page 1

1
2006 Interim Results
June 9, 2006
2

Winter 2006,

a revitalized growth dynamic

• - Increase in revenue
• - Increase in profitability
• - Increase in customer satisfaction

3
Winter 2006 a revitalized growth dynamic

• Strong growth in revenue and new market share
  gains

up 10.5
in m

• Club Med outperformed the market
• For the second consecutive season, Club Med saw
  an increase in the number of customers in France
  even as it continued to move the product upmarket
  (revenue/hotel day up 10).
• Customer satisfaction at a record high

828
784
750
W05
W06
W04
Winter 2006 the highest growth since
first-half 2001
Revenue
4

Winter 2006 a revitalized growth dynamic

• Results the business model is working

in m

• Operating income - leisure activities rose to
  9m
• Operating income - leisure activities on a
  comparable property portfolio basis 16m
• Despite the indirect impact of natural disasters
• . and a step-up effect on costs
• - Additional marketing costs
• - High energy costs, insurance, minimum wage
  adjustments

9
7
W05
W06
Operating income - leisure
in m
1

(25)
W05
W06
The bottom line improved sharply and returned to
profit
Net (loss)/income
5
Winter 2006

• Key figures

6
Financial Highlights
Winter 05
Winter 06
French GAAP
IFRS (1)
IFRS
(in millions)
Consolidated revenue Reported Like-for-like
750
828
750
10.5 (2)
828
769
769
7.7 (3)
Operating income Leisure
7
9
35
9
Operating income - Assets
22
N/A
Other operating income expense
(9)
(16)
N/A
Operating income
0
22
35
Attributable net income/(loss)
(25)
1
3
(395)
(378)
(466)
Net debt
(1) Excluding IAS 32/39

• 11.7 reported
• 8.2 like-for-like

Villages business
7
Operating Highlights
Winter 05
Winter 06
change
743,900
0.4
Number of customers
747,061
620,300
618,430
- 0.3
o/w Club Med customers
123,600
4.1
128,631
o/w Jet tours customers
769m
Like-for-like revenue
828m
7.7
116
127
Like-for-like revenue/hotel day
9.7
5,231,000
5,269,000
Capacity in hotel days
0.7
3,746,000
3,719,000
Hotel days sold
- 0.7
72.7
71.9
Occupancy rate
- 0.8 pt
RevPAB (1) per hotel day
9.0

89.6
97.6
(1) RevPAB total like-for-like Village revenue,
net of tax and transportation costs/capacity in
beds
8
Consolidated Revenue
Change Winter 2006 vs. Winter 2005(in
millions)
Q1
Q2
Winter
9.1
Reported revenue
10.5
11.5
Like-for-like revenue
5.6
9.3
7.7
6
53
19
828

750

Change
Volume
Price mix
Winter 2005
Winter 2006
9
Operating Income- Leisure Activities by Region
and Business
Winter 06
Winter 05
French GAAP
IFRS
IFRS
(in millions)
(1)
(10)
17
Europe
(4)
2
Asia
3
15
15
Americas
13
Villages business
10
7
33
1
Jet tours
(1)
3
(1)
0
Other businesses
(1)
9
Total Group
7
35
10
Village Operating Income Leisure Activities
Like-for-like
Reported
H1-06
H1-05
H1-05 Oper. inc. - Leisure
7
(in millions)
Change Volume effect Price mix Insurance Selling
costs Operating costs Property costs
4
660
Revenue
590
(4)
Margin on var.costs
419
381
38
of revenue (1)
62,1
62.0
61,4
60.3
adjusted revenue (2)
(11)
(93)
Fixed selling costs
(90)
(2)
(287)
Fixed operating costs
(257)
(18)
(4)
(29)
Overheads
(27)
10
Operating income - Leisure
7
10
H1-06 Oper. inc. - Leisure
of revenue
1.4
1.1

• Including other operating revenue
• Adjusted for insurance expense

11
Analysis of Revenue and Operating Income
Leisure Activities
Revenue
Oper. Inc. - Leisure
(in millions)
Winter 05
7.0
610
20.5
36.3
- Implementation of the strategy (1)
5.4
(11.3)

• - Indirect impact of natural disasters
• - Impact of prices/inflation/higher cost of
  inputs/cost synergies

8.4
(0.8)
Winter 06 excluding sales leasebacks
15.4
660
- Impact of sales leasebacks
0
(5.9)
Winter 06
9.5
660
(1) BSI Comfort à la carte Village base
top-line synergies higher marketing costs
12
Earnings impact of synergies - 2006
Club Med Synergies
Winter 2006
Winter 2005
(in millions)
3.9
0
Increasing revenue
2.1
1.4
Optimizing purchasing
0.4
0.3
Sharing skills and expertise
TOTAL SYNERGIES
6.4
1.7
2006 objectives maintained 14 million in
contribution

• Successful development of synergies between Club
  Med Affaires and Accor Corporate
• March convention in Djerba, 3 new requests for
  big event services
• Cross visibility enhanced worldwide via the
  Internet combined services offering

13
Statement of Income
Winter 05
Winter 06
French GAAP
IFRS
IFRS
(in millions)
750
828
750
Revenue
35
7
9
Operating income - Leisure
Operating income - Assets
9
22
N/A
(16)
Other operating income expense
(9)
N/A
35
0
22
Operating income
(15)
Finance cost - net
(20)
(20)
0
3
Share of profit of associates
0
Net exceptional expense
N/A
(4)
N/A
(4)
(8)
(5)
Income tax expense
Amortization of goodwill
(4)
N/A
N/A
Minority interests
0
0
(1)
Attributable net income/(loss)
(25)
1
3
14
Finance Cost - Net
Winter 05
Winter 06
French GAAP
IFRS incl. IAS 32/39
IFRS incl. IAS 32/39
IFRS
(in millions)
Interest expense
(14)
(18)
(17)
(21)
(1)
(1)
(1)
0
Other
Finance cost - net before currency effect
(15)
(17)
(19)
(22)
(1)
2
Realized unrealized exchange gains losses
(1)
(1)
Finance cost - net
(16)
(15)
(20)
(23)
(433)
(550)
Average debt
(567)
(476)
Excluding credit cards
15
Balance Sheet
30/04/06 incl. IAS 32/39
30/04/05 excl. IAS 32/39
31/10/05 incl. IAS 32/39
30/04/06 incl. IAS 32/39
30/04/05 excl. IAS 32/39
31/10/05 incl. IAS 32/39
(in millions)
Equity inc. minority interests
Non-current assets - PPE - Intangible
assets - Financial assets
532
467
530
986
991
1,009
Provisions
63
73
55
182
188
182
Deferred tax liabilities - net
82
66
51
11
64
56
Total non-current assets
1,255
1,261
1,234
Working capital
243
236
199
Deferred tax assets - net
(26)
(2)
(22)
395
Net borrowings
323
466
1,235
Total equity and liabilities
1,212
1,253
Total assets
1,212
1,235
1,253
Gearing
99.8
74.5
60.7
16
Update on Capex and Disposals
WINTER
2005
2006
Projected 2006
(in millions)
Capital expenditure (net of subsidies) Disposals
and others
(61)
(70)
(140) - (150)
36
65
100 - 110
Net
(34)
4
(40) - (50)

• Winter 2006
• Capex high for three reasons
• Acquisition of Sandpiper buildings
• Renovation of Cancun
• Continued renovation work on the Caravelle hotel
• Disposal of villages no longer aligned with the
  strategy
• Disposal of Flaine 2 tridents, Valbella 2
  tridents, Cadaqués Huts
• Deconsolidation of Mare Nostrum 3 tridents,
  Moorea and Haiti

17

US Assets

• 1993/94 Disposal of the buildings in 3 villages
  (Cancun, Ixtapa, Sandpiper)
• Step-up leases
• High costs
• Cancun/Ixtapa (10.16)
• Sandpiper (8.2)
• Investors financed the acquisition by issuing
  bonds
• Complicated system of guarantees and
  counter-guarantees

The Club was not free to maneuver in the Americas

• 2006
• On April 30, the Sandpiper buildings were
  repurchased
• Since April 30 the Cancun/Ixtapa buildings have
  been repurchased

2-3 million accretive impact on net income
18
Cash Flow Statement
Winter 06 IFRS
Winter 05 French GAAP
Winter 05 IFRS
(in millions)
Cash flow
27
9
(1)
(16)
(37)
13
Change in working capital
Change in provisions
(2)
(9)
(2)
10
9
(37)
Net cash provided by operating activities
Capital expenditure
(61)
(70)
(61)
65
36
65
Disposals and others
13
(71)
14
Free cash flow
Impact of changes in exchange rates and other
(1)
11
5
12
(60)
19
Change in cash
19
Update on Property Assets Portfolio
Current portfolio

• Sellable assets 141 million incompatible with
  the upmarket strategy
• Assets that could be refinanced in the short or
  medium term 240 million
• Transactions aligned with the upmarket strategy
  (e.g. Gecina)
• Transactions accretive to net income
• Other assets 610 million

Total property assets 991 million
20

• Outlook for
• Summer 2006

21
Summer 2006 Capacity by Category and by Region
Vs. 2005
Summer 06
Summer 05
Summer 04
(in thousands of hotel days)
6
14
9
68
63
66
21
21
26
2
Other
2
2
100
100
100
TOTAL

- 6
5,183
5,509
5,540
Europe
11
944
853
969
Asia
1,376
- 15
1,185
1,394
Americas
- 6
7,313
7,757
7,885
TOTAL WORLDWIDE
22
Summer 2006

• Summer 2006 bookings (vs. Winter 2005)at June 3,
  2006

Cumulative,at June 3, 2006
Over the last 4 weeks
Like-for-like revenue (1)
5.3
Europe
2.2
Americas
- 0.1
- 10.5
62.9
Asia
49.2
Total Club Med
10.6
5.1
Jet tours
- 1.1
4.7
(1) Adjusted for the closure of Cancun and
Trancoso
23
Winter 2006

• Update on growth potential

24

Update on growth potential

• US strategy
• Significant target customer potential
• Good potential for moving the Club Med offer
  upmarket
• Continuing to upgrade the villages
• Bar Snacking Included and Comfort à la Carte
• Distribution
• Considerable growth potential for Web marketing
• Strengthening upmarket agencies
• Ongoing strategic partnerships
• An active strategy of managing and capturing the
  value of real estate assets

25

AmericasReorganization and faster deployment of
the strategy

• 2002/2005 Turnaround phase
• Reducing costs
• Adapting the product (Total All Inclusive, etc.)
• Revitalizing indirect distribution
• ? 41m loss in 2002 reduced to 6m in 2004 and
  2005
• 2006 The second phase
• Reorganizing the management team
• Reducing overheads
• Refocusing on the upmarket family target
• Adapting the village portfolio

Initial impact 4-5 million improvement in
full-year net income
26

Customer Potential

• France customers still responding favorably to
  the new strategy
• Increase in individual customers in Winter 2006
  4,000 additional GMs
• Second consecutive season of customer gains
• Change in customer base structure

TOP 20 of individual customers in France
2003
2004
2005
63
74
82
Source IPSOS - May 2006
The customer base is continuing to shift
27

Potential for capturing greater valuecontinue
to move the villages upmarket

• Expanding the upmarket offer in Winter 2006
• Agadir renovated as a 3 family village, 90
  Deluxe rooms created, reopened in November 2005
• Peisey Vallandry built as a 4 family
  village, opened in December 2005
• Les Boucaniers rebuilt, upgraded from 2 to 4
  , reopened in December 2005
• Kani renovated, upgraded to 4 , reopened in
  December 2005
• Cervinia renovated, upgraded to 4 , reopened
  in December 2005
• Aime La Plagne renovated, upgraded to 3 ,
  reopened in December 2005

• Successful openings and increased satisfaction
• Peisey Vallandry 96.4 occupancy
• Les Boucaniers 87.4 occupancy

Satisfaction among the highest of any village
28

Potential for capturing greater valuecontinue
to move the villages upmarket

• Next steps in moving the offer upmarket
• Hammamet renovated as 3 April 2006
• Boucaniers phase 2 - 4 May 2006
• Kani water bungalows July 2006
• La Plagne 2100 upgraded to 4 November 2006
• Cancun reopened as 4 November 2006
• La Caravelle upgraded to 4 December 2006
• Villars upgraded to 4 December 2006
• Opio upgraded to 4 Summer 2007
• New openings 4
• Albion Summer 2007
• Buzios Winter 2008
• Taba Egypt Summer 2008

2008 objective confirmed 50 4-Trident villages
29

Potential for capturing greater value BSI and
Comfort à la Carte

• Initial success of Bar Snacking Included in
  Winter 2006
• Increase in customer satisfaction
• 40 increase in GMs very satisfied with Bar
  service in all EAF Mountain Villages
• Outlook potential for capturing additional
  value by extending BSI in Summer 2006 and to sun
  villages in Winter 2007

• Initial success of Comfort à la Carte in Winter
  2006
• Revenue generated by room upgrades 15m (twice
  as much as Winter 2005)
• Increase in customer satisfaction
• EAF Program, Summer 2006 600 additional rooms
  reclassified for an investment of 2.2m

Roughly 10m added to Operating income - leisure
activities in Winter 2006
30
Distribution Potential

• High potential for Web distribution
• Winter 2006 Internet revenue up 30
• Booking engine revamped on France and Europe site
  in May 2006, enabling customers to personalize
  their stay
• Comfort à la Carte for lodging wide range of
  additional services
• Broader choice of flights

Short-term objective 100m in revenue via the
Web

• Strengthening upmarket agencies in Paris
• Relocating on the Champs Elysées
• Openings Marais, 16th and 17th arrondissements

• Ongoing strategic partnerships
• Carlson Wagonlit
• Thomas Cook

31
An active strategy of capturing the value of
real estate assets

Quality of existing or future sites an
attractive brand   creation of value

• Buzios
• Financed by third parties, based on a
  condominium model
• Rents vary depending on occupancy rate and GOP
• gt Development without any capex, and resulting
  in variable costs
• Albion
• Partnership with Orascom 40 to 50 prestige
  villas built on a 13-hectare estate next to the
  future Albion Village
• gt Three benefits from villas

• 352 rooms sold to individuals, who lease them
  to Club Med

• Increase upmarket capacity
• Capture a share of profits from real estate
  development
• Absorb fixed costs of the villages concerned

32

The new Club Med potential for profitable growth

• A revitalized growth dynamic in Winter 2006
• A business model that is working
• Short and medium-term growth potential

The worldwide specialist in upmarket, friendly,
multicultural vacations
33
Appendices

• Business
• Number of customers by issuing country
• Reported revenue by region and by business
• Like-for-like revenue by region and business
• Capacity and occupancy by region
• RevPAB
• Results
• By region
• EBITDA / EBITDAR
• Capital expenditure
• By category
• IFRS (review of the presentation to shareholders
  on March 14, 2006)

34
Number of Customers by Issuing Country
(in thousands)
2003
2004
2005
2006
France
266
262
259
261
Belgium
47
45
48
48
Italy
17
19
19
17
Switzerland
12
11
11
10
Germany
18
16
12
11
Netherlands
17
16
13
12
United Kingdom
12
10
12
11
Israel
11
11
11
12
Turkey
2
2
2
2
Austria
1
1
1
1
Spain
1
1
2
3
Russia
3
3
3
4
South Africa
3
3
2
3
Greece
2
1
1
1
Others
4
4
5
3
EUROPE
415
406
401
401
US-Canada
88
91
82
75
39
43
39
Brazil
36
Mexico
7
11
12
11
Others
5
8
9
9
AMERICAS
143
149
142
131
Japan
45
47
40
38
Australia
10
11
9
9
Others
26
29
28
41
ASIA/PACIFIC
81
87
77
87
GROUP
642
620
639
618
35
Reported Revenue by Region and Business
(in millions)
Other businesses 3.4
Tour operating 16.9
Vs. 3.6 in 05
Vs. 17.6 in 05
France 34.9
28
140
Vs. 35.6 in 05
Asia 7.7
289
64
Vs 7.3 in 05
134
173
Americas 16.1
Rest of Europe 20.9
Vs. 15.5 in 05
Vs. 20.4 in 05
Total Winter 2006 828 million
36
Like-for-Like Revenue by Region and Business
Winter 05
Winter 06
Change
(in millions)
421
462
9.8
Europe Asia Americas
56
64
13.8
133
134
0.6
Villages
610
660
8.2
Jet tours Other businesses
132
140
6.1
27
28
3.7
Group
769
828
7.7
37
Capacity and Occupancy Rates by Region
Winter
Winter
2005
2006
(in thousands of units)
Europe Africa Capacity Occupancy rate
2,984
3,011
78.7
77.0
Asia Capacity Occupancy rate
786
844
48.1
50.3
Americas Capacity Occupancy rate
1 461
1,414
73.8
73.9
TOTAL Capacity Occupancy rate
5,231
5,269
72.7
71.9
38
RevPAB
Cumulative, at April 30
Change vs. 2005
2004
2005
Like-for-like in
2006
9
96.9
EUROPE AFRICA
105.4
97.5
10
89.8
AMERICAS
98.4
75.6
73.9
12
61.6
ASIA
68.9
97.6
9
89.6
TOTAL VILLAGES
86.8
RevPAB Total like-for-like Village revenue, net
of tax and transportation costs/capacity in beds
39
Analysis of Operating Income - Leisure Activities
Winter 05
Like-for-likeIFRS
French GAAP
Winter 06
Winter 04
(in millions)
620
590
660
590
Like-for-like revenue
381
381
419
381
Margin on variable costs
61.5
62.1
62.0
revenue
62.0
(85)
(93)
(90)
Fixed selling costs
(87)
(248)
(287)
(257)
Fixed operating costs
(243)
(29)
(16)
Overheads
(27)
(18)
7
10
32
Operating income - Leisure
33
5.2
1.4
1.1
5.6
revenue
40
Operating Income Leisure Activities in Europe
Reported
Like-for-Like
H1-05 Oper. Inc. Leisure
Winter 06
Winter 05
(10)
(in millions)
Currency effect Volume effect Mix
price Insurance Selling costs Operating
costs Property costs
1
465
Revenue (1)
422
(6)
268
Margin on var.costs
241
34
revenue
57.6
57.1
(2)
(61)
Fixed selling costs
(60)
(3)
(10)
(192)
Fixed operating costs
(176)
(5)
(18)
Overheads
(15)
(1)
H1-06 Oper. Inc. Leisure
(1)
Oper. Inc. - Leisure
(10)
(1) Issuing receiving revenue (inter-zone)
41
Operating Income Leisure Activities in Asia
Like-for-Like
Reported
Winter 05
Winter 06
H1-05 Oper. Inc. Leisure
2
(in millions)
Currency effect Volume effect Mix
price Insurance Selling costs Operating
costs Property costs
0
Revenue (1)
63
75
7
Margin on var.costs
41
47
0
revenue
74.6
54.6
(14)
(11)
Fixed selling costs
(11)
0
0
(30)
Fixed operating costs
(30)
1
(4)
(4)
Overheads
(4)
H1-06 Oper. Inc. Leisure
(4)
2
Oper. Inc. - Leisure
NA
3.2
revenue
(1) Issuing receiving revenue (inter-zone)
42
Operating Income Leisure Activities in the
Americas
Reported
Like-for-Like
H1-05 Oper. Inc. Leisure
15
Winter 06
Winter 05
(in millions)
3
Currency effect Volume effect Mix
price Insurance Selling costs Operating
costs Property costs
Revenue (1)
164
142
(5)
110
Margin on var.costs
93
4
revenue
67.1
65.5
5
(20)
Fixed selling costs
(19)
1
(8)
(66)
Fixed operating costs
(51)
0
(9)
Overheads
(8)
H1-06 Oper. Inc. Leisure
15
15
Oper. Inc. - Leisure
15
revenue
9.2
10.6
(1) Issuing receiving revenue (inter-zone)
43
Jet Tours Operating Income Leisure Activities
Winter 04
Winter 05
Winter 06
(in millions)
Revenue
137
141
133
Semi-net margin
18.9
17.8
15.7
12.6
revenue
11.8
13.8
Other costs
(14.8)
(17.6)
(19,7)
Operating income - Leisure
0.9
(1.4)
1.3
44
Jet Tours and Other Businesses Operating Income
Leisure Activities
(in millions)
Winter 05
Winter 06
French GAAP
IFRS
IFRS
Operating income - Leisure
Jet tours Club Med Gym Club Med World
1.3
(1.4)
2.6
0.2
1.3
0.2
(1.2)
(0.6)
(1.2)
Total
0.3
0.7
1.6
45
EBITDA / EBITDAR
Winter 2005 French GAAP
Winter 2005 IFRS
Winter 2006 IFRS
(in millions)
3
1
(25)
Net income/(loss)
13
17
18
Interest expense
8
5
Income Tax expense
5
32
40
40
Amortization depreciation
61
58
38
EBITDA
8.1
7.0
5.1
of revenue
47
68
55
Rents
108
126
93
EBITDAR
15.2
12.4
14.4
of revenue
46
Capital Expenditure
Winter 2004
Winter 2005
Winter 2006
(in millions)
Capital expenditure - Property, plant and
equipment - Intangible assets - Financial assets
55
38
47
4
4
4
2
2
19
44
61
70
Total
Disposals - Deconsolidation - Property sale and
leaseback - Others
(33)
(65)
(36)
(26)
(9)
(34)
(48)
-
-
(7)
(8)
(2)
Net of subsidies
47
Statement of Income Change in Presentation

• The current presentation of the IFRS statement
  of income shows three lines of operating
  income
• Operating income - Leisure activities
• Operating income - Management of assets
• Other operating income expense
• Total operating income

• To clearly identify the different types of
  income, we decided to break out operating income
  on three lines
• Operating income - Leisure activities comprises
  all of the income and expenses directly related
  to our business operations.
• Operating income - Management of assets Because
  village openings and closings, along with their
  financial impact, are an integral part of our
  business, this item comprises the income and
  expenses related to these changes in the scope of
  consolidation. In particular, it includes capital
  gains or losses on disposals, disposal costs,
  village opening costs and impairment losses
  (operating or marketing units).
• Other operating income expense primarily
  includes restructuring costs, claims and
  litigation, the impact of natural disasters and
  credit card costs.

48

Statement of Income Seasonality

• IFRS
• Under IAS 16, income and expenses may be recorded
  in the same period only if they qualify for
  recognition as assets or liabilities under IFRS.
• An expense therefore has to be recognized when
  the product is delivered or the service is
  provided and not when the related economic
  benefits are obtained.
• IAS 16 also requires that any decrease in the
  potential for using an item of property, plant or
  equipment must give rise to a depreciation
  charge, regardless of whether or not the item is
  used.

NB this means that the fundamental accounting
principle of recognizing income in the same
period as the related expense no longer
systematically applies.
49

Statement of Income Seasonality
Impact of application on Club Méditerranée

• Village rents and depreciation are spread over 12
  months of the year, regardless of how long the
  village is open
• Prepaid expense for the following items is no
  longer recognized
• Advertising / Marketing the expense is no longer
  recognized when the product is delivered (in the
  season sold) but when the service is provided.
  This concerns
• Catalogues, Tridents, Flyers, etc.
• Advertising / Displays
• Winter / Summer shutdowns
• Ex All of the maintenance contracts, salaries
  for year-round GOs (security, maintenance, etc.)
• Village set-up costs (services provided)
• Ex Transportation of GOs prior to village
  openings, etc.

50

Statement of Income Seasonality
IFRS adjustments gt Significant change in the
Winter/Summer breakdown of income
SUMMER
WINTER
42
58
Based on the breakdown of capacity, the impact of
seasonal adjustments will be negative in the
winter and positive in the summer.
Breakdown of capacity over the year

Property costs spread over 12 months
-

Impact on income
Non-recognition of prepaid Village fixed costs
(maintenance, security, etc.
-

Impact on income
53
47
Breakdown of bookings over the year (05)
Advertising campaigns are conducted in the March
high booking season to promote summer sales.
43
Breakdown of business over the year (hd)
57
Non-recognition of prepaid Advertising /
Marketing costs
-

Impact on income
51

Statement of Income Seasonality
Impact on the financial statements

• Seasonal breakdown
• No material impact on fiscal 2006
• Income shifted from winter to summer (operating
  income - leisure)

2005
Winter
Year
Summer
(6.3)
7.3
1.0
Prepaid marketing expense Prepaid Villages
expense Property costs Other Total
(8.2)
8.2
0.0
(12.0)
16.0
4.0
(1.0)
(1.0)
(2.0)
(27.5)
30.5
3.0

• 2. Adjustments on prepaid expense
• Impact on equity (20)m in 2004 (19)m in 2005

52
Impact on the Statement of Income
Winter 05
Summer 05
Full-year 05

French
French
French
In millions
IFRS
IFRS
IFRS
GAAP
GAAP
GAAP
Operating income - Leisure activities
35
7
(13)
18
22
25
Operating income - Management of assets
-
8
-
81
-
89
Other operating income expense
-
(15)
-
(18)
-
(33)
Operating income
35
0
(13)
81
22
81
Finance cost - net
(20)
(20)
(18)
(18)
(38)
(38)
Share of profit of associates
0
0
3
3
3
3
Exceptional items
(4)
-
47
-
43
-
Amortization of goodwill
(4)
-
(4)
-
(8)
-
Income tax expense
(4)
(5)
(13)
(31)
(17)
(36)
Minority interests
-
-
(1)
(1)
(1)
(1)
Net income attributable to shareholders
3
(25)
1
34
4
9