LAFUMA : Sales Revenue First half year 2012/2013

Anneyron, April 23, 2013

Press release - Sales Revenue First half year 2012/2013

Sales per division (in EUR millions)	HY1 12/13	HY1 11/12 HY1 11/12 CS**	Variation N/N-1 CSEE***	Variation N/N-1 (in %) CSEE***
Great Outdoor - Lafuma Board Sports - Oxbow Mountain - Millet / Eider Others*	38.9 17.6 46.2 -	45.1 46.7 27.2 27.2 48.2 48.2 11.7 -	-7.7 -9.6 -1.4 -	-16.5% -35.2% - 3.0% 0.0%
Lafuma Group	102.7	132.3 122.0	-18.7	-15,4%

Sales per geographical zone (in EUR millions)	HY1 12/13	HY1 11/12 HY1 11/12 CS**	Variation N/N-1 CSEE***	Variation N/N-1 (in %) CSEE***
France International	59.2 43.5	76.9 69.4 55.5 52.6	-10.2 - 8.4	-14.7% -16.2%
Lafuma Group	102.7	132.3 122.0	-18.7	-15.4%

* :Country and Ober activities, sold or being sold

** : CS - Comparable scope of consolidation (excluding Country and Ober activities)

*** : CSEE - Comparable scope and even exchange rate

Decline in activity in a difficult context for consumer spending

As expected, the negative trend observed over the 1st quarter continued into the 2nd quarter of 2012/2013. LAFUMA Group sales declined in the full half year by 15,4% (compared to 15,8% in the 1st quarter) to €102.7m.
All of the Group divisions recorded declines in activity over this first half year:
The Board sports division confirmed a steep decline in sales of 35,2% to €17.6m;
The Great Outdoor division also experienced a downturn, with a decline in sales of 16.5% (-14.5% in textiles/equipment and
-18.8% in furniture sales) to €38.9m;
The Mountain division, with the Millet, Eider and Killy brands registered a more moderate decline of 3.0% to €46.2m.
All of the Group brands operate on a particularly sluggish market in France (-14.7%) and in Europe (-16.6%). The Asian market (-7.1%) has been less buoyant than in past seasons, and is penalized by exchange rate fluctuations (a drop in the yen resulting in a drop in sales revenue of €600,000).
In this context, Millet (-3.4%) and Eider (2.1%) have held up relatively well thanks to the implementation of a coherent product and sales strategy. With marked difficulties in the boardsports market across the full spectrum of brands worldwide, the Oxbow brand has continued to decline, particularly in wholesale activities. And lastly, sales for the Lafuma brand are penalized by a generalist outdoor positioning in textiles/equipment, and by a distributor sales strategy of minimum stock levels in furniture.

Outlook

In this particularly difficult environment, the Group focus is on improving profitability and the quality of sales revenue. The Lafuma Group has also been working to improve sales strategies for each brand and continuing efforts on the quality of its offer in products and services.
As regards the order book presently available, the Group expects to register a decline in sales revenue over the full fiscal year
2012/2013 and is anticipating a stabilization in the activity decline per division over the upcoming quarters. The Lafuma Group confirms a significant decline in its activity which will considerably affect earnings and the value of its assets over fiscal 2012/2013.
The new Group management team that has been in place since January 15, 2013 will present its business plan in June 2013, on the occasion of the presentation of the half-year financial statements for fiscal 2012/2013.

For further information please contact: [e-mail]

NewCap. Sophie Boulila / Emmanuel Huynh - Tel: [phone] - [e-mail]

Lafuma shares are traded on NYSE Euronext Paris. Euroclear: 3526. Reuters: LAFU.PA. Bloomberg: LAF FP

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