SOURCE: TELEPERFORMANCE

August 31, 2009 11:59 ET

TELEPERFORMANCE : Financial results 1st half of 2009

PARIS--(Marketwire - August 31, 2009) - Teleperformance

Financial results achieved in the 1st half of 2009

- Revenues: EUR 946.7 million

- Net Operating Profit: EUR 73.4 million

- Net Profit - Group Share: EUR 52.8 million

- Free Cash Flow at June 30, 2009: EUR 61 million

- Net Cash Surplus: EUR 37 million

Paris, August 31, 2009 - The Teleperformance Board of Directors met on August 28, 2009 and submitted the consolidated financial statements for the first half of 2009.

+-------------------------+------------------+------------------+
|In millions of euros     |  1st half of 2009|  1st half of 2008|
+-------------------------+------------------+------------------+
|                         |                  |                  |
+-------------------------+------------------+------------------+
|Revenues                 |             946.7|             879.8|
+-------------------------+------------------+------------------+
|EBITDA                   |             109.8|             120.4|
+-------------------------+------------------+------------------+
|Net Operating Profit     |              73.4|              84.6|
+-------------------------+------------------+------------------+
|Net Profit - Group Share |              52.8|              54.7|
+-------------------------+------------------+------------------+
|Internally generated     |             110.0|              61.8|
|funds from operations    |                  |                  |
+-------------------------+------------------+------------------+
|Free Cash Flow           |              61.0|             -58.3|
+-------------------------+------------------+------------------+
|Total Equity -           |           1,076.6|             961.2|
|Attributable to equity   |                  |                  |
|holders of the parent    |                  |                  |
+-------------------------+------------------+------------------+
|Net cash surplus         |              37.0|              56.9|
+-------------------------+------------------+------------------+

+-------------------------+-------------------+
|In millions of euros     |  December 31, 2008|
+-------------------------+-------------------+
|                         |          12 months|
+-------------------------+-------------------+
|Revenues                 |            1,784.8|
+-------------------------+-------------------+
|EBITDA                   |              250.7|
+-------------------------+-------------------+
|Net Operating Profit     |              177.9|
+-------------------------+-------------------+
|Net Profit - Group Share |              116.4|
+-------------------------+-------------------+
|Internally generated     |              166.6|
|funds from operations    |                   |
+-------------------------+-------------------+
|Free Cash Flow           |               29.4|
+-------------------------+-------------------+
|Total Equity -           |            1,041.8|
|Attributable to equity   |                   |
|holders of the parent    |                   |
+-------------------------+-------------------+
|Net cash surplus         |               17.8|
+-------------------------+-------------------+

Business Activity

The Teleperformance Group's consolidated revenues achieved over the first six months of the financial year 2009 were EUR 946.7 million, versus EUR 879.8 million at the same period last year, increasing by 7.6% based on published data.

Excluding foreign exchange and scope of consolidation effects, the Group achieved an organic growth rate of 0.3% over the first six months of the year 2009.

- Revenues may be broken down per region as follows:

+--------+--------------------+---------------+--------------------+
|        |June 30, 2009       |  June 30, 2009|June 30, 2008       |
|        |                    |               |                    |
|        |                    |               |                    |
|        |                    |               |                    |
|        |                    |               |                    |
+--------+--------------------+---------------+--------------------+
|        |                    |               |                    |
|        |                    |               |                    |
+--------+--------------------+---------------+--------------------+
|        |In millions of euros|        Total %|In millions of euros|
+--------+--------------------+---------------+--------------------+
|  Europe|               470.1|           49.7|               481.7|
+--------+--------------------+---------------+--------------------+
|  NAFTA*|               410.2|           43.3|               351.1|
+--------+--------------------+---------------+--------------------+
|  Other |                66.4|            7.0|                47.0|
+--------+--------------------+---------------+--------------------+
|  Total |               946.7|          100.0|               879.8|
+--------+--------------------+---------------+--------------------+

+--------+---------------+--------------------+--------------------+
|        |  June 30, 2008|Changes             |Changes Excluding   |
|        |               |                    |foreign exchange and|
|        |               |                    |scope of            |
|        |               |                    |consolidation       |
|        |               |                    |effects             |
+--------+---------------+--------------------+--------------------+
|        |               |Based on published  |                    |
|        |               |data                |                    |
+--------+---------------+--------------------+--------------------+
|        |        Total %|                   %|                   %|
+--------+---------------+--------------------+--------------------+
|  Europe|           54.8|                -2.4|                -1.5|
+--------+---------------+--------------------+--------------------+
|  NAFTA*|           39.9|               +16.8|                -3.9|
+--------+---------------+--------------------+--------------------+
|  Other |            5.3|               +41.4|               +53.8|
+--------+---------------+--------------------+--------------------+
|  Total |          100.0|                +7.6|                +0.3|
+--------+---------------+--------------------+--------------------+

*NAFTA: North America Free Trade Agreement

- In the NAFTA region, the 16.8% increase in revenues includes the acquisition of The Answer Group.

- In Europe, revenues slightly declined during the second quarter, especially in Northern Europe and France.

- Revenues achieved in the "Other" region -which includes South America and Asia- significantly increased, in particular thanks to the strong development of the Group's operations in South America, and especially in Brazil.

- From a business segment perspective, the Inbound segment overall consolidated over the first six months of 2009, compared to the same period last year.

+-------------------+---------------+---------------+
|       (in %)      |  June 30, 2009|  June 30, 2008|
+-------------------+---------------+---------------+
|  Inbound services |             75|             72|
+-------------------+---------------+---------------+
|  Outbound services|             21|             24|
+-------------------+---------------+---------------+
|  Other*           |              4|              4|
+-------------------+---------------+---------------+
|  Total            |            100|            100|
+-------------------+---------------+---------------+
+-------------------+---------------+---------------+

* Mainly standing for market research and training operations

- Overall, foreign exchange effects resulted in a net positive impact of EUR 11.9 million for the first half of 2009.

- NAFTA +EUR 30.0 million

- Europe -EUR 12.1 million

- Rest of the World - EUR 6.0 million

The positive translation effect amounting to EUR 30 million in the NAFTA region may be broken down by major currency as follows:

USD: +EUR 38.8 million

Mexican Peso: -EUR 8.8 million

As for Europe and the Rest of the World, the Euro rose against all currencies, with the negative foreign exchange effect mainly resulting from the Pound Sterling and the Brazilian Real.

- In the first half of 2009, the net impact of changes in the scope of consolidation amounted to EUR 52.3 million, including:

- Europe +EUR 8.0 million

- NAFTA +EUR 44.3 million

Such impact mainly resulted from external growth transactions in 2008:

- In Europe: Acquisition of a controlling interest in the GN Research Group, which was consolidated as of July 1, 2008.

- In the NAFTA region: Acquisition of The Answer Group in the United States, which was consolidated as of December 31, 2008.

Profitability

- The Group's Net Operating Profit amounted to EUR 73.4 million, versus EUR 84.6 million in the first half of 2008.

It included a EUR 9 million provision aimed at covering the restructuring operations, which will be carried out in Europe during the second half of 2009.

Excluding this item, the Net Operating Profit would amount to EUR 82.4 million as per the objectives announced by the Group during the financial meeting in May.

- EBITDA amounted to EUR 109.8 million, versus EUR 120.4 million in the 1st half of 2008, representing 11.6% of the revenues, versus 13.7% at June 30, 2008.

- In 2009 the net financial result represented a net income of EUR 1.7 million versus a net financial liability of EUR 3.5 million in 2008. It is worth noting the positive impact of the implementation of foreign currency hedging instruments with EUR 3.9 million proceeds, and of the policy initiated by the Group in 2008 to purchase minority interests in Group subsidiaries and which continued during the first half of 2009.

- Income tax amounted to EUR 21.8 million, versus EUR 24.8 million in 2008, that is to say an average tax rate of 29% versus 30.5% in 2008. This lower tax rate may be mainly explained by a decrease in non-tax-deductible expenses in the consolidated financial statements, representing the expenses related to the exercise of bonus shares granted under two share option plans on August 2, 2006 and May 3, 2007.

- The Group's Net Profit amounted to EUR 53.4 million, versus EUR 56.4 million in the first half of 2008.

Net Profit, Group Share, reached EUR 52.8 million, versus EUR 54.7 million in the first half of 2008.

Financial Structure at June 30, 2009

+-------------------------+---------------+---------------+---------------+
|Consolidated Financial   |  June 30, 2009|  June 30, 2008|  Dec. 31, 2008|
|Structure - Summary      |               |               |               |
+-------------------------+---------------+---------------+---------------+
|(in millions of euros)   |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Internally generated     |          110.0|           61.8|          166.6|
|funds from operations    |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Change in Working Capital|          -13.7|          -84.1|          -68.4|
|Requirements relating to |               |               |               |
|operations               |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Net Cash Flow from       |           96.3|          -22.3|           98.2|
|operating activities     |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Net Capital Expenditures |          -35.3|          -36.0|          -68.8|
|(Capex)                  |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Free Cash Flow           |           61.0|          -58.3|           29.4|
+-------------------------+---------------+---------------+---------------+
|Net Financial Investments|          -44.0|           +5.0|         -140.8|
+-------------------------+---------------+---------------+---------------+
|Incl. Acquisition of     |          -44.2|           +4.4|         -141.4|
|subsidiary, net of cash  |               |               |               |
|acquired                 |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Net Cash Flow from       |          -43.7|          -29.8|          +37.6|
|financing activities     |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Change in cash and cash  |          -26.7|          -83.1|          -73.8|
|equivalents              |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Total Equity             |        1,079.4|          975.6|        1,053.7|
+-------------------------+---------------+---------------+---------------+
|Attributable to equity   |        1,076.6|          961.2|        1,041.8|
|holders of the parent    |               |               |               |
+-------------------------+---------------+---------------+---------------+
|Net Cash Surplus         |           37.0|           56.9|           17.8|
+-------------------------+---------------+---------------+---------------+

Cash Flow Statement

- Internally generated funds from operations before tax in the first half of 2009 amounted to EUR 121.1 million, remaining stable compared to last year at the same period (EUR 122.2 million at June 30, 2008).

However, operations in the first half of 2009 generated a net positive cash flow of EUR 96.3 million, i.e., a strong increase compared to a net cash deficiency of EUR 22.3 million in the first half of 2008, as a consequence of a buy-out transaction and of the strong organic growth rate in the second half of 2008.

Net cash outflows related to capital expenditures amounted to EUR 35.3 million, i.e., 3.7% of the Group's revenues versus 4.1% in 2008 over the same period last year.

- Free cash flow from operating activities in the first six months of the year strongly increased and eventually reached EUR 61 million.

- Transactions related to changes in the scope of consolidation represented a net amount of EUR 44.2 million. These transactions only involved purchases of minority interests held in various Group subsidiaries.

Cash outflows for the payment of the 2008 dividends (EUR 25 million) and the repayment of financial liabilities (to the extent of EUR 22.4 million) resulted in a EUR 26.7 million decrease in cash assets in the first half of 2009.

Balance Sheet

- Total equity, Group Share, amounted to EUR 1,076.6 million at June 30, 2009, versus EUR 1,041.8 million at

December 31, 2008.

Such increase resulted from the recognition of the EUR 52.8 million net profit achieved in the first half of 2009 and the 24.8 million dividend payment in June for 2008.

Minority interests represented EUR 2.8 million equity, i.e., a strong decline compared to last year as they amounted to EUR 11.9 million at December 31, 2008. Such decline may be explained by the policy implemented by Teleperformance, which involved the purchase of minority interests in Group subsidiaries. This policy, which was initiated by the Group in 2008, continued in the first half of 2009.

- The net cash surplus increased by EUR 19.2 million and amounted to EUR 37 million at June 30, 2009, versus EUR 17.8 million at December 31, 2008.

Such increase resulted from the following developments:

- Free cash flow from operating activities +EUR 61.0 million

- Impact of minority interest purchases on net financial indebtedness -EUR 25.8 million

- Dividend payment -EUR 25.0 million

- New finance lease agreements +EUR 5.1 million

- Increase in shareholders' equity +EUR 3.6 million

- Other +0.3 million

Net Cash Surplus at June 30, 2009 may be broken down as follows:

+-------------------------+---------------+---------------+
|In millions of euros     |  June 30, 2009|  Dec. 31, 2008|
+-------------------------+---------------+---------------+
|Cash Assets and Cash     |          246.9|          280.6|
|Equivalents (a)          |               |               |
+-------------------------+---------------+---------------+
|Loans from financial     |          144.4|          163.1|
|institutions             |               |               |
+-------------------------+---------------+---------------+
|Debts related to minority|            9.5|           28.1|
|interest purchase        |               |               |
|commitments              |               |               |
+-------------------------+---------------+---------------+
|Bank overdrafts and      |           32.9|           42.4|
|advances                 |               |               |
+-------------------------+---------------+---------------+
|Liabilities related to   |           16.7|           17.8|
|finance leases           |               |               |
+-------------------------+---------------+---------------+
|Other liabilities        |            6.4|           11.5|
+-------------------------+---------------+---------------+
|Total Financial          |         -209.9|         -262.9|
|Liabilities (b)          |               |               |
+-------------------------+---------------+---------------+
|Net Cash Surplus (a) +   |          +37.0|          +17.7|
|(b)                      |               |               |
+-------------------------+---------------+---------------+

The Group's cash assets amounted to EUR 246.9 million at June 30, 2009. The unused revolving credit facility at

June 30, 2009 now represents an additional investment opportunity of EUR 212 million.

Outlook

The economic environment remains uncertain and has impacted the volumes of contacts generated by our clients. The results achieved by the Teleperformance Group in 2009 will mainly depend on business volumes outsourced to the Group throughout the fourth quarter in the various regions of the world. Furthermore, the necessary reorganization of our operations in Europe, and especially in France will continue to affect margins during the second half of the year.

As a consequence, Teleperformance is not, to date, in a position to confirm the objectives announced in May for 2009. However, as a result of good levels of revenues and profitability in NAFTA, Latin America and Asia regions, the management of Teleperformance Group is confident in its ability to perpetuate its worldwide leadership in terms of both revenues and profit in 2009.

Half-year consolidated financial statements at june 30, 2009

The Company announced today that it has published and filed with the Autorité des Marchés Financiers (the French securities regulator) its half- year financial report as of June 30, 2009. It will be available in French and English from August 31, 2009, after market close, on Teleperformance's website, at the following address: www.teleperformance.com

Next publications

SFAF Meeting: November 26, 2009

About Teleperformance

Teleperformance (NYSE Euronext Paris: FR 0000051807), the world's leading provider of outsourced CRM and contact center services, has been serving companies around the world rolling out customer acquisition, customer care, technical support and debt collection programs on their behalf. In 2008, the Teleperformance Group achieved EUR 1.784 billion revenues (US$2.6 billion - average exchange rate at December 31, 2008: EUR 1 < > = US$1.46).

The Group operates about 82,000 computerized workstations, with more than 100,000 employees (Full-Time Equivalents) across 249 contact centers in 47 countries and conducts programs in more than 66 different languages and dialects on behalf of major international companies operating in various industries.

www.teleperformance.com

Condensed half-year consolidated financial statementsCondensed Income Statement - in thousands of euros

+-------------------------+------------------+------------------+
|                         |  1st half of 2009|  1st half of 2008|
+-------------------------+------------------+------------------+
|Revenues                 |           946,705|           879,799|
+-------------------------+------------------+------------------+
|Other revenue            |             5,923|            13,335|
+-------------------------+------------------+------------------+
|Personnel                |          -668,481|          -624,646|
+-------------------------+------------------+------------------+
|External expenses        |          -154,574|          -138,728|
+-------------------------+------------------+------------------+
|Taxes other than income  |            -9,441|            -8,799|
|taxes                    |                  |                  |
+-------------------------+------------------+------------------+
|Depreciation and         |           -34,783|           -32,841|
|amortization             |                  |                  |
+-------------------------+------------------+------------------+
|Acquisition-related      |            -1,647|            -1,428|
|depreciation and         |                  |                  |
|amortization of          |                  |                  |
|intangible assets        |                  |                  |
+-------------------------+------------------+------------------+
|Impairment loss on       |                  |            -1,500|
|goodwill                 |                  |                  |
+-------------------------+------------------+------------------+
|Change in inventory      |                98|              -102|
+-------------------------+------------------+------------------+
|Other operating revenue  |             8,506|             5,717|
+-------------------------+------------------+------------------+
|Other operating expenses |           -18,951|            -6,164|
+-------------------------+------------------+------------------+
|Profit on ordinary       |            73,355|            84,644|
|activities               |                  |                  |
+-------------------------+------------------+------------------+
|Income from cash and cash|             2,672|             5,965|
|equivalents              |                  |                  |
+-------------------------+------------------+------------------+
|Interest on financial    |            -4,420|            -7,153|
|liabilities              |                  |                  |
+-------------------------+------------------+------------------+
|Net financing costs      |            -1,748|            -1,188|
+-------------------------+------------------+------------------+
|Other financial income   |            13,131|             3,194|
+-------------------------+------------------+------------------+
|Other financial expenses |            -9,637|            -5,509|
+-------------------------+------------------+------------------+
|Profit before tax        |            75,101|            81,141|
+-------------------------+------------------+------------------+
|Income tax               |           -21,750|           -24,752|
+-------------------------+------------------+------------------+
|Net profit               |            53,351|            56,389|
+-------------------------+------------------+------------------+
|Attributable to equity   |            52,787|            54,689|
|holders of the parent    |                  |                  |
+-------------------------+------------------+------------------+
|Attributable to minority |               564|             1,700|
|interests                |                  |                  |
+-------------------------+------------------+------------------+
|Basic earnings per share |              0.93|              0.99|
|(in EUR )                   |                  |                  |
+-------------------------+------------------+------------------+
|Diluted earnings per     |              0.93|              0.97|
|share (in EUR )             |                  |                  |
+-------------------------+------------------+------------------+

Condensed consolidated interim financial statements - in thousands of euros

+-------------------------+---------------+-------------------+
|ASSETS                   |  June 30, 2009|  December 31, 2008|
+-------------------------+---------------+-------------------+
|Non-current assets       |               |                   |
+-------------------------+---------------+-------------------+
|Goodwill                 |        610,123|            591,928|
+-------------------------+---------------+-------------------+
|Other intangible assets  |         46,789|             47,213|
+-------------------------+---------------+-------------------+
|Property, plant and      |        190,725|            184,898|
|equipment                |               |                   |
+-------------------------+---------------+-------------------+
|Financial assets         |         13,950|             13,826|
+-------------------------+---------------+-------------------+
|Deferred tax liabilities |          7,412|              7,535|
+-------------------------+---------------+-------------------+
|Total non-current assets |        868,999|            845,400|
+-------------------------+---------------+-------------------+
|Current assets           |               |                   |
+-------------------------+---------------+-------------------+
|Inventory                |            620|                520|
+-------------------------+---------------+-------------------+
|Current income tax       |         23,449|             37,108|
|receivable               |               |                   |
+-------------------------+---------------+-------------------+
|Accounts receivable -    |        432,998|            433,890|
|Trade                    |               |                   |
+-------------------------+---------------+-------------------+
|Other current assets     |         92,335|             62,790|
+-------------------------+---------------+-------------------+
|Other financial assets   |         10,495|             10,518|
+-------------------------+---------------+-------------------+
|Cash assets and cash     |        246,943|            280,642|
|equivalents              |               |                   |
+-------------------------+---------------+-------------------+
|Total current assets     |        806,840|            825,468|
+-------------------------+---------------+-------------------+
|TOTAL ASSETS             |      1,675,839|          1,670,868|
+-------------------------+---------------+-------------------+
|LIABILITIES              |  June 30, 2009|  December 31, 2008|
+-------------------------+---------------+-------------------+
|Shareholders' equity     |               |                   |
+-------------------------+---------------+-------------------+
|Attributable to equity   |      1,076,649|          1,041,806|
|holders of the parent    |               |                   |
+-------------------------+---------------+-------------------+
|Attributable to minority |          2,786|             11,877|
|interests                |               |                   |
+-------------------------+---------------+-------------------+
|Total shareholders'      |      1,079,435|          1,053,683|
|equity                   |               |                   |
+-------------------------+---------------+-------------------+
|Non-current liabilities  |               |                   |
+-------------------------+---------------+-------------------+
|Provisions               |          5,527|              5,792|
+-------------------------+---------------+-------------------+
|Financial liabilities    |         37,610|             46,822|
+-------------------------+---------------+-------------------+
|Deferred tax liabilities |         22,101|             17,128|
+-------------------------+---------------+-------------------+
|Total non-current        |         65,238|             69,742|
|liabilities              |               |                   |
+-------------------------+---------------+-------------------+
|Current liabilities      |               |                   |
+-------------------------+---------------+-------------------+
|Provisions               |         28,211|             13,782|
+-------------------------+---------------+-------------------+
|Current income tax       |         11,046|             20,294|
+-------------------------+---------------+-------------------+
|Accounts payable - Trade |         71,607|             77,217|
+-------------------------+---------------+-------------------+
|Other current liabilities|        247,975|            220,057|
+-------------------------+---------------+-------------------+
|Other financial          |        172,327|            216,093|
|liabilities              |               |                   |
+-------------------------+---------------+-------------------+
|Total current liabilities|        531,166|            547,443|
+-------------------------+---------------+-------------------+
|TOTAL LIABILITIES        |      1,675,839|          1,670,868|
+-------------------------+---------------+-------------------+
Condensed Cash Flow Statement - in thousands of euros
+-------------------------+------------------+------------------+
|                         |  1st half of 2009|  1st half of 2008|
+-------------------------+------------------+------------------+
|Cash flows from operating|                  |                  |
|activities               |                  |                  |
+-------------------------+------------------+------------------+
|Net profit - attributable|            52,787|            54,689|
|to equity holders of the |                  |                  |
|parent                   |                  |                  |
+-------------------------+------------------+------------------+
|Net profit - attributable|               564|             1,700|
|to minority interests    |                  |                  |
+-------------------------+------------------+------------------+
|Income tax expense       |            21,750|            24,752|
+-------------------------+------------------+------------------+
|Depreciation and         |            36,430|            34,269|
|amortization             |                  |                  |
+-------------------------+------------------+------------------+
|Impairment loss on       |                  |             1,500|
|goodwill                 |                  |                  |
+-------------------------+------------------+------------------+
|Change in provisions     |            13,409|             7,495|
+-------------------------+------------------+------------------+
|Expense relating to      |                56|             4,537|
|share-based payments     |                  |                  |
+-------------------------+------------------+------------------+
|Unrealized gain and loss |            -3,997|               942|
|on financial instruments |                  |                  |
+-------------------------+------------------+------------------+
|Gain/Loss on disposals,  |               508|            -7,809|
|net of tax               |                  |                  |
+-------------------------+------------------+------------------+
|Income tax paid          |           -11,151|           -60,444|
+-------------------------+------------------+------------------+
|Other                    |              -375|               192|
+-------------------------+------------------+------------------+
|Internally generated     |           109,981|            61,823|
|funds from operations    |                  |                  |
+-------------------------+------------------+------------------+
|Change in Working Capital|           -13,641|           -84,141|
|Requirements relating to |                  |                  |
|operations               |                  |                  |
+-------------------------+------------------+------------------+
|Cash flows from operating|            96,340|           -22,319|
|activities               |                  |                  |
+-------------------------+------------------+------------------+
|Cash flows from investing|                  |                  |
|activities               |                  |                  |
+-------------------------+------------------+------------------+
|Acquisition of Intangible|           -36,136|           -37,658|
|assets and property,     |                  |                  |
|plant and equipment      |                  |                  |
+-------------------------+------------------+------------------+
|Acquisition of           |           -44,237|            -5,948|
|investments in           |                  |                  |
|subsidiaries and         |                  |                  |
|affiliates               |                  |                  |
+-------------------------+------------------+------------------+
|Loans and advances       |              -941|            -2,780|
|granted                  |                  |                  |
+-------------------------+------------------+------------------+
|Sale of Intangible assets|               802|             1,701|
|and property, plant and  |                  |                  |
|equipment                |                  |                  |
+-------------------------+------------------+------------------+
|Sale of investments in   |                 5|            10,361|
|subsidiaries and         |                  |                  |
|affiliates               |                  |                  |
+-------------------------+------------------+------------------+
|Loans and advances repaid|             1,212|             3,334|
+-------------------------+------------------+------------------+
|Cash flows from investing|           -79,295|           -30,990|
|activities               |                  |                  |
+-------------------------+------------------+------------------+
|Cash flows from financing|                  |                  |
|activities               |                  |                  |
+-------------------------+------------------+------------------+
|Increase in shareholders'|             3,342|             1,385|
|equity                   |                  |                  |
+-------------------------+------------------+------------------+
|Acquisition of treasury  |               262|            -2,159|
|shares                   |                  |                  |
+-------------------------+------------------+------------------+
|Dividends paid to parent |           -24,808|           -24,364|
|company shareholders     |                  |                  |
+-------------------------+------------------+------------------+
|Dividends paid to        |              -160|            -1,679|
|minority shareholders    |                  |                  |
+-------------------------+------------------+------------------+
|Increase in financial    |            11,347|            28,637|
|liabilities              |                  |                  |
+-------------------------+------------------+------------------+
|Repayment of financial   |           -33,751|           -31,623|
|liabilities              |                  |                  |
+-------------------------+------------------+------------------+
|Cash flows from financing|           -43,768|           -29,803|
|activities               |                  |                  |
+-------------------------+------------------+------------------+
|Change in cash and cash  |           -26,723|           -83,112|
|equivalents              |                  |                  |
+-------------------------+------------------+------------------+
|Effect of exchange rates |             2,488|            -3,727|
|on cash held             |                  |                  |
+-------------------------+------------------+------------------+
|CASH AND CASH EQUIVALENTS|           238,235|           318,307|
|AT JANUARY 1             |                  |                  |
+-------------------------+------------------+------------------+
|CASH AND CASH EQUIVALENTS|           214,000|           231,468|
|AT DECEMBER 31           |                  |                  |
+-------------------------+------------------+------------------+
+-------------------------+------------------+------------------+

RESTATEMENT OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2008

Following identification of intangible assets in the process of measuring assets and liabilities of enterprises acquired in 2007, during the second half of 2008, the 2007 financial statements, and those for the six months ended June 30, 2008, have been restated to take account of these intangible assets with effect from the date of acquisition of the companies concerned, with a corresponding reduction in the amount of goodwill initially recognized, and a deferred tax liability.

The impact of these restatements on the financial statements for the six months ended June 30, 2008 is as follows:

+-------------------------+---------------+--------------+---------------+
|BILAN                    |   As reported |  Restatements|    Restated   |
+-------------------------+---------------+--------------+---------------+
|                         |  June 30, 2008|              |  June 30, 2008|
+-------------------------+---------------+--------------+---------------+
|Equity at December 31,   |        965,644|         - 392|        965,252|
|2007                     |               |              |               |
+-------------------------+---------------+--------------+---------------+
|Translation reserve      |               |            53|               |
+-------------------------+---------------+--------------+---------------+
|Net profit, six months   |               |         - 907|               |
|ended June 30, 2008      |               |              |               |
+-------------------------+---------------+--------------+---------------+
|Equity, at June 30, 2008 |        976,878|       - 1,246|        975,632|
+-------------------------+---------------+--------------+---------------+
|Income statement         |               |              |               |
+-------------------------+---------------+--------------+---------------+
|Amortization of          |              0|       - 1,428|        - 1,428|
|intangible assets        |               |              |               |
|acquired as part on a    |               |              |               |
|business combination     |               |              |               |
+-------------------------+---------------+--------------+---------------+
|Income tax               |       - 25,272|           520|       - 24,752|
+-------------------------+---------------+--------------+---------------+
|Net profit               |         55,596|         - 907|         54,689|
+-------------------------+---------------+--------------+---------------+

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