Letter to shareholders: 2009 – one of the most difficult years in the history of the Affichage Group

The decline of the gross domestic product in the economies of Switzerland (by –1.4%) and of our foreign markets (by as much as –8.5%) resulted in a disproportionate reduction of advertising spending. In financial 2009, our domestic sales revenue fell by 18.3% to CHF 250.1 million. Outside Switzerland, sales dropped by 26.5% to CHF 89.9 million. Despite the adverse market situation, the Affichage Group generated a satisfactory result in operations, particularly in Switzerland, its home market. The overall result was massively burdened by special charges related to value adjustments on past acquisitions and writeoffs of accounts receivable abroad. Thanks to its strong equity capital base and adequate liquidity, the Group’s financial situation remains solid.