Manutan International

Earnings Release • Apr 16, 2015

All you need. With love.

Gonesse, 16 April 2015

MANUTAN GROUP

H1 2014/2015 turnover

$(E$ thousands)	Turnover at the end of March 2015	Turnover at the end of March 2014	Q 2 2015	Q 2 2014	Q 1 2015	Q1 2014
Total turnover	303,204					305,523 147,778 145,169 155,425 160,354

Turnover in the second quarter amounted to $£147.8$ million, an increase of 1.8% (0.7% at constant exchange rates) compared with the second quarter of the 2013/2014 financial year. This performance shows an improvement in the trend relating to the Group's business.

During H1 2014/2015, the Manutan Group's business underwent a decrease of -0.8% (-1.5% at constant exchange rates) compared to the same half-year of the previous year. Turnover amounted to €303.2 million, compared with €305.5 million for the previous financial year.

In terms of its operational areas, the Group shows a diverse situation:

(C thousands)	H1 2015	H1 2014	Q2 2015	Q2 2014	Q1 2015	Q1 2014
North	20,972	21,404	10,612	10,379	10,361	11,025
Centre	54,597	56,099	27,903	27,126	26,694	28,973
East	8,874	9,048	4,118	4,238	4,756	4,810
South	170,802	178,885	79,895	82,671	90,907	96,214
West	47,959	40,087	25,250	20,753	22,709	19,334
TOTAL	303,204	305,523	147,778	145,169	155,425	160,354

(local currencies)	1st quarter	2nd quarter	3rd quarter	4th quarter	Financial year
North	$-1.6%$	$+8.3%$			$+3.3%$
Centre	$-7.9%$	$+2.7%$			$-2.8%$
East	$+3.9%$	$-2.4%$			$+0.9%$
South	$-5.5%$	$-3.4%$			$-4.5%$
West	$+10.2%$	$+11.3%$			$+10.7%$
Total Group	$-3.1%$	$+1.8%$			$-0.8%$

• Driven by excellent performance in the ironmongery and shelving markets, the West area registered an 11.3% increase in its business compared to the same quarter of the previous financial year and is therefore continuing to experience dynamic growth.
• The East area registered a fall of -2.4% over the second quarter, caused by the decision $\bullet$ to cease trading in Russia. After adjusting for this effect, the area achieved performance of +6.9% over the second quarter and confirms the level of growth recorded over the previous four quarters.
• Business in the North area was up 8.3% on the same quarter of the previous financial year and confirms the mainstream activity's return to positive growth.
• The South area recorded a fall in its turnover by 3.4% compared with the second quarter of the previous financial year. This fall is mainly due to the local authorities activity.
• Finally, the Centre area achieved good results for the second quarter with growth of 2.7%, although the situation remains uncertain for the rest of the year.

With a sound financial footing, the Group is still keeping a close eye on where the economy is heading. The Group will continue focusing its efforts on developing its short and medium-term revenues and its investments in information systems.

About the Manutan Group

The Manutan Group is a European leader in multi-channel equipment distribution for businesses and local authorities. Established in 19 countries through 25 operating subsidiaries, the Group is a leading player in Europe. In 2013/2014, the Manutan Group generated revenue of 590 million euros, almost 40% of which outside France.

Manutan International is listed on Euronext Paris - Compartiment B - ISIN: FR0000032302-MAN.

www.manutan.com

Next publication: interim results S1 2014/2015 :

27 may 2015 (after market closure)