GL EVENTS RAPPORT GB

2004
ANNUAL REPORT
BRINGING PEOPLE TOGETHER

CONTENTS
> 2004 ANNUAL REPORT
THE GL EVENTS GROUP
03 GL EVENTS IN BRIEF
04 MESSAGE FROM THE CHAIRMAN
06 INTERVIEW WITH VICE-CHAIRMAN
08 2004 BUSINESS HIGHLIGHTS
10 PRESENTATION OF THE GROUP GL EVENTS’
BUSINESSES RECENT DEVELOPMENTS
AND OUTLOOKS
15 STOCK PERFORMANCE
AND SHAREHOLDER INFORMATION
18 CORPORATE GOVERNANCE
24 REPORT OF THE CHAIRMAN
28 GLOBAL SERVICES
36 VENUE AND EVENT MANAGEMENT
41 REGULATION
42 INVESTMENT POLICY
43 SUPPORT SERVICES
AND COMMERCIAL ORGANIZATION
46 SUSTAINABLE DEVELOPMENT
PARENT COMPANY FINANCIAL
STATEMENT
90 MANAGEMENT REPORT ON THE PARENT
COMPANY FINANCIAL STATEMENTS
97 RESOLUTIONS SUBMITTED TO THE ANNUAL
SHAREHOLDERS’MEETING OF 20 MAY 2005
99 GENERAL INFORMATION CONCERNING GL
EVENTS AND ITS CAPITAL
107 RESPONSIBILITY FOR THE REFERENCE
DOCUMENT AND CERTIFICATION
CONSOLIDATED FINANCIAL
STATEMENTS FOR THE YEAR ENDED
AT 31 DECEMBER 2004
50 MANAGEMENT REPORT ON THE CONSOLIDATED
AND PARENT COMPANY FINANCIAL STATEMENTS
56 CONSOLIDATED FINANCIAL STATEMENTS
61 NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS AT 31 DECEMBER 2004
88 STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED AT 31 DECEMBER 2004
2 > 2004 ANNUAL REPORT GL events

GL EVENTS IN BRIEF
GL events, a leading international provider of event industry
services, operates in two major sectors :
GLOBAL SERVICES
> TRADE SHOWS, EXHIBITIONS AND EVENTS
> PERMANENT AND SEMI-PERMANENT REALISATIONS
VENUE AND EVENT MANAGEMENT
GL EVENTS, A UNIQUE ONE-STOP SOURCE
FOR EVENT INDUSTRY SOLUTIONS
KEY FIGURES IN 2004 :
Created in 1978
Net sales of €355.5 million
2,130 employees
A network of 50 offices in France and 16 international markets
offering local event industry expertise and service
GL events 2004 ANNUAL REPORT < 3

International Convention Center of Barcelona

MESSAGE FROM
OLIVIER GINON
> CHAIRMAN
First of all, I would like to thank all group employees for
their high level of professionalism and commitment to
ensuring the satisfaction of our customers.
In 2004, the group's international operations achieved
strong growth and now account for 30% of total sales.
In Global services, more than one intervention out of five
is outside of France. The group's international dimension
has been strengthened by foreign companies in
different countries that have joined us and enrich our
international culture everyday. GL events provides
services throughout the world supported by a network
of 13 subsidiaries covering the world's major geographical
regions and more than 20 different nationalities
work together today within the group.
Venue and event management also experienced strong
growth, accounting for 23% of group sales at year-end.
As a result, the objective of increasing its contribution
to total sales to 25% in 2005 should be largely surpassed.
As part of the strategic restructuring of Global
services, the fittings activity has been repositioned and
the group continued to develop its service offering,
particularly in the United Kingdom. This "historical"
activity of the group constitutes the cornerstone of GL
events’ global offering.
> Global services for trade shows, exhibitions and
events (temporary realizations) and for permanent and
semi-permanent realizations.
> Venue (exhibition centers, convention centers, performance
halls, etc.) and event management (corporate,
economic, cultural, political, sporting).
The outlook for 2005 is promising for Venue and event
management. This activity will benefit notably from
Market Place’s full year contribution and recent venue
management acquisitions (Chorus in Vannes and the
successes in winning privatization bids to manage
exhibition centers in Padua Italy and Budapest Hungary).
In Global services we will achieve growth by further
strengthening our range of expertise and geographical
coverage. In addition, we will pursue synergies between
our two major business lines. This will in turn
contribute to optimised performances across the event
service chain, sustained improvements in GL events'
earnings and the creation of shareholder value.
As a result, our strategy of developing an increasingly
comprehensive event industry offering in France and
international markets remains on track.
Since our creation, we have adopted a flexible organization,
encouraging responsibility, creativity responsiveness
and synergy. In line with this approach, we have
further simplified our organization, establishing two
major divisions:
GL events 2004 ANNUAL REPORT < 5

Equita Lyon

INTERVIEW WITH
OLIVIER ROUX
> VICE CHAIRMAN
WHAT MAJOR EVENTS MARKED 2004?
Global services in 2004 participated in a number of
major international sporting and cultural events including
notably the Athens Olympic Games, the Universal
Forum of Culture in Barcelona and the PanArab Games
in Algers.
We would like to thank our customers for renewing
their confidence in us in 2004 as they have done for a
number years. The visibility provided by this recurrent
business ensures that we can continue to carry out the
necessary investments. Such customers include notably
the Reed group, Première Vision, Prêt à Porter,
Sepelcom in addition to several national and regional
event industry players.
Venue and event management in 2004 was marked by
the opening of the Barcelona International Convention
Center and the Grande Halle d’Auvergne, inaugurated
by the start of the Paris-Dakar rally.
GL events also strengthened its position in event engineering
services. In 2004, the group organized such
events as EURO PCR (cardiology), the Founding
Congress of the United Cities and Local Governments
(an organization bringing together local governments
including 100 of the world's largest cities), the convention
of French solicitors (notaires) and the Salon
Equita, etc.
WHAT IS THE OUTLOOK FOR 2005?
GL events must strengthen its position in the segment
of large national and international companies by leveraging
the experience and expertise of its subsidiaries
Package, Europa Organisation and Market Place.
We must also meet a number of challenges. These
include actively promoting the integration of the recent
additions to the group's venue portfolio in Padua,
Budapest and Vannes and continuing to respond to
calls for tender for venue management.
Several challenges also await us as we contribute to a
number of major events to come: the Olympic Games
in Turino, the Jeux de la Francophonie in Niger, the
Asian Games in Qatar, the America’s Cup in Valence
and our renewed participation in the international fine
watchmaking exhibition in Geneva, in addition to recurring
events that highlight the satisfaction of our customers
of long date from one year to the next.
The group has further adapted its organization to meet
the needs of our markets through a transversal commercial
structure to provide improved coverage and
local service for our customers.
Group expertise was strengthened by the acquisition of
Market Place, an event organization specialist which
will allow us to further develop the corporate segment
and improve the quality of our existing trade show and
event engineering services. Coordination with the different
Global services lines will promote synergies and
enhance the overall quality and coverage of our event
engineering services.
GL events 2004 ANNUAL REPORT < 7

2004 GROUP BUSINESS HIGHLIGHTS
JANUARY 2004
> Inauguration of the Grande Halle d’Auvergne with the launch
of the Paris-Dakar rally
An exhibition hall of 12,600m 2 housed the technical verifications
and stands, while the drivers received their briefing in the Zenith
concert hall able to receive up to 8,500 people.
A total of 70,000 visitors attended the preparations and start of this
legendary rally wich began in a snowcovered landscape.
MAY 2004
> The Barcelona international convention (CCIB) opens its doors
GL events was selected in 2001 to manage through a 21-year
concession the Barcelona International Convention Center (CCIB),
ideally situated along the Mediterranean Sea and one of Europe's
largest venues. The site includes two buildings: an exhibition space
of 12,000 m 2 with meetings rooms laid out over 5,000 m 2
and a forum, with a modular stage area, capable of welcoming
3,200 people.
> Universal Forum of Cultures
The inaugural event of the CCIB was destined to provide a forum
for exchange focusing on three major themes of the 21 st -century:
cultural diversity, sustainable development and the conditions
for peace . At this event, GL events installed for the four-month
duration of the event a temporary space of 15,000 m 2 : the Heima.
8 > 2004 ANNUAL REPORT GL events

AUGUST 2004
> GL events successfully wins two competitive bids for the
Athens Olympic Games
GL events installed 52,000 grandstand seats on 12 of the Olympic
sites around Athens, representing 60% of total requirements
for the Olympic Games. Furthermore, GL events installed
34,000 m 2 of equipped temporary structures on 20 Olympic sites
and produced 12,000 signs.
SEPTEMBER 2004
> Market Place, an event organization and communications
specialist joins GL events
Created in 1973, Market Place is a leading French event communications
specialist. It organizes 100 events every year. This acquisition
strengthens the group's existing offering through Europa
Organisation, Package and Esprit Public and will generate new
synergies by making possible to offer services further up in event
organization process.
AUGUST 2004
> GL events acquired Temp-A-Store
The Acquisition of the leading UK provider of temporary storage
and warehousing strengthens GL events’ position in this market
in the United Kingdom, expanding the service offering of SF
Protection.
SEPTEMBER 2004
> GL events lights up the opening ceremony of the Panarab
Games of Alger
For the 10 th Panarab Games, GL designed and installed the lighting
and sound solutions for the opening ceremony of 23 September
for 65,000 guests: lighting, sound system, stage facilities, giant
inflatable screen, video, laser and special effects, etc.
GL events 2004 ANNUAL REPORT < 9

PRESENTATION OF THE GROUP
GL EVENTS’ BUSINESSES, RECENT
DEVELOPMENTS AND OUTLOOKS
BUSINESS OVERVIEW
SERVICE PROVIDERS
END CUSTOMER
VENUES
ORGANIZERS
GL events is a global provider of event solutions for
organizers, communications agencies, corporations,
institutions, etc.
In close partnership with clients, the group provides
assistance from project design to completion
Key event industry players include:
> Organizers, exhibitors, communications agencies,
> Service providers,
> Venues (exhibition and convention centers, concert
halls, auditoriums, stadiums, etc.).
The most important is of course the end customer
(corporations, local government and administrations,
associations, etc.). The end customer may in turn select :
> one of the other event industry players while
assuring the coordination,
> any of these players to assure the comprehensive
management of the event.
In this environment GL events has reinforced its
historical expertise in event industry services through a
portfolio of venues (convention centers, exhibitions centers,
Zenith concert halls) and event engineering services
to provide organizers global solutions.
Today the group offers an extensive range of venues and
associated services.
10 > 2004 ANNUAL REPORT GL events

GL EVENTS MARKETS :
TRADE SHOWS AND EXHIBITIONS professionals
and the general public represent a solid market in which
GL events has historically occupied a very strong
position. This market generates significant volumes and
is an important contributor of recurring revenue
(approximately 85%).
EVENTS are temporary and diverse in nature (sporting,
cultural, institutional, political or corporate), in
scale (local, national or international) and the profile of
organizers (corporations, associations, local governments,
etc.). The share of recurrent event business serviced
by the group is estimated at approximately 60%.
CONGRESSES AND CONVENTIONS represent
an expanding market, offering significant synergies with
the group's other activities. In France, more than 3,500
congresses and conventions are organized every year.
GL events has also developed expertise as a provider of
permanent and semi-permanent realisations and in the
sale of durable goods.
In all these markets, GL events proposes both comprehensive and targeted solutions for specific aspects
of an event:
> EVENT ENGINEERING (MARKETING STUDIES, CONSULTING AND COORDINATION)
> GLOBAL SERVICES (GENERAL INSTALLATIONS, IMAGE, STRUCTURES, BLEACHERS, LIGHTING,
SOUND SYSTEMS, STANDS, EQUIPMENT, DATABASE MANAGEMENT, HOSPITALITY SERVICES, ETC.)
> VENUES (CONVENTION AND EXHIBITIONS CENTERS, CONCERT HALLS, ETC.)
> DESIGN AND IMPLEMENTATION OF TEMPORARY AND PERMANENT INSTALLATIONS
> CREATION, LEASING, SALE AND INSTALLATION OF EQUIPMENT
GL events 2004 ANNUAL REPORT < 11

FINANCIAL HIGHLIGHTS
SALES GROWTH : 2000-2004
NET PROFIT OF FULLY CONSOLIDATED
COMPANIES BEFORE AMORTIZATION OF GOODWILL
Sales (€ millions)
Net profit of fully consolidated
companies ex GW 1.00
Adjusted EPS (€) 0.92
1.03
0.71 0.77
AVERAGE
GROWTH OF 14%
OVER THE LAST
FOUR YEARS
214 235 302 340 355
2000 2001 2002 2003 2004
9.8 9.8 13.2 14.9 16.7
2000 (*) 2001 2002 2003 2004
(*) Net income 2000 excluding Paris Expo capital gain
AVERAGE
GROWTH OF 15%
OVER THE LAST
FOUR YEARS
INTERNATIONAL SALES
GEARING
30 %
23 % 23 %
25 %
20 %
AN EXTENSIVE
WORLDWIDE
PRESENCE TO
ENSURE THE
SUCCESS OF INTER-
NATIONAL EVENTS
48 55 76 69 106
2000 2001 2002 2003 2004
22 % 57 % 59 % 36 % 37 %
2000 2001 2002 2003 2004
A SOLID BALANCE
SHEET TO
SUPPORT
SUSTAINED
GROWTH
international sales (€ millions)
INTERNATIONAL SALES AS A % OF TOTAL
GEARING (%)
COMPANY MILESTONES
1978>1984
CREATION BY OLIVIER GINON AND THREE PARTNERS
(Gilles Gouedard-Comte, Jacques Danger and Olivier
Roux) of Sarl Polygone Services followed by the progressive
addition of important national contracts notably
for exhibitions centers and trade groups (Infora,
Europack, Première Vision).
1989
Alliance between Groupe Polygone (No. 1 in France for
the installation of exibitions and events) and Cré-Rossi
(the rental of trade show furniture, accessories and surfaces).
The new entity adopts the name of GÉNÉRALE
LOCATION.
1990>1997
OVER EIGHT YEARS OF SUSTAINED GROWTH, GL
built a network of specialists and strengthened its
STRATEGY OF PROVIDING GLOBAL SOLUTIONS
through acquisitions and creations in the following
fields: general installations for exhibitions, equipment
leasing, premium stands, signage, fixtures for
mass retailers and museums, hospitality services. In
addition, the group established a presence in Dubai.
Development of the "event" business: European
summit of Cannes in June 1995 and Summit of Heads
of State of French speaking nations in Benin.
At 31 December 1997, the group had net sales of
€113 million.
12 > 2004 ANNUAL REPORT GL events

1998
The group enters the sector of large international events:
World Football Championship, World’s Fair of Lisbon,
Summit of French Speaking Nations, Heads of State
Summit, Roland Garros French Open, Cannes Film Festival.
The group strengthened its expertise in general installations
for exhibitions.
On 25 November 1998, the company was listed on the
Second Marché of the Paris stock exchange.
At 31 December 1998, the group had net sales of €130
million and a net attributable profit of €3.4 million
1999
Significant investments in database access control and
management. Creation of a furniture subsidiary in Hong
Kong.
First Venue management acquisition through a 51% stake
in SECIL in connection with the renewal of the agreement
with the city of Lyon to manage the Lyon Convention Center.
Acquisition on the market of 23.52% of shares in Paris
Expo, traded on the Second Marché of the Paris stock
exchange and manager of the exhibition center located
at Porte de Versailles in Paris.
Following a takeover bid launched by Unibail followed by
a counter bid by GL, contribution in early 2000, of shares
acquired at a price of €117 per share generating a capital
gain of €14.3 million net of tax reducing gearing from
93% at 31 December 1999 to 22% in February 2000.
2000
An exceptional year of external growth. International
expansion in Hong Kong in the audiovisual field and Belgium
for general installations and Global services. In
France, the group developed new expertise in temporary
storage solutions and modular equipment for exhibitions.
In addition, the group established operations in Poitiers
for fittings and general installations.
It was also a year of important business successes and
the completion of major projects: Sydney Olympic Games,
Summit for the European Heads of State coinciding with
the French Presidency of the European Union, and a
significant number of YK2 events.
This period had sales of €214 million and net attributable
earnings of €22.3 million (€8.5 million excluding the capital
gain from Paris Expo).
2001
Two acquisitions were completed: in the United Kingdom,
a specialist in the rental and installation of temporary
structures, principally for events and in France, a convention
engineering and organization specialist.
Despite deteriorating economic and geopolitical conditions,
sales grew 10% to €235 million resulting in a net
attributable profit of €9.2 million.
2002
Significant expansion accompanied by the strengthening
of all business lines:
> Venue and event management: acquisition of
Toulouse Expo (holder of the concession of the Toulouse
Exhibition Center), winning of the concession for the
Toulouse Pierre Baudis Convention Center, acquisition
of a specialist in institutional and events communications,
completing its upstream capabilities.
> Fittings and systems: acquisition of a specialist in
upscale fittings for office properties and cruise ships
> Global services: opening of offices in Grenoble and
Toulouse
2003
Venue and event management registered very strong
growth, boosted by the contribution from Europa Organisation
that joined the events organization sector. The
Paris Floral Park and the Grande Halle d’Auvergne (Exhibition
Center and the Zenith concert hall) were added to
the group's portfolio of premium venues.
In July, to generate resources to support its growth in the
event market, the group carried out a capital increase of
€13.4 million. This equity issue was oversubscribed and
raised to €15.4 million.
On 3 November, following the approval on 20 October of
the extraordinary shareholders' meeting, Générale Location
became GL events.
2004
The year was marked by further expansion of the Venue
management business with the acquisition in Paris of an
event organization and communication specialist, Market
Place, contributing to synergies and enabling GL
events to pursue its strategy of positioning the group further
upstream the event industry chain. In August, GL
events reinforced its leadership in Europe in the leasing
and sale of temporary structures with a new acquisition
in the United Kingdom, Temp-A-Store, further strengthening
its position in this latter market.
On 1 December 2004, the group launched a share buyback
program concerning a maximum of 10% of its share
capital.
GL events 2004 ANNUAL REPORT < 13

OBJECTIVES AND OUTLOOK
GL events' goal is to become the leading integrated
international event industry group by 2008. This will be
achieved through the integration of new areas of expertise
to complete our global offering combined with a
streamlined organization covering three major areas of
expertise: Global services, Venue management and
Event management.
Internal growth to support this expansion will be achieved
by growing business volumes, developing Venue
management and technical services in the area of fittings,
long-term equipment leasing and trade show and
event engineering.
Acquisitions will also be pursued based on four criteria:
geographical growth opportunities, complementary
expertise, business lines offering high added value and
the addition of new international venues.
RECENT DEVELOPMENTS
Early 2005 has already been marked by major international
successes in winning privatization bids for exhibition
parks in Padua and Budapest. The Barcelona
International Convention Center is also expected to
register gains in volume in the year in progress. GL
events also recently announced the acquisition of Cho-
rus, charged with managing the Vannes Exhibition Center
until 2010 under a public service management
agreement (contrat de délégation de service public)
(annual sales of €1.6 million).
For Global services, 2005 will be marked by the development
of Tempastore in the United Kingdom, participation
in the Superbowl final and the Test Events for the
Turin Olympic Games (with the group already a candidate
to provide event services for the 2005-2006 Winter
Games). With the restructuring of the Fittings business
now completed, 2005 sales will no longer be subject to
an unfavourable basis effect.
For Venue and event management, 2005 will be marked
by the full-year consolidation of Market Place, the first
full year of operations for the Barcelona International
Convention Center with forecasted sale of €20 million.
The group also confirms dual objective of adding two
new venues per year and strengthening the event organization
activity through additional acquisitions.
On the basis of these trends, the group anticipates another
year of sustained growth in 2005. Our guidance for
2005 is sales exceeds €400 million accompanied by further
improvements in margins.
14 > 2004 ANNUAL REPORT GL events

STOCK PERFORMANCE AND
SHAREHOLDER INFORMATION
source : site internet Euronext Paris
(www.euronext.fr)
Eurolist B > CAC Small 90
ISIN code > FR 0000066672
Bloomberg code > GLOFP
REUTERS > GLTN.PA
FTSE classification > 581
Since its initial public offering, GL events has applied
a communications strategy aimed at strengthening
investor relations.
The company's website www.gl-events.com, provides a
section for shareholder information under the heading
“financial information” , which includes:
EMAIL :
infos.finance@gl-events.com
GL events is a member of the Nextprime segment
established in January 2002 by Euronext that imposes
obligations concerning financial transparency (obligation
to publish financial information in addition to that
required by law) and liquidity (continuous trading).
ANALYSIS OF THE SHAREHOLDER
STRUCTURE
> archives of past press releases
> a calendar of financial communications
> a shareholders guide
> annual reports (also able to be downloaded) and
other corporate publications
> group financial highlights
Upon simple request to the financial communications
department, shareholders can obtain documentation
and request copies of press releases that can be sent by
mail, fax or email in real-time.
37,6 %
Public
5,0 %
Bank
of Vizille
57,4 %
Polygone
SA
GL events 2004 ANNUAL REPORT < 15

DIVIDENDS
Dividends distributed for the last five accounting periods and proposed at the next general meeting are as
follows:
(The following figures are adjusted for the five-for-one stock split of the nominal value of 15 June 2001)
FINANCIAL PERIOD ENDING
Net dividend Tax credit Gross dividend
per share (€) per share (€) per share (€)
31 December 2000 0.28 0.14 0.42
31 December 2001 0.28 0.14 0.42
31 December 2002 0.32 0.16 0.48
31 December 2003 0.37 0.19 0.56
31 December 2004 0.41 - 0.41
THE MARKET FOR GL EVENTS SHARES
GL events is traded the Eurolist –category B of the Paris stock exchange. Since it was listed on 25 November
1998, the stock price has evolved as follows (data restated to take into account the five-for-one stock
split of the nominal decided on 15 June 2001):
Closing price Number of Trading volume in
YEAR in euros shares traded thousands of euros High in euros Low in euros
(annual average) (thousands) (annual total)
1998 5.36 1,177 6,311 5.64 5.03
1999 6.56 1,514 9,929 13.18 4.38
2000 18.52 1,755 32,516 24.80 10.80
2001 19.93 1,486 25,059 27.43 7.30
2002 16.31 1,428 24,164 19.65 10.50
2003 14.99 2,217 34,405 18.00 10.20
Closing price Number of Trading volume in
MONTH in euros shares traded thousands of euros High in euros Low in euros
(monthly average) (thousands) (monthly total)
2003
September 17.04 440 7,531 18.00 15.80
October 17.07 196 3,357 17.50 16.63
November 17.28 225 3,895 17.68 16.75
December 17.31 126 2,182 18.00 16.70
2004
January 19.02 360 6,817 19.68 17.80
February 19.40 164 3,202 19.77 18.75
March 19.24 291 5,614 20.49 18.00
April 19.27 177 3,429 20.09 18.60
May 18.71 94 1,773 19.55 18.01
June 18.94 154 2,968 20.15 18.01
July 19.42 134 2,623 20.45 18.01
August 17.49 114 1,967 18.50 16.00
September 274 274 19.19 16.10
October 18.19 283 5,124 19.14 16.65
November 19.20 154 2,958 19.90 18.10
December 19.51 144 2,813 20.04 18.61
TOTAL 2004 18.83 2,343 43,972 20.49 16.00
2005
January 21.09 344 7,223 21.97 19.37
February 22.11 335 7,458 23.50 21.00
Source : Euronext Paris web site (www.euronext.fr)
16 > 2004 ANNUAL REPORT GL events

2005 FINANCIAL COMMUNICATIONS
27/04/2005 Financial press (1)
Place Participants Events
Press release
2005 1 st quarter net sales
20/05/2005 Palais des Congrès de Lyon Annual shareholders meeting
07/07/2005 Financial press (1)
27/07/2005 Financial press (1)
07/09/2005
Press release
2005 half year results
Press release
2 nd quarter 2005 net sales
Paris Palais Brongniart Analysts, fund Financial information meeting : presentation
(10:00 a.m) managers, journalists of 2005 half year results
07/09/2005 Financial press (1)
26/10/2005 Financial press (1)
Press release
2005 half year results
Press release
2005 3 rd quarter net sales
(1) press releases can be consulted starting the prior evening at 6 p.m. at www.gl-events.fr (heading: Financial Information) and are
systematically sent by e-mail to all persons registered on the website or having requested to receive a copy.
QUARTERLY REPORTING
GL events sales from event industry activities are
dependent on the scheduling of special events (political,
cultural, economic) or trade shows and exhibitions
which are not necessarily organized on fixed dates every
year.
While from one year to the next, annual figures
accurately reflect the volume of group business,
quarterly figures do no a meaningful and coherent
indication of trends.
In the interest of providing meaningful financial information,
GL events in consequence does not publish
interim financial statements for the first and third quarters
of each year as they do not contribute to accurately
presenting business trends. Due to scheduling issues
and invoicing procedures, sales and, in consequence
profit margins, are sometimes concentrated within a few
months with there being no guarantee of the same
trends reoccurring the following year.
PUBLICATION OF PRESS RELEASES
GL events press releases are available the day before
their publication in the financial press (after 6:00 p.m.)
at the web site www.gl-events.com (under "financial
information"). They are also systematically sent by
email, fax or mail to all persons who have so requested
(faxes are also sent the evening before while mail is sent
according to regular postal delivery).
ANNUAL REPORTS
Copies of the annual report can be obtained on request.
Electronic copies may be downloaded from our
website. Previous press releases and annual reports
(since the company's IPO) can also be consulted at the
website.
AVAILABILITY OF DOCUMENTS IN FRENCH AND ENGLISH
English translations of financial disclosures are available
at the website www.gl-events.com under "financial
information" or in printed hard copy versions.
FINANCIAL ANALYSTS
CM-CIC Securities, IXIS Securities, Oddo Midcaps,
Fideuram Wargny, Gilbert Dupont, Portzamparc, SG
Securities
INVESTOR RELATIONS DEPARTMENT
ERICK ROSTAGNAT
Chief Financial Officer - Investor relations
GL events
Route d’Irigny - 69530 BRIGNAIS
Tel. : +33.(0)4 72 31 54 20 – Fax : +33.(0)4 72 31 54 95
Site internet : www.gl-events.com
(heading : financial information)
e-mail : infos.finance@gl-events.com
GL events 2004 ANNUAL REPORT < 17

CORPORATE GOVERNANCE
> COMPOSITION AND ORGANIZATION
OF THE BOARD OF DIRECTORS
AND SUPERVISORY BOARD
CHAIRMAN
VICE CHAIRMAN
MANAGING DIRECTOR
MANAGING DIRECTOR
MANAGING DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
THE BOARD OF DIRECTORS :
> Olivier Ginon
Appointed by the ordinary general meeting of 24 April 1998 and
reappointed by the ordinary general meeting of 25 June 2004 until
the close of the general meeting to be held in 2010, called to approve the
financial statements for the period ending 31 December 2009.
> Olivier Roux
Appointed by the ordinary general meeting of 24 April 1998 and
reappointed by the ordinary general meeting of 25 June 2004 until the
close of the general meeting to be held in 2010, called to approve the
financial statements for the period ending 31 December 2009.
> Gilles Gouedard-Comte
Appointed by the ordinary general meeting of 14 June 1996 and
reappointed by the combined annual meeting of 20 June 2002, until
the close of the general meeting held in 2008, called to approve the
financial statements for the period ending 31 December 2007.
> Damien Bertrand
Appointed by the combined annual meeting of 20 June 2002 until the close
of the combined shareholders' meeting held in 2008, called to approve the
financial statements for the period ending 31 December 2007.
> AQUASOURCA
represented by Sophie Defforey Crepet
Appointed by the combined annual meeting of 20 December 2002 until
the close of the general meeting to be held in 2008 called to approve the
financial statements for the period ending 31 December 2007. Independent
director.
> Philippe Marcel
Appointed by the combined annual meeting of 11 July 2003, until the
close of the general meeting to be held in 2009, called to approve the
financial statements for the period ended 31 December 2008. Independent
director.
> André Perrier
Appointed by the combined annual meeting of 9 June 2000 until the close of
the general meeting to be held in 2006, called to approve the financial statements
for the period ending 31 December 2005. Audit committee president.
> Erick Rostagnat
Appointed by the combined annual meeting of 20 June 2002, until the
close of the general meeting to be held in 2008, called to approve the
financial statements for the period ending 31 December 2007.
AUDITORS
PRINCIPALS
ALTERNATES
> André Fluchaire, Jean-Paul Simoëns
> Michel Maza, Christophe Velut
18 > 2004 ANNUAL REPORT GL events

GROUP EXECUTIVE COMMITTEE:
The group executive committee includes the following
officers:
FORM OF MANAGEMENT ADOPTED BY THE
BOARD OF DIRECTORS
The combined general meeting of 20 June 2002 voted to
change the bylaws in accordance with the provisions of
Law 2001-420 of 15 May 2001 that modified rules governing
the general management and chairmanship functions
in joint-stock companies (sociétés anonymes).
Under GL events’ bylaws the functions of chairman
(Président) and chief executive officer (directer général)
may be separated while the chairman may or may not be
vested with the powers of chief executive officer.
In accordance with the provisions of decree 2002-803 of 3
May 2002, enacting the law of 15 May 2001, the board of
directors' meeting of 2 December 2002, confirmed
the appointment of Olivier Ginon as chairman-chief
executive officer of the company. Olivier Roux and Gilles
Gouedard Comte were appointed managing directors
(directeurs généraux délégués). At this same board
meeting, Damien Bertrand was also appointed
managing director.
ACTIVITY OF THE BOARD OF DIRECTORS, THE
EXECUTIVE COMMITTEE AND OTHER COM-
MITTEES
BOARD OF DIRECTORS:
Refer to the report of the chairman on the activity of the
board of directors on page 24.
Olivier Ginon
> CHAIRMAN
Olivier Roux
> VICE-CHAIRMAN, MANAGING DIRECTOR
Gilles Gouedard-Comte
> FOUNDING PARTNER
Damien Bertrand
> MANAGING DIRECTOR
Erick Rostagnat
> CHIEF FINANCIAL OFFICER,
INVESTOR RELATIONS
Jean-Eudes Rabut
> EXECUTIVE MANAGER,
VENUE AND EVENT MANAGEMENT
Marc Doncieux
> CONVENTIONS AND EVENTS MANAGER
Daniel Chapiro
> EXECUTIVE MANAGER
Catherine Perrin
> HUMAN RESOURCES MANAGER
Bruno Mascart
> INTERNATIONAL OPERATIONS MANAGER
GL events 2004 ANNUAL REPORT < 19

GROUP EXECUTIVE COMMITTEE
EXECUTIVE COMMITTEE
Members of this committee are listed on page 19.
This committee reviews and makes operational decisions
concerning the organization, finance and human
resources. It reviews potential acquisitions in order to
make recommendations to the board of directors and
implements all group strategies.
This committee met 20 times in 2004.
SYNERGY COMMITTEE
Including management of the key group subsidiaries
(covering all divisions) and business units, this committee
meets once a week to exchange information and
provide coordination for short-term commercial and
operating issues.
DIVISION EXECUTIVE COMMITTEES
Division executive committee meetings are held for
business unit managers to monitor operating and
financial issues for all concerned companies.
AUDIT COMMITTEE
Members of this committee include Olivier Ginon,
André Perrier (Independent Director), Erick Rostagnat,
Gilles Gouedard-Comte, Daniel Chapiro and Jean-
Charles Desrayaud (manager, accounting and tax).
It ensures the effectiveness and consistency of procedures
applied by group companies.
It reviews the application of internal procedures,
extends their areas of application and ensures the
transparency and quality of group financial communication.
In 2004, this committee met four times. The auditors
participated in these meetings.
RISK MANAGEMENT COMMITTEE
This committee includes Olivier Ginon, Erick
Rostagnat, Catherine Perrin, Antoine Stehelin (Chief
Legal Officer), Jean-Charles Desrayaud, Marie-Pierre
Bossard (Risk Manager). It is also assisted by an outside
attorney. The committee meets twice yearly to
evaluate employee-related, tax and customer risks
that could adversely impact the group's financial position.
INVESTMENT COMMITTEE
Comprised of Erick Rostagnat and Daniel Chapiro, this
committee is convened on demand to review and
approve investment requests not included in the initial
budget or exceeding certain defined amounts.
COMPANY STOCK HELD BY DIRECTORS AND
OFFICERS
COMPENSATION AND BENEFITS GRANTED TO
EXECUTIVE OFFICERS IN 2004
As indicated in the Auditors' special report, Groupe
Polygone invoiced GL events fees for management
services in 2004 totalling €781,149.
These fees cover gross compensation and benefits
in-kind of €248,431 paid to Olivier Ginon and €220,990
to Olivier Roux in 2004.
Compagnie du Planay, the personal holding company
of Gilles Gouedard Comte invoiced GL events management
fees totalling €220,200 in 2004.
Damien Bertrand received gross compensation
including benefits in-kind of €220,540 in 2004.
Erick Rostagnat received gross compensation including
benefits in-kind of €159,264 in 2004.
The meeting of the board of directors of 5 December
2003, decided to allocate among independent directors
attendance fees totalling €15,000 (€5,000 per director),
in accordance with the allocation voted by the annual
shareholders' meeting of 15 June 2001 providing for
maximum attendance fees of €22,866 for 2001 and
the following years, until a decision to the contrary is
adopted. This amount has been allocated in 2004
accordingly: €5,000 per independent director.
20 > 2004 ANNUAL REPORT GL events

STOCK OPTIONS GRANTED TO AND EXERCISED BY OFFICERS
Only GL events granted stock options in 2004.
STOCK OPTIONS GRANTED AND
EXERCISED DURI NG THE PERIOD
Number of options
Granted
Exercised
Erick ROSTAGNAT 5,000 - €16.57 03/09/2006 (1) N° 8-04-1
Damien BERTRAND 8,000 - €16.57 03/09/2006 (1) N° 8-04-1
Damien BERTRAND (*) 7,500 €5.14 15/01/2004 (2) N° 1-99-1
Damien BERTRAND (**) 7,500 €11.69 28/02/2005 (2) N° 3-00-1
Damien BERTRAND 10,000 €7.39 15/01/2004 (2) N° 2-99-2
Olivier GINON (*) 30,000 €5.14 15/01/2004 (2) N° 1-99-1
Olivier GINON (**) 25,000 €11.69 28/02/2005 (2) N° 3-00-1
Gilles GOUEDARD COMTE (*) 15,000 €5.14 15/01/2004 (2) N° 1-99-1
Gilles GOUEDARD COMTE (**) 15,000 €11.69 28/02/2005 (2) N° 3-00-1
Olivier ROUX (*) 20,000 €5.14 15/01/2004 (2) N° 1-99-1
Olivier ROUX (**) 25,000 €11.69 28/02/2005 (2) N° 3-00-1
Price
Maturity
date
(1) Starting date for the exercise of options
(2) End of the lock-up period
((*) Options exercised during 2003, decided by the Board of Directors’ meeting of 5 March 2004
(**) Options exercised during 2004, decided by the Board of Directors’ meetings of 5 March 2004 and 11 March 2005
Plan
NATURE AND SCOPE OF RELATED-PARTY AGREEMENTS CONCLUDED BETWEEN GL EVENTS, OFFICERS AND SHARE-
HOLDERS HOLDING MORE THAN 10% OF THE VOTING RIGHTS
Directors as persons exercising management functions in the group receive benefits and services to fulfil their
duties (company cars and reimbursement of travel expenses).
> La Banque de Vizille, other than for its normal banking activities, did not invoice any fees or services.
> Société Lyonnaise de banque, a shareholder of Banque de Vizille, provides services in connection with its ordinary
banking activities.
> Polygone invoiced a fee of €781,149 corresponding to 0.22% of consolidated sales between 1 January and 31
December 2004, according to the terms of the management agreement between the two companies.
Agreements have been concluded between GL events and group subsidiaries for the provision of management services
and information technology assistance. The terms and amounts invoiced under these agreements with companies
having common management are described in the auditors' special report.
LOANS AND GUARANTEES GRANTED IN FAVOUR OF DIRECTORS AND OFFICERS
None
EMPLOYEE PROFIT SHARING AND STOCK-BASED COMPENSATION
EMPLOYEE PROFIT-SHARING PLANS
None
OPTIONS GRANTED TO AND EXERCISED BY THE TEN GL EVENTS EMPLOYEES WHO ARE NOT OFFICERS
Only GL events granted options in 2004.
OPTIONS GRANTED OR EXERCISED
IN THE PERIOD
Number of options
Granteds
Exercised
Average
weighted
price
Maturity data
Options granted in the period 27,700 €16.57 03/09/2006 N° 8-04-1
10,000 €7.39 15/01/2004 N° 2-99-2
Options exercised in the period 23,000 €11.69 28/02/2005 N° 3-00-1
4,300 €8.45 22/10/2005 N° 5-01-1
Plan
GL events 2004 ANNUAL REPORT < 21

APPOINTMENTS HELD BY GL EVENTS MANAGEMENT AS OFFICERS AND DIRECTORS IN OTHER COMPANIES
Olivier Ginon and Olivier Roux assure the management of GL events within the framework of Polygone, GL events’
holding company, Gilles Gouedard Comte within the framework of COMPAGNIE DU PLANAY, his personal holding
company.
Appointments by management in other companies are as follows :
OLIVIER GINON exercises the following functions :
> In holding companies of GL events or in majority interests held by a GL events holding company :
Chairman (Polygone SA)
> In companies consolidated by GL events : Chairman (GL Middle East, GL events CCIB, GL events
Belgium, GL Furniture Asia, GL events USA), Supervisory Board member (Toulouse Expo), Director,
(GL Mobilier, GL Hong Kong, GL Canada, Owen Brown, Team Legend, BS Vision), Director P.R. of GL
(Auvergne Evénements, Europa Organisation, GL Espace et Décor, GL Lumière et Son, Hall Expo),
> In companies not in the GL events group : Director (GL eventi SRL, Lyonnaise de Banque)
GILLES GOUEDARD COMTE exercises the following functions :
> In companies consolidated by GL events : Manager (CDV Organisation), Vice-Chairman (GL events USA),
Director (Fabric Expo, GL Mobilier, Vachon), Supervisory Board member (Toulouse Expo) Director P.R. of
GL (Décorama, Expo Service Cote d’Azur, Meublexpo, Secil),
> In companies not in the GL events group : Chairman (Prisme 3), Manager (La Compagnie du Planay,
Colfic, La Compagnie des Prioux) Director (Ceris).
OLIVIER ROUX exercises the following functions :
> In holding companies of GL events or in majority interests held by a GL events holding company :
Managing Director and Director (Polygone SA),
> In companies consolidated by GL events : Manager (SEPE Ste d’Exploitation de Parcs d’Exposition),
Chairman (Market Place), Director (BS Vision, Décorama, Europa Organisation, Fabric Expo, GL Espace
et Décor, GL Lumière et Son, GL Hong Kong, ISF, Package Organisation, Hall Expo, GL Data Systems,
Ranno Entreprise, Secil), Supervisory Board member (Toulouse Expo), Director P.R. of GL (GL Image),
Director P.R. of GL Espace the Décor (Standard Décoration), Director R.P of GL Mobilier (Vachon), Director
R.P of BS Vision (BSI), Director P.R. of GL Espace et Décor (Etablissement Regam).
> In companies not in the GL events group : Director (Prisme 3)
DAMIEN BERTRAND exercises the following functions :
> In companies consolidated by GL events : Chairman-CEO (GL Espace et Décor), Director (Etablissement
Regam, BSI), Director (BS Vision, GL Data Systems, GL Lumière et Son, GL Mobilier, Hall Expo,
SF, Ranno Entreprise, Standard Décoration, GL events Belgium, Vachon), Director R.P of GL Espace et
Décor (Auvergne Evénements),
> In companies not in the GL events group : Director (Idées en Tête), Director R.P of BS Vision (BSE),
Director R.P of GL events (Evexpo).
22 > 2004 ANNUAL REPORT GL events

SOPHIE DEFFOREY CREPET, PR OF AQUASOURCA exercises the following functions :
> In companies not in the GL events group : Chairman of the Board of Directors (Aquasourça), Director
(Emin Leydier, Floreane, Intelnet Telecom).
PHILIPPE MARCEL exercises the following functions :
> In companies not in the GL events group : Chairman (ADECCO TT, AHF e BUSINESS, ECCO SAS,
SIPEMI, PBM PARTICIPATIONS), Director (ADECIA, EM LYON, APRIL GROUP), Director R.P of Adecco TT
(AJILON France, ex Adecco Consulting), Director R.P of Adecco TT (ALEXANDRE TIC), R.P of Adecco TT
Manager (PIXID).
ANDRÉ PERRIER exercises the following functions :
> In companies not in the GL events group : Director (SA Infoconcert contrôlée par Espace groupe,
Banque Patrimoine et Immobilier), Compliance Officer (Rhône-Alpes Création), (Espace Group).
ERICK ROSTAGNAT exercises the following functions :
> In holding companies of GL events or in majority interests held by a GL events holding company :
Director (Polygone SA),
> In companies consolidated by GL events : Chairman-CEO (Standard Décoration), Director (GL Espana,
GL Image, GL Canada, GL UK, Owen Brown, Package Organisation, Team Legend), Supervisory Board
member (Toulouse Expo), Director (Auvergne événement), Director P.R. of Package (Norexpo), Director
P.R. of GL (GL events Greece, SF Protection, établissement Regam).
GL events 2004 ANNUAL REPORT < 23

REPORT OF THE CHAIRMAN
> ON THE ACTIVITY OF THE BOARD OF DIRECTORS
AND PROCEDURES OF INTERNAL CONTROL
In compliance with the provisions of article L225-37
paragraph 6 of the French commercial code, I hereby
report you on the activity of the board of directors and
the procedures of internal control established by the
company.
WORK OF THE BOARD OF DIRECTORS
GL events is managed by a board of directors comprised
of eight members. Three of these directors are
independent as defined by the Vienot and Bouton
reports because they do not exercise management
functions in the company or in the group to which it
belongs and have no significant relations with the company,
its group or management that could affect their
freedom of judgment.
The chairman of the board of directors is vested with the
broadest powers to act under all circumstances in the
name of the company, subject to the authorities granted
by law to shareholders' meetings as well as the
powers that it specifically accords to the board of directors
within the scope of the corporate charter.
On 5 December 2003, the board adopted internal rules
in compliance with recommendations destined to
improve the governance of publicly traded companies.
These internal rules may be consulted at the web site
of GL events (www.gl-events.com).
In 2004 the board of directors met six times with an
attendance rate of 100%.
Other than the issues and decisions subject to this body,
the board discussed all major issues in 2004: group
acquisitions, marketing, markets and strategy, financial
policy, organisation and internal control.
PROCEDURES OF INTERNAL CONTROL
ADOPTED BY THE COMPANY
THE INTERNAL CONTROL ENVIRONMENT
OF THE GROUP
Internal control is defined by GL events and its subsidiaries
as a set of procedures adopted by management
for the following purposes:
> Safeguarding corporate assets,
> Effective deployment and optimisation of assets,
> Prevention of risks of errors and fraud,
> Assuring the reliability of financial information,
> Compliance with laws, regulations and internal procedures.
Within the GL events group, the system of internal
control is based on:
> Procedural manuals, departmental memorandums
transmitted to concerned parties and integrated in
training seminars destined for different personnel
categories. They set forth the principles and controls to
which each department or business unit must adhere
as well as the areas where the holding company
support services are necessary.
> The recruitment of personnel adapted to the
missions accompanied by ongoing training covering
technical issues and group areas of expertise and its
development.
> Shared corporate values that are reiterated at
information meetings. GL events promotes the decentralization
of responsibilities and the delegation
of authority. To ensure the cohesion of teams and
a common corporate culture, the group relies on core
24 > 2004 ANNUAL REPORT GL events

human values that provide the foundation of the
organization. These include respect for customers,
providing quality services based on ethical business
practices, loyalty, team spirit, respect of deadlines and
professional standards.
Areas covered include notably rules to be followed
concerning:
> commercial and customer credit management
> management of means of payments, bank relationships
and cash flow,
> administration of payroll and human resources
management,
> management of sourcing and investments,
> management and safeguarding of corporate assets,
> insurance and risk management policies,
> principles of control in the area of financial reporting
and consolidation.
At the present time, these manuals and directives do
not cover all requirements and notably documenting
controls and the systematic evaluation of processes.
Strengthening the internal control procedures is an
ongoing group priority. To this purpose it continues to
implement measures to document procedures and progressively
implement comprehensive internal control
guidelines.
PARTIES INVOLVED IN INTERNAL CONTROL,
OPERATING OF FUNCTIONAL PROCEDURES
THE BOARD OF DIRECTORS, THE GROUP EXECUTIVE
COMMITTEE, THE AUDIT COMMITTEE, RISK COMMIT-
TEE, INVESTMENT COMMITTEE
The role of these committees is presented on page 18
to 20 of the annual report.
FINANCE AND MANAGEMENT CONTROL
With 15 management controllers for France and two
international management controllers and auditors who
every year perform assignments in different countries,
the mission of management control is to assess compliance
with group internal rules and procedures for all
group sites and processes, identify incidents of noncompliance
with laws and regulations, ensure that
group assets are safeguarded, evaluate the effectiveness
of operations and ensure that operating risks are
effectively anticipated and managed.
Audit reports are provided to the entities reviewed, their
line management, members of the executive committee
concerned and the group chairman. Corrective
measures are implemented by the appropriate line
management to remedy internal control weaknesses
and make the necessary improvements. Action plans
are developed and monitored by management control.
In addition, group general management attaches considerable
importance to the annual budget planning process
that offers a means to translate strategic orientations
into operational action plans.
To this purpose, group management control issues guidelines
and instructions for teams involved in preparing
the budget.
It coordinates planning and budget control procedures
through a manual defining management rules to be
applied by all group entities, procedures for producing
budgets, forecasting and management reporting.
Management reporting is organized around a management
consolidation tool for results and indicators to
monitor physical and financial items such as trade
receivables, investments and cash flows.
In addition, the monitoring of business constitutes a key
element of group steering and control procedures.
Reviews are organized at the level of operating entities
by management control and for the more significant
entities with group management.
Management control prepares and distributes operating
reports and analyses of variances and important trends
based on information provided by the different entities
in their monthly reports.
LEGAL AND TAX AFFAIRS
The legal and tax affairs department which is charged
with safeguarding the legal interests of the group and
senior executives intervenes in three principal areas
which contribute to internal control:
> Drawing up and updating model contracts and procedures
for operations of a recurrent nature;
> Proposing to general management, in coordination
with Human Resources, procedures concerning the
delegation of authority and the implementation and
monitoring of these rules;
GL events 2004 ANNUAL REPORT < 25

Selecting outside legal counsel, monitoring their services,
performances and their fees in coordination with
management control.
INFORMATION SYSTEMS STEERING COMMITTEE
Group general management created an information
systems steering committee. It includes representatives
of users including members of Finance, Human
resources management information systems. This
committee establishes and maintains a general information
systems plan which meets the needs of the
group organization and general development policy.
Within this framework, it decides notably on the nature
of information systems projects, sets priorities for the
allocation of resources and the information systems
security policy.
INTERNAL AUDIT
In 2004, GL events formed a team of five internal auditors
with expertise in the group's different businesses.
They were selected from a group of subsidiary administrative
and financial management. In addition, the audit
procedures developed to assure that their missions are
performed as effectively as possible were presented to
the board of directors.
In addition to their internal audit function, they participate
in the implementation of new procedures and propose
improvements to existing systems and procedures
they consider necessary.
These internal auditors perform their missions in companies
where they are not engaged in day-to-day management,
discuss their report with the managers concerned
and then present it to group senior management.
In 2004, six companies representing the three group
businesses lines were audited. This program will be
expended in 2005 and the following years to cover on a
regular and rotating basis all subsidiaries representing
significant potential risks and business volume.
STATUTORY AUDITORS
The statutory auditors contribute to group internal
control by providing an independent and objective perspective
when they review semi-annual and annual
financial statements and internal control procedures.
THE PREPARATION OF ACCOUNTING AND
FINANCIAL INFORMATION
Internal control procedures concerning accounting and
financial information are destined to ensure the quality
of financial information produced by consolidated subsidiaries,
the fair presentation of financial information
reported by the group and prevent the risk of errors,
inaccuracies or omissions in group financial statements.
We have previously described the role of group management
control in overseeing monthly management
consolidated financial information.
Budgetary control indicates variances to targets within
the framework of monthly consolidation according to
terms of reference suitable for the oversight of operations,
in a rigorous manner and on a timely basis. It
identifies eventual inconsistencies in relation to budgeted
financial information.
At the same time, the consolidation department carries
out monthly consolidations of group results by combining
the financial statements of subsidiaries and a complete
quarterly consolidation.
Quarterly consolidation makes it possible to produce a
consolidated income statement by nature whose principal
aggregates are compared with those produced by
the management consolidation mentioned above.
Every consolidated subsidiary produces a consolidation
package adhering to group standards based on the
accounting manual and group memorandums which
define rules for accounting recognition and measurements.
This manual and the memorandums describe the
underlying principles to be applied when preparing
financial statements such as the going concern concept,
time period concept, quality of financial information
(comprehensibility, relevance, reliability and comparability).
This manual and the memorandums describe group
principles concerning the recognition, measurement
and presentation of the main accounting components of
the financial statements. These include notably rules
for the measurement of provisions for impairment of
trade receivables, the depreciation or amortization of
leased assets and inventories, other commitments and
contingencies, rules for the translation of the financial
statements of foreign subsidiaries and the principles for
recording and reporting inter-company transactions.
The consolidation department issues instructions before
each consolidation, indicating the timetable and
changes in applicable standards, rules and principles.
In addition, an annual seminar of accounting management
reviews the difficulties experienced in the prior
year and the solutions adopted.
When the consolidation packages are received, the
consolidation department carries out different types of
controls. These include the verification of subsidiary
consolidation packages, reconciliation of changes in
restated shareholders' equity, changes in the consolidation
scope and consolidation accounting such as the
26 > 2004 ANNUAL REPORT GL events

elimination of intercompany transactions, the calculation
of deferred tax, control of the tax calculations, the
proper integration of consolidation packages by verifying
the sum totals of the financial statements, procedures
retained for measuring and recording significant transactions
of an exceptional nature.
For the communication of group financial statements, a
verification committee is responsible for reviewing the
published documents.
Group finance has formed a working group to deal with
IFRS standards (International Financial Reporting Standards).
This working group has carried out a complete
review of the impact of these new standards. After presenting
its main conclusions to the executive committee
and the statutory auditors, this working group,
pending clarification concerning certain details, will
finalize its review in progress in the first half of 2005.
STATUTORY AUDITORS' REPORT PREPARED IN ACCORDANCE WITH THE FINAL PARAGRAPH OF
ARTICLE L.225-235 OF THE FRENCH COMMERCIAL CODE, ON THE REPORT OF THE CHAIRMAN OF
THE BOARD OF DIRECTORS OF GL EVENTS, CONCERNING INTERNAL CONTROL PROCEDURES
FOR THE PREPARATION AND PROCESSING OF FINANCIAL AND ACCOUNTING INFORMATION.
To the shareholders,
As the statutory auditors of GL events and in accordance with the final paragraph of article L.225-235 of the French commercial
code, we hereby report you on the report prepared by the Chairman of your company in accordance with article L.225-
37 (or L.225-68) of said code for the year ended 31 December 2004.
Under the responsibility of the Board of Directors, it is for the Company’s management to determine and implement appropriate
and effective internal control procedures. The Chairman is required to report on the conditions governing the preparation
and organization of the work of the Board of Directors and the internal control procedures implemented within the
Company.
Our responsibility is to provide you with our observations on the information and disclosures contained in the Chairman’s
report concerning the internal control procedures relating to the preparation and processing of accounting and financial information.
We performed our procedures in accordance with professional guidelines applicable in France. These require us to perform
procedures to assess the fairness of the information set out in the Chairman’s report on the internal control procedures relating
to the preparation and processing of financial and accounting information. These procedures include acquiring an understanding
of:
- the objectives and general organization of the internal control system, as well as of the internal control procedures
applicable to the preparation and processing of financial and accounting information, as set out in the Chairman's report;
- the procedures providing the basis for the information presented in the report.
Based on these procedures, we have no matters to report in respect of the information provided concerning the Company’s
internal control procedures relating to the preparation and processing of financial and accounting information, as presented
in the report of the Chairman of the Board of Directors, prepared in accordance with the provisions of the final paragraph of
Article L. 225-37(or article L.225-68) of the French Commercial Code.
Villeurbanne and Lyon, 31 March 2005
THE STATUTORY AUDITORS
ANDRÉ FLUCHAIRE
JEAN-PAUL SIMOENS
GL events 2004 ANNUAL REPORT < 27

GLOBAL SERVICES
In 2004, group businesses were grouped under two major strategic business units to better
reflect GL events' coverage of event industry needs: Global services and Venue and event
management.
To permit comparison with 2003, figures concerning Global services remained nevertheless
presented as follows: Global services for trade shows, events and exhibitions and Global services
for permanent and semi-permanent realisations.
> 1,779 employees
> 77 % of total sales
GLOBAL
SERVICES
21%
for permanent
and semipermanent
realisations
56%
for trade shows,
exibitions and
events
ACTIVITIES, MARKETS AND CUSTOMERS
GLOBAL SERVICES FOR TRADE SHOWS,
EXHIBITIONS AND EVENTS
Global services for trade shows, exhibitions and events
are GL's historical core business and cover services for
temporary and semi-permanent realisations.
These include temporary installations and services:
database management and hospitality services, general
installations, space design, signage, stands, tents
and structures, furniture, grandstands and bleachers,
audiovisual and information technology equipment,
sound systems and interpretation, stage lighting, electricity,
heating and air-conditioning, floral decorations.
These services are supported by significant expertise in
design, engineering, logistics and project delivery management.
Expertise in logistics and a significant inventory
of rental equipment provide an additional competitive
advantage.
> Trade shows and exhibitions in 2004 accounted for
two thirds of services provided. The group has a significant
market share among trade show organizers and
high growth potential among exhibitors.
This business provides recurring revenue through multiyear
contracts (3-6 years) with major organizers such
as Première Vision, Reed Exhibition, as well as many
contracts subject to tacit renewals that the group has
honoured for several years.
The rate of recurrent business in this market is approximately
85%.
The market of conventions and exhibitions which has
registered sustained growth of between 2% and 5% per
year is estimated in France at ¤2 billion.
The exposure of the trade show and exhibition market
to economic trends is limited as exhibitors maintain global
budgets for “below-the-line advertising” for events.
In addition, risks are further limited by GL events’ participation
in a large number of events.
> Events in 2004 accounted for approximately one third
of group sales of this division services. This segment is
characterized by the importance and increasing number
of sporting, economic, scientific, political or business
events (conventions, product launches, hospitality
villages, etc.).
GL events is a major partner of national and regional
events and every year its contribution to large international
events increases in response to the quality of its
services and successful track record. In 2004, the group
participated in a significant number of major events
including the Athens Olympic Games, the Panarab
Games of Algiers, the Barcelona Forum of Cultures,
Cannes Film Festival, etc.
These events call on the full range of the group's technical
expertise and in particular, temporary fittings and
the installation of removable structures and grandstands.
The trend of sustained expansion of this segment
assures GL events a profitable growth market.
International operations provide a source a stable
source of revenue sustained by major sporting,
political or economic events.
GL events 2004 ANNUAL REPORT < 29

GLOBAL SERVICES FOR PERMANENT AND SEMI-
PERMANENT REALISATIONS
Group companies included under this activity are
specialized in designing, installing and manufacturing
a range of durable products and services in contrast to
temporary services for trade shows, exhibitions and
events.
> For permanent and semi-permanent realisations,
expertise in the design and manufacture of aluminium
sections and structures destined for storage offer other
group businesses opportunities to adapt standard
equipment to customer specifications.
> The markets covered by permanent and semi-permanent
realisations include points of sale, show rooms,
reception halls, museums, cultural venues, cruise
ships.
The quality of services offered enables the group to
serve as an assembler for specific events requiring the
creation of temporary installations of a quality
comparable to that offered by permanent realisations
(Summit of Heads of State, etc.)
EXPERTISE
Through a dual strategy of vertical and horizontal integration,
GL currently proposes a unique range of expertise.
And as a partner and adviser to organizers of events,
the group occupies a distinctive place in a market that
remains fragmented.
GLOBAL SERVICES FOR TRADE SHOWS, EXHIBITIONS
AND EVENTS
> Event information management services: before the
event, this makes it possible to optimize communications
and manage the process of registering participants.
During the actual event, it contributes to efficiencies in
handling the arrival of participants and managing access
control. Finally, after the event, it provides tools to analyse
the profile of visitors and maintain subsequent
contacts.
> Hospitality services: to assist, guide and inform visitors
or participants of conventions, GL events provides
bilingual or trilingual hosts able to both participate in the
launch and promotional operations, welcome arrivals at
company locations, enter event data, etc.
> General installations: complementary expertise of a
range of different businesses. GL events’ mission is to
optimize available space by integrating functional (space,
media requirements), technical (management of traffic,
security, etc.) and aesthetic dimensions (image, communications).
> Space design: creativity, functionality, originality, prestige
and aesthetics are all critical factors for a successful
creation and optimal design of hospitality areas, rest
areas, general services, business areas, general meetings,
media centers, forums, restaurants, VIP areas, etc.
> Signage: to inform, guide, invite guests and visitors
throughout their itinerary. It contributes to enhancing the
image of events through their aesthetic qualities an ability
to transform sites.
> Stands: the design and installation of modular stands
to be rented by organizers to exhibitors or traditional and
prestige stands manufactured using all types of materials
designed to customer specifications.
“ Trade shows and exhibitions
in 2004 accounted two thirds
of services provided and high
growth potential among
exhibitors”
30 > 2004 ANNUAL REPORT GL events

GLOBAL SERVICES EXECUTIVE COMITEE (from left to right) : Patrick BAZANAN (Décorama), Olivier DESCAZEAUX (GL Mobilier), Olivier HOHN (Sodem
System et ISF Exposition), Paul MARCADE (GL Espace & Decor Lyon and branches), Xavier MOULLIN (GL Image, GL Lumière et Son, la Boîte à Sons),
Damien BERTRAND (Managing Director, GL events), Christian CHAUMONT (GL Data Systems), Audrey CHAUMONTET (Marketing), Xavier BECKER
(Hall Expo), Bruno MASCART (International), Luc LECLERC (GL Espace & Decor Paris), Michel RANNO (Ranno SA).
> Tents and structures: The group proposes tents and
structures for lease and installation. Destined both for
events and to expand the capacity of conventions and
trade shows, the offer includes design and engineering
services and is supported by a large inventory of equipment
to meet the needs of the largest international
events.
> Furniture: This activity that contributes to creating the
atmosphere and image of an event, includes the rental of
furniture, displays and accessories. The group has an
inventory of 300,000 products, representing more than
1000 references.
> Grandstands and bleachers: Grandstands and bleachers
are provided to welcome visitors and spectators.
They may be set up in temporary or permanent structures
as well as open-air venues. The installation of bleachers,
developed by engineering departments to customer
specifications and the installation site topography are
systematically verified by an independent outside firm
before being delivered. Grandstands designed for prestige
events are capable of fitting all types of seating and
chairs.
> Audiovisual and information technology equipment:
This equipment plays a critical role in the success of an
event and covers the design of visual media, installation
and fabrication of television film sets, installing and configuring
computer equipment, the rental of video-projection
equipment, image walls, plasma displays, etc.
> Systems and interpretation services: The provision
and installation of rented sound system equipment as
well as simultaneous translation systems. These services
are provided for concerts, musical comedies, operas
and theatre performances, trade shows, conventions or
seminars. Simultaneous translation is critical to the success
of international conventions. The offer in this area is
supported by an extensive range of equipment using the
most up-to-date digital and analogue technologies.
> Lighting: Power systems and traditional or decorative
lighting and including the design, modelling and installation.
Decorative lighting, historically associated with
entertainment venues, has become a critical component
for the lighting of many events.
> Heating and air conditioning: For permanent buildings
or temporary structures, the range of equipment deployed
covers a broad array of uses, including convectors and
unit heaters for small and medium-sized volumes and
fuel-power generators for large capacity requirements
and external use.
GL events 2004 ANNUAL REPORT < 31

GLOBAL SERVICES FOR PERMANENT AND SEMI-PER-
MANENT REALISATIONS
> Structures: Number one in France and United Kingdom
in temporary structures for (for sale or long-term
lease) for industrial applications, the group has developed
a range of aluminium-based products covered by a
snow and wind resistant PVC membrane (Standard NV
65) identical to traditional buildings. Thanks to their
design, these buildings which do not require a foundation
can be rapidly installed on prepared grounds and
through their modular nature respond to the diverse
requirements of industry and mass retailers in respect
to storage, workshop extensions or sales areas.
> Aluminium sections: As a designer and process
development engineer for aluminium sections and
accessories, GL events is a partner of fitters, manufacturers
of furniture and stands and wood workers. The
product line is supplemented by a line of decorative
sheets either drawn or pierced perfectly adapted to all
interior and outside structures.
The group offers the largest range of section and accessories
on the market, all fully compatible with each
other. This permits an infinite number of variations
without compromising creativity.
> Interior fittings: For company headquarters, showrooms,
department stores, museums, reception halls,
etc. the group proposes optimal solutions in terms of
quality, whether for long-term or temporary use.
> Floral decoration and landscaping: These services
contribute to creating the general atmosphere of the
event and creating a quality environment within event
venues and public sites (local administrations etc.).
“TEMP-A-STORE, CREATOR OF
TEMPORARY STRUCTURES”
Created in 1972, Temp-A-Store (Tempastor®)
is today the leading specialist in the UK for
temporary storage and warehousing solutions.
Joining GL events in August 2004, its goal is to
pursue its expansion into United Kingdom and
exploit synergies within the group with Owen
Brown and SF Protection.
What is Temp-A-Store specialty ?
Temp-A-Store provides temporary storage and
warehousing solutions for industrial groups,
retail sales outlets, stores, exhibitions,
museums, train or airport terminals, movie
studios, leisure facilities, etc.
The company's many prestigious customers
include Ikea, Guinness, Peugeot, Marks &
Spencer, Tesco, ASDA and Sainsbury
(supermarkets), etc.
Structures are available through long-term
leases or sale with a total inventory of
approximately 70,000 m 2 .
The rationale behind joining GL events ?
This new addition will pool expertise in sales,
marketing and logistics, marketing that
already exists within the group (and notably
at Owen Brown for the UK market) to further
expand our business, while maintaining the
family dimension of the company.
In terms of group synergies, Temp-A-Store,
which does not manufacture the structures
that it sells, can now be supplied by SF
Protection and work with them and Owen
Brown to develop products best adapted
to the UK market.
32 > 2004 ANNUAL REPORT GL events

KEY MEMBERS OF THE MANAGEMENT TEAM OF FITTINGS, SYSTEMS AND SERVICES TO COMPANIES (from left to right) : Patrick BAZANAN (Décorama), François BRUNET-LECOMTE
(Polygone Vert), Vincent DELANNOY (SF Protection), Miceal HARDING (Temp-A-Store), Olivier HOHN (ISF et Sodem System), Patrice SCHMITT (BS Vision).
“GL events is a major
parter of national and
regional events which
accounted in 2004 one
third of group sales”
COMPETITIVE ENVIRONMENT
GLOBAL SERVICES FOR TRADE SHOWS, EXHIBITIONS
AND EVENTS
In France, even though the offer is structured and professionalized
(particularly for the general installation of
exhibitions and equipment rental) competition in the different
areas of expertise remains fragmented.
In the field of services for trade shows, exhibitions and
events, the principal competitors in France include
Créatifs, Jaulin, Dispose, La Compagnie, Brelet, France
Location, Utram, Doublet, etc.
The main competitors in other markets include Evenser
(United Kingdom), Roeder, Uniplan, Losberger (Germany),
De Boer (Holland and United Kingdom), Nussli
(Switzerland), Freeman, GES (USA), Pico (Asia), etc.
GLOBAL SERVICES FOR PERMANENT AND
SEMI-PERMANENT REALISATIONS
Key competitors in France include Réponse, Locabri,
Legoupil, Sofadi. Competitors in other countries are:
IVM, Bolici (Italy), Hypocampos (Greece), Rubb (United
Kingdom), Octanorm (Germany), Syma v (Switzerland)
and Foga (Sweden).
INTERNAL ORGANIZATION
All subsidiaries are organized as independently managed
profit centers. As such, they are responsible for
their own development and supported by dedicated
sales teams.
Each company is supported by its own salesforce that
conducts actions in coordination with the transversal
sales teams of the group and the international network.
Through this decentralized organization it is possible to
respect the culture and identity of each of GL events'
businesses and areas of expertise and benefit from
greater operational efficiencies through its local coverage.
Its project-based management approach constitutes a
key success factor. This involves the coordination of the
successive phases of a project with the upstream intervention
of architects and designers. The design phase
is assured by the engineering department and the realization
phase by internal teams and recourse to subcontractors
on location.
The engineering and design process is supported by an
engineering department using constantly updated
CAPM, CAD capabilities. The interdisciplinary in-house
engineering departments deploys expertise in the different
businesses to provide customers with global solutions.
For structures and aluminium sections, the engineering
departments provide research and development
for existing product lines and the launch of new products.
In these profit centers specialized principally in shortterm
rental and equipment installation, companies
maintain significant inventories of equipment and supported
in consequence by important logistical platforms.
Operational teams manage forecasted supply chain
needs and prepare all necessary equipment. They also
assure the shipment to sites in France and in other
countries.
Internal or outsourced assembly teams overseen by
group personnel assure the installation of equipment on
location. These operations frequently call upon several
fields of expertise requiring the participation of different
subsidiaries for a single event and involving rigorous
planning requirements and strict adherence to timetables
so that all phases of the operation progress on
schedule until full delivery to the customer.
GL events 2004 ANNUAL REPORT < 33

Damien Bertrand, group Managing Director, coordinates
the division executive committee for the companies
providing Global services for trade shows, exhibitions
and events. Members of this committee include Patrick
Bazanan (Decorama), Olivier Descazeaux (GL Mobilier),
Olivier Hohn (ISF Exposition), Paul Marcade (GL Espace
& Décor Lyon and regions), Xavier Moullin (GL Lumière
et Son, GL Image, La Boite à Sons), Christian Chaumont
(GL Data Systems), Audrey Chaumontet (Marketing ),
Xavier Becker (Hall Expo), Bruno Mascart (International),
Luc Leclerc (GL Espace & Décor Paris) and Michel
Ranno (Ranno).
For services for permanent and semi-permanent realisations,
subsidiary managers include Patrick Bazanan
(Décorama), François Brunet-Lecomte (Polygone vert),
Vincent Delannoy (SF Protection), Miceal Harding
(Temp-A-Store), Olivier Hohn (Sodem System) and Patrice
Schmitt (BS Vision).
For international operations, the group is represented
by Ariane Deguelle (Belgium), Phil Scott (United Arab
Emirates), Ricky Wong and Matthew Yeung (China), Paul
Jorge (Portugal), Bill Preston and Andrew Dorrington
(United Kingdom), François-Régis Picolet (United States
and Canada), Avelina de Miguel (Spain), Anne Guillet
(Switzerland) and Georges Christodoulopoulos (Greece).
PROPERTY, PLANT AND EQUIPMENT
FOR PERMANENT AND SEMI-PERMANENT
REALISATIONS
> Saint-Nazaire:BS Vision ( 9.000 m 2 )
> Nantes: ISF ( 27,000 m 2 )
> Amiens: SF Protection (40,000 m 2 )
> Dreux: Sodem System ( 12,000 m 2 )
> Lyon: Polygone Vert ( 25,000 m 2 )
> Ivry: Décorama (4,600 m 2 )
> Derby: Temp-A-Store (11,250 m 2 )
In addition, Owen Brown owns property and building at
Castle Donnington and Peterborough (respectively
29,000 m 2 and 5,700 m 2 ).
The Nantes, Saint Nazaire, Dreux and Ivry sites are
building lease, the Amiens site is held partially through
a lease with a purchase option and partially through an
operating lease.
GL events also has a fleet of transport vehicles and
hoisting equipment to assure timely delivery. In addition,
depending on seasonal volume and the distance of certain
projects, it also has recourse to independent
transporters.
Industrial resources include supply chain platforms for
the storage, management and maintenance of rental
equipment and an integrated engineering department.
In France, the group operates from different sites, most
of which are leased. The main sites include:
FOR TRADE SHOWS, EXHIBITIONS AND EVENTS
> Lyon: registered office and principal commercial
companies, 89,000 m 2
> Châtillon: 21,000 m 2 (near Porte de Versailles )
> Chilly-Mazarin, 32,000 m 2
> Mitry-Mory: 37,000 m 2 (near Villepinte )
34 > 2004 ANNUAL REPORT GL events

INTERNATIONAL MANAGERS ARE (from left to right) : Ariane DEGUELLE (Belgium), François-Régis PICOLET (United-States & Canada), Ricky
WONG & Matthew YEUNG (China), Phil SCOTT (United Arab Emirates), Avelina DE MIGUEL (Spain), Georges CHRISTODOULOPOULOS (Greece),
Paul JORGE (Portugal), Bill PRESTON & Andrew DORRINGTON (United-Kingdom) et Anne GUILLET (Switzerland).
PARTNERSHIPS WITH SUPPLIERS
AND SUBCONTRACTORS
The group has in-house all expertise necessary to service
its customers. However, in response to seasonal
fluctuations in activity, the demands of group expansion,
geographical distance of certain events and increasingly
customized solutions, GL has developed partnerships
with a number of suppliers and subcontractors.
Strategic partners for structures and aluminium sections
include manufacturers of extruded aluminium
sections and tarpaulin treated with flame resistant PVC.
The dies used for the extrusion of sections are owned
by the group and entrusted to specialists to meet sourcing
requirements within the framework of contracts
covering varying periods.
Transport is largely subcontracted by group businesses.
Requiring rapid delivery delays and significant human
resources, assembly and installation on-site, services
for permanent and semi-permanent realisations are
also subcontracted.
To ensure the quality of services provided by partners,
the group has developed specific subcontracting agreements.
GL events 2004 ANNUAL REPORT < 35

La Nuit blanche du Bocuse d’Or
Design and organization by Sepelcom
Lyon Convention Center

VENUE AND EVENT MANAGEMENT
> 351 employees
> 23% of total sales in 2004
The venues are generally marketed via an organizer client
acting as an intermediary vis-à-vis the end-client. The
venue manager may also be the organizer.
23%
of total sales
in 2004
VENUE AND EVENT
MANAGEMENT
ACTIVITIES, MARKETS, CUSTOMERS
VENUE MANAGEMENT
A strategic growth vector of the group, this business
consists of managing, generally through concessions,
venues for events, conventions, trade shows and exhibitions.
The group's presence in these two markets - upstream
and downstream - offers several advantages both for local
governments, traditionally owners of the sites, and organizers.
It allows local administrations to outsource to specialists
the management of their convention or exhibitions
centers destined to host a variety of events (conventions,
seminars, exhibitions, etc.). Cities in this way enhance
their image while generating positive economic returns
notably in terms of hotel and tourism business.
Venue and event management provides GL with good visibility
in respect to business volume. Future revenue
streams are assured through public service delegation
agreements (contrats de délégation de service public) for
periods ranging between six and twenty years. For organizers,
GL events serves as a single provider proposing
both the venues and Global services.
Through its extensive geographical coverage, excellent
knowledge on the field and solid reputation with major
event organizers, GL events' marketing and management
methods offer local governments positive returns for their
cities and regions. This gives GL events significant competitive
advantages to drive the growth of this business.
EVENT MANAGEMENT
Through its subsidiaries, Package, Esprit Public, Europa
Organisation, and the event communications specialist,
Market Place that joined the group in 2004, GL events
offers a one-stop shop solution covering needs from
design to organization of events, trade shows and conventions
in France and international venues.
Event management covers organizing studies, consulting,
the creation and development of projects specifications,
managing the registration, technical coordination, in sum,
all the phases necessary to organize and hold a trade
show, business convention or events for corporations or
the general public.
GL events 2004 ANNUAL REPORT < 37

MARKET
Event communications and "below the line" communications
has pursued sustained annual growth of
approximately 4.5%. Event communications has become
a key tool used by companies to for example boost
performances of their salesforce, increase customer
loyalty and motivate personnel.
The convention market, estimated to represent €380
million per year in France (source CSA , ICCA, UAI) has
also registered sustained growth. The increasing number
of European conventions in recent years and the
continuation of this trend will fuel growth of this segment
over the long-term.
The market of regional trade fairs has remained stable
while the number of such events destined for the general
public is increasing.
EXPERTISE
> Commercialisation of venues under management:
Since 1997, the group has developed expertise in the
management, maintenance and promotion of venues for
which it has been selected as the operating company
(convention centers, exhibitions centers, zenith concert
halls)
> Event engineering: This activity covers the organization
of conferences, business conventions and events.
This includes the management of the event concept and
communications supporting the event, coordinating all
the logistical issues and the organization of transportation
and accommodations for participants. Group companies
also have a solid experience in producing professional
events (regional trade shows, conventions,
etc.). Its position as an organizer of events provides the
group with long-term visibility concerning the development
of these events which fuels organic growth.
> Communications consulting: For enterprises, local
government and institutions, providing assistance in
defining and implementing communication strategies.
It is supported by senior consultants with solid knowhow
and expertise in all aspects of above and belowthe-line
communications. An in-house creation studio
ensures close collaboration between consultants, the
creative staff and those responsible for the graphic or
multimedia production phases.
COMPETITIVE ENVIRONMENT
Given the size and skills required for this activity, the
Venue management market is highly fragmented in
France and outside the Paris region there are few
players in this sector.
In France, in addition to local governments, public or
semi-public establishments, the major players include
Unibail and the Paris Chamber of Commerce. In other
countries, key players in this business include RAI (Holland),
SMG (USA), NEC and Exel (United Kingdom) and
Fiera Milano (Italy).
For the management of events and conventions, key
players include communications agencies and a limited
number of specialized companies such as Colloquium,
Kenes International, Congrex, MCI, etc.
“Venue and event
management is a strategic
growth sector of
the group”
INTERNAL ORGANIZATION
Venue and event management includes the management
companies for the convention and exhibition centers
operated by the group: Secil, Toulouse Expo, SEPE
(Floral Park of Paris), SECPB (Pierre Baudis Convention
Center of Toulouse) as well as specialists in the organization
of conventions, regional trade shows and events:
Europa Organisation and Package and the communications
agencies, Esprit Public and Market Place.
Overseen by a general manager, Jean-Eudes Rabut, the
Event and Venue management activity is organized as a
network. A transversal organization by businesses and
functions assures that all venues are supported by the
full range of expertise of the division, contributing to a
team spirit, improved operating performances by the
different venues and the optimisation of costs. This
network also contributes to the achievement of commercial
and management synergies among the different
sites.
38 > 2004 ANNUAL REPORT GL events

Jesus ALVAREZ GALLEGO (International Convention Center of Barcelona), Patrice VASSAL (Grande Halle d’Auvergne), Valérie FETAUD (Château
de Saint Priest), Laurence BUSSIÈRE (Saint-Étienne Convention Center), Maissa NAKACHE (Toulouse Exhibition Center), Antoine PERRAGIN (Lyon
Convention Center), Jean-Eudes RABUT (Executive Manager, Venue and event management), François LAFONT (Toulouse Convention Center),
Patricio COGORDAN (Polydome), Colette HALARD (Paris Floral Park), Edouard LEPERLIER (Grande Halle d’Auvergne –Zenith Concert Hall).
The members of the team managing the group's portfolio
of venues include Colette Halard (Paris Floral
Park), Maissa Nakache (Toulouse Exhibition Center),
François Lafont (Toulouse Convention Center), Jesus
Alvarez Gallego (International Convention Center of
Barcelona), Antoine Perragin (Lyon Convention Center),
Patricio Cogordan (Polydome), Patrice Vassal (Grande
Halle d’Auvergne), Edouard Leperlier (Grande Halle
d’Auvergne –Zenith Concert Hall), Valérie Fétaud
(Château de Saint Priest), Laurence Bussière (Saint-
Étienne Convention Center).
For Event management, managers of the principal subsidiaries
include Marc Doncieux (Europa Organisation),
Jacques Danger (Package), Henri de Rohan Chabot
(Esprit Public), Joseph Caunan and Emmanuel David
(Market Place).
PROPERTY, PLANT AND EQUIPMENT
Key operating resources include facilities for hosting
events generally managed and operated through
concession agreements with public owners.
At the end of December 2004, GL events’ portfolio of
venues included 11 directly managed sites and one site
managed through a partnership:
“GL events offers a one-stop
shop solution coverring needs
from design to organization of
events, hade shows and
conventions in France and
international venues”
MANAGERS OF EVENT MANAGEMENT (from left to right) : Marc DONCIEUX (Conventions and Events manager), Jacques
DANGER (Package - founding partner), Henri DE ROHAN CHABOT (Esprit Public), Emmanuel DAVID ET Joseph
CAUNAN (Market Place).
GL events 2004 ANNUAL REPORT < 39

SITE
Type of sites
Year of
contract
Surface
Paris - Parc Floral Exhibition Center 2003 22,000 m 2
Toulouse - Parc des Expositions Exhibition Center 2002 90,000 m 2
Toulouse -
Centre de Congrès Pierre Baudis
Barcelone -
Centre de Conventions International
Convention Center 2002 16,000 m 2
Exhibition Center and
Convention Center
2001 80,000 m 2
Lyon - Palais des Congrès Convention Center 2001 15,000 m 2
Clermont-Ferrand - Centre
d’Exposition et de congrès Polydome
Cournon d’Auvergne -
Grande Halle d’Auvergne
Cournon d’Auvergne -
Grande Halle d’Auvergne
Convention Center 2000 14,000 m 2
Exhibition Center 2003 19,000 m 2
Zénith Concert Hall 2003 1,300 to 8,500 places
Lyon - Château de Saint-Priest Public Reception Venue 2004 700 m 2
Saint-Étienne - Espace Fauriel Convention Center 1997 6,500 m 2
Londres - Battersea Park
Public Reception Venue and 8,300 m 2
Exhibition Center
Le Castellet - Circuit Paul Ricard Public Reception Venue 2003 1,800 m 2
40 > 2004 ANNUAL REPORT GL events

REGULATION
In France, GL events deploys equipment and complex
installations subject to strict regulations for each type
of the group's activity. These regulations demand that
only officially authorized material be used and that
installations comply with existing standards.
Furthermore, when installations are completed and
delivered to organizers of events, exhibitions and trade
shows, they must comply with regulations governing
installations destined to receive the public. Such regulation
requires that prior authorization by the safety
authorities of the city or region concerned be obtained.
This commission verifies that standards are respected
for the site and the temporary installations and equipment.
In France, fairs and trade shows are subject to the provisions
of the ordinance of 11 September 1945, the decree
of 10 October 1969 as amended on 21 April 2000 and
the decision of the Ministry of the Economy, Finance and
Industry of 10 January 2001.
These regulations define procedures for organizers of
events for obtaining an authorization from regional
authorities (the ‘Prefet’). The Minister of Commerce
assisted by the committee of fairs and trade shows is
responsible for issuing authorizations for requests
concerning commercial events based on their national
and international economic interest.
Outside France, GL has recourse to independent firms
to ensure its equipment complies with local standards
and regulations.
In addition, as manufacturers of products, especially of
aluminium sections and structures, regulatory standards
are integrated in the design phase by the engineering
department and the conformity of product lines
verified by independent outside firms.
To accompany the international expansion and development
of these activities, certifications have been obtained
or are pending for key European countries.
As manager of facilities destined to receive the public
(within the framework of public service management
agreements), the group is responsible for ensuring that
organizers comply with regulations governing establishments
receiving the public and appoints independent
outside experts to verify the conformity of installations
and fittings deployed in connection with hosted
events.
As the organizer of events, the group must itself comply
with this regulation that requires prior authorization
from the appropriate regional or local safety authorities.
These authorities verify that standards are respected for
the site, temporary installations and equipment.
GL events 2004 ANNUAL REPORT < 41

INVESTMENT POLICY
A comparison for the last two financial periods of capital
spending in relation to sales and cash flows is provided
below:
THOUSANDS OF EUROS 2004 2003
NET INVESTMENTS (1) 27,230 15,951
Sales 355,474 339,761
Net investments / sales 7.7 % 4.7 %
Cash flow 38,843 32,686
Net investments / cash flow 70.1 % 48.8 %
(1) Source: consolidated cash flow statement (total of
the following items: acquisition of intangible and tangible
assets and rental equipment, and disposals of tangible
and intangible assets)
In 2004, Global services accounted for 50% of CAPEX
(Short-term rental assets or replacement of equipment),
Venue and event management 43% (investments in GL
events CCIB, maintenance of fittings and installations
for venues under management) and Permanent and
semi-permanent realisations 7% (operating equipments
and asset for long-term rental).
These investments are either self-financed or backed
by medium-term reimbursable loans with average
maturities of 5 to 6 years. These loans are subscribed
either directly by the subsidiaries or by GL events which
verifies each year that the level of equity of each subsidiary
remains in line with their development needs.
42 > 2004 ANNUAL REPORT GL events

SUPPORT SERVICES AND
COMMERCIAL ORGANIZATION
350 MEMBERS OF GL EVENTS’ TECHNICAL TEAM IN FRONT OF THE BARCELONA INTERNATIONAL CONVENTION CENTER (CCIB)
GL events’ services generally include the supply of
equipment, services and project management
engineering. The mix of these different activities varies
according to the customer profile and the solutions
required.
Accordingly, in addition to simple equipment rental and
services, GL events has developed an organization
covering several areas of expertise to service the local
needs of its customers, meet technical requirements
and optimize commercial development and
management.
GL events 2004 ANNUAL REPORT < 43

GL EVENTS’ ROLE AS THE GROUP HOLDING
COMPANY
The company GL events is the group’s management and
control holding company. It defines the group's overall
business and growth strategies.
To do so, the holding company provides all subsidiaries
with technical assistance and general management
expertise. These services are remunerated by annual
management fees based on each subsidiary’s sales. For
2004, management fees totalled €7,962,000.
GL events is also responsible for implementing the
group's external growth strategy and evaluating acquisition
opportunities and overseeing the integration of
new companies.
It directly participates in negotiating major contracts and
assures corporate services: finance, cash management,
accounting, legal affairs, management control, purchasing,
information technology, human resources, communications
and marketing. It also coordinates the centralized
cash pool through an agreement covering all
group companies.
It also directly oversees the major accounts and
international business units.
For the last three years, the holding company
personnel has evolved as follows:
2001 2002 2003 2004
Management 25 28 30 30
Employees 11 12 14 14
AVERAGE NUMBER
OF PERSONNEL
36 40 44 44
The low percentage of holding company personnel
(approximately 2% in relation to the group total at 2004
year-end) reflects the decentralized management strategy
where each legal entity of the group benefits from
its own important resources, expertise and operating
autonomy.
SIMPLIFIED ORGANIZATION CHART
In addition to corporate services and business units, GL
events’ expertise and businesses are deployed within different
legal entities divided into two major business lines.
GL EVENTS
SUPPORT SERVICES
TRANSVERSAL COMMERCIAL SERVICES: MAJOR ACCOUNTS AND INTERNATIONAL BUSINESS UNITS
INTERNATIONAL BRANCH NETWORK
GLOBAL SERVICES
VENUE AND EVENT
Trade Shows, exhibitions Permanent and MANAGEMENT
events
semi-permanent realisations
GL Espace & Décor Décorama Lyon
GL Image SF Protection Saint-Étienne
GL Lumière et Son Sodem System Clermont-Ferrand (3 sites)
GL Mobilier BS Vision Saint-Priest
GL Data Systems ISF Exposition Toulouse (2 sites)
La Boîte à Sons
Paris
Profil Polygone vert Barcelone
Ranno
Londres
Vachon Antiquités
Le Castellet (espace partenaire)
Hall Expo
Esprit Public
Package
Europa Organisation
Market Place
44 > 2004 ANNUAL REPORT GL events

COMMERCIAL ORGANIZATION
The sales organization (nearly 22% of group personnel)
deploys resources at several levels to promote global
solutions while optimising the performance of the sales
teams of each company.
THE SALESFORCE
> Every company has a specific sales team capable of
covering all issues relating to its specialty. Account
managers of these teams intervene in the early stages,
defining the needs of customers and prospects and, in
collaboration with internal staff (engineering department,
production) monitoring the conception of the
offer, its promotion and realization up to final delivery to
the customer.
> Commercial teams of the companies also actively
participate in promoting global solutions on behalf of
the group. They receive regular training on products and
services proposed by other group companies through
seminars. The shared knowledge of commercial teams
contributes to the group-wide ability to leverage GL
events’ broad range of expertise.
> Subsidiaries in France with a network of 50 regional
offices provide local service and promote the products
and services of the group's different businesses. The
international subsidiaries (Europe, Asia and North America)
provide access to local markets and a means for
monitoring competitive and commercial developments
in the market of major international events and opportunities
for potential acquisitions.
TRANSVERSAL EXPERTISE AND SERVICES
> Managed by Bruno Mascart, international business
unit is responsible for developing markets where the
group is not directly represented by a sales subsidiary.
Business managers are directly responsible for specific
regions: Northern Europe, the Mediterranean basin,
Eastern Europe.
Its own expertise in project management, international
logistics and technical know-how enables it to support
group companies in the servicing of large projects.
This department also coordinates the development of
the group's international subsidiaries.
> The major accounts business unit focuses on the
transversal nature of the offer, completing the above
schema at the national level. In particular, it services
large French or international companies present in
France, large administrations and organization committees
of major sporting events. It promotes the comprehensive
solutions proposed by the group primarily
for Global events and Venue management and supports
the commercial phases.
THE MARKETING DEPARTMENT
> The marketing team, partially decentralized across
the group, supports sales both by developing and proposing
specific responses for individual companies and
by promoting the global solutions offered by GL events.
It provides support in the launch of new products or services,
monitors upstream competitive developments and
analyses of market data and develops commercial
material and sales presentations. It also participates in
developing packaged solutions after identifying customer
needs, drawing upon the specialized expertise of
the different companies.
The marketing department also participates in developing
and implementing calls for tender involving transversal
contributions of group teams in the market of
large events or Venue management.
All marketing tools are available online through the
Company's intranet which assures a broad distribution
to all sales teams of available commercial material.
GL events 2004 ANNUAL REPORT < 45

SUSTAINABLE DEVELOPMENT
HUMAN RESOURCES POLICY
Human resources management is conditioned by three
factors:
PERSONNEL BY FUNCTION :
350
SITE STAFF
> The significant number of businesses, markets and
regions in which GL events operates
SALES
461
370
PRODUCTION
> A strong service culture which has led to the adoption
of a profit-center organization characterized by its
human scale, favouring the professional fulfilment of all
employees and the development of close ties with customers.
SUPPORT
SERVICES
ENGINEERING
320
136
493
TECHNICIANS
> The significant number of employees deployed on a
daily basis working at the different convention, exhibition
and event sites.
For these reasons independence and a sense of responsibility
are two key values in the management of human
resources and constitute the primary motor behind the
group's growth.
PERSONNEL
At 2004 year-end, the group workforce (excluding hostesses,
seasonal and temporary workers in the performance
arts which represent on average 128 full-time
employees), totalled 2,130 employees.
These employees, GL's principal strengths, exercise
their expertise in a range of fields and include , designers,
drafters, logistics professionals, upholsterers,
decorators, assemblers, electricians, audiovisual specialists,
etc. This traditional expertise is complemented
by information technology and multimedia specialists
and event organization professionals.
AGE PERIOD AND SENIORITY
2004 year-end the average age of personnel was 39 and
average seniority was nine years.
These figures reflect both the youth and energy of our
teams and the experience and expertise of our staff.
RECRUITMENT, EMPLOYEE TURNOVER
AND ABSENTEEISM
Acquisitions contributed 92 additional employees at
year-end. In 2004, 276 employees were recruited.
These arrivals were offset by employees leaving the
group. Employee turnover calculated as the ratio of
departures to the total workforce was 16%. The rate of
absenteeism from occupational injuries, illness and
unjustified absences was 6%.
.
This chain of expertises and teamwork are driven by a
shared corporate culture encouraging responsibility,
creativity and devotion to service.
46 > 2004 ANNUAL REPORT GL events

EMPLOYEE RELATIONS, WORKS' COUNSEL, PUBLIC
AFFAIRS
Given the diverse range of business specialties and
expertise and the significant diversity of areas dealt with,
all GL events functions apply a project management
approach. Multidisciplinary teams are formed not only
for commercial projects but also for transversal issues
such as the optimisation of management tools and the
rationalization of internal procedures.
GL events' development is distinguished by its ability to
integrate new activities, teams and talent. The group
accords significant importance to respecting the corporate
culture of companies joining its organization while
reconciling the goal of achieving synergies with the specific
characteristics of these different businesses.
In line with its organizational approach, group personnel
benefit from representation in each of its structures.
In the entities where trade union have representatives,
meetings have been organized notably within the framework
of mandatory annual negotiations.
INTERNAL COMMUNICATIONS
Communications in favour of employees, shareholders,
staff of recently added companies constitute an important
priority for GL events.
An intranet offers all employees information about the
group events and activities: a photographic library, presentation
of the group, business lines and expertise,
references as well as tools for analysis and reporting. It
also permits the consultation of GL events' stock price
and access to the group's websites.
Every quarter an internal letter is mailed to group
employees in French or in English providing information
on major events and strategic priorities set by management.
The main group sites are equipped with videoconferencing
facilities, further enhancing communication between
distant locations. Several meetings are organized
daily through this technology.
TRAINING
Training contributes significantly both to gains in efficiency
and improvements in personnel performance, as
well as strengthening the overall corporate culture and
group cohesion.
Internal training and seminars are organized yearly to
promote exchanges between group personnel.
In addition to initiatives devoted to maintaining and
developing specific areas of expertise, every year the
human resources department organizes transversal
training programs for sales and engineering staff. The
purpose of these programs is to present new products,
services and group expertise to support GL events'
growth. In 2004, particular attention was devoted to
developing team management skills.
These events, in addition to the training they provide,
strengthen the group’s cohesion and corporate culture.
In December 2004, 350 GL events employees attended
a second technical seminar held at the Barcelona
International Convention Center. Participants received
training and focused on the importance of customer
relations in the field.
GL EVENTS AND ITS ENVIRONMENT
The group actively participates in the work of trade
associations. For example GL events is a member of
the commission focusing on employee-related issues of
the French federation of trade shows, conventions and
congresses (Fédération de Foires, Salons et Congrès).
It is also an active member of the French trade exhibition
industry association.
GL events has chosen to develop partnerships with institutions
providing first professional experiences for a
significant number of trainees and adopting a targeted
allocation of the apprenticeship tax.
The group's strategy is to entrust these young students
with real missions involving a considerable degree of
autonomy in projects providing valuable training and
representing a first professional experience. In 2004, the
group welcomed 132 trainees.
Concerning the apprenticeship tax, while subsidiaries
are free to choose the beneficiary entities, a common
group strategy is pursued focusing on three targets:
establishments providing specialized training in our
fields of activity, generalist establishments corresponding
to our recruitment targets, establishments providing
training to handicapped workers.
GL events 2004 ANNUAL REPORT < 47

PARTNERSHIPS AND SPONSORING
GL events has pursued partnerships in sports and cultural
sectors. In 2004, the group notably was a partner
in Lille 2004, Lyon Biennial of Contemporary Art, Universal
Barcelona Forum 2004, and the international
sports convention, SportAccord, etc.
Proud of its Lyon origins, and committed to conserving
the city's historical heritage, GL events contributed in
2004 to the renovation of the trading floor of the Lyon
stock exchange.
Following the tragic events in Asia at the end of the year,
to emphasize its solidarity the group distributed to the
Red Cross and a Sri Lankan NGO a portion of the funds
destined for the year-end celebration.
RESPECTING PEOPLE AND THE ENVIRONMENT
Two projects focusing on quality, prevention and safety
were launched at 2002 year-end, coordinated by a working
group reporting directly to the group executive
committee.
To pursue the implementation of its quality strategy, the
group has decided to create positions for several quality
officers for the principal service business lines. These
new recruitments are scheduled for the first half of
2005.
The work of the personnel safety and prevention project
led to the implementation at each subsidiary of a common
risk prevention document, the implementation of
tools for specific risk prevention and safety plans and
monitoring the corresponding budgets
A network of 24 prevention and safety correspondents
has been created. These correspondents coordinate
this function at each structure through regular meetings
and work focusing on specific themes (2 meetings were
held in 2004) and a dedicated intranet site.
The range of expertise of GL events has integrated new
international rules of conduct. Since its creation, it has
been committed to the principles of sustainable development,
shared by all men and women of the group. GL
events’ development has been based on deploying the
diverse expertise of all personnel to further group goals
and maintain the confidence of our customers.
The group has not made provisions for environmental
risks nor paid any legal indemnities relating to
environmental claims in the period under review. It is
currently unaware of any legal suits against it for
environmental damages.
48 > 2004 ANNUAL REPORT GL events

CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR
ended 31 December 2004

MANAGEMENT REPORT ON THE
CONSOLIDATED AND PARENT
COMPANY FINANCIAL STATEMENTS
Ladies and Gentlemen,
We have called this ordinary shareholders' meeting as required by the company's articles of incorporation and
bylaws and French law to report to you on the activity of your company for the period ended 31 December 2004,
submit the parent and consolidated financial statements for your approval and provide you with information about
the company's outlook.
PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
GL events applies the accounting policies for the preparation of consolidated financial statements set forth by
regulation 99-02 of the French accounting rules and regulation committee (Comité de la Réglementation
Comptable or CRC). No changes in presentation have been made in relation to the previous year.
A > SALES
PERFORMANCE BY BUSINESS
Total growth 4.6% in sales (1.3% at constant structure and exchange rates)
reflects 13.7% growth by the group's core strategic businesses (global
services for trade shows, exhibitions and events and permanent and semipermanent,
venue and event management), combined with a significant drop
in revenue from fittings. Against the background of the worldwide economic
trends of the period, the performance of the group's core businesses
confirmed their ability to pursue sustained growth and market share gains.
PERFORMANCE BY SEGMENT
The group registered gains in all its markets for regional, national and international
events, trade shows and exhibitions and international conventions.
214 235 302 340 355
2000 2001 2002 2003 2004
(€ millions)
FRENCH VERSUS INTERNATIONAL SALES
The group registered growth in international business both through local operations and export markets with
noteworthy contributions in 2004 from the Athens Olympic Games and the Barcelona Forum of Cultures.
(€ thousands)
2000 2001 2002 2003 2004
Foreign subsidiaries 32,900 32,474 45,004 35,719 65,040
International sales from French companies 15,564 22,795 30,528 33,603 40,934
INTERNATIONAL SALES 48,464 55,269 75,532 69,322 105,974
23 % 23 % 25 % 20 % 30 %
FRENCH SALES 165,618 179,774 226,415 270,439 249,500
77 % 77 % 75 % 80 % 70 %
TOTAL 214,083 235,043 301,947 339,761 355,474
50 > RAPPORT 2004 ANNUAL ANNUEL REPORT 2004GL events

The group also pursued external growth in international markets with the acquisition of Temp-A-Store, the leading
UK provider of temporary storage and warehousing solutions that has strengthened GL events' position as a major
player in this market in Europe.
GL events is directly present in the following countries:
EUROPE
> Italy > Belgium >Portugal
> Spain > Greece > Switzerland
> United Kingdom
OTHER REGIONS
> United Arab Emirates > Hong Kong
> United States > Canada
SALES BY DIVISION
Growth in sales by division breaks down as follows (€ thousands):
(€ thousands) 2000 2001 2002 2003 2004
Global services for trade shows,
exhibitions and events
167,000 162,200 182,826 187,492 199,972
Permanent and semi-permananent realisations 33,500 59,225 87,328 92,682 73,123
Venue and event management 13,600 13,618 31,793 59,587 82,379
TOTAL 214,100 235,043 301,947 339,761 355,474
GLOBAL SERVICES : TRADE SHOWS EXHIBITIONS AND EVENTS
+6.7% (+5.5% comparable structure and exchange rates)
€200 million in 2004 or 56.3% of total sales
> Global services for trade shows, exhibitions and events registered further gains driven by contributions from
major recurrent trade shows and exhibitions and strong growth from large events. Recognized for the quality
of its comprehensive offering of value-added services, GL events renewed for an additional three years service
agreements with REED Exhibition, the world's leading organiser of trade and consumer exhibitions, and with
Richemont group for the SIHH, the international fine watchmaking exhibition.
GLOBAL SERVICES: PERMANENT AND SEMI-PERMANENT REALISATIONS
-21.1% (constant structure – no currency effect)
€73.1 million in 2004 or 20.6% of total sales
> Following restructuring measures, Fittings, systems and services for enterprises has been integrated into
the Global services division specialized in permanent and semi-permanent realisations. Excluding fittings, sales
advanced 11%.
VENUE AND EVENT MANAGEMENT
+38,2% (+20,1% at comparable structure– no currency effect)
€82.4 million in 2004 or 23.2% of total sales
> This division, the group’s strategic growth driver, benefited from excellent performances by the Clermont
Ferrand and Paris Floral Park venues, the development of Europa Organisation and the integration of Market Place.
CONTRIBUTIONS TO SALES OF COMPANIES ACQUIRED IN 2004
Cf. G | below.
GL events 2004 ANNUAL REPORT < 51

B > OPERATING PROFIT
Group EBIT totalled €28.3 million (€26.0 million in 2003) with an operating margin of 7.95% versus 7.65%
in 2003.
By division, operating profit for the last five years breaks down as follows :
(€ thousands) 2000 2001 2002 2003 2004
Global services 13,300 10,062 10,967 13,738 13,689
Permanent and semi-permanent realisations 3,700 6,170 8,395 5,508 5,699
Venue and event management 1,700 810 3,143 6,741 8,864
TOTAL 18,700 17,042 22,505 25,987 28,252
GLOBAL SERVICES, TRADE SHOWS, EXHIBITIONS AND EVENTS : €13.7 MILLION 6.8 % OF SALES
The operating margin generated by this division is satisfactory given the nature of markets in France and other
countries. In addition, this division had a cash flow margin of 12%.
GLOBAL SERVICES, PERMANENT AND SEMI-PERMANENT REALISATIONS : €5.7 MILLION OR 7.8% OF SALES
The operating margin of this division improved, advancing to 8% (despite the decline in the level of sales) reflecting
the effective containment of margins and overhead expenses.
VENUE AND SPACE MANAGEMENT : €8.9 MILLION OR 10,8% OF SALES
In response to positive performances by all venues under management and event consulting and organization,
this division’s margin remained in line within the announced objectives.
Contributions from companies acquired in 2004 break down as follows:
(€ thousands) 2003 Contribution of companies Contribution of other subsidiaries Total
acquired
Sales 339,761 10,433 345,041 355,474
Operating profit 25,987 2,188 26,064 28,252
Operating margin 7.65 % 20.97 % 7.55 % 7.95 %
2004
Financial highlights of principal subsidiaries in 2004 are as follows:
(€ thousands)
Sales Operating Net profit Shareholders’
profit (loss) equity
GLED 66,594 2,947 3,610 17,555
GLM 27,843 1,557 996 9,548
OB 21,656 1,030 767 5,873
ISF 19,142 1,081 486 2,663
C > NET FINANCIAL EXPENSE AND INCOME BEFORE TAX AND EXCEPTIONAL ITEMS
Net financial expense for the period totalled €2,347,000 versus €2,159,000 in 2003. This relative stability reflects
the effective management of average net debt in 2004 through improved cash flow performances and working
capital requirements.
52 > 2004 ANNUAL REPORT GL events

Income before tax and exceptional items:
(€ thousands) 2004 2003
Sales 355,474 339,761
Income before tax and exceptional items 25,904 23,827
% 7.29 % 7.01 %
D > EXCEPTIONAL ITEMS
An exceptional net loss of 1,309,000 reflects notably reorganisation costs and the impact of tax and employeerelated
litigation.
E > INCOME TAX AND NET INCOME
Income before and after tax in 2004 versus 2003 breaks down as follows:
(€ thousands) 2004 2003
Income of fully consolidated companies before tax 24,595 23,007
Current and deferred tax 7,903 8,085
Effective tax rate 32.13 % 35.14 %
Net income of fully consolidated companies 16,692 14,923
The decline in the tax rate recorded in 2004 in relation to the standard tax rate reflects notably tax exemptions
on 2004 income in favour of GL events CCIB.
F > DEBT, CASH FLOW AND CAPITAL SPENDING
Gearing declined to 37% at 31 December 2004 versus 36% at 2003 year-end. In absolute terms net debt totalled
€49.4 million at year-end.
Debt repayment was financed from cash flow which increased from €6,157,000 to €38,843,000 or 10.9% of sales.
The €4,066,000 increase in working capital requirements reflected growth in business and the seasonal effect.
The group accordingly continues to benefit from sufficient capital spending resources to finance internal and external
growth.
(€ thousands) 2001 2002 2003 2004
NET INVESTMENTS (1) 23,200 21,927 15,951 27,230
Sales 235,043 301,947 339,761 355,474
Net investments/sales 9.8 % 7.2 % 4.7 % 7.7 %
Cash flow (1) 24,574 30,231 32,686 38,843
Net investments/cash flow 94.4% 72.6 % 48.8 % 70.1 %
(1) Acquisitions - proceeds from the disposal of tangible and intangible fixed assets
G > EXTERNAL GROWTH
Two acquisitions were completed in 2004.
> The acquisition of Temp-A-Store effective 1 July 2004 further strengthened its Services offering. Created in 1972,
Temp-A-Store is today the leading specialist in the UK for temporary storage and warehousing solutions for
logistics, industrial and retail companies. In 2005 the company is expected to generate sales of between €5 million
and €7 million and has an operating margin greater than that of the group.
GL events 2004 ANNUAL REPORT < 53

Market Place completes the range of services already proposed by Venue and event management. Market Place
is leading French event organization and communication specialist that has designed, organized, coordinated and
produced events for enterprises and institutions since 1973. With sales in 2004 of €12 million and a staff of 30, Market
Place produces 100 events per year on behalf of such references as Total, Caisse d'Epargne, EADS, EDF, Canon,
the French Ministry of Social Affairs, the City of Paris, Air France, TF1, Renault, etc.
The pro forma income statement including inter alia the restatement of this acquisition is presented in note 1 of
the consolidated financial statements.
,
H > SIGNIFICANT POST-CLOSING EVENTS
GL events acquired CHORUS, charged with managing the Vannes Exhibition Center until 2010 under a public
service management agreement (contrat de délégation de service public) (annual sales of €1.6 million).
On 4 February 2005, the group announced the acquisition of a majority stake in PadovaFiere, the operating company
responsible for the management of the Exhibition Center along with a portfolio of trade shows and exhibitions.
With 70,000 m 2 of covered exhibition, 600 events, 730,000 visitors per year, the venue generates sales estimated at
€20 million with an operating margin in line with that of GL events venue and event management business.
On 10 March, GL events launched a new phase in the European expansion of its Venue and event management
activity with the acquisition of Hungexpo, owner of the Budapest Exhibition Center in Hungary. The consortium led
by GL events will acquire 77% of Hungexpo. With its Hungarian partner, TriGranit, a real estate developer, GL events
will have an 80% stake in the Hungexpo holding company created for this purpose. The city of Budapest, a
minority shareholder of Hungexpo, retains the option to sell the remaining 23% stake.
Hungexpo owns the real estate assets of the exhibition center, the Venue management and has its own portfolio
of trade shows, exhibitions and events. With a broad range of know-how, it averages sales of €22 million and its
operating margin will be in line with that of GL events' venue and event management division starting in 2006. The
business plan provides for an investment program of €20 million to be carried out over next years
,
I > OUTLOOK
In the announcement published on 16 March 2005 (La Tribune), the group anticipates another year of sustained
growth in 2005. The guidance for 2005 is sales exceeding €400 million, taking into account the full year impact
of companies acquired in 2004, the development of the Barcelona venue and the acquisitions of the Exhibition
Centers of Padua, Budapest and Vannes. This growth will be accompanied by further improvements in margins.
The group also confirmed its growth strategy focusing on the development of Venue and event management that
should benefit from the contribution of both new acquisitions and the conclusion of new public service agreements
for Venue management
,
J> ANALYSIS OF RISKS
Refer to note 28 to the consolidated financial statements.
,
K> LITIGATION AND EXCEPTIONAL ITEMS
To the company's knowledge, there are no other exceptional items or legal proceedings that may have or have
recently had a material impact on businesses, earnings, financial situation and assets of the company and the group.
54 > 2004 ANNUAL REPORT GL events

,
L> RESEARCH AND DEVELOPMENT
The company’s high degree of innovation and creativity enables it respond to constantly evolving market needs.
GL events engineering departments and business managers, assisted by their staff, seek to develop new techniques
and logistical solutions to meet increasingly shorter deadlines.
In addition, the group, supported by the transversal departments, seeks to improve the global solutions offered
to its different customer segments. To this purpose, every year new products and services are added to the
company's portfolio either by internal growth or acquisitions.
In contrast, the company does not strictly speaking engage in fundamental research.
,
M> IMPLEMENTATION OF IFRS
GL events has implemented a working group to assess the impact of the adoption of International Financial
Reporting Standards (IFRS) on the consolidated financial statements. The initial conclusions of this working group
are as follows:
> FINANCE LEASES/DEBT : Because the impact on the balance sheet and income statement is marginal, the
group will report this information under off-balance sheet commitments, indicating the amount of lease payments
falling due for non-cancellable periods.
> NON-CANCELLABLE COMMERCIAL LEASES AND CONCESSION LEASE PAYMENTS : Commercial leases
will be reported under off-balance sheet commitments. The group is awaiting further guidance and analysis
concerning the application of IAS 17 and 38 regarding the treatment of venue concession lease payments.
> CONCESSION PRE-OPENING EXPENSES : According to IAS 38, concession pre-opening expenses, which could
not be capitalized, should be charged directly to expenses of the year.
> DEFERRED EXPENSES : The amounts included in the balance sheet of 31-12-03 must be allocated either
to intangible assets in compliance with IAS 38 or charged to equity in the opening balance sheet
> GOODWILL : An impairment test will be carried out at the level of CGU (cash-generating units) according to input
provided by businesses applying the DCF (discounted cash flow) method. This impairment test conducted on the
31-12-03 and 31-12-04 financial statements did not result in an impairment charge.
> PRESENTATION OF THE INCOME STATEMENT : The group has maintained its presentation of the income
statement by nature pending the availability of the new version of the statement for the measurement of performance.
> INCOME STATEMENT – EXCEPTIONAL PROFIT (LOSS) : Information concerning exceptional items will be more
detailed, and notes and comments will be included providing additional disclosures considered necessary.
> INCOME STATEMENT – GOODWILL DEPRECIATION : Such charges will be included under operating profit, with
explanations to be provided in notes when necessary.
> FINANCIAL INSTRUMENTS: Financial instruments will be recorded at fair value. Out of the total financial instruments
used by the group, a single fair value hedge qualified as speculative in respect to IAS 39 was identified. In
consequence, gains or losses on remeasurement to fair value are recorded under net profit or loss for the period.
The other instruments are cash flow hedges whose fluctuations in value will be recognized as changes in reserves.
> STOCK OPTIONS : Employee benefits related to the granting of stock options will be expensed in the period
in accordance with IAS 19.
> OTHER ISSUES : The impact of other IFRS guidelines on the presentation of the group consolidated financial
statements has not been determined.
GL events 2004 ANNUAL REPORT < 55

CONSOLIDATED FINANCIAL
STATEMENTS
CONSOLIDATED BALANCE SHEET
ASSETS (€ thousands)
FIXED ASSETS
Notes
31/12/04 31/12/03 31/12/02
Gross Amort./
Prov.
Net Net Net
Googwill 2.1 & 3 112,173 (6,006) 106,167 96,596 86,107
Other intangible assets 2.3 & 4 10,378 (7,337) 3,041 2,787 2,082
Property and buildings 2.3 & 5 12,298 (3,402) 8,896 9,623 10,483
Other tangible assets 2.3 & 5 37,762 (25,524) 12,238 9,383 10,348
Long term investments 2.3 & 6 4,565 (83) 4,482 3,738 3,888
TOTAL FIXED ASSETS 177,177 (42,352) 134,825 122,128 112,908
EQUIPMENT FOR RENTAL 2.3 & 7 112,331 (54,433) 57,898 52,917 56,042
CURRENT ASSETS
Inventories and work in progress 2.3 & 8 14,273 (740) 13,533 11,345 10,439
Trade receivables 2.3 & 9 98,291 (5,984) 92,308 84,116 80,144
Other receivables 2.3 & 10 25,594 (357) 25,238 19,119 15,768
Deferred taxes 2.3 & 11 2,285 2,285 2,089 2,278
Prepaid expenses 2.3 & 12 8,679 8,679 6,825 3,427
Short term investments 2.3 & 13 58,484 (93) 58,391 43,904 13,084
Cash and cash equivalents 2.3 & 13 15,852 15,852 11,735 11,701
TOTAL CURRENT ASSETS 223,458 (7,173) 216,284 179,133 136,840
TOTAL 512,966 (103,958) 409,008 354,178 305,790
56 > 2004 ANNUAL REPORT GL events

SHAREHOLDER’S EQUITY & LIABILITIES (€ thousands) Notes 31/12/04 31/12/03 31/12/02
SHAREHOLDER’S EQUITY
Share capital 14 54,882 54,147 48,147
Consolidated reserves 62,428 53,373 32,404
Currency translation adjustment 2.4 (3,048) (2,789) (1,084)
Net profit / (loss) for the period 14,014 12,759 11,046
GROUP SHAREHOLDER’S EQUITY 128,277 117,491 90,513
MINORITY INTERESTS 3,522 2,989 2,640
TOTAL SHAREHOLDER’S EQUITY 131,798 120,480 93,153
COMMITMENTS AND CONTINGENCIES 2.3 & 15 4,629 4,105 4,978
DEFERRED TAXES 2.3 & 11 2,335 2,221 2,423
LIABILITIES
Borrowings and other financial debt 16.17 & 27 114,769 88,411 77,521
Bank overdrafts 16.17 & 27 8,883 10,853 2,552
Payments received on orders in progress 17 2,355 4,573 3,055
Accounts payable 17 56,361 54,604 55,182
Tax and social charges 17 38,734 34,688 31,966
Other liabilities 17 16,935 10,016 13,625
Accrued expenses 18 32,208 24,226 21,335
TOTAL LIABILITIES 270,245 227,372 205,236
TOTAL 409,008 354,178 305,790
GL events 2004 ANNUAL REPORT < 57

CONSOLIDATED INCOME STATEMENT
(€ thousands) Notes 31/12/04 31/12/03 31/12/02
SALES 2.3 & 19 355,474 339,761 301,947
Change in inventories 19 7,203 6,531 5,978
Other income 20 12,045 10,229 14,097
OPERATING INCOME 374,722 356,520 322,022
Raw materials used in production 21 (39,805) (44,559) (39,505)
External charges 21 (175,563) (160,992) (141,802)
Taxes and duties (7,324) (7,352) (6,395)
Personnel expenses and employee profit sharing 25 & 26 (96,198) (92,938) (87,255)
Depreciation and provisions 20 (25,345) (22,010) (22,214)
Other operating expenses 20 (2,234) (2,682) (2,346)
OPERATING EXPENSES (346,470) (330,533) (299,517)
OPERATING PROFIT 22 28,252 25,987 22,505
Financial income 23 2,187 3,311 1,911
Financial charges 23 (4,534) (5,470) (5,054)
NET FINANCIAL EXPENSE 23 (2,348) (2,159) (3,142)
INCOME BEFORE EXCEPTIONAL ITEMS 25,904 23,828 19,363
Exceptional income 2.3 & 24 3,687 1,146 5,096
Exceptional charges 2.3 & 24 (4,997) (1,966) (4,162)
EXCEPTIONAL PROFIT / (LOSS) 2.3 & 24 (1,309) (820) 934
Income tax 2.3 & 11 (7,903) (8,085) (7,095)
NET PROFIT OF FULLY CONSOLIDATED COMPANIES 16,692 14,923 13,202
Amortization of acquired goodwill 2.1 & 3 (1,924) (1,679) (1,494)
NET PROFIT BEFORE MINORITY INTERESTS 14,768 13,243 11,708
Minority interests 14 (754) (484) (662)
NET PROFIT 2.3 14,014 12,759 11,046
Average number of shares 2.3 13,547,845 12,729,439 11,983,526
NET EARNINGS PER SHARE (IN EUROS) 1.03 1.00 0.92
Diluted number of shares 2.3 14,444,496 13,389,580 12,569,526
FULLY DILUTED EARNINGS PER SHARE (IN EUROS) 0.97 0.95 0.81
58 > 2004 ANNUAL REPORT GL events

CONSOLIDATED CASH FLOW STATEMENT
(€ thousands) Notes 31/12/04 31/12/03 31/12/02
CASH & CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 44,786 22,232 3,226
OPERATING ACTIVITIES
NET PROFIT 14 14,014 12,759 11,046
ADJUSTEMENTS TO RECONCILE PROFIT (LOSS) TO NET CASH
PROVIDED BY OPERATING ACTIVITIES :
Depreciation and provisions 23,882 20,177 19,851
Charges transferred to deferred charges (97) (507) (241)
Net capital gains and losses on asset disposal 880 (338) (1,590)
Minority interests in consolidated net profit 14 754 484 662
Deferred tax expense / (income) 11 (590) 111 503
OPERATING CASH FLOWS 38,843 32,686 30,231
Change in inventories (1,197) 1,239 728
Change in accounts receivable, discounted notes, deferred income (3,083) (3,394) (5,071)
Change in accounts payable, deferred charges 913 (2,607) 6,193
Change in other balances (699) 3,092 4,636
CHANGES IN WORKING CAPITAL REQUIREMENTS (4,066) (1,670) 6,486
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES (A) 34,777 31,016 36,717
INVESTMENT ACTIVITIES
Acquisition of tangible and equipment for rental (26,493) (15,761) (20,928)
Acquisition of intangible fixed assets (3,599) (2,318) (1,366)
Disposal of tangible and intangible assets 2,862 2,128 367
Purchase of long term investments (1,406) (386) (496)
Sale of long term investments 1,032 345 88
Net cash flow from the acquisition and
disposal of subsidiaries
29 (9,244) (9,821) (15,522)
NET CASH USED IN INVESTING ACTIVITIES (B) (36,848) (25,813) (37,857)
FINANCING ACTIVITIES
Capital increases 2,449 11,121 36
Dividends paid to shareholders 14 (5,006) (3,834) (3,349)
Dividends paid to the minority shareholders
of the consolidated companies
14 (193) (144) (104)
Proceeds from new loans 50,263 33,599 43,861
Repayment of loans (24,609) (23,040) (19,973)
NET CASH PROVIDED BY FINANCING ACTIVITIES (C) 22,904 17,702 20,471
EFFECT OF CURRENCY TRANSLATION ADJUSTMENTS (D) (260) (350) (325)
NET CHANGE IN CASH & CASH EQUIVALENTS (A + B + C + D) 20,574 22,554 19,006
CASH & CASH EQUIVALENTS AT YEAR-END 65,360 44,786 22,232
GL events 2004 ANNUAL REPORT < 59

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Group
(thousand of euros Total Number Share Net profit Currency Total Minority
and shares) of shares capital Primiums Reserves for the translation group interests
(thousands) period adjustment
SHARE CAPITAL &
RESERVES AT 31/12/2002
Exercise of options
and equity warrants
Reserved capital
increase
Capital increase
with equity warrants
Net income
appropriation
Distribution
of dividends
Translation
adjustments
93,153 12,037 48,147 468 31,936 11,046 (1,084) 90,513 2,640
969 178 713 256 969
3,600 257 1,028 2,572 3,600
15,158 1,065 4,259 10,899 15,158
11,046 (11,046)
(3,973) (3,834) (3,834) (140)
(1,732) (1,704) (1,704) (28)
Other changes 62 30 30 32
NET PROFIT
FOR THE PERIOD
13,243 12,759 12,759 484
SHARE CAPITAL &
RESERVES AT 31/12/2003
120,480 13,537 54,147 14,195 39,179 12,759 (2,789) 117,491 2,989
Capital increase 2,449 184 735 1,313 2,048 40
Net income
appropriation
Distribution
of dividents
Translation
adjustments
12,759 (12,759)
(5,199) (5,006) (5,006) (193)
(278) (259) (259) (19)
Other changes (422) (11) (11) (410)
NET PROFIT
FOR THE PERIOD
14,768 14,014 14,014 754
SHARE CAPITAL &
RESERVES AT 31/12/2004
131,798 13,721 54,882 15,508 46,920 14,014 (3,048) 128,277 3,522
60 > 2004 ANNUAL REPORT GL events

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
AT 31 DECEMBER 2004
The information given below is expressed in euros. These notes are an integral part of the consolidated
financial statements for the year ended 31 December 2004. The consolidated financial statements were
approved by the board of directors’ meeting of 11 March 2005.
NOTE 1 > MAIN EVENTS AND PRO FORMA DATA
> The acquisition of Temp-A-Store effective 1 July 2004 further strengthened GL events’ Services offering.
Created in 1972, Temp-A-Store is today the leading specialist in the UK for temporary storage and
warehousing solutions for logistics, industrial and retail companies. In 2005 the company is expected to
generate sales of between €5 million and €7 million and has an operating margin greater than that of the
group. This company was consolidated on 1 July 2004.
> Market Place completes the range of services already proposed by Venue and event management.
Market Place is a leading French event organization and communication specialist that has designed,
organized, coordinated and produced events for enterprises and institutions since 1973. With sales in 2004
of €12 million and a staff of 30, Market Place produces 100 events per year on behalf of such references
as Total, Caisse d'Epargne, EADS, EDF, Canon, the French Ministry of Social Affairs, the City of Paris, Air
France, TF1, Renault, etc. This company was consolidated on the 1 September 2004.
> On 30 September 2004, GL events’ bought out the remaining 20.8% minority interests of
GL Data Systems increasing its stake to 100%.
> Consolidation of Congrhealth.com and Europa Edition, subsidiaries of Europa Organisation.
Because the activity of these companies is not significant, they were not consolidated in 2003.
> Creation of new subsidiaries:
Integration of the Château de Saint Priest; on 29 January 2004, GL events’ public service delegation
granted by the town of Saint-Priest to manage the Château was renewed. Operated previously under a
cost-reimbursement contract, the management of this venue has now been delegated through a six-year
concession agreement.
In addition, the group participates in two new 50-50 joint ventures in Greece with a local partner to
service the different contracts connected with the Athens Olympic Games.
> Deconsolidation of GL United Kingdom and GL Malaysia
Following the discontinuation of the activities of these two companies, they were deconsolidated effective
1 January 2004.
> Simplification of the group's legal structure
Expolok was merged with Montexpo at 31 December 2004. GL Australia, having discontinued business, was
wound up.
GL events 2004 ANNUAL REPORT < 61

Operating profit for year 2004 was marked by the following developments:
> Sales increased 4.6% (1.3% at comparable structure and exchange rates) to €335.5 million. Excluding
the impact of fittings, group sales surged 13.7%.
> Because of excellent full-year performances by core businesses, group operating profit increased from
€26.0 million to €28.3 million and 7.95% of sales compared with 7.65% in 2003.
> With international operations accounting for 30% of sales, GL events has confirmed its ability to
develop both in the segment of large international events and Venue management, a major contributor of
recurrent revenue, and by strengthening its subsidiaries in other countries, notably in the United Kingdom.
A pro forma income statement is presented below. For 2003, it takes into account the following
modifications:
> sales and earnings for the 2003 second half of Temp-A-Store, acquired on 1 July 2004,
> sales and earnings from 1 September to 31 December 2003 of Market Place, acquired on
1 September 2004
> sales and earnings from 1 January to 1 May 2003 of Europa Organisation, acquired on 1 May 2003,
> 2003 sales and earnings of Conghealth.com and Europa Edition,
> impact of the financial expenses net of tax corresponding to payments to acquire shares,
PRO FORMA INCOME STATEMENT (€ thousands) 31/12/2004 31/12/2004 31/12/2003
NET SALES 355,474 350,729
Other operating income 19,248 17,835
Operating expenses (346,470) (342,176)
OPERATING PROFIT 28,252 26,388
Financial income 2,187 3,333
Financial charges (4,534) (5,841)
NET FINANCIAL CHARGE (2,348) (2,508)
INCOME BEFORE EXCEPTIONAL ITEMS 25,904 23,880
Exceptional income 3,687 1,800
Exceptional charges (4,997) (2,238)
EXCEPTIONAL PROFIT / (LOSS) (1,309) (438)
Income tax (7,903) (7,840)
INCOME FROM FULLY CONSOLIDATED COMPANIES 16,692 15,602
Amortization of acquired goodwill (1,924) (1,920)
NET PROFIT BEFORE MINORITY INTERESTS 14,768 13,682
Minority interests (754) (486)
NET PROFIT 14,014 13,196
Average number of shares 13,547,845 12,729,439
NET EARNINGS PER SHARE IN EUROS 1.03 1.04
62 > 2004 ANNUAL REPORT GL events

NOTE 2 > CONSOLIDATION PRINCIPLES AND VALUATION METHODS
ACCOUNTING REGULATIONS
The financial statements were prepared in compliance with the methods and accounting regulations generally
admitted in France. The group’s consolidated statements comply with the recommendations of regulation 99-02 of
the accounting regulations committee (comité de réglementation comptable).
In accordance with applicable regulation, and notably recommendations of the French accounting profession
(Compagnie Nationale des Commissaires aux Comptes), since 1 January 2002 the group has recorded goodwill
amortization unable to be calculated separately. This amortization was calculated solely for goodwill recognized
since the new accounting method for consolidated financial statements was first applied (notably for year 2000).
On this date, the group decided to not restate retroactively acquisitions and disposals carried out previously.
For the presentation of the balance sheet and income statement, pre-existing goodwill is included under goodwill
arising on acquisitions.
Total goodwill has been amortized retroactively as from the first date on consolidation. The impact on 2002 was an
additional amortization charge of €359,000.
CONSOLIDATION METHOD
1 | Consolidation principles
Companies over which the group exercises exclusive control are fully consolidated starting from the effective date
of control.
Joint ventures and companies in which the group exercises a joint control with other partners, are consolidated
according to the proportionate method starting from the actual date of control.
The joint ventures JV Test Events, JV Nikia, JV Overlay and JV Seatings have accordingly been consolidated according
to the proportionate method.
Entities held between 20% and 50% in which the group exercises a significant influence on management and
financial policy are consolidated under the equity method. In 2004, there were no companies in this category.
Entities which fit the above criteria but held by the group on a temporary basis or whose activity is considered
marginal are not consolidated.
2 | Consolidation scope
The consolidation scope is presented in full in note 31. The principal changes in the consolidation scope are
mentioned in note 1.
Changes to consolidation scope in the period were as follows:
COMPANIES
DATE OF INCLUSION OR EXCLUSION
> GL UK deconsolidation at 1 January 2004
> GL Malaysia deconsolidation at 1 January 2004
> SECCSP (Chateau St Priest) created on 1 February 2004
> JV Overlay created on 1 January 2004
> JV Seating created on 1 January 2004
> Temp-A-Store acquired on 1 July 2004
> Market Place acquired on 1 September 2004
> GL Australia wound up on 31 December 2004
> Expolok merged on 31 December 2004
GL events 2004 ANNUAL REPORT < 63

3 | Goodwill on acquisitions :
When a subsidiary is first consolidated, the group recognizes:
> a valuation difference relating to identifiable assets and liabilities, which corresponds to the difference
between the value upon consolidation in the group’s financial statements and the carrying value of the item
in the subsidiary’s financial statements,
> goodwill from acquisitions corresponding to the difference between the cost of acquisition of the
shares and the proportion of equity acquired after adjustment for all valuation differences. The cost of
acquisition of the shares is equal to the amount paid to the seller, plus the costs directly related to the
acquisition capable of being reliably identified.
In 2004 the impact of acquisitions of the period is as follows:
(€ thousands)
Consolidated acquisition value (including an escalator
clause calculated on the basis of probable adjustments 14,704
estimated at 31 Décember 2004)
Dates of acquisition July and September 2004
Revaluations performed
None
Goodwill 11,571
4 | Translation of financial statements of foreign subsidiaries :
The financial statements of the foreign subsidiaries have been translated using the following methods:
> share capital and reserves are translated at historical rates,
> the balance sheet (not including share capital and reserves) is translated at year-end rates,
> the income statement is converted at average rates.
Translation differences resulting from the application of historic rates and average rates, compared to
year-end rate, are allocated to the consolidated reserves (for the group’s share).
5 | Elimination of intra-group transactions and balances
All reciprocal balance sheet accounts between group companies and all other transactions between group
companies (purchases and sales, dividends, etc. ) as well as accrued expenses on equity interests and
loans to associates are eliminated.
6 | Fiscal year
A balance sheet is established at 31 December for companies whose fiscal year ends at a different date.
At 31 December, only Temp-A-Store whose fiscal year ends on 31 March fell under this category.
METHODS OF VALUATION
1 |Pre-existing and purchased goodwill
Goodwill appears on the balance sheet at its historical value corresponding to the price paid or its
estimated value when included the scope of consolidation.
Pre-existing and acquired goodwill is amortized over 40 years except for specific cases (with the
acquisition of convention and exhibition center operating companies, pre-existing and acquired goodwill is
amortized over the operating license period).
In addition, when there is an indication of impairment and at least once year, goodwill impairment
tests are conducted involving a comparison of the carrying amount with the value in use. Value in use is
determined by applying the discounted cash flow method.
64 > 2004 ANNUAL REPORT GL events

2 | Other intangible fixed assets
Research and development costs are expensed as incurred.
Intangible fixed assets are amortized on a straight-line basis. Amortization periods are as follows:
Start-up costs
Software
Concessions and patents
DURATION
3 years
1 to 3 years
Based on the residual useful
life of patents concerned
3 | Plant, property, equipment
Tangible assets are stated at historic cost and are depreciated on a straight-line basis.
Depreciation periods generally used after detailed analysis of their useful lives are as follows:
Office buildings
Industrial buildings
Fixtures and fittings
Industrial equipment and tools
Transport equipment
Office furniture and equipment
DURATION
20 years
20 years
10 years
2 to 7 years
3 to 5 years
2 to 5 years
4 | Financial assets
Interests held by the group in non-consolidated companies are accounted for at the acquisition cost of
shares. An impairment provision is established if the value in use of the shares is estimated to be less than
the book value. Value in use is determined according to different criteria including the anticipated return
on investment of the shares.
5 | Inventory and equipment for rental
As an exception to generally accepted accounting principles, equipment for rental, capitalized in the parent
financial statements, are grouped together under the inventory of equipment for rental in the consolidated
financial statements in a specific account of the balance sheet.
This classification makes it possible to better distinguish between the tangible assets intended for rental
and those classified as fixed assets remaining at the different sites of the group.
The principal method for the recording and valuation of equipment for rental is based on historical cost.
Inventory valuation is based on weighted average cost. Manufactured products are recorded at production
cost that includes, when applicable, direct expenses incurred by the subsidiary in the production process.
Financial expenses are not included in the calculation of production costs. Work in progress is valued at
production cost.
To recognize depreciation for wear and tear from the successive rental of capitalized assets, the following
useful lives are used:
Floors
Furniture
Structures big tops
Grandstands and bleachers
Other rental equipment
DEPRECIATION PERIOD
7 to 10 years
4 years
5 to 10 years
5 to 10 years
2 to 7 years
For equipment to be leased held in inventory, a provision is recorded based on the turnover rate over
previous periods. In addition, a provision for impairment is recorded when the products are considered
obsolete or fail to meet the group’s quality standards.
GL events 2004 ANNUAL REPORT < 65

6 | Consumables, goods for resale and work-in-progress
These items are recorded on a distinct line under current assets and recognized either at their last
purchase price or average weighted price. In addition, a provision for depreciation is recorded when the
products are considered obsolete or fail to meet the group’s quality standards.
7 | Capital leases
Real estate acquired through a capital lease is recorded as a fixed asset at the value on the date of entry
into the scope. Other tangible assets acquired via capital leases with an initial value of more than €75,000
are recorded either as fixed assets or as rental equipment for the value of the assets the date of the contract
is concluded. These assets are amortized or depreciated according to the methods described above. The
capital part of the debt remaining due is recorded in financial debts. The lease charges recorded for the
financial year are then restated.
8 | Trade receivables and payables
Trade receivables and payables are recorded at face value. Balances denominated in foreign currencies
and not hedged by forward covers are translated at the year-end exchange rate. Accounts receivable
are analysed on a case-by-case basis, and a provision for doubtful debts is made to cover potential
collection risks.
9 |Short-term investments
Short-term investments are recorded at acquisition cost. A provision for impairment is made when the cost
of acquisition is lower than the carrying value. The carrying value corresponds to the average trading price
of the last month for the listed shares, and to the probable value of negotiation for unlisted shares.
10 |Taxes
> Current taxes:
Current taxes are calculated according to tax rates applicable in each country. For French companies,
a tax group headed by GL events includes the following companies:
GL events Fabric Expo Meublexpo
Action Développement GL Espace & Décor Mont Expo
Altitude GL Image Polygone Vert
BS Vision GL Lumière & Son Ranno Entreprise
CDV Organisation Gl Mobilier SECIL
Décorama Hall Expo SF Protection
Expo Service Nice ISF Standard Décoration
Europa Organisation
Menuiserie Expo
Subsidiaries recognize their tax as if taxed separately. The tax group has generated a tax savings of
€1,043,000 recognized by GL events.
> Deferred taxes:
Deferred taxes are recorded to take into account potential differences between the book value of an asset
or a liability and its tax value. They are determined using the liability method.
Deferred tax assets are recorded if their recovery is not linked to future results or if it is probable that the
company will recover them from taxable profit expected during that period.
Deferred taxes from the reversal of provisions on investments in consolidated companies are not recorded
unless deferred tax assets have been recorded in connection with the tax losses.
66 > 2004 ANNUAL REPORT GL events

11 |Equipment grants
Equipment grants are deducted from the assets in question and recorded under income after deducting
the corresponding amortization expense.
12 |Commitments and contingencies
Provisions are made to meet the potential costs related to litigations and other liabilities.
13 |Post retirement benefits
The provision for post retirement benefits is calculated according to the prospective method based on the
following actuarial assumptions:
> rates of discount : 3.0%
> ratio of wage increases : 1.5%
> rate of personnel turnover : GL events table
> rate of mortality : INSEE mortality table 1999/2001
> rate of social charges : 40%
The provision takes into account insurance policies already in force in favour of the companies SF
Protection, Toulouse Expo and ISF providing total coverage of €671,000.
14 |Sales
For shows, fairs and events, income is recognized on the date on which they begin. Down payments
invoiced before these dates are recorded under prepaid income.
In the specific cases of major long-term events or events delivered in instalments over a long period,
income is recognized according to the percentage of completion method.
For permanent and semi-permanent realisations, income and the margin are generally recognized on the
delivery date.
For rental contracts with no defined term and for long-term rental contracts, sales are recognized on a
monthly basis.
Concerning the sale of capitalized equipment for rental, the corresponding income is shown under net
sales and the net book value is recorded under operating expenses.
15 | Exceptional profit and loss
Expenses and income are identified as exceptional in accordance with generally accepted accounting
principles. One exception: profits and charges linked to disposal or retirement of rental equipment are
reclassified under operating profit/ (loss). (see above).
16 | Earnings per share
Net earnings per share in the consolidated income statement correspond to the net consolidated group
profit divided by the average number of shares for each period concerned. The data for the last three years
is as follows:
> 2002 = 11,983,526
> 2003 = 12,729,439
> 2004 = 13,547,845
GL events 2004 ANNUAL REPORT < 67

17 |Fully diluted earnings per share
Fully diluted earnings per share are calculated on the basis of the weighted average number of shares outstanding
plus the total number of stock options (allocated or remaining to be allocated).
For the last three years, these were as follows:
> 2002 = 12,569,526
> 2003 = 13,389,580
> 2004 = 14,444,496
18 |Financial instruments
Financial instruments used by the company (Caps, Floors, etc.) are destined exclusively for hedging
purposes. Gains and losses from hedging instruments are accounted so as to offset losses and gains on
the items hedged.
19 |Consolidated cash flow
Cash flow is presented in compliance with the methods for the consolidation of financial statements
(regulation 99-02 of the Accounting Regulatory Committee) and the following rules:
> Capital gains and losses as a result of disposals are shown net of tax.
> Provisions for current assets included under changes in cash flows for accounts receivable,
> Net cash flow from acquisitions and disposals of subsidiaries corresponds to the price of acquisition,
less the share of the price not yet paid and net available cash flow (or plus the current cash flows due) at
the time of the acquisition. This same method is applied to disposals,
> “Cash and equivalents at the beginning of the year” and “Cash and equivalents at year-end” represent
liquid assets (bank balances, ‘dailly’ receivables less discounted notes not yet due). They do not include the
advances to non-consolidated companies.
NOTE 3 > ACQUIRED AND PRE-EXISTING GOODWILL
(€ thousands) 31/12/03
Changes
in scope
Increase Decrease
Other
changes
31/12/04
Goodwill 16,792 171 16,621
Amortization and provisions (1,208) (659) (1,867)
NET GOODWILL 15,584 0 (659) (171) 0 14,754
Acquired goodwill 83,898 12,166 (408) (104) 95,552
Amortization and provisions (2,886) (1,264) 12 (4,138)
NET ACQUIRED GOODWILL 81,012 0 10,902 (408) (92) 91,414
NET TOTAL 96,596 0 10,243 (579) (92) 106,168
(€ thousands)
Goodwill included in the parent company financial statements 7,580
Valuation differences allocated to goodwill 87,972
TOTAL 95,552
68 > 2004 ANNUAL REPORT GL events

NOTE 4 > OTHER INTANGIBLE ASSETS
GROSS VALUE
31/12/03
Changes
Increase Decrease
Other
(€ thousands) in scope changes
31/12/04
Start-up costs 414 (320) 94
Software, concessions, patents 8,224 197 1,600 (167) 217 10,071
Other intangible assets 144 17 53 214
TOTAL GROSS VALUE 8,781 197 1,617 (167) (50) 10,378
ACCUMULATED DEPRECIATION
AND PROVISIONS (€ thousands) 31/12/03
Changes
in scope
Increase Decrease
Other
changes
31/12/04
Start-up costs (88) (4) (92)
Software, concessions, patents (5,853) (136) (1,348) 165 50 (7,122)
Other intangible assets (54) (20) (51) (125)
TOTAL ACCUMULATED DEPRECIATION (5,994) (136) (1,372) 165 (1) (7,339)
NOTE 5 > PROPERTY, PLANT EQUIPMENT (EXCLUDING EQUIPMENT FOR RENTAL)
GROSS VALUE
31/12/03
Changes
Increase Decrease
Other
(€ thousands) in scope changes
31/12/04
Lands 735 10 745
Constructions 9,814 27 217 (44) 10,014
Constructions held under capital 1,539 1,539
TOTAL 12,088 27 227 (44) 12,298
Installations, machinery & equipment 9,641 638 1,315 (359) (82) 11,153
Other tangible assets 20,406 1,187 4,227 (579) 18 25,258
Other tangible assets held
under capital leases
634 713 (32) 1,315
Tangible assets under construction 289 50 (303) 36
TOTAL 30,970 1,825 6,305 (970) (367) 37,762
TOTAL GROSS VALUE 43,058 1,852 6,532 (1,014) (367) 50,060
ACCUMULATED DEPRECIATION
and provisions 31/12/03
(€ thousands)
Changes
in scope
Increase Decrease
Other
changes
31/12/04
Lands 0 0
Constructions (2,114) 1 (908) 44 3 (2,974)
Constructions held under capital (351) (77) (428)
TOTAL (2,464) 1 (985) 44 3 (3,402)
Installations, machinery & equipment (7,270) (392) (951) 290 65 (8,258)
Other tangible assets (13,732) (933) (2,464) 526 8 (16,595)
Other tangible assets held
under capital leases
(584) (118) 32 (670)
TOTAL (21,586) (1,325) (3,533) 848 73 (25,524)
TOTAL ACCUMULATED
DEPRECIATION
(24,051) (1,324) (4,518) 892 76 (28,926)
GL events 2004 ANNUAL REPORT < 69

NOTE 6 > LONG-TERM INVESTMENTS
NET VALUE
31/12/03
Changes
Increase Decrease
Other
(€ thousands) in scope changes
31/12/04
Non consolidated investments 1,160 777 2,712 (2,728) 53 1,975
Receivables from non consolidated
investments
455 (446) (9) 0
Non consolidated investments 2,311 (26) 2,285
Other long-term investments 332 178 (205) 305
Provision for depr. of investments (68) (8) (76)
Provision depr. for related receivables (445) 445 0
Provision for loan impairment (7) 1 (6)
NET TOTAL 3,738 777 2,882 (2,959) 44 4,482
The list of non-consolidated companies at 31 December 2004 is as follows :
COMPANIES (€ thousands) Held by %
PICO 449 GL events NS
Palais des congrès de Nantes 76 GL Mobilier 2 %
Lille Grand Palais 301 GL events 8 %
Olympique Lyonnais 500 GL events 0.75 %
GL United Kingdom 404 GL events 100 %
Divers 244
TOTAL 1,975
NOTE 7 > EQUIPMENT FOR RENTAL
NET VALUE
31/12/03
Changes
Increase Decrease
Other
(€ thousands) in scope changes
31/12/04
GROSS VALUE
Equipment for rental 18,867 881 (2,075) 295 17,968
Capitalized equipment for rental 77,476 3,045 19,792 (8,878) (2) 91,433
Equipment for rental / capital leases 2,930 2,930
TOTAL 99,273 3,045 20,673 (10,953) 293 112,331
DEPRECIATION AND PROVISIONS
Equipment for rental (5,397) (1,603) 1,110 (5,891)
Capitalized equipment for rental (38,844) (13,745) 6,603 (81) (46,067)
Equipment for rental / capital leases (2,115) (360) (2,475)
TOTAL (46,356) (15,708) 7,713 (81) (54,433)
NET VALUE 52,917 3,045 4,965 (3,240) 212 57,898
At 31 December 2004, the item “Equipment for rental” included a positive valuation difference of €156,000.
70 > 2004 ANNUAL REPORT GL events

NOTE 8 > INVENTORIES AND WORK IN PROGRESS
(€ thousands) 31/12/04 31/12/03
Consumables 7,562 7,593
Work in progress 5,819 3,802
Goods for resale 892 713
TOTAL GROSS 14,273 12,108
PROVISION (740) (763)
NET TOTAL 13,533 11,345
NOTE 9 > TRADE RECEIVABLE AND RELATED ACCOUNTS
(€ thousands) 31/12/04 31/12/03
Trade receivables 98,291 89,414
Provisions (5,984) (5,298)
NET TOTAL RECEIVABLES 92,308 84,116
NOTE 10 > OTHER ACCOUNTS RECEIVABLE
(€ thousands) 31/12/04 31/12/03
Advances and deposits paid 766 988
Social security receivables 509 439
Tax receivables 12,528 10,384
Current accounts non consolidated companies 5,517 5,399
Other trade receivables and misc. receivables 6,275 2,619
Provision for current accounts (35) (287)
Provision for other receivables (322) (423)
TOTAL 25,238 19,119
NOTE 11 > DEFERRED AND CURRENT TAXES
The evolution of the tax expense is as follows:
(€ thousands) 31/12/04 31/12/03
Profit before tax
and amortization of goodwill
24,595
23,007
Current taxes on profit 8,493 7,974
Deferred taxes (590) 111
TOTAL TAX CHARGE 7,903 8,085
TAX RATE (%) 32.13 % 35.14 %
GL events 2004 ANNUAL REPORT < 71

The tax calculation is as follows :
Profit before tax 22,671
Tax rate in France not including 3.3 % contribution 34.33 %
THEORETICAL TAX 7,783
Tax deducted/added back to income 302
Amortization of goodwill 651
Differences in tax rates (148)
Companies included in the tax group but not consolidated
and other tax group adjustments
3.30 % contribution 125
Non-taxed companies (904)
Unrecognised tax losses 77
17
ACTUAL TAX CHARGE 7,903
BREAKDOWN OF THE CORPORATE TAX CHARGE Taxable profit Corresponding Effective Net profit
BETWEEN EBIT & EXCEPTIONAL PROFIT / (LOSS) or loss tax charge tax rate or loss
(€ thousands)
Income before exceptional items for French companies 19,880 (7,361) 37.03 % 12,519
Income before exceptional items for foreign companies 6,024 (1,050) 17.43 % 4,974
Exceptional profit or loss (1,309) 508 38.80 % (801)
Income before amortization of goodwill 24,595 (7,903) 32.13 % 16,692
Amortization of goodwill (1,924) (1,924)
CONSOLIDATED NET PROFIT 22,671 (7,903) 34.86 % 14,768
DEFERRED TAX ASSETS
AND LIABILITIES
(€ thousands)
Deferred tax assets 2,285 2,089
Deferred tax liabilities in the individual
financial statements
(1,589) (1,387)
Consolidated deferred tax liabilities (746) (835)
Charges in Profits or
31/12/04 31/12/03 scope &
translations
(charges)
2004
adjustments
DEFERRED TAX ASSETS (LIABILITIES) NET (50) (132) (506) 590
DEFERRED TAX ASSETS AND LIABILITIES
BY NATURE
(€ thousands)
Charges in Profits or
31/12/04 31/12/03 scope &
translations
(charges)
2004
adjustments
Gain on investments deferred over 13 years (1,124) (1,387) 263
Deferred depreciation (466) (466) 0
Losses carried forward 959 912 (51) 98
Provisions (279) (291) 12
Capital leases (26) (75) 49
Deferred charges 11 (181) 192
Post-retirement benefits 532 474 11 47
“Organic” fund and social housing tax 204 186 10 8
Employee profit sharing 284 405 (121)
Deferred amortization (228) (255) (11) 38
Others 83 79 4
TOTAL (50) (132) (506) 590
72 > 2004 ANNUAL REPORT GL events

Group loss carried-forwards not taken into account in the calculation of the deferred taxes totalled
€1,408,000. This represents an unrecognised deferred tax of €390,000 on the basis of a 16 % tax rate for
the subsidiary GL Hong Kong and 33.83% for other subsidiaries.
NOTE 12 > ACCRUED LIABILITIES
(€ thousands) 31/12/04 31/12/03
Prepaid expenses 3,175 2,933
Deferred charges 5,504 3,892
TOTAL 8,679 6,825
NOTE 13 > SHORT-TERM INVESTMENTS, CASH AND CASH EQUIVALENTS
(€ thousands) 31/12/04 31/12/03
Gross short-term investments 58,484 44,056
Provisions (93) (152)
Net short-term investments 58,391 43,904
Cash and cash equivalents 15,852 11,735
NET TOTAL 74,243 55,639
The net asset value of short-term investment securities at 31 December was €58,391,000 and corresponds
to net book value after impairment.
The portfolio at 31 December 2004 is as follows:
(€ thousands)
Money market funds 56,912
French equities 477
Treasury stock (market making agreement) 201
Investment accounts 894
TOTAL 58,484
NOTE 14 > CONSOLIDATED SHARE CAPITAL AND RESERVES
The board of directors' meeting of 5 March 2004 enacted the capital increase of €500,000 through the cash
contribution resulting from the exercise of 125,000 stock options.
The board of directors' meeting of 3 December 2004 enacted the capital increase of €189,200 through the
cash contribution resulting from the exercise of 47,300 stock options.
At 3 December 2004, the resulting share capital was €54,336,412, divided into 13,584,103 shares with
at €4 per share.
GL events 2004 ANNUAL REPORT < 73

Between 3 December 2004 and 31 December 2004, 136,500 stock options were exercised resulting in a
capital increase of €546,000.
At 11 March 2005 the share capital was €54,882,412 divided into 13,720,603 shares at €4 per share.
All the 620,000 stock options voted by the shareholders' meetings of 3 October 1998 and 10 December
2001, had been granted on 31 December 2004. Out of these 620,000 options, on 11 March 2005 394,500
had been exercised and 191,500 remained outstanding.
NOTE 15 > COMMITMENTS AND CONTINGENCIES
(€ thousands) 31/12/03
Decrease
Changes Amount Amount Other
in scope Increase used umused charges
31/12/04
Prov. for employee-related risks 397 396 (22) (179) (2) 590
Provision for tax risk 603 361 (32) (8) 924
Provision for post retirement 1,382 31 240 (80) (2) 1,571
benefits
Other commitments & contingencies 1,723 389 650 (837) (379) (2) 1,544
TOTAL 4,105 420 1,647 (971) (568) (4) 4,629
Operating allowances & reversals 697 (548) (415)
Financial allowances & reversals (15) (4)
Exceptional 950 (408) (149)
allowances & reversals
NOTE 16 > LOANS AND FINANCIAL DEBTS
(€ thousands)
31/12/03
Changes Increase of Reimb. of Other
in scope med term med term changes
31/12/04
Loans on real estate 1,187 (91) 1,096
leasing agreements
Borrowings and financial bebt 84,633 223 50,263 (23,663) (42) 111,415
Capital leases 648 713 (322) 1,039
Other financial debts 593 8 80 681
Employee profit sharing 1,350 166 (978) 538
TOTAL BORROWINGS 88,411 232 51,221 (25,053) (42) 114,769
AND FINANCIAL DEBT
TOTAL SHORT-TERM FINANCIAL DEBT 10,853 829 (2,818) 19 8,883
TOTAL FINANCIAL DEBT 99,264 1,061 51,221 (27,871) (23) 123,652
Short-term investment securities (43,904) (14,487) (58,391)
Cash and equivalents (11,735) (1,275) (3,136) 294 (15,852)
CASH AND BANK BALANCES (55,639) (1,275) (17,623) 0 294 (74,243)
NET FINANCIAL DEBT 43,625 (214) 33,598 (27,871) 271 49,410
74 > 2004 ANNUAL REPORT GL events

The breakdown by foreign currencies of the financial debts can be presented as follows :
(€ thousands)
Med. term Short term
equivalents
Cash and Net debt
TOTAL EURO ZONE 112,675 8,883 (68,457) 53,102
US dollar (1,791) (1,791)
Canadian dollar (252) (252)
Swiss franc (290) (290)
Pound 2,094 (2,824) (730)
Hong Kong dollar (629) (629)
TOTAL FOR OTHER AREAS 2,094 (5,786) (3,692)
TOTAL 114,769 8,883 (74,243) 49,410
NOTE 17> MATURITIES OF BORROWINGS AND DEBTS
Amounts due Amounts due Amounts due
(€ thousands) 31/12/04 in less than
1 year
in more than 1year
less than 5 years
in more than
5 years
Loans on real estate leasing agreements 1,096 95 431 570
Borrowings and financial debt 111,415 26,692 73,960 10,763
Capital leases 1,039 289 613 137
Other financial debts 681 681
Employee profit sharing 538 101 437
Bank overdrafts 8,883 8,883
TOTAL FINANCIAL DEBT 123,652 36,741 75,441 11,470
Advances payments received 2,355 2,329 26
Accounts payable 56,361 56,361
Tax and social charges 38,734 38,734
Other debts 16,935 15,168 1,767
TOTAL OTHER LIABILITIES 114,385 112,592 1,793
TOTAL 238,037 149,333 77,234 11,470
NOTE 18 > ACCRUED EXPENSES
(€ thousands) 31/12/04 31/12/03
Deferred income 32,208 24,226
GL events 2004 ANNUAL REPORT < 75

NOTE 19 > NET SALES AND OTHER REVENUE
The distribution of net sales by division and region for the last two years is as follows:
(€ thousands) 2004 2003
Global services 199,972 187,492
Permanent and semi-permanent realisations 73,123 92,682
Venue & Event management 82,379 59,587
TOTAL 355,474 339,761
France 249,500 270,439
Other European countries 92,154 46,974
Other countries 13,820 22,348
TOTAL 355,474 339,761
Change in inventories is as follows:
(€ thousands) 2004 2003
Change in finished goods and work-in-process 1,049 (840)
Capitalized production 6,154 7,371
TOTAL 7,203 6,531
NOTE 20 > OTHER OPERATING INCOME AND OTHER EXPENSES
This item breaks down as follows:
(€ thousands) 2004 2003
Reduction in commitments and contingencies 963 1,037
Reduction in provisions equipment for rental 1,110 303
Other reductions / provisions on current assets 1,781 2,846
Expense transfer 1,697 4,160
Operating grants 5,115 1,034
Other income 1,378 848
TOTAL 12,045 10,228
Operating grants correspond to amounts paid by authorities delegating the management of convention
or exhibitions centers. In exchange, the operating companies pay higher lease payments recorded as
external charges.
Other expenses consist notably of uncollectible receivables.
76 > 2004 ANNUAL REPORT GL events

The breakdown of charges for depreciation and provisions is as follows :
(€ thousands) 2004 2003
Depreciation charge on fixed assets (5,877) (5,710)
Depreciation charge on equipment for rental (15,708) (13,561)
Increase in commitments and contingencies (697) (539)
Amortisation of deferred charges (688) (175)
Inrease in prov. doubtful debts & other current assets (2,375) (2,025)
TOTAL (25,345) (22,010)
NOTE 21 > OTHER PURCHASES AND EXTERNAL CHARGES
"Other purchases and external charges" breaks down as follows :
(€ thousands) 2004 2003
Non-stock purchases (39,805) (44,559)
Subcontracting and external personal (96,682) (89,683)
Equipment and property rental (28,363) (23,814)
Transport, travel and entertainment expenses (16,826) (15,243)
Other purchases and external charges (33,692) (32,252)
TOTAL (215,368) (205,551)
NOTE 22 > OPERATING PROFIT BY BUSINESS
The breakdown of operating profit by business for the last two years is as follows :
(€ thousands) 2004 2003
Global services 13,689 13,738
Permanent and semi-permanent realisations 5,699 5,508
Venue and event management 8,864 6,741
TOTAL 28,252 25,987
GL events 2004 ANNUAL REPORT < 77

NOTE 23 > NET FINANCIAL EXPENSE
Financial expense breaks down as follows :
(€ thousands) 2004 2003
Financial provisions written back to income 154 1,008
Income from investments 399 387
Currency gains 129 293
Net income / disposal of short-term investments 739 621
Other interest and financial income 766 1,001
TOTAL FINANCIAL INCOME 2,187 3,311
Interest on long and medium term debt (2,516) (2,565)
Interest on capital leases (73) (79)
Other interest (1,128) (1,611)
Currency losses and translation differences (387) (371)
Other financial charges (284) (341)
Adjustments in provisions and amortizations (146) (503)
TOTAL OF FINANCIAL EXPENSE (4,534) (5,470)
NET FINANCIAL EXPENSE (2,347) (2,159)
NOTE 24 > EXCEPTIONAL PROFIT OR LOSS
The exceptional profit or loss for the last two years is as follows :
(€ thousands) 2004 2003
Income on disposal of tangible and intangible assets 145 163
Income on disposal of investments 1,865 173
Income from management operations 287 229
Exceptional provisions written back to income 1,390 580
and charge transfers
TOTAL EXCEPTIONAL INCOME 3,687 1,146
Net book value of tangible and intangible assset disposals (112) (210)
Net book value of investment disposal (2,395) (197)
Other exceptional expenses on capital investments (529) (117)
Exceptional expenses from management operations (1,325) (831)
Extraordinary appropriations for amortizations and reserves (635) (611)
TOTAL EXCEPTIONAL EXPENSES (4,996) (1,966)
EXCEPTIONAL PROFIT / (LOSS) (1,309) (820)
Exceptional charges from management operations correspond to tax and employee-related litigation
expenses.
78 > 2004 ANNUAL REPORT GL events

NOTE 25 > NUMBER OF EMPLOYEES
BREAKDOWN BY STRATEGIC BUSINESS UNIT 2004 2003
Global services 1,333 1,272
Permanent and semi-permanent realisations 446 561
Venue and event management 351 252
TOTAL 2,130 2,085
BREAKDOWN BY FUNCTION 2004 2003
Sales representatives 461 440
Office workers 320 317
R&D staff 136 126
Technicians 493 414
Production 370 420
Work site 350 368
TOTAL 2,130 2,085
BREAKDOWN BY CATEGORY 2004 2003
Senior executives 55 65
Managers 523 466
Employees 487 445
Supervisors 512 475
Manual workers 552 634
TOTAL 2,130 2,085
NOTE 26 > REMUNERATION OF OFFICERS AND DIRECTORS
Remuneration of members of the board of directors and the executive committee (refer to the section on
corporate governance for the list of members) during the period totalled €1,809,000. There are no pension
liabilities or comparable benefits in favour of current and former directors and officers. In addition, no
advances or credit facilities have been granted to directors and officers.
NOTE 27 > OFF-BALANCE SHEET COMMITMENTS
TABLE OF COMMITMENTS
CATEGORIES OF COMMITMENTS (€ thousands)
Total
Other
investments
Others
COMMITMENTS GIVEN
> Security guaranteeing short and medium-term loans
> Joint security, miscellaneous guarantees 42 42
> Undrawn credit facilities
TOTAL 42 42
COMMITMENTS RECEIVED
None
In compliance with the principles for the presentation of notes, off-balance sheet commitments between
consolidated companies are not indicated here.
GL events 2004 ANNUAL REPORT < 79

CONCESSION ROYALTIES AND PROPERTY LEASE PAYMENTS -
NON-CANCELLABLE PORTIONS
(€ thousands) < 1 YEARS 1 - 5 YEARS > 5 YEARS
Exhibition and convention centers : lease payment 6,535 23,507 17,323
Financial compensation (5,000) (20,000) (9,651)
Property leases 7,553 12,966 1,125
In addition, concession agreements provide for the payment of lease payments corresponding to variable
amounts generally based on pre-tax earnings.
DEBTS GUARANTEED BY COLLATERAL
CONCERNED ITEMS (€ thousands) Guarantee debts Nature of the guarantee
> Bank loans 175
> Bank loans 1,064
Pledge
of goodwill
Pledge of financial
instruments
TOTAL
Amount Total %
TYPE OF PLEDGES/
Beginning Expiration of pledge balance correspond.
MORTGAGES
of pledge of pledge assets sheet (a)/(b)
(€ thousands) (a) amounts (b)
On tangible assets
(goodwill)
1998 à 2000 2005 175 106,168 0.2 %
On tangible assets None 79,032
On financial assets None 4,482
TOTAL 175 189,682 0.1 %
NOTE 28 > OTHER RISKS
FOREIGN EXCHANGE RISKS
Most of GL events’ purchases are in France or Euroland countries. As such, it is not subject to foreign
exchange risk for most of its business.
As regards major international contracts, specific attention is paid to foreign exchange risk, and hedging
is used on a case-by-case basis.
Foreign subsidiaries do not generate a regular flow of business that could constitute a structural risk.
Expenses incurred by foreign subsidiaries are local charges, most of which are paid in the same currency
as the currency of the customer's payment.
The equipment of foreign subsidiaries consists of durable goods (structures, platforms, screen walls,
furniture, etc.). GL events is always able to transfer them to another structure without their intrinsic value
being reduced as a result of the fluctuation of foreign currency rates.
As a result, foreign exchange risk is considered moderate.
80 > 2004 ANNUAL REPORT GL events

CURRENCY OF ORIGIN (€ thousands) US$ CA$ GBP CHF HK$
BALANCE SHEET
> Assets in foreign currency 3,992 395 30,536 640 2,837
> Liabilities in foreign currency (748) (395) (9,678) (704) (2,177)
NET POSITION BEFORE MANAGEMENT 3,244 0 20,858 (64) 660
OFF BALANCE SHEET - - - - -
NET POSITION AFTER MANAGEMENT 3,244 0 20,858 (64) 660
INTEREST RATE, CREDIT AND EQUITY MARKET RISKS
The management of risks related to treasury activities and foreign exchange rates is subject
to strict rules defined by the group management. According to these rules, the Finance Department
systematically pools liquid assets, positions and the management of financial instruments. Management
is assured through a cash department responsible for daily monitoring of limits, positions and results.
Most debt is indexed on three-month rates. Occasionally, all or some of the variable-rate long-term debt
may be hedged. Risk is considered low given the volume of the debt, market forecasts and the amounts
already hedged.
Net floating-rate debt is presented in the table below.
Total debt :
CHARACTERISTICS OF SECURITIES Fixed / average Recourse
ISSUED OR DEBT CONTRACTED floatingrate debt Term to
< one year hedging
> Medium-term fixed rate debt that
may become variable on rolling floating rate 1,443 2006 yes
3 month Telerate 20052
> Medium-term debt indexed on
1, 3 and 12 month Euribor
floating rate 88,924 2005 - 2010 partial
> Medium-term debt/Libor floating rate 8,197 2007 - 2011 partial
> Other medium term debt fixed rate 824 2005 & 2006 no
> Capital lease debt /
Euribor 3 month
floating rate 868 2012 & 2016 no
Other capital lease debt fixed rate 1,075 2006 - 2012 no
Other borrowings floating rate 828 2005 - 2009 no
Short-term cash floating rate 8,883 yes
TOTAL 111,042
GL events 2004 ANNUAL REPORT < 81

Net average debt interest
INTEREST RATE RISK AT 31/12/04 Balance at
bearing maturing in :
FOR AVERAGE FLOATING 31/12/04
more
RATE DEBT
less than 1 year 1 - 5 years than 5 years
(€ thousands)
BALANCE SHEET
FINANCIAL ASSETS - - - -
FINANCIAL LIABILITIES
> Medium-term fixed rate than may
become variable on sliding 2,143 1,443 65
3 month Telerate 20052
> Medium-term indexed on
1, 3 or 12 month Euribor
100,684 88,924 35,813 3,811
> Medium term indexed on Libor 7,483 8,197 4,834 1,127
> Capital leases indexed on 3 month Euribor 906 868 664 72
> Other borrowing 1,219 828 87
> Bank facilities 8,883 8,883
NET POSITION BEFORE MANAGEMENT 121,318 109,143 41,463 5,010
HEDGING INSTRUMENTS 57,143 71,268 3,773
NET POSITION AFTER MANAGEMENT 64,175 37,875 37,390 5,010
At 31/12/2004 a swap, three euribor swaps and four euribor 3 month tunnels were contracted. These
instruments will reach maturity in January 2006. After 31/12/2004, three Euribor 3 month tunnels were
implemented maturing in January 2007.
Average net floating rate current debt not hedged represents €37,875,000 or 35% of the total. If the benchmark
rate increases (Euribor 3 month) 1%, the increase net of tax of interest expense in 2004 would be
€249,000 or 10% of 2004 interest expense. Given the money market funds of €56,912,000 which also covers
part of this risk, exposure to interest rate risk is considered low.
The group also holds shares in publicly traded companies whose total market value fluctuates along with
stock market prices, the valuation of the respective activity sectors to which these companies belong and
the economic and financial data specific to each of the companies. Because the amount of these holdings
is insignificant, it does not give rise to significant risks.
The net value of the equity portfolio is presented in the table below.
EQUITY MARKET RISK AT 31/12/04 (€ thousands) France Other markets
EQUITY INVESTMENTS
GL events treasury shares (market making contract) 201
- Nouveau Marché shares 358
- Marché libre shares 44
NET POSITION BEFORE MANAGEMENT 603 -
OFF BALANCE SHEET -
NET POSITION AFTER MANAGEMENT 603
RISK ON BANKING COVENANTS
Some of the group's long-term debt, €81,888,000 at year-end or 73% is subject to bank covenants.
These ratios are monitored on a semi-annual basis. Data at 31 December 2004 is already below the
existing trigger levels. In consequence, risks concerning bank covenants are considered marginal.
82 > 2004 ANNUAL REPORT GL events

Three ratios are to be respected under the terms of these bank covenants:
Ratio 1 : Net debt/equity or medium-and long-term debt/equity or medium-long-term debt - current portion/equity
must be less than or equal to an amount ranging between 100% and 133% according to the
contracts.
Ratio 2 : Medium-long-term debt excluding the current portion or net debt must be less than or equal to
an amount ranging between 3.5 and 4 years of cash flow according to the contract.
Ratio 3 : Equity / Total balance sheet must be greater than 25%.
Net debt corresponds to the following consolidated balance : medium-long-term borrowings + bank
facilities – marketable securities– cash and cash equivalents. These items are detailed in note 16 to the
consolidated financial statements and represented a total amount of €49,410,000 at year-end.
Long-term debt totalled €114,769,000 at 31/12/2004.
Long-term debt less the current portion totalled €89,911,000 at 31/12/2004.
Shareholders' equity corresponded to the following consolidated balance sheet items: share capital +
consolidated reserves + translation adjustments + profit of the period + and/or minority interests. These
items represented a total of €131,798,000 at year-end.
The total balance sheet at 31/12/2004 was €409,008,000.
Cash flow is analysed in the consolidated cash flow statement and at year-end totalled €38,843,000.
At 31 December 2004 consolidated ratios were as follows :
Ratio 1 : - Net debt / equity = 37.5%
- Long-term debt excluding current portion/ equity = 65.9%
- Long-term debt / equity = 87.1%
Ratio 2 : - Net debt / cash flow = 1.27
- Medium and Long-term debt excluding current portion/ cash = 2.24
- Medium and long-term debt / cash flow = 2.95
Ratio 3 : - Equity/ total assets = 32.22%
CLIENT RISKS
Client risks are low for three reasons.
> GL events’ service-oriented culture has focused on satisfying the needs of its clients. Beyond the
purely contractual relationships with its clients, GL events believes that the anticipation of needs, the
flexibility of teams, creativity, and the need to always keep project deadlines to strengthen its long-term
relationships with organizers, exhibitors and other client enterprises.
> The quality of the rented equipment that GL events is able to use for an event and its focus on
compliance with existing standards.
> The balanced client mix. Over the year 2004, 4 clients alone represented more than €10 million in net
sales, 7 accounted for between €2 and 10 million, and 5 clients between €1.1 and 4 million. The top ten
clients represented 22% of consolidated 2004 net sales (compared to 27% in 2003, 26% in 2002 and
20% in 2001), the top fifteen clients represented 25 % of consolidated 2004 net sales.
GL events 2004 ANNUAL REPORT < 83

SOURCING RISKS
Sourcing risks are low. The first category of suppliers is comprised of subcontractors who furnish GL
events’ teams additional labour for events while in all cases, engineering, supervision and technical
supervision remains under the direct responsibility of GL events.
Among the other significant suppliers (textile, carpets, wood, structure, etc.) there is no position that
could have a significant impact on the group's development.
The impact of variations in the price of oil on the cost of transport and other raw materials do not entail
a major risk for operations.
BUSINESS RISKS
From the selection of investments to the modus operandi used to implement projects, GL events’ internal
policy is to control and master the risks assumed, both with the personnel involved and the public that
will use the facilities.
Accordingly, special attention is paid to the preparation of projects and anticipating potential problems.
In the case of certain activities involved building facilities to receive the public, safety committees are
required in all cases.
For the installations of platforms, inspection by an independent outside entity is requested in all cases.
GL events undertakes to satisfy its clients’ needs by furnishing services that, taken independently and as
a whole, meet the standards of each trade and must be used in accordance with established rules. It is
the responsibility of clients to ensure that these rules of usage are complied with during events. GL
events insures its liability through a group civil liability policy.
In addition, business risk must be assessed by taking account of the seasonal nature of the activity and
the diverse geographic locations of projects implemented.
Overall, business risk is deemed to be low.
MARKET RISKS
The markets of fairs, exhibitions and events is based on the need for people to meet in order to exchange
and share knowledge, leisure, points of view, etc.. We believe that new communications means such
as the Internet and cell phones reinforce (rather than reduce) the need for meetings. Trade shows and
exhibitions is a largely recurring market and the major events benefit from promotion by the development
of media.
Labour disputes, conflicts and epidemics may occasionally prevent events from taking place.
GL events bases its activities and its assets in countries deemed to be stable politically and economically.
The possibility of transferring assets from one country to another and the frequent international nature
of clients reduce risks in the event that problems arise.
Structurally, this risk is deemed low.
LEGAL AND FISCAL RISKS
In the normal course of its activities, the group is a party in a number of legal proceedings and disputes.
Although the final outcome of these procedures cannot be ascertained with certainty, the group believes
that the charges that may result therefrom, and the corresponding amounts, are covered by provisions for
contingencies and commitments.
The obligations that could result from the settlement of these disputes should not have a significant
adverse effect on the group’s financial position or consolidated earnings.
EMPLOYEE-RELATED RISKS
GL events' business is not subject to specific employee-related risks. Processes and controls, particularly
concerning employment, are well managed and comply with industry standards.
The group is a defendant in a limited number of employee-related suits. While the outcome of these
procedures is not known, adequate provisions have been made to cover the eventual risks at levels that
will not adversely affect the group's financial situation.
There were no employee-related disputes in year 2004.
84 > 2004 ANNUAL REPORT GL events

INDUSTRIAL AND ENVIRONMENTAL RISKS
GL events manages the elements necessary to its operation in accordance with regulations in effect. As
GL events’ activities are geared towards the provision of services, the company has not identified any
major environmental risks.
SUBCONTRACTING
Group customers are the end users of the services provided. GL events systematically works under its
own responsibility. Article 1 of Law No. 75-1334 of 31/12/75 defines subcontracting as "an action whereby
a contractor subcontracts under its responsibility to another party referred to as the subcontractor all
or part of the performance of the works or public procurement contract with the project owner". In other
words, it is "the action whereby a contractor charges another party to perform on its behalf according to
certain specifications a portion of the production and services for which it retains final financial responsibility".
In consequence, subcontracting sales are not included in GL events sales.
INSURANCE - COVERAGE OF POTENTIAL RISKS
All of GL events’ risks are covered by co-insurers.
The main insurance policies and insured amounts are as follows:
> Civil liability :
All damages included: €15 million per incident and per insurance year,
Excess civil liability: all damages, €15 million per incident and per year in excess of the €15 million under
the master policy.
> Fire :
Buildings: €42.8 million
Rental equipment: €91 million
Furniture, fittings and merchandise: €23.5 million
Other material damages: €8.5 million
Liability: €7.9 million
Investments: €7.3 million
Expenses and losses: €3.9 million
> Automobile fleet:
441 vehicles, 67 lorries and 117 trailers
Insurance premium paid in 2004 totalled €4,218,000
NOTE 29 > CASH FLOW STATEMENT
For 2004, the net cash flow attributed to the acquisition and disposal of subsidiaries is as follows:
Disbursements for shares acquired in the period (9,212)
Disbursements for prior acquisitions and minority interests (460)
Proceeds from the shale of subsidiaries
Net cash provided from acquisitions 428
NET CASH (9,244)
GL events 2004 ANNUAL REPORT < 85

NOTE 30 > TREASURY STOCK
Within the framework of the share buy-back program renewed by the general meeting of 30 November 2004,
the following transactions were undertaken during the course of the 2004:
31/12/2003 acquisitions disposals 31/12/2004
Treasury stock 0 24,520 24,520 0
Liquidity agreement
for 50% of the float
11,192 89,462 90,304 10,350
At 2004 year-end, no treasury shares were held.
The number of treasury shares held within the framework of the program destined to maintain the
shares liquidity on the market at year-end was 10,350 acquired at an average share price of €18.91 and
representing 0.08% of the capital.
Execution fees incurred for these transactions totalled €21,343.
NOTE 31 > SCOPE OF CONSOLIDATION
COMPANIES
PARENT COMPANY
Registered office
GL EVENTS Brignais 351 571 757 RCS Lyon
Company trade controllig interest % ownership interest %
register number 2004 2003 2004 2003
FRENCH SUBSIDIARIES
Action Développement Brignais 380 892 851 RCS Lyon 100.00 100.00 100.00 100.00
Altitude Expo Mitry Mory 379 621 220 RCS Meaux 100.00 100.00 100.00 100.00
Auvergne Événements
Cournon
d’Auvergne
449 076 900 RCS Clermt Frd 52.00 52.00 52.00 52.00
Auvergne Événements Cournon
Spectacles
d’Auvergne
449 077 767 Rcs Clermt Frd 100.00 100.00 52.00 52.00
La Boîte à Sons Villeurbanne 317 613 180 RCS Lyon 100.00 100.00 100.00 100.00
BS Vision Saint-Nazaire 399 082 205 RCS St Nazaire 100.00 100.00 100.00 100.00
BSI Paris 434 773 750 RCS Paris 100.00 100.00 100.00 100.00
CEE Paris 393 255 765 RCS Paris 100.00 100.00 65.00 65.00
Congrhealth.com Toulouse 432 364 586 RCS Toulouse 100.00 100.00
Décorama Ivry sur Seine 612 036 996 RCS Creteil 100.00 100.00 100.00 100.00
Esprit Public Lyon 384 121 125 RCS Lyon 100.00 100.00 65.00 65.00
Europa Editions Toulouse 411 134 489 RCS Toulouse 100.00 100.00
Europa Organisation Toulouse 342 066 727 RCS Toulouse 100.00 100.00 100.00 100.00
Expo Service Côte d'Azur La Trinité 959 803 339 RCS Nice 100.00 100.00 100.00 100.00
Expolok Bouaye 419 802 137 RCS Nantes (1) 100.00 (1) 100.00
Fabric Expo Mitry Mory 379 666 449 RCS Meaux 100.00 100.00 100.00 100.00
GL Data Systems Brignais 332 866 730 RCS Lyon 100.00 79.15 100.00 79.15
GL Espace & Décor Brignais 378 932 354 RCS Lyon 100.00 100.00 100.00 100.00
GL Image Brignais 343 586 921 RCS Lyon 100.00 100.00 100.00 100.00
GL Lumière & Son Brignais 343 177 366 RCS Lyon 100.00 100.00 100.00 100.00
GL Mobilier Brignais 612 000 877 RCS Lyon 100.00 100.00 100.00 100.00
Hall Expo Brignais 334 039 633 RCS Lyon 100.00 100.00 100.00 100.00
ISF Exposition Basse Goulaine 342 784 873 RCS Nantes 100.00 100.00 100.00 100.00
86 > 2004 ANNUAL REPORT GL events

COMPANIES
Market Place
Registered office
Boulogne
Billancourt
Company trade controllig interest % ownership interest %
register number 2004 2003 2004 2003
780 853 162 RCS Nanterre 89.98 89.98
Menuiserie Expo Brignais 353 672 835 RCS Lyon 100.00 100.00 100.00 100.00
Meublexpo Brignais 317 553 436 RCS Lyon 100.00 100.00 100.00 100.00
Mont Expo Brignais 342 071 461 RCS Lyon 100.00 100.00 100.00 100.00
Norexpo Villeneuve d'Ascq 457 510 089 RCS Roubaix 98.79 98.78 64.21 64.21
Package Lyon 401 105 069 RCS Lyon 65.00 65.00 65.00 65.00
Polygone Vert Brignais 320 815 236 RCS Lyon 100.00 100.00 100.00 100.00
Profil Lyon 378 869 846 RCS Lyon 80.00 80.00 80.00 80.00
Ranno Entreprise Chilly Mazarin 391 306 065 RCS Evry 100.00 100.00 100.00 100.00
Regam Pont de Claix 059 500 991 RCS Grenoble 100.00 100.00 100.00 100.00
SECIL Lyon 378 347 470 RCS Lyon 100.00 100.00 100.00 100.00
SECCPB Toulouse 444 836 092 RCS Toulouse 100.00 100.00 100.00 100.00
SF Protection Flixecourt 380 344 226 RCS Amiens 100.00 100.00 100.00 100.00
Sodem System Lyon 438 323 776 RCS Lyon 100.00 100.00 100.00 100.00
Sté d’Exploitation
de Parcs d’Exposition
Sté d’Exploitation
Château de St Priest
Paris 398 162 263 RCS Paris 100.00 100.00 100.00 100.00
Brignais 453 100 562 RCS Lyon 100.00 100.00
Standard Décoration Chasseneuil 333 954 873 RCS Poitiers 100.00 100.00 100.00 100.00
du Poitou
Toulouse Expo Toulouse 580 803 880 RCS Toulouse 87.19 87.19 87.19 87.19
TP Avenir Lyon 378 455 166 RCS Lyon 91.43 91.43 59.43 59.43
Vachon Gentilly 343 001 772 RCS Creteil 85.00 85.00 85.00 85.00
FOREIGN SUBSIDIARIES
ADM Estructuras Spain N/A 100.00 100.00 100.00 100.00
Eastern Exhibition Iles Vierges N/A 100.00 100.00 100.00 100.00
Services Ltd
GL events Belgium Belgique N/A 100.00 100.00 100.00 100.00
Générale Location Hong Kong N/A 100.00 100.00 100.00 100.00
(Hong Kong) Ltd
GL Australia Australia N/A (2) 100.00 (2) 100.00
GL Canada Montreal N/A 100.00 100.00 100.00 100.00
GL Espana Spain N/A 100.00 100.00 100.00 100.00
GL events CCIB Spain N/A 80.00 80.00 80.00 80.00
GL Furniture (Asia) Limited Hong Kong N/A 60.00 60.00 60.00 60.00
GL events Greece Athens N/A 100.00 100.00 100.00 100.00
GL Malaysia Malaysia N/A (3) 100.00 (3) 100.00
GL Middle East Dubai Jebel Ali N/A 100.00 100.00 100.00 100.00
GL events Suisse Geneva N/A 100.00 100.00 100.00 100.00
GL UK United Kingdom N/A (3) 100.00 (3) 100.00
GL events USA United States N/A 100.00 100.00 100.00 100.00
JV Nikia Athens N/A 50.00 50.00 50.00 50.00
JV Test Events Athens N/A 50.00 50.00 50.00 50.00
JV Overlay Athens N/A 50.00 50.00
JV Seatings Athens N/A 50.00 50.00
Owen Brown United Kingdom N/A 100.00 100.00 100.00 100.00
Temp A Store United Kingdom N/A 100.00 100.00
GL events Portugal Portugal N/A 85.71 85.71 85.71 85.71
Team Legend Hong Kong N/A 85.00 85.00 85.00 85.00
(1) purchase merger by Montexpo 31/12/2004
(2) Wound up 31/12/2004
(3) Deconsolidated effective 01/01/2004
GL events 2004 ANNUAL REPORT < 87

STATUTORY AUDITORS' REPORT ON
THE CONSOLIDATED STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2004
Ladies and gentlemen,
In compliance with the assignment entrusted to us by the shareholders' general meeting, we have
audited the consolidated financial statements of GL events established in thousand of euros for
theperiod ended 31 December 2004, as presented in this report.
These consolidated financial statements were prepared by the board of directors. Our responsibility
is to express an opinion on these financial statements based on our audit.
OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS
We conducted our audit in accordance with French professional standards. These standards require that
we plan and perform the audit to obtain reasonable assurance as to whether the consolidated financial
statements are free from material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall consolidated financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the consolidated accounts referred to above give a true and fair view of the group’s
financial position, its assets and liabilities and the results of operations of the companies included in the
consolidation for the year then ended.
JUSTIFICATION OF OUR ASSESSMENTS
Pursuant to the provisions of Article L.225-235, of the French Commercial Code defining our obligation to
explain our assessments, we draw your attention to the following:
Note 2.3.1 presents the accounting rules and methods governing the recognition of goodwill, their remeasurement
at every balance sheet date and conditions concerning the recognition of impairment.
As part of our assessments, we have ensured that the above-mentioned changes are justified and that their
impacts are fairly presented in the consolidated financial statements.
Our assessments on these matters are part of our audit approach regarding the consolidated financial
statements taken as a whole and contribute to the formation of our unqualified audit opinion without
comments expressed in the first part of this report.
SPECIFIC PROCEDURES
We have also reviewed, in accordance with French professional standards, the information contained in
the group management report. We have nothing to report with respect to the fair presentation of such
information and its consistency with the consolidated financial statements.
Lyon and Villeurbanne , 31 March 2005
THE AUDITORS
André Fluchaire
Jean-Paul Simoens
88 > 2004 ANNUAL REPORT GL events

PARENT COMPANY FINANCIAL STATEMENTS
for the year ended 31 December 2004

MANAGEMENT REPORT ON THE
PARENT COMPANY FINANCIAL
STATEMENTS
A > REVIEW OF OPERATIONS FOR 2004, BALANCE SHEET AND INCOME STATEMENT
Sales of GL events increased 24% from 13,8 M€ to 17.1 M€. The coordinating holding company's activity
is remunerated through fees invoiced to subsidiaries. GL events pursued its growth through acquisitions
of controlling interests in new companies and sustained growth by group subsidiaries.
Significant events in the period included:
> Acquisition of Market Place
> Acquisition on 30 September 2004 of the 20.8% minority interests in GL Data Systems, thus increasing
GL events’ stake to 100%.
> Creation of two new subsidiaries, SECSP Château de St Priest and GL Hungary Kft
> GL events’ subscription to the capital increase of GL events CCIB for €1.6 million
These events are described in further details in note 1 to the consolidated financial statements.
Group cash management contributed €0.2 million to financial income.
B > SIGNIFICANT POST-CLOSING EVENTS
> Acquisition of a majority stake in PadovaFiere, the operating company that manages the Padua
Exhibition Center in Italy along with its portfolio of trade shows and exhibitions.
> GL events won the privatization bid for Hungexpo owner of the Budapest Exhibition Center GL events
will acquire 77% of Hungexpo. With its Hungarian partner, TriGranit, a real estate developer, GL events
will have an 80% stake in the Hungexpo holding company created for this purpose. The city of
Budapest, a minority shareholder of Hungexpo, retains the option to sell the remaining 23% stake.
> Acquisition of CHORUS, the operating company managing the Vannes Exhibition Center through a
public service management agreement until 2010.
> Creation of two new subsidiaries, GL events Services grouping support services and GL events SI to
manage group information systems. The personnel assuring these functions were transferred to these
new entities (13 to GL events SI and 36 to GL events SERVICES).
C > OUTLOOK
GL events, as the group’s management holding company, will in the future continue to assume the same
functions without any particular changes.
90 > 2004 ANNUAL REPORT GL events

D > PROPOSAL TO APPROPRIATE NET INCOME AND OTHER ITEMS OF BUSINESS
APPROPRIATION OF NET INCOME
A proposal will be made to the ordinary general meeting to approve the determination and appropriation
of the distributable amounts.
Determination of distributable amounts
Net profit of the year €10,548,684.38
Retained earnings €21,841,102.72
Exceptional tax charge in retained earnings €(29,179.00)
DISTRIBUTABLE INCOME €32,360,608.10
Proposed income appropriation
Legal reserve €527,434.22
Dividends of 0.41 € per share (x 13 720 608 ) €5 625,449.28
Exceptional tax charge to retainde earnings €(29,179.00)
Retained earnings (including €4,395,800.88 coming from the net profit of the year) €26,236,903.60
TOTAL €32,360,608.10
The company’s equity capital, after appropriation of net income, would be €103,155,000.
Pursuant to the law, dividends paid and the corresponding tax credit (avoir fiscal) for the past three years
are presented below:
YEARS Net dividend Tax credit (rate of 50 %)
31/12/2001 0.28 € 0.14 €
31/12/2002 0.32 € 0.14 €
31/12/2003 0.37 € 0.18 €
In compliance with the new provisions of article 243 bis of the French General Tax Code, the shareholders duly
note that the breakdown of dividends deducted from earnings of the period ended 31 December 2004 eligible
for the 50% tax deduction provide far under article 158 of the French General Tax Code is as follows :
Shares Dividends eligible Dividends not eligible
Registered Registered for a for a 50 %
PERIOD shares held shares held 50 % tax deduction tax deduction
by individuals by legal
(*) entities
31/12/04 €5,088,027 €2,086,091
€8,632,581 €3,539,358
(*) Under this heding are included by default bearer shares including those that may be held by legal entities.
TRANSFERTS FROM THE “SPECIAL LONG-TERM CAPITAL GAINS RESERVE” TO ORDINARY RESERVES
In compliance with the provisions of article 219 – IV paragraph 1 of the French General Tax Code, the board
requests that you vote in favour transferring €1,667,157.86 from the “special long-term capital gains
reserve” in the balance sheet at 31 December 2004 to “Other Reserves”.
DISALLOWED DEDUCTIONS
Pursuant to the provisions of Article 223 of the French General Tax Code, the financial statements for the year
under review include a fraction of €23,931 not deductible according to the terms of article 39-4 of this code.
RELATED-PARTY AGREEMENTS GOVERNED BY ARTICLES L. 225-38 ET SEQ. OF THE FRENCH
COMMERCIAL CODE
Pursuant to article L. 225-40 of the French Commercial Code, we ask that you approve the agreements
referred to in article L. 225-38 of said Code and concluded or pursued during the year ended, after having
been duly authorized by your board of directors.
The auditors have been duly notified of these agreements that are described in their special report on
related-party agreements.
GL events 2004 ANNUAL REPORT < 91

The board of directors duly requests that you approve the resolutions that will be submitted to the annual
shareholders' meeting.
ATTENDANCE FEES
Shareholders are requested to allocate attendance fees of €85,000 in favour of members of the board of
directors for 2005 and subsequent years until a new decision is issued.
EQUITY INTERESTS AND CONTROLLING INTERESTS ACQUIRED IN THE PERIOD
Equity interests acquired in the period included:
More than 1/20 ème of the capital : none
More than 1/10 ème of the capital : none
More than 1/5 ème of the capital : GL Data Systems
More than 1/3 of the capital :
none
More than 1/2 of the capital : MARKET PLACE (*)
More than 2/3 of the capital :
TEMP-A-STORE
BIZ-BIZ (*)
CREATIONS :
GL events SERVICES
GL events S.I.
(*) After the purchase merger of BIZ-BIZ by Market Place SA, its subsidiary on 31 December 2004, GL events held 90% of Market
Place’s capital.
E > INVENTORY OF NEGOTIABLE SECURITIES (NET BOOK VALUE)
SUBSIDIARIES AND EQUITY INTERESTS (FRENCH AND FOREIGN)
The comprehensive list of French and foreign associates of GL is presented in the table of
subsidiaries and equity interests.
INVESTMENT SECURITIES
FRENCH :
GL events treasury shares held in connection with a
market-making agreement : 50 % of the float
Number of shares
Total carrying value
(€ thousands)
10,350 201
Nouveau Marché shares 358
Marché libre 44
Money market founds 56,159
FOREIGN : -
92 > 2004 ANNUAL REPORT GL events

F > FIVE-YEAR FINANCIAL HIGHLIGHTS
(in euros except personnel data) 2000 2001 2002 2003 2004
I. CAPITAL AT THE END OF THE YEAR
a. Share capital 36,438,959 47,910,780 48,147,248 54,147,212 54,882,412
b. Number of existing common shares 2,390,239 11,977,695 12,036,812 13,536,803 13,720,603
c. Number of existing shares with priority
dividends (without voting rights)
d. Maximum number of shares to be created :
d1. By conversion of bonds
d2. By exercising subscription rights 532,393 532,393
d3. By exercising 100,000 473,500 497,000 344,800 191,500
warrants
II. OPERATIONS AND INCOME FOR THE YEAR
a. Pre-tax net sales 11,687,168 10,602,144 12,714,777 13,845,086 17,183,406
b. Pre-tax inome, employee profit-sharing
and depreciation allowance 27,113,349 7,788,187 6,752,175 7,597,761 12,722,918
and provisions
c. Tax and profits 9,071,181 (513,232) (939,063) (62,547) (305,750)
d. Employee profit-sharing
due for the year
e. After-tax income, employee profit-sharing
and depreciation allowance 14,903,880 8,426,239 6,599,471 7,220,473 10,548,684
and provisions
f. Distributed income 3,350,255 3,354,693 3,851,780 5,008,617 5,625,449
III. EARNINGS PER SHARE
a. After-tax income, employee profit-sharing,
but before depreciation allowance 7.55 0.69 0.64 0.57 0.95
and provisions
b. After-tax income, employee profit-sharing,
and depreciation allowance 6.23 0.70 0.55 0.53 0.77
and provisions
c. Dividend allocated to each share (1) 0.28 0.28 0.32 0.37 0.41
IV. PERSONNEL
a. Average staff employed 27 36 40 42 44
during the year
b. Year’s payroll 1,235,796 1,715,516 2,047,881 2,414,135 2,723,757
c. Total of amounts paid for social
benefits for the year 915,430 1,076,238 1,276,980 1,449,081 1,528,229
(social security, social services, etc.)
(1) Dividends reflect the division of the nominal value by five over the past five years.
GL events 2004 ANNUAL REPORT < 93

G > BALANCE SHEET
Assets (€ thousands) Gross
31/12/04
31/12/03 31/12/02
Deprec. & Net Net Net
provisions
FIXED ASSETS
Intangible assets 4,285 (2,671) 1,614 969 999
Plant, property, equipment 1,807 (957) 850 538 485
Construction work in progress 249 0
Equity interests 166,677 (2,146) 164,531 159,733 144,740
Receivables from interests 18,063 (1,422) 16,641 18,766 17,972
Other fixed securities 5,048 5,048 52 50
195,880 (7,196) 188,684 180,307 164,246
CURRENT ASSETS
Inventories 117 117
Advances and downpayments to suppliers 2 2 19 30
Trade receivables 5,332 5,332 4,602 3,904
Other receivables 3,154 (26) 3,128 2,084 1,599
Short term investments 56,836 (75) 56,761 42,104 11,027
Cash and cash equivalents 3,058 3,058 2,063 326
68,499 (101) 68,398 50,872 16,886
Accruals 268 268 566 495
TOTAL ASSETS 264,647 (7,297) 257,350 231,745 181,627
SHAREHOLDERS’ EQUITY & LIABILITIES (€ thousands) 31/12/04 31/12/03 31/12/02
SHAREHOLDER’S EQUITY
Share capital 54,882 54,147 48,147
Additional paid-in capital 15,508 14,195 468
Legal reserves 2,571 2,210 1,880
Other reserves 25,271 23,447 21,011
Net income of the year 10,549 7,220 6,599
108,781 101,219 78,105
Commitments and contingencies 577 435 539
LIABILITIES
Borrowings and financial debt 140,029 120,657 88,195
Accounts payable 3,493 2,952 1,797
Tax and employee-related liabilities 1,747 2,142 975
Other liabilities 2,694 4,258 11,993
147,963 130,009 102,960
Accruals 29 82 23
TOTAL SHAREHOLDERS’ EUITY & LIABILITIES 257,350 231,745 181,627
94 > 2004 ANNUAL REPORT GL events

H > INCOME STATEMENT
(€ thousands) 31/12/04 31/12/03 31/12/02
Sales 17,183 13,845 12,715
Other income 206 474 187
OPERATING INCOME 17,389 14,319 12,902
Nonstock purchases 117
External charges (9,039) (7,608) (6,250)
Taxes and duties (223) (182) (180)
Salaries and social charges (4,252) (3,863) (3,325)
Depreciation and provisions (1,319) (814) (659)
Other operating expenses (34) (14) (14)
OPERATING EXPENSES (14,750) (12,481) (10,400)
OPERATING PROFIT 2,639 1,838 2,502
Financial income 13,467 10,121 7,322
Financial charges (5,380) (4,653) (4,103))
NET FINANCIAL EXPENSE 8,087 5,468 3,219
Exceptional income 2,424 415 142
Exceptional charges (2,907) (563) (203)
EXCEPTIONAL PROFIT / (LOSS) (483) (148) (61)
Income tax (306) (62) (939)
NET PROFIT 10,549 7,220 6,599
GL events 2004 ANNUAL REPORT < 95

I > CASH FLOW STATEMENT
(€ thousands) 31/12/04 31/12/03
OPERATING ACTIVITIES
NET PROFIT 10,549 7,220
Adjustments to reconcile income (loss) to net cash
provided by operating activities :
- Depreciation, amortization and provisions 2,724 693
- Expenses transferred to the deferred charges account 0 (339)
- Net capital gains from disposal of assets (net of tax) 0 4
OPERATING CASH FLOWS 13,273 7,578
- Change in inventories (117)
- Changes in trade and other receivables (1,908) (984)
- Changes in current account receivables 2,251 (919)
- Changes in trade and other payables (755) 2,935
- Changes in current account payables 13,342 18,265
CHANGES IN WORKING CAPITAL REQUIREMENTS 12,813 19,297
NET CASH FLOWS PROVIDED
BY OPERATING ACTIVITIES (A)
26,086 26,875
INVESTMENT ACTIVITIES
Acquisition of tangible and intangible assets (1,705) (1,094)
Disposal of tangible and itangible assets 1 220
Acquisition of long-term investments (11,793) (15,183)
Sales of long-term investments 0 196
Changes in liabilities to fixed asset suppliers and payables on securities (49) (3,575)
NET CASH USED IN
INVESTING ACTIVITIES (B)
(13,546) (19,437)
FINANCING ACTIVITIES
Amounts paid by shareholders in connection
with capital increase
2,048 19,727
Dividends paid to shareholders (5,006) (3,834)
Proceeds from new loans 23,290 25,025
Repayment of loans (16,869) (15,830)
NET CASH PROVIDED
BY FINANCING ACTIVITIES (C)
3,463 25,088
CHANGE IN CASH (A + B + C) 16,003 32,526
CASH & CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (D) 43,663 11,137
CASH & CASH EQUIVALENTS AT YEAR-END (A + B + C + D) 59,666 43,663
96 > 2004 ANNUAL REPORT GL events

RESOLUTIONS SUBMITTED TO THE
ANNUAL SHAREHOLDERS’ MEETING
OF 20 MAY 2005
FIRST RESOLUTION
The shareholders, having reviewed the report of the board of directors and the report of the statutory
auditors on the consolidated financial statements, approve the inventory, consolidated annual financial
statements and notably, the balance sheet, income statement and notes to the financial statements for the
period ended 31 December 2004, as presented, as well as the operations reflected in the financial
statements or summarized in the reports.
SECOND RESOLUTION
The shareholders, having reviewed the report of the board of directors, the report of the chairman on the
preparation and organization of the work of the board of directors and internal control procedures, and the
report of the statutory auditors and their report on this latter report of the chairman, approve the inventory,
consolidated annual financial statements and notably, the balance sheet, income statement and notes
to the financial statements for the period ended 31 December 2004, as presented, as well as the operations
reflected in the financial statements or summarized in the reports.
In consequence, the shareholders grant a discharge to the directors for their management for the period
ended 31 December 2004.
THIRD RESOLUTION
The shareholders approve the proposal of the board of directors, after recognizing that the net income
for the period ending 31 December 2004 was €10,548,684.38 and resolve to appropriate this income as
follows :
DETERMINATION OF DISTRIBUTABLE AMOUNTS
Net profit of the year €10 548 684,38
Retained earnings €21 841 102,72
Exceptional tax charge in retained earnings €(29 179,00)
Distributable income €32 360 608,10
PROPOSED APPROPRIATION
Legal reserve €527 434,22
Dividends of €0.41 per share (x 13,720,608) €5 625 449,28
Exceptional tax charged to retained earnings €(29 179,00)
Retained earnings (including €4,395,800.88 from net profit of the year) €26 236 903,60
As required by law, the shareholders duly note that dividend payment and the credit for income tax
already paid for the preceding three financial periods were as follows :
PERIODS
Net dividend
Tax credit
(rate of 50 %)
31/12/2001 0.28 € 0.14 €
31/12/2002 0.32 € 0.16 €
31/12/2003 0.37 € 0.18 €
GL events 2004 ANNUAL REPORT < 97

In compliance with the new provisions of article 243 bis of the French General Tax Code, the shareholders
duly note that the breakdown of dividends deducted from earnings of the period ended 31 December 2004
eligible for the 50% tax deduction provide far under article 158 of the French General Tax Code is as
follows:
Shares Dividends eligible Dividends not eligible
Registered Registered for a for a
PERIOD shares shares 50 % tax deduction 50 % tax deduction
held by held by legal
individuals (*) entities
31/12/2004
5,088,027 2,086,091 €
8,632,581 3,539,358 €
(*) Under this heading are included by default bearer shares including those that may be held by legal entities
FOURTH RESOLUTION
The shareholders, after having reviewed the report of the board of directors resolve, in compliance with
the provisions of article 219 – IV paragraph 1 of the French General Tax Code, to transfer €1,667,157.86
from the “special long-term capital gains reserve” to “Other reserves”.
FIFTH RESOLUTION
The shareholders, after having reviewed the special report of the statutory auditors on related-party
agreements governed by article L 225-38 et seq. of the French commercial code and ruling on this report,
approve each of these agreements.
SIXTH RESOLUTION
The shareholders duly note that the financial statements show expenses of €23,931 not deductible under
article 39-4 of the French General tax code.
SEVENTH RESOLUTION
The shareholders, after having reviewed the report of the board of directors resolve to allocate
attendance fees of €85,000 in favor of members of the board of directors for 2005 and subsequent
years until a new decision is issued.
EIGHTH RESOLUTION
Full authority is hereby granted to the bearer of the minutes of this meeting or a copy thereof for the purpose
of all required legal and administrative formalities.
98 > 2004 ANNUAL REPORT GL events

GENERAL INFORMATION
CONCERNING GL EVENTS
AND ITS CAPITAL
GENERAL INFORMATION CONCERNING GL EVENTS
COMPANY NAME AND REGISTERED OFFICE :
GL events
(adopted by the extraordinary shareholders' meeting of 11 July 2004, replacing the name Generale
Location)
Route d’Irigny – Zone Industrielle – 69530 BRIGNAIS
Nationality : French
Form and applicable law : Société Anonyme [French equivalent of a joint stock company] governed by
French law.
Registry of Companies : 351 571 757 RCS LYON – APE Code: 741 J
ACTIVITY :
The company’s corporate purpose is:
The acquisition of interests in any companies and firms, whether French or foreign joint ventures, current
or future, by any means, including by contribution, subscription or purchase of shares, merger, etc.
Any financial transactions or transactions involving movable and immovable property related directly or
indirectly to the corporate purpose and to any similar or related purposes;
Any administrative consulting services and other services and any research and development activities;
The organization, communication, management, and general installation and layout of exhibitions, fairs,
public or private events, and events of any type, whether in France or other countries, as well as training;
The design, manufacture, leasing, installation and layout of stands, floor covering, floral decoration,
decoration of any premises and exhibitions, signs, museum fittings, venue design, furnishings, furnitureequipment
and accessories, electricity distribution, lighting systems, light space design, heating, airconditioning,
sound system, captation and projection of films and high-power video projection on any media,
multimedia screen walls, temporary structures, platforms, exhibition items, and, more generally, any
products, processes and undertakings related to these events, as well as their publicity and their
promotion in any form whatsoever.
It may act directly or indirectly and may engage in all of these acts on its behalf or on behalf of third
parties either alone, or through partnerships, associations, joint ventures or companies, with any other
persons or companies and carry them out in any form whatsoever.
It may also acquire interests in any companies and business dealings, regardless of the purpose thereof.
FISCAL YEAR
Each fiscal year lasts for one year, commencing on 1 January and ending on 31 December.
GL events 2004 ANNUAL REPORT < 99

GENERAL MEETINGS (ARTICLES 22 AND 23 OF THE BYLAWS)
General meetings of the Shareholders are called by the board of directors, or, in its absence, the auditors
and any person so authorized by law.
In particular, one or more shareholders, representing at least the required share of the share capital and
acting according to the conditions and periods fixed by the law, may request -- by registered mail with
request for acknowledgement of receipt -- draft resolutions to be included on the meeting’s agenda.
The forms and periods for calling such meetings are governed by the law. The meeting notice must fix the
place of the meeting, which may be the registered office, or any other place, as well as its agenda.
Any shareholder may attend general meetings and proceedings in person or through a representative,
regardless of the number of his or her shares, subject to providing proof of identity, and provided that no
payments are due on said shares on condition they have been registered in his or her name for at least five
days prior to the date of the meeting.
Any shareholder may vote by mail using a form that may be obtained according to the conditions indicated
by the general meeting notice. Any shareholder may -- under conditions fixed by laws and regulations--
send his or her proxy and voting form by mail concerning any general meeting, in paper form, or, based on
a decision of the board of directors, published in the meeting announcement and notice and by electronic
transmission.
A shareholder may also be represented according to the conditions fixed by regulations in effect, provided
that the representative is equally a shareholder. A shareholder may also be represented by his or her
spouse. A shareholder not domiciled in France whose shares are registered in the name of an
intermediary in the conditions fixed in Article L. 228-1 of the Code de Commerce may be represented by
this intermediary.
The right to attend or to be represented at the general meetings is conditional either upon registration of
the shareholder holding the registered shares in the accounts kept by the company, or filing at the place
indicated in the meeting notice certificates issued by the authorized intermediaries confirming the
unavailability, until the date of the meeting, of bearer shares held in an account by the latter. These
formalities must be accomplished at the latest five days prior to the general meeting.
However, the board of directors may reduce or eliminate these periods.
Holders of registered shares are admitted upon furnishing proof of their identity, while owners of bearer
shares are admitted subject to furnishing proof of the aforementioned certificate.
Access to the general meeting is open to registered shareholders, subject to proof of their status. However,
if it deems this useful, the board of directors may provide shareholders personal admission cards in
their name.
VOTING RIGHTS (ARTICLE 25 OF THE BYLAWS)
At general meetings, each member of the meeting has one vote for each share that he or she possesses
or represents, without limitation. However, a voting right double that conferred upon the other shares, with
regard to the percentage of the capital they represent, is given to all fully paid up shares held in registered
form for the last three years in the name of the same shareholder.
If new shares are issued further to the capitalization of reserves or an exchange of shares in connection
with a stock-split or reverse split, the double voting right is conferred upon shares granted recorded in
registered form, provided they were held in registered form since their allotment. This double voting right
is conferred upon shares after being held in registered form for three years after being allotted.
Mergers or demergers of the company do not affect the double voting right that may be exercised at the
beneficiary company provided the bylaws of the latter have established a double voting right
100 > 2004 ANNUAL REPORT GL events

APPROPRIATION OF INCOME (ARTICLE 28 OF THE BYLAWS)
At least one-twentieth of the year’s profit, less any losses carried forward, is deducted and allocated to a
reserve fund, called the "legal reserve", limited to one-tenth of the share capital. Said deduction shall once
again be necessary if, for any reason whatsoever, the "legal reserve" falls below said level.
The distributable profit is constituted by the year’s profit, less any loss carried forward and amounts posted
to reserves pursuant to the law or the company’s bylaws, and increased by retained earnings.
From this profit the general meeting then deducts amounts it deems appropriate to allocate to any optional
reserve funds, whether ordinary or extraordinary, or to retained earnings.
The balance, when it exists, is allocated to the shares in proportion to their paid up, unredeemed amount.
However, with the exception of a capital reduction, no distribution may be made to the shareholders if, following
said transaction, the equity capital is or falls below the amount of the capital increased by the reserves
that cannot be distributed pursuant to the law or the company’s bylaws.
The general meeting may decide to distribute amounts deducted from available reserves. In this case, the
decision must expressly indicate the reserve accounts from which the deductions are made.
The losses, if any, after approval of the accounts by the general meeting, are registered under liabilities in
a special balance sheet account, to be charged to the profits of subsequent years, until extinction or charged
to reserves.
SPECIAL DISCLOSURE REQUIREMENTS CONCERNING OWNERSHIP THRESHOLDS (ARTICLE 12 OF THE
BYLAWS)
In addition to the legal obligation to inform the company of certain percentages of voting rights attached
to the capital held, any shareholder, whether an individual or a legal entity, who comes to own or control
-- whether directly or indirectly, or jointly with other shareholders pursuant to the law -- at least 2.5% of
the capital and/or voting rights of the company, must inform the company thereof by registered mail with
acknowledgement of receipt within fifteen days of the crossing of the threshold. It must also indicate if the
shares are held on behalf of, under the control of or jointly with other individuals or legal entities. This
notification is repeated for each additional fraction of 2.5% of the capital and/or voting rights up to the threshold
of 50% of the capital.
DOCUMENTS AND INFORMATION CONCERNING THE COMPANY MAY BE CONSULTED AT:
The registered office : Route d’Irigny – Zone Industrielle – 69530 Brignais
GENERAL INFORMATION CONCERNING THE CAPITAL OF GL EVENTS
CAPITAL SOCIAL
At 31 December 2003, the company had a capital of 53 647 212€, divided into 13 411 803 shares of €4 per share.
The board of directors' meeting of 5 March 2004 enacted the capital increase of €500,000 through the cash
contribution resulting from the exercise of 125,000 stock options.
The board of directors' meeting of 3 December 2004 enacted the capital increase of €189,200 through the
cash contribution resulting from the exercise of 47,300 stock options.
At 3 December 2004, the resulting share capital was €54,336,412, divided into 13,584,103 shares with at
€4 per share.
The shares are freely transferable with the exception of:
> 1,200 shares resulting from options exercised in September 2003, not transferable until 22 October 2005.
> 4,300 shares resulting from three exercises of options in December 2004, not transferable until
25 October 2005.
GL events 2004 ANNUAL REPORT < 101

Between 3 December 2004 and 31 December 2004, 136,500 stock options were exercised resulting in a
capital increase of €546,000.
The share capital on 11 March 2005 was ¤54,882,412 divided into 13,720,603 shares at €4 per share.
The board of directors' meeting of 11 March 2005 enacted the capital increase of €546,000 through the
cash contribution resulting from the exercise of 136,500 options, and enacted the capital increase of €20
through the cash contribution resulting from the exercise of 10 warrants that created 5 new shares.
The GL events shares are included in Eurolist of Euronext Paris – catagory B – CACSmall 90.
SECURITIES CONFERRING RIGHTS TO CAPITAL
Under the authority granted by the combined shareholders' meeting of 20 June 2002, the board of
directors' meeting of 2 June 2003, by virtue of article L.225-129 V of the French commercial code,
subdelegated its authority to its chairman to issue shares with equity warrants (actions avec bons de
souscription d’actions).
Within the framework of this subdelegation, 1,064,794 new shares were issued with an equivalent
number of warrants attached.
Pursuant to the exercise of eight warrants enacted by the board of directors' meeting of 5 December 2003,
and of ten warrants enacted by the board of directors’ meeting of 11 March 2005, there remained 1,064,786
warrants outstanding, conferring rights to subscribe to 532,388 new shares of GL events, on the basis of
one new share of €4 for two warrants.
EMPLOYEE STOCK OPTIONS
The extraordinary general meeting of 3 October 1998 authorized the board of directors to issue 100,000
options to subscribe for shares in favour of employees of GL events (then named Générale Location) and
of the group and/or the directors of the company or companies of the GL events Group. Given the five-forone
stock split carried out by the combined shareholders' meeting of 15 June 2001, the number of options
to be issued was increased to 500,000. These subscription options were distributed in the plans 1 to 5 in
the table below.
The combined shareholders meeting of 10 December 2001 authorized the board of directors to issue a
total of 120,000 shares to subscribe for or purchase options in favour of the employees of GL events and
of the group and/or officers of the company or companies of the GL events group. These options were
allotted by the board of directors on 22 October 2002 (plan 6), 15 May 2004 (plan 7) and 3 September 2004
(plan 8).
events
Plan 1 Plan 2 Plan 3 Plan 4 Plan 5 Plan 6 Plan 7 Plan 8
99-1 99-2 00-1 00-2 01-1 02-1 03-1 04-1
Date of the general meeting
having authorized the issuance 3.10.1998 03.10.1998 03.10.1998 03.10.1998 03.10.1998 10.12.2001 10.12.2001 10.12.2001
of the options
Date of the board
of Director’s meeting
15.1.1999 30.10.1999 29.02.2000 21.11.2000 22.10.2001 22.10.2002 15.05.2003 03.09.2004
Total number of shares that can 216,500 20,000 183,500 25,000 55,000 31,000 26,000 63,000
be subscribed
Of which : numer of shares that
can be subscribed by the current 80,000 10,000 91,500 - 19,100 10,500 16,000 27,000
members of the executive committee
Number of officers concerned 5 1 6 - 6 2 2 2
Option exercise starting date 15.1.2001 30.10.2001 28.02.2002 21.11.2002 22.10.2003 22.10.2004 15.05.2005 03.09.2006
Expiration date
(end of lockup period)
15.1.2004 30.10.2004 28.02.2005 21.11.2005 22.10.2005 22.10.2006 15.05.2007 03.09.2008
Subscription price (€) 5.14 7.39 11.69 21.36 8.45 11.43 12.02 16.57
Number of shares subscribed (*) 201,000 20,000 166,850 - 5,500 1,000 -
(*) at 31 March 2005
102 > 2004 ANNUAL REPORT GL events

AUTHORIZED CAPITAL NOT ISSUED
The extraordinary shareholders' meeting of 25 June 2004 authorized the board of directors to issue all
types of negotiable securities with the maintenance and/or elimination of the preferential subscription
right for a maximum nominal amount of €35 million.
This authorization was given for 26 months expiring on 25 August 2006.
The board of directors did not make use of the authorization granted by the general meeting of 25 June
2004.
CHANGES TO THE CAPITAL OF GL EVENTS
Change in capital
Issue in cash Capita. Successive Number of Nominal
Date Type of or in kind of reserves amount of shares value
transaction / debt the capital
nominal additional Issued Cumulative
paid-in
capital
31/07/1989 Incorpo. of the company 250,000 - 250,000 2,500 2,500 FRF 100
26/12/1989 Contributions in kind 167,000,000 - 167,250,000 1,670,000 1,672,500 FRF 100
03/10/1998 Contributions in kind 3,275,000 2,947,500 170,525,000 32,750 1,705,250 FRF 100
19/11/1998 Conversion of bonds 25,000,000 - 195,525,000 250,000 1,955,250 FRF 100
25/11/1998 Cash capital increases (1) 31,600,000 20,540,000 227,125,000 316,000 2,271,250 FRF 100
29/09/2000 Contributions in kind (2) 11,898,900 51,235,152 239,023,900 118,989 2,390,239 FRF 100
(3)
2001
1 er half
Exercise of options 330,000 (4) 226,314 239,353,900 3,300 2,393,539 FRF 100
15/06/2001 Five-for-one split 239,353,900 11,967,695 FRF 20
Conversion of the
capital into euros
Capital increase
Capital increase
36,489,266.82 11,967,695 €3.049
10 863 540,44 47,352,807.26 11,967,695 €3.957
(5)
517 972,74 47,870,780 11,967,695 €4
(6)
04/03/2002 Exercise of options 50,000 (7) 14,250 (7) 47,920,780 12,500 11,980,195 €4
30/09/2002 Exercise of options 13,400 9,386.50 47,934,180 3,350 11,983,545 €4
Acquisition-merger of
20/12/2002 Polygone group 31,127,932 85,601,812 79,062,112 7,781,983 19,765,528 €4
Capital increase
20/12/2002
Capital reduction by 30,914,864 85,015,876 48,147,248 7,728,716 12,036,812 €4
cancelling treasury shares (8) (9)
11/07/2003 Contribution in kind (10) 1,027,972 2,647,028 49,175,220 256,993 12,293,805 €4
11/07/2003 Exercise of options 10,000 2,850 49,185,220 2,500 12,296,305 €4
11/07/2003 Cash contribution 4,259,176 11,180,337 53,444,396 1,064,794 13,361,099 €4
5/12/2003 Exercise of options 202,800 110,895 53,647,196 50,700 13,411,799 €4
5/12/2003 Exercise of warrants 16 56 53,647,212 4 13,411,803 €4
05/03/2004 Exercise of options 500,000 142,500 54,147,212 125,000 13,536,803 €4
03/12/2004 Exercise of options 189,200 263,805 54,336,412 47,300 13,584,103 €4
11/03/2005 Exercise of options 546,000 1,049,425 54,882,412 136,500 13,720,603 €4
11/03/2005 Exercise of warrants 20 70 54,882,432 5 13,720,608 €4
(1) Initial public offering
(2) The general meeting of 29 September 2000 approved this capital increase, the purpose of which was to partially remunerate the former majority
shareholders of SF Protection.
(3) The general meeting of 29 September 2000, in resolution No. 10, envisaged the possibility of charging expenses concerning the acquisition in
question for FF 1.5 million. In the end, these expenses were charged for FF 868,315 (€132,374). Given these charged expenses, the initial share
premium was reduced from FF 52,103,467 to FF 51,235,152.
(4) Exercise of options by six employees in March and June 2001.
(5) Capitalization of “Issue Premium“ (euros)
(6) Capitalization of “Other Reserves” (euros)
(7) In euros
(8) Reduction of the merger premium
(9) Cancelled shares
(10) The general meeting of 11 July 2003 approved the capital increase to partially pay the ex-majority shareholders of Compagnie Française de
Tourisme d’affaires - Cofrata subsequently becoming Europa Organisation.
GL events 2004 ANNUAL REPORT < 103

ANALYSIS OF THE CAPITAL AND VOTING RIGHTS
At 31 March 2004, the total number of voting rights was 20,151,771.
To the best of the company's knowledge, the breakdown of capital and voting rights held at 28 February
2005 was as follows:
Nombre d’actions % du capital % droits de vote
Polygone (1) 7,877,233 57.41 65.74
Banque de Vizille 690,000 5.03 6.44
GL EVENTS OFFICERS
Olivier Ginon 145,866 1.06 1.26
Olivier Roux 25,200 0.18 0.13
Gilles Gouedard-Comte 72,918 0.53 0.64
Aquasourça 1 0.00 0.00
Damien Bertrand 28,079 0.20 0.14
Philippe Marcel 900 0.01 0.00
André Perrier 4,250 0.03 0.02
Erick Rostagnat 28,539 0.21 0.14
Public 4,847,617 35.34 25.49
TOTAL 13,720,603 100.00 100.00
(1) Polygone is a holding company whose capital is held as follows:
- Olivier Ginon 58.04%,
- Olivier Roux 22.61%,
- Xavier Ginon 4.83%,
- Gilles Gouedard-Comte 0.32%,
- Compagnie du Planay 3.58%
- Aquasourca 8.69%
- Banque de Vizille 1.91%
- Individual investors holding jointly a total of 0.02% of the capital.
Compagnie du Planay is a holding company, 99.99% of whose shares are held by Mr. Gilles Gouedard-
Comte.
Aquasourca is a holding structure. Its principal shareholder is Sophie Defforey Crepet.
To the best of the company's knowledge, there are no shareholders other than those mentioned above,
who directly or indirectly hold more than 5% of the share capital.
CONTROLLING INTERESTS IN ITS OWN SHARE CAPITAL
On 31 December 2004 GL events did not have cross-shareholdings conferring it a controlling interest in
itself.
104 > 2004 ANNUAL REPORT GL events

ACQUIRED SHARES
Within the framework of the share buyback program authorized by the general meeting of 20 June 2003
(memorandum 03-510 of 3 June 2003) and reauthorized by the general meeting of 17 December 2004
(memorandum 04-939 of 30 November 2004), GL events carried out the following transactions to maintain
an orderly market in the company's shares:
Purchases from Sales from Total
Treasury stock 01/01/2004 to 01/01/2004 to Treasury stock treasury
at 01/01/2004 28/02/2005 28/02/2005 at 28/02/2005 stock at
(14 months) (14 months) 28/02
1 2 1 2 1 2 1 2 2005
Number of shares 0 11,192 24,520 114,083 24,520 119,104 0 6,171 6,171
Average price (in €) - 17.99 (1) 17.45 19.48 18.09 19.65 - 22.15 (1) 22.15 (1)
Purchase price (in €) 201,344 (1) 427,927 2,222,767 136,687 (1) 136,687
Sales price (in €) 443,506 2,340,246
Nominal value (in €) €4 €4 €4 €4 €4 €4 €4 €4
Percentage of capital 0.14 % 0.18 % 0.83 % 0.18 % 0.87 % 0 % 0.04 % 0.04 %
Col. 1: Treasury shares
Col. 2: Market making agreement for 50% GL event’s shares
(1) market price
Trading fees for the above transactions, carried out within the framework of the market making agreement
aggregated €21,343 for 2004.
NON-TRANSFERRABLE SHARES
A total of 5,500 actions shares resulting from exercises of options to subscribe shares are nontransferable
until 22 October 2005
CROSSING OF SHARE OWNERSHIP THRESHOLDS
In the period ended 31 December 2004, no ownership thresholds subject to disclosure requirements were
crossed.
CHANGES IN THE SHAREHOLDER STRUCTURE OVER THE LAST THREE YEARS
Pursuant to the changes in capital described in the table above, GL events’ shareholder structure has
evolved as follows:
PERCENTAGE OF CAPITAL
(at 31 December)
2002 2003 2004
Polygone 60.43 58.19 57.41
Banque de Vizille 7.15 5.00 5.00
Other shareholders 32.42 36.81 37.59
PERCENTAGE OF VOTING RIGHTS
(at 31 December)
2002 2003 2004
Polygone 67.60 66.37 65.88
Banque de Vizille 9.09 6.44 6.39
Other shareholders 23.31 27.19 27.73
GL events 2004 ANNUAL REPORT < 105

SHAREHOLDERS AGREEMENTS
There are no shareholders agreements.
PLEDGES, GUARANTEES AND SURETIES
Pledges of shares of the issuer registered in an account in the name of the shareholder (nominatif pur) :
Name of shareholder
Beginning Expiration Condition for
Number of % of
with standard Beneficiary for pledge of pledge lexercising the
shares capital of
registered shares
period period pledge
of the the issuer
(nominatif pur) issuer pledged
Polygone SA
Société
Générale
Pledge
31/10/2000 30/09/2005 redeemed with 77,846 0.58 %
the loan
Pledge
Polygone SA BECM 26/09/2002 26/08/2009 redeemed with 179,037 1.30 %
the loan
Pledge
Polygone SA BECM 25/06/2003 25/06/2010 redeemed with 167,410 1.22 %
the loan
TOTAL 424,293 3.09 %
COMMITMENTS AT THE TIME OF LISTING
No commitments were made at the time of listing.
106 > 2004 ANNUAL REPORT GL events

RESPONSIBILITY FOR THE
REFERENCE DOCUMENT
AND CERTIFICATION
RESPONSIBILITY FOR THE REFERENCE DOCUMENT
Mr. Olivier Ginon
Chairman of the board of directors and chief executive officer
CERTIFICATION OF MANAGEMENT
“To our knowledge, the information contained in the reference document (for which the original French
version was filed with the AMF, the French financial market authorities, on 29 April 2005), provides a true
and fair picture of the company’s existing situation. It includes all information required by investors to formulate
an opinion concerning the assets and liabilities, business, financial situation, earnings and outlook
of the issuer. It does not contain any omissions which could affect the validity of this document.”
Lyon, 27 April 2005
THE CHAIRMAN OF THE BOARD OF DIRECTORS
Olivier GINON
THE AUDITORS
STATUTORY
ANDRÉ FLUCHAIRE
Date of first Renewal End of appointment
appointment date (AGM approving the accounts closed at)
149, boulevard Stalingrad 26 December 1989 20 June 2002 31 December 2007
69100 VILLEURBANNE
JEAN-PAUL SIMOËNS
302, rue Garibaldi 14 June 1996 20 June 2002 31 December 2007
69007 LYON
ALTERNATES
CHRISTOPHE VELUT
149, boulevard Stalingrad 20 June 2002 31 December 2007
69100 VILLEURBANNE
MICHEL MAZA
102, route de Paris 14 June 1996 20 June 2002 31 December 2007
69260 CHARBONNIERES
GL events 2004 ANNUAL REPORT < 107

FEES PAID TO AUDITORS AND THEIR ASSOCIATES
AUDIT
> Auditing, certification,
examination of the individual
and consolidated
accounts
Mr. André FLUCHAIRE
Mr. Jean-Paul SIMOËNS
Amount % Amount %
2004 2003 2004 2003 2004 2003 2004 2003
105,000 102,000 44% 47 % 135,000 135,000 56 % 53 %
> Secondary missions 6,000 12,350 50 % 100 % 6,000 50 %
SUBTOTAL 111,000 114,350 44 % 49 % 141,000 116,662 56 % 51 %
OTHER SERVICES
None
SUBTOTAL
TOTAL 111,000 114,350 44 % 49 % 141,000 116,662 56 % 51 %
CERTIFICATION OF THE AUDITORS CONCERNING THE REFERENCE DOCUMENT
As auditors of GL events and in compliance with article 211-5-2 of the General Regulations of the French
Market Authorities (AMF), and in accordance with professional standards applicable in France, we
audited the information on the financial position and historical accounts given in this reference document
prepared for the period ended 31 December 2004.
This reference document was prepared up under the responsibility of the chairman of the board of directors
of GL events. Our responsibility is to report on the fair presentation of the information herein in respect
to the financial situation and financial statements.
We have conducted our work in accordance with professional standards applicable in France. These standards
require that we assess the fairness of the information presented relating to the financial situation
and the financial statements and its consistency with the financial statements on which we have issued a
report. Our procedures also involve reading the other information contained in the reference document in
order to identify material inconsistencies with the information relating to the financial situation and the
financial statements and to report any apparent material misstatements that we may have found based
on our general knowledge of the company obtained during the course of our engagement, it being
specified that this reference document does not contain forward-looking information.
The parent company and consolidated financial statements for the periods ended 31 December 2002,
2003 and 2004 established by the board of directors were audited by us in accordance with professional
standards applicable in France and certified without qualification or observations.
On the basis of these procedures, we have no comments regarding the fair presentation of the information
concerning the financial position and financial statements presented in this document.
Lyon and Villeurbanne, 27 April 2005
THE AUDITORS
André Fluchaire
Jean-Paul Simoëns
108 > 2004 ANNUAL REPORT GL events

NOTES
GL events 2004 ANNUAL REPORT < 109

110 > 2004 ANNUAL REPORT GL events

Concept and realisation : ESPRIT PUBLIC
Credits : © Alexandra Fleurantin (pages 5, 7, 19 and 31), Blai Carda © Forum Barcelona 2004 (pages 4 and 8), © collectif item (cover
and pages 28, 49 et 89), © Dominique Viet (page 39), © Gil Lebois (page 36), © Pierre et Gilles (pages 30 and 42), © Serge Martinez (page 36),
© unregard@pascalcottin.com (pages 6 and 34)

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