Comunicati Stampa

Il Consiglio di Amministrazione approva i risultati di bilancio del primo semestre 2010BENETTON GROUP, PRIMO SEMESTRE POSITIVORicavi: E891 milioni (+1%, al netto dell effetto cambi -0,6%) . Ricavi in tenuta in Italia, forti crescite in Asia . Risultato Operativo: E63 milioni 7,1% sui ricavi . Utile Netto: E40 milioni (4,5% sui ricavi) . La posizione finanziaria netta in ulteriore miglioramento si attesta a E508 milioni . Investimenti commerciali sostenuti nel primo semestre, e in forte sviluppo nel resto dell anno . Ponzano, 30 Luglio 2010 - Il Consiglio di Amministrazione di Benetton Group ha esaminato ed approvato i risultati consolidati del primo semestre 2010 . Conto economico consolidatoI ricavi netti di Gruppo nel primo semestre 2010, caratterizzato da una situazione economica ancora incerta in molti dei paesi di rilievo per il Gruppo, raggiungono E891 milioni (+1% sul semestre di confronto, corrispondenti a E9 milioni) . Contribuisce a questo miglioramento il mix di prodotto con prevalenza di categorie a maggiore valore unitario, a cui si aggiunge un andamento positivo verso l Euro di alcune valute rilevanti nel mix geografico del Gruppo . Anche per quest anno è stata confermata la politica di allineamento delle consegne della collezione Autunno/Inverno alle esigenze di stagionalità del business per la rete distributiva, già applicata nel 2009, proseguendo un accorta politica di miglioramento nel servizio al cliente . Di conseguenza una parte importante delle consegne di questa collezione sarà spedita nel corso del terzo trimestre . I marchi del Gruppo hanno raggiunto buoni risultati nel semestre, con una crescita per Sisley e per i marchi 012 e Sisley Young, mentre il marchio UCB ha sostanzialmente mantenuto la propria posizione . A livello geografico, nei mercati consolidati, al rallentamento di Grecia e Spagna si contrappone una buona tenuta dell Italia . Per quanto riguarda i mercati emergenti, il cui peso sul fatturato sale al 13%, si segnala la forte crescita conseguita in Messico (+60% a parità di cambio) ed in India . Il margine lordo industriale, pari a E425 milioni (47,7% sui ricavi netti) è in crescita (+E24 milioni) rispetto a E401 milioni (45,5%) del semestre di confronto, grazie al contributo determinante delle efficienze conseguite sul fronte industriale e dell approvvigionamento di prodotto . Il margine di contribuzione raggiunge E356 milioni (39,9% sui ricavi), rispetto a E336 milioni (38,2%) nel corrispondente periodo dell anno 2009, in aumento di E20 milioni . Grazie alle azioni di riduzione avviate nel corso del 2009, le spese generali dei primi sei mesi del 2010 si sono mantenute complessivamente pari al semestre di confronto, anche in presenza di un aumento degli investimenti pubblicitari . Risultano inoltre in ulteriore incremento gli oneri non ricorrenti legati, tra l altro, a programmi di razionalizzazione della rete di negozi a gestione diretta, in particolare negli USA . Di conseguenza il risultato operativo (EBIT), si attesta a E63 milioni, in crescita rispetto a E43 milioni nel corrispondente periodo del 2009, con un incidenza sui ricavi pari a 7,1%, rispetto al precedente 4,9% . Nella gestione finanziaria, si evidenziano miglioramenti grazie soprattutto alla riduzione dell indebitamento medio, che ha contenuto gli oneri finanziari, passati da E12 milioni nel primo semestre 2009 a E7 milioni nel 2010, ed a seguito delle consuete operazioni di copertura dei rischi valutari . L utile netto, infine, raggiunge E40 milioni (4,5% sui ricavi), rispetto a E29 milioni (3,2%) nel corrispondente periodo del 2009 . Incide, a questo proposito, l aumento dell aliquota fiscale media . Situazione patrimoniale consolidataRispetto al 31 dicembre 2009 si osservano: un aumento delle immobilizzazioni (E23 milioni) in conseguenza della politica d investimento meglio commentata di seguito, ed una riduzione del capitale di funzionamento (E35 milioni) in funzione di una migliore posizione nel saldo debiti/crediti . Si evidenzia, a confronto con il 30 giugno 2009, un importante riduzione del capitale di funzionamento (E39 milioni), conseguita attraverso minori scorte (E51 milioni) e maggiori debiti fornitori (E21 milioni), pur in presenza di maggiori crediti . L indebitamento finanziario netto al 30 giugno 2010 era di E508 milioni, in riduzione di E48 milioni rispetto al 31 dicembre 2009, evidenziando l importante generazione di cassa del primo semestre . Sintesi dei flussi finanziari consolidatiIl flusso di cassa generato dall attività operativa si attesta complessivamente a E150 milioni, rispetto a E145 milioni del periodo di confronto . Nel 1° semestre 2010 il Gruppo ha effettuato investimenti netti pari a E54 milioni . Si segnalano, tra gli altri, E44 milioni di investimenti commerciali ed immobiliari, ed E6 milioni in attività industriali . Evoluzione prevedibile della gestioneLe azioni di riduzione dei costi introdotte a partire dallo scorso anno stanno producendo gli effetti desiderati e l efficienza generale del sistema produttivo, unitamente alla forza dei marchi ed alla capillarità della rete di vendita, sostengono l importante miglioramento dei risultati evidenziato nel primo semestre . Il 2^ semestre 2010 verrà caratterizzato, tra l altro, da investimenti commerciali importanti, attraverso il rilancio e la creazione di spazi innovativi nei più importanti Flagship Stores, in collaborazione con famosi architetti e l acquisizione di posizioni strategiche in mercati emergenti . Tutti gli sforzi dell azienda sono quindi orientati a creare le condizioni per la ripresa della crescita, anche grazie al supporto offerto dai mercati dell Asia, in presenza di un immutato e continuo impegno per ulteriori efficienze . La raccolta dei nuovi ordini per la collezione Autunno/Inverno evidenzia tuttavia il perdurare della debolezza del sistema economico nei mercati storicamente di maggiore rilievo per il Gruppo . Le dinamiche attese per la seconda parte del 2010 confermano, per l intero anno in corso, le stime di una marginalità operativa in leggera riduzione rispetto ai livelli del 2009, in presenza di importanti oneri non ricorrenti in un ammontare simile a quello dello scorso anno, di un maggior costo sul debito in funzione del finanziamento acceso a giugno in sostituzione di quello scaduto e, come già riferito, di un aliquota fiscale media in leggero aumento . Risultati consolidati del Gruppo BenettonConto economico consolidato

(in milioni di euro)	(Oneri)/Proventi netti da coperture valutarie	1° semestre	9	%	1,0	1° semestre	4	%	0,5	Variazione	5	%	n . s .	Anno	(2)	% (0,1)
	e differenze cambio	2010				2009								2009
Ricavi	891	100,0	882	100,0	9	1,0	2 . 049	100,0
Consumo materiali e lavorazioni esterne	400	44,9	408	46,2	(8)	(1,9)	969	47,3
Salari, stipendi e oneri relativi	41	4,6	45	5,1	(4)	(8,0)	84	4,1
Ammortamenti industriali	8	0,8	8	0,9	-	(8,1)	15	0,8
Altri costi industriali	17	2,0	20	2,3	(3)	(14,3)	38	1,8
Costo del venduto	466	52,3	481	54,5	(15)	(3,1)	1 . 106	54,0
Margine lordo industriale	425	47,7	401	45,5	24	6,0	943	46,0
Distribuzione e trasporti	33	3,7	30	3,3	3	11,3	63	3,1
Provvigioni	36	4,1	35	4,0	1	3,5	87	4,2
Margine di contribuzione	356	39,9	336	38,2	20	5,8	793	38,7
Stipendi e oneri relativi	87	9,7	87	9,9	-	(0,9)	169	8,2
Pubblicità e promozionali	30	3,3	28	3,1	2	7,0	53	2,6
Ammortamenti	43	4,8	43	4,9	-	(0,6)	88	4,3
Altri costi e proventi	133	15,0	135	15,4	(2)	(1,0)	277	13,6
- di cui oneri/(proventi) non ricorrenti	12	1,4	11	1,2	1	16,1	23	1,1
Spese generali e oneri operativi	293	32,8	293	33,3	-	(0,2)	587	28,7
- di cui oneri/(proventi) non ricorrenti	12	1,4	11	1,2	1	16,1	23	1,1
Risultato operativo (*)	63	7,1	43	4,9	20	46,4	206	10,0
Utili/(Perdite) di imprese collegate	-	-	2	0,2	(2)	(92,8)	2	0,1
(Oneri)/Proventi finanziari	(7)	(0,8)	(12)	(1,4)	5	(38,0)	(20)	(0,9)
(in milioni di euro)	(Oneri)/Proventi netti da coperture valutarie	1° semestre	9	%	1,0	1° semestre	4	%	0,5	Variazione	5	%	n . s .	Anno	(2)	% (0,1)
	e differenze cambio	2010				2009								2009
Utile ante imposte	65	7,3	37	4,2	28	74,0	186	9,1
Imposte	30	3,3	11	1,2	19	n . s .	68	3,3

RISULTATI 1° SEMESTRE 2010- Ricavi 1° semestre 2010 E 395 . 1 milioni, in crescita del 10% su base comparabile[1]- Forte incremento dell utile rettificato generato dalle attività ordinarie[2] (+24%) e dell utile netto (+133%)- Due promettenti takeover in sevizi di valore aggiunto nell ambito del piano strategico 2010-2013- Revisione al rialzo dei proventi 2010 a E805-?E8151 milioniNeuilly-sur-Seine, 29 luglio 2010 - Ingenico (Euronext: FR0000125346 - ING) ha oggi annunciato il bilancio semestrale riveduto[3] per il primo semestre 2010 conclusosi il 30 giugno .

Dati principali (in milioni di euro)	1° sem09	1° sem09 proforma	1° sem10	Variazione 1° sem10/1° sem09
				Base comparabile	Dichiarati
Ricavi	317 . 7	341 . 2	395 . 1	+10%	+24%
Utile rettificato generato dalle attività ordinarie2	26 . 7	29 . 5	36 . 7	+24%	+37%
Margine rettificato sulle attività ordinarie	8 . 4%	8 . 6%	9 . 3%	+70 pdb	+90 pdb
Margine rettificato sulle attività ordinarie, prima delle spese non ricorrenti	8 . 4%	8 . 6%	10 . 8%	+220 pdb	+240 pdb
Utile netto	4 . 8	-	11 . 2	-	+133%

Philippe Lazare, Ingenico s Chairman and CEO, commented, "We are satisfied by the strong and encouraging commercial performance of Ingenico in the first half . We improved our adjusted margin on ordinary activities and generated record operating cash flow through strict management of our business . By acquiring First Data Ibérica and moving to a controlling stake in Transfer To, we are pursuing the Group s strategic transformation towards value-added services . And with dynamic trends back during the second quarter, we have revised our full-year revenue guidance upwards and confirmed our guidance for adjusted margin from ordinary activities . "To facilitate the assessment of Ingenico s performance, the prior-period revenue presented in comparison with consolidated revenue for the first quarter of 2010 have been restated to reflect changes in the company s scope of consolidation during the year ("2009 pro forma revenue"), i . e . including the operations of easycash and eliminating the operations of Sagem Denmark, Manison Finland and Moneyline Banking Systems as of January 1, 2009 . The consolidated financial data has been drawn up in accordance with International Financial Reporting Standards . In order to provide meaningful comparable information, that data has been presented on an adjusted basis, i . e . restated to reflect in particular the depreciation and amortization expense arising on the acquisition of new entities . Pursuant to IFRS 3, the purchase price for new entities is allocated to the identifiable assets acquired and subsequently amortized over specified periods . EBITDA is not an accounting term; it is a financial metric defined here as profit from ordinary activities before amortization, depreciation & provisions and before Share based payment expenses (the reconciliation of profit from ordinary operations to EBITDA is available in Exhibit1) . Cash flow from operations is defined as EBITDA less change in working capital less net capital expendituresKey figures

(in millions of euros)	H1 2009	H1 2009 pro forma	H1 2010
Revenue	317 . 7	341 . 2	395 . 1
Adjusted gross profit	124 . 7	134 . 9	147 . 1
as a % of revenue	39 . 2%	39 . 5%	37 . 2%
Adjusted operating expenses	(98 . 0)	(105 . 3)	(110 . 4)
Adjusted profit from ordinary activities	26 . 7	29 . 5	36 . 7
Adjusted margin on ordinary activities	8 . 4%	8 . 6%	9 . 3%
Profit from operations (IFRS)	9 . 7	-	20 . 8
Net profit (IFRS)	4 . 8	-	11 . 2
EBITDA	36 . 8	41 . 2	53 . 6
as a % of revenue	11 . 6%	12 . 1%	13 . 6%
Operating cash flow	0 . 6	-	43 . 3
Net debt	(90 . 9)	-	144 . 3
Equity	461 . 6	-	513 . 8

Revenue up 24 percent, driven by strong sales growth and a favorable foreign exchange impact

	H1 2010			Q2 2010
Em	Change		Em	Change
Like-for-like1	Reported	Like-for-like1		Reported
By region
North America	50 . 9	+8 . 7%	+15 . 2%	21 . 8	(25 . 3%)	(14 . 5%)
Latin America	69 . 7	+5 . 8%	+22 . 7%	42 . 3	+16 . 7%	+36 . 3%
Asia-Pacific	42 . 0	+14 . 8%	+29 . 7%	26 . 5	+14 . 1%	+28 . 7%
EMEA	33 . 5	(20 . 5%)	(17 . 7%)	19 . 1	(20 . 5%)	(16 . 6%)
Europe-SEPA	199 . 0	+18 . 3%	+40 . 1%	112 . 1	+27 . 1%	+50 . 2%
Total	395 . 1	+10 . 0%	+24 . 3%	221 . 8	+11 . 0%	+26 . 3%

In H1 2010, revenue totaled E395 . 1 million with a favorable foreign exchange impact of E19 . 7 million . Revenue included E348 . 1 million generated by the payment terminal activities (hardware and maintenance), and E47 . 0 million by transaction services . On a like-for-like basis at constant exchange rates, revenue was 10 percent above the H1 2009 pro forma figure . This better-than-expected performance was driven by the dynamism in Ingenico s payment terminal activity (+8 . 4 percent1) and a rise in transaction services (+15 . 8 percent1), primarily in Europe, in line with the Group s full-year expectations . Ingenico s revenue grew in all regions except for EMEA, with strong growth in Asia-Pacific (particularly in China) and Europe-SEPA (particularly in France and Germany), where the Group has consolidated its already strong positions . After a first quarter with a favorable basis of comparison, revenue in Q2 2010 was 11 percent higher than in Q2 2009 on a pro forma basis1 . Growth accelerated, particularly in Asia-Pacific (China), Latin America (Brazil) and a majority of the Europe-SEPA countries . Ingenico has successfully leveraged the market growth driven by regulatory changes (in Germany and Brazil), new technology (in France) and a general upturn in business (in Spain and the United Kingdom) . The Group has continued to benefit from the strong trends in China . In North America, where revenue was impacted by the unfavorable basis of comparison with Q2 2009, the introduction of the Telium terminal range in Q4 2010 should help to regain momentum . In the EMEA region, while the situation has been stabilized in Turkey, business on the whole has been down, due to the unfavorable basis of comparison in the Middle East . Gross margin as a % of revenue impacted by a non-recurring expenseIngenico s adjusted gross margin was 37 . 2 percent in H1 2010 . The 230 basis-point decrease is primarily attributable to a E6 . 1 million non-recurring expense to address component quality issues affecting specific references in the Group s older product range . Excluding this expense, gross margin would be 38 . 8 percent, versus 39 . 5 percent in H1 2009 on a pro forma basis . Gross margin in the Payment Terminal business (hardware only) was 41 . 9 percent, down 60 basis points, due to increased indirect costs, including higher freight costs due to component shortages and the disruptive effect of the Iceland volcano eruption . Gross margin in Ingenico s Transaction business was 36 . 6 percent, compared to 36 . 8 percent pro forma gross margin in H1 2009 . Operating expenses under controlAdjusted operating expenses rose slightly from E105 . 3 million in H1 2009 (pro forma) to E110 . 4 million in the H1 2010 . They accounted for 27 . 9 percent of revenue, i . e . 300 basis points lower than in H1 2009 (pro forma) . Adjusted profit from ordinary activities up 24 percentIn H1 2010, adjusted profit from ordinary activities increased by 24 percent to E36 . 7 million, versus E29 . 5 million in H1 2009 (pro forma) . Adjusted margin on ordinary activities accounted for 9 . 3 percent of revenue, an increase of 70 basis points year on year . Excluding the non-recurring expense in the period, the adjusted margin on ordinary activities would have been up by 220 basis points . Profit from operations (IFRS) up sharplyAfter accounting for Purchase Price Allocation and other operating income and expenses, profit from operations was multiplied by 2 . 1 to E20 . 8 million in H1 2010, from E9 . 7 million in H1 2009 . In H1 2010, Purchase Price Allocation expenses in connection with Moneyline, Planet, Sagem Monetel, Landi and easycash rose to E13 . 8 million, mostly due to the easycash acquisition . Other operating income and expenses totaled E2 . 1 million, down from E7 . 7 million in H1 2009 . Net profit multiplied by 2 . 3 to E11 . 2 millionIn H1 2010, net profit for the period was E11 . 2 million, versus E4 . 8 million in H1 2009 . This result included total finance costs of E2 . 6 million (versus E1 . 4 million in H1 2009) and income tax expense of E6 . 3 million (versus E3 . 5 million) . Strong operating cash flow generationIn the first half of 2010, Ingenico generated a substantial cash flow from operating activities of E43 . 3 million, compared to E0 . 6 million in H1 2009 . This increase is the result of both the increased EBITDA (up E16 . 8 million), with easycash contribution, and the lower net working capital, which was reduced from E22 . 9 million in H1 2009 to E0 . 9 million through strict control . Capital expenditures totaled E11 . 2 million, equaling 2 . 8% of revenue . Net debt was E144 . 3 million at June 30, 2010 . This figure includes the distribution of E9 . 4 million in dividends (compared to E4 . 3 million in H1 2009), E21 . 4 million in current tax payable (versus E6 . 4 million in H1 2009) and the net share buyback for a total of E7 . 5 million . Ingenico s main financial ratios in H1 2010 demonstrate the Group s sound financial position . At June 30, 2010, the net debt-to-equity ratio was 28 percent . Deployment of the 2010-2013 strategic planEnhanced financial flexibilityIngenico renegotiated its senior credit facilities agreement with its banks syndicate pool, raising the amount to E370 million and extending the maturity by one year to September 2014 . After drawdowns of E210 million, Ingenico has two undrawn confirmed syndicated lines of credit totaling E160 million, including E100 million earmarked for acquisitions and E60 million to meet working capital requirements . Two takeovers in value-added servicesIn July, Ingenico acquired a controlling, 90-percent interest in Transfer To, a Singapore-based company operating a mobile-phone top-up network in which the Group already held a 38 percent stake via Ingenico Ventures . The rationale is the operating and financial performance of Transfer To, which exceeded expectations, combined with the prospects of extending its service offer to Europe . Ingenico also acquired First Data Ibérica (FDI), a Spanish privately owned company, and leading payment service provider in the petrol vertical market in Spain . FDI operates the complete payment value chain (from POS Terminal to Transaction) and loyalty for more than 5,000 petrol stations . FDI also provides mobile-phone top-up service to a unique basis of 42,000 terminals on the Iberian Peninsula . The Group intends to leverage this base to deploy value-added services in Spain . FDI s revenue amounts for approximately E15 million in a business that yields EBITDA margins of approximately 25 percent . Major success for employee shareholding plans, reflecting confidence in the Group s futureDuring H1 2010, Ingenico introduced a number of employee incentives to ensure successful implementation of its 2010-2013 strategic plan . Firstly, the ISOP 2010 (Ingenico Share Ownership Plan) is associating Group employees in France and Germany to the activity and results of the Group . With the subscription rate exceeding 75 percent in France and 33 percent in Germany, the employees have demonstrated confidence in the Group, above expectations . In addition, the co-investment program for the Group s top 41 executives had been fully subscribed by May 2010 . This program sets ambitious targets for transforming Ingenico and increasing profitability . At July 30, Ingenico s share capital will consist of 51,346,475 shares as a result of ISOP 2010, combined with a increase of the company s share capital by incorporation of reserves, benefits or premiums by free allotment of shares on the basis of one new share for twenty existing shares . OutlookBased on its performance in H1 2010 and considering current market trends, the Group revises its 2010 revenue guidance upwards to the range of E805 to E815 million, up from the range of E790 to E805 million announced in March 2010 (on a comparable and constant foreign exchange rate basis) . The Group is maintaining its profitability guidance, with adjusted margin on ordinary activities[4] in the range of 12 . 5 percent to 13 percent and EBITDA margin ranging from 16 percent to 17 percent . CONFERENCE CALLA conference call to discuss Ingenico s H1 2010 results will be held on July 30, 2010 at 2 p . m . , Paris time . Dial-in number: 01 70 99 32 12 (French domestic) or +44 (0)207 1620 177 (international) . The presentation will also be available on www . ingenico . com/finance . This press release contains forward-looking statements . The trends and objectives given in this release are based on data, assumptions and estimates considered reasonable by Ingenico . These data, assumptions and estimates may change or be amended as a result of uncertainties connected in particular with the performance of Ingenico and its subsidiaries . These forward-looking statements in no case constitute a guarantee of future performance, involves risks and uncertainties and actual performance may differ materially from that expressed or suggested in the forward-looking statements . Ingenico therefore makes no firm commitment on the realization of the growth objectives shown in this release . Ingenico and its subsidiaries, as well as their executives, representatives, employees and respective advisors, undertake no obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future developments or otherwise . This release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities or financial instruments . About Ingenico (Euronext: FR0000125346 - ING)Ingenico is a leading provider of payment solutions, with over 15 million terminals deployed in more than 125 countries . Its 3,000 employees worldwide support retailers, banks and service providers to optimize and secure their electronic payments solutions, develop their offer of services and increase their point of sales revenue . More information on www . ingenico . com .

INGENICO - Investor Relations	INGENICO - Corporate Communication
Catherine Blanchet	Rémi Calvet
Investor Relations Director	VP Communication
catherine . blanchet@ingenico . com	remi . calvet@ingenico . com
+33 1 . 46 . 25 . 82 . 20	+33 1 . 46 . 25 . 78 . 23

Upcoming eventsConference call on H1 2010 results: July 30, 2010 at 2 p . m . (Paris time)Q3 10 revenue figures: October 27, 2010EXHIBIT 1: Reconciliation of profit from ordinary activities to EBITDAEBITDA represents profit from ordinary activities, restated to include the following:- Provisions for impairment of tangible and intangible assets, net of reversals (including impairment of goodwill or other intangible assets with indefinite lives, but not provisions for impairment of inventories, trade and related receivables and other current assets), and provisions for risks and charges (both current and non-current) on the liability side of the balance sheet, net of reversals . - Expenses related to the restatement of finance lease obligations on consolidation . - Expenses recognized in connection with the award of stock options, free shares or any other payments to be accounted for using IFRS 2, Share-based Payment . - Changes in the fair value of inventories in accordance with IFRS 3, Business Combinations, i . e . determined by calculating the selling price less costs to complete and sell . Reconciliation

in millions of euros	H1 2009	H1 2010
Profit from ordinary activities	17 . 4	22 . 9
Allocated assets amortization	9 . 3	13 . 8
Other amortization and provisions for liabilities	7 . 0	14 . 6
Share based payment expenses	3 . 1	2 . 3
EBITDA	36 . 8	53 . 6

EXHIBIT 2: Main 2009 financial pro forma informationMain financial data for 2009 has been restated to reflect changes in the company s scope of consolidation during the year ("2009 perimeter 2010"):- including the operations of easycash as of January 1, 2009 and- eliminating the operations of Sagem Denmark, Manison Finland and MoneyLine Banking Systems as of January 1, 2009 .

(in millions of euros)	2009	2009 perimeter 2010
Revenue	700 . 7	761 . 9
Adjusted gross profit	270 . 9	301 . 6
as a % of revenue	38 . 7%	39 . 6%
Adjusted operating expenses	190 . 8	207 . 7
Adjusted profit from ordinary activities	80 . 1	93 . 9
Adjusted margin on ordinary activities	11 . 4%	12 . 3%
EBITDA1	105 . 4	122 . 6
as a % of revenue	15 . 0%	16 . 1%

2009 revenue by geography:

(in millions of euros)	Q1 2009	Q2 2009	Q3 2009	Q4 2009	2009
	pro forma	pro forma	pro forma	pro forma	pro forma
North America	18 . 7	25 . 5	31 . 5	26 . 5	102 . 2
Latin America	25 . 7	31 . 1	34 . 3	39 . 2	130 . 3
Asia-Pacific	11 . 8	20 . 6	20 . 1	28 . 4	80 . 9
EMEA	17 . 7	22 . 9	20 . 9	19 . 0	80 . 5
Europe-SEPA	79 . 4	87 . 7	91 . 7	109 . 2	368 . 0
Total revenue	153 . 3	187 . 8	198 . 5	222 . 3	761 . 9

EXHIBIT 3: Interim income statement, balance sheet, cash flow statement1 . Interim CONSOLIDATED INCOME STATEMENT2 . INTERIM CONSOLIDATED BALANCE SHEET3 . INTERIM CONSOLIDATED CASH FLOW STATEMENT[1] On a like-for-like basis at comparable exchange rates . [2] Profit from ordinary activities before Purchase Price Allocation; increase on a like-for-like basis . [3] Limited review on H1 2010 interim consolidated accounts was completed . Auditor s report on limited review is in progress . [4] I . e . restated, primarily to reflect depreciation and amortization on assets and liabilities acquired and initially allocated to goodwill . Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#168981]

Parigi, 29 luglio 2010 - Conformemente all Articolo 221-4-IV del Regolamento generale dell Autorité des marchés financiers Lectra informa gli azionisti che sul sito web della società (www . lectra . com) è disponibile l Analisi della situazione finanziaria e i risultati dell attività per il secondo trimestre e il primo semestre 2010 . La relazione è inoltre a disposizione, su richiesta, presso la sede della società in 16-18 rue Chalgrin, 75016 Parigi (Sylvie de Toni : tel : +33 (0)1 53 64 42 22 ; fax : +33 (0)1 53 64 43 12 ; email : s . detoni@lectra . com ) . Copia del documento è stata depositata presso l AMF . About Lectra:With nearly 1,400 employees worldwide, Lectra is the world leader in software, CAD/CAM equipment and related services specially created for large-scale users of textiles, leather and industrial fabrics . Lectra serves a broad array of major global markets including the fashion (apparel, accessories, and footwear), automotive (car seats and interiors, airbags), and furniture industries, as well as a wide variety of other sectors, such as the aeronautical and marine industries, wind energy, etc . Lectra (code ISIN FR0000065484) is listed on Euronext Paris (compartment C) . lectra . comWorld Headquarters & siège social : 16 - 18, rue Chalgrin - 75016 Paris - FranceTél . +33 (0)1 53 64 42 00 - Fax +33 (0)1 53 64 43 00Société Anonyme au capital de E27 640 648 - RCS Paris B 300 702 305Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#168982]

Comunicato stampa - Parigi, 27 luglio 2010DELACHAUX1° semestre 2010informazione finanziaria

(in milioni di euro)	2010	2009	Variazione %
FATTURATO CONSOLIDATO
da operazioni continue
1° trimestre	163,0	172,1	(5,3%)
2° trimestre	194,9	171,9	13,4%
Fatturato consolidato 1° semestre	357,9	344,0	4,0%
Ferrovie	219,6	215,4	1,9%
Conductique	93,6	96,3	(2,8%)
Metalli	40,5	23,3	73,8%
Altro	4,2	9,0	(53,3%)
Europa	153,7	153,0	0,5%
Asia-Pacifico	90,1	100,5	(10,3%)
Nord America	83,0	71,8	15,6%
Resto del mondo	31,1	18,7	66,3%

Crescita del fatturato del 4,0%Alla fine di giugno 2010 il fatturato ha raggiunto i 357,9 milioni di euro (343,1 milioni di euro a tasso di cambio costante), rispetto ai 344,0 milioni di euro del 2009, con un aumento del 4,0% . L acquisizione degli ordini è salita a 427,7 milioni di euro, con una crescita del 23,4% rispetto allo stesso periodo dell anno scorso . The railway division continued to operate at a satisfactory level . The metal division experienced a marked recovery . The conductic division improved compared to the first quarter . OutlookGiven the E 427 . 7 million order taking in the 1st half-year 2010, the Group forecasts a slight increase in railway sales over the full year 2010, after deducting orders due for delivery in 2011 . Full-year sales should increase moderately for Conductics and grow sharply for Metals . Overall, both sales and profitability should rise in 2010 . The comprehensive Group results for the first half-year 2010 will be released on 2 September 2010 . ABOUT DELACHAUX- Railway, global leader in aluminothermic and flash-butt welding and track laying systems- Conductics, global leader in energy supply and data transmission systems to traction motors- Metals, global leader in high grade chrome and standard chromeWith some 2,700 employees in 80 countries, the Group generates close to 90% of its sales internationallyPress contact: Tel: +33(0)1 47 61 89 68Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#168840]

A French SCA (Partnership Limited by Shares) with a capital of 56,000,000 EurosHead Offices: La Woestyne 59173 Renescure, FranceBusiness registration number: B 447 250 044 (Dunkerque Registrar of Businesses)FY 2009-2010 annual turnoverFatturato in crescita del 2 . 3%- Vendite sostenute nonostante l incertezza diffusa tra i consumatori- Incremento della quota di mercato per i prodotti di marca- Riuscita integrazione di France Champignon, come da programmi- Avvio delle attività in Brasile nell agosto 2010- Confermato il previsto aumento della redditività operativaAs of June 30th, 2010, consolidated turnover stood at 1,559 . 6 million Euros, compared to 1,523 . 9 million Euros in the previous financial year . At constant foreign exchange rates and on a like-for-like basis, the turnover was down 2 . 2 % . Once again the Bonduelle Group demonstrated its capability for resistance in the face of:- low consumption volumes and significant efforts on consumer retail prices in Western Europe;- the non-materialisation of an economic upturn in Central and Eastern Europe;- an unfavourable USD-to-CAD parity in North America . With the France Champignon acquisition, and the start-up of operations in Brazil, the Group underscores its intention to pursue investments in growing areas . Breakdown of turnover by geographical zone

Consolidated turnover	2009-2010			Q4 2009-2010
(in millions of Euros)		Current	Like for like basis (1)		Current	Like for like basis (1)
		exchange rates			exchange rates
Europe Zone	1174 . 6	+1 . 5 %	- 0 . 8 %	342 . 7	+ 10 . 1%	- 1 . 7 %
Non-Europe Zone	385 . 0	+ 5 . 0 %	- 6 . 1 %	89 . 1	+ 6 . 8 %	- 14 . 9 %
Total	1559 . 6	+ 2 . 3 %	- 2 . 2 %	431 . 8	+ 9 . 4 %	- 4 . 8 %

Breakdown of turnover by processing technology

			Like for like basis (1)
Consolidated turnover	2009-2010	Current		Q4 2009-2010	Current	Like for like basis (1)
(in millions of Euros)		exchange rates			exchange rates
Canned	793 . 7	+ 2 . 9 %	- 2 . 7 %	224 . 9	+ 9 . 7 %	- 7 . 2 %
Frozen	420 . 9	+ 1 . 2 %	- 3 . 9 %	106 . 2	+ 9 . 5 %	- 8 . 1 %
Chilled	345 . 0	+ 2 . 4 %	1 . 1 %	100 . 7	+ 8 . 8 %	+ 4 . 2 %
Total	1559 . 6	+ 2 . 3 %	- 2 . 2 %	431 . 8	+ 9 . 4 %	- 4 . 8 %

(1) Constant exchange rates and scope of consolidationCanned-vegetable salesCanned-vegetable sales closed up 2 . 9 % . When restated to account for consolidation-scope effects (integration of France Champignon sales at April 1, 2010; full-year impact of the November-2008 acquisition of La Corbeille; transfer of apple- and pickle-transformation operations in January 2010) and exchange rate variations, sales had receded by 2 . 7 % . In a western-European market in which retail volumes were generally in negatively oriented, the Bonduelle Group saw increases in branded-product sales in its 3 main markets (France, Germany, and Italy)-thanks notably to significant investments in advertising, major promotional operations, the successful market performance of its innovations (steamed products in France, and the Cassegrain sweet-and-savoury line in particular)-as well as market-share gains in practically all of its territories . Globally, canned-vegetable sales were penalised by the non-materialisation of an upturn in consumption in Central and Eastern Europe, and by voluntary restrictions on customer credit in this region . Frozen-vegetable salesFrozen-vegetable sales rose by 1 . 2 % . When restated to account for consolidation-scope effects (incorporation of France Champignon; full-year impact of the Family Tradition and Omstead Food acquisitions in April and June 2009 respectively; April-2009 deconsolidation of Gelagri s European distributor-brand frozen-vegetables operations) and exchange-rate variations, sales were down by 3 . 9 % . Despite growth in Food Service sales in Western Europe, and market-share gains by Bonduelle-brand products in the French mass retail sector, global frozen-vegetable sales were negatively affected by the impact of a strong Canadian dollar on US sales . Chilled-vegetable salesChilled-vegetable sales were up 2 . 4 %-and 1 . 1 % when restated to account for the incorporation of France Champignon in the scope of consolidation-marking a revival in growth in this technology sector, particularly in terms of volume, in markets which had regained their dynamism . The increase in sales was accompanied by market-share gains by Bonduelle-brand products in both the packaged- and prepared-salads sectors in France . Highlights of the quarterIntegration of France ChampignonThe incorporation of France Champignon s operations is proceeding as planned, i . e . :- Continued rationalisation of production facilities;- Ongoing efforts to achieve administrative synergies and economies of scale (purchasing) . The Group confirms the prospects of a significant improvement in the profitability of this business, and its contribution to an improvement, within 3 years, in the Group s Return on Capital Employed (ROCE) . Transfer of the production facility in StabroekAt the end of June, the Group completed the transfer of the production facility in Stabroek (Belgium), acquired on the occasion of the take-over of La Corbeille, and whose operations were discontinued in FY 2009/2010 . Start-up of the Cristalina site in Brazil confirmed for August 2010With the completion of the first phase of the Cristalina industrial facility-designed for a total production capacity of 50,000 tons-, production (canned peas then corn) is scheduled to begin in August 2010, with the first products appearing on the market in November 2010 . ProspectsDespite a more-difficult-than-anticipated 4th quarter, the Bonduelle Group expects, this year again, to show an increase in operating profitability in FY 2009-2010 . Through asset transfers (Stabroek; apple processing operations) and careful management of working capital requirements, the Group expects to improve its debt ratio (135 % at June 30, 2009), despite the end-of-year acquisition of France Champignon . With poor production campaigns in certain regions (high temperatures), the non-materialisation of an upturn in consumption in Western, Central and Eastern Europe, and the absorption of an overall excess inventory both in Europe and North American markets, the Group is intent on redoubling efforts to adapt its cost structure, while pursuing a selective innovation and investment policy in growth zones . The acquisition of France Champignon opens new and significant prospects forgrowth in profitability, and with its healthy financial situation, the Bonduelle Group s remains ever attentive to further acquisition opportunities . Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#168849]

DATI PRINCIPALI PRIMO SEMESTRE 2010- Ordini:2 FALCON (ordini negativi per 56 aeromobili nel primo semestre 2009)- Consegne:45 FALCON (26 FALCON nel primo semestre 2009)5 RAFALE (7 RAFALE nel primo semestre 2009)- Fatturato netto: EUR 1 . 990 milioni, in crescita del 44% rispetto al primo semestre 2009- Utile di gestione: EUR 248 milioni, in crescita del 104% rispetto al primo semestre 2009- Margine operativo: 12 . 4 %, in crescita dell 8 . 7% nel primo semestre 2009- Utile netto (esclusa THALES): EUR 170 milioni, in crescita del 37% rispetto al primo semestre 2009(compresa THALES, utile netto prima dell ammortamento dell attribuzione del prezzo d acquisto (Purchase Price Allocation): 197 milioni E, utile netto dopo l ammortamento dell attribuzione del prezzo d acquisto (Purchase Price Allocation): 141 milioni E)- Margine netto (esclusa THALES): 8 . 5 %, in calo rispetto al 9 . 0% del primo semestre 2009Saint-Cloud, July 29, 2010 - The Board of Directors, which met the day before, chaired by Mr . Charles EDELSTENNE, approved the financial statements for the 1st half year 2010 . These consolidated condensed interim financial statements were reviewed by the statutory auditors who issued an unmodified conclusion . 1 . Message from the Chairman"The 1st half year was characterized by our Group s achievements both in FALCON deliveries and profitability . However, due to the persistent crisis, we are still facing uncertainties:- even though FALCON orders cancellations pace is decreasing, new orders are taking time to pick up again,- the soar in national debts will lead to Defense budgets restrictions, notably in France . As regards RAFALE, we are discussing with several export prospects . They recognized our military aircraft s qualities during its evaluation and we are looking forward to concluding deals . In this context, we still have to improve our productivity . This improvement is essential as our American competitors, despite their competitive advantage implied by favourable E/$ parity, relocate some of their activities in low cost countries . The unpredictability of the worldwide economy has reinforced us in our option of a cautious industrial policy . It also urges us to prepare for the market recovery with the best possible assets: an even more improved competitiveness, cutting edge products and ambitious processes . "2 . Consolidated results2 . 1 Orders1st half year 2010 consolidated orders amounted to EUR 989 million compared to EUR (-)1,126 million in the 1st half year 2009 . Orders booked by the Group over the last 12 months are as follows in EUR millions:

	DEFENSE		FALCON	Total	%
					Export
France	Export
1st half year	178	74	(-)1,378	(-)1,126	N/A
2009	N/A		N/A
1st half year	184	100	705	989	76%
2010	29%		71%

FALCON programs1st half year 2010 orders for new aircraft, minus cancellations, were slightly positive (2 FALCONs) . Due to the crisis, 1st half year 2009 net orders were negative ((-) 56 FALCONs) . Euro amount of FALCON new orders, with respect to the limited number of aircraft ordered, is explained by a favourable E/$ effect . Our order book is valued using the closing E/$ exchange rate and includes currency hedging . As E/$ parity had favourably developped between December 31, 2009 (1 . 44 $/E) and June 30, 2010 (1 . 23 $/E), a favourable differential was taken into account through the Euro amount of new orders . DEFENSE programsOrders were up by 13% . They mainly corresponded to military support and development programs . 2 . 2 Net sales1st half year 2010 consolidated net sales were EUR 1,990 million, up by 44% compared to EUR 1,384 million in the 1st half year 2009 . Consolidated net sales over the last 12 months are as follows in EUR millions:

	DEFENSE		FALCON	Total	%
					Export
France	Export
1st half year	373	106	905	1,384	71%
2009	35%		65%
1st half year	370	118	1,502	1,990	77%
2010	25%		75%

FALCON programsFALCON net sales were up by 66% between the two 1st half years . In particular, 45 brand new aircraft were delivered in the 1st half year 2010 compared to 26 in the 1st half year 2009 . DEFENSE programsDEFENSE France net sales were comparable between the two 1st half years . 5 RAFALEs were delivered to French Air Force and Navy in the 1st half year 2010, compared to 7 in the 1st half year 2009 . This decrease in RAFALE deliveries was offset by a rise in net sales linked to French military support and development programs . DEFENSE export net sales were up by 11% and were linked to military support programs . 2 . 3 Operating income1st half year 2010 consolidated operating income was EUR 248 million, up by 104% compared to the 1st half year 2009 (EUR 121 million) . Operating margin stood at 12 . 4% up from 8 . 7% in the 1st half year 2009 . These improvements were mainly explained by the growth in net sales (and incidentally by better currency hedging: 1 . 29 $/E in the 1st half year 2010 compared to 1 . 31 $/E in the 1st half year 2009) . 2 . 4 Net incomeExcluding THALES, 1st half year 2010(*) net income (total Group and net attributable Group profit) was EUR 170 million, up by 37% compared to 1st half year 2009 (EUR 124 million) . Net margin(*) stood at 8 . 5% down from 9 . 0% in the 1st half year 2009 . The net income included a EUR 16 million net financial expense, compared to a EUR 44 million net financial income in the 1st half year 2009 . This degradation resulted from the following factors:- in the 1st half year 2009, due to THALES acquisition, the Group sold some available-for-sale marketable securities that made a profit of EUR 38 million;- 1st half year 2010 borrowing costs were EUR 17 million compared to EUR 4 million in the 1st half year 2009 . The borrowings were indeed only taken out in May 2009;- the fall in the average yield of cash and cash equivalents . (*) net income including THALES:- net income before amortization of Purchase Price Allocation: EUR 197 million . - net income after amortization of Purchase Price Allocation: EUR 141 million . 3 . Financial structure and balance sheet itemsThe Group has defined a specific indicator, "Available cash", that reflects the Group s total liquidities minus borrowings . It covers the following balance sheet headings:- cash and cash equivalents;- available-for-sale marketable securities (at market value),- borrowings . Consolidated available cash amounted to EUR 2 . 26 billion as of June 30, 2010 compared to EUR 1 . 98 billion as of December 31, 2009 . This rise (EUR + 0 . 28 billion) was notably due to consolidated net cash from operating activities before working capital changes shown in the 1st half year 2010 (EUR + 0 . 35 billion), partially offset by the dividends paid by the Group (EUR (-) 0 . 09 billion) . Owing to numerous deliveries and limited net orders, the fall in inventories and work-in-progress was offset by the fall in customer advances and progress payments on work-in-progress . This led to no change in working capital . Apart from working capital, the major change in the balance sheet regarded hedging instruments, which market value dropped by EUR 0 . 63 billion . This is related to the variation in E/$ closing rate: 1 . 23 $/E as of June 30, 2010 compared to 1 . 44 $/E as of December 31, 2009 . 4 . Group activities1st half year 2010 was marked furthermore by:- continued negotiations for export sales of RAFALE aircraft;- 2010 best industrial prime contractor Quality Trophy awarded to DASSAULT AVIATION by the French Defense Procurement Agency (Délégation Générale pour l Armement);- type certification for FALCON 7X received from the Civil Aviation Administration of China;- certification for FALCON 2000 EX/LX automatic braking;- boosted FALCON aircraft maintenance capacities in Asia;- final assembly of airframe shipsets and first integration tests of the sub systems of the nEUROn unmanned combat aircraft vehicle (UCAV) . This program, led by DASSAULT AVIATION as the project manager, includes five other European partners . 5 . Outlook for 20102010 net sales should be comparable to 2009 net sales, with deliveries of the order of 85 FALCONs and 11 RAFALEs . Owing to the significant number of available-for-sale pre-owned aircraft on a worldwide scale, the Group does not predict a business aviation market recovery in the short term . Please note that FALCON 900 LX has been certified in July 2010 . The Group s financial statements are available at our website: www . dassault-aviation . comContacts : Yves ROBINS (+33 (0) 1 47 11 86 90Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#168852]

Il Consiglio radunatosi il 28 luglio 2010, sotto la presidenza di Mark Inch, ha approvato i conti della società al 30 giugno . Dati consolidati

In milioni di E		1° semestre 2010	1° semestre 2009
Affitti		37 . 4	37 . 1
Utile netto di gestione		30 . 6	30 . 4
Utile netto ricorrente		18 . 2	16 . 4
Rettifiche al fair value e alienazioni		+0 . 4	-73 . 7
Risultato netto		18 . 2	-57 . 9
Cash flow corrente netto		18 . 7	15 . 9
Cash flow corrente netto (in E/azione)*		3 . 4	2 . 9
Distribuzione (in E/azione) *		2**	2
		31/12/2010	31/12/2009
Valore portafoglio escl . diritti di trasferimento (milioni E)		1052 . 3	1044 . 7
NAV liquidazione (in E/azione) *		71 . 8	70 . 0

* number of shares as at 31 December 2009 and as at 30 June 2010 : 5,433,036** interim dividend with payment in cash or shares, at the shareholder s discretionDespite the turbulent macro-economic environment, Société de la Tour Eiffel (STE) has again achieved satisfactory trading results during the first half of 2010, both in terms of leasing on the existing portfolio and delivery of new developments . This performance justifies the company s proven investment strategy and the quality of its portfolio adapted to user demand: modern buildings, secure modest rents, high occupancy levels, robust cash flow and buildings of a manageable size . Modest rental progressionRents increased by 0 . 8 % between the first half of 2009 and 2010 notwithstanding recent property disposals and negative rental indexation . Setting aside asset disposals completed in 2009 and 2010, the progression would have been 3 . 1% . The physical and financial occupancy rates (excluding developments delivered during the first half 2010) remain stable as at 30 June 2010, being respectively 89 . 5% (unchanged) and 90 . 1% (91 . 1% end 2009) . The tenancy profile continued to consolidate through lease renewals and new lettings, representing E 2 . 4 M of annual rent for a floor area of 27,000 m², exclusive of La Poste . With regard to this specific portfolio, the average break date on leases has been extended to 2015 for an annual rental income of approximately E 9M . Negotiations in hand on recently delivered developments are anticipated to further enhance this trend . Rejuvenation of the portfolio and increase in NAVWith 32,000 m² of development deliveries in 2010, the rejuvenation of the portfolio (666,300 m² with 81% in value of offices) continues . The proportion of new or refurbished buildings now represents 59% of which 30% have a green certification . Comprising medium lot sizes (E 17 . 5M average), STE s portfolio stands at E 1,052 . 3M in the consolidated accounts as at 30 June 2010, compared to E 1,044 . 7M at end 2009 . This slight increase results from a combination of value variation (E + 0 . 5M) and expenditure on buildings delivered during the first half 2010 or under construction on 30 June 2010 (E + 15,9M), allowance having been made for 2010 disposals (E - 8 . 8M) . The liquidation NAV has increased from E 70 . 0 as at the 31 December 2009 to E 71 . 8 (+ 2 . 6%) . Finances under controlIn the face of financial market instability and sensitivity towards macro-economic issues, be it in terms of liquidity, credit margins or interest rates volatility, STE has stringently managed its debt level which remains virtually unchanged at E 653M . Increased drawdown occasioned by development activity has been largely offset by reimbursements made possible through asset disposals and by refinancing of the corporate credit line of E 76 . 5M at the end of the first quarter of 2010 . The average cost of finance has reduced further to 3 . 4% (3 . 9 % end 2009), reflecting lower interest rates applicable to the 50% portion of capped, floating rate debt . The company has taken advantage of the low interest rate environment to extend its hedging arrangements, subscribing on favorable terms to E 127M in CAPs and E 80M in SWAPs, covering the extended period from 2010 to 2013 . 2010 interim dividendIn view of these operating results and cash flow status (E 3 . 4 per share, i . e . +17% compared to E 2 . 9 for the first half 2009), the Board decided an interim dividend of E 2 per share, payable in cash or in shares at the shareholder s discretion . In the case of payment in shares, the price at which new shares will be issued has been set at E 42 . 04, corresponding to 90% of the average closing market value for the 20 days prior to 28th July 2010 minus the amount of the final dividend payment . The dividend will be detached on 9th August and payment made on the 6th October 2010; the period granted to shareholders to exercise their option for a payment in cash or in shares is from the 9th August to the 24th September 2010 . OutlookBuoyed by these satisfying half year results, the company aims to continue concentrating on value creation within its property portfolio, whilst optimizing its finances in the wake of current asset disposals, pending the emergence of a more favorable economic cycle conducive to tangible growth . Limited audit procedures on consolidated accounts have been performed and the statutory auditors report is pending . AGENDA:- 6th October 2010: interim dividend payment (in cash or shares)- 9th November 2010: 3rd quarter turnoverAbout Société de la Tour EiffelA " SIIC " quoted on the Euronext Paris Exchange, the company pursues a strategy focused on the ownership and the development of quality office and business space capable of attracting a wide range of tenants in both established and emerging locations . The company s portfolio stands at over 1 billion Euros of assets spread evenly between the Paris area and the regions . Société de la Tour Eiffel is listed on NYSE Euronext Paris (compartment B) - ISIN code: 0000036816 - Reuters : EIFF . PA - Bloomberg : EIFF . FPContactJérôme DESCAMPS, Deputy Managing Director (Finances)Tel: +33 (0)1 53 43 07 06jerome . descamps@societetoureiffel . comWebsite : www . societetoureiffel . comPress ContactJean-Philippe MOCCI, CapmotTel: + 33 (0)1 71 16 19 13 / + 33 (0)6 71 91 18 83jpmocci@cpamot . comCopyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#168854]

L ottima prestazione del secondo trimestre spinge l utile netto del primo semestre 2010 a EUR 156 milioniComunicato stampa29 luglio 2010For further information, please contact:Jean-Charles Simon / Géraldine Fontaine +33 (0)1 46 98 73 17Communications and Public AffairsAntonio Moretti +44 (0) 203 207 8562Investor Relations DirectorVery strong second quarter performance drives first half 2010 net income to EUR 156 millionGrazie a un secondo semestre che dimostra la capacità del Gruppo di generare un livello elevato di redditività ricorrente con un utile netto di EUR 120 milioni contro EUR 91 milioni del secondo trimestre 2009 (ossia +32%), SCOR registra un utile semestrale netto di EUR 156 milioni contro EUR 184 milioni del 2009 . In the first half 2010, SCOR combined growth, profitability and solvency:- premium income of EUR 3,258 million . This corresponds to a rise of 8% compared to the first half 2009 (+5% at constant exchange rates) excluding equity-indexed annuity business in the USA and after normalising the level of Non-Life business in the first half of 2009 to the annual growth rate of 2009;- net income of EUR 156 million;- half-year net combined ratio of 102 . 8% for SCOR Global P&C thanks to a combined ratio of 97 . 0% in the second quarter of 2010;- operating margin of 6 . 0% for SCOR Global Life;- return on invested assets (excluding funds withheld by cedants) of 4 . 0%;- annualised ROE of 7 . 7%;- shareholders equity of EUR 4 . 2 billion, up 8 . 1% compared to 31 December 2009, i . e . EUR 23 . 2 book value per share;- operating cash flow of EUR 208 million . In addition, the first quarter demonstrated the Group s ability to absorb an abnormally high concentration of natural catastrophes (Chile, Haiti, Xynthia, etc . ) . Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: "The first half 2010 results once again illustrate the Group s capacity to combine growth, profitability and solvency, whilst maintaining a medium risk appetite . SGPC s renewals reflect the Group s favourable positioning, the first half results confirm our continued profitability and the increase in our shareholders equity further strengthens the Group s financial situation and solvency . "Key figures of the first half of 2010Gross written premiums for Life and Non-Life reach EUR 3,258 million, remaining stable compared to the first half of 2009 when they reached EUR 3,254 million (+0 . 1% but -2 . 7% at constant exchange rates) . This stability is principally due to the unfavourable impact of the planned and deliberate reduction in equity-indexed annuity business and the development of Non-Life reinsurance . Excluding equity-indexed annuities business in the USA and by normalising the level of Non-Life business in the first half of 2009 to the annual growth rate of 2009, premium income grew by 8% compared to the first half of 2009 (+5% at constant exchange rates) . Bolstered by positive renewals, SCOR Global P&C s (SGPC) premium income records growth of +3 . 8% at EUR 1,764 million over the first 6 months of the year (+0 . 5% at constant exchange rates) . SCOR records a net income of EUR 156 million in the first half of 2010, compared to EUR 184 million in the first half of 2009 . In the second quarter alone net income amounted to EUR 120 million compared to EUR 91 million in the second quarter of 2009 . The first half result is impacted by the high level of losses following a series of natural catastrophes, predominantly in the first quarter . However, it has benefited from the improved operating performance of SCOR Global Life (SGL), and greater returns on the investment portfolio under the combined effects of an active asset management policy and lower impairments . The continued recovery of SGPC s US business, which has now demonstrated its capacity to generate recurring profits, allowed the reactivation of the last set of deferred tax assets of the Non-Life entities in the USA for an amount of EUR 29 million at the end of June 2010 . In comparison, net income registered at 30 June 2009 benefited from the reactivation of EUR 100 million in deferred tax assets relating to the same entities during the first quarter 2009 . Earnings per share (EPS) stands at EUR 0 . 87 compared to EUR 1 . 03 at the end of June 2009 . Annualised return on equity (ROE) amounts to 7 . 7% in the first half of 2010, against 10 . 6% recorded for the same period in 2009 . For the first half standalone, annualised ROE totals 11 . 9%, compared to 10 . 5% in the second quarter 2009 . SCOR shareholders equity increases by 8 . 1% during the first half of 2010 to EUR 4 . 2 billion at 30 June 2010, compared to EUR 3 . 9 billion at 31 December 2009 . Book value per share stands at EUR 23 . 2 at 30 June 2010 . SCOR recorded variations in the exchange rate on consolidated net assets of EUR 272 million, compared to EUR 85 million for the first half of 2009 . During the first half, the Group continued to reduce its debt ratio and currently has a leverage position of 10 . 6% compared to 14 . 6% at the end of 2009 . The Annual General Meeting of 28 April 2010 decided on a dividend payment of EUR 1 per share, that is a payout ratio of 48% . It also determined that the 2009 dividend payment could be made either in cash or in new shares issued at EUR 15 . 96 . This option was exercised in the amount of 2,647,517 new shares for a total value of EUR 42 million, split between EUR 21 million of share capital and EUR 21 million of additional paid-in capital . The total sum of dividends distributed for 2009 reached EUR 179 million, EUR 42 million being paid in shares and EUR 137 million in cash . The positive operating cash flow linked to operational business stands at EUR 208 million at 30 June 2010, compared to EUR 308 million for the same period in 2009 . This decrease stems mainly from SGL due to the planned and deliberate reduction in the portfolio of equity-indexed annuity business in the United States . SGPC confirms its projected net combined ratio of less than 100% for the year 2010 excluding exceptional eventsSGPC reports gross written premiums of EUR 1,764 million for the first half of 2010, compared to EUR 1,699 million in 2009, representing an increase of 3 . 8% . This increase represents 0 . 5% at constant exchange rates compared to 2009, a year marked by a sharp rise in gross written premiums in the first half . Relative to normalised growth in the first half of 2009 on the basis of the increase registered over the full year 2009, the first half of 2010 marks an increase of 8% in gross written premiums compared to the first half of 2009 . The net combined ratio stands at 102 . 8% in the first half of 2010, compared to 108 . 6% in the first quarter of 2010 and 97 . 5% in the first half of 2009 . Natural catastrophes contributed 13 . 1 points of net combined ratio over the half year (compared to 20 . 2 points in the first quarter 2010), whilst the second quarter saw natural catastrophe losses in line with budget (6 points) . The estimated total net cost for the earthquakes in Chile and Haiti and hurricane Xynthia remains unchanged relative to the figures communicated with the first quarter results . Attritioned losses are down 1 . 5 points; this decrease illustrates the dynamic management of the portfolio and the expected improvement in technical results following the renewals of the last two years . Excluding exceptional events and subject to natural catastrophe losses not exceeding budget for the third and fourth quarters of the year, the net combined ratio for 2010 should be below 100% . The excellent P&C and Specialty treaty renewals at the end of June and in July 2010 are characterised by premium volume growth of 19% at constant exchange rates, totalling EUR 245 million, in line with the expected underwriting profitability objective in 2010 . These renewals concern around 10% of the total annual volume of treaty premiums . Following these renewals, SGPC maintains its estimation of the amount of gross premiums in a range between EUR 3 . 45 and EUR 3 . 5 billion for 2010 . SCOR Global Life (SGL) records an operating margin of 6 . 0% in the first half of 2010 compared to 5 . 1% in the first half of 2009In the first half of 2010, SGL s gross written premiums totalled EUR 1,494 million compared to EUR 1,555 million for the same period 2009 (a decrease of 3 . 9%) . Gross written premiums excluding equity-indexed annuity business in the US amount to EUR 1,457 million compared to EUR 1,356 million in the first six months of 2009, representing an increase of 7 . 6% . This growth stems mainly from Critical Illness and Long-Term lines and from new business in North America, the UK & Ireland . The Life operating margin for the first six months ended 30 June 2010 amounted to 6 . 0% (compared to 5 . 1% for the same period 2009) . This increase of 0 . 9 percentage points stems mainly from improvements in the profitability in different business segments and due to a positive development of the investment income . SCOR Global Investments (SGI) maintains its "rollover" investment strategy and posts a sharp increase in net return on invested assetsIn a context of low interest rates and greater volatility in the financial markets, the Group is maintaining a "rollover strategy" for its fixed income portfolio in order to have significant financial cash flows to reinvest in the event of a sudden change in the economic and financial environment, whilst seizing market opportunities in the short term . This investment policy led to net realised gains of EUR 108 million during the first two quarters of 2010 . SCOR posts a net return on investments (excluding funds held by cedants) of 4 . 1% in the second quarter 2010, compared to 3 . 9% in the first quarter 2010 . Consequently, SCOR has recorded a net return on invested assets over the first 6 months of the year (excluding funds withheld by cedants) of 4 . 0%, a significant rise compared to the first half of 2009 (1 . 0%) . The impact of impairments is limited to EUR 52 million in the first half of 2010 compared to EUR 184 million in the first half of 2009 . Taking into account the funds withheld by cedants, net return on invested assets amounts to 3 . 4% over the first half of 2010, compared to 1 . 4% in the same period of 2009 . Net investments, including cash, stand at EUR 21,663 million at 30 June 2010, compared to EUR 19,969 million at 31 December 2009 . At 30 June 2010, the Group s investments consist of bonds (48 . 1%), funds withheld by cedants (37 . 4%), cash and short-term investments (6 . 3%), equities (4 . 4%), real estate (2 . 1%) and other alternative investments (1 . 7%) . Liquidity reaches EUR 1 . 4 billion at 30 June 2010, compared to EUR 1 . 7 billion at 31 December 2009 . SCOR s high-quality fixed income portfolio (average rating AA) maintains a relatively short duration of 3 . 4 years (excluding cash and short-term investments), down slightly compared to 31 December 2009 (3 . 7 years) . Investments in inflation-linked bonds amount to EUR 1,022 million at 30 June 2010 . ** *Key figures (in EUR millions)

		H1 2010	H1 2010	H1 2009	H1 2009	Q2 2010		Q2 2009
		(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)		(unaudited)
Gross written premiums	3 258	3 254	1 645	1 693
Non-Life gross written premiums	1 764	1 699	855	831
Life gross written premiums	1 494	1 555	790	862
Operating income excl . impairments	234	312	178	159
Net income	156	184	120	91
Investment income	356	149	184	153
Net Return on Investments	4 . 0%	1 . 0%	4 . 1%	3 . 6%
Net Return on Assets	3 . 4%	1 . 4%	3 . 4%	3 . 1%
Non-Life combined ratio	102 . 8%	97 . 5%	97 . 0%	95 . 8%
Non-Life technical ratio	96 . 0%	91 . 0%	89 . 8%	89 . 3%
Non-Life cost ratio	6 . 8%	6 . 5%	7 . 2%	6 . 5%
Life operating margin	6 . 0%	5 . 1%	6 . 0%	5 . 5%
Return on Equity (ROE)	7 . 7%	10 . 6%	11 . 9%	10 . 5%
Basic EPS (EUR)	0 . 87	1 . 03	0 . 67	0 . 51
		H1 2010	H1 2010	H1 2009	H1 2009	Q2 2010		Q2 2009
		(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)		(unaudited)
Investments (excl . participations)	21 663	19 542
Reserves (gross)	23 194	20 848
Shareholders equity	4 216	3 635
Book value per share (EUR)	23 . 2	20 . 2

Forward-looking statementsSCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission . Thus, any forward- . looking statements contained in this communication should not be held as corresponding to such profit forecasts . Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact . Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could . " Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand . Please refer to SCOR s document de référence filed with the AMF on 3 March 2010 under number D . 10-00085 (the "Document de Référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group . As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings . Copyright Hugin Questo comunicato é distribuito da Hugin . L emittente è l unico responsabile per il contenuto del comunicato . [CN#168855]