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2010/11 RESULTS

FINANCIAL RESULTS

A ONE-TIME 15-MONTH FINANCIAL YEAR (APRIL 1, 2010 TO JUNE 30, 2011)

KEY FIGURES

INCOME STATEMENT SUMMARY

Thierry BONNEFOI

Group’s Chief Financial Officer

“ This year saw the acquisitions of Micro Application (Number One in France among consumer application publishers) and PC Helpsoft (a startup specializing in the sale of utility software over the internet, with innovative marketing techniques), consolidated since March 1 and April 1, 2011, respectively, as well as an upswing in online sales, which grew by 24% and now account for 25% of consolidated sales figures.

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one-time 15-month financial year that included the April-June quarter – the weakest of the year – twice and so not representative of the overall business trend.

he underlying downward trend in offline sales has speeded up in the last few months, weighting down short-term profitability.

financial structure as solid as ever.

lower level of offline business in recent months affected profitability as well as nonrecurring factors associated with reorganizations in France and Great Britain.

Consolidated data in €M 2010/11 FY (15 month)

2009/10 FY (12 month)

Turnover 109.80 88.20

Current operating income 2.20 4.50

Net earnings (3.00) 0.30

Earnings per share (in €) (0.18) 0.02

Self-financing 7.00 7.60

Shareholders’ Equity 97.90 98.40

Loans and other financial debt 24.50 30.20

Available cash 10.90 20.40

Ratio of net financial debt / shareholders’ equity 0.14 0.10

In millions of Euros 2010/11 FY (15 month)

2009/10 FY (12 month)

Consolidated sales 109.80 88.20

Gross margin 66.50 54.40

% of sales 60.5% 61.7%

Current operating income 2.20 4.50

% of sales 2.0% 5.1%

Non-recurring items (1.20) 0.10

Operating income 1.00 4.60

Financial result (2.30) (1.50)

Net taxes and misc. (1.70) (2.80)

Net earnings (3.00) 0.30