WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea

verticale intégration
Flow of merchandise

Asia
Europe

USA

Assembly, quality control,

packaging of pistols
in Asia

Enhanced logistics
In addition to 800 sq m of offices and
2,800 sq m of warehousing space at
Bondoufle (photo 1) and the warehouses
and offices of SOFTAIR USA in Dallas,

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
Cybergun has recently commissioned a
superb logistics platform in ARKANSAS
(photos 2 and 3).

High entry barriers: Horace Smith and Daniel B. Wesson came

from old New England families.
Licenses for the big names They formed their first partnership in 1852
in Norwich, Connecticut, but failed...
in defense: They formed their second partnership in
1856 to produce a small revolver, which
was the first successful fully self-contained
cartridge revolver available in the world !
In 1869, they completed a new design :
The Model 3 American, which was the first
large caliber cartridge revolver, and esta-
blished Smith & Wesson as a world leader
in handgun manufacturing. After Horace
Smith sold his share to D. B. Wesson, the
company introduced the .38 Military &
Police (today called Model 10), then, in
1935, the first magnum revolver : the .357
Magnum, and in 1955 the Model 39...
The Model 29 chambered in .44 magnum
(the famous one of « Dirty Harry ») was
unveiled in 1956, and in 1960 S & W
began to produce the Model 60, launching
the era of stainless steel firearms. Since
1852 till now, Smith and Wesson has
always been a leader, and today the com-
pany trusts Cybergun to proudly produce
exclusive quality Smith & Wesson softairs.

2
2008 Annual Report

LETTER FROM THE CHAIRMAN

Dear Shareholders,

I am pleased to present the results for the financial year April 2008 – March 2009 and, above all, the outlook for
the CYBERGUN Group for the future. This time last year as we emerged from the sole and unique painful year in
the history of the Group and even as prospects for the economy continued to worsen, I made three commitments to
the financial community: to grow sales, to improve margins and to reduce the Group’s indebtedness. This was a triple
challenge which, in the context of those days, seemed very audacious. I have the pleasure of informing you that
thanks to the efforts of the 84 employees of the Group all of these objectives have been achieved.

In terms of sales, we were able to extract profit from the broad range of CYBERGUN products which extends from toys for children priced
at $10 each to replicas of arms for collectors sold for hundreds of Euros. We were thus able to grow annual sales by more than 7% on
like for like basis of constant exchange rates and scope of activity.

We also were completely successful in our integration of the TECH GROUP which was acquired in April 2008. Its annual sales turnover
more than doubled in one year, reaching more than $7 million. Thanks to this acquisition, CYBERGUN invested in a new segment, the
paintball market for children, and extended its distribution in the Middle East, Africa and Australia.

Overall, FY 2008, ended 31 March 2009, posted consolidated sales figures of e42.7m, an increase of 23.4%. In parallel, our efforts
to curtail operating expenses, which are largely variable, bore fruit. Thus, income from operations advanced strongly in the year to reach
7.2% of sales revenues. The net income of the Group reached e1.1m at the end of the Financial Year.

This rise in margins relating to reduced inventory enabled us to generate free cash flow of nearly 6 million Euros after financing external
growth during the period from April 2008 through March 2009. This cash was used to reduce the Group’s financial debt. In 12 months,
we reduced the net debt/equity ratio by 30 points, bringing it down to 95% as of 31 March 2009. Above all, the prudent policy which
we have been following for several years enabled CYBERGUN to have a very sound financial structure today with financial debt at 97%
and no special bank agreements (those tough ‘covenants’). Most of the debt is in the form of bonds redeemable in 2013/2014.

On the strength of this sound economic and financial situation, and to reward you for your loyalty, the Board of CYBERGUN will propose
at the next Annual General Stockholders Meeting that the dividend be raised to 0.31 Euros per share, an increase of 10% over last year.
Those of you who so wish, may opt for payment in shares, in which case you will be allotted shares at a 10% discount.

The 2009 Financial Year, which has just begun, presents its own set of challenges to be met in an economy and equity markets which may
well remain in turmoil. As far as the CYBERGUN Group is concerned, the trends we see in consumer behavior allow us to anticipate a
continuation of our top line growth.

Once again we base the Group’s further growth on its incomparable catalog of products, resulting from a portfolio of licenses that is unique in
the world and from a policy of innovation, which enables us always to be in step with the expectations of consumers.

While we maintain firm management controls, in order to continue to pay down debt in a natural manner, we are studying opportunities

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
for external growth which present themselves to us. At the start of the 2009 Financial Year, we completed the purchase of the distribution
company X-GUNS. Well known for its positioning in top range products and for the dynamism of its teams, this Danish company will serve
as the bridgehead for CYBERGUN’s growth in the entire Scandinavian market. Other operations may be concluded in the coming months
and would round out our catalogue of products and/or extend the Group’s distribution network without adding significantly to the company’s
debt because the acquisitions will be paid for essentially with Treasury shares.

In order to support this policy of growth and to improve our operating efficiencies, we decided to strengthen the organization by recruiting
new staff. We have filled out the senior management team in the United States, in Europe and at the level of senior financial management.

On 9 December 2009, CYBERGUN will celebrate the 10th anniversary of its stock exchange listings, which began first on the Marché
Libre and then, beginning in July 2002, on the Second Marché, which later became Compartment C of Euronext Paris. These 10 years
have been marked by strong growth of the enterprise as the sales turnover advanced inexorably by nearly 20% per annum, making CYBERGUN
a world leader in the market of leisure shooting. What will the Group look like in the next 10 years? It is still too early to say. But you can
be sure that we will remain driven by the same passion as on day one for this splendid economic and human adventure. All CYBERGUN
employees will continue to work for the growth of the enterprise within the framework of a policy of rigorous management.

In the name of the entire CYBERGUN team, I thank you for your loyalty and look forward to seeing you next year as we together write the
history of the Group.

Jérôme MARSAC
Chairman, Cybergun S.A.

3
 INFORMATION CONCERNING
THE COMPANY A brief history of the company
In 1983 Jérôme Marsac, who had a passion for scale models, created his own
company together with Vincent Bouvet: CIMB - Commerciale et Industrielle
Marsac Bouvet – an enterprise active in importation and distribution of scale
models and radio-controlled models among specialized retailers. With its
dazzling growth (sales volume of 47 MF in 1990 for a staff of 30 employees)
and enlargement of its product range, CIMB quickly became the leader on the
French market of scale models with moving parts. It attracted the attention of the
JOUEF Group, a national producer of miniature trains, which bought it in 1991.
In the same period, the company “Les Trois Pylônes” was founded in 1986 to
trade in ‘ready to fly’ models (as opposed to kits). It steadily grew its activities
and in 1993 it became an import and distribution company of unique products:
the Air Soft Gun®, replica imitation pistols shooting 6 mm plastic pellets. These
low power and thus harmless mass manufactured copies are intended for a
broad market.
The company went on to become a Société Anonyme and in 1997 it signed its first
exclusive license for Europe (now enlarged to cover the world) with Smith & Wesson®.
This contract allowed it to import and distribute models of brands enjoying trade
mark protection. Other big names in the defense field (COLT®, SIG SAUER,
TAURUS®, IMI (UZI®), DESERT EAGLE TM, FAMAS, TANFOGLIO®, MAUSER,
THOMPSON®, AUTO-ORDNANCE, KALASHNIKOV…), who were well aware of
the issues at stake did not tarry and followed the move (see license certificates in
3rd coverage). Thus, in the course of a few years, ‘Les Trois Pylônes’ became the
world leader in the market of exact replicas of pistols made under license. Most
of the brands held by “Les Trois Pylônes” enjoy unequaled renown and thereby
assure the company of exemplary success.
Between 1996 and 1999, sales advanced by 400%. “Les Trois Pylônes” simplified
its name and became “3P.” Then, on 9 December 1999, the enterprise was listed
on the Marché Libre of the Paris Stock Exchange.
At the beginning of 2000, 3P signed an exclusive worldwide license agreement
with COLT® covering the brand in its entirety and all its models (including video
pistols). BERETTA®, TAURUS® and DESERT EAGLE TM were not long in following
suit and offered new prospects to 3P.
In September 2001, 3P S.A. became Cybergun S.A. In the same year, the company
picked up its first orders in the USA, a territory which had not previously been
worked by Cybergun.
In 2002, the American market took off and by the end of the Financial Year when
the books were closed on 31 March 2003 it represented 24.1% of Cybergun’s
total sales turnover (33.3% of exports). Sales continued to grow in Europe thanks
to the conquest of the new markets, particularly in Eastern Europe and the signing
of new licenses with partners active in the Japanese market. The year 2002 was also
a time of major investments (R&D, purchase of moulds, innovations in packaging
and technology, as well as the purchase of new licenses: Thompson/Auto
Ordnance on 1 April; Eric Grauffel - twice IPSC world champion, on 31 July;
and DPMS Panther Arms, on 19 September). On 5 July 2002, Cybergun made
a successful transfer to the Second Marché of Euronext.
The year 2003 posted remarkable growth (+66%) which came essentially in the
USA. This success justified the creation of the subsidiary CYBERGUN USA LLC
in November 2003 in Fort Lauderdale, Florida and the hiring of qualified staff to
look after the distributor SOFTAIRE USA, including John Steele, who was formerly
Vice President of Licensing at SMITH & WESSON. 2003 was also the year when
two revolutionary patents were filed: BAX and CYCLONE.
During the 2004 Financial Year, CYBERGUN created 3 SOFTAIR DEPOT boutiques
in the United States via its American subsidiary and bought out its wholesaler
SOFTAIR USA, which then became a 100% owned subsidiary of the Group. In
the course of the Financial Year, CYBERGUN negotiated a large contract with a
major store chain, thereby raising the number of points of sale in the USA from
1,300 to 2,600. At the end of September 2004, Cybergun purchased a license for
Beretta, the 19th brand in its portfolio. In January 2005, Eric Gruau, 38 years old,
replaced Thierry Naccache in the post of Director General.
4
In 2005, CYBERGUN concentrated on improving profitability by disposing of the
boutiques in France and in the USA and by increasing its distribution network in
the USA (more than 5,000 points of sale as of 31 March 2006). In September
2005, the District Court of Minnesota decided in favor of CYBERGUN with respect
to a trial against a subcontractor who counterfeited DESERT EAGLE models. In
mid-March 2006, the Group signed a new contract with the American firm COLT
which prolonged the period of validity and extended the subject of the initial
exclusive license contract signed 6 years earlier. Finally, at the end of March
CYBERGUN signed its 21st license with SCHMEISSER International, allowing the
Group to reproduce and distribute worldwide the famous MP-40 automatic rifle.
In parallel, CYBERGUN increased its product display space in American store
aisles and continued to invest in R&D, particularly the creation of a 100% BIO
pellet. During the 2006 Financial Year from April 2006 - March 2007, sales
amounted to 36.3 million Euros, a rise of 26.3% at constant exchange rates. The
USA now represented 79% of the Group’s sales turnover and in January 2007
it acquired the American company PALCO, bringing the number of points of sale
on the other side of the Atlantic to more than 7,000. In February 2007, CYBERGUN
renewed its exclusive worldwide license contract with Mikhail Timofeevich
KALASHNIKOV, extending the scope and duration. In March, a court in Taipei,
Taiwan validated the judgment of the District Court of Minnesota and found a
Taiwanese counterfeiter guilty of copying a model (trade dress), sentencing
him to pay 2,025,000 USD to SOFTAIR USA, the 100% owned subsidiary of
CYBERGUN, for having marketed counterfeit models of DESERT EAGLE. In
Europe, growth resumed thanks to a rejuvenation of the sales and marketing
teams in France and signing of new contracts with European agents. The 2006
Financial Year also was marked by the successful repositioning of production in
China, the industrial application of its patents and continued filing of trade mark
protection in the international arena.
In 2007 (April 2007 - March 2008), CYBERGUN achieved sales turnover of
34.9 million Euros. A slowdown in growth made itself felt in the USA, which
now only represented 65% of Group sales, but Cybergun was able to rebound
by refocusing its activities on the Old Continent. During this Financial Year, the
Group also concentrated on reducing costs in the USA following the move of its
subsidiary SOFTAIR USA from San Francisco to Dallas and the integration of the
company PALCO Marketing, thereby achieving synergies which offered tangible
results. In parallel, CYBERGUN continued its external growth by acquiring
on 1 April 2008 the TECH GROUP; a company specialized in paintball for children
WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
and operating on 5 continents in the leisure domain. The legal department
remained very active and by the end of the financial year could name an
impressive number of victories against counterfeiters. It also added 2 licenses to
the portfolio (KAHR and GSG) as well as extensions of the validity period and
domains of existing licenses.
For the 2008 Financial Year (April 2008 – March 2009), the CYBERGUN Group
achieved sales of 42.7 million Euros, i.e., growth of +23.4% according to the
published data and +7.8% at constant exchange rates and identical scope of
operations (excluding the TECH GROUP). Despite the worldwide crisis, CYBERGUN
was able to maintain sustained and regular growth all during the financial year.
In particular, Tech Group doubled its sales turnover, reporting 7 million USD.
The Group now makes 64% of its sales in the USA, 29% in Europe and 7% in
the rest of the world. In June 2008, its subsidiary SOFTAIR USA welcomed
Mark Skrocki to the post of Director of Marketing, USA. Since 1999, Mark had
headed the American leader of paintball articles: JT SPORTS. Finally, external
growth continued with the acquisition on 16 March 2008 of the Danish company
X-GUNS, a specialist in distribution of imitation arms and accessories. This
acquisition makes it possible to enlarge the product offer, especially in the area
of accessories and to grow the distribution of the entire CYBERGUN range in the
Scandinavian countries.
2008 Annual Report

THE TEAM
An experienced and international team:
CYBERGUN SOFTAIR USA

Jérôme MARSAC, Chairman, CYBERGUN
ODP Insead Fontainebleau, 1995/1996

Olivier GUALDONI, Director General, CYBERGUN
Master of Physical Sciences and DESS Marketing

Eric GRUAU, Director of Business Development, USA
Executive MBA, Rennes, 2004-2005, Motivational Management
[CRECI] 1996
Diploma from the Ecole Supérieure Internationale d’Administration
et des Entreprises, 1991

John S. STEELE, President of SOFTAIR USA and PALCO Marketing
Business and Accounting Degree (Menlo School of Business
Administration)
Bachelor of Sciences Degree, 1969

Mark Skrocki, Director of Marketing, USA
Responsible for chain stores
Bachelor of Sciences in Business Administration of the University
of Florida

Jean Louis LORIENTE, Senior Buyer and Head of Logistics

Vincent BOUVET, Director Legal Affairs, CYBERGUN

Law degree

François RABAZZANI, Administrative and Financial Director,

CYBERGUN PALCO MARKETING
DECS (expert accountant)

David BUMAN, Sales Director

Ghislain THIERRY D’ARGENLIEU, Financial Director, International
Advancia
Renaud CALIXTE, Chief of Operations
Master Degree at INSEEC, Bordeaux, 1990

José ROSAS, Marketing Director, CYBERGUN
DEUG Economic Sciences

Marc COURCELLE, IT Director, CYBERGUN

Apple technical service modules
TECH GROUP

Alain ROBIN, Webmaster

Mark BRADSHAW, President

Véronique NEBON, Stock Manager, CYBERGUN Bondoufle Sales and Marketing Degree

Isabelle GALLINA, Administrative Manager, Sales,

CYBERGUN Europe

Michel MOIOLI, Administrative Manager, Sales, WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea

CYBERGUN France CYBERGUN HONG KONG

Stéphane LUNG, Sales Director, CYBERGUN France,
Armen EKMEKDJE, Director
Switzerland and Belgium Master Degree, ILERI, 1992

Denis WITTNER, Technical Manager
Degree in specialized arts, arms manufacture, 1998

Bertrand MARSAC, R&D and Quality Control

University diploma in Mechanical Engineering, University of Paris,
1983
Certificate of Specialization in helicopter structures from the Centre
Aérospatiale, University of Paris, 1983

Claudine PUYO et Sylvie DURAND, Accounting

BTS Accounting and Management
Financial Accounting studies

5
 INFORMATION CONCERNING THE COMPANY
1 - The Air Soft Gun®:
At the centre of the civilization of leisure:
Whether made of plastic or metal, the Air Soft Gun® shoots plastic
pellets at a force of less than 0.5 joule, thereby ensuring that it is
perfectly harmless. The price range of products manufactured
exclusively in Asia (Taiwan, Japan, South Korea, Philippines and
China) runs from between 15 and 500 Euro, with an average price
below 60 Euro
The 4 markets of Cybergun are:
1.outdoor sports: a leisure product par excellence, providing
genuine experiences thanks to optimal firing precision. Thus Air
Soft Guns® attract both amateur and professional shooters (and
particularly the adepts of paintball). Products of the TECH GROUP
have just extended the range intended for this segment of our
consumers by especially addressing a younger audience (core
target group aged 5 - 12 years old).
2.target shooting: by offering replicas which are true to the original
arms and have impressive firing precision given their low energy
level, Cybergun has attracted a clientele of security professionals.
3.collectors: drawn to the replicas by their exactness and authenticity
for a very reasonable cost, they are a loyal clientele for Cybergun
4.enthusiasts of cinema: Cybergun benefits from an exceptional
promotion thanks to the regular screening of new action films where
pistols are featured (“Matrix,” “Fatal Arms,” “Tomb Raider,” etc…)
2 - A high performance and global sales
and marketing organization:
Cybergun has chosen to work with reliable and independent partners
located across all of Europe and the USA. In Asia, Cybergun opted
to grant sub-licenses.
A/ Cybergun conquers the West:
Cybergun has been growing there for 9 years now via the interme-
diary of Softair USA, which became a 100% owned subsidiary in
April 2004. In 2001, SOFTAIR USA took its first orders from national
wholesalers. Today its client portfolio has filled out and there are
more than 7,000 points of sale, covering the entire territory of the
America and Canada. The large chains of ‘outdoor products’ retailers
now have permanent SOFTAIR departments situated between the
aisles of Paintball and lead pistols. The largest American (and
worldwide) retailing chain also stocks the products on its shelves
and every year adds to its display of the product range in its stores.
The acquisition of PALCO, which supplies a network of 1,600 retailers
in neighborhoods and the move of SOFTAIR USA to Dallas are leading
to an improvement in internal management relating to economy of
scale and structural costs.
B/ A well established distribution network in Europe
Cybergun has always worked with retailers or wholesalers, some-
times on an exclusive basis, other times linked by a sales contract
drawn up year by year (AB fond Produkter in Sweden and GSG in
6
The company and its products
Germany). Certain countries which stagnated like Italy and
England are once again growing. In Eastern Europe, Cybergun is
making its presence felt in newly entered markets such as Slovenia,
Russia and Poland, and it is winning additional market share in
Estonia, Latvia and Lithuania. In France, Cybergun has 2 wholesalers
and 750 points of sale. These markets are supplied principally
from the headquarters in Bondoufle (30 km south of Paris), which
has 2800 mÇ of warehouse space and 800 m2 of offices.
C/ The East remains a major potential area of growth
not to be ignored
For the first time ever, in December 1999 Cybergun signed 3
sub-licensing agreements with independent Japanese producers
which gives them the right to produce and distribute several of the
brands for which Cybergun holds the license. Today Cybergun is
continuing its policy of growing sub-licenses in Japan and Korea,
but also in other Asian countries as well. These allow the beneficiaries
to market Air Soft Gun® products in a completely legal manner on
the Asian market, thereby opening up a considerable market to
Cybergun. The signing of these agreements also had the effect of
ensuring the loyalty of the sub-contractors: the manufacturers are
today reliable partners for CYBERGUN.
3 - 3. A body of legal expertise
serving the licenses:
A/ Licenses of brands and models:
The portfolio today consists of 25 exclusive licenses, of which 24 are
worldwide.
An extension of the scope of the Kalashnikov license
New sub-licenses have been granted in Asia.
B/ The fight against counterfeits:
The Group has continued its actions to fight against counterfeits.
WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
Many seizures have been made by customs authorities, who
always work in collaboration with Cybergun.
A new development: the Group has successfully led operations
against internet sites marketing counterfeits
C/ The consequences of legal actions carried out:
The effect has been dissuasive thanks to the seizures and court
decisions.
One example in France is the “Dong” case in Marseille: on 15 April
2009, the 5th Chamber of the Court of Appeals in Aix-en-Provence
confirmed the court ruling of 1 February 2008: a sentence of
6 months in prison for Mr. Dong, plus a customs fine of 87,217 Euros
and 83,000 in damages awarded to CYBERGUN.
D/ Protection of intellectual property:
CYBERGUN has prioritized operations to protect its brands via
new trade mark filings, additional registration and renewals.
2008 Annual Report

INFORMATION CONCERNING THE COMPANY

Analysis of activities

1 - Evolution of Sales

Sales Turnover
EUR millions

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea

From 1996 to 2006, sales turnover rose by a factor of 20, i.e., organic growth of 25% per annum. In 2007, we see a slight drop
in sales turnover, but in the 2008 Financial Year growth resumes, posting sales of 42.7 million Euros, i.e., growth of +23.4% in
the published numbers and +7.8% at constant exchange rates and the same scope of operations (excluding the TECH GROUP).

7
 2 - Evolution of equity and gearing

Equity
EUR millions

Gearing
WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea

8
2008 Annual Report

3 - Analysis of Working Capital

Inventories Trade debtors
31 March 2008 31 March 2009
31 March 2008 31 March 2009

129 days 97 days 76 days 61 days

4 - Cash Flow and Free Cash Flow

Reductions
of inventory and 2,7 Me 1,3 Me
outstanding client debt
5,8 Me

x 3,7 4,4 Me
Thanks to rising
level of activity

1,2 Me

Cash-flow Cash-flow Reduction Tech Group Free

n -1 of Working Capital Acquisition cash-flow

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
5 - Cash Flows
Debt reduction

5,8 Me
Dividend
Share buy-back

2,9 Me
0,8 Me 1,2 Me
0,9 Me

Free Improvement
cash-flow in cash position

9
 FINANCIAL INFORMATION
Highlights for the shareholder and investor

1 - 1. Distribution of capital (and voting rights) 2 - 2009/2010 Agenda

as at 31 March 2008 Sales Q1: 22 July 2009
[Labels of pie chart, clockwise, starting with top]: Sales Q2: 28 October 2009
H1 financial results: 15 December 2009
Sales Q3: 27 January 2010
Sales Q4: 28 April 2010
FY financial results: 7 July 2010
All announcements will be made after
the daily closing of the stock exchange

3 - Stock Exchange quoted price:

Evolution of share quotations on the Stock Exchange (in EUR from April 2008 to 30 June 2009)
Quoted price on 30/06/09: 7,50 EUR
Number of shares in circulation: 3,083,461
Stock exchange capitalization: 23,1 MEUR
Compartment C of Euronext Paris

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
Sales turnover, Q4: 28 April 2010
ISIN: FR0004031839, symbol: CYB
Reuters : 3P.PA, Bloomberg : CYB:FP
Oséo Label of “Innovative Enterprise”

10
2008 Annual Report

CONSOLIDATED ACCOUNTS
AS OF 31 MARCH 2009 Consolidated Assets
ASSETS, ‘000 Euros Note 31/03/2009 31/03/2008 31/03/2007
NON-CURRENT ASSETS
Physical fixed assets 3.2 1 248 943 1 375
Goodwill 3.1.1 9 924 6 664 7 799
Other intangible non-current assets 3.1.2 2 168 2 332 2 584
Participation in associated enterprises 3.3.1 28 30 28
Other non-current assets 3.3.1 222 256 200
Assets of non-current taxes 3.4 1 136 1 299 1 322
TOTAL NON-CURRENT ASSETS 14 726 11 524 13 308
CURRENT ASSETS
Inventory and unfinished goods 3.5 11 526 12 368 15 310
Trade debtors 3.6 7 255 7 278 6 703
Assets of current taxes 492 1 098 259
Other current assets 3.6 441 1 267 626
Other current financial assets 3.7 363 1 227
Cash and equivalent 3.8 2 926 2 730 7 745
Non-current assets awaiting disposal
TOTAL CURRENT ASSETS 23 002 25 968 30 643
TOTAL ASSETS 37 728 37 491 43 951
Consolidated assets as of 31 March 2009 and 31 March 2008 have been
restated to reflect the effect of change in presentation described in note 1.2.1
Consolidated Liabilities
LIABILITIES, ‘000 Euros Note 31/03/2009 31/03/2008 31/03/2007
EQUITY
Capital issued 1 011 1 011 1 011
Other reserves 12 439 12 919 14 223
Profit/loss of the FY 1 117 - 999 2 722
Minority interests
TOTAL EQUITY 14 567 12 931 17 956

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
NON-CURRENT LIABILITIES
Long-term borrowings and financial debts 4.1 11 999 12 824 13 984
Liabilities of deferred taxes 3.4 51 292 180
Long-term provisions 4.2 38 38 73
TOTAL NON-CURRENT LIABILITIES 12 088 13 155 14 237
CURRENT LIABILITIES
Suppliers 4.3 2 548 2 594 4 373
Short-term borrowings (including bank support and accrued interest) 4.1 2 946 5 021 3 139
Current part of long-term borrowings and financial debt 4.1 2 217 2 283 2 178
Liabilities of current taxes 320 52 747
Short-term provisions 4.2 282 139
Other current liabilities 4.3 2 762 1 317 1 321
Liabilities concerning non-current assets for disposal XXX
TOTAL CURRENT LIABILITIES 11 075 11 406 11 758
TOTAL EQUITY AND LIABILITIES 37 729 37 492 43 951
Consolidated liabilities as of 31 March 2009 and 31 March 2008
have been restated to reflect the effects of the change in presentation
described in note 1.2.2

11
 CONSOLIDATED ACCOUNTS AS
OF 31 MARCH 2009
Report of consolidated financial results
Report of results, ‘000 Euros Note 31/03/2009 31/03/2008 31/03/2007
Sales turnover 42 679 34 581 36 046
Purchases consumed - 25 450 - 19 192 - 18 458
GROSS MARGIN 17 229 15 389 17 588
Other income from activities 509 424 95
Personnel costs 5.5 - 4 785 - 4 636 - 3 522
External costs - 8 682 - 9 121 - 7 912
Taxes and similar payments - 304 - 307 - 282
Allocations for depreciation and provisions 5.6 - 691 - 1 417 - 410
Exchange rate gains and losses 5.4 - 199 - 201 - 697
CURRENT OPERATING RESULTS 3 076 131 4 860
Other income and operating expenses 5.3 300 - 187 - 40
OPERATING RESULTS 3 376 - 56 4 820
Cash and equivalent income/loss - 349 - 136 46
Gross cost of debt - 1 351 - 1 425 - 955
NET COST OF FINANCIAL DEBT 5.7 - 1 700 - 1 561 - 909
Other financial income and expenses 5.7 255 73 52
Tax expenses 5.8 - 815 546 - 1 241
NET RESULT BEFORE IMPACT OF RELINQUISHED ACTIVITIES 1 116 - 998 2 722
Net tax result of activities relinquished or of disposals underway
NET PROFIT/LOSS FOR THE PERIOD 1 116 - 998 2 722
Of which, Group part 1 116 - 998 2 722
Of which, minority owners’ part
PROFIT/LOSS PER SHARE

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
Basic 0.376 - 0.321 1.084
Diluted 0.335 - 0.301 1.067

12
2008 Annual Report

CONSOLIDATED ACCOUNTS
AS OF 31 MARCH 2009
Table of variation of consolidated capital
Capital Premium Consolidated FY Profit/loss Variation Total
‘000 Euro Reserves of conversion Equity
EQUITY AS OF 31 MARCH 2006 804 4 663 1 113 1 006 -4 7 581
Capital variation of the consolidating enterprise 207 7 542 7 749
Distribution of dividends
Allocation to reserves 1 006 - 1 006 0
Variations of conversion deviation - 14 - 14
Incidence of re-evaluation
Acquisition or disposal of Treasury shares - 132 - 132
Free of charge shares 50 50
Changes to accounting methods
Other variations
PROFIT/LOSS as of 31 March 2007 2 721 2 721
EQUITY AS OF 31 MARCH 2007 1 011 12 205 2 037 2 721 - 19 17 955
Allocation of profit to reserves 1 004 - 1 004 0
Distributions of dividends - 1 717 - 1 717
Variations of conversion deviation - 1 510 - 1 510
Acquisition or disposal of Treasury shares - 406 - 406
IAS-21 Application - 614 - 614
Free of charge shares 222 222
Changes to accounting methods
PROFIT/LOSS as of 31 March 2008 - 998 - 999
EQUITY AS OF 31 MARCH 2008 1 011 12 205 2 857 - 998 - 2 143 12 931
Allocation of profit to reserves - 999 999 0

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
Distribution of dividends - 830 - 830
Variations of conversion deviation 2 160 2 160
Acquisition or disposal of Treasury shares - 666 - 666
IAS-21 Application 8 8
Free of charge shares - 152 - 152
Changes to accounting methods
PROFIT/LOSS as of 31 March 2008 1 116 1 117
EQUITY AS OF 31 MARCH 2009 1 011 12 205 210 1 116 25 14 568

13
 CONSOLIDATED ACCOUNTS
AS OF 31 MARCH 2009
Table of cash flow
‘000 Euro 31/03/2009 31/03/2008 31/03/2007
Net consolidated profit/loss 1 117 - 999 2 721
Income and expenses reported in equity - 15 222 50
Capital gains/losses from disposals 127 259 40
+ tax expense 816 - 546 1 241
+ cost of debt 1 700 1 556 910
+ depreciation and provisions 618 702 560
Cash flow from operations
before variation in working capital requirements 4 363 1 194 5 522
Variation in working capital requirements 3 583 - 1 617 - 3 936
Taxes paid on financial results 39 - 1 079 - 2 143
Net cash flow from operations 7 985 - 1 502 - 557
Investment activities
Acquisitions of fixed assets - 586 - 344 - 852
Disposals of fixed assets 101 6 311
Incidence of variations of scope of operations - 803 - 9 736
Cash flow from investment activities - 1 288 - 338 - 10 277
Financing activities
Net dividends paid to shareholders and minority owners - 830 - 1 717 0
Capital increases received 7 749
Other variation in equity - 894 - 406 - 130
Variation in debt - 1 159 - 2 292 7 531
Interest paid - 1 741 - 1 566 - 957
Cash flow from financing activity - 4 624 - 5 981 14 193

WorldReginfo - 9d13fa63-1add-4846-a4ee-e3ebe7a02cea
Cash variation 2 073 - 7 822 3 359
Cash at opening - 2 241 4 667 1 150
Cash at close - 11 - 2 241 4 667
Incidence of variations in currency exchange rates 244 - 312 158
Cash variation 1 987 - 6 596 3 359

The consolidated cash flow tables as of 31 March 2009 and

31 March 2008 have been restated to reflect the effects of
changes in presentation described in note 1.2.1 and 1.2.2

14