Ipsos

Earnings Release • Jul 24, 2013

P r e s s R e l e a s e

Ipsos – First-half 2013

At a turning point

Sales and margins pick up

Paris, 24 July 2013. We have kept our combination and its impact on the new entity's business, Ipsos swung back into organ second-quarter 2013. word. After five quarters marked by the Ipsos/Synovate . organic growth in

Revenues rose in the second quarter decline in the first quarter. Another encouraging sign is that Ipsos sales rose strongly between 1 January and 30 June 2013, up quarters ahead. quarter by 0.4% at constant scope and exchange rates after a 2.7% by about 2.5%, foreshadowing stronger revenue momentum in the .4% %. of consolidation also

First-half 2013 revenues amounted to 803.7 million euros, down 4% compared to the same period in 2012, mainly due to a negative currency effect of 2. had an impact of 0.8%, notably due to the partial withdrawal from peripheral markets such as Greece and Portugal, and the disposal of a loss its management team. At constant sc first half. half 2.2%. Changes in the scope of loss-making film script testing business based in Los Angeles to scope and exchange rates, Ipsos' revenues declined 0. making ope 0.95% in the

By region, sales improved on a quarterly basis, especially in Europe, the Middle East and Africa ( 3.1% in the first quarter; -1.0% in the first half) and in the Americ the first half), which swung into growth thanks to progress in North and South America. % Americas (-1% in the first quarter; +0.8 ( he +0.8% in

Business remains sluggish in the Asia alone, which reflected the sn integration process. This is the region where our size doubled thanks to the combination with Synovate. Business will rebound a little later in the year thanks to markets where things have already picked up – namely Southeast Asia and Japan where things are not going well, like India, China and to a lesser extent, South Korea. Asia-Pacific region, with a 5% decline reported in the first quarter snags encountered in the sometime challenging Ipsos/Synovate – and especially to a catching up effect in countries

By business line, progress can be seen virtually across the board when compa with those of the first quarter alone. The turnaround is very clear for Ipsos Marketing, our biggest business line, which swung from a negative 3.5% in the first quarter also the case for Ipsos MediaCT, the effects of platform/content convergence, which grew quarter alone. to almost break the business line dedicated to measuring media performance and 3% in the first half after 1.5% in the first comparing first-half results break-even. This is

Lastly, in Opinion & Social Research, the going is still tough ( improvement over the 8% decline reported in the first quarter alone. Moreover, things are going to get a lot better based on the large the period, not only from national institutions, where funding is becoming more scarce, but public and private international institutions, which are still awash in cash! (-7.5% in the first half), but this is still an large-scale contracts won in several major countries in the last weeks of % e scale also from

Performance by region and business line

Consolidated revenues by region region (in millions of euros)	1st half 2013	1st half 2012	Change 2013/2012	Organic growth
Europe, Middle East and Africa	359.5	371.0	-3.1%	-1.0%
Americas	314.9	323.1	-2.5%	+0.8%
Asia Pacific	129.3	142.9	-9.5%	-5.0%
First-half revenues	803.7	837.0	-4.0%	-0.95%

Consolidated revenues by business line (in millions of euros)	1st half 2013	1st half 2012	Change 2013/2012	Organic growth
Advertising Research	131.6	136.5	-3.6%	-1.0%
Marketing Research	420.2	427.6	-1.7%	-0.45%
Media Research	79.2	86.4	-8.4%	+3.0%
Opinion & Social Research	70.0	80.6	-13.2%	-7.5%
Customer Relationship / Management Research	102.7	105.8	-3.0%	-1.5%
First-half revenues	803.7	837.0	-4.0%	-0.95%

Disagreement between Ipsos and Aegis

Concerning the sale and purchase agreement Ipsos control of the entity on 12 October 2011 for an enterprise value of 525 million pounds sterling on a cash free/debt free basis, and with a minimum working capital requirement for Sy Ipsos and Aegis disagree on the application of contractual post acquisition price to take into account the actual level of cash, debt and related items as well as on the actual level of working capital requirement minimum level defined in the contract. for Synovate signed on 26 July 2011, which gave post-closing adjustments to the initial at the date of 30 September 2011 compared to the or Synovate, closing 2011, the

On the basis of the Synovate completion adjustment to the initial acquisition price st Aegis Group Plc, which was reported under Other non consolidated balance sheet at 31 December 2012. Aegis Group plc adjustments to the reference value. completion accounts prepared by Ipsos at 30 September 2011 stood at a receivable of 111.9 million pounds sterling from non-recurring financial income had contest .9 recurring of the contested the contractual

In accordance with the terms of the acquisition agreement, an independent expert was appointed on 17 July 2012 to resolve the dispute and made requests for information from the parties concerned. ordance and on 19 July 2013, Aegis paid

The expert's report was received by both parties on 12 July 2013, Ipsos a total of 15.4 million euros. Ipsos disagrees with this calculation and some of the exper positions. expertise

Nonetheless, taking a conservative approach, Ipsos made a provision in the first half covering the amount of receivables reported on its financial statement at 31 December 2012 to bring the figure in line with the amount paid by Aegis.

After various write backs of provisions, the net impact on the 2013 income statement is 73.2 million euros. This accounting adjustment was reported on the income statement in compliance with IFRS, because the final allocation of the acquisition price must be completed within 12 months of taking control, and does not have an impact on Ipsos' real financial situation. eceivables tment e sale and purchase

Moreover, since October 2011, Ipsos has notified Aegis of a number of claims in terms of requests guarantees for compensation that Aegis had agreed to under the Synovate agreement. or

To date, Ipsos has filed suit against Aegis in London concerning c and obligations due to the noncertain guarantees, tax liabilities -respect of the acquisition contract.

Ipsos is not a company that thrives on litigation. We simply want to make sure the company's rights and interests are respected. ertain "The Better Ipsos",

These legal procedures reflect events that took place two years ago. They do not call into question the pertinence of the Synovate acquisition nor our very positive appreciation of " combination, achieved by the teams of Ipsos and Synovate over the past 18 mon months.

Consolidated income statement

To provide our shareholders with more pertinent and exact information and to highlight Ipsos' performance before taking into account the book entries pertaining to the Aegis we have added a "Restated" column to the tables of the income statement and consolidated balance sheet. receivable provision,

The financial situation and net cash position was not affected by these book entries at 30 June 2013. Cash increased by 15.4 million euros on 19 July 2013 following a paymen ted" payment by Aegis. t

	H1 2013 Restated	H1 2013	H1 2012	Change Restated H1 2013 / H1
(In millions of euros)				2012
Revenue	803.7	803.7	837.0	-4.0%
Gross profit	512.0	512.0	530.4	-3.5%
Gross margin	63.7%	63.7%	63.4%	-
Operating profit	49.0	49.0	48.2	+1.6%
Operating margin	6.1%	6.1%	5.8%	+30pb
Exceptional, non-recurring items	-10.8	-84.0	-13.3	-
Finance charge	-12.8	-12.8	-11.0	-
Tax	-5.4.0	-5.4	-5.1	-
Net profit (attributable to the Group)	13.0	-60.2	12.6	+3.1%
Adjusted net profit* (attributable to the Group)	31.3	31.3	29.8	+5.2%

* Adjusted net profit is calculated before non acquisition-related intangible assets (client relationships), deferred tax liabilities related to goodwil is tax-deductible in certain countries and the impact net of tax of other non non-cash items linked to IFRS 2 (share-based payments), amortisation of related goodwill on which amortisation deductible non-recurring income and expenses. based l recurring

Profitability

The Group's operating profit 6.1%, a 30 basis point improvement compared to first continued to rise to 49 million euros, with an operating margin first-half 2012. of

The improvement in gross profit, attributable to contracts from revenues, is still one of the keys to the improvement in profitability, a the positive effects of the combination plan began to be felt in the second half of 2012. The gross margin improved to 63.7% from 63.4% in the previous period. This 30 basis point improvement can be attributed to the implementation of an in a strong ability to maintain prices in all countries. which is calculated by deducting external direct variable costs in-sourcing policy for Synovate's production capacities and as

As to operating costs, the positive effects of the combination plan 7.4% decline in general operating expenses. They were partia share-based compensation, which rose from 2.9 million euros to 5.5 million euros, in part because Synovate's management was included in free share attribution plans and in part due to the launch of the Ipsos Partnership Fund 2020 programme in September 2012. are reflected notably in the partially offset by an increase in cy lly variable

Below operating profit, the amortisation of intangibles identified on acquisitions portion of goodwill allocated to client relationships during the 12 acquisition date. In compliance with IFRS, amortisation charges are recognised in the income statement over several years. This charge amounted to 2.4 million euros in first to 2.2 million euros in the previous period. p 12-month period following the liance firstconcerns a month -half 2013, compared

The restated balance of other (10.8) million euros compared to (13.3) million euros in first not related to operations and includes acquisition costs as well as combination non-recurring and non-operating income and expenses also incorporates the impact of the provision on the Aegis receivable, which amounted to 73.2 million euros, net of the write back of various provisions. non-recurring and non-operating income and expenses first-half 2012. It includes exceptional items operating , first half, compared to 11 million euros for the operating was half combination-related costs. Other

Finance costs amounted to 12.8 million euros in the f same period in 2012.

Tax. The effective tax rate on the IFRS income statement was 26%, compared to 25% as at 30 June 2012, due to a new 3% tax on dividends in France. As in the past, this includes a deferre of 2.8 million euros, cancelling out the tax saving achieved through the tax deductibility of goodwill amortisation in certain countries, even though this deferred tax charge would fall due only if the activities concerned were sold, and wh which is restated accordingly in adjusted net profit. irst deferred tax liability

Adjusted net profit attributable to the Group, up 5.2% compared to first-half 2012. million euros. The reported net loss attributable to the Group was (60.2) million euros after integrating the net impact of provisions on the Aegis the pertinent indicator, came to 31.3 million euros, half Restated net profit attributable to the Group was up 3.1% to 13 illion receivable . ich half nts.

Financial structure

Free cash flow amounted to 59.3 million euros, up 14.5% compared to first first-half 2012.

Cash flows provided by operations deficit of 35.5 million euros at 30 June 2012, despite the seasonal increase in working capital requirements. This marks a veritable turning point after became positive again at 6.9 million euros compared to a after the Synovate operation.

Working capital requirements peaked as usual at 30 June due to the large number of projects underway, but also due to disbursements, which are traditionally concentrated in the first half, including bonuses and remaining tax payme development of our activities in emerging markets. payments. Structurally, it is increasing slightly due to the

As to investments, Ipsos invested a total of 3.5 million euros in the first half as part of its acquisition programme, including the buyout of mino French overseas departments. minority interests in emerging countries, Morocco and in the

Ipsos also invested 4 million euros in its share buyback programme to limit the impact of dilution on its free share attribution plans. rity and at 804.5 million

Shareholders' equity now stands euros after taking into account the provision on the Aegis receivable. stands at 877.7 million euros on a restated basis

Net debt came to 634 million euros at 30 June 2013, down significantly from 680.2 million euros at 30 June 2012. Gearing is 78.8%, similar to the level at 30 June 2012. Restated gearing is 72.2%.

Cash and equivalent at the close of first comfortable liquidity position for Ipsos, which also has available credit line ing first-half 2013 amounted to 98.1 million euros, which is a lines of about 75 million euros.

2013 outlook

There is no point in hiding from it: in a nutshell, the situation is tense.

• 1. First, on the macroeconomic front. Economic growth is slowing, in Europe of course but also in emerging-market countries. Countries and second phase of the crisis that began in 2008, more so than they were in 2009, which in retrospect was a benign still had some financial leeway. , market regions are now more interdependent in the period during which governments were able to act as though they half f who will
• 1. Second, on the corporate front. During the current phase of globalisation, when companies need to look for "new consequently, losers. The problem is that today's winners are not necessarily those win tomorrow, though today's losers are unlikely to become tomorrow's winners. Customers are smarter, more interconnected, sometimes keen to buy but sometimes willing to abstain. In the current transitional phase, certainty of a predictable tomorrow, the confidence that comes from ready At a time when customers being offered a broader range of options, marketing its Companies need to continue products, services, brands, ideas and ideals. But how much should they spend? Where? What should they be saying? To wh this be measured? ond, new" consumers/customers in new markets, there are winners and, everyone understands what we are los ustomers are seeing their individual needs taken more into account and itself is suffering and being questioned. to spend money to develop, promote and defend their which audience? Do audiences still exist losing: stability, the ready-made solutions. are elf iences exist? And how can all

It is hard to answer all these questions with accuracy and certainty. brings with it instability, as shown by the average time spent in their jobs by heads of marketing at S&P500 companies. It was already low in 2010, just 19 months. The figure is now 18 months. Obviously Obviously, uncertainty

1. It is therefore unsurprising that the situation is limited growth, probably less than 3% in 2012 and 2013. Things ar markets, and worse elsewhere. However, during this transitional phase that we described some time ago as a new renaissance, at a time when content is defined more than ever by the medium, during this period of imbalances, disruption and participatory unpredictability of behaviour makes the job of research companies difficult. It sometimes puts us in a precarious position. Clearly, no research company anticipated the re Turkey, or correctly predicted how badly the European car market would perform, or forecast the collapse in the global PC market. But who did? Even if research companies provide an imperfect service, we all know that they can still help clients measures, based on the wide variety of information that the extent of their knowledge relating challenging for the market research industry. rowth, are better in certain English s, uprising, the need for informatio recent social unrest in Brazil or n to choose the right ideas, the right means research agencies produce and/or analyse, and to people, markets, brands, territories, cultures and movements in There is e English-speaking information is immense. The cent means and the right es,

opinion. Research companies are objective to meet the need for reliable, relevant and usable information Ipsos believes that the industry's average performance does not reflect its potential. In other words, there is still plenty of demand from clients willing and able to pay. It is our service adjust to the needs of our clients. objective, skilled and - for the largest among them required by their thousands of clients. he services that - powerful enough must change and

Starting today, we need to move faster information is collected and the time it becomes available. We must act as an integrator of various sources of data, providing the right balance between the global and the local. W simpler, without being simplistic, closer to our clients' new requirements, for example as regards everything that happens at retail outlets and across Sometimes, the high level of technical complexity We see representatives of other parts of the marketing services sector hogging the media limelight, speaking about topics like "Big Data tools and protocols we use, put us in a good position to inform our clients , reducing or even eliminating the period between the time when , What we say needs to be different platforms. We must also be more vocal. hnical makes research companies reluctant ata" and social media. This is a shame, since our expe clients, on such topics hat reluctant to communicate. expertise, and the , topics.

Ipsos is in a proactive mood. We are currently working on five complementary approaches.

• We are building our positions in key markets: the USA, the but also the BRIC countries which our clients are setting up management and marketing teams psos UK, Germany and Japan countries, the Next 11 and our Hubs (Singapore, Panama and teams. Japan of course, Singapore, Nairobi...), in
• Our relationships with our clients. Our programmes are in place, 2013 are encouraging. Ipsos Global PartneRing, which features 16 major Ipsos clients, generated revenue growth of 7% in the first six months of 2013, as opposed to our overall revenue growth of 2.5%. and results in the first half of
• The strength of our teams. This is fundamental. As demand shifts towards aggregating information rather than analysing each piece of it, and bringing it closer to the decision process, the required staff profiles change and become more diverse. The need for training increases. This is why, for example, the number of connections to our E by a factor of 2.5 in the first half of 2013. eams. . Edecision-making -Learning centre rose
• We are driving forward operational platforms, which constant aim is to enhance the service, through better access to respondents; to become quicker, to the point of developing real information and disseminating it; and to become more streamlined. Looking ahead, our various business lines have started to roll out their new offerings, making more systematic use of available technology - particularly mobile technology and what they are doing, sometimes without our specialisations, supported by the increased efficiency of our are already partly shared and installed in offshore centres. The real-time solutions with no time gap between receiving - which tells us who our clie us even asking them. clients' clients are
• Finally, Ipsos is continuing to develop new services, gradually developing our position as important provider of "consumer insight services". This includes using social ne primary source of information, making more systematic use of protocols inspired by neuroscience, and constantly strengthening our analytical capa generated by these new services rose by 70% year Ipsos' total revenue, but this should capabilities. Overall, the revenue year-on-year. They still account for only 2.7% of exceed 5% next year. as an networks as a . increase in the

According to our information, it is very likely that Ipsos' revenue will show a second half of 2013. Overall, Ipsos should resume organic grow situation and constrained market, with significant growth despite the uncertain macroeconomic our performance gradually improving each quarter. th recurring

Our operating margin, before non around 11%, 100 basis points higher th non-recurring items, will be in line with our previously stated forecast of than in 2012.

Press release - 24 July 2013

A presentation of Ipsos' activities and results for the first half of 2013 and a complete set of consolidated financial statements will be available on the www.ipsos.com website on 25 July.

Annexes

Nobody's Unpredictable

« Nobody's Unpredictable Unpredictable » est la signature publicitaire d'Ipsos.

Parce que les clients de nos clients sont de plus en plus souvent infidèles à leurs habitudes - ils zappent, changent volontiers de comportements, de points de vue, de préférences nous aidons nos clients à capter ces mouv Nous les aidons à comprendre leurs clients mouvements qui caractérisent nos sociétés. - et le monde - tels qu'ils sont. -, ements

Ipsos est coté sur l'Eurolist de NYSE La société qui fait partie NYSE-Euronext. du SBF 120 et de l'indice Mid-60 est également éligible au SR SRD.

Code Isin FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com

Con Consolidated income statement

First half to 30 June 2013

In thousands of euros	30 June 2013 Restated (*)	30 June 2013	30 June 2012	31 December 2012
Revenue	803,777	803,777	836,964	1,789,521
Direct costs	(291,752)	(291,752)	(306,584)	(642,342)
Gross profit	512,025	512,025	530,380	1,147,179
Payroll - excluding share based payments	(349,841)	(349,841)	(362,158)	(730,780)
Payroll - share based payments	(5,462)	(5,462)	(2,871)	(8,396)
General operating expenses	(109,678)	(109,678)	(118,390)	(229,874)
Other operating income and expense	1,967	1,967	1,276 1,276	318
Operating margin	49,011	49,011	48,237	178,448
Amortisation of intangibles identified on acquisitions les	(2,394)	(2,394)	(2,179)	(4,920)
Other non operating income and expense	(10,801)	(83,956)	(13,335)	(36,638)
Income from associates	( 4)	( 4)	( 37)	( 14)
Operating profit	35,811	(37,344)	32,686	136,876
Finance costs	(12,790)	(12,790)	(10,977)	(23,895)
Other financial income and expense	(2,327)	(2,327)	(1,244)	(3,738)
Profit before tax	20,694	(52,461)	20,465	109,243
Income tax - excluding deferred tax on goodwill	(2,600)	(2,600)	(2,043)	(21,451)
Income tax - deferred tax on goodwill	(2,780)	(2,780)	(3,074)	(5,823)
Income tax	(5,380)	(5,380)	(5,117)	(27,274)
Net profit	15,314	(57,841)	15,348	81,969
Attributable to the Group	12,996	(60,159)	12,607	74,070
Attributable to Minority interests	2,318	2,318	2,741	7,899
Earnings per share (in euros) - Basic	0.29	(1.33)	0.28	1.64
Earnings per share (in euros) - Diluted	0.28	(1.33)	0.28	1.62
Adjusted net profit (**)	33,824	33,824	32,806	126,755
Attributable to the Group	31,336	31,336	29,781	118,463
Attributable to Minority interests	2,488	2,488	3,025	8,292
Adjusted earnings per share (in euros) - Basic	0.69	0.69	0.66	2.62
Adjusted earnings per share (in euros) - Diluted	0.68	0.68	0.66	2.59

(*) Restated of the depreciation on the receivable from from Aegis Group Plc for a net impact of 73.2 million euros.

(**) Adjusted net profit is calculated before non-cash items linked to IFRS 2 (share cash (share-based payments), amortisation of

acquisition-related intangible assets (client relationships), deferred tax liabilities related to goodwill on whi related which amortisation ch

is tax-deductible in certain countries and the impact net of tax of other non deductible non-recurring income and expenses.

Consolidated balance sheet

First half to 30 June 2013

In thousands of euros	30 June 2013 Restated (*)	30 June 2013	31 Decemb December 2012
ASSETS
Goodwill	1,177,605	1,177,605	1,199,024
Intangible assets (*)	86,438	89,727	90,450
Property, plant and equipment	43,245	43,245	47,442
Interests in associates	474	474	478
Other non-current financial assets (*)	132,903	24,594	154,077
Deferred tax assets	46,683	46,683	38,812
Total non-current assets	1,487,348	1,382,328	1,530,283
Trade receivables	555,129	555,129	606,643
Current income tax	21,465	21,465	16,307
Other current assets	80,226	80,226	56,416
Derivative financial instruments	3,217	3,217	7,968
Cash and cash equivalents	98,132	98,132	132,254
Total current assets	758,169	758,169	819,587
TOTAL ASSETS	2,245,516	2,140,496	2,349,870
In thousands of euros	30 June 2013 restated (*)	30 June 2013	31 December 2012
LIABILITIES
Share capital	11,334	11,334	11,332
Share premium	540,201	540,201	540,017
Own shares	( 1,052)	( 1,052)	( 983)
Currency translation differences	( 25,079)	( 25,079)	4,171
Other reserves (*)	340,410	267,255	359,396
Shareholders' equity - attributable to the Group	865,814	792,659	913,933
Minority interests	11,909	11,909	11,556
Total shareholders' equity	877,723	804,568	925,489
Borrowings and other long-term financial liabilities	525,612	525,612	675,855
Non-current provisions (*)	26,635	19,104	25,103
Retirement benefit obligations (*)	23,245	20,267	22,912
Deferred tax liabilities	105,719	105,719	101,979
Other non-current liabilities (*)	91,761	77,033	89,742
Total non-current liabilities	772,972	747,735	915,590
Trade payables (*)	217,427	210,799	259,349
Short-term portion of borrowings and other financial liabilities term	209,768	209,768	87,844
Current income tax liabilities	5,593	5,593	10,042
Current provisions	5,958	5,958	6,171
Other current liabilities	156,074	156,074	145,384
Total current liabilities	594,821	588,193	508,791
TOTAL LIABILITIES	2,245,516	2,140,496	2,349,870

(*) Restated of the depreciation on the receivable from Aegis G Group Plc for a net impact of 73.2 million euros.

Consolidated Consolidated cash flow statement

First half to 30 June 2013

In thousands of euros	30 June 2013	30 June 2012	31 December 2012
OPERATING ACTIVITIES
NET PROFIT	(57,841)	15,348	81,969
Adjustements to reconcile net profit to cash flow
Amortisation and depreciation of fixed assets	13,389	14,631	29,075
Net profit of equity associated companies - net of dividends received received	4	37	14
Losses/(gains) on asset disposals	133	448	776
Movement in provisions	79,360	(1,392)	(3,799)
Share-based payment expense	4,955	2,871	7,246
Other non cash income/(expenses)	( 488)	3,154	183
Acquisitions costs of consolidated companies	1,665	659	3,022
Finance costs	12,790	10,977	23,895
Income tax expense	5,380	5,117	27,274
OPERATING CASH FLOW BEFORE WORKING CAPITAL CAPITAL. FINANCING AND TAX PAID	59,347	51,849	169,655
Change in working capital requirement	(24,968)	(59,318)	(66,275)
Interest paid	(12,695)	(11,774)	(23,814)
Income tax paid	(14,739)	(16,289)	(28,110)
CASH FLOW FROM OPERATING ACTIVITIES W	6,945	(35,532)	51,456
INVESTMENT ACTIVITIES
Acquisitions of property, plant, equipment and intangible assets	(8,728)	(14,581)	(26,219)
Proceeds from disposals of property, plant, equipment and intangible assets assets	122	45	251
Acquisition of financial assets	(1,484)	(2,096)	(2,430)
Acquisition of consolidated companies and business goodwill	(1,465)	(12,342)	(15,888)
CASH FLOW FROM INVESTMENT ACTIVITIES	(11,555)	(28,974)	(44,286)
FINANCING ACTIVITIES
Increase/(decrease) in capital	186	1,633	1,633
Increase/(decrease) in long-term borrowings	(4,050)	(6,739)	(6,146)
Increase/(decrease) in bank overdrafts and short-term debt term	(24,886)	(11,775)	9,361
(Purchase)/proceeds of own shares	3,997	3,641	1,112
Acquisition of minority interests	(1,997)	(9,199)	(12,484)
Dividends paid to parent-company shareholders	-	-	(28,549)
Dividends paid to minority shareholders of consolidated companies	(124)	(78)	(1,280)
CASH FLOW FROM FINANCING ACTIVITIES	(26,874)	(22,517)	(36,353)
NET CASH FLOW	(31,483)	(87,022)	(29,184)
Impact of foreign exchange rate movements	(2,640)	1,727	235
CASH AT BEGINNING OF PERIOD	132,254	161,203	161,203
CASH AT END OF PERIOD	98,132	75,908	132,254

Consolidated statement of changes in shareholder's equity

First half to 30 June 2013

						Shareholders' equity
In thousand euros	Share capital	Share Premium	Own shares	Other consolidated reserves	Currency translation difference	Attributable to the Group	Minority interests	Total
1st January 2012	11,311	538,405	(1,019)	321,994	7,735	878,426	12,437	890,863
- Change in capital	21	1,612	-	-	-	1,633	0	1,633
- Dividends paid	-	-	-	(28,477)	-	(28,477)	( 204)	(28,681)
- Change in scope of consolidation	-	-	-	-	-	-	2,001	2,001
- Impact of share buy-out commitments	-	-	-	-	-	-	(3,900)	(3,900)
- Delivery of free shares related to 2010 plan	-	-	6,675	(6,675)	-	-	-	-
- Other movements on own shares	-	-	(6,167)	108	-	(6,059)	2	(6,057)
- Share-based payments taken directly to equity	-	-	-	2,871	-	2,871	-	2,871
- Other movements	-	-	-	( 78)	-	( 78)	142	64
Transactions with the shareholders	21	1 612	508	(32,251)	-	(30 110)	(1 958)	(32,069)
- Net profit	-	-	-	12,607	-	12,607	2,740	15,347
- Other elements of the Comprehensive income	-	-	-	-	-	-	-	-
Hedges of net investments in a foreign subsidiary	-	-	-	-	1,667	1,667	-	1, 667
Deferred tax on hedges of net investments in a foreign	-	-	-	-	( 245)	( 245)	-	( 245)
subsidiary
Currency translation differences	-	-	-	-	17,430	17,430	471	17, 902
Actuarial gains and losses - Total of the other elements composing the				(367)		(367)		(367)
Comprehensive income	-	-	-	(367)	18,852	18,485	471	18,957
Comprehensive income	-	-	-	12,240	18,852	31,092	3 211	34,304
30 June 2012	11,332	540,017	(511)	301,983	26,587	879,408	13 690	893,098
1st January 2013	11,332	540,017	( 983)	359,397	4,170	913,933	11,556	925,489
- Change in capital	2	184	-	-	-	186	-	186
- Dividends paid	-	-	-	(28,987)	-	(28,987)	(127)	(29,113)
- Change in scope of consolidation	-	-	-	-	-	-	(1,444)	(1,444)
- Impact of share buy-out commitments	-	-	-	-	-	-	-	-
- Delivery of free shares related to 2011 plan	-	-	4,012	(4,012)	-	-	-	-
- Other movements on own shares	-	-	(4,079)	29	-	(4,050)	-	(4,050)
- Share-based payments taken directly to equity	-	-	-	4,955	-	4,955	-	4,955
- Other movements	-	-	( 2)	(1,439)	-	(1,441)	169	(1,272)
Transactions with the shareholders	2	184	( 70)	(29,453)	-	(29,336)	(1,402)	(30 738)
- Net profit	-	-	-	(60,159)	-	(60,159)	2,318	(57,841)
- Other elements of the Comprehensive income	-	-	-	-	-	-	-	-
Hedges of net investments in a foreign subsidiary	-	-	-	-	(14, 235)	(14,235)	-	(14,235)
Deferred tax on hedges of net investments in a foreign

30 June 2013	11,334	540,201	(1,052)	267,239	(25,064)	792,659	11,909	804,568
Comprehensive income	-	-	-	(62,704)	(29,233)	(91,937)	1,755	(90,182)
Comprehensive income	-	-	-	(2,545)	(29,233)	(31,777)	( 563)	(32,340)
- Total of the other elements composing the
Other changes	-	-	-	(2,544)	-	(2,544)	-	(2,544)
Currency translation differences	-	-	-	-	(17, 839)	(17,839)	(563)	(18,402)
Deferred tax on hedges of net investments in a foreign subsidiary	-	-	-	-	2, 841	2, 841	-	2,841
Hedges of net investments in a foreign subsidiary	-	-	-	-	(14, 235)	(14,235)	-	(14,235)