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TABLE OF CONTENTS
LETTER FROM THE BOARD OF DIRECTORS ........................................................................................ 3 KEY FIGURES ............................................................................................................................. 4 AIRESIS .................................................................................................................................... 4 HIGHLIGHTS .............................................................................................................................. 6 LE COQ SPORTIF ............................................................................................................... 6 BOARDS & MORE ............................................................................................................. 9 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND NOTES ........................................... 11 Warning: This report is published in French and translated in english for information purposes. The french version is the reference.
MESSAGE FROM THE BOARD OF DIRECTORS
Dear Shareholders,
The 2012 fiscal year is going according to plan. However one must remain vigilant in a very challenging economic and social environment. As you know, our key markets, France, Italy and Spain, are all facing substantial difficulties that, one way or another, could impact our activities.
Positive market developments
In both our investments, Boards & More and Le Coq Sportif, we are pleased to confirm the trend toward favorable market achievements.
At Boards & More, a new North Kiteboarding kitebar generation has been launched with many features which should bring exciting sensations to the fans of this sport. The Stand-‐up Paddles (SUP) from Fanatic are fulfilling our hopes and achieving good sales levels. New markets, such as Australia, are growing satisfactorily, enlarging the worldwide presence of Board & More’s products.
At Le Coq Sportif, investments in marketing and product development are fruitful. Having renewed advertising campaigns has been positively perceived in our brand recognition and awareness. The opening of new proprietary boutiques in Milan, Lille, Marseille, with advanced projects in Barcelona and London, is always a plus for the growth of our textile lines of products. Our participation in Le Tour de France, the third most important sports event in the world, with the official jerseys and Le Coq Sportif’s presence in the famous caravan, is giving great international visibility to the brand.
At the organizational level, Le Coq Sportif has a new marketing manager, Cyril du Cluzeau, who brings us his freshness and his successful experience in sports brands.
Favorable numbers in our operations
Le Coq Sportif has achieved sales of EUR 59 million during the first semester of fiscal year 2012. It shows a 22% growth over the same semester of last year. Margin remains at 48%. The investments, especially in marketing, have increased the operational expenses by 23%. The EBITDA is stable.
Boards & More’s sales have reached EUR 20 million for the first semester of 2012, demonstrating a 16% growth. Margin remains at 44%. However, marketing and new products have meant a 19% increase in operational expenses. EBITDA is slightly lower than last year.
Negative impact of the strong Swiss franc
Since our subsidiaries operate in euros, consolidating in Swiss francs has an adverse effect on Airesis’ numbers because of the de facto revaluation of the Swiss currency versus the euro. The total consolidated revenue for the first semester of 2012 sums CHF 95.6 million, basically eliminating the very satisfactory growth of Le Coq Sportif and Boards & More. The net result is CHF 1.5 million.
Sound perspectives
In spite of all the challenges ahead and their possible impact, the continuous growth and strengthening of our brands lead us to be confident with the future.
We thank you very much for your support,
Your Board of Directors
3
KEY FIGURES
Key figures (Unaudited figures) 1.1 -‐ 30.6.2011 1.1 -‐ 30.6.2012 % change Currency exchange EUR/CHF
1.2704 1.2049 -‐5%
Revenue Le Coq Sportif EUR 48,476 59,298 22% Revenue Boards & More EUR 17,216 19,960 16% Total revenue of participations EUR 65,692 79,258 21% Total revenue consolidated CHF 83,455 95,558 15%
EBIT Le Coq Sportif EUR 2,895 2,582 -‐11% EBIT Boards & More EUR 1,185 1,121 -‐5% EBIT of participations EUR 4,080 3,703 EBIT of participations CHF 5,183 4,462 EBIT Corporate & others CHF -‐231 -‐659 EBIT consolidated CHF 4,952 3,803
Income statement -‐ Consolidated figures in thousands of CHF 1.1 -‐ 30.6.2011 1.1 -‐ 30.6.2012 Total revenue consolidated 83,455 95,558
EBITDA consolidated 6,350 5,285 EBIT consolidated
4,952 3,803
EBT consolidated
3,455 2,247 Net result consolidated 3,372 1,477 Net result, attributable to parent company 2,587 1,056
Balance sheet -‐ Consolidated figures in thousands of CHF 31.12.2011 30.06.2012 Current assets 85,764 98,124 Current liabilities 64,242 75,371 Non-‐current assets
43,271 46,960
Non-‐current liabilities 8,143 11,963 Equity, attributable to parent company 37,974 38,676
Majority participations -‐ % of ownership 31.12.2011 30.06.2012 Le Coq Sportif
69% 69%
Boards & More
100% 100%
AIRESIS SA
AIRESIS STRATEGY AND OPERATIONAL SECTORS
Airesis is an investment holding company. During its history, the main investment areas were concentrated in real estate and brands. While remaining open to other opportunities, Airesis invests principally in activity sectors in which its own experience and knowledge are a source of confidence. Airesis has found a stable base and a continuing revenue stream in real estate, nevertheless Airesis has no investment in this sector for now. In terms of brands, Airesis seeks to invest in companies that offer significant valuation prospects thanks to the potential offered by revitalising the brands they own. Airesis realises profits primarily with the sales of participations.
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4
LE COQ SPORTIF
Le Coq Sportif continues its progression reaching 59 million euros of revenues for the first semester of 2012, a 22% growth compared to the first half of 2011. The revenues from the distributors have significantly increased by 47% to reach 8.8 million euros. This good performance is linked to the excellent welcome of the Spring/Summer communication campaign and to the first effects of the Tour de France, which stimulate the sales of our textile products
The growth in the volume of activity with the distributors, the anticipated increase of commodity prices as well as the ongoing strengthening of the American dollar against the euro impact the margin at 48%.
Operating expenses rose 23% mainly due to the investments made in marketing to build a greater brand visibility. The number of employees has also increased to meet the needs of various projects (development of textile products, development center in Romilly, stores’ openings)
As for the retail, two new concept stores opened, one in May in Lille, the economic capital of Northern France, and another one in June in Milan, the first concept store in Italy. These boutiques’ openings will widen the visibility of the brand and consolidate the position of Le Coq Sportif. This retail strategy will continue over the second half of 2012. Also, new partnerships development abroad, such as Brazil, will expand both the presence and the visibility of Le Coq Sportif to ensure the brand’s continuous development.
The EBITDA remains relatively stable despite significant but important investments to develop the activity of the company.
The income tax line is affected by non-‐recoverable withholding taxes generated in some Latin American countries. Le Coq Sportif (in thousands of EUR) 1.1 – 30.6.2011 1.1 – 30.6.2012 % change
(Unaudited figures) Total revenue 48,476 59,298 22%
Margin 23,949 28'343 18%
Margin in % of total revenue 49% 48% Operating expenses -‐20,163 -‐24,765 23%
EBITDA 3,786 3,578 -‐5% EBIT 2,895 2,582 -‐11%
EBT 1,712 1,393 -‐19%
Net result 1,729 878 -‐49% Le Coq Sportif offers two main collections, which are Spring/Summer and Autumn/Winter. These two collections generate seasonality peaks, which may vary depending on how quickly customers place their orders, which may significantly impact sales revenue.
6
LE COQ SPORTIF ET LE TOUR DE FRANCE 2012
In June 2012, Le Coq Sportif made its return on the Tour de France. From June 30th to July 22nd, the brand was highlighted by providing the famous yellow, polka dots, green and white jerseys for the international and prestigious race. Each day and for three weeks, the Tour de France showcased Le Coq Sportif worldwide and allowed the brand to strengthen its legitimacy.
The Tour de France is also known for its famous caravan with more than 160 branded vehicles. In a dynamic and joyful atmosphere, Le Coq Sportif has been able, over three weeks, to meet over 11 million people who came specially to enjoy this popular event.
With a broadcast in more than 186 countries and 4 billion viewers, Le Coq Sportif marked its imprint in the head and the heart of millions of people. This reflects a turning point in the future of the brand whose will is to be and figure among the sports’ elite and be a reference.
We can now expect Le Coq Sportif in the media especially through the cycling events organized by A.S.O. (Amaury Sport Organization), such as the Tour de France, Paris-‐Nice in March, Paris-‐Roubaix in April, Dauphine Criterium in June and the Vuelta (Spain) in August.
The brand supplied the Tour de France jerseys for the leading cyclists from 1951 until 1998, so it is a great comeback for the 130th anniversary of Le Coq Sportif.
LE COQ SPORTIF BUILDS ON THE MARKETING
The first half of 2012 has also been marked by a return to advertising. The 2012 Spring/Summer advertising campaign was particularly noticed as it showcased in the main train stations of France and in the Paris metro stations featuring enthusiast amateurs and sporting icons. The vibrant and contrasting colors as well as the scale of this campaign showed the investments made to ensure a promising future.
This strategy is a support for the national and international retail development of the brand.
In order to back the strategy of the brand, Le Coq Sportif recruited a senior executive in charge of the marketing: Cyril du Cluzeau. After 14 years in the Nike marketing department, including 10 years abroad in particular at the world headquarters in Portland, where he was among other tasks in charge of the development of the football brand strategy, the pan-‐European campaigns and lead the launch of the partnership between Nike and the French football Federation.
Cyril du Cluzeau brings his expertise to the strategic policy of Le Coq Sportif and his experience will be essential in the development of the brand throughout the products and the communication in Europe and the rest of the world.
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9
BOARDS & MORE
Boards and More continues to show an impressive growth of 16% compared to the first 2011 semester. The individual performances of the brands managed by Boards & More (Ion, Fanatic, Northsails Windsurf and North Kiteboarding) are higher than those of their competitors and gain market shares.
Ion and Fanatic are becoming stronger with a growth of about 30% compared to the first semester of 2011.
Individually, Ion, which was created five years ago, continues to progress on all the products where the technical specificities are highlighted in wetsuits and harnesses. In a very competitive market, these products respectively gained 21% and 26%.
Fanatic continues to grow on the promising Stand-‐Up Paddle (SUP) market, both in Europe and Australia. The sales of SUPs have substantially increased and represent the best growth within the group. The product is strongly established in a niche sector becoming today a category in itself.
During the third quarter of 2012, North Kiteboarding launched a new kitebar generation with innovative characteristics. The strongest brand of the group continues to grow with revenue up 8%.
The Australian and American markets’ evolution, where Boards & More has been operating for a few years, continue their progress as well as in emerging markets such as Latin America. The development of these distribution channels will allow the group to capitalize on a growth potential in the next few years.
Operational expenses increased 19% due to changes in the volume of activity, structural reinforcement and investments in diversification projects, especially for Ion. Additional resources have also been deployed in marketing to support new ranges of products that generate growth. The strengthening of the American dollar against the euro, if maintained at the same level, should nonetheless impact the purchases and the margin on the second semester of 2012.
Boards & More (in thousands of EUR) 1.1 – 30.6.2011 1.1 – 30.6.2012 % change
(Unaudited figures) Total revenue 17,216 19,960 16%
Margin 7,702 8,882 15% Margin in % of total revenue 45% 44% Operating expenses -‐6,333 -‐7'553 19%
EBITDA 1,369 1,329 -‐3%
EBIT 1,185 1,121 -‐5%
EBT 1,130 995 -‐12%
Net result 1,153 927 -‐20%
9
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Unaudited
11
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
In thousands of CHF Note 31.12.2011 30.06.2012 ASSETS
Current assets 8 85,764 98,124 Non-‐current assets 9 43,271 46,960 Total assets 129,035 145,084
LIABILITIES & EQUITY Current liabilities 10 64,242 75,371
Non-‐current liabilities 10 8,143 11,963 Total liabilities 72,385 87,334
Equity attributable to equity holders of the parent company
37,974 38,676 Non-‐controlling interest
18,676 19,074
Total equity 56,650 57,750
Total liabilities & equity 129,035 145,084
The accompanying notes are an integral part of these financial statements.
12
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
In thousands of CHF Note 01.01. –
30.06.2011 01.01. –
30.06.2012 Total Revenue
83,455 95,558
Purchase of goods and services
-‐43,245 -‐50,646 Current operational expenses
-‐33,458 -‐39,120
Other income
213 114 Other expenses
-‐471 -‐580
Share of results of associates
-‐144 -‐41 EBITDA 6,350 5,285
Depreciation and impairments
-‐1,398 -‐1,482 EBIT 4,952 3,803
Financial income 12 1,354 755 Financial expense 12 -‐2,851 -‐2,311 EBT 3,455 2,247
Income taxes -‐83 -‐770 Net Result 3,372 1,477
Attributable to
equity holders of the parent company
2,587 1,056
non-‐controlling interest
785 421
In CHF Note 01.01. –
30.06.2011 01.01. –
30.06.2012 Basic earnings per share attributable to the parent company shareholders 7 0.047 0.019 Diluted earnings per share attributable to the parent company shareholders 7 0.039 0.016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
In thousands of CHF 01.01. – 30.06.2011
01.01. – 30.06.2012
Net result
3,372 1,477 Fair value adjustments of cash flow hedge instruments
-‐1,056 541
Tax impact on fair value adjustments of cash flow hedge instruments
352 -‐181 Currency translation adjustments on cash flow hedge instruments
-‐ -‐8
Currency translation adjustments -‐1,964 -‐745 Comprehensive income for the period, net of tax 704 1,084 Attributable to
equity holders of the parent company
659 756 non-‐controlling interest
45 328
The accompanying notes are an integral part of these financial statements.
13
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
In thousands of CHF 01.01. –
30.06.2011 01.01. –
30.06.2012 Cash flow from operating activities 5,449 -‐2,727 Cash flow from investing activities
-‐8,926 -‐5,917
Cash flow from financing activities
694 8,946 Effect of foreign exchange rate changes on cash and cash equivalents -‐185 -‐29 Net increase / (decrease) in cash and cash equivalents -‐2,968 273
Cash and cash equivalents at 1 January
9,197 3,497 Cash and cash equivalents at 30 June 6,229 3,770 Net increase / (decrease) in cash and cash equivalents -‐2,968 273
The accompanying notes are an integral part of these financial statements.
14
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Parent company
In thousands of CHF Shar
e ca
pita
l
Shar
e pr
emiu
m
and
othe
r re
serv
es
Trea
sury
shar
es
Reta
ined
ea
rnin
gs
Tota
l
Non
-‐con
trol
ling
inte
rest
Tota
l equ
ity
At 31 December 2010 13,699 60,772 -‐7 -‐41,611 32,853 16,746 49,599 Net result 01.01. -‐ 30.06.2011 2,587 2,587 785 3,372 Other comprehensive income for the period, net of tax
-‐490
-‐1,438 -‐1,928 -‐740 -‐2,668
Total comprehensive income for the period, net of tax -‐ -‐490 -‐ 1,149 659 45 704 Purchase of treasury shares -‐108
-‐108
-‐108
Sale of treasury shares 105 -‐ 105
105 Share-‐based transactions -‐64 -‐64 83 19 Change in minority interests -‐161 -‐161 161 -‐ At 30 June 2011 13,699 60,282 -‐10 -‐40,687 33,284 17,035 50,319 At 31 December 2011 13,699 61,448 -‐7 -‐37,166 37,974 18,676 56,650
Net result 01.01. -‐ 30.06.2012
1,056 1,056 421 1,477 Other comprehensive income for the period, net of tax
242
-‐542 -‐300 -‐93 -‐393
Total comprehensive income for the period, net of tax -‐ 242 -‐ 514 756 328 1,084 Purchase of treasury shares -‐48
-‐48 -‐48
Sale of treasury shares 44 -‐ 44
44 Share-‐based transactions
-‐50 -‐50 70 20
At 30 June 2012 13,699 61,690 -‐11 -‐36,702 38,676 19,074 57,750
The accompanying notes are an integral part of these financial statements.
15
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Unaudited
16
1 CORPORATE INFORMATION The Board of Directors has approved the condensed consolidated interim financial statements on September 3rd 2012.
1.1 Airesis SA Airesis SA (hereafter “Airesis”) is a private equity investment company and the parent company of the consolidation’s scope. Its headquarters are established in Clarens, Switzerland. Its participation portfolio focuses on Le Coq Sportif and Boards & More, two companies which own or manage Le Coq Sportif, Fanatic, ION, North Kiteboarding and North Sails Windsurf brands. The holding’s shares are listed on the SIX (Swiss stock exchange) main standard.
1.2 Boards & More Boards & More is a company active in kitesurfing and windsurfing through its North Kiteboarding, North Sails Windsurf, Fanatic and ION brands.
1.3 Le Coq Sportif Le Coq Sportif is an internationally recognized French sporting goods brand distributed throughout the globe. By the end of the 1990’s the brand’s reputation had taken a beating, with many countries being operated under licensing contracts, and it experienced a general lack of structured investment. In October 2005 Airesis became a majority shareholder of Le Coq Sportif and immediately set in motion a plan to relaunch the brand. Since its acquisition by Airesis, the sporting brand has recorded strong growth in its sales and margin rate.
2 ACCOUNTING PRINCIPLES APPLIED
2.1 General The consolidated annual financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS), which include standards and interpretations approved by the International Accounting Standards Board (IASB) and interpretations approved by the IFRS Interpretations Committee (IFRIC).
The condensed consolidated interim financial statements were prepared in accordance with International Accounting Standard IAS 34 -‐ Interim Financial Reporting.
The condensed consolidated interim financial statements have been prepared on a historical cost basis, with the exception of items which need to be assessed at their fair value.
2.2 Changes in accounting policies Accounting principles applied are consistent with those adopted for the preparation of the annual consolidated financial statements for the period ended on December 31st 2011, with exceptions to the following changes detailed below:
• Amendment IAS 12 -‐ Deferred Tax: Recovery of underlying assets • Amendment IFRS 7 -‐ Disclosures: Transfer of financial assets.
3 KEY EXCHANGE RATES The following exchange rates were applied:
Closing rate Average rates Closing rate Average rates
At 31 December 2011 01.01. – 30.06.2011 At 30 June 2012 01.01. – 30.06.2012
EUR / CHF 1.2168 1.2704 1.2015 1.2049 USD / CHF 0.9396 0.9066 0.9553 0.9288
4 SEASONALITY Le Coq Sportif offers two main collections, which are Spring/Summer and Autumn/Winter. These two collections generate seasonality peaks, which may vary depending on how quickly customers place their orders, which may significantly impact sales revenue.
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5 TRANSACTIONS WITH RELATED PARTIES
5.1 Transactions with majority shareholders
5.1.1 Other current liabilities KCHF 76 (31.12.2011: KCHF 148) are related to Petrus Finance SA’s current account. This account bears an average interest rate of 1.50% and is claimable at all times.
KCHF 58 (31.12.2011: KCH 0) relate to Marc-‐Henri Beausire’s current account. This account bears an average interest rate of 1.50% and is claimable at all times.
5.2 Loans to members of Le Coq Sportif’s management
5.2.1 Long term loan A loan was granted to GMB Holding, whose shareholders are members of Le Coq Sportif management, for KCHF 512 (31.12.2011: KCHF 510). The interest rate is 3.40% (EURIBOR 6M + 180bps) for the first semester of 2012. The contractual terms are fixed until 12 June 2019. The interest income is KCHF 9 (30.06.2011: KCHF 7).
5.3 Transactions with a minority shareholder of Hazard Immobilier SA, in liquidation
5.3.1 Other current assets The loan allocated to a minority shareholder of Hazard Immobilier, and payable at all times, amounts to KCHF 5,336 (31.12.2011 : KCHF 5,296) and bears an interest rate of 1.50%. The interest income is KCHF 40 (30.06.2011: KCHF 62).
6 SHARE CAPITAL
Number of shares Nominal value Share capital (KCHF)
At 31 December 2011 54,795,000 0.25 13,699 At 30 June 2012 54,795,000 0.25 13,699
7 EARNINGS PER SHARE
7.1 Basic earnings per share attributable to parent company shareholders Basic earnings per share are calculated by dividing the net income attributable to shareholders of Airesis by the weighted average number of shares outstanding during the year. The number of outstanding shares is calculated by deducting the average number of shares purchased and held as treasury shares from the total of all issued shares.
In thousands of CHF 01.01. –
30.06.2011 01.01. –
30.06.2012 Net result attributable to the parent company shareholders
2,587 1,056
Non-‐controlling interest
785 421 Net result 3,372 1,477
Weighted average number of shares
54,790,471 54,787,051 Net result attributable to the parent company shareholders, per share (in CHF)
0.047 0.019
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7.2 Diluted earnings per share attributable to parent company shareholders The diluted earnings per share calculation takes into account all potential dilutions to the earnings arising from share-‐based or equity-‐settled payment transactions.
In thousands of CHF 01.01. –
30.06.2011 01.01. –
30.06.2012 Net result attributable to the parent company shareholders
2,587 1,056
Dilution according to the management, staff and sponsors plans
-‐434 -‐157 Net result attributable to Airesis shareholders adjusted for the effect of dilution 2,153 899
01.01. – 30.06.2011
01.01. – 30.06.2012
Weighted average number of shares
54,790,471 54,787,051
In CHF 01.01. –
30.06.2011 01.01. –
30.06.2012 Diluted earnings per share attributable to the parent company shareholders
0.039 0.016
8 TRADE RECEIVABLES
In thousands of CHF 31.12.2011 30.06.2012 Trade receivables
39,172 46,900
Allowance for doubtful receivables -‐2,497 -‐2,465 Trade receivables (net)
36,675 44,435
9 INTANGIBLE ASSETS
In thousands of CHF 31.12.2011 30.06.2012 Trademark
25,035 24,755
Distribution rights
5,215 4,721 Key money & other intangible assets
3,405 6,664
Intangible assets 33,655 36,140
10 LOANS AND BORROWINGS
In thousands of CHF 31.12.2011 30.06.2012 Bank overdrafts and short-‐term debt 30,544 38,684 Long-‐term loans and borrowings 1,734 3,977 Loans and borrowings 32,278 42,661
The increase in loans and borrowings is primarily due to financing of Le Coq Sportif’s development.
Furthermore a long-‐term bank loan breaches its covenants on December 31st 2011 and EUR 6.0 million (CHF 7.2 million) had been reclassified in short-‐term bank loans. However banks have accepted not to claim immediate refund in February 2012.
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11 SHARE-‐BASED PAYMENT PLANS Detailed information regarding existing plans is not included in this interim statement because no changes were made during the period with the following exception.
A single new stock-‐option plan for designated Le Coq Sportif’s employees was agreed to on May 23rd 2012. This new plan includes 46,600 shares and their acquisition is conditional to employment with the company until May 2016 and achievement by December 31st 2015 of a predetermined valuation of the company.
The accounting impact is not significant for the first half of 2012.
12 FINANCIAL RESULT
In thousands of CHF 01.01. –
30.06.2011 01.01. –
30.06.2012 Third parties
-‐1,161 -‐1,289
Related parties -‐2 -‐1 Finance expenses -‐1,163 -‐1,290
Third parties
77 33 Related parties 64 48 Finance income 141 81
Income
1,213 674 Expenses -‐1,688 -‐1,021 Foreign exchange differences -‐475 -‐347 Financial result -‐1,497 -‐1,556
13 SEGMENT INFORMATION Airesis is an investment company and each one of its participations is organized to function independently. As a result, each participation is responsible for its own operational decisions and represents an operating segment. Although Airesis is actively involved at the strategic level, each participation preserves its own individual nature. Each participation regularly reports to Airesis’ Board of Directors thereby allowing the Board to maintain an overview of financial developments and to put these in relation to overall strategic plans. Segmentation is shown by participation with the base criteria being the global performance of each individual participation.
01.01. – 30.06.2012
In thousands of CHF Boar
ds
& M
ore
Le
Coq
Spor
tif
Corp
orat
e
& o
ther
s
Subt
otal
Elim
inat
ion
Tota
l
Total revenue 24,049 71,449 1,773 97,271 -‐1,713 95,558 EBT 1,197 1,680 -‐630 2,247 -‐ 2,247
Total assets as of 30.06.2012 26,406 113,735 22,759 162,900 -‐17,816 145,084
01.01. – 30.06.2011
In thousands of CHF Boar
ds
& M
ore
Le
Coq
Spor
tif
Corp
orat
e
& o
ther
s
Subt
otal
Elim
inat
ion
Tota
l
Total revenue 21,872 61,583 1,139 84,594 -‐1,139 83,455 EBT 1,437 2,173 -‐155 3,455 -‐ 3,455
Total assets as of 31.12.2011 23,594 100,710 22,442 146,746 -‐17,711 129,035
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14 EVENTS AFTER THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENT CLOSING DATE Management has not identified any events after the closing date of the half-‐year results that could affect the condensed consolidated interim financial statements.
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2012, Airesis, Montreux (Switzerland)
This report contains forward-‐looking statements, which express current opinions. This involves certain risks and results can differ from the views given.
To avoid misinterpretation, this report is published in French and translated into English for information purposes. The French version surpasses all other versions.
Printing
This report is printed on paper produced from well-‐managed forest and other sources certified by the Forest Stewardship Council (FSC).
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ce!rapport!est!établi!en!français,!puis!!
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autres!versions.!
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