MIRA INFORM REPORT

Report Date :

11.12.2013

IDENTIFICATION DETAILS

Name :	GROUPE GO SPORT SA
Registered Office :	17 Avenue De La Falaise, Sassenage, 38360
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	09.10.1995
Com. Reg. No.:	958808776
Legal Form :	Public Subsidiary Company
Line of Business :	distributor of sporting goods and leisurewear including clothing, footwear and sporting equipment, marketed under two brands: GO Sport and Courir
No. of Employees :	4,607

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	USD 17.315 millions
Status :	Moderate
Payment Behaviour :	Slow but Correct
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 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
France	A1	A1

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

france ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 79 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% over the same period. Under President SARKOZY, Paris implemented some austerity measures to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

Company name & address

Groupe GO Sport SA

17 avenue de la Falaise

Sassenage, 38360

France

Tel: 33-4-76282020

Fax: 33-4-76282099

Web: www.groupegosport.com

synthesis

Employees: 4,607

Company Type: Public Subsidiary

Corporate Family: 239 Companies

Ultimate Parent: Finatis SA

Traded: Euronext Paris: GSP

Incorporation Date: 09-Oct-1995

Auditor: Ernst & Young et Autres

Financials in: Usd (millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Euro

Annual Sales: 869.1 1

Net Income: (28.2)

Total Assets: 428.3 2

Market Value: 53.0 (08-Nov-2013)

Credit Limit : USD 17.315 millions

Business Description

Groupe Go Sport SA is a France-based company that specializes in the distribution of sporting goods and leisurewear. The range of Company’s products includes clothing, footwear and sporting equipment, marketed under two brands: GO Sport and Courir. As of December 31, 2011, there were 176 GO Sport outlets and 174 Courir outlets. Groupe GO Sport SA operates through its subsidiaries, such as GO Sport.com SAS, GO Sport Les Halles SNC, Les Buissieres SAS and Grand Large Sport SAS, among others. The Company sells its products via outlets located in France, Belgium and Poland, as well as, through the network of franchise shops, in Saudi Arabia, Kuwait and the United Arab Emirates. In October 2013, the Company announced that it has signed a new franchise agreement for a period of 10 years with Al Mana Group for an extension of territory, which covers Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain for both GO Sport and Run brands. For the six months ended 30 June 2013, Groupe GO Sport SA revenues decreased 4% to EUR311.1M. Net loss decreased 51% to EUR8.6M. Revenues reflect Comparable Store Sales (Value) - Retail decrease of 4% to EUR310.8M. Lower net loss reflects Personnel decrease of 5% to EUR51.8M (expense). Basic Earnings per Share excluding Extraordinary Items increased from -EUR1.54 to -EUR0.76.

Industry

Industry Sporting Goods and Recreation Stores

ANZSIC 2006: 4241 - Sport and Camping Equipment Retailing

ISIC Rev 4: 4763 - Retail sale of sporting equipment in specialized stores

NACE Rev 2: 4764 - Retail sale of sporting equipment in specialised stores

NAICS 2012: 45111 - Sporting Goods Stores

UK SIC 2007: 4764 - Retail sale of sporting equipment in specialised stores

US SIC 1987: 5941 - Sporting Goods Stores and Bicycle Shops

Key Executives

Name	Title
Andre Segura	Chief Executive Officer
Karen Vaylet	Deputy Finance and Administrative Director
Caroline Roche	Director of Marketing, Clients and the Internet, Member of the Executive Committee
Eric Braconnier	Director of Organization and Information Systems, Member of the Executive Committee
Benoit Baille	Head of Internal Audit and Supply Chain, Member of the Executive Committee

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.85	2.53
Quick Ratio (MRQ)	0.27	1.32
Debt to Equity (MRQ)	2.98	0.33
Sales 5 Year Growth	-2.15	8.49
Net Profit Margin (TTM) %	-1.99	9.11
Return on Assets (TTM) %	-4.25	14.81
Return on Equity (TTM) %	-20.90	28.29

Stock Snapshot

Traded: Euronext Paris: GSP

As of 8-Nov-2013

   Financials in: EUR

Recent Price	3.49	EPS	-1.87
52 Week High	4.60	Price/Sales	0.06
52 Week Low	2.36	Price/Book	0.61
Avg. Volume (mil)	0.0021	Beta	0.66
Market Value (mil)	39.55

	Price % Change	Rel S&P 500%
4 Week	-6.68%	-7.57%
13 Week	10.79%	6.01%
52 Week	-12.97%	-30.39%
Year to Date	-17.88%	-29.82%

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location

17 avenue de la Falaise

Sassenage, 38360

France

Tel: 33-4-76282020

Fax: 33-4-76282099

Web: www.groupegosport.com

Quote Symbol - Exchange

GSP - Euronext Paris

Sales EUR(mil): 676.3

Assets EUR(mil): 324.0

Employees: 4,607

Fiscal Year End: 31-Dec-2012

Industry: Retail (Specialty)

Incorporation Date: 09-Oct-1995

Company Type: Public Subsidiary

Quoted Status: Quoted

Registered No.(FRA): 958808776

Chief Executive Officer: Andre Segura

Industry Codes

ANZSIC 2006 Codes:

4241 - Sport and Camping Equipment Retailing

ISIC Rev 4 Codes:

4763 - Retail sale of sporting equipment in specialized stores

NACE Rev 2 Codes:

4764 - Retail sale of sporting equipment in specialised stores

NAICS 2012 Codes:

45111 - Sporting Goods Stores

US SIC 1987:

5941 - Sporting Goods Stores and Bicycle Shops

UK SIC 2007:

4764 - Retail sale of sporting equipment in specialised stores

Business Description

Groupe Go Sport SA is a France-based company that specializes in the distribution of sporting goods and leisurewear. The range of Company’s products includes clothing, footwear and sporting equipment, marketed under two brands: GO Sport and Courir. As of December 31, 2011, there were 176 GO Sport outlets and 174 Courir outlets. Groupe GO Sport SA operates through its subsidiaries, such as GO Sport.com SAS, GO Sport Les Halles SNC, Les Buissieres SAS and Grand Large Sport SAS, among others. The Company sells its products via outlets located in France, Belgium and Poland, as well as, through the network of franchise shops, in Saudi Arabia, Kuwait and the United Arab Emirates. In October 2013, the Company announced that it has signed a new franchise agreement for a period of 10 years with Al Mana Group for an extension of territory, which covers Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain for both GO Sport and Run brands. For the six months ended 30 June 2013, Groupe GO Sport SA revenues decreased 4% to EUR311.1M. Net loss decreased 51% to EUR8.6M. Revenues reflect Comparable Store Sales (Value) - Retail decrease of 4% to EUR310.8M. Lower net loss reflects Personnel decrease of 5% to EUR51.8M (expense). Basic Earnings per Share excluding Extraordinary Items increased from -EUR1.54 to -EUR0.76.

More Business Descriptions

· Holding company with interests in the retail trade in sports equipment, clothing and shoes

Sporting Goods & Leisure Wear Distr

Sporting Goods Stores

Brand/Trade Names

Go Sport

Financial Data

Financials in:	EUR(mil)
Revenue:	676.3
Net Income:	-21.9
Assets:	324.0
Long Term Debt:	0.6
Total Liabilities:	259.3
Working Capital:	0.0
Date of Financial Data:	31-Dec-2012

1 Year Growth

-0.7%

NA

-0.6%

Top

Market Data

Quote Symbol:	GSP
Exchange:	Euronext Paris
Currency:	EUR
Stock Price:	3.5
Stock Price Date:	11-08-2013
52 Week Price Change %:	-13.0
Market Value (mil):	39,550.7
SEDOL:	5648029
ISIN:	FR0000072456
Equity and Dept Distribution:
4/2012, Rights Issue, 2 new shares for every 1 share held @ EUR4 (Factor: 1.30986).

Subsidiaries

Company	Percentage Owned	Country
Go Sport France SAS	100%	FRANCE
Courir France SAS	100%	FRANCE
Club Sports Diffusion SA/NV	100%	BELGIUM
Go Sport les Halles SNC	99.99%	FRANCE
Grand Large Sport SAS	100%	FRANCE
Les Buissières SAS	100%	FRANCE
Limpart Investments BV	100%	NETHERLANDS
Groupe GO Sport Suisse SARL	100%	SWITZERLAND
GO Sport Polska SP Zoo	100%	POLAND
GO Sport Espagne SA	100%	SPAIN
Societe Les Buissieres		France
Club Sports Diffusion Sa		Belgium
Go Sport Polska Sp Z O O		Poland
Grand Large Sport		France
Go Sport Les Halles		France
Groupe Go Sport Suisse Sàrl		Switzerland
Courir France		France
Go Sport France		France

Top

Shareholders

Major Shareholders

Groupe Rallye SA (89.66%)

Top

Key Corporate Relationships

Auditor:	Ernst & Young et Autres
Bank:	Lcl - Le Credit Lyonnais
Auditor:	Ernst & Young et Autres, KPMG Audit, Ernst & Young Audit SAS

Corporate Family	Corporate Structure News:
	Finatis SA Groupe GO Sport SA
Groupe GO Sport SA Total Corporate Family Members: 239

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Finatis SA	Parent	Paris	France	Grocery Stores	54,822.7	321,386
Fonciere Euris	Subsidiary	Paris	France	Grocery Stores	54,822.7	321,386
Rallye SA	Subsidiary	Paris	France	Grocery Stores	54,820.1	321,385
Casino Guichard Perrachon SA	Subsidiary	Saint-Etienne	France	Grocery Stores	53,930.9	295,840
Distribution Casino France SAS	Subsidiary	Saint Etienne	France	Grocery Stores	13,752.1	37,502
Serca	Subsidiary	St Etienne	France	Electronic Equipment Repair and Maintenance	46.0	374
Floréal SA	Subsidiary	Saint Etienne	France	Gasoline Stations and Fuel Dealers	1,163.7	225
Casino Vacances SNC	Subsidiary	Paris	France	Travel and Reservation Services	20.2	20
Club Avantages	Subsidiary	St Etienne	France	Securities	80.8	7
Franprix Leader Price Holding SAS	Subsidiary	Chennevieres sur Marne	France	Grocery Stores	5,498.3
Enseigne Leader Price	Subsidiary	Chennevieres Sur Marne	France	Miscellaneous Professional Services	41.7	149
Sedifrais	Subsidiary	Gonesse	France	Miscellaneous Wholesale	883.7	34
P.R.O Distribution	Subsidiary	Sevres	France	Grocery Stores	6.7	34
Leadis Ile De France	Subsidiary	Saran	France	Grocery Stores	8.7	34
Leadis Normandie	Subsidiary	Barentin	France	Grocery Stores	8.0	34
Leadis Francile Nord	Subsidiary	Nogent Sur Oise	France	Grocery Stores	3.4	14
Leadis Armor	Subsidiary	Rennes	France	Grocery Stores	15.1	7
Ca Dis Villeurbanne	Subsidiary	Villeurbanne	France	Grocery Stores	0.3	34
Ste Financiere De Gestion Participation	Subsidiary	Rueil Malmaison	France	Holding Companies		34
Super Delambre	Subsidiary	Paris	France	Grocery Stores	6.3	14
Superant	Subsidiary	Paris	France	Grocery Stores	3.2	14
Sarjel	Subsidiary	St Maur Des Fosses	France	Holding Companies		34
Surgenord	Subsidiary	Chennevieres Sur Marne	France	Grocery Stores		16
Leadis Bretagne	Subsidiary	Langueux	France	Grocery Stores	13.2	14
Leadis Ouest	Subsidiary	Lorient	France	Grocery Stores	6.6	14
Cogefisd	Subsidiary	Paris	France	Miscellaneous Professional Services	3.9	14
Societe Commerciale De Distribution Alimentaire Du Pere Corentin	Subsidiary	Paris	France	Grocery Stores	2.4	14
Distrileader Loudeac	Subsidiary	Loudeac	France	Grocery Stores	7.5	7
Sodigestion	Subsidiary	Nanterre	France	Banking	1.4	1
Leader Price Francilienne	Subsidiary	Ballainvilliers	France	Grocery Stores	8.0
Besancon Distribution St Claude	Subsidiary	Chennevieres Sur Marne	France	Grocery Stores
Lecogest	Subsidiary	Rueil Malmaison	France	Computer System Design Services
Distrileader Arles	Subsidiary	Mas Thibert	France	Grocery Stores	5.9	34
Bertanne	Subsidiary	Chambery	France	Grocery Stores	5.5	34
Campadis	Subsidiary	Les Pennes Mirabeau	France	Grocery Stores	8.6	14
Clermont Cristal	Subsidiary	Clermont Ferrand	France	Grocery Stores	6.5	14
Disalis	Subsidiary	Roche La Moliere	France	Grocery Stores	6.7
Franprix Holding	Subsidiary
Distribution Franprix SA	Subsidiary	Chennevieres	France	Grocery Wholesale	1,248.5	668
Societe Superette Seine Saint-Denis	Subsidiary	Paris	France	Grocery Stores	13.8	74
Minimarches Paris	Subsidiary	Paris	France	Grocery Stores	11.8	74
Superette Yvelines	Subsidiary	Maule	France	Grocery Stores	11.2	74
Franprix Leader Price-Direction Suppor	Subsidiary	Chennevieres Sur Marne	France	Miscellaneous Professional Services	43.5	34
Minimarche Seine Saint Denis	Subsidiary	Tremblay En France	France	Grocery Stores	16.4	34
Distribution De L Ile De France (Ste)	Subsidiary	Paris	France	Grocery Stores	15.8	34
Superette Paris	Subsidiary	Paris	France	Grocery Stores	14.4	34
Societe Supermarche Moulin Chennevieres	Subsidiary	Chennevieres Sur Marne	France	Grocery Stores	13.7	34
Minimarche Hauts De Seine	Subsidiary	Bry Sur Marne	France	Grocery Stores	12.9	34
Minimarche Seine Et Marne	Subsidiary	Quincy Voisins	France	Grocery Stores	12.7	34
Superette Seine Et Marne	Subsidiary	Gretz Armainvilliers	France	Grocery Stores	12.0	34
Minimarche Marne	Subsidiary	Vitry Le Francois	France	Grocery Stores	10.5	34
Soc Distribution Parisienne	Subsidiary	Paris	France	Grocery Stores	9.7	34
Superette Ile De France	Subsidiary	Ivry Sur Seine	France	Grocery Stores	9.0	34
Minimarche Val Doise	Subsidiary	Puiseux En France	France	Grocery Stores	5.1	34
Republique Alimentaire	Subsidiary	Jussy	France	Grocery Stores	3.0	34
Societe Margue	Subsidiary	Gentilly	France	Grocery Stores	8.8	14
Minimarche Essonne	Subsidiary	Chennevieres Sur Marne	France	Grocery Stores	8.2	14
Minimarche Val-De-Marne	Subsidiary	Paris	France	Grocery Stores	8.1	14
Societe Du Supermarche De Vaugirard	Subsidiary	Paris	France	Grocery Stores	6.4	14
Superette Region Parisienne	Subsidiary	Paris	France	Grocery Stores	6.1	14
Jacobsons	Subsidiary	Paris	France	Grocery Stores	6.0	14
Societe De Gestion De Supermarches	Subsidiary	Romainville	France	Grocery Stores	4.9	14
Ste Distribution Gravelle Sodigravelle	Subsidiary	Maisons Alfort	France	Grocery Stores	4.6	14
Benson	Subsidiary	Paris	France	Grocery Stores	4.2	14
Garedis	Subsidiary	La Garenne Colombes	France	Grocery Stores	3.9	14
Asnieresdis	Subsidiary	Asnieres Sur Seine	France	Grocery Stores	2.5	14
Minimarche Yvelines	Subsidiary	Montargis	France	Grocery Stores	1.3	14
Bsr	Subsidiary	Thiais	France	Grocery Stores	4.7	7
Jacodet	Subsidiary	Paris	France	Grocery Stores	3.1	7
Super National	Subsidiary	Paris	France	Grocery Stores	2.8	7
Anael	Subsidiary	Paris	France	Grocery Stores	2.5	7
Sodimex	Subsidiary	Asnieres Sur Seine	France	Grocery Stores	2.5	7
Sodichaumont	Subsidiary	Courbevoie	France	Grocery Stores		7
Fluor Distribution	Subsidiary	Paris	France	Grocery Stores	2.7	4
Sogedam	Subsidiary	Paris	France	Grocery Stores	1.6	4
Distririn	Subsidiary	Le Raincy	France	Grocery Stores	2.0	1
Parmentier Alimentaire	Subsidiary	Paris	France	Grocery Stores	7.8
Saint Michel Distribution	Subsidiary	Paris	France	Grocery Stores	5.9
Courdis	Subsidiary	Courbevoie	France	Grocery Stores	4.2
Clerdis	Subsidiary	Creteil	France	Grocery Stores	3.5
Sogimont	Subsidiary	Paris	France	Grocery Stores
Leader Price Holding	Subsidiary
Societe Generale De Logistique	Subsidiary	Gretz Armainvilliers	France	Miscellaneous Professional Services	37.9	374
Ste Logistique Sud	Subsidiary	Sauvian	France	Internet and Web Services	12.5	138
Distribution Leader Price SNC	Subsidiary	Gretz Armainvilliers	France	Grocery Wholesale	2,649.7	43
Fossedis	Subsidiary	Fos Sur Mer	France	Grocery Stores	10.8	34
Ca Dis Pont De Cheruy	Subsidiary	Pont De Cheruy	France	Grocery Stores	9.1	34
Retail Leader Price Investissement	Subsidiary	Gretz Armainvilliers	France	Holding Companies		34
Distrileader Lyon Berthelot	Subsidiary	Lyon	France	Grocery Stores	10.4	74
Distrileader Les Olives	Subsidiary	Marseille	France	Grocery Stores	18.1	34
Distrileader Toulon	Subsidiary	Toulon	France	Grocery Stores	16.5	34
Distrileader Auvergne	Subsidiary	Clermont Ferrand	France	Grocery Stores	13.8	34
Distrileader Loire	Subsidiary	La Mulatiere	France	Grocery Stores	12.8	34
Distrileader Ile De France	Subsidiary	Le Chesnay	France	Grocery Stores	12.5	34
Distrileader Rhone	Subsidiary	Givors	France	Grocery Stores	12.0	34
Distrileader Grenoble	Subsidiary	St Egreve	France	Grocery Stores	11.8	34
Distrileader Var	Subsidiary	La Valette Du Var	France	Grocery Stores	10.8	34
Distrileader Bouches Du Rhone	Subsidiary	Marseille	France	Grocery Stores	10.5	34
Distrileader Aude	Subsidiary	Balaruc Le Vieux	France	Grocery Stores	10.5	34
Distrileader Lyon	Subsidiary	La Tour Du Pin	France	Grocery Stores	10.5	34
Distrileader Nord Centre Ii	Subsidiary	Viriat	France	Grocery Stores	10.3	34
Distrileader Mazargues	Subsidiary	Marseille	France	Grocery Stores	9.5	34
Distrileader Roanne	Subsidiary	Roanne	France	Grocery Stores	9.5	34
Distrileader Istres	Subsidiary	Entressen	France	Grocery Stores	8.7	34
Distrileader Montpellier	Subsidiary	St Jean De Vedas	France	Grocery Stores	8.4	34
Sainpredis	Subsidiary	St Priest En Jarez	France	Miscellaneous Professional Services	8.1	34
Distrileader Macon	Subsidiary	Macon	France	Grocery Stores	7.2	34
Distrileader Allier	Subsidiary	Montlucon	France	Grocery Stores	6.7	34
Distrileader Sud	Subsidiary	Nimes	France	Holding Companies		34
Dba	Subsidiary	Lorient	France	Grocery Stores	2.9	25
Snc Kergonez Distribution	Subsidiary	Brest	France	Grocery Stores		40
Kemper Distribution	Subsidiary	Quimper	France	Grocery Stores		35
Pleneno Distribution	Subsidiary	Lorient	France	Grocery Stores	9.9	34
Dba Angers	Subsidiary	Angers	France	Grocery Stores		34
Kerlann Distribution	Subsidiary	Vannes	France	Grocery Stores		34
Imperial Distribution	Subsidiary	La Roche Sur Yon	France	Grocery Stores		34
Franklin Distribution	Subsidiary	Auray	France	Grocery Stores	6.7	16
Dba Reze	Subsidiary	Reze	France	Grocery Stores		15
Estuaire Distribution	Subsidiary	Trignac	France	Grocery Stores		15
Empereur Distribution	Subsidiary	Cholet	France	Grocery Stores		15
Chemont Distribution	Subsidiary	Nantes	France	Grocery Stores		15
Dba St Herblain	Subsidiary	St Herblain	France	Grocery Stores		14
Rousker Distribution	Subsidiary	Challans	France	Grocery Stores		14
Armordis	Subsidiary	Guingamp	France	Grocery Stores		13
Maillette Distribution	Subsidiary	Locmine	France	Grocery Stores	5.4	12
Distrileader Provence	Subsidiary	Salon De Provence	France	Grocery Stores	12.6	14
Distrileader Puy De Dome	Subsidiary	Issoire	France	Grocery Stores	10.5	14
Distrileader Davezieux	Subsidiary	Davezieux	France	Grocery Stores	9.9	14
Distrileader Vaucluse	Subsidiary	Carpentras	France	Grocery Stores	9.9	14
Distrileader Beaucaire	Subsidiary	Beaucaire	France	Grocery Stores	8.4	14
Villette Discount	Subsidiary	Montreuil	France	Grocery Stores	7.7	14
Distrileader Marseille	Subsidiary	Marseille	France	Grocery Stores	7.0	14
Distrileader Pierrelatte	Subsidiary	Pierrelatte	France	Grocery Stores	6.3	14
Distrileader 13	Subsidiary	Marseille	France	Grocery Stores	5.1	14
Distrileader Bourg Les Valence	Subsidiary	Bourg Les Valence	France	Grocery Stores	4.7	14
Cebadis	Subsidiary	Cebazat	France	Grocery Stores	4.4	14
Distrileader Roussillon	Subsidiary	Beziers	France	Grocery Stores	3.9	14
Distrileader Lunes	Subsidiary	Narbonne	France	Grocery Stores	7.4	1
Distrileader Centre Est	Subsidiary	Echirolles	France	Grocery Stores	13.9
Distrileader Narbonne	Subsidiary	Narbonne	France	Grocery Stores	9.2
Ca Dis	Subsidiary	Neuville Sur Saone	France	Grocery Stores	0.5
Districoq	Subsidiary	Puteaux	France	Grocery Stores	9.3	14
Ca Dis Saint Genis Laval	Subsidiary	St Genis Laval	France	Grocery Stores	7.1	14
Ansedis	Subsidiary	Anse	France	Grocery Stores	6.0	14
Ste Distribution Paris Gambetta	Subsidiary	Paris	France	Grocery Stores	5.1	14
Societe De Distribution Saint-Cloud	Subsidiary	St Cloud	France	Grocery Stores	4.1	14
Ste Distrib Saussure Dite Sodisaussure	Subsidiary	Paris	France	Grocery Stores	3.6	14
Benco	Subsidiary	Paris	France	Grocery Stores	3.4	7
Tadis	Subsidiary	Paris	France	Grocery Stores	2.5
Casino Carburants SAS	Subsidiary	Saint Etienne	France	Gasoline Stations and Fuel Dealers	629.0
Allode	Subsidiary	St Etienne	France	Grocery Stores	5.0
Almacenes Exito SA	Subsidiary	Envigado	Colombia	Department Stores	5,690.4	33,083
Big C Supercenter Public Company Limited	Subsidiary	Lumpini-Pathumwan, TH	Thailand	Grocery Stores	3,607.9	25,000
Big C Extra	Subsidiary	Bangkok	Thailand	Department Stores	833.3
Monoprix S.A.	Subsidiary	Boulogne-Billancourt	France	Department Stores		18,000
Cadena De Tiendas Venezolanas, Cativen S.A.	Subsidiary	Caracas, Distrito Federal	Venezuela	Grocery Stores		5,800
Casino Restauration SAS	Subsidiary	Saint Etienne	France	Restaurants and Bars	341.5	3,499
Restauration Collective Casino	Subsidiary	St Etienne	France	Hotels and Accommodation	91.8	749
Cdiscount	Subsidiary	Bordeaux	France	Non-store Retail	1,345.5	1,100
Monoprix SA	Subsidiary	Clichy	France	Department Stores	336.6	1,004
SAMADA SNC	Subsidiary	Thiais	France	Trucking	241.8	1,499
Aux Galeries de la Croisette SAS	Subsidiary	Clichy	France	Grocery Stores	190.7	565
Naturalia France SASU	Subsidiary	Paris	France	Grocery Stores	124.4	374
Le Serpent Vert	Subsidiary	Schiltigheim	France	Miscellaneous Transportation Services	5.5	34
Nature Et Sante	Subsidiary	Houssen	France	Miscellaneous Transportation Services	4.6	7
Soc Des Nouveaux Magasins Ile De France	Subsidiary	Clichy	France	Grocery Stores	191.3	34
Transports Affret Internat Combines	Subsidiary	Clichy	France	Data Processing	2.1	1
Société LRMD SAS	Subsidiary	Clichy	France	Commercial Real Estate Leasing	61.4
Monoprix Exploit Par Abreviation Mpx	Subsidiary	Clichy	France	Grocery Stores	5,660.8	14,526
Iberia (Ste Immobiliere)	Subsidiary	Clichy	France	Banking	3.6
Les Galeries De Colombes	Subsidiary	Clichy	France	Grocery Stores	1.3
E.M.C. Distribution	Subsidiary	Croissy Beaubourg	France	Grocery Wholesale	444.9	776
E.M.C. Distribution Limited	Subsidiary	Wan Chai, Hong Kong	Hong Kong	Miscellaneous Wholesale	600.0	60
Groupe Casino Limited	Subsidiary	Wan Chai, Hong Kong	Hong Kong	Miscellaneous Wholesale	4.9	60
Casino Services SAS	Subsidiary	Saint Etienne	France	Administrative Services	99.8	749
Casino Information Technology SASU	Subsidiary	Saint Etienne	France	Data Processing	182.3	374
Comacas	Subsidiary	St Etienne	France	Grocery Wholesale	43.2	149
Imagica	Subsidiary	Saint Etienne	France	Photofinishing		149
Banque Du Groupe Casino	Subsidiary	Paris	France	Banking		149
L'Immobilière Groupe Casino SASU	Subsidiary	Saint Etienne	France	Commercial Real Estate Leasing	176.7	130
Sudeco	Subsidiary	St Etienne	France	Property Managers	25.5	74
Igc Services	Subsidiary	St Etienne	France	Holding Companies		74
Fructidor Snc	Subsidiary	St Etienne	France	Property Managers	24.5
Uranie Sa	Subsidiary	St Etienne	France	Property Managers	7.4
Ste Civile Dinetard	Subsidiary	St Etienne	France	Property Managers	1.7
Intexa S.A.	Subsidiary	Saint-Etienne	France	Textile Manufacturing	0.1	110
Mercialys SA	Subsidiary	Paris	France	Pensions and Funds	210.9	74
Mercialys Gestion	Subsidiary	St Etienne	France	Computer System Design Services	9.1	34
Snc De Periaz	Subsidiary	St Etienne	France	Property Managers	23.5
Soc Du Centre Commercial De Narbonne	Subsidiary	St Etienne	France	Property Managers	1.5
ACOS SNC	Subsidiary	Saint Etienne	France	Computer System Design Services		40
Codim 2 SA	Subsidiary	Furiani	France	Grocery Stores	32.9	34
Pacam 2	Subsidiary	Ajaccio	France	Grocery Stores	143.0	374
Hyper Rocade 2	Subsidiary	Furiani	France	Grocery Stores	112.9	240
Lion De Toga 2	Subsidiary	Bastia	France	Grocery Stores	44.5	150
Poretta 2	Subsidiary	Porto Vecchio	France	Grocery Stores	69.9	144
Prodis 2	Subsidiary	Propriano	France	Grocery Stores	35.9	74
Sodico 2	Subsidiary	Corte	France	Grocery Stores	32.5	74
Balcadis 2	Subsidiary	L Ile Rousse	France	Grocery Stores	14.1	36
Unigros 2	Subsidiary	Bastia	France	Grocery Wholesale	64.1	34
Fidis 2	Subsidiary	Prunelli Di Fiumorbo	France	Grocery Stores	23.2	34
Sudis 2	Subsidiary	Porto Vecchio	France	Grocery Stores	13.6	34
Snc Des Cash Corses	Subsidiary	Bastia	France	Grocery Wholesale	18.0	18
Snc Costa Verde Supermarche C.V.S	Subsidiary	San Nicolao	France	Grocery Stores	12.2	14
Prical 2	Subsidiary	Calvi	France	Grocery Stores	28.9	1
Fox	Subsidiary	St Etienne	France	Grocery Stores	3.2	34
Finance Gestion Administration Controle	Subsidiary	Paris	France	Holding Companies		34
Alwenna Restauration Traiteur	Subsidiary	Digne Les Bains	France	Hotels and Accommodation	1.3	14
Marushka Holding B.V.	Subsidiary	Eindhoven, Noord-Brabant	Netherlands	Holding Companies		7
Campus Casino	Subsidiary	St Etienne	France	Miscellaneous Educational Services	10.3	1
Sas Du Canal Du Midi	Subsidiary	St Etienne	France	Property Managers	24.1
Thor Snc	Subsidiary	St Etienne	France	Grocery Wholesale	10.8
Casino International	Subsidiary	St Etienne	France	Grocery Wholesale	5.4
Igc Promotion	Subsidiary	St Etienne	France	Property Managers	2.8
Societe De Courtage Dassurance Du Forez	Subsidiary	St Etienne	France	Insurance Agents	1.3
Supermercados Disco del Uruguay S.A.	Subsidiary	Montevideo	Uruguay	Grocery Stores
Géant Holding B.V.	Subsidiary	Eindhoven, Noord-Brabant	Netherlands	Banking
Bergsaar B.V.	Subsidiary	Eindhoven, Noord-Brabant	Netherlands	Banking
Géant International B.V.	Subsidiary	Eindhoven, Noord-Brabant	Netherlands	Banking
Intexa	Subsidiary	St Etienne	France	Textile Manufacturing
Géant Foncière B.V.	Subsidiary	Eindhoven, Noord-Brabant	Netherlands	Banking
Mayland Real Estate Sp Z O O	Subsidiary	Warszawa	Poland	Real Estate Agents and Brokers	12.6
Pachidis Sa	Subsidiary	St Etienne	France	Banking
Coboop B.V.	Subsidiary	Eindhoven, Noord-Brabant	Netherlands	Securities
Theiadis	Subsidiary	St Etienne	France	Banking
Komogo SA	Subsidiary	Saint Etienne	France	Computer, Office Equipment and Software Merchant Wholesalers
Groupe GO Sport SA	Subsidiary	Sassenage	France	Sporting Goods and Recreation Stores	869.1	4,607
Go Sport France SAS	Subsidiary	Sassenage	France	Sporting Goods and Recreation Stores	653.6	3,499
Courir France SAS	Subsidiary	Sassenage	France	Sporting Goods and Recreation Stores	229.9	1,499
Go Sport Polska Sp Z O O	Subsidiary	Warszawa	Poland	Sporting Goods and Recreation Stores	74.1	600
Club Sports Diffusion SA/NV	Subsidiary	Wavre	Belgium	Sporting Goods and Recreation Stores	3.6	15
Go Sport Les Halles	Subsidiary	Sassenage	France	Miscellaneous Professional Services	2.9
Les Magasins Jean	Subsidiary	Brest	France	Clothing and Apparel Stores	8.0	34
Alpetrol	Subsidiary	Paris	France	Banking
Cobivia	Subsidiary	Paris	France	Banking
Miramont Finance Et Distribution	Subsidiary	Paris	France	Banking
Marigny Fonciere	Subsidiary	Paris	France	Banking
Matignon Abbeville	Subsidiary	Paris	France	Property Managers
Eurisma	Subsidiary	Paris	France	Banking

Executive report

Board of Directors

Name	Title	Function
Pierre Letzelter	Chairman	Chairman
Jean-Paul Onillon	Chairman of the Board	Chairman
Denes Almasy de Zsadany	Secretary General, Director of Finance and Administration, Member of the Executive Committee	Director/Board Member
Benoit Baille	Head of Internal Audit and Supply Chain, Member of the Executive Committee	Director/Board Member
Eric Braconnier	Director of Organization and Information Systems, Member of the Executive Committee	Director/Board Member
Andre Crestey	Director	Director/Board Member
Biography: Mr. Andre Crestey has served as a Director of Groupe GO Sport SA since 2001. He previously served as Chairman of the Board since September 10, 1992. He is Chairman of the Company's Audit Committee and its Remuneration and Nominating Committee. He was Chairman of the Board until 2001. Between 1977 and 1992, Mr. Crestey served as Chief Executive Officer of Euromarche. He joined the Rallye group in 1992, where he held the positions of Chairman of the Management Board, Chairman and Chief Executive Officer in 1993, and Vice Chairman and Chief Executive Officer from 1998 to 2001. Since 2001, he has been Vice Chairman of the Board of Directors of Rallye. He also serves as Director of Miramont Finance et Distribution SA, FCD and Perifem. Age: 74
Isabelle de Bardies	Independent Director	Director/Board Member
Biography: Ms. Isabelle de Bardies serves as Independent Director of Groupe GO Sport since April 19, 2013. She is a graduate of ESCP. From 1983 until 2010 she served in various positions at Dorotennis such as Sales Director and Commercial and Marketing Director as well as Chairman from 1998 until 2010. Since 2011 she serves as Director at Rapala. Age: 52 Education: ESCP
Valerie Delpech	Director of Purchasing and Offer, Member of the Executive Committee	Director/Board Member
Biography: Ms. Valerie Delpech has been Director of Purchasing and Offer and a Member of the Executive Committee of Groupe GO Sport SA since September 2010. She previously worked for the department stores, Galeries Lafayette, BHV Rivoli and Lafayette Maison.
Denis Deumier	Director of the Supply Chain, Member of the Executive Committee	Director/Board Member
Pierre Gerard Letzelter	Member of the Board	Director/Board Member
Sophie Guieysse	Independent Director	Director/Board Member
Biography: Ms. Sophie Guieysse has served as an Independent Director at Groupe Go Sport SA since April 29, 2011. She graduated from the Ecole Polytechnique, National School of Civil Engineering and from the Engineers College. She began her career with the Department of Equipment where she held various operational functions. From 1993 to 1995, she was technical advisor with the firm of Herve de Charette, Minister of Housing and Jean-Claude Gaudin, Minister of Planning, City and Integration (1995 - 1997). In 1997, she joined the LVMH group as Responsible development and organization, including human resources. In 2000, she became Director of Human Resources business group LVMH Watches & Jewelry (France and Switzerland) and in 2001, Director of Human Resources at Sephora. She was appointed Director of Human Resources of the LVMH group in 2002. Ms. Guieysse also works as Director f Human Resources at Canal +. Age: 50 Education: Ecole Polytechnique Ecole Nationale des Ponts et Chaussees
Bertrand Healy	Director of Development, Member of the Executive Committee	Director/Board Member
Francoise Montenay	Independent Director	Director/Board Member
Biography: Ms. Francoise Montenay has been an Independent Director of Groupe GO Sport SA since October 29, 2009. She is a Member of the Company's Audit Committee. A graduate of Hautes Etudes Commerciales pour les Jeunes Filles (HEC JF), she started her career in finance at Mobil Oil France. She then worked for Procter & Gamble, l’Oreal, Jean Patou and Ungaro before being appointed as Managing Director of fashion activities at Chanel in 1988, where she became the Chairperson 10 years later. She has served as the Chairperson of the Supervisory Board of Chanel since 2007. She also chairs the following associations: Colbert committee, Cosmetic Executive Women and Centres de Beaute CEW. Age: 69 Education: Haut Enseignement Commercial pour les Jeunes Filles (HECJF)
Jean-Marc Mosconi	Independent Director	Director/Board Member
Biography: Mr. Jean-Marc Mosconi has served as an Independent Director at Groupe GO Sport SA since May 18, 2009. He started his career in 1980 as Representative and then Secretary General of the National Trade Council (Conseil national du commerce), where he served until 1997. In 1986, he also became Deputy General of Mercatel, which he co-founded, and still holds this role. He is also a Member of Observatoire de la securite des cartes de paiement, a public body in charge of monitoring the safety of payment card transactions, and the SEPA national committee. Age: 64
Caroline Roche	Director of Marketing, Clients and the Internet, Member of the Executive Committee	Director/Board Member
Vincent Wacrenier	Director of GO Sport Operations, Member of the Executive Committee	Director/Board Member
Dorota Wiaderek	Chief Executive Officer of GO Sport Poland, Member of the Executive Committee	Director/Board Member

Executives

Name	Title	Function
Denes Almasy de Zsadany	Secretary General, Director of Finance and Administration, Member of the Executive Committee	Chief Executive Officer
Loïc Le Borgne	Chairman and Chief Executive Officer	Chief Executive Officer
Andre Segura	Chief Executive Officer	Chief Executive Officer
Dorota Wiaderek	Chief Executive Officer of GO Sport Poland, Member of the Executive Committee	Chief Executive Officer
Loic Alain Pierre Le Borgne	General manager	Division Head Executive
Philippe Wargnier	Deputy general manager	Division Head Executive
Francois Neukirch	Managing Director	Managing Director
Dominique Prevost	Director-Operations	Operations Executive
Vincent Wacrenier	Director of GO Sport Operations, Member of the Executive Committee	Operations Executive
Karen Vaylet	Deputy Finance and Administrative Director	Administration Executive
Biography: Ms. Karen Vaylet has been the Deputy Finance and Administrative Director of Groupe GO Sport SA since 2010. She is also a Member of the Executive Committee. She worked for seven years at Ernst & Young Audit as Manager of the industry branch before joining Groupe GO Sport SA as Director of Internal Audit, Director of Control Management and then Deputy Finance Director.
Benoit Baille	Head of Internal Audit and Supply Chain, Member of the Executive Committee	Accounting Executive
Laurent Hanot	Director-HR	Human Resources Executive
Pascale Ville	Director of Human Resources	Human Resources Executive
Romuald Bahuon	Export Manager	Sales Executive
Stephane Poulet	Marketing director	Marketing Executive
Caroline Roche	Director of Marketing, Clients and the Internet, Member of the Executive Committee	Marketing Executive
Eric Braconnier	Director of Organization and Information Systems, Member of the Executive Committee	Information Executive
Gerard Koenigheit	Director - Representative of Miramont Finance et Distribution	Logistics Executive
Biography: Mr. Gerard Koenigheit has been Director - Representative of Miramont Finance et Distribution on the Board of Directors of Groupe GO Sport SA since May 18, 2009. He previously served as the Representative of M.F.D. Finances on the Board of Directors of the Company from March 23, 2007. He started his career as Director of Citibank Paris, a position he held between 1975 and 1985. He then held the position of Director of Finance and Administration of Midland Bank SA. In 1990, he joined Euris as a Director. He is currently Advisor to the Chairman of Casino, Guichard-Perrachon and Rallye. He also holds other mandates, including Chairman of the Board and Chief Executive Officer of Sofigep SAS and Aubanne SA, Chairman of the Board of SAAD SA and Vilette Discount SA, President of Saris SAS and Sofidis SAS, Member of the Management Board of Leader Price Holding SA, Chairman of the Board of GIE Franleader and Director of Equigest. He graduated from the Ecole des Mines de Nancy and has an MBA degree from the University of Chicago. Age: 63 Education: University of Chicago, MBA Ecole Nationale Superieure des Mines de Nancy (Civil Engineering)
Valerie Delpech	Director of Purchasing and Offer, Member of the Executive Committee	Purchasing Executive
Biography: Ms. Valerie Delpech has been Director of Purchasing and Offer and a Member of the Executive Committee of Groupe GO Sport SA since September 2010. She previously worked for the department stores, Galeries Lafayette, BHV Rivoli and Lafayette Maison.
Denis Deumier	Director of the Supply Chain, Member of the Executive Committee	Purchasing Executive
Emmanuel Rochedix	Purchase manager	Purchasing Executive
Didier Carlier	Director - Representative of Matignon Sablons	Other
Biography: Mr. Didier Carlier has served as Director - Representative of Matignon Sablons on the Board of Directors of Groupe GO Sport SA since February 11, 2010. He previously served as a Representative of Omnium de Commerce et de Participations on the Board of Directors of the Company. Mr. Carlier began his career in 1975 with Arthur Andersen where he became the Manager of the audit department. He left the company in 1983 to become Secretary General of Equipements Mecaniques Specialises and Director of Administration and Finance of Hippopotamus. He joined the Rallye group in May 1994 as Director of Administration and Finance and was appointed Deputy Chief Executive Officer in January 2002. He holds several other positions, incuding Chairman of the Board and Chief Executive Officer of Miramont Finance et Distribution SA and La Bruyere SA. He graduated from Ecole Superieure de Commerce in Reims and is a qualified chartered accountant. Age: 61 Education: Ecole Superieure de Commerce, Reims
Franck Hattab	Director - Representative of Alpetrol	Other
Biography: Mr. Franck Hattab has been Director - Representative of Alpetrol on the Board of Directors of Groupe GO Sport SA since April 30, 2010. A graduate of EDHEC, he started his career in 1994 as a credit analyst at Societe Generale. He then worked as an Auditor at KPMG for three years before joining the financial management of Rallye in 1999, where he now serves as Deputy Administrative and Financial Director. Mr. Hattab also holds other positions, including Representative of Rallye SA on the Board of Directors of Miramont Finance et Distribution SA and Representative of Kerrou SAS on the Board of Directors of La Bruyere SA. Age: 41 Education: EDHEC Business School
Michel Savart	Director - Representative of Rallye	Other
Biography: Mr. Michel Savart has served as Director - Representative of Rallye on the Board of Directors of Groupe GO Sport SA since October 4, 2010. He previously held the same position until October 29, 2009. Mr. Savart began his career with Havas in 1986. He later joined Banque Louis Dreyfus in 1987, Banque Arjil in 1988 and Banque Dresdner Kleinwort Benson (DKB) in 1995, where he held a number of roles, notably Executive Director in charge of mergers and acquisitions at DKB. He joined the Euris-Rallye group in October 1999 as Director and Advisor to the Chairman, responsible for private equity investments. Mr. Savart also holds other positions, including Chairman and Chief Executive Officer of Fonciere Euris, Director of CDiscount SA and Mercialys, Permanent Representative of Fonciere Euris as President of Marigny Belfort SAS, Marigny Elysees SAS, Marigny Fonciere SAS, Matignon Abbeville SAS, Matignon Bail SAS and Matignon Corbeil Centre SAS, and Manager of EURL Montmorency and EURL Aubriot Investissements. He graduated from Ecole Polytechnique and Ecole Nationale Superieure des Mines in Paris. Age: 51 Education: Ecole Nationale Superieure des Mines de Paris Ecole Polytechnique

Significant Developments

Groupe Go Sport SA Signs New Franchise Agreement with Al Mana Group in the Middle East Oct 21, 2013

Groupe Go Sport SA announced that it has signed a new franchise agreement for a period of 10 years with Al Mana Group for an extension of territory, which now covers Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain for both GO Sport and Run brands.

Groupe Go Sport SA Appoints New Chairman and Chief Executive Officer; Updates on Shop Openings and

Closures Oct 14, 2013

Groupe Go Sport SA announced that on October 7, 2013 it appointed Jean-Paul Onillon as Chairman and Andre Segura as Chief Executive Officer. The Company also announced that in between January and September 2013 it opened 10 new GO Sport shops as franchises, while also closing four GO Sport shops and four Courir shops.

Groupe Go Sport SA and Hervis Sports Announce Forum Sport as a New Member of Their Joint International Purchasing Partnership STMI May 07, 2013

Groupe Go Sport SA and Hervis Sports announced that they have reinforced the European coverage of their joint international purchasing cooperation through their common subsidiary STMI by integrating a new member, Forum Sport, a sporting goods retailer located in Spain. STMI's mission is to conduct, in the name and on behalf of its members, commercial negotiations with international brand suppliers. All four members will maintain totally independent commercial and expansion policies in their respective markets. With the arrival of Forum Sport, STMI increases its international scope, allowing the latter to encompass a total of more than 1,200 stores in Europe across 11 countries.

Groupe Go Sport SA Announces Appointment of Mr. Loic Le Borgne as Chairman of the Board and Chief Executive Officer Apr 19, 2013

Groupe Go Sport SA announced that its current Chief Executive Officer, Mr. Loic Le Borgne, has also been appointed as Chairman of the Board of the Company, replacing Mr. Pierre Letzelter.

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Total income	96.8	100.5	97.7
Net sales	84.7	90.7	87.5
Change in stock	0.3	-2.3	-0.9
Supplementary operating income	3.4	0.2	0.1
Other operating income	8.7	9.5	10.0
Other external charges	43.6	43.6	41.6
Cost of goods sold	6.9	12.1	15.3
Taxes and social security costs	2.0	1.9	2.0
Social charges	-	-	7.4
Total payroll costs	25.7	29.0	18.6
Cost of stock depreciation and amortisation	-	-	1.2
Fixed asset depreciation and amortisation	8.4	9.1	5.6
Other operating costs	0.8	0.6	0.4
Total operating costs	87.7	94.0	91.2
Net operating income	9.1	6.5	6.5
Joint venture results	0.4	0.4	0.4
Total financial income	-	23.6	2.2
Interest payable on loans	3.8	5.8	4.3
Other expenses	1.8	1.6	0.5
Total expenses	5.6	7.4	4.8
Profit before tax	3.9	23.2	4.3
Extraordinary income	1.0	2.3	2.0
Extraordinary expenses	3.1	1.4	2.2
Extraordinary result	-2.1	0.9	-0.1
Total taxation	-0.5	-0.5	-2.5
Net profit	2.3	24.6	6.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Issued capital	59.9	19.6	20.3
Share premium account	65.8	64.7	66.8
Legal reserves	0.1	0.1	0.2
Total reserves	2.0	2.0	2.1
Profits for the year	2.4	23.0	6.7
Profit brought forward from previous year(s)	216.1	189.2	188.9
Total stockholders equity	346.3	298.6	284.9
Provisions and allowances	1.9	1.9	2.4
Trade creditors	27.6	31.8	38.3
Bank loans and overdrafts	79.9	71.9	7.8
Other loans	28.9	65.5	125.2
Other liabilities	1.1	1.6	3.1
Debts on fixed assets	1.0	0.7	0.5
Income stated in advance	-	-	0.0
Taxation and social security	9.0	9.4	10.1
Total current liabilities	-	-	185.1
Total debts	147.4	180.9	185.1
Regularisation account	-	-	0.0
Total liabilities (including net worth)	495.6	481.4	472.3
Patents	6.9	9.5	11.7
Other intangibles	-	-	0.2
Other fixed assets	2.1	1.7	1.9
Long-term investments	334.0	327.9	338.9
Other financial assets	0.7	1.0	1.5
Total non-current assets	343.6	340.1	354.1
Net stocks and work in progress	5.2	5.7	4.4
Trade debtors	54.6	65.9	80.3
Other receivables	87.5	63.2	17.5
Prepaid expenses	1.2	2.0	3.1
Cash and liquid assets	3.4	0.6	7.9
Marketable securities	-	3.5	5.1
Total current assets	152.0	140.9	118.2
Prepaid expenses and deferred costs	0.0	0.4	-
Total assets	495.6	481.4	472.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Current ratio	-	-	0.60
Quick ratio	-	-	0.60
Total liabilities to net worth	0.43%	0.63%	0.68%
Net worth to total assets	0.69%	0.60%	0.58%
Collection period	190.30	236.20	274.90
Stock turnover rate	16.60	14.90	20.20
Asset turnover	0.18%	0.18%	0.19%
Profit margin	0.05%	0.26%	0.05%
Return on assets	0.01%	0.05%	0.01%
Shareholders' return	0.01%	0.08%	0.02%
Sales per employee	1,306.15	1,296.45	1,309.91
Profit per employee	59.43	331.85	64.19
Average wage per employee	397.06	414.03	278.78
Net worth	346.3	298.6	284.9

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Ernst & Young et Autres	KPMG Audit	KPMG Peat Marwick LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Sales	869.1	946.8	905.7	966.5	1,063.3
Revenue	869.1	946.8	905.7	966.5	1,063.3
Total Revenue	869.1	946.8	905.7	966.5	1,063.3
Cost of Revenue	512.4	559.0	530.0	581.1	646.5
Cost of Revenue, Total	512.4	559.0	530.0	581.1	646.5
Gross Profit	356.7	387.8	375.7	385.3	416.8
Selling/General/Administrative Expense	193.8	211.4	195.8	202.9	217.7
Labor & Related Expense	140.3	154.5	143.3	138.2	160.2
Total Selling/General/Administrative Expenses	334.0	365.9	339.2	341.1	377.9
Depreciation	24.2	28.8	29.2	30.3	31.5
Depreciation/Amortization	24.2	28.8	29.2	30.3	31.5
Litigation	-	-0.6	-1.6	1.6	-
Impairment-Assets Held for Use	-	1.3	1.6	1.2	3.8
Loss (Gain) on Sale of Assets - Operating	1.6	1.0	-4.8	0.1	-2.0
Unusual Expense (Income)	1.6	1.8	-4.8	2.8	1.8
Other Operating Expense	11.3	2.9	12.5	13.3	9.6
Other, Net	-2.7	-0.3	-2.0	-6.1	9.1
Other Operating Expenses, Total	8.5	2.5	10.5	7.2	18.7
Total Operating Expense	880.9	958.0	904.1	962.5	1,076.4
Operating Income	-11.8	-11.2	1.6	4.0	-13.0
Interest Expense - Non-Operating	-7.2	-6.8	-4.6	-2.8	-6.4
Interest Expense, Net Non-Operating	-7.2	-6.8	-4.6	-2.8	-6.4
Interest Income - Non-Operating	0.1	0.1	0.1	0.1	0.2
Investment Income - Non-Operating	0.9	-0.6	1.1	-	-
Interest/Investment Income - Non-Operating	0.9	-0.5	1.2	0.1	0.2
Interest Income (Expense) - Net Non-Operating Total	-6.3	-7.3	-3.4	-2.7	-6.2
Other Non-Operating Income (Expense)	-2.1	-0.1	-0.1	-0.6	-2.0
Other, Net	-2.1	-0.1	-0.1	-0.6	-2.0
Income Before Tax	-20.1	-18.6	-1.9	0.6	-21.3
Total Income Tax	8.1	6.8	4.7	0.6	-2.0
Income After Tax	-28.3	-25.4	-6.6	0.0	-19.2
Minority Interest	-	0.0	-	0.0	0.0
Equity In Affiliates	0.1	0.1	0.1	0.0	-
Net Income Before Extraord Items	-28.2	-25.4	-6.6	0.0	-19.2
Discontinued Operations	-	-2.4	-1.2	-2.0	-4.1
Total Extraord Items	-	-2.4	-1.2	-2.0	-4.1
Net Income	-28.2	-27.8	-7.8	-2.0	-23.3
Income Available to Common Excl Extraord Items	-28.2	-25.4	-6.6	0.0	-19.2
Income Available to Common Incl Extraord Items	-28.2	-27.8	-7.8	-2.0	-23.3
Basic/Primary Weighted Average Shares	11.3	4.9	4.9	4.9	4.9
Basic EPS Excl Extraord Items	-2.50	-5.18	-1.34	0.01	-3.92
Basic/Primary EPS Incl Extraord Items	-2.50	-5.67	-1.59	-0.40	-4.74
Dilution Adjustment	-	0.0	0.0	-	0.0
Diluted Net Income	-28.2	-27.8	-7.8	-2.0	-23.3
Diluted Weighted Average Shares	11.3	4.9	4.9	5.0	4.9
Diluted EPS Excl Extraord Items	-2.50	-5.18	-1.34	0.01	-3.92
Diluted EPS Incl Extraord Items	-2.50	-5.67	-1.59	-0.40	-4.74
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	0.0
Interest Expense, Supplemental	7.2	6.8	4.6	2.8	6.4
Depreciation, Supplemental	25.5	22.7	24.0	25.5	30.0
Total Special Items	1.6	1.8	-4.8	2.8	1.8
Normalized Income Before Tax	-18.5	-16.9	-6.7	3.5	-19.5
Effect of Special Items on Income Taxes	0.6	0.6	-1.7	1.0	0.6
Inc Tax Ex Impact of Sp Items	8.7	7.4	3.1	1.6	-1.4
Normalized Income After Tax	-27.2	-24.3	-9.8	1.9	-18.1
Normalized Inc. Avail to Com.	-27.1	-24.2	-9.7	1.9	-18.1
Basic Normalized EPS	-2.40	-4.94	-1.97	0.38	-3.68
Diluted Normalized EPS	-2.40	-4.94	-1.97	0.37	-3.68
Amort of Intangibles, Supplemental	6.1	6.0	5.1	4.8	4.1
Rental Expenses	111.6	120.3	110.8	122.9	124.4
Advertising Expense, Supplemental	19.7	20.6	17.6	18.3	18.7
Normalized EBIT	-10.1	-9.4	-3.2	6.8	-11.3
Normalized EBITDA	21.5	19.3	26.0	37.1	22.8
Current Tax - Total	4.5	4.6	4.6	-8.4	0.4
Current Tax - Total	4.5	4.6	4.6	-8.4	0.4
Deferred Tax - Total	3.7	2.2	0.2	9.0	-2.4
Deferred Tax - Total	3.7	2.2	0.2	9.0	-2.4
Income Tax - Total	8.1	6.8	4.7	0.6	-2.0
Interest Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Service Cost - Domestic	0.2	0.2	0.1	0.1	0.1
Actuarial Gains and Losses - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.3	0.3	0.2	0.1	0.2
Total Pension Expense	0.3	0.3	0.2	0.1	0.2
Discount Rate - Domestic	2.80%	4.70%	4.70%	5.00%	5.50%
Compensation Rate - Domestic	1.00%	1.00%	1.00%	1.00%	1.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Service Cost	0.2	0.2	0.1	0.1	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Ernst & Young et Autres	KPMG Audit	KPMG Peat Marwick LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	15.3	17.1	32.0	22.4	20.5
Short Term Investments	0.3	3.2	1.2	0.8	1.6
Cash and Short Term Investments	15.6	20.2	33.2	23.2	22.1
Accounts Receivable - Trade, Gross	12.4	14.8	12.6	10.4	10.7
Provision for Doubtful Accounts	-1.1	-0.2	-0.2	-0.3	-0.2
Trade Accounts Receivable - Net	11.3	14.6	12.4	10.2	10.5
Other Receivables	50.1	32.8	33.9	26.3	35.8
Total Receivables, Net	61.5	47.4	46.3	36.5	46.3
Inventories - Finished Goods	205.7	205.8	228.1	227.5	249.1
Inventories - Other	-	-	-	-7.4	-8.6
Total Inventory	205.7	205.8	228.1	220.1	240.6
Prepaid Expenses	10.0	10.1	9.7	12.0	11.0
Discontinued Operations - Current Asset	0.0	0.0	0.0	0.0	0.0
Other Current Assets	0.0	-	-	-	-
Other Current Assets, Total	0.0	0.0	0.0	0.0	0.0
Total Current Assets	292.7	283.6	317.3	291.8	320.0
Buildings	12.1	11.4	12.2	15.8	15.3
Land/Improvements	0.3	0.3	0.3	0.3	0.3
Machinery/Equipment	100.5	86.8	89.1	89.4	89.3
Leases	0.2	0.2	0.2	0.2	0.2
Other Property/Plant/Equipment	193.6	196.2	204.8	221.6	204.7
Property/Plant/Equipment - Gross	306.7	294.8	306.5	327.3	309.7
Accumulated Depreciation	-243.1	-229.1	-235.8	-247.1	-232.0
Property/Plant/Equipment - Net	63.6	65.7	70.7	80.2	77.7
Goodwill - Gross	2.8	-	-	-	-
Accumulated Goodwill Amortization	0.0	-	-	-	-
Goodwill, Net	2.8	2.7	2.8	3.0	-
Intangibles - Gross	84.4	77.9	73.8	-	-
Accumulated Intangible Amortization	-34.8	-29.0	-23.0	-	-
Intangibles, Net	49.7	49.0	50.8	55.6	59.2
LT Investment - Affiliate Companies	0.3	0.2	0.1	-	-
LT Investments - Other	14.2	14.0	14.6	16.4	24.2
Long Term Investments	14.5	14.1	14.7	16.4	24.2
Deferred Income Tax - Long Term Asset	4.4	7.0	10.1	11.1	19.7
Discontinued Operations - Long Term Asset	-	-	-2.9	-3.1	-3.0
Other Long Term Assets	0.6	0.8	1.2	2.6	3.9
Other Long Term Assets, Total	5.0	7.8	8.5	10.6	20.7
Total Assets	428.3	423.0	464.8	457.6	501.8
Accounts Payable	112.9	144.9	209.8	170.6	248.2
Accrued Expenses	59.2	55.7	57.8	56.3	59.7
Notes Payable/Short Term Debt	24.8	27.5	32.8	88.7	48.1
Current Portion - Long Term Debt/Capital Leases	124.2	2.7	1.9	0.2	0.5
Customer Advances	6.1	4.8	6.1	3.9	3.2
Income Taxes Payable	0.0	0.0	0.1	0.2	0.0
Other Payables	8.8	8.7	7.2	9.1	14.1
Other Current Liabilities	2.8	2.3	4.1	3.5	2.6
Other Current liabilities, Total	17.8	15.8	17.4	16.6	19.9
Total Current Liabilities	338.9	246.5	319.7	332.4	376.4
Long Term Debt	0.8	98.8	39.5	0.9	0.9
Capital Lease Obligations	-	0.0	0.0	0.0	0.2
Total Long Term Debt	0.8	98.8	39.5	0.9	1.1
Total Debt	149.9	129.0	74.2	89.9	49.7
Deferred Income Tax - LT Liability	0.3	0.2	0.2	0.5	0.4
Deferred Income Tax	0.3	0.2	0.2	0.5	0.4
Minority Interest	0.0	0.0	0.0	0.0	0.0
Reserves	2.6	2.1	2.1	5.5	9.3
Other Liabilities, Total	2.6	2.1	2.1	5.5	9.3
Total Liabilities	342.7	347.7	361.5	339.4	387.2
Common Stock	59.9	19.6	20.3	21.7	21.0
Common Stock	59.9	19.6	20.3	21.7	21.0
Additional Paid-In Capital	73.4	72.9	74.6	78.8	74.8
Retained Earnings (Accumulated Deficit)	-46.6	-17.0	9.4	18.9	18.8
Treasury Stock - Common	-0.9	-1.1	-1.3	-1.7	-
Translation Adjustment	0.2	-0.5	0.5	0.3	-
Other Equity	-0.4	1.4	-0.2	0.2	-
Other Equity, Total	-0.2	0.8	0.3	0.5	-
Total Equity	85.6	75.3	103.4	118.2	114.6
Total Liabilities & Shareholders’ Equity	428.3	423.0	464.8	457.6	501.8
Shares Outstanding - Common Stock Primary Issue	11.3	4.9	4.9	4.9	4.9
Total Common Shares Outstanding	11.3	4.9	4.9	4.9	4.9
Treasury Shares - Common Stock Primary Issue	0.1	0.1	0.1	0.0	0.0
Employees	4,607	4,876	5,057	4,759	5,029
Accumulated Goodwill Amortization Suppl.	0.0	-	-	-	-
Accumulated Intangible Amort, Suppl.	34.8	29.0	23.0	16.4	11.1
Deferred Revenue - Current	6.1	4.8	6.1	3.9	3.2
Total Long Term Debt, Supplemental	125.1	101.5	41.4	0.9	0.9
Long Term Debt Maturing within 1 Year	124.2	2.7	1.9	0.0	0.0
Long Term Debt Maturing in Year 2	0.0	24.5	9.7	0.0	0.0
Long Term Debt Maturing in Year 3	0.0	24.5	9.7	0.0	0.0
Long Term Debt Maturing in Year 4	0.0	24.5	9.7	0.0	0.0
Long Term Debt Maturing in Year 5	0.0	24.5	9.7	0.0	0.0
Long Term Debt Maturing in 2-3 Years	0.0	49.0	19.3	0.0	0.0
Long Term Debt Maturing in 4-5 Years	0.0	49.0	19.3	0.0	0.0
Long Term Debt Matur. in Year 6 & Beyond	0.8	0.8	0.9	0.9	0.9
Total Capital Leases, Supplemental	-	0.0	0.0	0.2	0.7
Capital Lease Payments Due in Year 1	-	0.0	0.0	0.2	0.5
Capital Lease Payments Due in Year 2	-	0.0	0.0	0.0	0.1
Capital Lease Payments Due in Year 3	-	0.0	0.0	0.0	0.1
Capital Lease Payments Due in Year 4	-	0.0	0.0	0.0	0.1
Capital Lease Payments Due in Year 5	-	0.0	0.0	0.0	0.1
Capital Lease Payments Due in 2-3 Years	-	0.0	0.0	0.0	0.1
Capital Lease Payments Due in 4-5 Years	-	0.0	0.0	0.0	0.1
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	231.8	303.2	344.5	429.0	369.5
Operating Lease Payments Due in Year 1	70.2	83.2	85.7	94.7	70.8
Operating Lease Payments Due in Year 2	32.3	42.1	47.6	59.8	50.4
Operating Lease Payments Due in Year 3	32.3	42.1	47.6	59.8	50.4
Operating Lease Payments Due in Year 4	32.3	42.1	47.6	59.8	50.4
Operating Lease Payments Due in Year 5	32.3	42.1	47.6	59.8	50.4
Operating Lease Pymts. Due in 2-3 Years	64.7	84.2	95.2	119.5	100.8
Operating Lease Pymts. Due in 4-5 Years	64.7	84.2	95.2	119.5	100.8
Oper. Lse. Pymts. Due in Year 6 & Beyond	32.3	51.6	68.4	95.3	97.1
Discount Rate - Domestic	2.80%	4.70%	4.70%	5.00%	5.50%
Compensation Rate - Domestic	1.00%	1.00%	1.00%	1.00%	1.00%
Net Domestic Pension Assets	-1.8	-1.5	-	-	-
Net Assets Recognized on Balance Sheet	-1.8	-1.5	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Ernst & Young et Autres	KPMG Audit	KPMG Peat Marwick LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	-28.2	-27.8	-7.8	-2.0	-23.3
Depreciation	25.5	28.5	26.8	25.3	47.8
Depreciation/Depletion	25.5	28.5	26.8	25.3	47.8
Deferred Taxes	8.1	6.8	4.7	0.6	-1.7
Equity in Net Earnings (Loss)	-0.1	-0.1	-0.1	-	-
Other Non-Cash Items	9.0	7.0	5.6	4.2	7.9
Non-Cash Items	8.9	6.9	5.5	4.2	7.9
Accounts Receivable	-13.7	-2.3	-8.8	11.8	2.7
Inventories	5.3	13.8	-21.6	27.5	0.8
Accounts Payable	-30.7	-61.6	56.7	-92.2	49.7
Other Operating Cash Flow	-4.4	-3.6	-9.5	8.5	-14.0
Changes in Working Capital	-43.5	-53.7	16.8	-44.4	39.3
Cash from Operating Activities	-29.1	-39.3	46.1	-16.2	69.9
Purchase of Fixed Assets	-26.0	-33.7	-32.4	-30.6	-55.2
Capital Expenditures	-26.0	-33.7	-32.4	-30.6	-55.2
Sale of Fixed Assets	4.7	3.6	11.6	13.2	21.6
Other Investing Cash Flow	0.0	0.0	0.0	-	-
Other Investing Cash Flow Items, Total	4.7	3.6	11.6	13.2	21.6
Cash from Investing Activities	-21.2	-30.1	-20.9	-17.4	-33.6
Other Financing Cash Flow	-7.2	-6.7	-4.5	-2.7	-6.3
Financing Cash Flow Items	-7.2	-6.7	-4.5	-2.7	-6.3
Cash Dividends Paid - Common	-	-	-	-	0.0
Total Cash Dividends Paid	-	-	-	-	0.0
Common Stock, Net	37.4	0.0	0.0	0.0	-1.2
Issuance (Retirement) of Stock, Net	37.4	0.0	0.0	0.0	-1.2
Short Term Debt Issued	20.8	66.3	40.0	0.0	0.0
Short Term Debt Reduction	0.0	0.0	-0.2	-0.5	-5.0
Short Term Debt, Net	20.8	66.3	39.8	-0.5	-5.0
Issuance (Retirement) of Debt, Net	20.8	66.3	39.8	-0.5	-5.0
Cash from Financing Activities	51.1	59.5	35.2	-3.2	-12.5
Foreign Exchange Effects	0.3	-0.4	0.0	0.1	-0.3
Net Change in Cash	1.0	-10.3	60.4	-36.7	23.6
Net Cash - Beginning Balance	-10.3	-0.9	-61.3	-27.6	-52.6
Net Cash - Ending Balance	-9.3	-11.1	-0.8	-64.3	-29.1
Cash Taxes Paid	4.2	4.6	4.7	-8.4	6.8

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Ernst & Young et Autres	KPMG Audit	KPMG Peat Marwick LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Turnover	868.1	946.0	904.6	964.9	1,062.8
Other Income	1.0	0.8	1.1	1.6	0.5
Total Revenue	869.1	946.8	905.7	966.5	1,063.3
Cost of Sales	512.4	559.0	530.0	581.1	646.5
Other Operating Expense	0.3	-	-	-	-
Personnel	140.3	154.5	143.3	138.2	160.2
Other Operating Income	-2.7	-	-	-	-
External Charges	193.8	211.4	195.8	202.9	217.7
Depreciation and Amortization	24.2	28.8	29.2	30.3	31.5
Provision	-	-0.3	-2.0	-6.1	9.1
Litigation	-	-0.6	-1.6	1.6	-
Other Expenses	11.0	10.8	11.5	16.9	18.5
Other Operating Expenses	-	-7.9	1.0	-3.7	-8.9
Income from Sale of Assets	1.6	1.0	-4.8	0.1	-2.0
Impairment Net of Assets	-	1.3	1.6	1.2	3.8
Total Operating Expense	880.9	958.0	904.1	962.5	1,076.4
Interest Income	0.1	0.1	0.1	0.1	0.2
Exchange Gains	1.4	0.1	1.2	-	-
Other Financial Income	-0.3	0.5	0.0	-	-
Interest Expenses	-7.2	-6.8	-4.6	-2.8	-6.4
Exchange Loss	-0.5	-0.7	-0.1	-	-
Other Financial Expenses	-1.7	-0.6	-0.1	0.0	-0.1
Other Financial Income/Expense	-	-	-	-0.6	-2.0
Net Income Before Taxes	-20.1	-18.6	-1.9	0.6	-21.3
Provision for Income Taxes	8.1	6.8	4.7	0.6	-2.0
Net Income After Taxes	-28.3	-25.4	-6.6	0.0	-19.2
Equity in Affiliates	0.1	0.1	0.1	0.0	-
Minority Interest	-	0.0	-	0.0	0.0
Net Income Before Extra. Items	-28.2	-25.4	-6.6	0.0	-19.2
Discontinued Operations	-	-2.4	-1.2	-2.0	-4.1
Net Income	-28.2	-27.8	-7.8	-2.0	-23.3
Income Available to Com Excl ExtraOrd	-28.2	-25.4	-6.6	0.0	-19.2
Income Available to Com Incl ExtraOrd	-28.2	-27.8	-7.8	-2.0	-23.3
Basic Weighted Average Shares	11.3	4.9	4.9	4.9	4.9
Basic EPS Excluding ExtraOrdinary Items	-2.50	-5.18	-1.34	0.01	-3.92
Basic EPS Including ExtraOrdinary Items	-2.50	-5.67	-1.59	-0.40	-4.74
Dilution Adjustment	-	0.0	0.0	-	0.0
Diluted Net Income	-28.2	-27.8	-7.8	-2.0	-23.3
Diluted Weighted Average Shares	11.3	4.9	4.9	5.0	4.9
Diluted EPS Excluding ExtraOrd Items	-2.50	-5.18	-1.34	0.01	-3.92
Diluted EPS Including ExtraOrd Items	-2.50	-5.67	-1.59	-0.40	-4.74
DPS-Ordinary Shares	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-18.5	-16.9	-6.7	3.5	-19.5
Inc Tax Ex Impact of Sp Items	8.7	7.4	3.1	1.6	-1.4
Normalized Income After Taxes	-27.2	-24.3	-9.8	1.9	-18.1
Normalized Inc. Avail to Com.	-27.1	-24.2	-9.7	1.9	-18.1
Basic Normalized EPS	-2.40	-4.94	-1.97	0.38	-3.68
Diluted Normalized EPS	-2.40	-4.94	-1.97	0.37	-3.68
Interest Expenses	7.2	-	-	-	-
Interest Expense	-	6.8	4.6	2.8	6.4
Depreciation	25.5	22.7	24.0	25.5	30.0
Amort Intangibles	6.1	6.0	5.1	4.8	4.1
Advertising Expenses	19.7	20.6	17.6	18.3	18.7
Rental Expense	111.6	120.3	110.8	122.9	124.4
Current Tax	4.5	4.6	4.6	-8.4	0.4
Current Tax - Total	4.5	4.6	4.6	-8.4	0.4
Deferred Tax	3.7	2.2	0.2	9.0	-2.4
Deferred Tax - Total	3.7	2.2	0.2	9.0	-2.4
Income Tax - Total	8.1	6.8	4.7	0.6	-2.0
Service Cost	0.2	0.2	0.1	0.1	0.1
Interest Cost	0.1	0.1	0.1	0.1	0.1
Actuarial Gain and Loss	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.3	0.3	0.2	0.1	0.2
Total Pension Expense	0.3	0.3	0.2	0.1	0.2
Discount Rate	2.80%	4.70%	4.70%	5.00%	5.50%
Compensation Rate	1.00%	1.00%	1.00%	1.00%	1.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Ernst & Young et Autres	KPMG Audit	KPMG Peat Marwick LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Sports Articles	205.7	205.8	228.1	227.5	249.1
Provisions of Stock	-	-	-	-7.4	-8.6
Trade Receivable	12.4	14.8	12.6	10.4	10.7
Provision/Doubt	-1.1	-0.2	-0.2	-0.3	-0.2
Other Receivable	50.1	32.8	33.9	26.3	35.8
Prepayments	10.0	10.1	9.7	12.0	11.0
ST Investments	0.3	3.2	1.2	0.8	1.6
Cash and Equivalents	15.3	17.1	32.0	22.4	20.5
Assets Held for Sale	0.0	0.0	0.0	0.0	0.0
Balancing Item - Current Assets	0.0	-	-	-	-
Total Current Assets	292.7	283.6	317.3	291.8	320.0
Other Intangibles, Gross	2.2	-	-	-	-
Concessions	37.2	-	-	-	-
Leasing	45.0	-	-	-	-
Goodwill, Gross	2.8	-	-	-	-
Other Intang.	-	77.9	73.8	-	-
AccAmortLicen.Franc.RightContr.Mod.Desig	-32.2	-	-	-	-
AccAmortLicen.Franc.RightContr.Mod.	-2.6	-	-	-	-
Amortisation	0.0	-29.0	-23.0	-	-
Acc Amort/Imp Goodwill	0.0	-	-	-	-
Bus. G-will, Net	-	2.7	2.8	3.0	-
Intangibles Net - Balancing value	0.0	-	-	-	-
Intangibles, Net	-	-	-	55.6	59.2
Land	0.3	0.3	0.3	0.3	0.3
Land/Leasing	0.2	0.2	0.2	0.2	0.2
Buildings	6.8	6.2	6.8	7.5	7.3
Buildings/Leasing	5.3	5.2	5.3	8.3	8.0
Fittings/Fixture	100.5	86.8	89.1	89.4	89.3
Other Tangible	193.6	196.2	204.8	221.6	204.7
Depreciation	-243.1	-229.1	-235.8	-247.1	-232.0
Discontinued Operations	-	-	-2.9	-3.1	-3.0
Tangibles Net - Balancing value	0.0	-	-	-	-
Other Fin. Asset	14.2	14.0	14.6	16.4	24.2
Other Non Current	0.6	0.8	1.2	2.6	3.9
Affiliates	0.3	0.2	0.1	-	-
Deferred Tax	4.4	7.0	10.1	11.1	19.7
Total Assets	428.3	423.0	464.8	457.6	501.8
Cur. Portion of LT Debt/Capital Lease	124.2	-	-	-	-
Loans	-	2.7	1.9	0.0	0.0
Lease	-	0.0	0.0	0.2	0.5
Overdrafts	24.8	27.5	32.8	88.7	48.1
Trade Payables	112.9	144.9	209.8	170.6	248.2
Tax Payables	0.0	0.0	0.1	0.2	0.0
Other Payables	8.8	8.7	7.2	9.1	14.1
Deferred Income	6.1	4.8	6.1	3.9	3.2
Social and Fiscal Debts	59.2	55.7	57.8	56.3	59.7
Provisions	2.8	2.3	4.1	3.5	2.6
Total Current Liabilities	338.9	246.5	319.7	332.4	376.4
Capital Lease	-	0.0	0.0	0.0	0.2
Other Debts	0.8	98.8	39.5	0.9	0.9
Total Long Term Debt	0.8	98.8	39.5	0.9	1.1
Min Int. Reserve	0.0	0.0	0.0	0.0	0.0
Prov/Dfrd. Tax	0.3	0.2	0.2	0.5	0.4
Risk Provisions	2.6	2.1	2.1	5.5	9.3
Total Liabilities	342.7	347.7	361.5	339.4	387.2
Balancing Item - Shareholders Equity	0.0	-	-	-	-
Capital	59.9	19.6	20.3	21.7	21.0
Premiums	73.4	72.9	74.6	78.8	74.8
Conversion Account	0.2	-0.5	0.5	0.3	-
Treasury Shares	-0.9	-1.1	-1.3	-1.7	-
Hedging Instruments	-0.4	1.4	-0.2	0.2	-
Group Reserves	-46.6	-17.0	9.4	18.9	40.9
Group Result	-	-	-	-	-22.2
Total Equity	85.6	75.3	103.4	118.2	114.6
Total Liabilities & Shareholders' Equity	428.3	423.0	464.8	457.6	501.8
S/O-Ordinary Shares	11.3	4.9	4.9	4.9	4.9
Total Common Shares Outstanding	11.3	4.9	4.9	4.9	4.9
T/S-Ordinary Shares	0.1	0.1	0.1	0.0	0.0
Deferred Revenue - Current	6.1	4.8	6.1	3.9	3.2
Amortisation	0.0	-	-	-	-
AccAmortLicen.Franc.RightContr.Mod.Desig	32.2	-	-	-	-
AccAmortLicen.Franc.RightContr.Mod.	2.6	-	-	-	-
Accumulated Intangible Amortization	-	29.0	23.0	16.4	11.1
Accumulated Goodwill Amortization	0.0	-	-	-	-
Full-Time Employees	4,607	4,876	5,057	4,759	5,029
LT Debts Maturing within 1 Year	124.2	2.7	1.9	0.0	0.0
LT Debt Maturing >1Y <5Y	0.0	98.0	38.6	0.0	0.0
LT Debts Maturing >5Y	0.8	0.8	0.9	0.9	0.9
Total Long Term Debt, Supplemental	125.1	101.5	41.4	0.9	0.9
Capital Lease Maturing within 1 Year	-	0.0	0.0	0.2	0.5
Capital Lease Maturing >1Y <5Y	-	0.0	0.0	0.0	0.2
Captial Lease Maturing within > 5 Year	-	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	0.0	0.0	0.2	0.7
Operating Lease Within 1Y	70.2	83.2	85.7	94.7	70.8
Operating Lease Within >1Y <5Y	129.3	168.4	190.4	239.0	201.5
Operating Lease Remaining Maturities	32.3	51.6	68.4	95.3	97.1
Total Operating Leases, Supplemental	231.8	303.2	344.5	429.0	369.5
Discount Rate	2.80%	4.70%	4.70%	5.00%	5.50%
Compensation Rate	1.00%	1.00%	1.00%	1.00%	1.00%
Net Domestic Pension Assets	-1.8	-1.5	-	-	-
Net Assets Recognized on Balance Sheet	-1.8	-1.5	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Ernst & Young et Autres	KPMG Audit	KPMG Peat Marwick LLP	Ernst & Young LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income	-28.2	-27.8	-7.8	-2.0	-23.3
Depreciation	25.5	28.5	26.8	25.3	47.8
Affiliates	-0.1	-0.1	-0.1	-	-
Deferred Tax	8.1	6.8	4.7	0.6	-1.7
Stock Options	0.4	0.7	1.0	1.5	1.5
Financial Charges	7.2	6.7	4.5	2.7	6.3
Changes in Fair Value	1.4	-0.5	0.1	0.0	0.1
Disposal Fixed Asset	-0.2	1.0	-4.8	0.1	-7.2
Stock	5.3	13.8	-21.6	27.5	0.8
Receivables	-13.7	-2.3	-8.8	11.8	2.7
Payables	-30.7	-61.6	56.7	-92.2	49.7
Payment/Repayment Tax	-4.2	-4.6	-4.7	8.4	-6.8
Cash from Operating Activities	-29.1	-39.3	46.1	-16.2	69.9
Acq. Fixed Assets	-26.0	-33.7	-32.4	-30.6	-55.2
Sale Fixed Assets	4.7	3.6	11.6	13.2	21.6
Merger/Consolidation Variations	0.0	0.0	0.0	-	-
Cash from Investing Activities	-21.2	-30.1	-20.9	-17.4	-33.6
Dividends Paid	-	-	-	-	0.0
Fiancia; Charges	-7.2	-6.7	-4.5	-2.7	-6.3
Change Capital	37.4	0.0	0.0	0.0	-1.2
Issue Borrowings	20.8	66.3	40.0	0.0	0.0
Repay. Borrowings	0.0	0.0	-0.2	-0.5	-5.0
Cash from Financing Activities	51.1	59.5	35.2	-3.2	-12.5
Foreign Exchange Effects	0.3	-0.4	0.0	0.1	-0.3
Net Change in Cash	1.0	-10.3	60.4	-36.7	23.6
Net Cash - Beginning Balance	-10.3	-0.9	-61.3	-27.6	-52.6
Net Cash - Ending Balance	-9.3	-11.1	-0.8	-64.3	-29.1
Cash Taxes Paid	4.2	4.6	4.7	-8.4	6.8

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-2013		Quarter Ending Yr Ago		Annual Year End 31-Dec-2012				1 Year Growth		3 Year Growth		5 Year Growth
Total Revenue1	0.2		-		869.1				-0.67%		-0.90%		-2.15%
Operating Income1	-		-		-11.8				-		-		-
Income Available to Common Excl Extraord Items1	-		-		-28.2				-		-		-
Basic EPS Excl Extraord Items1	-		-		-2.50				-		-		-
Capital Expenditures2	5.4		-64.92%		26.0				-16.65%		-2.79%		-5.12%
Cash from Operating Activities2	-10.6		-		-29.1				-		-		-
Free Cash Flow	-15.9		-		-56.6				-		-		-
Total Assets3	393.0		-6.02%		428.3				-0.56%		0.53%		-2.60%
Total Liabilities3	320.4		-2.09%		342.7				-3.20%		3.10%		-0.92%
Total Long Term Debt3	0.8		-99.22%		0.8				-99.16%		0.00%		-27.34%
Employees3	-		-		4607				-5.52%		-1.08%		-5.03%
Total Common Shares Outstanding3	11.3		-0.05%		11.3				130.32%		31.99%		17.98%
1-ExchangeRate: EUR to USD Average for Period	0.755500				0.778237
2-ExchangeRate: EUR to USD Average for Period	0.761519				0.778237
3-ExchangeRate: EUR to USD Period End Date	0.767034				0.756600
Key Ratios
		31-Dec-2012		31-Dec-2011				31-Dec-2010		31-Dec-2009		31-Dec-2008
Profitability
Gross Margin		41.04%		40.96%				41.48%		39.87%		39.20%
Operating Margin		-1.36%		-1.18%				0.18%		0.41%		-1.23%
Pretax Margin		-2.32%		-1.97%				-0.21%		0.07%		-2.00%
Net Profit Margin		-3.24%		-2.68%				-0.72%		0.00%		-1.81%
Financial Strength
Current Ratio		0.86		1.15				0.99		0.88		0.85
Long Term Debt/Equity		0.01		1.31				0.38		0.01		0.01
Total Debt/Equity		1.75		1.71				0.72		0.76		0.43
Management Effectiveness
Return on Assets		-6.77%		-5.44%				-1.51%		0.01%		-3.60%
Return on Equity		-35.74%		-27.01%				-6.21%		0.02%		-14.57%
Efficiency
Receivables Turnover		16.29		19.17				22.83		23.66		19.25
Inventory Turnover		2.54		2.45				2.48		2.56		2.54
Asset Turnover		2.08		2.03				2.06		2.04		1.99
Market Valuation USD (mil)
Enterprise Value2		238.2				.	Price/Sales (TTM)							0.06
Enterprise Value/Revenue (TTM)		0.28				.	Price/Book (MRQ)							0.71
Enterprise Value/EBITDA (TTM)		10.18				.	Market Cap1							53.0
1-ExchangeRate: EUR to USD on 8-Nov-2013		0.746824
2-ExchangeRate: EUR to USD on 30-Jun-2013		0.767034

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio	0.86	1.15	0.99	0.88	0.85
Quick/Acid Test Ratio	0.23	0.27	0.25	0.18	0.18
Working Capital1	-46.1	37.1	-2.4	-40.7	-56.3
Long Term Debt/Equity	0.01	1.31	0.38	0.01	0.01
Total Debt/Equity	1.75	1.71	0.72	0.76	0.43
Long Term Debt/Total Capital	0.00	0.48	0.22	0.00	0.01
Total Debt/Total Capital	0.64	0.63	0.42	0.43	0.30
Payout Ratio	-	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	-	-	-	95.90%	-
Total Capital1	235.5	204.3	177.5	208.1	164.3
Efficiency
Asset Turnover	2.08	2.03	2.06	2.04	1.99
Inventory Turnover	2.54	2.45	2.48	2.56	2.54
Days In Inventory	143.78	149.14	147.47	142.57	143.84
Receivables Turnover	16.29	19.17	22.83	23.66	19.25
Days Receivables Outstanding	22.41	19.04	15.99	15.43	18.96
Revenue/Employee2	194,035	181,287	181,429	209,511	200,939
Operating Income/Employee2	-2,632	-2,145	328	865	-2,466
EBITDA/Employee2	4,424	3,363	6,168	7,439	3,972
Profitability
Gross Margin	41.04%	40.96%	41.48%	39.87%	39.20%
Operating Margin	-1.36%	-1.18%	0.18%	0.41%	-1.23%
EBITDA Margin	2.28%	1.86%	3.40%	3.55%	1.98%
EBIT Margin	-1.36%	-1.18%	0.18%	0.41%	-1.23%
Pretax Margin	-2.32%	-1.97%	-0.21%	0.07%	-2.00%
Net Profit Margin	-3.24%	-2.68%	-0.72%	0.00%	-1.81%
COGS/Revenue	58.96%	59.04%	58.52%	60.13%	60.80%
SG&A Expense/Revenue	38.44%	38.65%	37.45%	35.29%	35.54%
Management Effectiveness
Return on Assets	-6.77%	-5.44%	-1.51%	0.01%	-3.60%
Return on Equity	-35.74%	-27.01%	-6.21%	0.02%	-14.57%
Valuation
Free Cash Flow/Share2	-5.03	-13.94	2.83	-9.86	2.85
Operating Cash Flow/Share 2	-2.66	-7.51	9.55	-3.42	13.56
1-ExchangeRate: EUR to USD Period End Date	0.7566	0.770327	0.745406	0.696986	0.719399
2-ExchangeRate: EUR to USD Average for Period	0.7566	0.770327	0.745406	0.696986	0.719399

Current Market Multiples
Market Cap/Earnings (TTM)	-3.02
Market Cap/Equity (MRQ)	0.71
Market Cap/Revenue (TTM)	0.06
Market Cap/EBIT (TTM)	-219.73
Market Cap/EBITDA (TTM)	2.20
Enterprise Value/Earnings (TTM)	-13.94
Enterprise Value/Equity (MRQ)	3.28
Enterprise Value/Revenue (TTM)	0.28
Enterprise Value/EBIT (TTM)	-1,015.17
Enterprise Value/EBITDA (TTM)	10.18

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.21
UK Pound	1	Rs.100.65
Euro	1	Rs.84.15

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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