Aspectos sociales, culturales y económicos como determinantes

CORNE PORT-ROYAL

CORNÉ PORT-ROYAL produces and distributes traditional, high- quality Belgian chocolates through exclusive points of sale, main- ly in France (18 stores) and in Belgium (22 stores). The company plans to concentrate on the opening of new points of sale and on the development of its brands in major outlets. In 2009, turnover fell by 4% to EUR 10.3 million. The net profit is up by 95% at EUR 0.5 million thanks to a strict monitoring of expenses.

Within the 50% held DISTRIPLUS Group:

PLANET PARFUM

This chain, which operates 74 points of sale, saw its turnover fall by 0.3% in 2009 (to EUR 89.5 million).

DI

With its 100 points of sale, DI generated a turnover of EUR 70.9 mil- lion in 2009, down 1.9% compared with 2008. The beginning of the year was marked by the announcement of a collective redundancy agreement that saw 14 loss-making stores close and 160 employ- ees leave the company for a total cost of over EUR 8 million. This collective redundancy agreement paved the way for a recovery plan that sets out to increase turnover through a repositioning of the DI brand and of its product range, as well as to improve margins and to reduce costs.

CLUB

With its 32 points of sale, CLUB increased its turnover by 5.0%, taking it to EUR 58.1 million in 2009 (+2.2% with a constant perim- eter). The gradual renovation of the points of sale should make it possible to give a further boost to the chain’s turnover.

DISTRIPAR

DISTRIPAR is a holding company, specialised in distribution, that holds BELGIAN SKY SHOPS

(airport shops) and CORNÉ PORT-ROYAL (a traditional Belgian chocolate maker) as well as,

as part of a joint venture with ACKERMANS & van HAAREN via DISTRIPLUS, the PLANET

PARFUM (perfumeries), DI (Beauty & Care) and CLUB (books/stationery) retail chains .

SHAREHOLDINGS OF NPM/CNP HELD DIRECTLY

Business report 2009 NPM/CNP 37

operAtIonAl DAtA

turnover per business

segment 2005 2006 2007 2008 2009

BSS / CORNE PORT-

ROYAL 107.3 114.1 120.2 125.6 119.3

DISTRIPLUS n.s. n.s. n.s. 239.8 238.1

BSS 2008 2009

Number of passengers leaving from Brussels’

and Brussels South’ airport (thousands) 10,569 10,251 Sales at Brussels and Brussels South

(EUR / passenger) 10.5 10.2

Corne port-roYAl 2008 2009

Volumes sold (tons) 592 543

DIStrIplUS 2008 2009 Stores CLUB 28 32 DI 118 114 PLANET PARFUM 73 74 ContrIBUtIon to: Restricted

consolidation Consolidation (transitive) Valuation basis

M EUR % M EUR % M EUR %

2009 operating profit* 4.7 2.6% 4.5 1.6% 4.5 1.3% Adjusted net assets at 31.12.2009 66 1.2% 66 1.2% 66 1.2%

KeY FInAnCIAl DAtA

Summary income statement

(million EUR) 2005 2006 2007 2008 2009

Turnover 166.5 245.6 250.6 244.5 237.3

Gross margin 78.7 113.1 112.2 111.4 111.8

EBITDA 22.5 27.8 21.8 24.5 21.4

EBIT 14.3 18.3 12.8 17.7 13.6

net income (Group share) 11.4 9.6 37.5 3.3 2.0

Summary balance sheet

(million EUR) 2005 2006 2007 2008 2009

Non-current assets 75.9 97.1 82.8 84.4 82.0 Net current assets

and liabilities (1.3) (2.0) 2.2 (1.3) (2.9)

total capital employed 74.6 95.1 85.0 83.1 79.1 Equity (Group share) 10.7 17.4 65.8 64.7 62.0

Minority interests 0.0 0.0 0.0 0.0 0.0

Shareholder loan 12.2 29.0 0.0 0.0 0.0

Net financial debt 51.7 48.7 19.2 18.4 17.1

total capital invested 74.6 95.1 85.0 83.1 79.1

Dividend

(million EUR) 2005 2006 2007 2008 2009

Dividend* 0.0 0.0 4.1 4.4 4.7

* Dividend declared for the corresponding financial year .

StrUCtUre At 31 DeCeMBer 2009

NPM/CNP

BSS

DISTRIPAR

CORNE PORT ROYAL

DISTRIPLUS

PLANET PARFUM DI CLUB

AvH 50% 100% 100% 100% 100% 100% 100% 50% Restricted consolidation

MAIn eVentS

Turnover is down by 21% at CHF 340 million, affected by the economic downturn and the unexpected banning of tobacco advertising in Greece.

Operating profit is posting a loss of CHF 65 million, mainly under the negative impact of impairments amounting to a total of CHF 83 million.

The net profit has fallen by CHF 59 million. In order to preserve the cash flow and the equity, no dividend is being paid for the 2009 financial year.

In 2009, AFFICHAGE HOLDING’s turnover fell by 21% to CHF 340 million, 74% of which were generated on the Swiss domestic market, compared with 71% the previous year, the international business having borne the brunt of the economic crisis with a 27% slump in turnover.

On the Swiss market, sales amounted to CHF 205 million, down by 18% compared with 2008. After a 24% downturn over the first half year, which suffered nevertheless from an unfavourable basis for comparison with the 2008 European Football Championship, the second half year enjoyed a slight recovery, containing the loss to 12%. The reduction in charges and operating costs made it pos- sible to generate an EBITDA of CHF 54 million including Holding costs (compared with CHF 67 million in 2008) and to maintain the margin (23% of revenue compared with 24% in 2008).

In Greece, the Group’s second market, AFFICHAGE HOLDING had to contend with not only macroeconomic problems, but also with the ban on tobacco advertising as from September, cutting turnover by 30%, which brought EBITDA down to CHF -12 mil- lion compared with CHF -3 million in 2008. On the Central and Eastern European markets, the group suffered the same fate, generating an EBITDA of CHF 4 million compared with almost CHF 20 million in 2008.

This situation, as well as the prospects for the future on the for- eign markets, meant that AFFICHAGE HOLDING:

- recorded total impairments for its activities in Greece and in Bosnia of CHF 83 million;

- made provisions on international receivables worth CHF 10 million;

- sold its activities in Hungary and in Northern Italy for a loss of CHF 21 million.

Consequently, operating profit is down at CHF 65 million and the net profit fell to CHF 59 million, after taking into account a posi- tive tax effect of CHF 31 million, compared with profits in 2008 of CHF 53 million and CHF 30 million respectively.

Operating cash flow is down by 37% at CHF 36 million whereas the net debt position remained stable at CHF 35 million. Equity fell by CHF 55 million to CHF 165 million taking into account an actuarial gain on pension schemes amounting to CHF 23 million.

In the light of the uncertain results and prospects, no dividend is being paid for this financial year in order to preserve the cash flow and equity.

2010 will remain a difficult year for advertising spending, with advertisers continuing to place short term orders, making it dif- ficult to forecast. Furthermore, the situation in Greece continues to be a concern given the political and economic situation.