Consolidated by Region France

2018 Budget
Income Statement 2014 2015 2016 2017
In 000s of Euro Actual Actual Actual Budget

Gross Sales 14,658 13,788 18,451 21,085

Disc, Refund, Rebates (2,729) (1,454) (2,251) (2,658)
NET SALES 11,929 12,334 16,200 18,426

Freight 135 155 163 252

Cost of Goods Sold 6,683 7,208 10,193 10,211
Other COGS** (409) 774 (836) 180
GROSS PROFIT BEFORE ROYALTIES 5,521 4,197 6,680 7,784
Gross Margin % 46.28% 34.03% 41.24% 42.24%

Administration* 289 318 303 293

Accounting and I.T.* 216 209 222 235
Sales & Marketing* 1,329 1,370 1,412 1,577
Supply Chain* 49 42 42 39
Development* 175 162 133 138
Registration* 1,347 1,386 1,934 2,150
New Projects* - (25) (0) -
Operational
TOTAL DIRECT OPERATING EXPENSES 3,406 3,463 4,047 4,432
Expenses as % of sales 29% 28% 25% 24%

Other Operating (Income) - - - -

Depreciation/Amort 3 15 18 29
Interest( Income) / Expense - 2 5 -
INDIRECT OPERATING EXP ALLOCATION* 478 368 435 768
OPERATING PROFIT 1,635 350 2,175 2,555
Operating Profit margin % 13.70% 2.84% 13.43% 13.87%

Royalties - - - -
Long Term Interest - - - -
Non-Op Expense (Income) (7) 130 (10) (5)
Taxes 35 108 123 -
NET PROFIT 1,607 112 2,062 2,560

Return on Sales 13.47% 0.91% 12.73% 13.89%

EBITDA 1,644 236 2,208 2,589

*Allocated based on % of total sales

**Allocated based on sold quantity
ance Spain

2017 2018 2014 2015 2016 2017 2017 2018 2014

Projection Budget Actual Actual Actual Budget Projection Budget Actual

21,645 26,294 3,133 3,855 5,621 5,343 6,195 6,425 31,439

(2,935) (3,347) (219) (263) (525) (652) (775) (881) (1,017)
18,711 22,947 2,914 3,592 5,096 4,691 5,420 5,545 30,422

240 358 35 43 61 47 47 50 27
10,366 13,120 1,809 2,245 3,213 2,961 1,182 3,499 21,172
15 263 (16) 119 162 45 44 44 (77)
8,090 9,206 1,086 1,185 1,659 1,637 4,147 1,951 9,301
43.24% 40.12% 37.25% 33.00% 32.55% 34.90% 76.51% 35.19% 30.57%

326 283 158 162 182 105 127 76 1,502

290 296 148 143 170 164 153 185 412
1,467 1,613 615 1,220 1,378 873 752 804 5,701
44 246 12 12 13 10 13 59 126
134 2,196 33 46 28 27 22 501 764
1,282 1,224 425 393 576 531 346 296 3,394
- - - - - - - - -
-
3,544 5,859 1,390 1,977 2,348 1,710 1,413 1,920 11,899
19% 26% 48% 55% 46% 36% 26% 35% 39%

- - - - - - - - (1,075)
30 35 3 3 3 2 2 1 240
1 - - 19 44 28 35 - 758
774 1,204 102 103 133 195 221 294 1,026
3,741 2,108 (410) (917) (868) (298) 2,476 (265) (3,548)
19.99% 9.18% (14.05)% (25.52)% (17.03)% (6.35)% 45.68% (4.78)% (11.66)%

- - - - - - - - -
- - - - - - - - -
1 - 2 10 (7) - (4) - -
(2) - - - 231 - (2) - 463
3,742 2,108 (412) (926) (1,092) (298) 2,482 (265) (4,011)

20.00% 9.18% (14.13)% (25.80)% (21.42)% (6.35)% 45.80% (4.78)% (13.19)%

3,771 2,143 (409) (904) (815) (267) 2,517 (263) (2,550)

 Italy Belgium

2015 2016 2017 2017 2018 2014 2015 2016 2017

Actual Actual Budget Projection Budget Actual Actual Actual Budget

34,451 36,364 36,951 37,044 41,084 - - - 2,410

(1,844) (1,954) (1,543) (2,061) (1,838) - - - (293)
32,607 34,410 35,408 34,983 39,246 - - - 2,117

104 140 147 176 205 - - - -

21,951 22,790 24,277 22,508 26,070 - - - 1,393
323 (131) 166 345 239 - - - 17
10,229 11,611 10,817 11,954 12,732 - - - 707
31.37% 33.74% 30.55% 34.17% 32.44% #DIV/0! #DIV/0! #DIV/0! 33.40%

968 967 980 937 889 - - - 30

315 384 401 446 689 - - - 65
5,199 5,500 5,159 4,997 4,897 - - - 381
390 448 408 420 761 - - - 4
1,031 981 889 850 4,264 - - - 12
3,202 4,206 4,140 2,365 2,208 - - - 240
- - - - - - - - -
- - - - -
11,107 12,486 11,978 10,015 13,708 - - - 733
34% 36% 34% 29% 35% #DIV/0! #DIV/0! #DIV/0! 35%

(16) (25) (15) (17) (20) - - - -

328 238 260 282 408 - - - 8
388 379 397 328 441 - - - -
919 858 1,345 1,324 1,882 - - - 88
(2,496) (2,325) (3,147) 21 (3,687) - - - (121)
(7.66)% (6.76)% (8.89)% 0.06% (9.40)% #DIV/0! #DIV/0! #DIV/0! (5.72)%

- - - - - - - - -
- - - - - - - - -
(92) (103) (20) (21) (32) - - - (20)
411 619 509 129 - - - - -
(2,815) (2,841) (3,637) (87) (3,655) - - - (101)

(8.63)% (8.26)% (10.27)% (0.25)% (9.31)% #DIV/0! #DIV/0! #DIV/0! (4.79)%

(1,688) (1,606) (2,471) 653 (2,806) - - - (94)

gium UK & Ireland R

2017 2018 2014 2015 2016 2017 2017 2018 2014

Projection Budget Actual Actual Actual Budget Projection Budget Actual

2,810 2,994 11,736 18,076 27,985 19,714 19,156 19,861 4,420

(624) (593) (404) (875) (1,072) (889) (945) (1,322) -
2,186 2,401 11,331 17,201 26,913 18,825 18,211 18,539 4,420

6 29 150 219 260 218 235 226 58

1,563 1,378 7,311 9,625 21,872 12,148 11,915 11,637 2,827
5 42 (316) 501 (945) 203 86 152 (104)
612 952 4,186 6,855 5,725 6,256 5,974 6,524 1,640
27.99% 39.65% 36.94% 39.85% 21.27% 33.23% 32.81% 35.19% 37.10%

8 44 - - 152 - - - -
62 84 7 18 71 3 1 22 1
393 369 602 928 1,162 1,274 876 839 117
5 26 47 59 89 40 43 199 18
9 217 93 117 163 109 80 1,676 36
143 128 1,231 1,713 3,145 2,203 1,361 1,029 469
- - - - - - - - -

620 868 1,980 2,835 4,784 3,628 2,360 3,765 641

28% 36% 17% 16% 18% 19% 13% 20% 15%

- - - - - - - - -
10 8 - - 358 - - - -
9 - - - 102 - - - -
100 137 383 482 660 718 685 910 144
(127) (62) 1,823 3,538 (178) 1,910 2,929 1,850 855
(5.81)% (2.56)% 16.09% 20.57% (0.66)% 10.15% 16.08% 9.98% 19.33%

- - - - - - - - -
- -
3 - - - (568) - - - -
- - - - 141 - - - -
(130) (62) 1,823 3,538 248 1,910 2,929 1,850 855

(5.94)% (2.56)% 16.09% 20.57% 0.92% 10.15% 16.08% 9.98% 19.33%

(111) (53) 1,823 3,538 849 1,910 2,929 1,850 855

 Rest of Europe EUROPE CONSOLIDATED

2015 2016 2017 2017 2018 2014 2015 2016 2017

Actual Actual Budget Projection Budget Actual Actual Actual Budget

4,892 5,346 5,614 8,068 9,968 65,387 75,062 93,768 91,116

- - (34) (3) (38) (4,369) (4,436) (5,803) (6,069)
4,892 5,346 5,580 8,065 9,930 61,017 70,626 87,965 85,047

84 84 84 129 108 404 605 708 748

2,965 3,285 3,249 4,647 5,597 39,802 43,993 61,354 54,239
209 (150) 70 141 145 (922) 1,926 (1,900) 682
1,635 2,127 2,177 3,148 4,079 21,734 24,102 27,803 29,378
33.43% 39.79% 39.01% 39.03% 41.08% 35.62% 34.13% 31.61% 34.54%

- - - - - 1,949 1,448 1,605 1,408

3 2 1 0 1 784 688 850 869
101 109 116 94 75 8,363 8,820 9,561 9,379
17 14 12 19 106 252 521 607 513
32 29 32 32 897 1,102 1,389 1,335 1,208
456 604 632 515 530 6,866 7,151 10,465 9,897
- - - - - - (25) (0) -
- - - -
609 758 793 661 1,609 19,316 19,991 24,422 23,273
12% 14% 14% 8% 16% 32% 28% 28% 27%

- - - - - (1,075) (16) (25) (15)

- 1 1 2 5 246 345 617 300
- - - - - 758 409 529 425
130 126 204 288 457 2,134 2,002 2,213 3,317
896 1,243 1,179 2,197 2,009 355 1,371 46 2,077
18.31% 23.25% 21.12% 27.24% 20.23% 0.58% 1.94% 0.05% 2.44%

- - - - - - - - -
- - - -
- - - - - (5) 48 (687) (45)
- - - - - 498 519 1,113 509
896 1,243 1,179 2,197 2,009 (138) 804 (380) 1,613

18.31% 23.25% 21.12% 27.24% 20.23% (0.23)% 1.14% (0.43)% 1.90%

896 1,244 1,179 2,198 2,014 1,363 2,077 1,880 2,847

ONSOLIDATED

2017 2018 % 2018B/

Projection Budget 2017B

94,919 106,625
(7,343) (8,018)
87,575 98,607 115.9%

834 976
52,181 61,301
636 886
33,924 35,444 120.6%
38.74% 35.94%

1,398 1,292
952 1,277
8,579 8,596
544 1,398 272.6%
1,127 9,751
136.6%
6,012 5,415
- -
- -
18,613 27,729 119.1%
21% 28%

(17) (20)
327 458
372 441
3,394 4,883 147.2%
11,236 1,953 94.0%
12.83% 1.98%

- -
- -
(22) (32)
126 -
11,133 1,985 123.1%

12.71% 2.01%

11,957 2,884
Consolidated by Region France
2018 Budget
Income Statement 2014 2015 2016 2017 2017
In 000s of Euro Actual Actual Actual Budget Projection

Gross Sales 14,658 13,788 18,451 21,085 21,645

Disc, Refund, Rebates (2,729) (1,454) (2,251) (2,658) (2,935)
NET SALES 11,929 12,334 16,200 18,426 18,711

Freight 135 155 163 252 240

Cost of Goods Sold 6,683 7,208 10,193 10,211 10,366
Other COGS** (409) 774 (836) 180 15
GROSS PROFIT BEFORE ROYALTIES 5,521 4,197 6,680 7,784 8,090
Gross Margin % 46.28% 34.03% 41.24% 42.24% 43.24%

Administration* 289 318 303 293 326

Accounting and I.T.* 216 209 222 235 290
Sales & Marketing* 1,329 1,370 1,412 1,577 1,467
Operational
TOTAL DIRECT OPERATING EXPENSES 1,834 1,898 1,937 2,105 2,084
Expenses as % of sales 15% 15% 12% 11% 11%

Other Operating (Income) - - - - -

Depreciation/Amort 3 15 18 29 30
Interest( Income) / Expense - 2 5 - 1
OPERATING PROFIT 3,685 2,283 4,721 5,650 5,975
Operating Profit margin % 30.89% 18.51% 29.14% 30.66% 31.93%

Royalties - - - - -
Long Term Interest - - - - -
Non-Op Expense (Income) (7) 130 (10) (5) 1
Taxes 35 108 123 - (2)
NET PROFIT 3,657 2,045 4,608 5,654 5,976

Return on Sales 30.66% 16.58% 28.44% 30.69% 31.94%

EBITDA 3,694 2,169 4,753 5,684 6,005

*Allocated based on % of total sales

**Allocated based on sold quantity

growth rates 2015 2016 2017B 2018B

sales -5.9% 33.8% 14.3% 0.24532218
net sales 3.4% 31.3% 13.7% 0.24532218
Gross Profit -24.0% 59.2% 16.5%
EBITDA -41.3% 119.1% 19.6%
Operating Profit -24.0% 59.2% 16.5%
Net Profit -38.0% 106.8% 19.7%
 Spain Italy

2018 2014 2015 2016 2017 2017 2018 2014 2015

Budget Actual Actual Actual Budget Projection Budget Actual Actual

26,294 3,133 3,855 5,621 5,343 6,195 6,425 31,439 34,451

(3,347) (219) (263) (525) (652) (775) (881) (1,017) (1,844)
22,947 2,914 3,592 5,096 4,691 5,420 5,545 30,422 32,607

358 35 43 61 47 47 50 27 104
13,120 1,809 2,245 3,213 2,961 1,182 3,499 21,172 21,951
263 (16) 119 162 45 44 44 (77) 323
9,206 1,086 1,185 1,659 1,637 4,147 1,951 9,301 10,229
40.12% 37.25% 33.00% 32.55% 34.90% 76.51% 35.19% 30.57% 31.37%

283 158 162 182 105 127 76 1,502 968

296 148 143 170 164 153 185 412 315
1,613 615 1,220 1,378 873 752 804 5,701 5,199
- -
2,192 921 1,525 1,731 1,141 1,032 1,064 7,615 6,483
10% 32% 42% 34% 24% 19% 19% 25% 20%

- - - - - - - (1,075) (16)
35 3 3 3 2 2 1 240 328
- - 19 44 28 35 - 758 388
6,978 162 (362) (118) 465 3,078 886 1,762 3,047
30.41% 5.57% (10.08)% (2.32)% 9.92% 56.79% 15.97% 5.79% 9.34%

- - - - - - - - -
- - - - - - - - -
- 2 10 (7) - (4) - - (92)
- - - 231 - (2) - 463 411
6,978 160 (372) (342) 465 3,085 886 1,299 2,728

30.41% 5.50% (10.36)% (6.71)% 9.92% 56.92% 15.97% 4.27% 8.37%

7,013 163 (350) (65) 496 3,120 887 2,761 3,854

 Italy Belgium

2016 2017 2017 2018 2014 2015 2016 2017 2017

Actual Budget Projection Budget Actual Actual Actual Budget Projection

36,364 36,951 37,044 41,084 - - - 2,410 2,810

(1,954) (1,543) (2,061) (1,838) - - - (293) (624)
34,410 35,408 34,983 39,246 - - - 2,117 2,186

140 147 176 205 - - - - 6

22,790 24,277 22,508 26,070 - - - 1,393 1,563
(131) 166 345 239 - - - 17 5
11,611 10,817 11,954 12,732 - - - 707 612
33.74% 30.55% 34.17% 32.44% #DIV/0! #DIV/0! #DIV/0! 33.40% 27.99%

967 980 937 889 - - - 30 8

384 401 446 689 - - - 65 62
5,500 5,159 4,997 4,897 - - - 381 393
- - - -
6,851 6,540 6,380 6,475 - - - 476 463
20% 18% 18% 16% #DIV/0! #DIV/0! #DIV/0! 22% 21%

(25) (15) (17) (20) - - - - -

238 260 282 408 - - - 8 10
379 397 328 441 - - - - 9
4,168 3,636 4,981 5,427 - - - 223 131
12.11% 10.27% 14.24% 13.83% #DIV/0! #DIV/0! #DIV/0! 10.55% 5.98%

- - - - - - - - -
- - - - - - - - -
(103) (20) (21) (32) - - - (20) 3
619 509 129 - - - - - -
3,652 3,147 4,873 5,459 - - - 243 128

10.61% 8.89% 13.93% 13.91% #DIV/0! #DIV/0! #DIV/0! 11.47% 5.85%

4,888 4,313 5,612 6,309 - - - 251 146

 UK & Ireland Rest of Europe

2018 2014 2015 2016 2017 2017 2018 2014 2015

Budget Actual Actual Actual Budget Projection Budget Actual Actual

2,994 11,736 18,076 27,985 19,714 19,156 19,861 4,420 4,892

(593) (404) (875) (1,072) (889) (945) (1,322) - -
2,401 11,331 17,201 26,913 18,825 18,211 18,539 4,420 4,892

29 150 219 260 218 235 226 58 84

1,378 7,311 9,625 21,872 12,148 11,915 11,637 2,827 2,965
42 (316) 501 (945) 203 86 152 (104) 209
952 4,186 6,855 5,725 6,256 5,974 6,524 1,640 1,635
39.65% 36.94% 39.85% 21.27% 33.23% 32.81% 35.19% 37.10% 33.43%

44 - - 152 - - - - -
84 7 18 71 3 1 22 1 3
369 602 928 1,162 1,274 876 839 117 101

497 609 946 1,386 1,277 877 861 118 104

21% 5% 5% 5% 7% 5% 5% 3% 2%

- - - - - - - - -
8 - - 358 - - - - -
- - - 102 - - - - -
446 3,577 5,909 3,880 4,979 5,097 5,663 1,522 1,532
18.59% 31.57% 34.35% 14.42% 26.45% 27.99% 30.55% 34.44% 31.31%

- - - - - - - - -
-
- - - (568) - - - - -
- - - 141 - - - - -
446 3,577 5,909 4,307 4,979 5,097 5,663 1,522 1,532

18.59% 31.57% 34.35% 16.00% 26.45% 27.99% 30.55% 34.44% 31.31%

455 3,577 5,909 4,907 4,979 5,097 5,663 1,522 1,532

 Rest of Europe EUROPE CONSOLIDATED

2016 2017 2017 2018 2014 2015 2016 2017 2017

Actual Budget Projection Budget Actual Actual Actual Budget Projection

5,346 5,614 8,068 9,968 65,387 75,062 93,768 91,116 94,919

- (34) (3) (38) (4,369) (4,436) (5,803) (6,069) (7,343)
5,346 5,580 8,065 9,930 61,017 70,626 87,965 85,047 87,575

84 84 129 108 404 605 708 748 834

3,285 3,249 4,647 5,597 39,802 43,993 61,354 54,239 52,181
(150) 70 141 145 (922) 1,926 (1,900) 682 636
2,127 2,177 3,148 4,079 21,734 24,102 27,803 29,378 33,924
39.79% 39.01% 39.03% 41.08% 35.62% 34.13% 31.61% 34.54% 38.74%

- - - - 1,949 1,448 1,605 1,408 1,398

2 1 0 1 784 688 850 869 952
109 116 94 75 8,363 8,820 9,561 9,379 8,579
- - - - -
111 117 94 76 11,096 10,956 12,016 11,656 10,929
2% 2% 1% 1% 18% 16% 14% 14% 12%

- - - - (1,075) (16) (25) (15) (17)

1 1 2 5 246 345 617 300 327
- - - - 758 409 529 425 372
2,016 2,059 3,052 3,999 10,709 12,408 14,666 17,012 22,314
37.70% 36.90% 37.84% 40.27% 17.55% 17.57% 16.67% 20.00% 25.48%

- - - - - - - - -
- - - - -
- - - - (5) 48 (687) (45) (22)
- - - - 498 519 1,113 509 126
2,016 2,059 3,052 3,999 10,216 11,841 14,240 16,548 22,210

37.70% 36.90% 37.84% 40.27% 16.74% 16.77% 16.19% 19.46% 25.36%

2,017 2,060 3,054 4,004 11,717 13,115 16,500 17,782 23,034

ED

2018
Budget

106,625
(8,018)
98,607

976
61,301
886
35,444
35.94%

1,292
1,277
8,596
-
11,165
11%

(20)
458
441
23,400
23.73%

-
-
(32)
-
23,432

23.76%

24,331
Net Sales 2014 2015 2016 2017 B 2017 P 2018 B
France 11,929 12,334 16,200 18,426 18,711 22,947
Spain 2,914 3,592 5,096 4,691 5,420 5,545
Italy 14,843 15,926 21,295 23,117 24,131 28,492 30,000
Belgium - - - 2,117 2,186 2,401
25,000
UK/Ireland 11,331 17,201 26,913 18,825 18,211 18,539
Other Europ 4,420 4,892 5,346 5,580 8,065 9,930 20,000

15,000
OP 2014 2015 2016 2017 B 2017 P 2018 B
10,000
France 3,685 2,283 4,721 5,650 5,975 6,978
Spain 162 (362) (118) 465 3,078 886 5,000
Italy 1,762 3,047 4,168 3,636 4,981 5,427 -
2014 2015
Belgium - - - 223 131 446
UK/Ireland 3,577 5,909 3,880 4,979 5,097 5,663 France
Bel gi um
Other Europ 1,522 1,532 2,016 2,059 3,052 3,999

OM 2014 2015 2016 2017 B 2017 P 2018 B

France 30.89% 18.51% 29.14% 30.66% 31.93% 30.41% Op
Spain 5.57% (10.08)% (2.32)% 9.92% 56.79% 15.97%
70.00%
Italy 5.79% 9.34% 12.11% 10.27% 14.24% 13.83%
60.00%
Belgium #DIV/0! #DIV/0! #DIV/0! 10.55% 5.98% 18.59%
50.00%
UK/Ireland 31.57% 34.35% 14.42% 26.45% 27.99% 30.55%
40.00%
Other Europ34.44% 31.31% 37.70% 36.90% 37.84% 40.27%
30.00%
20.00%
Net Profits 2014 2015 2016 2017 B 2017 P 2018 B 10.00%
France 3,657 2,045 4,608 5,654 5,976 6,978 0.00%
Spain 160 (372) (342) 465 3,085 886 2014 2015
(10.00)%
Italy 1,299 2,728 3,652 3,147 4,873 5,459 (20.00)%
Belgium - - - 243 128 446
France
UK/Ireland 3,577 5,909 4,307 4,979 5,097 5,663 Bel gi um
Other Europ 1,522 1,532 2,016 2,059 3,052 3,999

Expenses as2014 2015 2016 2017 B 2017 P 2018 B

France 15% 15% 12% 11% 11% 10%
Spain 32% 42% 34% 24% 19% 19% 45%
Italy 25% 20% 20% 18% 18% 16% 40%
Belgium #DIV/0! #DIV/0! #DIV/0! 22% 21% 21% 35%
UK/Ireland 5% 5% 5% 7% 5% 5% 30%
Other Europ3% 2% 2% 2% 1% 1% 25%
20%
15%
10%
5%
0%
2014 2015
Fra nce
Bel gi u
10%
5%
0%
2014 2015
Fra nce
Bel gi u
 Net Sales Operating Profit
30,000 8,000
7,000
25,000
6,000
20,000 5,000
4,000
15,000
3,000
10,000 2,000
1,000
5,000
-
2014 2015 2016 2017 B
- (1,000)
2014 2015 2016 2017 B 2017 P 2018 B
France Spai n Ital y Fra nce Spa i n Ital
Bel gi um UK/Irel and Other Europe Bel gi um UK/Irel and Oth

Operating Profit Margin % Net Profits

70.00% 8,000
60.00% 7,000
50.00% 6,000
40.00% 5,000
30.00% 4,000
20.00% 3,000
10.00% 2,000
0.00% 1,000
2014 2015 2016 2017 B 2017 P 2018 B
(10.00)% -
2014 2015 2016 2017 B
(20.00)% (1,000)
France Spa i n Ital y
Fra nce Spa in Ital
Bel gi um UK/Irel and Other Europ[e
Bel gi um UK/Irel and Oth

Expenses as % of sales
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2014 2015 2016 2017 B 2017 P 2018 B
Fra nce Spa i n Ital y
Bel gi um UK/Irel and Other Europ[e
10%
5%
0%
2014 2015 2016 2017 B 2017 P 2018 B
Fra nce Spa i n Ital y
Bel gi um UK/Irel and Other Europ[e
 Operating Profit

2015 2016 2017 B 2017 P 2018 B

ra nce Spa i n Ital y

el gi um UK/Irel and Other Europ[e

Net Profits

2015 2016 2017 B 2017 P 2018 B

a nce Spa in Ital y

el gi um UK/Irel and Other Europ[e
Net Sales 2014 2015 2016 2017 B 2017 P 2018 B
France 11,929 12,334 16,200 18,426 18,711 22,947
Spain 2,914 3,592 5,096 4,691 5,420 5,545 45,000
Italy 30,422 32,607 34,410 35,408 34,983 39,246 40,000
Belgium - - - 2,117 2,186 2,401 35,000
UK/Ireland 11,331 17,201 26,913 18,825 18,211 18,539 30,000
Other Europ 4,420 4,892 5,346 5,580 8,065 9,930 25,000
20,000

OP 2014 2015 2016 2017 B 2017 P 2018 B 15,000

10,000
France 1,635 350 2,175 2,555 3,741 2,108
5,000
Spain (410) (917) (868) (298) 2,476 (265)
-
Italy (3,548) (2,496) (2,325) (3,147) 21 (3,687) 2014 2015
Belgium - - - (121) (127) (62) France
UK/Ireland 1,823 3,538 (178) 1,910 2,929 1,850 Bel gi um
Other Europ 855 896 1,243 1,179 2,197 2,009

Operating M2014 2015 2016 2017 B 2017 P 2018 B Operati

France 13.70% 2.84% 13.43% 13.87% 19.99% 9.18%
Spain (14.05)% (25.52)% (17.03)% (6.35)% 45.68% (4.78)% 50.00%
Italy (11.66)% (7.66)% (6.76)% (8.89)% 0.06% (9.40)% 40.00%
Belgium #DIV/0! #DIV/0! #DIV/0! (5.72)% (5.81)% (2.56)% 30.00%
UK/Ireland 16.09% 20.57% (0.66)% 10.15% 16.08% 9.98%
20.00%
Other Europ19.33% 18.31% 23.25% 21.12% 27.24% 20.23%
10.00%
0.00%
Net Profits 2014 2015 2016 2017 B 2017 P 2018 B 2014 2015
France 1,607 112 2,062 2,560 3,742 2,108 (10.00)%

Spain (412) (926) (1,092) (298) 2,482 (265) (20.00)%

Italy (4,011) (2,815) (2,841) (3,637) (87) (3,655) (30.00)%
Belgium - - - (101) (130) (62) France
UK/Ireland 1,823 3,538 248 1,910 2,929 1,850 Bel gi um
Other Europ 855 896 1,243 1,179 2,197 2,009

Expenses as2014 2015 2016 2017 B 2017 P 2018 B

France 29% 28% 25% 24% 19% 26% Expen
Spain 48% 55% 46% 36% 26% 35% 60%
Italy 39% 34% 36% 34% 29% 35%
50%
Belgium #DIV/0! #DIV/0! #DIV/0! 35% 28% 36%
UK/Ireland 17% 16% 18% 19% 13% 20% 40%

Other Europ15% 12% 14% 14% 8% 16% 30%

20%

10%

0%
2014 2015
France
Bel gi um
10%

0%
2014 2015
France
Bel gi um
 Net Sales Operating Profit
45,000
40,000 5,000
35,000 4,000
30,000 3,000
2,000
25,000
1,000
20,000 -
15,000 2014 2015 2016 2017 B
(1,000)
10,000 (2,000)
5,000 (3,000)
(4,000)
-
2014 2015 2016 2017 B 2017 P 2018 B (5,000)
France Spai n Ital y Fra nce Spa i n Ital
Bel gi um UK/Irel and Other Europ[e Bel gi um UK/Irel and Oth

Operating Profit Margin in Percent

Net Profits
50.00% 5,000
40.00% 4,000
3,000
30.00%
2,000
20.00% 1,000
10.00% -
2014 2015 2016 2017 B
0.00% (1,000)
2014 2015 2016 2017 B 2017 P 2018 B (2,000)
(10.00)%
(3,000)
(20.00)% (4,000)
(30.00)% (5,000)
France Spa i n Ital y France Spa i n Ital y
Bel gi um UK/Irel and Other Europ[e Bel gi um UK/Irel and Othe

Expenses as percent of sales

60%

50%

40%

30%

20%

10%

0%
2014 2015 2016 2017 B 2017 P 2018 B
France Spai n Ital y
Bel gi um UK/Irel and Other Europ[e
10%

0%
2014 2015 2016 2017 B 2017 P 2018 B
France Spai n Ital y
Bel gi um UK/Irel and Other Europ[e
 Operating Profit

2015 2016 2017 B 2017 P 2018 B

ra nce Spa i n Ital y

el gi um UK/Irel and Other Europ[e

Net Profits

015 2016 2017 B 2017 P 2018 B

nce Spa i n Ital y

l gi um UK/Irel and Other Europ[e