Exhibit 99.1
Important Information for Publicis Groupe S.A. Stockholders
-----------------------------------------------------------
The financial interim information filed in this exhibit to Report on Form 6-K
has been prepared in accordance with generally accepted accounting principles in
France. No discussion of material variations from U.S. generally accepted
accounting principles or quantified reconciliations is included.
-1-
<PAGE>
PUBLICIS GROUPE S.A.
A French Societe Anonyme with a share capital of FRF 338,852,475
Headquarters : 133, avenue des Champs Elysees
75008 PARIS - France
Fiscal year : From January 1 to December 31
Corporate registration N(degree)542 080 601 RCS PARIS - APE 741J
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<PAGE>
I - FINANCIAL HIGHLIGHTS
IN THOUSANDS OF EUROS AND FRENCH FRANCS
--------------------- ----------------------
IN EUROS MILLIONS IN FRF MILLIONS
--------------------- -------------------------
--------------------- -------------------------
1ST 1ST 1ST 1ST
SEMESTER SEMESTER YEAR SEMESTER SEMESTER YEAR
2000 1999 1999 2000 1999 1999
------------------------------------------------ --------------------------
------------------------------------------------ --------------------------
BILLINGS 4,569 3,197 6,860 29,971 20,971 45,001
REVENUES 687 486 1,042 4,506 3,188 6,837
EBITDA (1) 128 88 187 840 577 1,227
EBIT (2) 105 72 156 689 472 1,025
NET PROFIT 68 43 95 446 282 625
GROUP CURRENT NET INCOME 56 40 82 367 262 541
(BEFORE GOODWILL
AMORTIZATION)
CASH FLOWS FROM OPERATIONS 90 65 134 590 426 878
(Current)
------------------------------------------------ --------------------------
------------------------------------------------ --------------------------
FIXED ASSETS 894 446 436 5,864 2,926 2,861
SHAREHOLDER'S EQUITY 439 364 396 2,880 2,388 2,600
TOTAL ASSETS 2,863 1,936 2,077 18,780 12,699 13,624
------------------------------------------------ --------------------------
--------------------- --------------------------
IN EUROS IN FRANCS
--------------------- --------------------------
------------------------------------------------ --------------------------
Dividend per share 1.70 11.15
Earnings per share (3) 7.2 4.6 10.4 47.2 30.2 68.2
Earnings per share
(excluding extraordinary)(3) 6.2 4.6 9.2 40.7 30.2 60.3
------------------------------------------------ --------------------------
(1) Earnings before interest, taxes, depreciation and amortization.
(2) Earnings before interest, taxes and goodwill amortization.
(3) Earnings per share are calculated before goodwill amortization. The number
of shares excludes treasury stock.
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<PAGE>
II - CONSOLIDATED INCOME STATEMENT
-------------------------------------------------
IN THOUSAND OF EUROS
-------------------------------------------------
June 30th, 2000 June 30th, 1999 YEAR 1999
-------------------------------------------------------------------------------
Billings 4,568,781 3,197,430 6,860,311
Cost of billings (3,881,357) (2,711,735) (5,817,988)
-------------------------------------------------------------------------------
REVENUES 687,424 485,695 1,042,323
-------------------------------------------------------------------------------
Payroll expenses (384,442) (271,034) (575,547)
Administrative expenses (177,007) (128,133) (274,887)
-------------------------------------------------------------------------------
Total expenses (561,449) (399,167) (850,434)
-------------------------------------------------------------------------------
Other operating income 6,319 6,253 12,293
-------------------------------------------------------------------------------
Earnings before
depreciation, interest and
taxes 132,294 92,781 204,182
-------------------------------------------------------------------------------
Depreciation (22,592) (15,509) (31,294)
Provisions for doubtful debts (1,533) (1,487) (4,721)
Others provisions (3,145) (3,473) (11,337)
Financial income (expense),
net (3,268) 5,019 9,348
-------------------------------------------------------------------------------
CURRENT NET RESULT 101,756 77,331 166,178
-------------------------------------------------------------------------------
Exceptional income (loss) 465 80 (638)
Income tax (36,317) (28,440) (64,653)
Income from companies
accounted for by the equity
method 1,211 519 1,684
-------------------------------------------------------------------------------
NET INCOME FROM CURRENT
OPERATIONS 67,115 49,490 102,571
GROUP NET INCOME FROM
CURRENT OPERATIONS
(EXCLUDING MINORITY 55,605 40,087 82,495
INTERESTS)
===============================================================================
Net extraordinary gain 13,734 0 12,087
Of which : Group share of
net extraordinary gain 9,151 0 10,994
Goodwill amortization (13,323) (6,695) (19,427)
Of which : Group share of
goodwill amortization (13,153) (6,579) (19,040)
-------------------------------------------------------------------------------
TOTAL NET INCOME 67,526 42,795 95,231
GROUP NET INCOME
(excluding minority
interests) 51,602 33,508 74,449
-------------------------------------------------------------------------------
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<PAGE>
<TABLE><S><CAPTION>
III - CONSOLIDATED BALANCE SHEET
--------------- ----------------
IN THOUSAND IN THOUSAND OF
OF EUROS EUROS
----------------------------------------------------------------------------------------------------------------------
12/31/99 06/30/2000 12/31/99 06/30/2000
<S>------------------------<C>-----------------<C>----------------------------------------------<C>----------<C>------
FIXED ASSETS 436,198 894,070 CONSOLIDATED SHAREHOLDER'S EQUITY 396,401 439,287
------------ ---------------------------------
Gross intangible assets 321,278 755,047 Capital and retained earnings 270,949 330,042
Accumulated amortization on
intangible assets (64,924) (91,602) Group net income 74,449 51,603
Gross tangible assets 308,117 397,936 ----------- -----------
Accumulated depreciation on
gross tangible assets (185,204) (226,278) SHAREHOLDER'S EQUITY 345,398 381,645
INTANGIBLE AND TANGIBLE --------- ------------
FIXED ASSETS, NET 379,267 835,103 Minority interest in retained
earnings 30,221 41,718
Minority interest in consolidated
income 20,782 15,924
----------- -----------
Non-consolidated investments 28,735 30,452
Subsidiaries and affiliates
accounted for by the equity 6,505 6,433 MINORITY INTEREST 51,003 57,642
method
Loans and advances to 6,519 8,067
affiliates
Other long-term investments
(gross) 17,501 16,380
Loss provisions relating to
long-term investments (2,329) (2,365)
---------- -------------
LONG-TERM INVESTMENTS, NET 56,931 58,967
PROVISIONS FOR CONTINGENCIES AND 70,076 71,883
--------------------------------
CHARGES
-------
CURRENT ASSETS 1,623,034 1,932,637
CURRENT LIABILITIES 1,574,958 2,288,370
-------------------
Inventories and work in
progress 49,417 110,680
Advances to suppliers 24,433 24,106 Financial debt (other than bank 16,486 70,707
borrowings)
Trade accounts receivable 1,002,050 1,188,475 Bank borrowings and overdrafts 212,484 578,882
Other debtors 197,985 247,171 Advances on orders 61,728 91,584
Cash and cash equivalents 349,149 362,205 Trade accounts payable 869,777 1,089,041
Other creditors 414,483 458,156
PREPAID EXPENSES 17,780 36,041 DEFERRED INCOME & OTHER 35,577 63,208
LIABILITIES
------------------------
==================================
TOTAL ASSETS 2,077,012 2,862,748 TOTAL LIABILITIES AND 2,077,012 2,862,748
SHAREHOLDER'S EQUITY
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
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<PAGE>
IV - CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of euros)
.............................................................................
1ST
1999 SEMESTER 2000
.............................................................................
I- CASH FLOWS FROM OPERATING ACTIVITIES
----------------------------------------
Net income (excluding exceptional gains on
sales of assets) 83,144 53,792
Depreciation and amortization 50,721 35,915
--------------------------
CASH FLOWS FROM OPERATING ACTIVITIES 133,865 89,707
Income from companies accounted for by the
equity method (1,684) (1,212)
Change in working capital requirement 45,960 4,922
--------------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 178,141 93,417
II- CASH FLOWS FROM INVESTING ACTIVITIES
----------------------------------------
Acquisition of tangible and intangible assets (66,277) (83,214)
Disposal of tangible assets 9,890 2,017
Acquisition of financial assets, net (3,161) (1,048)
Dividends received from companies accounted 1,539 1,275
for by the equity method
Acquisition of subsidiaries (54,387) (352,006)
Disposal of subsidiaries 3,605 13,734
---------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES (108,791) (419,242)
III- CASH FLOWS FROM FINANCING ACTIVITIES
-----------------------------------------
Dividends paid to shareholders of Publicis SA (10,650) (15,290)
Dividends paid to minority shareholders of
subsidiaries (13,712) (10,755)
Increase in capital 13,774 207
Repurchase of own shares (57,446) (7,106)
---------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES (68,034) (32,944)
IV- EFFECT OF THE EXCHANGE RATE CHANGES ON 0 5,427
CASH
------------------------------------------
--------------------------------------------------------------------------------
I + II + III CHANGE IN CONSOLIDATED CASH 1,316 (353,342)
FLOWS
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of
year 135,349 136,665
Cash and cash equivalents at end of year 136,665 (216,677)
---------------------------
Change in cash and cash equivalents 1,316 (353,342)
-6-
<PAGE>
V - CHANGE IN SHAREHOLDER'S EQUITY AND MINORITY INTERESTS BETWEEN DECEMBER
31, 1998 AND JUNE 30, 2000.
------------------------------------------------------------------------------
Number of Minority
shares in thousands of euros Total Group interests
------------------------------------------------------------------------------
8 978 211 Shareholder's equity at December
31, 1998 before deduction of
treasury stock 303,912 280,034 23,878
1998 net income 67,589 47,400 20,189
----------------------------
Theoretical shareholder's equity at
December 31, 1999 before deduction
of treasury stock 371,501 327,434 44,067
Movements of 1999 (excluding treasury
stock incidence):
- Impact of Publicis Communication/
Publicis SA merger - 6,020 (6,020)
447 785 - Issuance of Publicis SA shares on
exercise of stock options 13,774 13,774 -
- Dividends paid by Publicis SA (10,650) (10,650) -
- Dividends paid by subsidiaries
to minority shareholders (13,190) - (13,190)
- Translation adjustment 7,219 5,598 1,621
- Effect of changes in scope
and other 3,229 (514) 3,743
Shareholder's equity at December
31, 1999 before net income for
the year and before 371,883 341,662 30,221
deduction of treasury stock
1999 net income 95,231 74,449 20,782
--------- ------------------------------
9 425 996 Theoretical shareholder's equity at
June 30, 2000 before deduction of
treasury stock 467,114 416,111 51,003
Movements of 2000 (excluding
treasury stock incidence):
3 304 - Issuance of Publicis SA shares
on exercise of stock options 207 207
- Dividends paid by Publicis SA (15,290) (15,290)
- Dividends paid by subsidiaries to
minority shareholders (10,756) (10,756)
- Translation adjustment 8,332 7,245 1,087
- Effect of changes in scope and other (29) (413) 384
-------------------------------------------------------------------------------
9 429 300 SHAREHOLDER'S EQUITY AT JUNE 30, 2000
BEFORE DEDUCTION OF TREASURY STOCK 449,578 407,860 41,718
-------------------------------------------------------------------------------
Treasury stock :
(106 842) - existing at December 31, 1998 (13,267) (13,267) -
(311 350) - bought-back during 1999 (57,446) (57,446) -
(17 264) - bought-back during the first
semester 2000 (7,106) (7,106) -
-------------------------------------------------------------------------------
SHAREHOLDER'S EQUITY AT JUNE 30, 2000
8 993 844 BEFORE 1ST SEMESTER NET INCOME AFTER
DEDUCTION OF TREASURY STOCK 371,759 330,041 41,718
-------------------------------------------------------------------------------
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<PAGE>
VI - NOTES TO THE FIRST SEMESTER 2000 CONSOLIDATED FINANCIAL STATEMENTS
1 - Accounting principles
-------------------------
The consolidated financial statements were drawn up in application of current
French legislation and regulations, and in particular of regulation 99-02 of the
"Comite de la reglementation comptable", approved by decree on 22 June 1999,
defining the new rules and methods relative to consolidated financial statements
applicable as from 1 January 2000, as well as in application of the new
recommendation of the "Conseil national de la comptabilite" of March 1999 on
interim financial statements, already in force for the financial statements of
30 June 1999.
Application of the new rules did not reveal any divergences with the rules
formerly adopted for drawing up the consolidated financial statements of the
Publicis Group, with the exception of those concerning the conversion of the
financial statements of foreign companies, the impact of which is described
below. As from 1 January 2000, the financial statements of foreign companies are
converted by applying to their income statement the average rate of the period,
corresponding to the average of rates at the end of the month, with the balance
sheet continuing to be converted at the closing rate. In application of
regulations, the exchange difference on income resulting therefrom is recorded
in equity capital.
Given the insignificant effect of this change of method on the financial
statements for the previous year (around 2% on the sales figure and net income
Group share, both for the first half of 1999 and for the entire year), the
financial statements presented in 1999 have not been restated.
2 - Variations in the consolidation scope during the first half of 2000
-----------------------------------------------------------------------
The principal changes are linked to acquisitions made in the United States at
the very beginning of the financial year: Frankel, Fallon McElligott, Winner &
Associates, DeWitt Media (become Optimedia US).
The contribution of these subsidiaries to the consolidated sales figure and
income for the first half of 2000 represents around 17% of the consolidated
total, while it represents less than 1% in terms of consolidated net income
Group share.
3 - Subsequent Events
---------------------
Announced at the end of June 2000, acquisition of the Saatchi & Saatchi Group
through the issuance of new Publicis shares was ratified by the Saatchi &
Saatchi General Meeting held last 16 August and by the High Court of Justice in
England and Wales on 7 September.
According to the principle of the Scheme of Arrangement, the Saatchi & Saatchi
plc shares were cancelled and replaced by the new Publicis shares.
The final parity was 18,252 new Publicis shares for 100 Saatchi & Saatchi
shares. The resulting increase in capital amounted FRF 103,092,225, composed of
41,236,890 shares at FRF 2.5 (after division of the par value of the share by
ten). The Publicis share has also been listed in the form of ADR's (American
Deposit Receipts) on the New York Stock Exchange since 12 September 2000.
-8-
<PAGE>
Following completion of this increase in capital, the registered capital of the
new Group - now Publicis Groupe S.A. - is broken down as follows:
------------------------------------------------------------
After Saatchi &
Before Saatchi & After Saatchi & Saatchi
Saatchi acquisition Saatchi acquisition acquisition (1)
------------------------------------------------------------
Maximum shares to
New shares issued: be issued :
41,236,890 46,096,133
------------------------------------------------------------
% voting % voting % voting
% interest rights % interest rights % interest rights
-------------------------------------------------------------------------------
Elisabeth Badinter 8.24 12.16 5.73 9.19 5.53 8.93
Somarel SA 32.83 48.45 22.84 36.63 22.05 35.61
Putnam 5.42 4.00 3.78 3.02 3.65 2.94
Treasury stock 5.74 - 3.99 - 3.85 -
Public 47.77 35.39 33.24 26.76 32.09 26.01
Former Saatchi &
Saatchi
shareholders - - 30.42 24.40 32.83 26.51
-------------------------------------------------------------------------------
TOTAL 100.00 100.00 100.00 100.00 100.00 100.00
-------------------------------------------------------------------------------
(1) calculations were made on the basis of the number of shares issued and to be
issued in order to take account of the possible exercise of Saatchi & Saatchi
options during the six months starting 7 September 2000.
The financial statements at 30 June 2000 do not take account of this
acquisition, which will be included in the consolidated financial statements of
the Publicis Group starting 1 September 2000.
4- Financial Highlights by business segment and by geographical zone
--------------------------------------------------------------------
<TABLE><CAPTION>
<S> ----------<C>---------------------------<C>-----------------------
BY BUSINESS SEGMENT BILLINGS REVENUES
-------------------
IN THOUSANDS OF EUROS ---------------------------------------------------------------------
06/30/2000 06/30/1999 12/31/1999 06/30/2000 06/30/1999 12/31/1999
---------------------------------------------------------------------
----------------------
COMMUNICATION 4,300 94% 2,962 92% 6,403 93% 620 89% 426 86% 923 87%
MEDIAS & REGIES 278 6% 240 7% 470 7% 67 10% 58 12% 117 11%
OTHER ACTIVITIES 18 0% 19 1% 37 1% 13 2% 14 3% 27 3%
-------------------------------------------------------------------------------------------
CUMUL 4,596 100% 3,221 100% 6,910 100% 700 100% 498 100% 1,067 100%
-------------------------------------------------------------------------------------------
Intercompany
transactions (27) (24) (50) (13) (12) (25)
-------------------------------------------------------------------------------------------
TOTAL 4,569 3,197 6,860 687 486 1,042
-------------------------------------------------------------------------------------------
--------------------------- ----------------------------------
NET INCOME GROUP SHARE NET INCOME GROUP SHARE
before extraordinary gain after extraordinary gain and
and goodwill amortization goodwill amortization
---------------------------------------------------------------------
06/30/2000 06/30/1999 12/31/1999 06/30/2000 06/30/1999 12/31/1999
---------------------------------------------------------------------
-------------------------------------------------------------------------------------------
COMMUNICATION 46 82% 33 83% 69 84% 33 63% 27 79% 52 70%
MEDIAS & REGIES 9 16% 6 15% 12 15% 18 35% 6 18% 14 19%
OTHER ACTIVITIE 1 2% 1 3% 1 1% 1 2% 1 3% 8 11%
-------------------------------------------------------------------------------------------
TOTAL 56 100% 40 100% 82 100% 52 100% 34 100% 74 100%
-------------------------------------------------------------------------------------------
---------------------------------------------------------------------
BY GEOGRAPHICAL ZONE BILLINGS REVENUES
--------------------
IN THOUSANDS OF EUROS ---------------------------------------------------------------------
06/30/2000 06/30/1999 12/31/1999 06/30/2000 06/30/1999 12/31/1999
---------------------------------------------------------------------
---------------------
France 822 18% 755 24% 1,495 22% 162 24% 147 30% 294 28%
EUROPE 1,424 31% 1,205 38% 2,620 38% 214 31% 186 38% 408 39%
NORTH AMERICA 1,782 39% 844 26% 1,847 27% 239 35% 95 20% 214 21%
REST OF THE WORLD 541 12% 393 12% 898 13% 72 10% 58 12% 126 12%
-------------------------------------------------------------------------------------------
TOTAL 4,569 100% 3,197 100% 6,860 100% 687 100% 486 100% 1,042 100%
-------------------------------------------------------------------------------------------
-9-
<PAGE>
--------------------------- -----------------------------------
NET INCOME GROUP SHARE NET INCOME GROUP SHARE
before extraordinary gain after extraordinary gain and
and goodwill amortization goodwill amortization
---------------------------------------------------------------------
06/30/2000 06/30/1999 12/31/1999 06/30/2000 06/30/1999 12/31/1999
---------------------------------------------------------------------
-------------------------------------------------------------------------------------------
France 19 34% 15 36% 24 29% 26 50% 13 39% 30 41%
EUROPE 20 36% 16 40% 36 44% 17 33% 14 42% 29 39%
NORTH AMERICA 15 27% 9 23% 18 22% 9 17% 7 21% 16 22%
REST OF THE WORLD 2 4% 1 1% 4 5% - 0% (1) -1% (1) -1%
-------------------------------------------------------------------------------------------
TOTAL 56 100% 40 100% 82 100% 52 100% 34 100% 74 100%
-------------------------------------------------------------------------------------------
</TABLE>
5 - Comment on the income statement and balance sheet
-----------------------------------------------------
o Impact of recent acquisitions
The sharp increase in the items of the income statement originates partly from
acquisitions described in ss. 2 above. Excluding acquisitions, the consolidated
sales figure and income increased by 19%, and current income before depreciation
of consolidated goodwill increased by 24%.
The main changes in the various items on the balance sheet are also linked to
assets acquired as part of business combinations.
o Extraordinary gain
Gains for the first half of 2000 represent the capital gain on the sale of an
investment. The extraordinary income for the fiscal year 1999 corresponded to
capital gain on assets disposal realised during the second half of the financial
year.
6 - Additional information
--------------------------
The Group headcount of Publicis Groupe S.A. went from 10,362 persons on
31 December 1999 to 13,168 persons on 30 June 2000. This increase
concerns essentially North America, which records an increase in its payroll
of nearly 2,000 persons, more than 1,500 of whom come from newly acquired
American subsidiaries.
-10-
<PAGE>
VII - ACTIVITY REPORT OF THE PUBLICIS GROUP
a) First semester 2000 Results
---------------------------
The performances of the Group during the first half of the year reflect the
spectacular change in size resulting from the recent acquisitions completed in
the United States.
The sales figure for the first half, which amounted to EUR 4.6 billion (FRF 30
billion) as compared with EUR 3.2 billion (FRF 21 billion) at 30 June 1999, an
increase of 43%, with slightly more than one-half of this increase being due to
the impact of acquisitions.
The beginning of 2000 was marked by several ambitious acquisitions in the United
States:
- Frankel, a top-ranking agency working in the field of marketing
services;
- Fallon McElligott, a communications group that is particularly well
adapted to the age of the new economy;
- DeWitt Media, a prestigious media agency around which Optimedia USA will
be built up;
- Winner & Associates, specialised in consulting on company strategies.
At constant scope and exchange rates, the sales figure increases 15%, showing
the dynamism of our internal growth in all of our business lines and all of our
geographic zones.
Current consolidated net profit Group share, before amortization of consolidated
goodwill, amounts to EUR 55,605,000 as compared with EUR 40,087,000 for the
first half of 1999, a rise of 39%, and total current consolidated net income
comes to EUR 67,116,000 as compared with EUR 49,490,000 the previous year.
The COMMUNICATION branch, which combines our advertising activities throughout
the world, realised a consolidated sales figure of EUR 4.3 billion, up 45% (14%
at constant scope and rate), and consolidated net income Group share of EUR
46,080,000 as compared with EUR 33,172,000 the previous year, up 39%.
The MEDIA AND PRODUCTION branch recorded a sales figure of EUR 278 million, an
increase of 16%. Total consolidated net income for this branch amounts to EUR
15,114,000 as compared with EUR 10,706,000 during the first half of 1999.
The OTHER ACTIVITIES sector (distribution and miscellaneous) represented a sales
figure of EUR 12.8 million, up 5% over the previous year at comparable
structure. Net income for this sector is a loss of EUR 560,000 as compared with
a loss of EUR 711,000 for the first half of 1999.
b) Prospects for 2000
------------------
The highly satisfactory results for the first half of 2000 as well as the
sustained level of activity presently observed lead us to be confident for the
full year 2000.
We expect before taking the Saatchi & Saatchi operation into consideration, an
increase in our revenues of more than 30% as well as a sharp increase in our
current income.
Furthermore, we must point out that the Saatchi & Saatchi Group will be
consolidated in the Publicis financial statements as of 1 September 2000 by the
'pooling of interest' method under French GAAP.
The new group, named Publicis Groupe S.A., is now the fifth largest
advertising group worldwide, established on the five continents and having an
overall income of EUR 2.1 billion.
-11-
<PAGE>
VIII - REPORT BY THE STATUTORY AUDITORS ON THE CONSOLIDATED INTERIM POSITION
In application of the provisions of article 341-1 of the law of 24 July 1966 and
of article 297-1 of the decree of 23 March 1967, we present to you our report
on:
- limited examination of the consolidated interim financial statements of
Publicis Groupe S.A. relative to the period from 1 January 2000 to 30
June 2000, prepared in euros;
- verification of the information provided in the half-yearly report
completing these consolidated interim financial statements.
The consolidated interim financial statements have been prepared under the
responsibility of your Board of Directors. Our role is to express an opinion on
these statements, based on our limited examination.
We conducted our reviews in accordance with the generally accepted auditing
standards. These standards necessitate procedures substantially less in scope
than an audit in order to confirm that the interim financial statements do not
contain significant material misstatements. An examination of this nature does
not include all of the procedures performed as part of an audit, but is limited
to analytical procedures and to making enquiries of the directors and all other
competent persons that we deemed necessary.
On the basis of our limited review, we have not noted any significant
misstatements that would call into question the fairness and sincerity of the
interim financial statements and the faithful presentation of the result of
operations for the period from 1 January 2000 to 30 June 2000 as well as the
financial position of the group represented by the consolidated companies at the
end of this half year.
Furthermore, we also proceeded with verification of the information in the
half-yearly report of activity complementary to the consolidated interim
financial statements on which our limited examination was based.
We have no comment on the fairness of the information contained in this
half-yearly activity report.
Paris, 15 September 2000
The Statutory Auditors
Pierre Loeper Cabinet Mazars et Guerard
Frederic Allilaire Jose Marette
-12-
