Grossi

Executive

Other

Faustino Minuti

Executive

Other

Orio Molari

Executive

Other

Nadia Montanari

Executive

Other

Goffredo Palmerini

Executive

Other

Significant Developments

Aeffe S.p.A. Reaches 100% of the Share Capital of Pollini

Feb 16, 2011

Aeffe S.p.A. announced that it has acquired from York Srl the remaining 28% shareholding of Pollini, becoming the sole shareholder. The acquisition price amounts to EUR 1.2 million, already fully paid.

Horiyoshi Worldwide Provides Corporate Update and Announces Plans to list on a National Market Exchange

PR Newswire US: 05 January 2011
[What follows is the full text of the news story.]

LOS ANGELES, Jan. 5 /PRNewswire/ - Horiyoshi Worldwide Inc. (OTC Bulletin Board: HHWW) (the "Company") is pleased to provide this corporate update, which re-caps the recent acceleration in the Company's business and outlines future development plans.

Highlights from the last quarter of 2010:

Horiyoshi Worldwide;

- Appoints Mitsuo Kojima to the position of President and CEO and Ray

Catroppa as CFO;

- Acquires Japan based, fashion apparel design and production house -

Horiyoshi the Third;

- Appoints Robert Forrest as Creative Director;

- Appoints Dawn Green as Commercial Director;

- Forms International Advisory Board and appoints;

- Michelle Stein, President of AEFFE, USA

- Richard Johnson, Buying Manager, Harvey Nichols

- Embarks on creative/retail partnership with British fashion designer,

Paul Smith

- Secures International Retail Distribution with:

- Saks Fifth Avenue (www.saksfifthavenue.com)

- Harvey Nichols (www.harveynichols.com)

- The Swank (www.swank.com.hk)

- Browns Fashion (www.brownsfashion.com)

- Daslu (www.daslu.com.br)

- Beams (www.beams.co.jp)

- Secures $5,000,000 in equity financing to fund ongoing operations and

business development initiatives.

In 2011, management will devote significant resources to expand the product categories of Horiyoshi the Third while focusing on building the Horiyoshi retail distribution network and organizational structure. The management team understands the importance of creating shareholder value. The company sees its shareholders as a key constituency in creating brand awareness and one of management's main goals is to increase visibility by positioning the company to list its shares on a national market exchange. More information with regards to future development plans will be disclosed in the upcoming 10-K filing.

"As a result of recent developments, we anticipate that 2011 will be a milestone year for HHWW and its shareholders. We appreciate the continued support we have been receiving from our shareholders during the expansion of the Horiyoshi the Third brand and we look forward to translating our successes into shareholder value." said Mitsuo Kojima, President and CEO of Horiyoshi Worldwide.

About Horiyoshi Worldwide Inc.

Horiyoshi Worldwide Inc., designs, manufactures, and markets Horiyoshi the Third - a high end clothing and accessories product line based on the artistry of World renowned Japanese Tattoo Artist, Yoshihito Nakano (Horiyoshi III). The Company is rapidly expanding its distribution platform with the line currently being sold in approximately 50 luxury retail boutiques & department stores in 25 cities worldwide. Debuting in Fall 2009 - HIII has been featured in leading fashion publications such as the New York Times, International Herald Tribune, the Los Angeles Times, Anotherman Magazine, Vogue and Style.com.

For more information on Horiyoshi the Third, visit:

www.horiyoshi-thethird.com

www.horiyoshi-worldwide.com

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, HHWW's ability to design and manufacture its products following the acquisition, the ability of the products to gain market acceptance, and the difficulties faced by an early stage retail fashion company in the competitive retail fashion industry. Also the Company's ability to list HHWW shares on a national market exchange. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the Company's recent current reports on Form 8-K, our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic and current reports filed from time to time with the Securities and Exchange Commission.

SOURCE Horiyoshi Worldwide Inc.

Italy's Aeffe returns to EUR 800,000 net profit in Q1

ADP Italy News: 11 May 2011
[What follows is the full text of the news story.]

(ADPnews) - May 11, 2011 - Italian fashion company Aeffe (BIT:AEF) turned back to a net profit of EUR 800,000 (USD 1.15m) for the first quarter of 2011, after a net loss of EUR 1.7 million for the same period of 2010, the company said on Wednesday.

The consolidated revenues came in at EUR 71.9 million with a rise of 17.4% on the year. Sales in Italy grew by 18% to EUR 30.8 million.

Aeffe's earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 7.8 million after EUR 1.5 million a year earlier.

The company's net debt went up to EUR 102.3 million at end-March 2011, after EUR 95.5 million at the end of 2010.

(EUR 1 = USD 1.441)

AEFFE SPA Consensus Recommendation: STRONG BUY

Nelson Information - Daily: 25 March 2011
[What follows is the full text of the news story.]

Company: AEFFE SPA

Consensus Recommendation: STRONG BUY

(Strong Buy: 1, Buy: 0, Hold: 0, Underperform: 0, Sell: 0)

Quarter Consensus Estimate [Q1]: N/A

FY Consensus Estimate [FY2011]: -0.09

Next FY Consensus Estimate [FY2012]: -0.04

Industry: CONSND/TEXTILE

Estimates reported in EUR

meb Changes EPS Estimate of AEFFE SPA

Nelson Information - Daily: 25 March 2011
[What follows is the full text of the news story.]

Company: AEFFE SPA

Report Headline: "Aeffe - The worst is just behind"

Report Date: March 22, 2011

Current FY EPS Estimate [FY2011]: -0.08

Previous EPS Estimate for Current FY [FY2011]: -0.10

Current Quarter EPS Estimate [Q1]: N/A

Previous EPS Estimate for Current Quarter [Q1]: N/A

Next FY EPS Estimate [FY2012]: N/A

Previous EPS Estimate for Next FY [FY2012]: -0.04

Current Recommendation: OUTPERFORM

Research Firm: meb

Analyst: CHIARA ROTELLI

Industry: CONSND/TEXTILE

Estimates reported in EUR

Mediobanca promotes Italian Aeffe's stock rating to "outperform"

ADP Italy News: 22 March 2011
[What follows is the full text of the news story.]

(ADPnews) - Mar 22, 2011 - Mediobanca analysts have upgraded the stock rating of Italian fashion company Aeffe (BIT:AEF) to "outperform" from "neutral".

The share price target is fixed at EUR 1.25.

Aeffe closed 2010 with a net loss reduced to EUR 12.5 million (USD 17.8m) from EUR 20.1 million in 2009.

Aeffe shares were trading 0.31% up, at EUR 0.8125, on the Milan stock market at 1253 CET on Tuesday.

(EUR 1 = USD 1.424)

Source:

Italian Aeffe narrows net loss to EUR 12.5m in 2010

ADP Italy News: 09 March 2011
[What follows is the full text of the news story.]

(ADPnews) - Mar 9, 2011 - Italian fashion company Aeffe (BIT:AEF) cut its net loss to EUR 12.5 million (USD 17.4m) in 2010 from EUR 20.1 million for 2009, it said in a statement on Wednesday.

Consolidated revenues rose to EUR 219 million from EUR 217 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 3.54 million versus a loss of EUR 12.9 million.

Aeffe's net financial debt rose to EUR 95.5 million at end-2010 from EUR 87.7 million as at December 31, 2009.

(EUR 1.0 = USD 1.391)

Source:

Italian Aeffe revenues rise 1% Y/Y in 2010

ADP Italy News: 04 February 2011
[What follows is the full text of the news story.]

(ADPnews) - Feb 4, 2011 - Italy's fashion company Aeffe (BIT:AEF) booked EUR 219 million (USD 298.5m) in consolidated revenues for 2010, up by 1% on the year, the company said on Friday.

Turnover, however, fell by 0.6% at constant exchange rates.

Sales went up by 7% on the year in the second quarter, by 9% in the third quarter and by 11% in the last quarter of the year.

Revenues from the pret-a-porter division came in at EUR 180.8 million, up by 1.5%. Turnover from footwear and leather goods, before adjustment between the two departments, came in at EUR 50.3 million, basically flat on the year.

Aeffe's sales in Italy went up by 3.8% to EUR 93.1 million and accounted for 42.5% of the total sales for the year. Sales in Europe fell by 4.1% and accounted for 21.3% of the total revenue. Turnover from Russia went down by 6.4%. Sales in the USA grew by 4.5%.

In the fourth quarter alone, domestic sales rose by 14.1% on the year. Revenues from Europe fell by 3.2% and from Russia dropped by 21.6%. Turnover in the USA went up by 11.8%.

(EUR 1 = USD 1.363)

Source:

Horiyoshi Worldwide Expands Advisory Board with Michelle Stein, President of AEFFE, USA

Daily Pak Banker (Pakistan): 20 December 2010
[What follows is the full text of the news story.]

Karachi, Dec. 20 -- Horiyoshi Worldwide Inc. (OTC Bulletin Board: HHWW) announced today the appointment of Michelle Stein to the Advisory Board. Michelle Stein is a leading fashion executive with over 30 years of experience in managing high-end fashion brands such as Vivienne Westwood and Romeo Gigli. Ms. Stein is currently the President of AEFFE, USA where she oversees commercial, public relations, administrative and retail staff of approximately 100, and directly supervises 3 retail stores - Philosophy New York, Alberta Ferretti Los Angeles, and Moschino New York. Ms. Stein started her career in 1978 as the Director of Sales and Public Relations with Mary Jane Marcasiano. She began her collaboration with AEFFE in 1983, and opened the first US office in 1984. In the 26 years that she has worked with AEFFE, Ms. Stein has built an organization responsible for Sales, Public Relations and Distribution of over 18 brands such as Alberta Ferretti, Moschino, Jean Paul Gaultier, Pollini, Authier and Narciso Rodriguez. "We are extremely fortunate to have Michelle Stein as a member of our Advisory Board" said Mitsuo Kojima - President and CEO of Horiyoshi Worldwide. "Ms. Stein will be advising us on expanding our business, introducing us to key retail partners, and raising our brand profile in the United States" Published by HT Syndication with permission from Daily Pak Banker. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

Horiyoshi Worldwide appoints advisory board member

Datamonitor RetailWire: 17 December 2010
[What follows is the full text of the news story.]

Horiyoshi Worldwide Inc., a designer, manufacturer, and marketer of clothing and accessories, has appointed Michelle Stein to the advisory board.

Michelle Stein is a fashion executive with over 30 years of experience in managing high-end fashion brands such as Vivienne Westwood and Romeo Gigli. Ms Stein is currently the President of AEFFE, USA where she oversees commercial, public relations, administrative and retail staff of approximately 100, and directly supervises 3 retail stores - Philosophy New York, Alberta Ferretti Los Angeles, and Moschino New York.

"We are extremely fortunate to have Michelle Stein as a member of our Advisory Board" said Mitsuo Kojima - President and CEO of Horiyoshi Worldwide. "Ms Stein will be advising us on expanding our business, introducing us to key retail partners, and raising our brand profile in the US."

ITALY: Aeffe returns to YTD profit as sales surge

just-style.com
10 November 2011
By Richard Woodard

[What follows is the full text of the article.]

Luxury apparel and footwear business Aeffe returned to profit in the first nine months of the year, boosted by a double-digit sales increase.

The owner of brands including Alberta Ferretti, Moschino, Pollini and JP Gaultier said prêt-à-porter revenues were up 10.3% in the period, while sales of footwear and leather goods surged up 31%.

“The sales growth continued in the third quarter of 2011, both in the retail and in the wholesale channel, registering, respectively, a 10.1% and 9.3% increase,” said Massimo Ferretti, Aeffe executive chairman.

“Also, the orders backlog for spring/summer 2012 collections was positive and this leaves us confident about the trend of the next year.”

This article was originally published on just-style.com on 10 November 2011. For authoritative and timely style business information visit http://www.just-style.com.

ITALY: Aeffe H1 loss narrows as revenues recover

just-style.com
04 August 2011
By Richard Woodard

[What follows is the full text of the article.]

Luxury goods business Aeffe recorded a smaller first half loss, boosted by double-digit sales growth across the company.

The owner of brands including Moschino, JP Gaultier and Alberta Ferretti said sales for its prêt-à-porter products had risen 14.3% in first six months of the year, but growth was spearheaded by footwear and leather goods, which were up 27.7%.

“The group continued also in the second quarter of the year to record a strong improvement in profitability that was supported by the good revenues growth both in the directly operated stores and in the wholesale channel,” said company executive chairman Massimo Ferretti.

This article was originally published on just-style.com on 4 August 2011. For authoritative and timely style business information visit http://www.just-style.com.

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No

Total income	167.5	242.9	219.6
Net sales	162.0	225.4	212.7
Other operating income	7.5	8.7	4.7
Raw materials and consumables employed	52.0	74.7	66.8
Other expenses	75.0	106.3	94.4
Total payroll costs	35.2	36.6	30.9
Fixed asset depreciation and amortisation	3.7	3.5	3.0
Other operating costs	4.3	3.5	1.2
Net operating income	-	18.2	23.3
Total financial income	0.7	1.7	0.6
Total expenses	3.8	6.9	8.7
Profit before tax	-	13.0	15.1
Profit after extraordinary items and before tax	-	13.0	15.1
Total taxation	-	5.4	7.3
Net profit	-	7.6	7.9
Net loss	7.2	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Total stockholders equity	199.0	202.3	213.2
Provision for risks	14.5	12.8	13.6
Provision for pensions	7.7	7.9	8.9
Mortgages and loans	19.1	7.9	17.6
Other long-term liabilities	6.6	8.3	10.7
Trade creditors	87.3	104.8	93.3
Bank loans and overdrafts	71.0	55.3	24.4
Other current liabilities	12.3	13.9	18.0
Accruals and deferred income	0.0	0.1	0.1
Total current liabilities	170.7	174.0	135.7
Total liabilities (including net worth)	417.6	413.3	399.7
Intangibles	6.0	6.0	6.4
Buildings	64.0	57.6	-
Total tangible fixed assets	73.1	72.0	70.1
Long-term investments	126.5	119.8	126.0
Total financial assets	191.3	185.4	190.6
Receivables due after 1 year	8.3	2.6	3.3
Loans to associated companies	64.7	-	64.7
Total non-current assets	278.7	266.0	270.5
Finished goods	28.3	-	-
Net stocks and work in progress	36.2	38.3	34.3
Trade debtors	8.5	20.2	62.6
Other receivables	92.7	87.2	25.9
Cash and liquid assets	0.7	0.9	5.9
Accruals	0.8	0.7	0.5
Total current assets	138.8	147.3	129.2
Total assets	417.6	413.3	399.7

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Sales per employee	0.37	0.52	0.53
Profit per employee	-	0.03	0.04
Average wage per employee	0.08	0.08	0.08
Net worth	199.0	202.3	213.2
Number of employees	607	571	571

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)


Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	290.4	301.8	431.0	401.3	333.9
Revenue	290.4	301.8	431.0	401.3	333.9
Other Revenue	7.8	8.1	8.8	7.7	11.2
Other Revenue, Total	7.8	8.1	8.8	7.7	11.2
Total Revenue	298.1	310.0	439.9	409.1	345.1

Cost of Revenue	83.7	96.8	115.8	110.8	93.2
Cost of Revenue, Total	83.7	96.8	115.8	110.8	93.2
Gross Profit	206.6	205.0	315.2	290.6	240.7

Selling/General/Administrative Expense	123.2	137.3	177.0	154.4	130.8
Labor & Related Expense	80.8	87.7	90.3	79.7	70.6
Total Selling/General/Administrative Expenses	204.0	225.0	267.3	234.0	201.4
Depreciation	8.0	9.5	9.7	9.2	8.1
Amortization of Intangibles	10.3	9.0	5.3	5.0	4.7
Depreciation/Amortization	18.3	18.5	15.0	14.2	12.8
Impairment-Assets Held for Use	3.8	1.3	3.2	0.5	0.6
Impairment-Assets Held for Sale	0.5	0.6	1.0	-	-
Unusual Expense (Income)	4.3	1.8	4.2	0.5	0.6
Other Operating Expense	5.2	5.7	5.6	3.4	4.0
Other Operating Expenses, Total	5.2	5.7	5.6	3.4	4.0
Total Operating Expense	315.5	347.7	407.9	362.9	312.0

Operating Income	-17.4	-37.7	32.0	46.2	33.2

Interest Expense - Non-Operating	-3.6	-4.1	-7.4	-10.4	-7.9
Interest Expense, Net Non-Operating	-3.6	-4.1	-7.4	-10.4	-7.9
Interest Income - Non-Operating	0.1	0.1	0.4	0.4	0.1
Investment Income - Non-Operating	-	-	-	0.0	-0.1
Interest/Investment Income - Non-Operating	0.1	0.1	0.4	0.4	0.0
Interest Income (Expense) - Net Non-Operating Total	-3.5	-4.1	-7.0	-10.0	-7.9
Other Non-Operating Income (Expense)	1.5	-1.1	-2.7	-1.0	-1.1
Other, Net	1.5	-1.1	-2.7	-1.0	-1.1
Income Before Tax	-19.3	-42.9	22.3	35.1	24.2

Total Income Tax	-0.5	-9.8	9.5	10.1	13.5
Income After Tax	-18.9	-33.1	12.8	25.0	10.7

Minority Interest	2.3	5.1	-1.6	-4.0	-0.7
Net Income Before Extraord Items	-16.6	-27.9	11.2	21.0	10.0
Net Income	-16.6	-27.9	11.2	21.0	10.0

Income Available to Common Excl Extraord Items	-16.6	-27.9	11.2	21.0	10.0

Income Available to Common Incl Extraord Items	-16.6	-27.9	11.2	21.0	10.0

Basic/Primary Weighted Average Shares	101.7	101.7	106.7	95.5	89.7
Basic EPS Excl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Basic/Primary EPS Incl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	-16.6	-27.9	11.2	21.0	10.0
Diluted Weighted Average Shares	101.7	101.7	106.7	95.5	89.7
Diluted EPS Excl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Diluted EPS Incl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Dividends per Share - Common Stock Primary Issue	-	-	0.01	0.03	-
Gross Dividends - Common Stock	-	-	-	2.9	-
Interest Expense, Supplemental	3.6	4.1	7.4	10.4	7.9
Depreciation, Supplemental	8.0	9.5	9.7	9.2	8.1
Total Special Items	4.3	1.8	4.2	0.5	0.6
Normalized Income Before Tax	-15.0	-41.1	26.5	35.6	24.8

Effect of Special Items on Income Taxes	1.5	0.6	1.8	0.1	0.3
Inc Tax Ex Impact of Sp Items	1.0	-9.2	11.3	10.2	13.8
Normalized Income After Tax	-16.1	-31.9	15.3	25.4	11.0

Normalized Inc. Avail to Com.	-13.8	-26.8	13.7	21.3	10.3

Basic Normalized EPS	-0.14	-0.26	0.13	0.22	0.11
Diluted Normalized EPS	-0.14	-0.26	0.13	0.22	0.11
Amort of Intangibles, Supplemental	10.3	9.0	5.3	5.0	4.7
Rental Expenses	29.8	26.7	26.3	23.3	20.6
Advertising Expense, Supplemental	14.6	19.1	26.6	23.5	19.5
Normalized EBIT	-13.1	-35.9	36.2	46.7	33.7
Normalized EBITDA	5.2	-17.4	51.2	60.8	46.6
Current Tax - Total	3.7	3.7	12.9	15.1	9.3
Current Tax - Total	3.7	3.7	12.9	15.1	9.3
Deferred Tax - Total	-4.2	-13.6	-3.4	-5.0	4.2
Deferred Tax - Total	-4.2	-13.6	-3.4	-5.0	4.2
Income Tax - Total	-0.5	-9.8	9.5	10.1	13.5
Discount Rate - Domestic	4.35%	-	-	-	-
Pension Payment Rate - Domestic	3.00%	-	3.90%	-	-

Annual Balance Sheet

Financials in: USD (mil)


Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399	0.683971	0.758351
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Cash	1.0	1.3	-	-	-
Cash & Equivalents	5.0	6.4	10.7	21.2	14.7
Short Term Investments	-	-	-	0.0	5.5
Cash and Short Term Investments	6.1	7.7	10.7	21.2	20.2
Accounts Receivable - Trade, Gross	38.8	40.5	62.3	56.6	47.2
Provision for Doubtful Accounts	-1.9	-2.0	-2.2	-2.6	-3.1
Trade Accounts Receivable - Net	36.9	38.6	60.1	54.0	44.1
Other Receivables	9.1	6.2	40.2	39.6	34.1
Total Receivables, Net	46.0	44.8	100.3	93.6	78.2
Inventories - Finished Goods	67.8	63.9	69.1	56.7	43.1
Inventories - Work In Progress	8.6	11.6	12.5	15.8	12.8
Inventories - Raw Materials	21.4	23.3	25.4	25.6	19.5
Inventories - Other	0.2	0.9	0.6	0.9	0.7
Total Inventory	98.0	99.7	107.6	99.1	76.0
Prepaid Expenses	27.1	30.2	-	-	-
Deferred Income Tax - Current Asset	6.9	9.0	11.3	7.0	3.1
Other Current Assets	0.0	-	-	-	-
Other Current Assets, Total	6.9	9.0	11.3	7.0	3.1
Total Current Assets	184.0	191.3	229.9	220.9	177.5

Buildings	-	-	-	-	52.1
Land/Improvements	-	-	-	-	68.1
Machinery/Equipment	-	-	-	-	32.0
Other Property/Plant/Equipment	-	-	-	-	23.0
Property/Plant/Equipment - Gross	-	-	-	-	175.3
Accumulated Depreciation	-	-	-	-	-83.1
Property/Plant/Equipment - Net	101.4	109.9	109.1	104.1	92.2
Goodwill, Net	62.8	67.3	76.4	79.4	71.3
Intangibles, Net	144.1	158.0	158.8	171.7	159.5
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	0.2
LT Investments - Other	-	-	-	2.4	2.2
Long Term Investments	0.0	0.0	0.0	2.4	2.3
Note Receivable - Long Term	4.0	4.0	3.7	4.6	3.8
Deferred Income Tax - Long Term Asset	20.2	20.9	11.6	13.0	14.2
Discontinued Operations - Long Term Asset	1.1	13.3	2.3	-	-
Other Long Term Assets, Total	21.2	34.1	13.9	13.0	14.2
Total Assets	517.6	564.7	591.7	596.1	520.8

Accounts Payable	63.9	60.5	87.6	88.6	92.7
Accrued Expenses	3.5	3.9	-	-	-
Notes Payable/Short Term Debt	116.5	107.4	79.2	38.5	66.4
Current Portion - Long Term Debt/Capital Leases	-	-	-	-	18.6
Income Taxes Payable	3.9	4.8	6.0	10.4	6.5
Other Current Liabilities	14.8	17.1	23.5	25.2	-
Other Current liabilities, Total	18.7	21.9	29.5	35.6	6.5
Total Current Liabilities	202.6	193.7	196.2	162.7	184.2

Long Term Debt	13.5	19.5	16.1	28.3	76.0
Capital Lease Obligations	4.2	6.6	8.3	10.7	11.3
Total Long Term Debt	17.7	26.1	24.4	39.0	87.3
Total Debt	134.2	133.4	103.6	77.5	172.3

Deferred Income Tax - LT Liability	55.2	61.4	61.8	70.2	75.6
Deferred Income Tax	55.2	61.4	61.8	70.2	75.6
Minority Interest	34.5	39.2	43.1	43.7	34.9
Pension Benefits - Underfunded	12.3	14.0	14.4	16.2	17.8
Other Long Term Liabilities	21.0	22.2	22.4	23.3	20.8
Discontinued Operations - Liabilities	0.0	2.7	-	-	-
Other Liabilities, Total	33.4	38.9	36.8	39.6	38.6
Total Liabilities	343.4	359.2	362.4	355.2	420.6

Common Stock	34.0	36.4	35.8	39.2	29.7
Common Stock	34.0	36.4	35.8	39.2	29.7
Additional Paid-In Capital	95.6	102.2	99.8	110.1	15.0
Retained Earnings (Accumulated Deficit)	47.7	69.3	95.5	92.9	55.1
Translation Adjustment	-3.2	-2.4	-1.8	-1.4	0.5
Other Equity, Total	-3.2	-2.4	-1.8	-1.4	0.5
Total Equity	174.2	205.4	229.4	240.9	100.2

Total Liabilities & Shareholders’ Equity	517.6	564.7	591.7	596.1	520.8

Shares Outstanding - Common Stock Primary Issue	101.5	101.5	103.1	107.4	107.4
Total Common Shares Outstanding	101.5	101.5	103.1	107.4	107.4
Treasury Shares - Common Stock Primary Issue	5.9	5.9	4.3	0.0	0.0
Employees	1,465	1,514	1,513	1,458	1,399
Accumulated Intangible Amort, Suppl.	-	-	-	-	29.1
Deferred Revenue - Current	-	-	-	-	2.2
Total Long Term Debt, Supplemental	6.3	-	-	-	93.0
Long Term Debt Maturing within 1 Year	6.3	-	-	-	17.0
Long Term Debt Maturing in Year 2	-	-	-	-	6.4
Long Term Debt Maturing in Year 3	-	-	-	-	6.4
Long Term Debt Maturing in Year 4	-	-	-	-	6.4
Long Term Debt Maturing in Year 5	-	-	-	-	6.4
Long Term Debt Maturing in 2-3 Years	-	-	-	-	12.8
Long Term Debt Maturing in 4-5 Years	-	-	-	-	12.8
Long Term Debt Matur. in Year 6 & Beyond	0.0	-	-	-	50.4
Total Capital Leases, Supplemental	-	-	-	-	12.9
Capital Lease Payments Due in Year 1	-	-	-	-	1.6
Capital Lease Payments Due in Year 2	-	-	-	-	0.9
Capital Lease Payments Due in Year 3	-	-	-	-	0.9
Capital Lease Payments Due in Year 4	-	-	-	-	0.9
Capital Lease Payments Due in Year 5	-	-	-	-	0.9
Capital Lease Payments Due in 2-3 Years	-	-	-	-	1.8
Capital Lease Payments Due in 4-5 Years	-	-	-	-	1.8
Cap. Lease Pymts. Due in Year 6 & Beyond	-	-	-	-	7.7
Pension Obligation - Domestic	1.4	1.4	2.3	2.3	2.1
Funded Status - Domestic	-1.4	-1.4	-2.3	-2.3	-2.1
Total Funded Status	-1.4	-1.4	-2.3	-2.3	-2.1
Discount Rate - Domestic	4.35%	-	-	-	-
Pension Payment Rate - Domestic	3.00%	-	3.90%	-	-
Accrued Liabilities - Domestic	-1.4	-1.4	-2.3	-2.3	-2.1
Net Assets Recognized on Balance Sheet	-1.4	-1.4	-2.3	-2.3	-2.1
Total Plan Obligations	1.4	1.4	2.3	2.3	2.1

Annual Cash Flows

Financials in: USD (mil)


Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	-19.3	-42.9	22.3	35.1	24.2
Depreciation	22.1	19.0	18.2	14.7	12.8
Depreciation/Depletion	22.1	19.0	18.2	14.7	12.8
Other Non-Cash Items	1.4	3.7	8.6	7.7	9.7
Non-Cash Items	1.4	3.7	8.6	7.7	9.7
Prepaid Expenses	-	-	-	-	4.7
Other Assets & Liabilities, Net	-0.2	7.9	-27.6	-13.1	0.8
Other Operating Cash Flow	-2.9	-2.5	-18.0	-12.8	-10.8
Changes in Working Capital	-3.2	5.5	-45.7	-25.9	-5.3
Cash from Operating Activities	1.0	-14.8	3.4	31.6	41.4

Investment, Net	4.9	-0.5	-3.2	0.1	0.2
Intangible, Net	-6.5	1.6	-1.5	-0.5	-0.1
Other Investing Cash Flow	-6.7	-7.0	-20.3	-12.7	-5.1
Other Investing Cash Flow Items, Total	-8.3	-5.9	-25.0	-13.1	-4.9
Cash from Investing Activities	-8.3	-5.9	-25.0	-13.1	-4.9

Other Financing Cash Flow	-2.9	-6.6	-17.3	87.4	-16.3
Financing Cash Flow Items	-2.9	-6.6	-17.3	87.4	-16.3
Cash Dividends Paid - Common	0.0	-1.0	-3.1	0.0	-
Total Cash Dividends Paid	0.0	-1.0	-3.1	0.0	-
Long Term Debt, Net	9.1	24.9	32.1	-107.1	-9.8
Issuance (Retirement) of Debt, Net	9.1	24.9	32.1	-107.1	-9.8
Cash from Financing Activities	6.2	17.3	11.6	-19.7	-26.1

Net Change in Cash	-1.1	-3.3	-10.0	-1.1	10.4

Net Cash - Beginning Balance	7.1	10.7	21.2	21.0	8.8
Net Cash - Ending Balance	6.0	7.4	11.3	19.9	19.2
Cash Taxes Paid	2.9	2.5	18.0	12.8	10.8

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Sales Revenue	290.4	301.8	431.0	401.3	333.9
Other Revenue	7.8	8.1	8.8	7.7	11.2
Total Revenue	298.1	310.0	439.9	409.1	345.1

Changes in Inventories	-2.8	6.2	-15.6	-10.7	-
Raw Materials	86.6	90.6	131.4	121.5	93.2
Cost of Services	93.4	110.5	150.8	131.0	110.2
Rental Expense	29.8	26.7	26.3	23.3	20.6
Staff Expense	80.8	87.7	90.3	79.7	70.6
Write Downs / Current Assets	0.5	0.6	1.0	-	-
Other Operating Expense	5.2	5.7	5.6	3.4	4.0
Depreciation	8.0	9.5	9.7	9.2	8.1
Amortization	10.3	9.0	5.3	5.0	4.7
Change in Assets Value	3.8	1.3	3.2	0.5	0.6
Total Operating Expense	315.5	347.7	407.9	362.9	312.0

Interest Expense	-3.6	-4.1	-7.4	-10.4	-7.9
Other Financial Expense	-1.6	-1.4	-3.5	-1.5	-1.5
Interest Income	0.1	0.1	0.4	0.4	0.1
Other Financial Income	3.2	0.3	0.8	0.5	0.4
Share in Affiliates	-	-	-	0.0	-0.1
Net Income Before Taxes	-19.3	-42.9	22.3	35.1	24.2

Provision for Income Taxes	-0.5	-9.8	9.5	10.1	13.5
Net Income After Taxes	-18.9	-33.1	12.8	25.0	10.7

Minority Interest	2.3	5.1	-1.6	-4.0	-0.7
Net Income Before Extra. Items	-16.6	-27.9	11.2	21.0	10.0
Net Income	-16.6	-27.9	11.2	21.0	10.0

Income Available to Com Excl ExtraOrd	-16.6	-27.9	11.2	21.0	10.0

Income Available to Com Incl ExtraOrd	-16.6	-27.9	11.2	21.0	10.0

Basic Weighted Average Shares	101.7	101.7	106.7	95.5	89.7
Basic EPS Excluding ExtraOrdinary Items	-0.16	-0.27	0.11	0.22	0.11
Basic EPS Including ExtraOrdinary Items	-0.16	-0.27	0.11	0.22	0.11
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	-16.6	-27.9	11.2	21.0	10.0
Diluted Weighted Average Shares	101.7	101.7	106.7	95.5	89.7
Diluted EPS Excluding ExtraOrd Items	-0.16	-0.27	0.11	0.22	0.11
Diluted EPS Including ExtraOrd Items	-0.16	-0.27	0.11	0.22	0.11
DPS-Common Stock	-	-	0.01	0.03	-
Gross Dividends - Common Stock	-	-	-	2.9	-
Normalized Income Before Taxes	-15.0	-41.1	26.5	35.6	24.8

Inc Tax Ex Impact of Sp Items	1.0	-9.2	11.3	10.2	13.8
Normalized Income After Taxes	-16.1	-31.9	15.3	25.4	11.0

Normalized Inc. Avail to Com.	-13.8	-26.8	13.7	21.3	10.3

Basic Normalized EPS	-0.14	-0.26	0.13	0.22	0.11
Diluted Normalized EPS	-0.14	-0.26	0.13	0.22	0.11
Advertising Expenses	14.6	19.1	26.6	23.5	19.5
Rental Expenses	29.8	26.7	26.3	23.3	20.6
Amortization	10.3	9.0	5.3	5.0	4.7
Depreciation	8.0	9.5	9.7	9.2	8.1
Interest Expense	3.6	4.1	7.4	10.4	7.9
Current Income Tax	3.7	3.7	12.9	15.1	9.3
Current Tax - Total	3.7	3.7	12.9	15.1	9.3
Deferred Income Tax	-4.2	-13.6	-3.4	-5.0	4.2
Deferred Tax - Total	-4.2	-13.6	-3.4	-5.0	4.2
Income Tax - Total	-0.5	-9.8	9.5	10.1	13.5
Discount Rate	4.35%	-	-	-	-
Compensation Rate - Executives	1.50%	-	1.50%	-	-
Compensation Rate - Employees	0.50%	-	0.50%	-	-
Compensation Rate - Workers	0.50%	-	0.50%	-	-
Pension Payment Rate	3.00%	-	3.90%	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399	0.683971	0.758351
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Raw Materials	21.4	23.3	25.4	25.6	19.5
Work In Progress	8.6	11.6	12.5	15.8	12.8
Finished Goods and Merchandise	67.8	63.9	69.1	56.7	43.1
Inventories Advances	0.2	0.9	0.6	0.9	0.7
Trade Receivables	38.8	40.5	62.3	56.6	47.2
Provision For Doubtful Accounts	-1.9	-2.0	-2.2	-2.6	-3.1
Prepaid Expenses	25.4	28.0	-	-	-
Advances	2.2	1.9	-	-	-
Other Current Receivables	6.9	4.3	40.2	39.6	34.1
Prepayments/Accruals	1.7	2.1	-	-	-
Deferred Tax	6.9	9.0	11.3	7.0	3.1
ST Financial Assets Held For Sale	-	-	-	0.0	5.5
Equivalents	1.0	1.3	-	-	-
Cash	5.0	6.4	10.7	21.2	14.7
Adjustment	0.0	-	-	-	-
Total Current Assets	184.0	191.3	229.9	220.9	177.5

Land	-	-	-	-	23.4
Buildings	-	-	-	-	52.1
Third Party Improvements	-	-	-	-	44.7
Plant & Machinery	-	-	-	-	29.7
Industrial Equipment	-	-	-	-	2.3
Other Tangibles	-	-	-	-	23.0
Depreciation	-	-	-	-	-83.1
Lands	23.8	25.3	24.5	25.7	-
Buildings	43.8	47.0	47.0	48.9	-
Leasehold Impovements	19.6	21.9	22.2	17.3	-
Plant & Machinery	8.5	10.4	9.6	7.3	-
Equipment	0.5	0.6	0.7	0.4	-
Other Tangibles	5.4	4.8	5.1	4.5	-
Goodwill	62.8	67.3	76.4	79.4	71.3
Trade Marks	142.8	157.7	158.3	171.5	159.3
Intangibles	1.3	0.3	0.5	0.2	0.2
Investment in Affiliates	0.0	0.0	0.0	0.0	0.2
LT Investments	-	-	-	2.4	2.2
Deferred Tax	20.2	20.9	11.6	13.0	14.2
LT Trade Receivables & Other	4.0	4.0	3.7	4.6	3.8
Assets for Sale	1.1	13.3	2.3	-	-
Total Assets	517.6	564.7	591.7	596.1	520.8

Trade Payables & Other ST Liabilities	63.9	60.5	87.6	88.6	92.7
Income Tax	3.9	4.8	6.0	10.4	6.5
ST Financial Debt	116.5	107.4	79.2	38.5	66.4
Current Portion of LT Debt	-	-	-	-	17.0
Current Portion of LT Leasing	-	-	-	-	1.6
Accrued Expenses	3.5	3.9	-	-	-
Other Liabilities	14.8	17.1	23.5	25.2	-
Total Current Liabilities	202.6	193.7	196.2	162.7	184.2

LT Debt	13.5	19.5	16.1	28.3	76.0
Financial Leasing	4.2	6.6	8.3	10.7	11.3
Total Long Term Debt	17.7	26.1	24.4	39.0	87.3

Deferred Tax	55.2	61.4	61.8	70.2	75.6
Severance Payments	12.3	14.0	14.4	16.2	17.8
LT Funds	1.9	1.8	2.4	2.5	2.3
Other LT Liabilities	19.1	20.4	20.0	20.8	18.5
Minority Capital	36.9	44.5	41.5	39.3	34.2
Minority Interest	-2.3	-5.3	1.5	4.3	0.7
Liabilities for Sale	0.0	2.7	-	-	-
Total Liabilities	343.4	359.2	362.4	355.2	420.6

Share Capital	34.0	36.4	35.8	39.2	29.7
Share Premium	95.6	102.2	99.8	110.1	15.0
Fair Value Reserve	10.6	11.3	11.0	11.6	9.8
IAS Reserve	15.4	16.4	15.9	16.8	14.7
Cash Flow Hedge	-	0.0	-	-	-
Other Reserves	41.7	52.0	43.7	41.2	11.3
Accumulated Income	-3.1	18.3	14.2	1.0	-7.6
Net Income	-16.8	-28.8	10.7	22.4	10.5
Participation Issuance Reserve	-	-	-	0.0	16.4
Translation Reserve	-3.2	-2.4	-1.8	-1.4	0.5
Total Equity	174.2	205.4	229.4	240.9	100.2

Total Liabilities & Shareholders' Equity	517.6	564.7	591.7	596.1	520.8

S/O-Common Stock	101.5	101.5	103.1	107.4	107.4
Total Common Shares Outstanding	101.5	101.5	103.1	107.4	107.4
T/S-Common Stock	5.9	5.9	4.3	0.0	0.0
Accumulated Amortization	-	-	-	-	29.1
ST Deferred Income	-	-	-	-	2.2
Full-Time Employees	1,465	1,514	1,513	1,458	1,399
LT Debt Maturing Within 1 Year	-	-	-	-	17.0
LT Debt Maturing Between 3-5 Years	-	-	-	-	25.6
LT Debt Remaining Maturities	-	-	-	-	50.4
Total Long Term Debt, Supplemental	-	-	-	-	93.0
Financial Leasing Due Within 1 Year	-	-	-	-	1.6
Financial Leasing Due Between 3-5 Years	-	-	-	-	3.5
Financial Leasing Remaining	-	-	-	-	7.7
Total Capital Leases, Supplemental	-	-	-	-	12.9
PV of Penison and Similar Obligations	1.4	1.4	2.3	2.3	2.1
Funded Status	-1.4	-1.4	-2.3	-2.3	-2.1
Total Funded Status	-1.4	-1.4	-2.3	-2.3	-2.1
Discount Rate	4.35%	-	-	-	-
Compensation Rate - Executives	1.50%	-	1.50%	-	-
Compensation Rate - Employees	0.50%	-	0.50%	-	-
Compensation Rate - Workers	0.50%	-	0.50%	-	-
Pension Payment Rate	3.00%	-	3.90%	-	-
Provision - Pension and Similar Oblig.	-1.4	-1.4	-2.3	-2.3	-2.1
Net Assets Recognized on Balance Sheet	-1.4	-1.4	-2.3	-2.3	-2.1

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Net Income Before Taxes	-19.3	-42.9	22.3	35.1	24.2
Depreciation	22.1	19.0	18.2	14.7	12.8
Decrease/Increase in LT Funds	-0.5	-1.5	-1.1	-3.3	-0.2
Decrease/Increase in Severance Pay Funds	-	-	-	-	1.1
Income Tax	-2.9	-2.5	-18.0	-12.8	-10.8
Financial Income/Expense	2.0	5.2	9.7	11.1	8.8
Change in Prepaid & Deferred Taxes	-	-	-	-	4.7
Change in Other Current Assets & Liabs	-0.2	7.9	-27.6	-13.1	0.8
Cash from Operating Activities	1.0	-14.8	3.4	31.6	41.4

Purchase/Sale of Intangibles	-6.5	1.6	-1.5	-0.5	-0.1
Purchase/Sale of Tangibles	-6.7	-7.0	-20.3	-12.7	-5.1
Investments	4.9	-0.5	-3.2	0.1	0.2
Assets Held For Sale	-	-	-	0.0	0.1
Cash from Investing Activities	-8.3	-5.9	-25.0	-13.1	-4.9

Increase Provisions & Retained Earnings	-0.9	-1.4	-7.7	98.5	-7.5
Dividend Paid	0.0	-1.0	-3.1	0.0	-
Financial Debt Payments	9.3	25.7	31.5	-106.7	-11.6
Increase/Decrease of LT Loans	-0.2	-0.8	0.7	-0.3	1.9
Financial Income/Expense	-2.0	-5.2	-9.7	-11.1	-8.8
Cash from Financing Activities	6.2	17.3	11.6	-19.7	-26.1

Net Change in Cash	-1.1	-3.3	-10.0	-1.1	10.4

Net Cash - Beginning Balance	7.1	10.7	21.2	21.0	8.8
Net Cash - Ending Balance	6.0	7.4	11.3	19.9	19.2
Cash Taxes Paid	2.9	2.5	18.0	12.8	10.8

Financial Health

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	112.7	14.31%	298.1	0.99%	-9.02%	-2.07%
Operating Income1	16.0	144.86%	-17.4	-	-	-
Income Available to Common Excl Extraord Items1	7.4	327.59%	-16.6	-	-	-
Basic EPS Excl Extraord Items1	0.07	328.93%	-0.16	-	-	-
Cash from Operating Activities2	-4.8	-	1.0	-	-68.16%	-46.09%
Free Cash Flow	-4.6	-	1.0	-	-	-
Total Assets3	530.5	-0.11%	517.6	-1.97%	-1.82%	0.14%
Total Liabilities3	344.6	-0.47%	343.4	2.25%	1.76%	-3.92%
Total Long Term Debt3	12.8	-32.14%	17.7	-27.25%	-20.85%	-28.32%
Employees3	-	-	1465	-3.24%	0.16%	1.54%
Total Common Shares Outstanding3	101.5	-5.47%	101.5	0.00%	-1.86%	-1.12%
1-ExchangeRate: EUR to USD Average for Period	0.707825		0.755078
2-ExchangeRate: EUR to USD Average for Period	0.711706		0.755078
3-ExchangeRate: EUR to USD Period End Date	0.745323		0.745406

Key Ratios
	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	71.16%	67.93%	73.14%	72.40%	72.09%
Operating Margin	-5.83%	-12.17%	7.27%	11.29%	9.61%
Pretax Margin	-6.49%	-13.83%	5.07%	8.58%	7.01%
Net Profit Margin	-5.56%	-9.01%	2.55%	5.13%	2.90%
Financial Strength
Current Ratio	0.91	0.99	1.17	1.36	0.96
Long Term Debt/Equity	0.10	0.13	0.11	0.16	0.87
Total Debt/Equity	0.77	0.65	0.45	0.32	1.72
Management Effectiveness
Return on Assets	-3.66%	-5.80%	2.11%	4.55%	2.20%
Return on Equity	-9.16%	-13.04%	4.65%	12.73%	10.90%
Efficiency
Receivables Turnover	6.87	4.31	4.42	4.85	4.76
Inventory Turnover	0.89	0.95	1.09	1.29	1.37
Asset Turnover	0.58	0.54	0.72	0.74	0.71

Market Valuation USD (mil)
Enterprise Value2	282.3	.	Price/Sales (TTM)	0.28
Enterprise Value/Revenue (TTM)	0.84	.	Price/Book (MRQ)	0.48
Enterprise Value/EBITDA (TTM)	15.27	.	Market Cap1	95.9
1-ExchangeRate: EUR to USD on 11-Nov-2011	0.728067
2-ExchangeRate: EUR to USD on 30-Sep-2011	0.745323

Annual Ratios

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	0.91	0.99	1.17	1.36	0.96
Quick/Acid Test Ratio	0.26	0.27	0.57	0.71	0.53
Working Capital1	-18.6	-2.4	33.6	58.1	-6.7
Long Term Debt/Equity	0.10	0.13	0.11	0.16	0.87
Total Debt/Equity	0.77	0.65	0.45	0.32	1.72
Long Term Debt/Total Capital	0.06	0.08	0.07	0.12	0.32
Total Debt/Total Capital	0.44	0.39	0.31	0.24	0.63
Payout Ratio	-	-	9.72%	12.47%	-
Effective Tax Rate	-	-	42.44%	28.76%	55.72%
Total Capital1	308.4	338.9	333.0	318.4	272.5

Efficiency
Asset Turnover	0.58	0.54	0.72	0.74	0.71
Inventory Turnover	0.89	0.95	1.09	1.29	1.37
Days In Inventory	411.45	385.22	334.72	282.86	267.26
Receivables Turnover	6.87	4.31	4.42	4.85	4.76
Days Receivables Outstanding	53.09	84.60	82.61	75.28	76.76
Revenue/Employee2	206,126	211,228	276,295	299,700	259,275
Operating Income/Employee2	-12,018	-25,711	20,088	33,823	24,917
EBITDA/Employee2	602	-13,132	29,493	44,213	34,554

Profitability
Gross Margin	71.16%	67.93%	73.14%	72.40%	72.09%
Operating Margin	-5.83%	-12.17%	7.27%	11.29%	9.61%
EBITDA Margin	0.29%	-6.22%	10.67%	14.75%	13.33%
EBIT Margin	-5.83%	-12.17%	7.27%	11.29%	9.61%
Pretax Margin	-6.49%	-13.83%	5.07%	8.58%	7.01%
Net Profit Margin	-5.56%	-9.01%	2.55%	5.13%	2.90%
COGS/Revenue	28.09%	31.23%	26.32%	27.08%	27.00%
SG&A Expense/Revenue	68.43%	72.58%	60.77%	57.21%	58.36%

Management Effectiveness
Return on Assets	-3.66%	-5.80%	2.11%	4.55%	2.20%
Return on Equity	-9.16%	-13.04%	4.65%	12.73%	10.90%

Valuation
Free Cash Flow/Share2	0.01	-0.15	0.03	0.31	0.41
Operating Cash Flow/Share 2	0.01	-0.15	0.03	0.31	0.41
1-ExchangeRate: EUR to USD Period End Date	0.745406	0.696986	0.719399	0.683971	0.758351
2-ExchangeRate: EUR to USD Average for Period	0.745406	0.696986	0.719399	0.683971	0.758351

Current Market Multiples
Market Cap/Earnings (TTM)	-9.57
Market Cap/Equity (MRQ)	0.50
Market Cap/Revenue (TTM)	0.28
Market Cap/EBIT (TTM)	-743.59
Market Cap/EBITDA (TTM)	5.07
Enterprise Value/Earnings (TTM)	-28.87
Enterprise Value/Equity (MRQ)	1.52
Enterprise Value/Revenue (TTM)	0.84
Enterprise Value/EBIT (TTM)	-2,242.11
Enterprise Value/EBITDA (TTM)	15.27

Annual Income Statement

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)


Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	290.4	301.8	431.0	401.3	333.9
Revenue	290.4	301.8	431.0	401.3	333.9
Other Revenue	7.8	8.1	8.8	7.7	11.2
Other Revenue, Total	7.8	8.1	8.8	7.7	11.2
Total Revenue	298.1	310.0	439.9	409.1	345.1

Cost of Revenue	83.7	96.8	115.8	110.8	93.2
Cost of Revenue, Total	83.7	96.8	115.8	110.8	93.2
Gross Profit	206.6	205.0	315.2	290.6	240.7

Selling/General/Administrative Expense	123.2	137.3	177.0	154.4	130.8
Labor & Related Expense	80.8	87.7	90.3	79.7	70.6
Total Selling/General/Administrative Expenses	204.0	225.0	267.3	234.0	201.4
Depreciation	8.0	9.5	9.7	9.2	8.1
Amortization of Intangibles	10.3	9.0	5.3	5.0	4.7
Depreciation/Amortization	18.3	18.5	15.0	14.2	12.8
Impairment-Assets Held for Use	3.8	1.3	3.2	0.5	0.6
Impairment-Assets Held for Sale	0.5	0.6	1.0	-	-
Unusual Expense (Income)	4.3	1.8	4.2	0.5	0.6
Other Operating Expense	5.2	5.7	5.6	3.4	4.0
Other Operating Expenses, Total	5.2	5.7	5.6	3.4	4.0
Total Operating Expense	315.5	347.7	407.9	362.9	312.0

Operating Income	-17.4	-37.7	32.0	46.2	33.2

Interest Expense - Non-Operating	-3.6	-4.1	-7.4	-10.4	-7.9
Interest Expense, Net Non-Operating	-3.6	-4.1	-7.4	-10.4	-7.9
Interest Income - Non-Operating	0.1	0.1	0.4	0.4	0.1
Investment Income - Non-Operating	-	-	-	0.0	-0.1
Interest/Investment Income - Non-Operating	0.1	0.1	0.4	0.4	0.0
Interest Income (Expense) - Net Non-Operating Total	-3.5	-4.1	-7.0	-10.0	-7.9
Other Non-Operating Income (Expense)	1.5	-1.1	-2.7	-1.0	-1.1
Other, Net	1.5	-1.1	-2.7	-1.0	-1.1
Income Before Tax	-19.3	-42.9	22.3	35.1	24.2

Total Income Tax	-0.5	-9.8	9.5	10.1	13.5
Income After Tax	-18.9	-33.1	12.8	25.0	10.7

Minority Interest	2.3	5.1	-1.6	-4.0	-0.7
Net Income Before Extraord Items	-16.6	-27.9	11.2	21.0	10.0
Net Income	-16.6	-27.9	11.2	21.0	10.0

Income Available to Common Excl Extraord Items	-16.6	-27.9	11.2	21.0	10.0

Income Available to Common Incl Extraord Items	-16.6	-27.9	11.2	21.0	10.0

Basic/Primary Weighted Average Shares	101.7	101.7	106.7	95.5	89.7
Basic EPS Excl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Basic/Primary EPS Incl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	-16.6	-27.9	11.2	21.0	10.0
Diluted Weighted Average Shares	101.7	101.7	106.7	95.5	89.7
Diluted EPS Excl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Diluted EPS Incl Extraord Items	-0.16	-0.27	0.11	0.22	0.11
Dividends per Share - Common Stock Primary Issue	-	-	0.01	0.03	-
Gross Dividends - Common Stock	-	-	-	2.9	-
Interest Expense, Supplemental	3.6	4.1	7.4	10.4	7.9
Depreciation, Supplemental	8.0	9.5	9.7	9.2	8.1
Total Special Items	4.3	1.8	4.2	0.5	0.6
Normalized Income Before Tax	-15.0	-41.1	26.5	35.6	24.8

Effect of Special Items on Income Taxes	1.5	0.6	1.8	0.1	0.3
Inc Tax Ex Impact of Sp Items	1.0	-9.2	11.3	10.2	13.8
Normalized Income After Tax	-16.1	-31.9	15.3	25.4	11.0

Normalized Inc. Avail to Com.	-13.8	-26.8	13.7	21.3	10.3

Basic Normalized EPS	-0.14	-0.26	0.13	0.22	0.11
Diluted Normalized EPS	-0.14	-0.26	0.13	0.22	0.11
Amort of Intangibles, Supplemental	10.3	9.0	5.3	5.0	4.7
Rental Expenses	29.8	26.7	26.3	23.3	20.6
Advertising Expense, Supplemental	14.6	19.1	26.6	23.5	19.5
Normalized EBIT	-13.1	-35.9	36.2	46.7	33.7
Normalized EBITDA	5.2	-17.4	51.2	60.8	46.6
Current Tax - Total	3.7	3.7	12.9	15.1	9.3
Current Tax - Total	3.7	3.7	12.9	15.1	9.3
Deferred Tax - Total	-4.2	-13.6	-3.4	-5.0	4.2
Deferred Tax - Total	-4.2	-13.6	-3.4	-5.0	4.2
Income Tax - Total	-0.5	-9.8	9.5	10.1	13.5
Discount Rate - Domestic	4.35%	-	-	-	-
Pension Payment Rate - Domestic	3.00%	-	3.90%	-	-

Interim Income Statement

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)


Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.707825	0.695476	0.731463	0.736368	0.774922

Net Sales	109.5	69.0	98.4	62.5	90.8
Revenue	109.5	69.0	98.4	62.5	90.8
Other Revenue	3.3	1.5	2.0	3.5	-0.7
Other Revenue, Total	3.3	1.5	2.0	3.5	-0.7
Total Revenue	112.7	70.6	100.4	65.9	90.1

Cost of Revenue	33.1	22.8	30.3	16.4	27.3
Cost of Revenue, Total	33.1	22.8	30.3	16.4	27.3
Gross Profit	76.4	46.2	68.1	46.0	63.5

Selling/General/Administrative Expense	37.1	32.1	34.7	30.8	32.3
Labor & Related Expense	21.5	19.4	21.8	20.2	20.2
Total Selling/General/Administrative Expenses	58.6	51.5	56.5	51.0	52.5
Depreciation	2.5	3.0	2.0	0.9	2.5
Amortization of Intangibles	2.3	1.9	2.8	4.0	2.1
Depreciation/Amortization	4.8	4.9	4.7	4.9	4.6
Impairment-Assets Held for Use	0.1	0.0	0.0	3.9	0.0
Unusual Expense (Income)	0.1	0.0	0.0	3.9	0.0
Other Operating Expense	0.2	1.2	3.0	1.7	-0.3
Other Operating Expenses, Total	0.2	1.2	3.0	1.7	-0.3
Total Operating Expense	96.7	80.4	94.5	77.9	84.1

Operating Income	16.0	-9.9	5.9	-12.0	6.0

Other Non-Operating Income (Expense)	-2.1	-1.6	-1.3	-0.5	-1.9
Other, Net	-2.1	-1.6	-1.3	-0.5	-1.9
Income Before Tax	13.9	-11.5	4.6	-12.6	4.1

Total Income Tax	5.5	-2.5	3.1	-1.1	2.5
Income After Tax	8.3	-9.0	1.5	-11.5	1.5

Minority Interest	-0.9	0.4	-0.4	1.4	0.0
Net Income Before Extraord Items	7.4	-8.5	1.1	-10.1	1.6
Net Income	7.4	-8.5	1.1	-10.1	1.6

Income Available to Common Excl Extraord Items	7.4	-8.5	1.1	-10.1	1.6

Income Available to Common Incl Extraord Items	7.4	-8.5	1.1	-10.1	1.6

Basic/Primary Weighted Average Shares	101.5	101.5	101.5	101.5	101.5
Basic EPS Excl Extraord Items	0.07	-0.08	0.01	-0.10	0.02
Basic/Primary EPS Incl Extraord Items	0.07	-0.08	0.01	-0.10	0.02
Dilution Adjustment	-	0.0	-	0.0	-
Diluted Net Income	7.4	-8.5	1.1	-10.1	1.6
Diluted Weighted Average Shares	101.5	101.5	101.5	101.5	101.5
Diluted EPS Excl Extraord Items	0.07	-0.08	0.01	-0.10	0.02
Diluted EPS Incl Extraord Items	0.07	-0.08	0.01	-0.10	0.02
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	-	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	-	0.0
Depreciation, Supplemental	2.5	3.0	2.0	0.9	2.5
Total Special Items	0.1	0.0	0.0	3.9	0.0
Normalized Income Before Tax	13.9	-11.5	4.6	-8.7	4.1

Effect of Special Items on Income Taxes	0.0	0.0	0.0	1.4	0.0
Inc Tax Ex Impact of Sp Items	5.6	-2.5	3.1	0.3	2.5
Normalized Income After Tax	8.4	-9.0	1.5	-8.9	1.5

Normalized Inc. Avail to Com.	7.5	-8.5	1.1	-7.6	1.6

Basic Normalized EPS	0.07	-0.08	0.01	-0.07	0.02
Diluted Normalized EPS	0.07	-0.08	0.01	-0.07	0.02
Amort of Intangibles, Supplemental	2.3	1.9	2.8	4.0	2.1
Rental Expenses	-	7.8	8.4	-	-
Advertising Expense, Supplemental	-	-	-	-	4.6
Normalized EBIT	16.1	-9.9	5.9	-8.1	5.9
Normalized EBITDA	20.8	-4.9	10.6	-3.2	10.6
Current Tax - Total	-	1.0	1.7	3.8	2.3
Current Tax - Total	-	1.0	1.7	3.8	2.3
Deferred Tax - Total	-	-3.5	1.4	-4.3	0.3
Deferred Tax - Total	-	-3.5	1.4	-4.3	0.3
Income Tax - Total	-	-2.5	3.1	-0.5	2.5

Annual Balance Sheet

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)


Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399	0.683971	0.758351
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Cash	1.0	1.3	-	-	-
Cash & Equivalents	5.0	6.4	10.7	21.2	14.7
Short Term Investments	-	-	-	0.0	5.5
Cash and Short Term Investments	6.1	7.7	10.7	21.2	20.2
Accounts Receivable - Trade, Gross	38.8	40.5	62.3	56.6	47.2
Provision for Doubtful Accounts	-1.9	-2.0	-2.2	-2.6	-3.1
Trade Accounts Receivable - Net	36.9	38.6	60.1	54.0	44.1
Other Receivables	9.1	6.2	40.2	39.6	34.1
Total Receivables, Net	46.0	44.8	100.3	93.6	78.2
Inventories - Finished Goods	67.8	63.9	69.1	56.7	43.1
Inventories - Work In Progress	8.6	11.6	12.5	15.8	12.8
Inventories - Raw Materials	21.4	23.3	25.4	25.6	19.5
Inventories - Other	0.2	0.9	0.6	0.9	0.7
Total Inventory	98.0	99.7	107.6	99.1	76.0
Prepaid Expenses	27.1	30.2	-	-	-
Deferred Income Tax - Current Asset	6.9	9.0	11.3	7.0	3.1
Other Current Assets	0.0	-	-	-	-
Other Current Assets, Total	6.9	9.0	11.3	7.0	3.1
Total Current Assets	184.0	191.3	229.9	220.9	177.5

Buildings	-	-	-	-	52.1
Land/Improvements	-	-	-	-	68.1
Machinery/Equipment	-	-	-	-	32.0
Other Property/Plant/Equipment	-	-	-	-	23.0
Property/Plant/Equipment - Gross	-	-	-	-	175.3
Accumulated Depreciation	-	-	-	-	-83.1
Property/Plant/Equipment - Net	101.4	109.9	109.1	104.1	92.2
Goodwill, Net	62.8	67.3	76.4	79.4	71.3
Intangibles, Net	144.1	158.0	158.8	171.7	159.5
LT Investment - Affiliate Companies	0.0	0.0	0.0	0.0	0.2
LT Investments - Other	-	-	-	2.4	2.2
Long Term Investments	0.0	0.0	0.0	2.4	2.3
Note Receivable - Long Term	4.0	4.0	3.7	4.6	3.8
Deferred Income Tax - Long Term Asset	20.2	20.9	11.6	13.0	14.2
Discontinued Operations - Long Term Asset	1.1	13.3	2.3	-	-
Other Long Term Assets, Total	21.2	34.1	13.9	13.0	14.2
Total Assets	517.6	564.7	591.7	596.1	520.8

Accounts Payable	63.9	60.5	87.6	88.6	92.7
Accrued Expenses	3.5	3.9	-	-	-
Notes Payable/Short Term Debt	116.5	107.4	79.2	38.5	66.4
Current Portion - Long Term Debt/Capital Leases	-	-	-	-	18.6
Income Taxes Payable	3.9	4.8	6.0	10.4	6.5
Other Current Liabilities	14.8	17.1	23.5	25.2	-
Other Current liabilities, Total	18.7	21.9	29.5	35.6	6.5
Total Current Liabilities	202.6	193.7	196.2	162.7	184.2

Long Term Debt	13.5	19.5	16.1	28.3	76.0
Capital Lease Obligations	4.2	6.6	8.3	10.7	11.3
Total Long Term Debt	17.7	26.1	24.4	39.0	87.3
Total Debt	134.2	133.4	103.6	77.5	172.3

Deferred Income Tax - LT Liability	55.2	61.4	61.8	70.2	75.6
Deferred Income Tax	55.2	61.4	61.8	70.2	75.6
Minority Interest	34.5	39.2	43.1	43.7	34.9
Pension Benefits - Underfunded	12.3	14.0	14.4	16.2	17.8
Other Long Term Liabilities	21.0	22.2	22.4	23.3	20.8
Discontinued Operations - Liabilities	0.0	2.7	-	-	-
Other Liabilities, Total	33.4	38.9	36.8	39.6	38.6
Total Liabilities	343.4	359.2	362.4	355.2	420.6

Common Stock	34.0	36.4	35.8	39.2	29.7
Common Stock	34.0	36.4	35.8	39.2	29.7
Additional Paid-In Capital	95.6	102.2	99.8	110.1	15.0
Retained Earnings (Accumulated Deficit)	47.7	69.3	95.5	92.9	55.1
Translation Adjustment	-3.2	-2.4	-1.8	-1.4	0.5
Other Equity, Total	-3.2	-2.4	-1.8	-1.4	0.5
Total Equity	174.2	205.4	229.4	240.9	100.2

Total Liabilities & Shareholders’ Equity	517.6	564.7	591.7	596.1	520.8

Shares Outstanding - Common Stock Primary Issue	101.5	101.5	103.1	107.4	107.4
Total Common Shares Outstanding	101.5	101.5	103.1	107.4	107.4
Treasury Shares - Common Stock Primary Issue	5.9	5.9	4.3	0.0	0.0
Employees	1,465	1,514	1,513	1,458	1,399
Accumulated Intangible Amort, Suppl.	-	-	-	-	29.1
Deferred Revenue - Current	-	-	-	-	2.2
Total Long Term Debt, Supplemental	6.3	-	-	-	93.0
Long Term Debt Maturing within 1 Year	6.3	-	-	-	17.0
Long Term Debt Maturing in Year 2	-	-	-	-	6.4
Long Term Debt Maturing in Year 3	-	-	-	-	6.4
Long Term Debt Maturing in Year 4	-	-	-	-	6.4
Long Term Debt Maturing in Year 5	-	-	-	-	6.4
Long Term Debt Maturing in 2-3 Years	-	-	-	-	12.8
Long Term Debt Maturing in 4-5 Years	-	-	-	-	12.8
Long Term Debt Matur. in Year 6 & Beyond	0.0	-	-	-	50.4
Total Capital Leases, Supplemental	-	-	-	-	12.9
Capital Lease Payments Due in Year 1	-	-	-	-	1.6
Capital Lease Payments Due in Year 2	-	-	-	-	0.9
Capital Lease Payments Due in Year 3	-	-	-	-	0.9
Capital Lease Payments Due in Year 4	-	-	-	-	0.9
Capital Lease Payments Due in Year 5	-	-	-	-	0.9
Capital Lease Payments Due in 2-3 Years	-	-	-	-	1.8
Capital Lease Payments Due in 4-5 Years	-	-	-	-	1.8
Cap. Lease Pymts. Due in Year 6 & Beyond	-	-	-	-	7.7
Pension Obligation - Domestic	1.4	1.4	2.3	2.3	2.1
Funded Status - Domestic	-1.4	-1.4	-2.3	-2.3	-2.1
Total Funded Status	-1.4	-1.4	-2.3	-2.3	-2.1
Discount Rate - Domestic	4.35%	-	-	-	-
Pension Payment Rate - Domestic	3.00%	-	3.90%	-	-
Accrued Liabilities - Domestic	-1.4	-1.4	-2.3	-2.3	-2.1
Net Assets Recognized on Balance Sheet	-1.4	-1.4	-2.3	-2.3	-2.1
Total Plan Obligations	1.4	1.4	2.3	2.3	2.1

Interim Balance Sheet

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)


Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.745323	0.689727	0.704672	0.745406	0.732493

Cash & Equivalents	5.7	5.6	6.7	6.1	6.4
Cash and Short Term Investments	5.7	5.6	6.7	6.1	6.4
Accounts Receivable - Trade, Gross	-	49.6	-	38.8	-
Provision for Doubtful Accounts	-	-1.6	-	-1.9	-
Trade Accounts Receivable - Net	67.2	48.0	60.9	36.9	58.0
Other Receivables	33.4	41.1	36.9	36.2	32.9
Total Receivables, Net	100.6	89.1	97.7	73.1	90.9
Inventories - Finished Goods	-	73.2	-	67.8	-
Inventories - Work In Progress	-	9.4	-	8.6	-
Inventories - Raw Materials	-	21.8	-	21.4	-
Inventories - Other	-	1.0	-	0.2	-
Total Inventory	91.8	105.4	100.3	98.0	91.7
Deferred Income Tax - Current Asset	10.6	11.6	8.2	6.9	6.2
Other Current Assets	-	0.0	-	0.0	-
Other Current Assets, Total	10.6	11.6	8.2	6.9	6.2
Total Current Assets	208.8	211.8	212.8	184.0	195.1

Property/Plant/Equipment - Net	99.1	106.2	104.6	101.4	104.0
Goodwill, Net	-	65.8	-	62.8	-
Intangibles, Net	200.8	153.3	216.6	144.1	216.1
LT Investment - Affiliate Companies	0.0	0.1	0.1	0.0	0.0
LT Investments - Other	4.1	4.4	4.2	4.0	4.1
Long Term Investments	4.2	4.5	4.3	4.0	4.1
Deferred Income Tax - Long Term Asset	17.1	22.6	19.3	20.2	20.5
Discontinued Operations - Long Term Asset	0.6	1.2	1.1	1.1	0.6
Other Long Term Assets, Total	17.7	23.8	20.4	21.2	21.0
Total Assets	530.5	565.3	558.7	517.6	540.4

Accounts Payable	58.3	70.2	67.1	63.9	51.5
Notes Payable/Short Term Debt	159.5	164.6	157.6	134.8	149.1
Income Taxes Payable	5.3	5.0	4.5	3.9	4.4
Other Current liabilities, Total	5.3	5.0	4.5	3.9	4.4
Total Current Liabilities	223.1	239.8	229.2	202.6	205.0

Long Term Debt	12.8	12.5	16.8	13.5	19.3
Capital Lease Obligations	-	3.5	-	4.2	-
Total Long Term Debt	12.8	15.9	16.8	17.7	19.3
Total Debt	172.3	180.5	174.4	152.5	168.3

Deferred Income Tax - LT Liability	55.0	59.0	58.2	55.2	57.7
Deferred Income Tax	55.0	59.0	58.2	55.2	57.7
Minority Interest	22.0	22.9	22.8	34.5	36.5
Reserves	1.6	1.7	1.6	1.9	1.8
Pension Benefits - Underfunded	11.0	12.3	12.5	12.3	12.7
Other Long Term Liabilities	19.1	20.6	20.2	19.1	19.4
Discontinued Operations - Liabilities	0.0	0.0	-	0.0	-
Other Liabilities, Total	31.7	34.6	34.3	33.4	33.9
Total Liabilities	344.6	372.2	361.3	343.4	352.3

Common Stock	34.0	36.8	36.0	34.0	34.6
Common Stock	34.0	36.8	36.0	34.0	34.6
Additional Paid-In Capital	-	103.3	-	95.6	-
Retained Earnings (Accumulated Deficit)	151.8	56.8	161.4	47.7	153.4
Translation Adjustment	-	-3.8	-	-3.2	-
Other Equity, Total	-	-3.8	-	-3.2	-
Total Equity	185.9	193.1	197.4	174.2	188.1

Total Liabilities & Shareholders’ Equity	530.5	565.3	558.7	517.6	540.4

Shares Outstanding - Common Stock Primary Issue	101.5	101.5	107.4	101.5	107.4
Total Common Shares Outstanding	101.5	101.5	107.4	101.5	107.4
Treasury Shares - Common Stock Primary Issue	5.9	5.9	-	5.9	-
Employees	-	1,470	-	1,465	-
Total Long Term Debt, Supplemental	-	139.7	-	6.3	-
Long Term Debt Maturing within 1 Year	-	139.7	-	6.3	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	-	0.0	-

Annual Cash Flows

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)


Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Mar-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679	0.730637	0.796979
Auditor	Mazars SpA	Mazars & Guerard	Mazars & Guerard	Mazars & Guerard
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	-19.3	-42.9	22.3	35.1	24.2
Depreciation	22.1	19.0	18.2	14.7	12.8
Depreciation/Depletion	22.1	19.0	18.2	14.7	12.8
Other Non-Cash Items	1.4	3.7	8.6	7.7	9.7
Non-Cash Items	1.4	3.7	8.6	7.7	9.7
Prepaid Expenses	-	-	-	-	4.7
Other Assets & Liabilities, Net	-0.2	7.9	-27.6	-13.1	0.8
Other Operating Cash Flow	-2.9	-2.5	-18.0	-12.8	-10.8
Changes in Working Capital	-3.2	5.5	-45.7	-25.9	-5.3
Cash from Operating Activities	1.0	-14.8	3.4	31.6	41.4

Investment, Net	4.9	-0.5	-3.2	0.1	0.2
Intangible, Net	-6.5	1.6	-1.5	-0.5	-0.1
Other Investing Cash Flow	-6.7	-7.0	-20.3	-12.7	-5.1
Other Investing Cash Flow Items, Total	-8.3	-5.9	-25.0	-13.1	-4.9
Cash from Investing Activities	-8.3	-5.9	-25.0	-13.1	-4.9

Other Financing Cash Flow	-2.9	-6.6	-17.3	87.4	-16.3
Financing Cash Flow Items	-2.9	-6.6	-17.3	87.4	-16.3
Cash Dividends Paid - Common	0.0	-1.0	-3.1	0.0	-
Total Cash Dividends Paid	0.0	-1.0	-3.1	0.0	-
Long Term Debt, Net	9.1	24.9	32.1	-107.1	-9.8
Issuance (Retirement) of Debt, Net	9.1	24.9	32.1	-107.1	-9.8
Cash from Financing Activities	6.2	17.3	11.6	-19.7	-26.1

Net Change in Cash	-1.1	-3.3	-10.0	-1.1	10.4

Net Cash - Beginning Balance	7.1	10.7	21.2	21.0	8.8
Net Cash - Ending Balance	6.0	7.4	11.3	19.9	19.2
Cash Taxes Paid	2.9	2.5	18.0	12.8	10.8

Interim Cash Flows

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)


Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.711706	0.713558	0.731463	0.755078	0.761121

Net Income/Starting Line	7.3	-6.5	4.6	-19.3	-7.0
Depreciation	14.5	9.7	4.8	22.1	13.4
Depreciation/Depletion	14.5	9.7	4.8	22.1	13.4
Other Non-Cash Items	3.3	1.5	0.3	1.4	0.8
Non-Cash Items	3.3	1.5	0.3	1.4	0.8
Other Assets & Liabilities, Net	-28.1	-7.4	-14.7	-0.2	-19.6
Other Operating Cash Flow	-1.8	-1.4	-1.0	-2.9	-2.1
Changes in Working Capital	-29.9	-8.8	-15.7	-3.2	-21.6
Cash from Operating Activities	-4.8	-4.0	-6.0	1.0	-14.5

Intangible, Net	-0.6	-0.4	-0.6	-6.5	-8.1
Other Investing Cash Flow	-4.6	-1.7	0.6	-1.7	2.6
Other Investing Cash Flow Items, Total	-5.2	-2.1	0.0	-8.3	-5.4
Cash from Investing Activities	-5.2	-2.1	0.0	-8.3	-5.4

Other Financing Cash Flow	-6.9	-4.9	-3.2	-2.9	-1.6
Financing Cash Flow Items	-6.9	-4.9	-3.2	-2.9	-1.6
Cash Dividends Paid - Common	0.0	0.0	0.0	0.0	0.0
Total Cash Dividends Paid	0.0	0.0	0.0	0.0	0.0
Long Term Debt, Net	16.5	10.2	9.5	9.1	20.6
Issuance (Retirement) of Debt, Net	16.5	10.2	9.5	9.1	20.6
Cash from Financing Activities	9.7	5.3	6.3	6.2	19.0

Net Change in Cash	-0.4	-0.9	0.2	-1.1	-0.9

Net Cash - Beginning Balance	6.3	6.3	6.2	7.1	7.0
Net Cash - Ending Balance	6.0	5.4	6.4	6.0	6.1
Cash Taxes Paid	-	1.4	1.0	2.9	2.1

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.70.07

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.