Annual report 2001 - GL events

Table of contents
1 Générale Location, profile
2-3
Olivier Ginon, Chairman
4-11
The strength of a well-balanced business
Shows and exhibitions
Events
Fittings and Museum fittings
Venue management
12-13 2001 Results
14-17 Inside the process, clients, associates, shareholders
Human resources
Stock exchange
18-19 Message from Olivier Roux, Vice-president
20 Administration, direction, control
21 Table of contents of the Annual Report
International Film Festival
Cannes

0 1
Générale Location, a strong and well-balanced economic model, active on
three different markets while developing an emerging activity offering
great potential for the whole group (venue management).
A right size positioning the Group as one of the world’s leaders on the market
of the communication by event.
A Group with multiple know-how organized in business units providing a
global offer dedicated to each of the following markets :
shows and exhibitions - events - fittings and museum fittings.
In 2001 venue management was given a significant strategic push in order to :
- assist clients ahead of their events on each of the markets
- guarantee a relay of recurrence and long-term visibility
An organization close to its clients and categorized by type of know-how, directly
operational :
space & decoration – structures-grandstands - technologies – furniture -
systems - venue management… and of course the international.
Sales of 235 M€ in 2001
with 23% from international activities
A recurrent net margin of 3.9 %
A market capitalization of 210 M€
on average
1819 employees

Lyon Tennis Grand Prix
“
a satisfying
growth
in a difficult
context
”

2 3
A
fter an exceptional year in 2000,
specially with the Sydney Olympic Games
and the European Summits in Biarritz and
Marseille, Générale Location, Europe’s leading
provider of engineering and logistics for events
and in venue management, maintained its
activity in 2001. The Group pursued its growth
under satisfying conditions of profitability
despite a difficult international situation.
Net sales increased by 9.8 % to reach 235m€.
The recurrent share of the portfolio of activities
experienced a significant progression with the
signature of medium and long-term contracts. As
for net profit, it comes to 9.2m€, while net
profitability maintains itself at 3.9 % of net sales.
With more than 1 800 employees working in
twelve countries, the Group benefits from a good
risk distribution and a strong protection against
exogenous events, thanks to an improved and
well-balanced breakdown of its net sales between
three complementary markets : shows and
exhibitions, events, fittings and museum fittings.
To serve these markets, Générale Location offers a
wide range of technical expertise to shows and
events organizers, exhibitors, and local communities.
Générale Location enlarged its market shares
with the signature of several contracts. The
Group, which realized more than 60 % of the
installation of grandstands for the Salt Lake City
Olympic Games, was selected this year for the
organization of prestigious events, such as the
Commonwealth Games, the Skill Festival of
Manchester or the World Cup of Football.
It will be present at seven Formula One Grand Prix
compared to three last year. A three-year contract
was signed for the Canada Grand Prix. Générale
Location was also chosen for the building of
a 17 000 m 2 temporary exhibition park at Le
Bourget, and was entrusted with the
management of the Convention Centers of
Barcelona and Toulouse.
The Group with 23% of its net sales from
international activities in 2001, consolidated its
presence on foreign markets by opening offices in
Barcelona and the United States of America.
Besides its participation in the Salt Lake City
Olympic Games, Générale Location accompanies
French companies when they export their wellknown
shows to America such as Preview and
Expofil;
The successful integration of the companies BS
Vision, specialized in fittings and museum
fittings, and Owen Brown, a leader in the events
business in the United Kingdom, testifies to the
Group’s ability to carry out external growths
operations while creating profitable
complementarities.
With its share included since April 2002 in the SBF
250 index, and the benefit of a particularly
healthy financial situation, Generale Location
foresees for this year a 20% increase of its net
sales, considering all the acquisitions already
carried out as of today. The company will reach
a new phase, a determining factor in the success
of the coming five year challenge, focused on the
regular progression of its different activities and
on the sustained development of its network.

Première Vision
First class
Vinexpo

4 5
Batimat
S
hows and exhibitions represent one of
the markets in which the Group has
historically evolved and its specialists
display an extremely comprehensive line of knowhow
and specialties : general installation, stand
fitting, provision of furniture, signage, temporary
seating, lighting, sound system, video walls, floral
decoration, air-conditioning, database
management, host and hostess services,…
provides a complete package of services over
150 000 m 2 , Reed or also Comexpo (Exhibition
Committee of Paris).
This market which has reached a mature stage,
is still today full of dynamism with an annual
growth between 2% and 5%. It is estimated at
more than 2 billion Euros per year in France and at
8 billion Euros in Europe, with a third dedicated to
services. In North America, this figure goes up
to 11 billion Euros.
With large volume capacity, and strong resilience
when faced with the ups and downs of the
economic situation, well supported by an efficient
commercial strategy within the group, this activity
offers strong recurrence.
Générale Location has recently renewed contracts
which confirm for the next three or six years its
relations with some of its most important partners
such as Première Vision, to whom the Group
Stand TNT

“Royal Ascot”
Salt Lake City

6 7
World Cup of Football
South Korea
T
he events business includes all of
the temporary happenings organized
in parallel to shows and exhibitions,
such as sports competitions or corporate
meetings (seminars, training sessions, product
launching campaigns,…)
These events which are held in pre-existing
venues or in sites set up just for the occasion,
require all of the expertise the Group has to
offer, with a special request for its capacity to
fit spaces and to provide dismountable
structures and grandstands.
This business segment is boosted by a strong
structural dynamism. It owes its extension to
the growing needs of corporations and to the
development of leisure-type activities and of
communication technologies, which place a
particular emphasis on images.
The acquisition of Owen Brown, a British
company with high profitability and prospect
of a 20% increase of its activity for this year,
allows Générale Location to consolidate its
positions on the European events market.
This market which should experience a total
growth of 30% in the next five years, is
estimated at 7 billion Euros per year in Europe
with 20% of it in the provision of services. By
2005, 40% of the European market of services
should be made of
events.
® Lighting Process
Radio Scoop

Army Museum
Silk museum
City of Sciences and
the Industry – Paris
Ocean liner Splendor of the Sea

8 9
T
hese activities include long-term
fittings of commercial areas or cultural
spaces for which Générale Location
works not only in the design and creation of
sales and reception areas set up by distribution
and service companies but also in the display of
items belonging to the cultural heritage, such
as the Army Museum at the Invalides in Paris.
This special niche with guarantees of high profit
and enhancement of public image, deals in
medium and long-term prospects away from
the hazards of economic situations. It requires
state-of-the-art techniques, and shows
Générale Location’s capacity to play the role of
assembler for large scale projects.
With the recent integration of BS Vision, a
specialist in fittings for the tertiary sector – upmarket
hotels, head offices,… - and naval
equipment, this activity will represent 20%
of the total activity of the Group.
Besides high profitability and solid cash flow, BS
Vision is well provided for with orders already
placed.
This market which represents about 950 m€
per year in France, will undoubtedly experience
a rapid development. Its annual growth rate
should go beyond 5% in the coming years.
American Airlines Departure Lounge
Roissy

® Pierre-Louis DOUERE
Architect : Josep LluisMateo
Saint-Etienne
Convention Center
Barcelona
International
Convention Center
Barcelona
International
Convention Center

10 11
V
enue management for events has
experienced a rapid development
within the portfolio of activities of
Générale Location.
This dynamism reflects the wish expressed by
more and more local communities to
externalize and entrust with well-known
specialists the management of their convention
centers and exhibition halls with as objective
the hosting of different events such as
congresses, conventions, seminars, exhibitions,
cocktails, shows, meetings,… For the cities it is a
way to enhance their images and to contribute
to the local economic development, especially
for hotels and tourism in general.
Already in charge of the congress centers of
Lyon, Saint Priest, Saint Etienne and Clermont-
Ferrand, Générale Location has just been
entrusted with the management of the congress
center of Toulouse for ten years and with
the management of the congress center of
Barcelona for twenty years.
This 80 000 m 2 structure in the building phase,
will offer an exceptional potential to welcome
and promote.
Venue management gives the Group strong
recurrence and a guarantee for long-term
visibility. With these activities, the Group will be
able to tighten relations with its clients, who
will be assured a venue and a specific date for
their events.
Générale Location can propose a global offer
which includes the provision of a site along a
whole package of services.
Venue management plays the role of relay
allowing the Group’s other activities to develop
themselves in total complementary.
As the number of venues managed by Générale
Location increases, the group will propose a
European offer making it possible to host on
different sites successive editions of the same
event or diversified events proposed by the
same organizer.
Through the creation or the renewal of
management agreements, this activity should
grow regularly to represent within five years a
fourth of the Group’s total sales.
Congress Center
Toulouse

Evolution of net sales : + 9.8 %
Erick ROSTAGNAT
113
130
146
214
235
“2001 net sales show a 9.8% increase, a performance
worth underlying considering the difficult economic
situation and taking into account the strong impact
the Sydney Olympic Games had on the year 2000.”
1997 1998 1999 2000 2001
Net sales (in M€)
Client’s international activity
15%
8
1997
10%
14
15%
22
23%
48
23%
55
1998 1999 2000 2001
International net sales (in M€)
% International net sales / total net sales
“The volume of activity realized at the international
is the most significant. Indeed it maintains itself at 23%
of net sales without including the extraordinary events
mentioned above, with especially an expansion in
Belgium and Great Britain as well as the opening of our
subsidiary in the United States of America.”
Evolution of net sales from international activities (excluding
Sydney impact and with constant scope) : + 30% in 2001
Net consolidated group profit/(loss) and consolidated net earning’s per share
0.24
2.7
1997
0.39
3.4
0.43
4.9
0.71
8.5
0.77
9.2
1998 1999 2000 2001
Net consolitaded group income (M€)
Consolitaded net eamings per shere (in €)
Strong investment capacity for the years to come
“Net group profit represents 3.91% of net sales,
therefore a stable net margin compared to 2000 (3.95%).
Net earnings per share is in progression compared
to previous year, going from € 0.71 to € 0.77 per share,
or +9%.”
(Result for 2000 excluding Paris Expo capital gain
and the effect due to the deconsolidation of Spain and
Morocco).)
157%
Gearing
97%
93%
57%
22%
1997 1998 1999 2000 2001
“Gearing is at 57%. The one for 2000 was exceptional
due to Paris expo capital gain.
This situation clearly demonstrates our investment
capacity for the future.”

12 13
Summarized Consolidated Financial Statements (in m€)
Balance Sheets Assets
Balance Sheets Liabilities
12/31/01 12/31/00
12/31/01 12/31/00
Net Net
Intangible assets 73.3 62.3
Tangible assets 14.8 19.6
Long term investments 2.9 2.9
Rental equipment 53.4 46.1
Current assets 90.2 89.7
Cash and cash equivalents 12.2 28.5
Total assets 246.8 249.1
Shareholders' equity 83.5 77.6
Minority interests 2.4 3.4
Provisions for liabilities
and charges 3.8 6.4
Financial debts 59.8 46.2
Current liabilities 97.3 115.5
Total liabilities 246.8 249.1
Income statements
Cashflow Statement
12/31/01 12/31/00
Net consolidated
(1)
group profit 9.2 8.5 Cash & cash equivalents
at year end 3.2 21.0
12/31/01 12/31/00
Proforma (1)
Net sales 235.0 214.1
Cash & cash equivalents
Other operating income 14.0 9.6 at beginning of year
Operating income 249.1 223.7
21.0 8.4
Raw materials used in production 26.5 25.4 Net cashflow excluding
working capital mvts 24.6 24.3
External charges 110.1 102.9
Variation in working capital (25.8) 1.9
Taxes and duties 5.2 5.0
Net cash flow from
Personnel expenses 68.0 52.1 operating activities (1.3) 26.2
Depreciation and provisions 20.4 17.7
Other operating expenses 1.8 1.8 Acquisition of assets (25.6) (20.9)
Operating expenses 232.0 205.0 Disposal of assets 1.7 45.1
Operating profit 17.0 18.7 Net cash flow from acq.
and disposal of subsidiaries
Net financial charge (2.7) (1.2)
Income before
Net cash flow from
exceptional items 14.4 17.5 investing activities
(5.1)
(29.0)
(20.3)
3.9
Exceptional profit/ (loss) 0.1
(1)
(2.2)
Corporation tax 4.7
(1)
5.3 Increase in share capital 0.2 9.7
Consolidated companies
Paid dividends (3.5) (2.7)
(1)
profit 9.8 9.9 New loans 26.8 9.5
Amortization of
Repayment of loans (11.0) (34.2)
acquired goodwill 0.2 0.1
Net cash flow from
Share in profit of companies
financing activities
conso. under equity method 0.0 0.1
12.5 (17.7)
(1)
Net consolidated profit 9.7 9.8 Net increase (decrease)
Minority interests (0.5) (1.2) in cash & cash equi (17.6) 12.6
(1) Excluding exceptional items : Paris expo capital gain, deconsolidation of Polygone Maroc and Polygone Espagne.
The decrease of the operating profit comes mainly from the short-term rental activity of structures which posted
a rotation slow-down of its assets folowing the important investments made for the 2000 Sydney Olympic
Games.

“
satisfying clients
is our sole concern
”
A daily challenge in a Group where each
one of us works at times far away from
the head office and where multiple cultures
are appreciated, autonomy and reactivity,
a shared evidence…

14 15
Invest in the teams, contribute to individual evolution,
share the information.
2000
1500
1000
1132
1999
Employees
1819
1504
2000 2001
Holding 38
Space & Decoration
Structures & Grandstands
Technology
International
198
198
203
Furniture 292
System 292
Venue management 40
Other services 99
511
Staff evolution
The Group Générale Location is a source of
opportunities in its sector. Moreover, its
approach concerning staff training offers
flexibility and programs always in relation with
the different specialties and the various needs.
The decisions in that matter are totally
decentralized.
A system of networking through intranet is being
implemented. It already allows exchanges of
information and experience through its e-mail, and
offers greater mobility.
This system lists job offers and work possibilities on
projects outside of France.
Operational organization around a project and rapid
decision-making
The Group proposes a global offer made of a multitude of different know-how, therefore the only way
to manage properly is to consider each of the specialties and to proceed in tight network by business unit.
Objective : mobilize our resources and adapt them to each client.
The real cohesion within the Group, what really keeps the group together is a culture dedicated to
servicing clients with the help of teams who are highly motivated and extremely reactive to carry each
project through. This leads to a “daily success story”, and the word is not exaggerated.

“
satisfying clients
for the benefit of our
shareholders is our main
objective
”
The listing of Générale Location on the Second Marché was not a
short-term decision, but came about after a thorough thinking
process which considered it as a long-term enterprise and a mean
to accelerate the Group’s development.
The proof is an increased availability of the shares on the
market, from 22% at the end of 2000 to 25% at the end of 2001
and already 27% in April 2002.
26.8%
Number of shares
11 977 695
7.8 %
EUROCLEAR code 6667
BLOOMBERG Code GLO FP
REUTERS Code GLTN.PA
FTSE nomenclature 581
e-mail : infors@generale-location.fr
Internet web site : www.generale-location.com
(Heading : Financial data)
65.4%
Public
Groupe Polygone
Banque of Vizille

16 17
The share’s integration in the SBF 250 index in April 2002 is a proof of its liquidity.
In order to increase the share’s liquidity, the last Annual General Meeting in June 2001,
decided the multiplication by five of the number of shares by dividing the nominal value.
Moreover, the share capital was converted into Euros. As a result the share capital today is equal
to € 47 870 780 divided in 11 967 695 shares of €4 each.
6 000 K€
30 €
5 000 K€
25 €
4 000 K€
20 €
3 000 K€
15 €
2 000 K€
10 €
1 000 K€
0 K€
oct-00
nov-00
dec-00
jan-01
feb-01
mar-01
apr-01
may-01
jun-01
jul-01
Trading volume in K€ (monthly total)
Share price in € (monthly average)
aug-01
sept-01
oct-01
nov-01
dec-01
jan-02
feb-02
mar-02
apr-02
5 €
0 €
The Board of Directors will propose to the Annual General Meeting a payment of dividend of
€ 0.28 gross per share (excluding tax credit) and taking into account the multiplication by five
of the number of shares.
For 2002, our financial information schedule is as follows :
EVENTS
6 March 2002 Information meeting
2001 annual results
7 May 2002 Press release
1st quarter 2002 sales
20 June 2002 Annual General Meeting
27 June 2002 Distribution of dividends
1 August 2002 Press release
2nd quarter 2002 sales
11 September 2002 Financial information on line
First half 2002 sales
12 September 2002 Information Meeting / First half 2002 sales
15 October 2002 Forum Investir : Presentation of the company,
development in process, prospects
7 November 2002 Press release
3rd quarter 2002 sales
10 December 2002 Forum Investir : Presentation of the company,
development in process, prospects
You will also find the events which Générale Location has decided to attend in order to present the company. The
schedule may therefore be modified.

Picture by : MCO-SPORTS
“
a development
strategy
supported by
a unique
positioning
”
A well-distributed activity portfolio (%)
8
26
10
33
13
28
Beach Volley
66
57
59
Fittings / Museum fittings
Events
Shows / Exhibitions
1999
2000
2001

18 19
G
énérale Location confirms its unique
position in that it provides a global offer
for the events business from the initial
concept all the way to final delivery.
With a large range of complementary knowhow,
placing it as an assembler able to
coordinate multiple techniques, the Group
contributes to the success of grand-scale
projects.
Energized by a strong commercial dynamism,
Générale Location maintains close ties with its
clients, directly or via prescribers. Its size and
reputation as well as its capacity to be present
at all events, give the company a significant
edge over the competition when it comes to
responding to calls for tender.
Générale Location develops a culture of service
and offers large flexibility, felt in its great
reactivity and strict respect of deadlines. By
supplying customized solutions to meet clients’
needs, the Group provides them with efficient
assistance on their national and international
markets.
Générale Location has on hand powerful
logistics, in-house design offices and its own
sites totally dedicated to the production of
modular elements, temporary structures, and
furniture.
The development in constant progression of its
sales activity of equipment reinforces its
capacity to intervene.
With an important investment capacity due to
low gearing, Générale Location plans to pursue
its expansion by increasing its network both in
France and outside France.
The Group shows strong dynamism when it
comes to internal growth whilst displaying an
already well-proven capacity to integrate
external companies and taking full advantage of
the organizational and commercial synergies.
Générale Location which took control of about
twenty companies in the past ten years, plays
the role of federator in the sectors it evolves.
Supported by multiple tools, the Group is in a
position to optimize its portfolio of activities, by
addressing markets with strong potential. The
variety of the sectors where it is present, the
wide geographical network, and the large
diversity of its clientele protect the Group from
crisis in a particular economic sector or a
specific world area.

Board of Directors
Chairman - Chief Executive Officer : Olivier GINON
Director – Vice President : Olivier ROUX
Director – Managing Director : Gilles GOUEDARD-COMTE
Director - André PERRIER
4 5 6 7
1 2 3
Executive Committee
Olivier Ginon
Olivier Roux
Gilles Gouedard-Comte
Erick Rostagnat
Daniel Chapiro
Damien Bertrand
Catherine Perrin
1
2
3
4
5
6
7
Olivier GINON - Chairman - Chief Executive Officer
Olivier ROUX – Director - Vice-President
Gilles GOUEDARD-COMTE – Director - Managing Director
Erick ROSTAGNAT – Chief Financial Officer – Investor Relations
Damien BERTRAND - Marketing Director – Manager of Space & Decoration
Daniel CHAPIRO – Group Controller – Manager of Venue Management
Catherine PERRRIN – Director of Human Resources
Auditors
Statutory
Auditors
André FLUCHAIRE
Jean-Paul SIMOENS
Substitutes
HLB ORFIS
Michel MAZA

20 21
Table of Contents
1 Person responsible for the reference document and statements P. 22
1.1 Person responsible for the reference document P. 22
1.2 Statement issued by the person in charge P. 22
1.3 Persons responsible for the accounts inspection P. 22
1.4 Auditor’s statement regarding the reference document P. 23
1.5 Person responsible for the financial information P. 23
2 General information regarding Générale Location and its share capital P. 24
2.1 General information regarding Générale Location P. 24
2.2 General information regarding Générale Location’s share capital P. 26
2.3 Dividends P. 30
2.4 Market for Générale Location‘s shares P. 31
2.5 Financial communication P. 32
3 Information regarding Générale Location‘s activity,
recent development and future projects P. 33
3.1 General presentation of the activity P. 33
3.2 Development history P. 33
3.3 Générale Location‘s markets P. 35
3.4 Générale Location‘s offer P. 37
3.5 Risk analysis P. 41
3.6 Litigations and exceptional facts P. 43
3.7 Objectives and prospects P. 43
4 Financial situation and results P. 45
4.1 Management report and corporate documents P. 45
4.2 Consolidated financial statements P. 59
4.3 Auditor’s Report on the Consolidated Financial Statements
for the (12 month) period ended 31 December 2001 P. 88
4.4 Financial Statements (corporate accounts) of the holding company Générale Location
(only in the French version)
4.5 Auditor’s Report on the Corporate Accounts
(only in the French version)
4.6 Annual General Meeting of 20 June 2002 : draft of the proposed resolutions P. 89
5 Organs of administration, direction and control P. 93
5.1 Board of Directors P. 93
5.2 Managing directors’ financial interests in the capital of Général Location P. 95
5.3 Personnel profit sharing P. 97

1
1. Person responsible
for the reference document and statements
1-1
Person responsible for the reference document
Mr. Olivier GINON
Chairman and Chief Executive Officer
1-2
Statement by the person in charge
" To the best of our knowledge, the elements of the present reference document are in compliance with the truth ;
they include all the information deemed necessary for investors to help them acquire a sound judgment concerning
the assets, the activity, the financial position, the results and the prospects of the company. No omission has been
made as to alter the significance of the information".
Lyon, 12 June 2002
Chairman of the Board of the Directors
Mr. Olivier GINON
1-3
Persons in charge of the accounts inspection
Date of first appointment
Term of office expiring at (General
Shareholders’ Meeting held to examine
the financial statements ended on)
Statutory auditors :
Mr. André FLUCHAIRE 26 December 1989 31 December 2001
(HLB ORFIS SA)
149, boulevard Stalingrad
69100 VILLEURBANNE
Mr. Jean-Paul SIMOENS 14 June 1996 31 December 2001
302, rue Garibaldi
69007 LYON
Alternate statutory auditors :
HLB ORFIS SA 14 June 1996 31 December 2001
149, boulevard Stalingrad
69100 VILLEURBANNE
Mr. Michel MAZA 14 June 1996 31 December 2001
102, route de Paris
69280 CHARBONNIERES

22 23
1-4
Auditors‘ statement regarding
the reference document
As auditors of Générale Location accounts and in compliance with the regulation COB 98-01, we have examined the
financial and accounting information contained in this reference document and performed all the procedures that
we considered necessary, in accordance with professional standards in force in France.
This reference document has been established under the responsibility of the Chairman of the Board of Directors and
as such we can testify to the fairness of the information it contains in relation with the financial situation and the
accounts.
In compliance with the professional standards applicable in France, our mission consisted of evaluating the fairness
of the information concerning the financial situation and the accounts, to verify their compliance with the accounts
included in the report. Our mission required from us to read the additional information contained in the reference
document, in order to identify if there may be possible significant discrepancies with the information concerning the
financial situation and the accounts, and to point out information openly erroneous which would have stricken us
based on our general knowledge of the company acquired within the framework of our mission. Since all provisional
data resulted from a structured development process of elaboration, this reading took into account the hypotheses
adopted by the directors and their translation into numbers.
We have audited the financial statements and the consolidated accounts for the years ended 31 December 1999,
2000 and 2001 decided by the Board of Directors, according to the professional standards applicable in France, and
certify to them without reserve or observation.
We have no comments to make concerning the fairness of the financial and accounting information presented in
this reference document.
Lyon, 12 June 2002
The Statutory Auditors
M. André Fluchaire M. Jean-Paul Simoëns
1-5
Person in charge of the financial information
Erick ROSTAGNAT
Chief Financial Officer – Investor Relations
GENERALE LOCATION ; Route d’Irigny – 69530 BRIGNAIS
Tel. : 04 72 31 54 20 – Fax : 04 72 31 54 95
Web site : www.generale-location.com
e-mail : info@generale-location.fr

2
General Information regarding
Générale Location and its share capital
2-1
General information
regarding Générale Location
Share capital
Corporate name and registered office : GENERALE LOCATION
Route d’Irigny – Zone Industrielle – 69530 BRIGNAIS
Nationality : French
Legal form : Corporation under French law.
Trade registration number : 351 571 757 RCS LYON – Code APE : 741 J
Activity :
The company’s objects are :
The acquisition of interest in all established or future
firms, companies, trade associations, (G.I.E.), whether
French or foreign, by all means, in particular, by
contribution, subscription or purchase of shares or shares
in partnership, merger, etc.
All financial, personal and real estate transactions which
may be directly or indirectly related to the corporate
purpose and all similar or related objects;
All administrative, advisory and other services and
research and development activities;
The organization, communication, management, general
installation and fittings of exhibitions, shows, fairs,
public or private events, whether national or
international, training;
The design, manufacture, rental, installation and fittings
of stands, floor coverings, floral decoration, decoration
of all premises and of exhibitions, signage, museum
fittings, stage design, furniture, furnishings equipment
and accessories, power supply, lighting systems,
illuminated signs, heating, air-conditioning, sound
system, filming and broadcasting of film, and of high
power video projection on all media, video walls –
multimedia, temporary structures, grandstands,
exhibition equipment, and more generally all products,
processes and companies, related to these events as well
as their advertising and promotion in any form
whatsoever.
It may act directly or indirectly and carry out all these
operations on its own behalf or on behalf of third parties
and either alone, in a joint venture, partnership or
grouping or companies with any other persons or
companies and carry them out in any form whatsoever.
It may also take all interests and holdings all companies
and businesses, regardless of their corporate objects.
Financial year
Each year covers a period of twelve months from 1 January to 31 December.
Annual Meetings (articles 22 and 23 of the statutes)
The Board of Directors shall convene Shareholders‘
Meetings. If it fails to do so, the Statutory Auditors or any
other person legally authorized for this purpose may call
these meetings.
Notably one or several shareholders, representing at least
the required share of the authorized capital and acting in
accordance with the conditions and within the time limits
defined by law, may request by registered mail with
acknowledgement of receipt, that draft resolutions be
entered on the meeting agenda.
The procedures and time limits for issuing notices of
meeting are governed by law. The notice to attend must
indicate the place of meeting which may be the registered
office, or any other place, as well as list the meeting
agenda.
All shareholders have the right to attend the General
Meetings and to take part in decisions in person or by
proxy, regardless the number of shares owned, upon
simple proof of identity, as long as due payments on their
securities have been paid in full and that they have been
registered in account in their name at least five days
before the date of the meeting.
All shareholders may vote by mail using a form which they
can request to have sent to them according to the
conditions specified in the notice to attend the General
Meeting.
A shareholder may also be represented in accordance with
the conditions established by the current regulation,
provided that the proxy is himself a shareholder. He can
also be represented by his spouse.
The right to attend Meetings or to be represented is
subject to either the registration of the shareholder with
shares being recorded in the company’s registry, or to the
deposit at the place indicated in the notice to attend of
certificates delivered by authorized intermediaries
testifying to the unavailability until the date of the

24 25
General Meeting of bearer shares registered in account
held by them. These formalities must be carried out no
later than five days before the General Meeting is held.
The Board of Directors can, however, shorten or eliminate
these deadlines.
The bearers of registered shares shall be admitted to
meetings on simple proof of identity ; the owners of
bearer shares shall be admitted on proof that they filed
certificates as provided above.
Admission to the Meeting shall be open to any registered
shareholders on simple proof of identity. The Board of
Directors may, however, if it deems so necessary, remit
personal admission cards bearing the shareholder’s name
to shareholders.
Rights to vote (article 25 of the statutes)
At General Meetings, each member of the meeting shall
have as many votes as the shares he owns or represents
without limitation. However, a double right to vote
compared to that granted to other shares, considering
the portion of capital they represent, shall be allocated
to all shares paid in full and with proof of registration
of at least three years in the name of the same
shareholder.
In case of capital increase by capitalization of reserves,
or by exchange of shares when shares are pooled or
divided, the double right to vote shall be allocated to
shares granted by reason of registered shares, provided
that such shares have been kept in registered form as
from allocation thereof. This double right to vote shall
be granted at the end of a three year period as from
registration in registered form of the shares by reason
of which they were allocated.
The merger or the break-up of the Company shall have
no impact on the double right to vote which may be
exercised within the beneficiary company if its articles
of association instituted a double right to vote.
Appropriation of the earnings (article 28 of the statutes)
On the profits of the financial year, reduced if the case
may be by previous losses, a deduction of at least one
twentieth, thereof shall be set aside to form a reserve
fund known as “legal reserve” limited to one tenth of
the authorized capital. The legal reserve shall be funded
when, for any reason whatsoever, the said fund falls
below this fraction of the authorized capital.
The distributable profits shall be comprised of the
profits of the financial year less any previous losses and
sums set aside in reserve in application of the law or
articles of association and increased by the retained
earnings.
On this profit, the Meeting shall set aside any sums that
it deems appropriate so as to fund any optional,
ordinary or extraordinary reserve funds or to carry
forward.
The balance, if any, shall be allocated between all the
shares in proportion to the paid up and unredeemed
amount thereof.
However, except when the capital is reduced, no
payment may be made to shareholders when the equity
capital falls or as a result thereof falls below the
amount of the authorized capital, increased by reserves
which pursuant to the law or articles of association
cannot be distributed.
The General Meeting may decide to distribute sums
drawn from the reserves at its disposal. In this case, the
decision shall expressly specify the reserve accounts
from which the deductions were drawn.
Losses, if any, once the financial statements have been
approved by the General Meeting, shall be posted in a
special account under liabilities on the balance sheet so
that they may be charged.
Threshold crossing (article 12 of the statutes)
On top of the obligation to inform the company when
acquiring certain fractions of rights to vote attached to
the capital, any natural or legal shareholder acquiring
or controlling directly or indirectly, or even together
with other shareholders in accordance with the law, 2.5 %
at least of the capital and/ or rights to vote of the
company, must inform the company by registered letter
with acknowledgment of receipt within the 15 days of
the threshold crossing and indicate whether the shares
are owned or not on behalf, under the control or
together with other natural or legal persons. This
procedure must be renewed with every acquisition of
each additional fraction of 2.5 % of the capital and/ or
rights to vote up to the threshold of 50 % of the
capital.
Place where the legal documents and information concerning the company can be consulted :
at the registered office of the company : Route d’Irigny – Zone Industrielle – 69530 BRIGNAIS

2
General Information regarding
Générale Location and its share capital
2-2
General Information regarding the share capital
of Générale Location
Authorized Capital
After the capital increase of FRF 330 000 corresponding to
the creation of 3 300 shares following the taking up of
stocks requested by six employees during the course of the
first six-month of 2001, on the 15th of June 2001, time of
the Annual General Meeting, the authorized capital
amounted to FRF 239 353 900, divided in 2 393 539 shares
of FRF 100 per share , all paid-up and of the same class
except for the shares created and nontransferable until the
15th of January 2004.
Moreover, 2/3 of the 118 989 shares created on 29
September 2000 (and given to the majority shareholders of
the company SF Protection as remuneration for part of the
shares they held in this company), are by convention nontransferable
for two years.
The Mixed Annual General Meeting of 15 June 2001 has decided the following :
● the division by 5 of the nominal value of the
2 393 539 shares of FRF 100 per share, via an
exchange of the said shares for 11 967 695 shares
of FRF 20 per share,
● the conversion of the share capital of the amount
of € 36 489 266.82, the nominal value of the shares
coming to € 3.04898,
● the capital increase of an amount of € 10 863 54.44
through the incorporation of this sum indicated
under the item "Share premium",
● the capital increase of an amount of € 517 972 .74
through the incorporation of this sum deducted
from the account "Other Reserves",
● the € 4 increase, as a result of these incorporations,
of the nominal value of the 11 967 695 shares
making up the capital.
The authorized capital, as a result, comes to € 47 870 780 , divided in 11 967 695 shares of € 4 per share, 16 500
shares held by the employees having taken up their options being non-transferable until the 15 January 2004, and
396 630 shares, that is 2/3 of the 594 945 shares held by ex majority shareholders of the company SF PROTECTION
being non-transferable until 29 September 2002.
The Extraordinary General Meeting of 3 October 1998 authorized the Board of Directors at
its meeting of 4 March 2002 to :
● certify the declaration of their options for subscription of shares by three employees on 20 November 2001, on
2 December 2001 and on 22 February 2002
● certify the payment made by these three employees the 28 November 2001, 26 December 2001 and 1 March 2002
● certify as a result the capital increase for an amount of € 50 000 per creation of 12 500 shares of a nominal value
of € 4 per share.
Following the Board of Directors of 4 March 2002,
850 options for subscription of shares were taken up.
The authorized capital was thus increased by € 3 400.
The Board of Directors will proceed with the
modification of the statutes at a future meeting.
As of today the capital is fixed at € 47 924 180,
divided in 11 981 045 shares of € 4, the 12 500
shares held by the employees having taken up their
options in November 2001, December 2001 and
February 2002 being non-transferable until 15
January 2004, the shares subscribed at the time of
the taking-up of options which occurred after
4 March 2002 being non-transferable until 28 February
2005.
GENERALE LOCATION shares are listed on the Second
Marché of Paris Bourse with a mention in LYON.
Shares giving access to authorized capital
There are no shares giving access to authorized capital.

26 27
Options for subscription of shares
The Extraordinary General Meeting of 3 October 1998
authorized the Board of Directors to issue 100.000
options for subscription of shares for the benefit of the
group’s employees. Considering the division by five of
the nominal value of the share, the number of shares to
be issued was carried upward to 500 000.
Plan n°1 Plan n° 2 Plan n° 3 Plan n° 4 Plan n° 5
99-1 99-2 00-1 00-2 01-1
Date of the General Meeting having 3 Oct. 1998 3 Oct. 1998 3 Oct. 1998 3 Oct. 1998 3 Oct. 1998
granted the authorization to issue options
Date of the Board of Directors 15 Jan. 1999 30 Oct. 1999 29 Feb. 2000 21 Nov. 2000 22 Oct. 2001
Total number of shares which can
possibly be subscribed
- before the division of the nominal 43 300 4 000 36 700 5 000 11 000
- after the division of the nominal 216 500 20 000 183 500 25 000 55 000
with the number of shares which can
possibly be subscribed by the members
of the executive committee
(in its current composition)
- before the division of the nominal 16 000 2 000 18 300 3 820
- after the division of the nominal 80 000 10 000 91 500 19 100
Number of concerned directors 5 1 6 - 6
Starting date of the exercising of options 15 Jan. 2001 30 Oct. 2001 28 Feb. 2002 21 Nov. 2002 22 Oct. 2003
Date of expiration
(end of the period of unavailability) 15 Jan. 2004 30 Oct. 2004 28 Feb. 2005 21 Nov. 2005 22 Oct. 2005
Price of subscription in €
- before the division of the nominal 25.70 36.97 58.46 106.80 42.25
- after the division of the nominal 5.14 7.39 11.69 21.36 8.45
Number of subscribed shares
- before the division of the nominal 5 800 170
- after the division of the nominal 29 000 850
The Mixed General Meeting of 10 December 2001
authorized the Board of Directors to issue a global
amount of 120 000 options for subscription or purchase
of shares for the benefit of the employees of GENERALE
LOCATION and the Group. The Board of Directors has
not used this authorization granted by the General
Meeting.
Authorized capital not issued
The Extraordinary General Meeting of 3 October 1998
authorized the Board of Directors to issue all types of
transferable securities with the maintain and/ or the
abolition of the preferential right for subscription for
an amount of 100 million French Francs at most. The
Extraordinary General Meeting of 18 January 2000 carried
this authorization upward to 130 million French Francs.
(or K€ 19 818).
The Board of Directors did not make use of the authorizations granted by the Annual General
Meetings mentioned above.

2
Evolution of the capital of Générale Location
Variation of capital
Date Nature of the operation Issuance in cash Incorpor. Progressive Nominal
or in kind of reserves amount Number of shares value
compensat. of capital
by debts
Nominal Premium Issued Cumulated
31 Jul. 1989 Creation of the company 250.000 - 250.000 2.500 2.500 100 F
26 Dec. 1989 Contribution in kind 167.000.000 - 167.250.000 1.670.000 1.672.500 100 F
3 Oct. 1998 Contribution in kind 3.275.000 2.947.500 170.525.000 32.750 1.705.250 100 F
19 Nov. 1998 Conversion of convertible bonds 25.000.000 - 195.525.000 250.000 1.955.250 100 F
25 Nov. 1998 Capital increase 31.600.000 20.540.000 227.125.000 316.000 2.271.250 100 F
in cash (1)
29 Sep. 2000 Contribution in kind (2) 11 898 900 51 235 152 (3) 239 023 900 118 989 2 390 239 100 F
1 st semester Exercising of options 330 000 (4) 226 314 239 353 900 3 300 2 393 539 100 F
2001
15 Jun. 2001 Division of the nominal 239 353 900 11 967 695 20 F
value by five
Conversion in Euros 36 489 266.82 11 967 695 3.0489 €
of the capital
Capital increase 10 863 540,44 47 352 807.26 11 967 695 3.9567 €
(5)
Capital increase 517 972,74 47 870 780 11 967 695 4 €
(6)
4 th quarter. Exercising of options 50 000 (7) 14 250 (7) 47 920 780 12 500 11 980 195 4 €
2001
& 1 st quarter Capital increase
2002 certified by the Board
of Directors
of 4 March 2002
Exercising of options 3 400 6 536,50 47 924 180 850 11 981 045 4 €
after 4 March 2002
(1) Listing on the stock market (Paris Bourse)
(2) The General Meeting of 29 September 2000 voted this capital increase in order to provide remuneration in part for the ex-majority shareholders of the company SF
Protection.
(3) In resolution n°10 of the Annual General Meeting of 29 September 2000 ; it was concluded that acquired expenses accounting to 1.5 mF could be charged against the
capital increase for a total of F 868 315 (€ 132 374). After incorporation of these costs, the initial contribution premium was reduced from F 52 103 467 to F 51 235 152.
(4) Exercising of options by six employees in March and June 2001.
(5) Incorporation of the sums under the item " Share Premium " (in Euros)
(6) Incorporation of the sums under the item " Other reserves " (in Euros)
(7) In Euros
Breakdown of the capital and voting rights
At 31 March 2002, the total number of voting rights came to : 20 758 888.
To the best of the company’s knowledge, at 31 March 2002, the capital is distributed as follows :
Number of shares % of capital % voting rights
Groupe Polygone (1) 7 744 844 64.64 74.50
Banque de Vizille 927 795 7.74 8.94
Legal representatives of
Générale Location
- Olivier Ginon 18 865 0.16 0.17
- Olivier Roux 17 875 0.15 0.17
- Gilles Gouedard-Comte 4 250 0.04 0.02
- André Perrier 4 120 0.03 0.02
Public 3 263 296 27.24 16.18
TOTAL 11 981 045 100.00 100 %

28 29
(1) Groupe POLYGONE is a holding company controlled at 69.01 % by the company POLYGONE SA which capital
breakdown is as follows :
- Mr. Olivier GINON with 68.1 % of the capital,
- Mr. Olivier ROUX with 25.85 % of the capital,
- Mr. Xavier GINON with 5.03 % of the capital,
- Mr. Gilles GOUEDARD-COMTE with 1.02 % of the capital.
The remaining 30.99 % of the capital of GROUPE
POLYGONE is directly owned by Mr. Olivier GINON with
5.69 %, by Mr. Olivier ROUX with 3.55 %, by Mr. Xavier
GINON with 2.46 %, by Mr. Gilles GOUEDARD-COMTE
with 0.69 %, by the COMPAGNIE DU PLANAY with
14.54 %, by the Banque de Vizille with 3.57 % and by
various physical persons with 0.47 %.
The COMPAGNIE DU PLANAY is a holding company
controlled at 99.99 % by M. Gilles GOUEDARD COMTE.
To the best of the company’s knowledge, there are no
shareholders besides those mentioned above who
directly or indirectly holds 5 % of the capital or voting
rights.
Shares owned directly by Générale Location
At 31 December 2001, GENERALE LOCATION did not hold any shares giving it self control.
Self held shares
As part of : a) the shares buy-back program authorized
by the General Meeting of 9 June 2000 and which
ended on 9 December 2001 (information note certified
by the COB n°00-833 of 19 May 2000) and b) the shares
buy-back program authorized by the General Meeting
of 10 December 2001(information note n° 01-1338 of
21 November 2001), GENERALE LOCATION, in order to
regulate the company’s share price, carried out the
following operations :
Holding Purchases from 1 Jan Sales from 1 Jan Holding Total
at 1 Jan 2001 2001 to 31 May 2002 2001 to 31 May 2005 at 31 May 2002 holding
at
1 2 1 2 1 2 1 2
31May 02
Number of shares
- before division of the nominal 651 2 033 950 6 521 7 712.5
- after division of the nominal 37 102 50 743 42 005 43 550.5 3 102 11 400 14 502
Average share price in € (1) 22.28 23.60 16.14 18.42 16.56 18.85 16.97 19.93 19.30
Value of purchase price 72 527 239 894 675 583 1 535 205 695 475 1 547 886 52 636 227 214 279 850
Nominal value
- before division of the nominal
(in Francs) 100 F 100 F 100 F 100 F 100 F 100 F
- after division of the nominal
and conversion in euros 4 € 4 € 4 € 4 € 4 € 4 €
Percentage in capital 0.03% 0.09% 0.03% 0.10% 0.12%
Col. 1 : Self held shares
Col. 2 : Liquidity contract up to the GENERALE LOCATION share of 50%
(1) The number of exchanged shares before the division of the nominal was multiplied by five for the calculation of the
average share price.
The negotiation fees spent for the operations mentioned above and performed within the framework of the liquidity
contract came to 21 343 Euros.
Non-transferable shares
It is reminded that 118 989 shares were created on 29
September 2000 and given to the ex majority
shareholders of the company SF Protection to pay them
in part for the contribution of their shares in this
company.
Considering the division by five of the nominal value of
the stock operated by the Mixed General Meeting of 15
June 2001, these 118 989 shares were exchanged for
594 945 shares. At the end of the convention binding
the contributors to GENERALE LOCATION, two third of
these shares (or 396 630 shares after division of the
nominal value) are non-transferable for a duration of
two years which will come to an end on 29 September
2002.

2
Thresholds crossing
Due to the provisions of the article 25 of GENERALE
LOCATION’s statutes, the shares created through
conversion of convertible bonds at the Extraordinary
General Meeting of 19 November 1998, and since then
left registered in nominative account, have acquired
the right for double voting as of the 19th of November
2001.
As a result, the Banque de Vizille which in 2000 had
crossed downwards the 5% threshold of voting rights,
owner at 31 December 2000 of 185 559 shares and of
as many voting rights, (927 795 shares and as many
voting rights after the division by five of the nominal
value), on 19 November 2001 crossed upwards the 5 %
threshold of voting rights by going from 4.89% to
8.94%.
Modifications which occurred in the distribution of the capital in the last three years
As a result of the variations described in the table found
in “Evolution of the capital of the company GENERALE
LOCATION” above, the following modifications in the
distribution of the capital :
% of capital
(at 31 December of each year) 1999 2000 2001
Groupe Polygone 72.68 % 65.57 % 65.49 %
Banque de Vizille 8.81 % 8.06 % 7.75 %
Other shareholders 18.51 % 26.37 % 26.77 %
% of voting rights
(at 31 December of each year) 1999 2000 2001
Groupe Polygone 84.16 % 79.11 % 75.11 %
Banque de Vizille 5.11 % 4.89 % 8.95 %
Other shareholders 10.73 % 16.00 % 15.94 %
Shareholders‘ agreement
There is no shareholders‘ agreement.
Collaterals, guarantees and sureties
No Générale Location share has been used as collaterals or guarantees.
Commitment at the time the Company was listed
No commitment was taken at the time the Company was listed.
2-3
Dividends
For all The table takes into account the division by five of the nominal value decided upon on 15 June 2001 for all five
years.three years, the table takes into account the division by five of the nominal value decided upon on 15 June 2001.
Net dividend Tax credit Gross dividend
Years per share per share per share
€ € €
Ended on 31 December 1996 0.11 0.05 0.16
Ended on 31 December 1997 0.15 0.07 0.22
Ended on 31 December 1998 0.10 0.05 0.15
Ended on 31 December 1999 0.20 0.10 0.30
Ended on 31 December 2000 0.28 0.14 0.42

30 31
2-4
Market for Générale Location’s shares
Générale Location’s shares are currently listed on the
Second Marché of Paris Bourse. Since its first listing on
the 25th of November 1998, the share prices have
changed as follows, being precise that all the data in
this table take into account the division by five of the
nominal value of the share which occurred on the 15th
of June 2001 :
Years Share price Number of Transaction volumes Highest price Lowest price
in Euros traded shares in Euros in Euros in Euros
(annual average)
(annual total)
1998 5.36 1 177 100 6 310 596 5.64 5.03
1999 6.56 1 513 590 9 928 688 13.18 4.38
2000 18.52 1 755 475 32 515 680 24.80 10.80
Month Share price Number of Transaction volumes Highest price Lowest price
in Euros traded shares in Euros in Euros in Euros
(monthly average)
(monthly total)
2000
October 21.84 119 900 2 619 180 22.98 20.80
November 22.92 81 750 1 873 370 23.60 21.80
December 23.42 79 980 1 872 760 24.80 22.40
2001
January 22.58 46 490 1 049 670 23.60 22.00
February 23.21 167 530 3 887 650 23.80 21.80
March 23.21 157 350 3 652 180 25.00 21.28
April 22.89 83 630 1 914 280 23.90 22.20
May 24.49 93 485 2 289 051 25.00 22.80
June 25.29 71 224 1 801 560 27.00 23.80
July 25.44 7 815 198 821 27.43 23.85
August 22.85 73 383 1 676 782 25.00 19.05
September 11.47 288 042 3 303 390 20.00 7.30
October 9.86 207 486 2 044 780 12.40 8.60
November 10.43 190 087 1 983 460 12.35 9.72
December 12.50 100 610 1 257 830 18.15 10.05
2002
January 16.25 130 234 2 116 040 17.90 14.10
February 17.25 83 458 1 439 930 18.90 16.65
March 18.15 265 896 4 826 760 19.65 17.70
April 17.91 295 181 5 287 440 18.40 16.90
Source : Euronext Paris website (www.euronext.fr)
6 000 K€
5 000 K€
4 000 K€
3 000 K€
2 000 K€
30 €
25 €
20 €
15 €
10 €
1 000 K€
0 K€
oct-00
nov-00
dec-00
jan-01
feb-01
mar-01
Trading volumr in K€ (monthly total)
apr-01
may-01
jun-01
jul-01
aug-01
sept-01
oct-01
nov-01
dec-01
jan-02
feb-02
mar-02
apr-02
5 €
0 €
Share price in € (monthly average)

2
2-5
Financial communication
Press releases schedule
The timetable of the press releases established for one year is available on the web site of Générale Location www.generalelocation.com
(Financial Data). Any one interested can request a copy.
For the year 2002, the timetable is as follows :
LOCATION PARTICIPANTS EVENT
5 Mar 2002 Lyon (6 p.m.) SFAF members, Financial information meeting /
managers, journalists Annual 2001 results
6 Mar 2002 Paris (11:30 a.m.) SFAF members, Financial information meeting /
managers, journalists Annual 2001 results
24 Apr 2002 Financial press (1) Press release / 1 st quarter 2002 sales
20 Jun 2002 Lyon - Palais des Congrès Shareholders Annual General Meeting
27 Jun 2002 Shareholders Distribution of dividends
1 Aug 2002 Financial press (1) Press release / 2 nd quarter 2002 sales
11 Sept 2002 Générale Location web site Financial press release concerning
(6 p.m.) the First half 2002 sales on line
12 Dec 2002 Paris (11: 30 a.m.) SFAF members ,
managers, journalists SFAF meeting : First half 2002 sales
15 Oct 2002 Toulouse : Palais Pierre Baudis Shareholders and any Forum Investir : Presentation of the company,
interested third parties developments in process, prospects
7 Nov 2002 Financial press (1) Press release /
3 rd quarter 2002 sales
10 Dec 2002 Lyon - Palais des Congrès Shareholders and any Forum Investir : Presentation of the company,
interested third parties developments in process, prospects
You find also listed the different events which Générale Location has decided to attend in order to present the company. As
a result, the schedule may be modified.
Publication of press releases
Générale Location press releases are available the night
before their publication (after 6 p.m.) in the financial
press on our web site www.generale-location.com
(financial data heading). They are then sent
systematically by e-mail to anyone who placed a
request, by fax, or by post on simple request (responses
by fax will be dispatched the night before also, the post
will be shipped and received according to regular time
limits imposed by postal services).
Annual reports
The annual reports can be received by mail in the form of
a paper document or downloaded from our web site where
previous press releases are available and annual reports of
the company presented on a regular basis.
French / English
Financial communication is available in English on our web site www.generale-location.com (Financial data heading) or in
paper form.
Shareholders Relations
For all request :
Financial Communication Department
Route d’Irigny
Zone Industrielle Nord
69530 BRIGNAIS
Tel : 33 (0)4 72 31 54 20
Fax : 33 (0)4 72 31 54 95
Web site : www.generale-location.com (financial data heading)
E-mail : info@generale-location.fr

3
Information regarding Générale Location’s activity,
recent development and future prospects
32 33
3-1
General presentation of the activity :
Europe’s leading provider in enginering and logistics for
the organization of shows and events, Générale
Location operates in the market of communication by
event.
This business is part of a particular sector of the market
of communication, which is divided into two sectors :
● Shows and exhibitions,
● Events.
The first sector regroups on one hand fair type events
dedicated to the general public and on the other hand
numerous trade shows which aim at getting together
players of a specific economic sector : building, hotel,
textile, food industries, etc.. on a regular basis.
Events of the second sector are centered on a specific
happening which gathers economic players of various
horizons around a single theme during a limited time
period. These events are mostly sportive, cultural,
institutional (anniversary celebrations, national holidays,…),
politcal events (G7, Summits of the Heads of State), or
corporate events (launching of a new product, seminars, …).
The main economic players can be divided into four
categories as follows :
Organizers
Corporations :
Exhibitors at shows
Sponsors (at events)
Venue management
Service providers
Générale Location provides both services and venues for rent.
3-2
Development history :
1978 – 1984
Creation by Olivier Ginon and three partners (Gilles
Gouedard-Comte, Jacques Danger and Olivier Roux) of a
service company in Lyon set up as a limited liability
company and under the name of POLYGONE SERVICES.
First installation of a computer show in the Part-Dieu
shopping center in Lyon.
Signatures of major national contracts, particularly with
exhibition centers and trade groups (Infora, Europack,
Première Vision).

3
1989
Alliance between the Group Polygone, France’s number
one in installation of exhibitions and events and the
Group Cré-Rossi, Europe’s leading provider of furniture,
accessories and floor dressing for rent. The new entity
takes the name of Générale Location.
By bringing together new and complimentary knowhow,
the directors of both groups reach a double
objective :
- satisfy the clients' expectation for a global offer in the
general installation and the rental of furniture for trade
shows,
- reach a critical size, positioning the entity as the main
supplier for show organizers, and more particularly :
Blenheim/ Miller Paid-upman, Paris Exhibition
Committee, Reed, CEP Communication.
1990 – 1997
Acquisition of the assets of the company Chenel (net sales of
19 M€), working in the general installation of exhibitions.
Creation de EMP GmbH, a company specializing in furniture
rental in Cologne.
Acquisition of Vachon, centered around the activities of
rental of up-scale furniture for decorators and of renting out
of antiques for shows, movies, television, photographers’
studio. This take-over allows the group to broaden its offer
and thus to enlarge its clientele base.
Purchase of the company Pichot Exposition, general fitter
for exhibitions.
Development of the events activity : European Summit of
Cannes in June 1995 and French Speaking Heads of State
Summit in Benin.
Creation of GL Image
Acquisition of the company Décorama (1997 net sales :
7m€), a service company of up-scale stands, signage, fittings
for large distribution and museum fittings (signage of the
National Library of France).
Creation of the company GL Middle East in Dubaï which
acquired 100% of the capital of the company Eastern
Exhibition Services Ltd, specializing in the creation of
general installation of stands.
Acquisition of 60% of the capital of the company Profil,
service agency of hosts, hostesses and interpreters, adding to
the range of services Générale Location offers to organizers
and exhibitors.
At 31 December 1997, the Group Générale Location has net
sales of 113 M€.
1998
Générale Location is official provider of the World Cup of
Football, the group achieving net sales of 13 m€.
Acquisition of Ranno Entreprise representing net sales of
about 9 m€ and specializing in the general installation
of exhibitions.
Since 1978, the group has continued to reinforce its
commercial presence in France by opening offices
covering all the French territory and by creating an
international network in 6 countries on 4 continents. At
the same time, it developed a tool allowing it to answer
calls for tender worldwide such as, World Cup of Football
of 1998, World Fair in Lisbon in 1998, Olympic Games,
Summit of French Speaking World, Summit for the Heads
of State in Cannes, Tennis Tournament in Roland Garros,
Cannes Film Festival.
It is also partner of France’s most prestigious shows such
as : Première Vision, Prêt-à-Porter, Bâtimat, FIAC, SIAL ,…
Through a policy of investments, Générale Location is
today one of the major players in the world in the
provision of services linked to exhibitions and events.
On 25 November 1998, the company GENERALE
LOCATION is listed on the Second Marché of the Paris
Bourse.
At 31 December 1998, the group realized consolidated
net sales of 130 m€ and a net consolidated group profit
of 3.4 m€.
1999
Générale Location acquires Procap and FTB, operating in
access control and data processing. In 2000, both
companies are merged and united under the name GL
Data System.
In Hong Kong, GL Hong Kong carries forward to the
company GL Furniture Asia its furniture activity. GL
Furniture Asia is owned at 60% by GL Hong Kong and at
40% by a local partner.
Générale Location acquires 51% of the company SECIL.
This acquisition of interest is part of a project to obtain
the renewal of the delegation of the city of Lyon in order
to manage Lyon Convention Center.
Générale Location acquires 23.52% of Paris expo, a
company listed on the Second Marché of Paris Bourse
and in charge of the management of the exhibition hall
at Porte de Versailles in Paris.
After a take-over bid launched by Unibail, Générale
Location brings over its own shares bought originally at
€ 117 and realizes a capital gain of 14.3 m€ after
expenses and corporate tax. The impact on the financial
structure of the group is quite significant, since the
gearing is reduced from 93% at 31 December 1999 to
22% in February 2000.
At the end of 1999, Générale Location sells the company
Prisme 3 Enseigne and the non-trading real estate
company Les Aguais.

34 35
2000
Exceptional year for Générale Location in term of
external growth with the acquisition of companies :
- Team Legend (Hong Kong), specializing in the provision
of audio-visual equipment for shows and exhibitions.
- Fair Line (Brussels), a company whose activity is the
general installation and provision of services for the
Exhibition Center in Brussels.
- SF Protection (Flixecourt), which offers structures of
storage for industrial and commercial companies..
- ISF (Nantes), specialized in the design and distribution
of a range of modular equipment for the exhibition
industry.
- Standard Décoration (Poitiers), service provider for
Futuroscope and also present on the market of fittings
and general installation.
At the same time, an exceptional year with very
important projects : Sydney Olympic Games, Summit for
the European Heads of State during the French
presidency of the European Union, as well as special
events for the passing to the year 2000.
At 31 December 2001, the group Générale Location
realizes sales of 214 m€ and a net group profit of
22.3 m€ (8.0 m€ excluding the capital gain of Paris
expo).
3-3
Générale Location’s markets
3-3-1
Shows and exhibitions (59 % of the activity in 2001, 57 % in 2000)
The market of shows and exhibitions, always in constant
progression, is the one where Générale Location is
historically rooted. This activity provides both recurrence,
volume and permanence and the use of its assets.
Estimated in France at more than 2 billion Euros, this
business sector experiences an annual growth between 3
and 4 %.
The market of shows and exhibitions has normally little to
do with economic growth, since the economic players
maintain worldwide unchanged expense budgets for this
type of communication. Moreover, the fluctuations among
the different sectors of activity (food or textile industries,
to list a few), are greatly compensated by the fact that
Générale Location is present on a large number of shows.
Shows can be divided into two types, the first one for
products dedicated to the general public and the other for
trade. Regarding the first category, there is little chance of
them being moved geographically to another place
whereas trade shows can possibly be moved to a foreign
destination. One should mention also the emerging
competition of retail outlets which organize events in
direct competition with trade shows open to general
public. In addition road shows around a single brand
dedicated to the general public or to professionals (more
specifically in the bank and computer sectors, etc…).
Générale Location being present on these different markets
mentioned above is on the whole little affected by these
transfers.
3-3-2 Events (28 % of the activity in 2001, 33 % in 2000)
The events market is international. It is characterized by
the importance and the multiplication of events,
whether they be sports, economic, political or again
corporate (conventions, shows for clients, hospitality
villages,…).
The exceptional growth of this market is sustained by
strong structural dynamism linked to the growing
importance of the image in day to day life and the need
in the world of event for television channels, multimedia
aids as well as the globalization of the markets to incite
major economic players to communicate more and more
(especially via events). By placing part of its development
in this market, Générale Location finds an additional
contribution to its growth which is particularly
profitable.
3-3-3 Fittings and museum fittings
Générale Location has used its know-how to develop an
activity in a related market with great potential in image
enhancement, that of fittings and museum fittings
which represents 13% of its net sales in 2001. Creations
can involve the complete fittings of museums (Museum
of the Invalides), or head offices or hospitality areas
(American Airline at Roissy Charles de Gaulle Airport).

3
3-3-4 Venue management
This market is French, European and international. A
growing number of local communities are looking to
externalize the management of their convention centers
and exhibition halls and entrust it to specialized
outsiders. These sites are meant to host various events
such as congresses, conventions, seminars, exhibitions,….
As a result cities boost their image and multiply the
positive economic impact, especially in the hotel
business and tourism in general.
The activity of venue management offers the group
strong recurrence and guarantees of long-term visibility.
Moreover, this activity works in synergy with all the
other services offered by the group.
Already in Lyon, Saint-Etienne, Toulouse, Clermont-
Ferrand and Barcelona, Générale Location will pursue its
development in this activity and thus propose to its
clients a wider European offer.
Thanks to creation or renewal of concessions, venue
management should experience sustained growth.
3-3-5 Competitive environment
In France, the offer has become more structured and
professional.
Companies specialized in the activities of general installation
for exhibitions and rental of furniture have regrouped
themselves (in 2000 merger of part of the companies held by
the group Melrom with the company Créatif Exposition, a
company listed in the Second Marché of Paris Bourse since
the 7th of July 1998).
The main competitors identified by activity are the following :
Light and Sound : Broadcasting and image production :
● Groupe GTIE, ● LOCATEL, ● VPS,
● Entreprise Industrielle, ● UTRAM, ● LMA.
● Forclum.
● SOFT,
Venue Management :
● Unibail,
● Accor.
Furniture :
● Square,
● La Compagnie.
International :
● PICO (Asia),
● UNIPLAN (Germany),
● ICT GmbH (Germany),
● GES EXHIBIT GROUP (USA),
● DE BOER (Netherlands),
● VELDEMAN (Belgium),
● LOSBERGER (Germany),
● EVENSER (UK),
● NEPTUNUS (Netherlands),
● FREEMAN (USA),
● NOMURA (Japan),
● RODER (Germany)
3-3-6 Regulatory aspects
In France, Générale Location uses equipment and sets up
complex installations which are subject to strict
regulations dedicated to each type of activities of the
Group. These regulations demand that only officially
authorized material be used and that installations be in
compliance with the standards in force.
Furthermore, when installations are completed and
delivered to organizers of events, exhibitions and shows,
they must respect the regulations which relate to
installations meant to receive a public. This regulation
requires that a prior authorization granted by the safety
commission of the city or region concerned be obtained.
This commission verifies that standards are respected
both in relation with the site as well as with the
temporary installations and equipment.
In France, the regulation imposed on fairs and shows is
subject among others to the order of 11 September 1945,
a decree of 10 October 1969 modified by a decree dated
21 April 2000 and to the order of the Department of
Trade and Industry of 10 January 2001.
As a result the authorization and approval for all events
are mandatory : prior authorization given by the
regional town hall concerning all fairs and shows and
approval from the Secretary of State for Trade and
Industry for the acknowledgement of an economical or
international interest for all events.
The Secretary of State of Commerce with the help of the
Committee of Fairs and Shows, oversees all the requests
for authorization for commercial events, keeping in mind
the economic interest of such events on the national and
international levels.
Outside of France, Générale Location seeks the counsel
of independent offices to make sure that the material is
in compliance and to adjust its installations and
equipment if needed to fit the local standards and
regulations.

36 37
3-3-7 Commercialization of the offer
Born out of a will for enterprise, enriched by a constant contribution of know-how by associates and managers of integrated
companies, GENERALE LOCATION has at its disposal key-assets in order to :
● add to the offer proposed to clients whilst respecting
the culture and identity which corresponds as closely as
possible to each of the structures and business sectors.
● ensure that each of the components of this offer
benefits from strong commercial dynamics, built around
a partnership with the principal organizers, from a dense
national operation, and from a clear development
strategy, around the following axes : the international,
the major accounts, the event business.
The essential part of Générale Location’s offer is today conveyed under GENERALE LOCATION‘s trade mark, the group’s
property. The other trade marks used by the Group are protected accordingly.
The commercial forces of Générale Location are organized around three axes :
● A historical axis :
Each sector of activity has at its disposal a commercial
force dedicated to the development of its activity with
clients and markets of the group on one hand and of its
own business sector on the other hand,
● Two more recent axes :
- Two development units : major accounts,
international and around events
- An international network of subsidiaries in constant
growth and coming as a complement to the
traditional commercial forces on the look-out for
opportunities at the international level.
The sales departments have today at their disposal the Catalogue Générale Location largely distributed and available on the
Générale Location web site :
www.generale-location.com
3-4
Générale Location’s offer
The economic model proposed by Générale Location is organized around two axes :
● rental of material (3.4.2)
● engineering of events and provision of services (3.4.3)
The projects realized by Générale Location are generally
a combination of rental of material and provision of
services. This combination varies as often as clients are
different (clients as organizers, clients as exhibitors) and
as much as their demands are dissimilar.
As a result, beyond the simplicity of this model of rental
and services, Générale Location has developed an
organization which includes many profit centers created
in order to remain close to the group’s clients, their
technical needs and created also for commercial as well
as management reasons. This organization is as follows :
3-4-1 An organization per business sector to better serve the concept of the
global and flexible offer
The crucial part of GENERALE LOCATION’s offer centers
around the different services proposed to organizers of
shows and events and their clients. GENERALE LOCATION,
with its mastery of far-reaching expertise, has a true
vocation as an assembler and master of works. It has
become a major player on the international scene when
it comes to engineering events. The World Cup of
Football in 1998 as well as the signature of the contract
for the Sydney and Salt Lake City Olympic Games are
good examples.
The reactivity, the availability, the respect of deadlines
are strong values developed by GENERALE LOCATION and
recognized by its clients. GENERALE LOCATION values the
human and technological potential of its creation teams,
assembled in its research and design department and
supported by powerful logistics (when it comes to
geographical operation and equipment for exhibition
and event). Thanks to these means, requests made by
GENERALE LOCATION’s clients become tangible and
concrete.

3
3-4-1-1 Role played by Générale Location as the group’s holding company
The holding company, GENERALE LOCATION, is the
group’s animator. It defines the general strategy and the
development policy of the Group. It is responsible for the
direct negotiation of major contracts. GENERALE
LOCATION is also the structure which is responsible for
all the significant external growths. It regroups the
different operating services : finance, management
control, legal department, information system, human
resources and marketing. Moreover, it directly supervises
both development units : the first one within GENERALE
LOCATION is in charge of the international development
and major events, the second one is responsible for
Major Accounts.
Staff within the holding company is as follows :
1999 2000 2001
Managers 17 19 25
Employees 7 8 11
Total 24 27 36
3-4-1-2 General organization
In addition to the support services on one hand and the development units on the other, business sectors and activities of
Générale Location are exercised within different legal entities. These structures are divided into three groups :
● International network,
● Venue management,
● Operating services organized by sector of activity.
Support Services
Development Units
Operating services
Space & Decoration
Structure & Grandstands
Technology
Furniture
System
Venue management
International network
Other services

38 39
3-4-1-3 Presentation of the operating services
Space & Decoration
The activity of this sector consists of :
● the general installation of shows/ exhibitions/ events,
● the design and creation of custom-made and modular
stands,
Structures & Grandstands
For many years now, the company Hall Expo has been
servicing the events market. It provides and installs
temporary structures and grandstands. Temporary
seating installed on the Champs Elysées for Bastille Day
Parade, extension added to the Palais des Festivals in
Cannes, Tennis Grand Prix, Hospitality villages for the
World Cup of Football in 1998, Olympic Games in Sydney
with 100 000 m2 of structures and 80 000 seats of
temporary seating, the ones in Salt Lake City with 30 000
seats of temporary seating, represent some of the most
prestigious projects carried out by Hall Expo.
● the set-up of points of sales, show-rooms, corners,
stores shelf-space,
● the design and the building of pavilions for universal
or international fairs,
● the fittings and museum fittings.
In 2000, Générale Location acquired SF Protection. This
company based in Flixecourt and its subsidiary SFI
Gauthrin, produce, distribute and rent out dismountable
structures. The rental activity is realized mostly with
industrial companies based in France. Besides its own
commercial and financial performances, SF Protection
contributes fully to the business unit Structures &
Grandstands, on a technical and human level as well as
the additional rental equipment it offers.
Technology
Often associated with the business unit Space &
Decoration, the activities around Technology are as follows :
- Power supply, lighting,
- Heating – air conditioning,
- Stage activity.
The activity of image proposes audio-visual services,
production and broadcasting of images. Since 1996, it
completes the offer of the group by responding to
exhibitors‘ new expectations and demands and by
increasingly using new technologies. Operating on shows
and exhibitions, this activity has its own clients portfolio
in the world of television, production companies and
major client accounts via corporate conventions.
Furthermore, since the year 2000, this activity promotes
full day-light screens from the company GL UK used
during large international events.
Finally, this sector also includes the activities of access
control and data processing to be used by organizers and
exhibitors (qualitative and quantitative analysis of the
flow of visitors).
Furniture
This sector manages the rental of furniture, showcases,
accessories and antiques. It is used as a support to the
activities of Space & Decoration. Its clients are shows
and events organizers, exhibitors as well as decorators.
This business sector requires a perfect mastery of logistics,
of stock control with an important creativity regarding
the entire line of products proposed to the clients.
System
This activity differs from the Group’s traditional activity
and operates in distribution rather than rental activity
and provision of services.
Action Développement and Sodem, two companies
which distribute a wide range of materials and aluminium
sections for the exhibition market and other related
markets.
ISF, a company based in Nantes and equipped with an
important French commercial network, distributes a
whole range of products both standard and modular for
the exhibition market.
Venue management
After the Group was entrusted with the management of
the Convention Center of Lyon, it decided to include the
activity of Venue Management as a new strategic axis of
its development.
This activity, led in association with public local
organizations, is in charge of the management of two
new sites granted in 2001, one in Toulouse with the
Congress Center Pierre Baudis and the other in Barcelona
with the International Congress Center due to open in
2004.
This sector works in strong synergy with the Group’s
traditional expertise and benefits from medium-term
visibility considering the duration of the agreements
signed for the management of the sites.
Besides the sites mentioned above, the group today
manages the Congress Centers of Saint Etienne,
Clermont-Ferrand, and the Château of Saint-Priest.

3
Other services
The Group offers other services such as floral decoration, green space set-up and up-keep, and a hospitality service of
hosts and hostesses.
3-4-2 Rental activity
3-4-2-1 Investment policy
The comparison of the amounts invested in the course of the last four years in relation to net sales and net cash flow
excluding working capital movements is as follows :
(data in K€) 1998 1999 2000 2001
Net investments (1) 11 452 11 633 18 277 23 200
Net sales (2) 129 996 146 655 214 083 235 043
Net investments / Net sales 8.8 % 7.9 % 8.5 % 9.8 %
Net cash flow excluding working capital movements 13 934 18 436 24 323 24 574
Net investment / Capacity of self-financing (1) 82.2 % 63.1 % 75.1 % 94.4%
(1) Sources : consolidated tables of financing (addition of the lines : acquisition of intangible assets, tangible fixed assets and rental equipment and disposal of
tangible and intangible assets)
(2) Source : consolidated income statements
The relative stability of the ratios shown in this table
may be slightly modified according to markets for which
some of these investments are intended.
For the exhibition market, the major portion of the
investments was realized mostly at the beginning of the
1990s and most of them are listed now in the accounts
as a regular expense of service and maintenance. One
exception to this tendency is that the equipment
dedicated specially to certain shows (textile industry) is
renewed every 4 or 6 years in accordance with
corresponding contracts.
Regarding the events market, however, the company has
carried out major investments in particular in 2000 on
the activity Structures & Grandstands to respond to
demands from the Sydney Olympic Games and the
market of events of tomorrow. Moreover, the activity of
long-term rental realized by the subsidiary SFP calls for
recurrent investments.
The investments of Générale Location and its subsidiaries
are either self-financed or backed-up by the
establishment of medium-term reimbursable loans with
an average period of about 6 years. These medium-term
loans are subscribed either directly by the subsidiaries or
by Générale Location who verifies each year the
appropriateness between each subsidiary’s equity and
the needs linked to their development.
3-4-2-2 Principal buildings and logistics tools
In France, the Group operates from different sites which it mostly rents. Principal rented sites and the surface of their
warehouses are as follows :
• Brignais : proximity of Lyon (registered office and principal commercial companies, 47 000 m 2 )
• Châtillon : proximity of Porte de Versailles (GL Mobilier, 21 000 m 2 )
• Chilly Mazarin (Ranno Entreprise, 32 000 m 2 )
• Ivry (Décorama, 4 600 m 2 )
• Mitry Mory (GL Espace & Décor, 37 000m 2 )
• Flixecourt (SF Protection, SFI Gauthrin, 40 300 m 2 )
• Nantes (ISF, 27 000 m 2 )
Moreover Owen Brown owns its own buildings in Castle
Donnington (28 000 m 2 ).
Générale Location has also a fleet of transport and hoisting
vehicles to handle the delivery on the sites in the shortest
time periods, and depending on the season and the location
of certain projects, Générale Location subcontracts to
independent carriers.
The industrial tool is made of in-house research and
design departments, production sites of modular elements
and repair units linked together through networking.

40 41
3-4-3 Supply of services
3-4-3-1 Staff
The 1 850 employees who represent Générale Location’s
wealth make use of their talents in a multitude of
profession and expertise : upholsterers, decorators,
architects, logistics technicians, designers, draftsmen,
electricians, image and sound technicians… Specialists of
state-of-the-art technology in data and multimedia
have joined forces and added to all this traditional
know-how. As a result of the acquisition of BS Vision,
the number of employees is now 2000.
This chain of expertise and team work is supported by a
company spirit which prioritizes motivation,
responsibility and the feeling of providing a service.
GENERALE LOCATION through training sessions wishes to
see its sales teams promote the concept of a global offer
to their clients. This approach is reinforced by the
catalogue Générale Location, where one find all of the
services provided as well as all sorts of solutions
proposed by the Group.
3-4-3-2 Supplying partners and sub-contractors
The seasonal aspect, the development of the group, the
distance of certain projects, and the clients‘ more
demanding requests lead Générale Location to widen its
relationships with many supplying partners and subcontractors.
3-5
Risk analysis
3-5-1 Clients risk
The client risk is weak for three reasons :
● The first one is linked to the fact that Générale Location,
as provider of services, has focused the essential of its
corporate culture on the satisfaction of its clients‘ needs.
Beyond close business relations with its clients, Générale
Location considers that anticipation of needs, reactivity of
teams, creativity, and necessity to imperatively respect
deadlines of delivery of projects are just as important assets
to maintain in order to develop its relationships with
organizers, exhibitors and other companies clients for the
long term.
● The second one is tied to the quality and the quantity of
rental equipment that Générale Location has available for
an event.
● The third one is related to the statistical dispersal of
clients. The first 10 clients have represented 20 % of the
consolidated net sales of 2001 considering that the biggest
client has represented about 5.8 % of net sales.
3-5-2 Suppliers risk
The supplier risk is weak. The first category of suppliers is
made of sub-contractors who bring forth to Générale
Location teams additional workforce for the building-up
of projects, knowing that the engineering, the general
overseeing, and the technical management always
remain under Générale Location’s responsibility.
Among the other suppliers of any significance (textile,
carpeting, wood, structure,…), none has any incidence on
the evolution of Générale Location.
The evolution of the oil price and its impact on
transportation cost and other raw materials do not
represent a major risk factor.

3
3-5-3 Risk linked to the activity
Concerning the selection of investments and the
operating methods to build-up projects, Générale
Location’s internal policy is to control and master the risks
taken both towards the staff concerned and the public
who will come and visit the sites.
As a result, special attention is given to the preparation of
projects and the anticipation of possible problems.
Concerning certain activities (mostly grandstands and
structures) committees of control are systematically
solicited.
Générale Location‘s commitment is to respond to clients‘
needs by providing services which, together or taken
individually, correspond to norms established by each
professional activity and which must be used according to
given rules. It is up to the clients to make sure these rules
are respected during the event. Générale Location
guarantees its responsibility by subscribing to a policy of
Group’s public liability.
Concerning human resources, three characteristics
particular to Générale Location and its activity can be
brought forwards.
a) The multiplicity of the different activities exercised by
the Group, the markets, and the geographical sites from
where Générale Location operates as well as the strong
service policy the group offers to its clients, have led
Générale Location to maintain a method of organization
based on profit centers kept at a human size with an
emphasis on the individual professional evolution and the
proximity in the relation to its clients.
b) The activity of Générale Location characterizes itself by
the daily presence of an important portion of its staff on
the numerous sites where shows, events, and exhibitions
occur every day.
c) Autonomy and a sense of the responsibilities are two
values crucial in the management of human resources. It
is in fact thanks to both of them that Générale Location is
able today to expand its development.
This risk must be taken into account and placed within a
context where the seasonal aspect of the activity for one
is important and also where the more distant locations of
certain projects are more frequent.
Based on this, this particular risk is considered weak.
3-5-4 Markets risk
This risk is also judged weak.
The market of shows and events relies on the need to
convene in order to exchange and share (knowledge,
leisure, points of view,…). We consider that the new tools
of communication such as internet and mobile phones
reinforce the need for meeting rather than decreasing it.
As a result of some of social upheavals, conflicts, and
epidemics (mouth-and-foot disease), some events have
been prevented from happening.
Générale Location bases its activities and its assets in
countries considered by the group politically and
economically stable. The possibility to transfer the assets
in another country and the globalization of our clients
are two factors which reduce the risk in case of
encountered difficulties.
3-5-5 Legal and tax risk
During the regular process of its activities, the Group is
at time implicated in legal disputes and litigations.
Whereas the final outcome of these procedures cannot
be known in advance, the Group can estimate that the
obligations which could result from them should not
have a significant impact on its financial situation and
its consolidated results.
3-5-6 Foreign currency exchange risk
Each of the foreign subsidiary holds rental equipment
dedicated to a specific market (video walls, furniture,
grandstands,…). Générale Location can transfer this
equipment from one entity to another without taking
the risk of seeing its intrinsic value go down as a result
of exchange rate fluctuation.
Concerning the activity, except for major international
projects, where exchange rate risk may occur, there is no
regular flow of business with the foreign entities which
could possibly put Générale Location’s structure at risk.
The charges engaged by foreign subsidiaries are mostly
local charges paid in the same currency as the one used
for invoicing.
Consequently, one will consider the risk linked to
exchange rate moderate.

42 43
3-5-7 Interest rate risk, credit and actions
The management of the risks related to cash flow and
exchange rate, follows strict rules defined by the Group’s
Executive Management. These rules call for the
systematic centralization exercised by the Financial
Direction of all cash flow, positions and management of
the financial instruments.
Interest Rate Risk at 31 December 2001 Total K€
Balance sheet
Financial assets -
Financial liabilities
- Medium term loans on fixed rate made
variable on a 3 month rolling rate Telerate 20052 5 942
- Medium term loans (indexed on a 3 month Euribor) 32 973
- Medium term loans (indexed on T4M / EONIA 975
- Overdrafts 8 266
Off balance-sheet – Discounted notes not yet matured 1 194
Net risk 49 350
Cover (1) 21 186
Remaining variable rate debt 28 163
Most of the indebtedness is index-linked on threemonth
rates. Occasionally, covers can be subscribed to
for all or a portion of the financial debts. Considering
the volume of the debt, the market anticipations and
amounts already cashed in, the risk is considered weak.
(1) Out of the 21 186 K€, 15 245 K€ come from a rate guarantee
operation COLLAR covering the period between the 22nd of May
2002 to the 22nd of May 2003. The amount remaining of 5 942 K€
corresponds to the fact that a 7 622 K€ loan contracted at fixed
rate in May 2000 was made variable (indexed over 3 months). The
other medium-term loans of 11 055 K€ are at fixed rate.
Moreover, the Group holds some interest in various listed
companies (see note 28 of the notes of the consolidated
statements) whose market value fluctuates with the stock market,
the valorization of the respective sectors of activities these
companies evolve in and the financial and economic situations of
each of these companies. The amount of this share interest being
low, the risk as a result is not significant.
3-5-8 Risks linked to the industry and the environment
Générale Location handles its operations in strict the company has not identify any significant risk linked
compliance with the regulation in force. Its activities to the environment.
deal mostly with the provision of services, and as a result
3-5-9 Insurance – Cover for possible risks
Principal insurance risks and the amount of insured capital
• Public liability :
All damages together : 15m€ per claim and per year of
insurance
Back-up public liability : all damages, 15m€ per claim and per
year in excess of 15m€ acquired under the first excess policy.
• Fleet of vehicles :
410 vehicles, 75 trucks, and 100 trailers
• Fire :
Buildings : 40m€
Rental equipment : 81m€
Furniture, fittings, and merchandise : 21m€
Other material damages : 8.3m€
Liability : 7.6m€
Investments : 7m€
Expenses and losses : 3.8m€
3-6
Litigations and exceptional facts
To the best of the company’s knowledge, there are to this day no litigation or exceptional facts which could have or
have had an impact on the group’s financial situations, its activity, its results and its assets in general.
3-7
Objectives and prospects
The objective of Générale Location is to pursue the development of its activities on its four markets (shows exhibitions,
events, fitting museum fittings, venue management) and at the same time to increase its profitability.
In order to do so, Générale Location favors the following strategies :
3-7-1 Events market – International
Générale Location will pursue its development in the
following two directions : events market and the
international. This development provides it with
additional activities which are immediately profitable. It
also provides it with more balanced commercial positions.
Moreover, due to the economic globalization, this strategy
gives the company the possibility to carve a niche for
itself and the ability to fulfil today’s clients ‘expectations
and respond to their future requests.

3
3-7-2 Venue management
The distinction between the categories of Organizers /
Space renters and Service providers varies depending on
the country. Furthermore, Générale Location identifies
clearly the fact that by presenting to clients who are
organizers or to exhibitors an offer which combines both
the renting of space and the provision of services is
creative of value. Depending on opportunities, Générale
Location will study all the projects in France or at the
international which could be of interest for its
development and that of its clients. These projects
concern mostly the venue management rather than the
real estate ownership of these sites.
3-7-3 Internal growth – external growth
Despite an economic situation which is less favorable,
Générale Location is increasing its market shares. It relies
in France and at the international, on many profit centers,
which are self-reliant and responsible and which moreover
contribute to the global development of the group. They
are in fact linked to the development units both in Lyon
and in Paris.
The major support tools to the sales forces are :
- the catalogue available on paper and also on the web at
the following address : www.generale-location.com,
- the presence on a regular basis of Générale Location on
major projects and more specifically on works of fittings
and museum fittings, a source of prestige and used as
reference,
- a trade mark and well-established know-how
The model of development selected by the group
integrates operations of external growth which accelerate
its development along its strategic axes and also allow it
to have at its disposal an offer of services in compliance
with the vision Générale Location uses to see its markets
of tomorrow.
Générale Location’s presence on major projects such as
Olympic Games and World Cups of Football widens and
facilitates opportunities for external growth.
The factors examined at the time of such operations are
the following :
- integration within the global offer
- synergies
- adhesion to the management of the corporate project
- compliance with the strategic axes
- financial profitability and return on employed funds
The integration of the acquired companies is then made
easier by the group’s model of organization already
exposed (self-reliance and responsibilities on their
markets, development by adhering to the concept of the
global offer).
3-7-4 A flourishing market
The troubled international context of 2001 does not have an impact on the conclusions presented in the study realized in
1999, especially for the medium-term growth expected in the events market.
3-7-5 Data in figures and results for the first quarter of 2002
The Group announced for the year a progression of its net
sales above 20 % including signatures of important
contracts and operations of external growths carried out
until the end of January. In the press release of 25 April
2002, Générale Location communicated the following
elements :
Net sales in strong growth for the first quarter : + 24%
For the 1st quarter 2002, Générale Location realized sales
of 75.9 m€, a 24.2 % increase (7.6 % with constant scope
and exchange rate).
Générale Location exceeded its announcement of a
significant organic growth, expected to be reached only at
the end of the 1st semester 2002.
Well-oriented activities
All sectors have shown an increase in their activity since
the beginning of the year 2002, both in France and
outside of France. The effort to create a synergy between
the different sectors of Shows / Exhibitions, Fittings /
Museum Fittings, Events, and Venue Management will
contribute toward a strong and well-balanced growth in
2002.

44 45
4
Financial situation
and results
4-1
Management report and corporate documents
4-1-1 Annual report of the Board of Directors at the Annual General Meeting of 20 June 2002
Ladies and Gentlemen,
You were asked to this Annual General Meeting in accordance with the legal prescriptions, to be informed about the
Company’s activity and the results of our management during the financial year ended 31 December 2001.
This Annual General Meeting is a Mixed Annual General Meeting.
It was called in order to give a ruling on the points which are normally of the competence of the Annual General Meeting :
– Approval of the consolidated and corporate financial statements,
– Approval of results allotment,
– Approval of the conventions mentioned in article 225-38 of the New Mercantile Code,
– Renewal of the term of office of a board member
– Nomination of two new board members
– Renewal of the term of office of the statutory auditors and alternate statutory auditors
This Meeting was also called to give a ruling on the adoption of various statutory modifications made mandatory by the
law 2001-420 of 15 May 2001 in relation particularly to the dissociation of the presidency of the board of directors and
the general direction of the company. These statutory changes are normally of the competence of the Special Annual
General Meeting.
We present to you the consolidated accounts first and then the corporate accounts which we ask you to approve.
We remind you that Générale Location adopted the new methodology of consolidated accounts defined by the regulation
99-02 of the Committee of the Accounting Regulation. The presentation of the financial statements were made compliant
with the new regulation and shows no modifications compared to last year presentation.
4-1-1-1 Activity of the Group – Presentation of the consolidated accounts
After an exceptional year 2000 in term of sales and results
strongly reinforced by the operation Paris expo, the year
2001 is characterized by the following points :
● A strong growth for the first quarter
● A deterioration of the economic environment starting
from the second quarter
● Major geopolitical events with negative impact on events
programs, and more specifically corporate events.
In such context and considering the on-going effect of
2000, the group’s level of activity which maintained itself
with in other respects the contribution generated by the
companies acquired in 2000, is in accordance with what was
announced.
a - Activities and net sales
Global evolution
During the year 2001, Générale Location registered a 10 %
increase in its consolidated net sales (- 11 % with constant
scope and exchange rate). This progression must take
into account a year 2000 marked by two exceptional
events (Sydney Olympic Games and the European
Summits of Biarritz and Marseille) which made it
possible for that particular year to post a record
progression of + 46 %, with + 35 % of it from internal
growth. If we exclude the Sydney Olympic Games, the
increase comes to + 19 %.
235
214
147
130
113
1997 1998 1999 2000 2001

4
Evolution by market
In 2001, the events market experienced a slow-down in its
activity as a result of the absence of major world events
and of the reduction of certain events budgets after the
years just before and after the turn of the new century
during which companies, states and local organizations
strongly invested.
The evolution in each of the business sectors during the
past four years is as follows :
1998 1999 2000 2001
Events 22 % 26 % 33 % 28 %
Exhibitions / Shows 70 % 66 % 57 % 59 %
Fittings / Museum fittings 8 % 8 % 10 % 13 %
Total 100 % 100 % 100 % 100 %
In the world of Shows and Exhibitions, Générale Location
maintains and reinforces its position in France especially
when it comes to general installation for exhibitions,
rental of furniture and all the services related to these
activities. Major contracts were signed or renewed with
the principal organizers (Reed Exhibition, Première Vision,
Comexpo).
Evolution by geographical area
The breakdown is as follows :
1998 1999 2000 2001
K€ K€ K€ K€
Foreign subsidiaries 6 491 6 577 32 900 32 474
French companies engaged
in international activities 7 112 15 028 15 564 22 795
International total 13 603 10% 21 605 15% 48 464 23% 55 269 23%
Activities in France 116 393 90% 125 049 85% 165 618 77% 179 774 77%
Total 129 996 146 654 214 083 235 043
In 2001, Générale Location acquired Owen Brown, a
British company created in 1913 operating in the world of
installation and rental of temporary structures mainly
dedicated to the events market.
Moreover, Générale Location created three companies :
- GL USA, first in order to manage the contract of Salt
Lake City Olympic Games, and then to support the Group’s
development and to accompany French and European
clients in their operations in the United States of America,
Europe
- GL Europe Holding BV, the company which acquired
Owen Brown shares,
- GL Convenciones Barcelona, a company created with the
mission to manage the International Convention Center of
Barcelona.
Générale Location is thus at 31 Decembre 2001 directly
present in the following countries :
Other continents
● Germany ● Portugal ● Malaysia ● Hong Kong
● United Kingdom ● Italy ● United Arab Emirates ● Japan
● Belgium ● Spain ● Australia ● United States
Net sales generated by the international activities increase by 14% and come to 55.3 m€ in 2001.

46 47
Evolution by sectors of activity
Générale Location was granted for a twenty year period
the mandate of management of the International
Convention Center of Barcelona which will be inaugurated
in 2004. Likewise since 1 January 2002 the Group is managing
the Pierre Baudis Convention Center in Toulouse for a
duration of 10 years. These two new mandates reinforce
the Group’s presence in the business of venue management,
considering the fact that Générale Location already
manages the Convention Centers of Lyon, Clermont
Ferrand and Saint Etienne. The distribution of its activities,
as a service provider to its clients who organize shows or
events and to its clients who exhibit at these shows and
events, can be presented as follows :
Net sales in M€ 2001 2000
Venue management 9.3 4.0 % 13.4 6.3 %
Provision of services 224.2 95.4 % 198.9 92.9 %
Holding 1.5 0.6 % 1.7 0.8 %
Total 235.0 100 % 214.1 100 %
The volume of activity in venue management experiences a 3% decline in 2001, as a result of the closing of Espace Eiffel
Branly in February 2001, to give way to a museum.
The evolution of the net sales by sectors of activity can be illustratred as so (in m€) :
1997 1998 1999 2000 2001
Space & Decoration 59.0 68.9 76.7 96.1 86.9
Structures & Grandstands 5.5 7.4 9.4 13.9 31.5
Furniture 25.4 26.9 26.3 28.2 26.0
Technology 10.0 10.4 12.1 17.4 20.8
System 1.3 3.2 5.1 9.5 18.5
Other services 2.1 3.4 3.3 3.9 8.0
Foreign subsidiairies 5.6 6.5 9.5 30.0 32.5
Total Provision of services 109.0 126.8 142.4 198.9 224.2
Venue management 3.7 3.1 3.5 13.4 9.3
Holding 0.7 0.1 0.8 1.7 1.5
TOTAL 113.4 130.0 146.7 214.1 235.0
The sector “Technology” includes GL Lumière & Son, GL Image, GL Data Systems and Boîte à Sons. System, which includes
Action Développement, Sodem System and ISF, is made up of companies with activities turned towards sales.
Contribution from companies acquired in 2001
Net sales generated by companies newly acquired in 2001
amount to 13.7 m€.
Owen Brown is placed under the sector Foreign
Subsidiairies ; over the first six months of 2001, its
contribution comes to 9.9 m€. The events market is the
main beneficiary. Package ‘s net sales are integrated in the
Other Services for an amount of 3.8 m€. It concerns the
development in engineering and communication and is
classified in the Events sector.

4
b - Operating profit
Expressed as a percentage of net sales, operating profit
reaches 7.25% in 2001, compared to 8.74% in 2000.
The 2001 operating profit is affected by the following
two elements :
- Organizational, venue management : further to the
additional percentage (a final 100 %) brought forward to
the group’s share holding of Secil company which manages
the Convention Center of Lyon and the transfer of
ownership of the building of the city of Lyon, the payment
made by the owner which used to be in the way of
distribution of dividends, is now made in the form of
rent wich has a 1.1 m€ impact on the operating charges ;
- Economic, short-term rental of structures : the
slowdown of the rotation rate of the structures invested
for the Sydney Olympic Games, has for effect an
operation loss of 1.5 m€. The actions launched in term of
logisitics as well as in commercial operations should
guarantee a more balanced situation starting 2002.
In M€ 2000 2001
Opearting profit Operating profit of Total
of other subsidiaries acquired companies (1)
Net sales 214.1 221.3 13.7 235.0
Operating profit 18.7 15.5 1.5 17.0
% of net sales 8.74 % 7.04 % 10.6 % 7.25 %
(1) Owen Brown, Package Organisation and its subsidiaries CEE, Centre Infobatir and Norexpo.
Concerning the companies acquired in 2001 and included in the consolidated accounts during the course of the second
semester, their operating profit comes to 10.6 % confirming Générale Location’s will to seek only relutive acquisitions.
The operating profits by sector of activity for the past five years can be presented as follows (in m€) :
1997 1998 1999 2000 2001
Space & Decoration 2.9 3.2 4.5 5.8 5.3
Structures & Grandstands 0.8 1.0 0.5 3.3 2.4
Furniture 1.5 1.9 1.6 2.5 2.3
Technology services 0.9 1.1 1.7 1.0 0.9
System 0.2 0.4 0.3 0.9 1.3
Other services 0.2 0.3 0.3 0.4 0.5
Foreign subsidiaries 0.8 0.4 0.7 1.5 1.8
Total Provision of services 7.3 8.4 9.5 15.2 14.5
Venue management 0.7 0.4 0.6 1.6 0.5
Holding 1.9 2.0 2.0 1.9 2.1
TOTAL 9.9 10.8 12.1 18.7 17.0
c - Net financial charge and profit before tax and exceptional items
The net financial charge for the period amounts to 2 651 K€
compared to 1 221 K€ in 2000. This increase is due to a
moderate indebtedness increased in 2001 considering
the operations of external growth, the tax payment on
the capital gain of Paris expo and a modification of
working capital requirement due to the seasonal aspect.
Profit before tax and exceptional items is as follows :
In K€ 2001 2000
Net sales 235 043 214 083
Income 14 391 17 492
% 6.12 % 8.17 %

48 49
d - Exceptional profit / (loss
This year the exceptional profit / (loss) reaches 98 K€. This
amount includes principally the capital gain on the sale
of real estate and the registered loss when material was
shipped back from Sydney. As a reminder, the exceptional
profit / (loss) for the year 2000 was particularly high
considering the capital gain of K€ 23 033 on the Paris
expo operation.
e - Corporate tax and consolidated profit
For the years 2001 and 2000 income before and after tax can be presented as follows :
In K€ 2001 2000
Consolidated income before tax
for integrated entities 14 490 37 151
Current and deferred taxes 4 650 13 567
Tax rates 32.1 % 36.5 %
Consolidated profit after tax
of integrated companies 9 840 23 584
The tax rate is low considering the taxation of certain foreign companies as well as the tax exemption from which a
company recently created by the Group benefits.
f - Financial, net cash and investments
During the period the level of net indebtedness increased
by K€ 31 008 and at 31 December 2001 reached K€ 48
830. This increase should be put into context as the
indebtedness by the end of 2000 was exceptionally low.
Based on this element, the net gearing reaches 57% at
31 December 2001 compared to 22% at the end of 2000.
The Group maintains a strong capacity to invest in rental
equipment as well as in external growth. One should
underline the acquisitions of Owen Brown in 2001 and
BS Vision at the beginning of 2002, as well as the
significant investments realized by the Group in
equipment to be used for Première Vision shows for the
coming six years.
At 31 December 2001, cash flow is stable at K€ 24 574
(10.6 % of net sales) compared to K€ 24 323 at the end
of 2000.
g - External growths
Two operations of external growth were carried out in 2001. Both respected the key factors mentioned in paragraph
3.7.3 of the present document.
The operating profit of the two main companies recently acquired is illustrated as follows :
● OWEN BROWN
OWEN BROWN 31 December 2001 31 December 2001 31 March 2001
(M€) (6 months) (9 months) (12 months)
from 1 July
from 1 April
to December 2001 to 31 December 2001
Net sales 9.9 14.2 16.6
Operating profit 1.2 1.4 1.7
Net profit 0.8 1.1 1.2
Net fixed assets and stock 7.7 7.7 6.8
Shareholders‘ equity 5.7 5.7 4.6
Net cash position (asset) (119) (119) -
Number of employees 154 154 144
Owen Brown, which joined the Group GL in July 2001,
reinforces the Group’s offer in the field of structures.
Since Owen Brown ends its fiscal year on 31 March, a
position has been established at 31 December 2001, the
company having been integrated into the consolidated
accounts starting 1 July 2001.
Prospects for 2002 see a 25% increase in its net sales.

4
● PACKAGE ORGANISATION
PACKAGE ORGANISATION 31 December 2001 31 December 2001 31 December 2000
(M€)
(4 months)
from 1 September 2001
to 31 December 2001
Net sales 2.9 6.2 5.8
Operating profit 0.1 0 0.4
Net profit 0 0 0.6
Shareholders‘ equity 1.2 1.2 1.2
Net gearing 0 0 2.6
Number of employees 24 24 21
Based in Lyon, Package Organisation is part of the
organization of congresses and conventions in domains
as diverse as scientific, medical, environment, economic
and touristic development. The company has been
integrated in the consolidated accounts starting 1
September 2001.
Package Organisation holds three subsidiaries (100 %
holding), CEE and Norexpo with activity in the events
business and Centre Infobatir, a documentation center
for professionals in the building business. These three
subsidiaries generate annual net sales of 3.9 m€ and an
operating profit close to 0 in 2001 compared to 4.8 m€
and 0.2 m€ in operating loss in 2000. Considering the
date of integration in the consolidated accounts, the
consolidated four months post net sales of 1.6 m€ and
operating profit of 0.1 m€.
h - Evolution of the six principal subisidiaries of the Group : GL Espace & Décor, GL Mobilier, SF Protection, ISF,
Décorama and Hall Expo
● GL ESPACE & DECOR
GL ESPACE & DECOR 2001 2000
(M€)
Net sales 59.8 73.2
Operating profit 2.2 1.2
Net profit 2.8 3.5
Net fixed assets and stock 20.6 20.9
Equity 17.5 15.3
Net gearing (asset) (4.2) (7.2)
GL Espace & Décor is present in the show and event
market and proposes services of general installation to
clients-organizers and modular and custom-made stands
to clients-exhibitors.
The activity of the company has decreased by 18 %
principally in the area of events, taking into account the
important projects carried out in 2000, the Sydney
Olympic Games and the Summits of the Heads of State.
Profit before tax and exceptional items increases by 71 %
from 1.9 m€ to 3.3 m€ in 2001. This progression is the
result of a policy of economic research adopted during
the course of the year as well as an improved rotation of
assets.
The exceptional profit/ (loss) shows a slight loss going
from 1.6 m€ in 2000 to (0.1 m€), as the year 2000
registered an internal profit due to a sale in the amount
of 1.8 m€ (profit eliminated in the consolidated
accounts) as part of a legal restructuring of the activity
Structures & Grandstands. Note also the absence of a
corporation tax charge due to brought forward
operating tax losses.
The net profit for the year 2000 comes to 2.8 m€.
Retroactively back to 1 January 2001, the company GL
Espace & Décor absorbed Rex Réalisation company,
whose goodwill was operated by GL Espace & Décor.

50 51
● GL MOBILIER
GL MOBILIER (M€) 2001 2000
Net sales 25.6 27.5
Operating profit 2.3 1.9
Net profit 1.5 0.9
Net fixed assets and stock 7.8 7.1
Equity 8.5 8.9
Net gearing (asset) (0.5) (1.5)
During the course of the year 2001, net sales of GL
Mobilier come to 25.6 m€. Thanks to a good control of
the fixed charges, operating profit reached 2.3 m€ or
8.8 % of net sales in 2001 compared to 6.9 % in 2000.
GL Mobilier continues to offer its support to offices
around France in the development of the “Furniture”
activity by increasing their stock of materials specially in
the Rhônes-Alpes and PACA areas. In 2002, it will
actively pursue the development of the events business
through major national and international events and at
the same time consolidate its exhibition activity by
renewing major contracts.
Following a small net financial charge and an exceptional
proft / (loss) of 0, a corporate tax of (0.7 m€) and
employee profit sharing of (0.1 m€), net profit equals
1.5 m€.
● SF PROTECTION
SF PROTECTION (M€) 2001 2000
Net sales 20.2 17.8
Operating profit 3.9 2.6
Net profit 2.1 1.4
Net fixed assets and stock 13.8 12.4
Equity 7.6 6.9
Net gearing 5.8 7.1
Leader in its market, this company joined the Group in
September 2000 and reinforced the Group’s offer in
structures. SF Protection’s activity is to propose
structures for storage to industrial and commercial
companies either for sales or on long-term rental
agreement.
In 2001, net sales registered a 14 % increase to reach
20.2 m€. This development allows a 55 % increase of the
operating profit at 3.9 m€.
During the course of the year, the company moved from
Saint Priest to Brignais to be closer to the other companies
of the Group. Moreover, the company started the
commercialization of its lines of products in Spain, Italy
and in the United Kingdom.
Taking into account a financial charge of (0.4 m€), an
exceptional profit/ (loss) of nil, a tax of (1.2 m€) and an
employee profit sharing of (0.2 m€), the net profit comes
to 2.1 m€ compared to 1.4 m€ in 2000.
● ISF
ISF (M€) 31 December 2001 31 July 2000 From 1 August
(12 months) (12 months) to 31 December 2000
(5 months)
Net sales 16.6 15.2 8.0
Operating profit 1.1 1.7 0.7
Net profit 0.7 1.0 0.4
Net fixed assets and stock 3.9 3.2 3.4
Equity 2.8 2.4 2.8
Net gearing (asset) 1.1 (1.4) (1.2)
Located in Nantes, ISF is a company specialized in the
design and distribution of a line of modular equipment for
exhibitions. The company joined the Group on 1 August
2000.
With its commercial forces, net sales come to 16.6 m€ in
2001, a 2 % increase compared to 2000, and this despite
a difficult macroeconomic environment during the second
semester.
ISF continues to invest for the future by reinforcing its
commercial network in France as well as by adapting its
internal organization to more modern management
techniques.
Taking into account small financial and exceptional
income, net profit before tax (0.3 m€) and employee profit
sharing (0.1 m€) comes to 0.7 m€.

4
● DECORAMA
DECORAMA (M€) 2001 2000
Net sales 13.2 15.6
Operating profit (0.1) 1.0
Net profit (0.2) 0.6
Net fixed assets and stock 0.7 1.1
Equity 0.6 1.2
Décorama is a company which specializes in prestige
stands, signage, fittings for department stores/
hypermarkets and museum fittings.
During the course of the year 2001, the company
DECORAMA realized sales of 13.2 m€. The absence of
exceptional international events had an impact on the
level of activity in 2001, and consequently on its profit. The
commercial investment launched in 2000 and pursued in
2001, allowed DECORAMA to orient itself towards more
recurrent markets while remaining on the market of
prestige stands.
Finally, it will continue the recovery of its profitability by
adapting its structural charges to its level of activity.
Considering a small financial charge and the absence of
exceptional items, net profit comes to (0.2) m€ compared
to 0.6 m€ in 2000.
● HALL EXPO
HALL EXPO (M€) 2001 2000
Net sales 16.8 24.7
Operating profit (1.6) 1.6
Net profit (2.7) 0.5
Net fixed assets and stock 9.9 12.6
Equity 7.0 5.9
Hall Expo generates its activity in the rental of structures
and grandstands for the need of organizers of events and
shows.
After an exceptional year 2000 thanks to the Sydney
Olympic Games, the global activity is slowing down by
38 % and net sales of 16.8 m€ can be analyzed as follows :
• 4.3 m€ for Temporary seating/ Grandstands, that is a
decrease of about 52 % compared to the one of 2000,
linked principally to the Sydney project,
• 12.5 m€ for Structures, that is a decrease of 20 % also as
a result of the Sydney Olympic Games.
Net sales are superior to the provisional budget of 2001 and
the activity in France is in progression compared to the
previous year.
2001 is a year of transition for the company, highlighed
mostly by the return of the equipment from Sydney and the
development of new markets. The move to a new
production site in Brignais dedicated to the activity of
structures will give the possibility to better respond to the
demands of the growth and to optimize logistics. Hall Expo
continues its development of commercial activity in Paris as
well as the development of the synergy of the sector
Structures/ Grandstands.
The exceptional result of (0.8) m€ is mostly due to cost
when returning the material from Sydney after the Olympic
Games.
After tax, net loss is (2.7) m€ compared to 0.5 m€ in 2000.
Moreover, HALL EXPO increased its capital to € 3 817 236.62
through the incorporation of GENERALE LOCATION current
account.
i - Significant post-balance sheet events
• As part of the development of venue management, the
Group took over the management of the Pierre Baudis
Congress Center in Toulouse on 1 January 2002.
• BS Vision was acquired at the beginning of 2002 : it
specializes in the interior fittings of tertiary buildings
(up-market hotels, head offices,…) and the naval sector.
Located in the Paris area and Loire Atlantique, BS VISION
offers the Group a highly specialized expertise in the
management of businesses with duration of execution
exceeding 12 months. As a result, this new know-how
will be introduced and developed in the other Group’s
subsidiaries with a related activity. For the year 2002, BS
VISION is expecting net sales of about 27 m€.

52 53
j - Prospects
The Group announced for the year 2002 a sales increase
above 20 %, including the signatures of major contracts and
operations of external growth carried out until the end of
January.
Additional external growth could possibly allow the
development of on-going activities and the enlargement of
the geographical network.
With a low gearing and strong cash flow, Générale Location
has the financial means to reach its objectives.
k - Estimation of the goodwill value in the consolidated accounts
Through application of the accounting principles stated in the notes, the Board of Directors at 4 March 2002 verified that the
criteria used to justify the carrying value of goodwill were respected and has subsequently decided no to make any provision for
goodwill.
l - Research and development
The company has a capacity to innovate and to create on
a grand scale in order to satisfy market in constant
evolution. The R & D Departments of Générale Location
and the sectors managers with the help of associates are
always looking to upgrade and find new technologies
and improved logistics organizations to handle deadlines
always made shorter.
Moreover the company as a whole and more specifically
under the impulse of the holding company, Générale
Location, takes particular care to improve the global
offer proposed to markets. Consequently, each year it
integrates new products, new services acquired by the
company through either internal development or
through external growth.
The company is not in the process of conducting stricto
sensu a fundamental research.
m – Approval of the consolidated accounts
In compliance with the provisions of the law 2001-420
of 15 May 2001, we suggest that you approve the
consolidated accounts for the year ended 31 December
2001 (balance sheet, income statement and notes) such
as they are presented to you and which post a profit on
the consolidated total of € 9 677 549 (net group profit
at € 9 170 832).
4-1-1-2 Activity of Générale Location holding – Presentation of the corporate financial statements
a – Activity of the company during the year 2001, balance sheet and income statement
Net sales of Générale Location decreased by 9.3% from
11.7 m€ to 10.6 m€. The holding company is remunerated
via fees charged to the subsidiaries. Générale Location
pursued its development by taking control of new
companies and by benefiting from growth of the group
subsidiaries.
During the course of the year, Générale Location directly
acquired the following :
• 65% of Package Organisation which holds three
subsidiaries CEE, Centre Infobatir and Norexpo.
• 70% of Boite à Sons, a subsidiary of Générale Location
with the remaining 30% already held by the Group. The
company A2M Congrès is a subsidiary at 100% of Boite
à Sons.
Générale Location completed its shareholding of the
company Secil by acquiring the remaining 49%, as well
as in the company Financière Par 3 by acquiring 3%.
Générale Location concentrates its investments on its
activity as service provider and has no intention to
establish for itself a portfolio of real estate assets;
moreover, SCI 88, which holds the non-trading real
estate company Le Favier 92, Prisma 94, Raspail Brignais,
Hall 96 as well as 45% of the non-trading real estate
company Vachon Lisses, was sold on 30 June 2001 to
Polygone SA for the sum of 2.3 m€. This sale was realized
after the estimation of the real assets carried out by an
independent expert (Galtier Firm), and generated a
capital gain of 1.3 m€ after tax. The rents received by the
non-trading real estate companies for the year 2001, as
well as the ones planned for the coming years, are in
keeping with market prices.
The activity of the Group’s cash flow management has
contributed 0.4 m€ to the financial result.
b - Post Year End Events
BS Vision was acquired at the beginning of 2002 : it
specializes in the interior fittings of buildings of the
tertiary sector (up-market hotels, head offices,…) and
the naval sector. Located in the Paris area and Loire
Atlantique, BS VISION offers the Group a highly
specialized expertise in the management of businesses
with execution duration exceeding 12 months. As a
result, this new know-how will be introduced and
developed in the other Group’s subsidiaries with a
related activity. After net sales of 28 m€ for the year
2001, BS VISION expects to maintain its net sales and
profitability for the coming year.

4
c - Future Prospects
Générale Location, acting as the group’s holding will continue to assume its different roles without any modification.
d - Proposition for allocation of profit and various notes
d 1 - Allocation of profit
We suggest that you kindly approve the corporate
accounts at 31 December 2001 (balance sheet, income
statements and notes) such as they are presented and
which show a profit of €. 8 426 238.68.
We also propose that you approve the determination of
distributable earnings and the following allocations :
Determination of the distributable earnings (in €)
Net income 8 426 238.68
Suggested allocation
Legal reserve 421 311.93
Long-term capital gain reserve 1 259 646.39
Dividends at €. 0.28 per share 3 354 692.60
Retained earnings 3 390 587.76
TOTAL 8 426 238.68
The net dividend per share would be €. 0.28 and the
corresponding tax credit (calculated at 50 %) of €. 0.14
for those shareholders entitled, resulting in a gross income
of €. 0.42 and this subject to the special provisions
included on the General Tax Code corresponding to the
sum and the beneficiary of the tax credit.
Shareholders‘ equity after allocation would amount to
K€ 70 807.
In order to comply with the company law, we remind you
that sums distributed as dividends and the
corresponding tax credit for the last three years are as
follows :
Fiscal years Net dividend Tax credit (rate of 50 %)
1998 0.10 0.05
1999 0.20 0.10
2000 0.28 0.14
The given information holds true for the three years of the division by five of the nominal value of the share after
decision made by the Mixed Annual General Meeting of 15 June 2001.
d 2 - Non-tax deductible expenses
We inform you that in compliance with the provisions of
the article 223 of the General Tax Code, the annual
accounts take into account the 15 985 €uros, not
d 3 - Agreements relating to articles L 225-38 and
following of the Business Code
We ask you, in compliance with the articles L 225-40 of
the Business Code, to approve the agreements relating to
the articles L 225-38 of the same code and agreed upon
or pursued during the year under review and having been
deductible in accordance with the article 39-4 of the
General Tax Code.
authorized on a regular basis by the Board of Directors.
Your auditors were duly informed of these agreements
which they describe in their special report.

54 55
d 4 - Acquisitions and investments of the year
The acquisitions and investments of the year are as follows :
More than 1/20 of the capital Nil
More than 1/10 of the capital Nil
More than 1/5 of the capital Nil
More than 1/3 of the capital Secil
More than 1/2 of the capital Nil
More than 2/3 of the capital Boîte à Sons
Package Organisation
Creation :
GL USA (United States of America)
GL Convenciones Barcelona (Spain)
GL Europe Holding BV (Netherlands)
Sodem System
We would appreciate if you would give a favorable vote to the resolutions presented to you for approval.
e – Renewal of the term of office of a board member
The term of office as board member of Mr. Gilles
GOUEDARD COMTE coming to an end during the Annual
General Meeting with decision power over the financial
statements ended 31 December 2001, we ask you to renew
his term of office for a period of six years which will come
to a close during the Ordinary Annual Meeting called to
convene with decision power over the financial statements
ended 31 December 2007.
f – Nomination of two board members in addition to the members already in place
We propose the nomination of Mr. Erick ROSTAGNAT and
of Mr. Damien BERTRAND to come in addition to the
members currently in place.
Mr. Erick ROSTAGNAT and Mr. Damien BERTRAND would
be nominated for a period of six years which would come
to an end during the Ordinary Annual General Meeting
called to convene with decision power over the financial
statements ended 31 December 2007.
Mr. Erick ROSTAGNAT is Chief Financial Officer of
GENERALE LOCATION and an employee of the said
company.
Mr. Damien BERTRAND is the manager of the division
Space & Decoration.
g – Renewal of the term of office of the Statutory Auditors and the Alternate Statutory Auditors
The terms of office of both Statutory Auditors, Mr. André
FLUCHAIRE and Jean-Paul SIMOENS coming to an end
during the Annual General Meeting called to convene
with decision power over the financial statements ended
31 December 2001, we ask you to renew their terms of
office for a six-year period which will come to a close
during the Ordinary Annual Meeting called to convene
with decision power over the financial statements ended
31 December 2007.
The terms of office of the Alternate Statutory Auditor,
Mr. Michel MAZA coming to an end during the Annual
General Meeting called to convene with decision power
over the financial statements ended 31 December 2001,
we ask you to renew his terms of office for a six-year
period which will come to a close during the Ordinary
Annual Meeting called to convene with decision power
over the financial statements ended 31 December 2007.
The terms of office of Alternate Auditing Company HLB
ORFIS coming to an end during the Annual General
Meeting called to convene with decision power over the
financial statements ended 31 December 2001, we
suggest the nomination as a replacement to the
company HLB ORFIS , of Mr. Christophe VELUT for a sixyear
period which will come to a close during the
Ordinary Annual Meeting called to convene with
decision power over the financial statements ended
31 December 2007.

4
4-1-2 Five year financial summary
FINANCIAL RESULT FOR THE PAST FIVE YEARS
1997 1998 1999 2000 2001
€ € € € €
I. Share capital at year end
a. Share capital 25 497 098 34 624 983 34 624 983 36 438 959 47 910 780
b. Number of existing common shares 1 672 500 2 271 250 2 271 250 2 390 239 11 977 695
c. Number of existing shares
with majority dividends
(with no voting right)
d. Maximum number of shares
outstanding :
d1. through conversion of bonds 250 000
d2. through rights of subscriptionn
d3. through exercise
of stock options 100 000 100 000 100 000 473 500
II. Operations and results
a. Net sales and revenues 5 963 182 7 678 231 9 542 700 11 687 168 10 602 144
b. Net income before tax, employee
profit sharing, depreciation,
amortization and provisions 2 327 601 1 869 144 5 071 549 27 113 349 7 788 187
c. Income taxes 19 937 (336 565) 9 071 181 (513 232)
d. Employee profit sharing
e. Net income after tax, employee
profit sharing, and charges to
depreciation, amortization
and provisions 2 307 664 1 661 489 4 588 863 14 903 880 8 426 239
f. Dividends 1 223 860 1 135 625 2 271 250 3 350 255 3 354 693
III. Earnings per share
a. Income afer tax and employee
profit sharing, but before charges
to depreciation, amortization
and provisions 1.79 0.82 2.23 7.55 0.69
b. Income after tax, employee profit
sharing and charges to depreciation,
amortization and provisions 1.38 0.73 2.01 6.23 0.70
c. Dividend per share (1) 0.15 0.10 0.20 0.28 0.28
IV. Employee data
a. Average number of employees
during the year 18 19 24 27 36
b. Personnnel costs for the year 1 125 866 964 458 1 084 668 1 235 796 1 715 516
c. Other personnel costs fof the year
(social security, social works, etc.) 743 609 774 729 812 388 915 430 1 076 238
(1) the dividends take into account the division by five of the nominal value over the past five years

56 57
4-1-3 Inventory of securities
a – Shares and company Interests
Investment (French and foreign)
The complete list of French and foreign investments of Générale Location is included in the table of the subsidiaries
and other investments.
Other Financial Interests and Securities
Number of shares
Total value
in K€
French :
Shares owned by GL 35 107 575
Liquidity contract
for up to 50 % 17 515 329
Second Marché shares
Nouveau Marché shares 62
Total of investments in shares 439
Money Unit Trust 731
Foreign : -
b – Assimilated stocks and bonds
Nil
4-1-4 Profit allocation for the year
(In €)
Sources
Retained earnings
Net result 8 426 238.68
Withholding on reserves
Allocations
Allocation to reserves
- Legal reserves 421 311.93
- Long-term capital gain reserves 1 259 646.39
Dividends 3 354 692.60
Other distributions
- Retained earnings 3 390 587.76

58 59
4-2
Consolidated Financial Statements
Financial Statement
for the year
ended 31 December 2001

4
4-2-1 Consolidated Income Statement
2001 2000 1999
Notes K€ K€ K€
Sales 2.3 and 20 235 043 214 083 146 655
Change in inventories 20 6 190 3 077 4 958
Other income 21 7 845 6 534 3 528
Operating income 249 078 223 693 155 141
Raw materials used in production 26 548 25 432 20 556
External charges 110 148 102 926 62 631
Taxes and duties 5 237 5 017 3 776
Personnel expenses and employee profit sharing 25 and 26 67 982 52 126 41 386
Depreciation and provisions 21 20 360 17 726 13 806
Amortization of goodwill - - 79
Other operating expenses 21 1 760 1 752 820
Operating expenses 232 036 204 981 143 053
Operating profit 22 17 042 18 713 12 087
Financial income 23 1 345 2 229 1 445
Financial charges 23 3 996 3 450 2 635
Net financial charge 23 (2 651) (1 221) (1 190)
Income before exceptional items 14 391 17 492 10 897
Exceptional income 2.3 and 24 5 016 48 698 2 856
Exceptional charges 2.3 and 24 4 918 29 038 4 417
Exceptional profit / (loss) 2.3 and 24 98 19 660 (1 561)
Corporate tax 2.3 and 12 4 650 13 567 3 618
Consolidated companies profit 9 840 23 584 5 718
Amortization of acquired goodwill 2.3 and 4 162 115 114
Share in profit of comp. consolidated under
the equity method 0 62 5
Net consolidated profit 9 678 23 531 5 609
Minority interests 15 (507) (1 213) (697)
Net consolidated group profit / (loss) 15 9 171 22 318 4 912
Consolidated net earnings per share (in Euros) (1) 2.3 0.77 1.94 0.43
Potential consolidated net earning s per share (in Euros) (2) 0.74 1.86 0.41
(1) average number of shares in 1999, 2 271 250 or 11 356 250 after division by 5
average number of shares in 2000, 2 300 997 or 11 504 985 after division by 5
Average number of shares in 2001 or 11 963 913
(2) diluted number of shares in 1999, 2 371 250 or 11 856 250 after division by 5
diluted number of shares in 2000, 2 400 997 or 12 004 985 after division by 5
diluted number of shares in 2001 or 12 451 195

60 61
4-2-2 Consolidated Balance Sheet
2001 2000 1999
Assets Gross Deprec. & provis. Net Net Net
Notes K€ K€ K€ K€ K€
Fixed assets
Goodwill 2.3 and 3 70 859 81 70 778 60 785 38 432
Goodwill on acquisition 2.3 and 4 863 510 353 263 378
Other intangible assets 2.3 and 4 6 411 4 198 2 213 1 292 1 155
Lands and constructions 2.3 and 5 5 415 813 4 602 10 858 9 889
Other tangible assets 2.3 and 5 31 237 21 014 10 222 8 724 6 422
Long term investments 2.3 and 6 4 228 1 347 2 881 2 514 21 660
Invest.consolidated under the equity method 7 0 0 0 375 314
119 012 27 962 91 049 84 811 78 250
Rental equipment 2.3 and 8 98 381 44 939 53 442 46 104 31 656
Current assets
Inventories and work in progress 2.3 and 9 11 396 637 10 759 9 162 4 923
Trade receivables 2.3 and 10 64 696 5 961 58 735 57 751 35 085
Other accounts receivable 2.3 and 11 18 164 1 815 16 349 17 410 13 688
Deferred taxes 2.3 and 12 1 405 0 1 405 1 178 545
Prepaid expenses 2.3 and 13 2 987 0 2 987 4 173 3 080
Short term investments 2.3 and 14 3 600 278 3 322 12 011 4 547
Cash and cash equivalents 2.3 and 14 8 814 0 8 814 16 502 7 960
111 062 8 691 102 371 118 188 69 828
Total assets 328 456 81 593 246 863 249 103 179 734
2001 2000 1999
Liabilities & Shareholders‘ Equity Notes K€ K€ K€
Shareholder’s equity
Share capital 15 47 911 36 439 34 625
Consolidated reserves 15 26 078 18 389 8 669
Currency translation adjustment 2.2.4 and 15 352 504 186
Net profit / (loss) for the period 15 9 171 22 318 4 911
15 83 512 77 649 48 391
Minority interests 15 2 402 3 432 2 049
Provisions for liabilities and charges 2.3 and 16 3 836 6 449 2 932
Deferred taxes 2.3 and12 152 650 1 172
Liabilities
Long and medium term financial loans 17 and 18 52 056 38 351 54 971
Bank overdrafts 17 and 18 7 716 7 872 1 857
Payments received on orders in progress 18 1 966 2 719 1 065
Accounts payable 18 41 239 51 321 28 454
Tax and social liabilities 18 26 490 36 729 20 215
Other liabilities 18 17 444 15 457 4 658
Deferred income 19 10 050 8 473 13 970
156 961 160 924 125 190
Total liabilities 246 863 249 103 179 734

4
4-2-3 Consolidated Cash Flow Statement
2001 2000 1999
Notes K€ K€ K€
Cash & cash equi. at the beginning of the year (discounted notes) (1) 20 955 8 394 (2 327)
Operating activities
Net profit 15 9 171 22 318 4 912
Depreciations and provisions 15 697 17 429 13 225
Charges transferred to the deferred charges account (818) (138) (1 424)
Capital (gains) and losses on disposal of fixed assets (195) (16 142) 313
Minority interests in net consolidated profit 15 507 1 213 697
Part of net profit from companies consolidated under the equity method 0 (62) (5)
Deferred tax charge / (profit) 12 212 (295) 718
Net cash flow excluding working capital movements 24 574 24 323 18 436
Elimination of income and expenses with no cash effect
or not a result of operating activities :
Change in inventory (63) (541) (952)
Change in accounts receivable, discounted notes and deferred income 3 719 (14 436) 5 969
Change in accounts payable (14 450) 12 627 6 386
Change in other balances (15 123) 4 270 (2 823)
Variation in working capital (25 917) 1 920 8 580
Net cash flow from operating activities (A) (1 343) 26 243 27 016
Investing activities
Acquisition of tangible assets and rental equipment (22 541) (19 342) (11 654)
Acquisition of intangible fixed assets (1 643) (384) (336)
Disposal of tangible and intangible assets 24 984 1 450 357
Purchase of long term investments (1 393) (1 192) (20 920)
Sale of long term investments 696 43 660 88
Net cash flows from acquisition and disposal of subsidiaries (5 092) (20 250) (1 422)
Net cash flow from investing activities (B) (28 989) 3 942 (33 887)
Financing activities
Cash inflows from shareholders due to share capital increases 181 9 709 0
Dividends paid to shareholders of the parent company 15 (3 349) (2 272) (1 136)
Dividends paid to the minority shareholders of the
consolidated companies 15 (100) (427) (612)
Cash inflows from new loans 26 806 9 536 32 280
Repayment of loans (11 025) (34 227) (13 009)
Conversion of debts 0 0 0
Net cash flow from financing activities (C) 12 513 (17 682) 17 524
Impact of exchange rate movements (D) 90 57 68
Net increase (A + B + C + D) (17 729) 12 561 10 721
Cash & Cash Equivalents at year end (discounted notes) (1) 3 226 20 955 8 394
(1) Cash balance : cash and bank balances + short term investments - (bank overdrafts + “Dailly”) – discounted notes
(2) the capital gains and losses on asset disposals are presented net of tax.
(3) In 2000, the company SF Protection was acquired at 93.59 %. This acquisition was paid partly in cash (K€ 5 916) and partly in
shares (K€ 9 709). The part paid in shares was not compensated for in the table of the consolidated cash flow statement in order
to facilitate reconciliation with the notes.

62 63
4-2-4 Notes to the consolidated financial statements at 31 December 2001
Unless otherwise indicated, the following information is
expressed in thousands Euros. The notes below form an
integral part of the consolidated financial statements for
the (12 month) period ended 31 December 2001. The
consolidated financial statements were approved by the
Board of Directors on 4 March 2002.
Note 1
Significant events and Pro forma information
The major events of the year are the following :
• As part of the group’s tendency towards a greater globalization and a deeper penetration in the events market :
acquisition of the British company Owen Brown,
• Disposal of the non-trading real estate companies held by Générale Location,
• Development of the activity of engineering and communication by event with the integration of Package,
• Additional shareholding up to 100 % in the company Secil.
Générale Location acquired the company Owen Brown,
major player on the British market. Created in 1913,
Owen Brown specializes in the installation and rental of
temporary structures.
Finalization of the sale of Générale Location’s real estate.
SCI 88, which holds the following non-trading real
estate investment companies : Le Favier 92, Prisma 94,
Raspail Brignais, Hall 96 and at the same time 45% of
the non-trading real estate investment company Vachon
Lisses was sold on 30 June 2001 to the company
Polygone SA. Taking into account the consolidation of
the incomes of these companies until 30 June 2001, the
capital gain due to the sale recorded in the exceptional
profit / (loss) comes to 0.6 m€, the tax on the corporate
capital gain being 0.3 m€.
In October, Générale Location took over majority interest
in Package Organisation, a company held up to then by
its principal shareholder Groupe Polygone. This company
has three subsidiaries, CEE, Centre Infobatir and Norexpo.
Operating profit for 2001 is influenced by the following
two elements :
• Economic situation for short-term rental of structures :
the slow-down of the rotation rate of the structures
invested for the Sydney Olympic Games, has for effect
an operation loss of 1.5 m€. The actions launched in
term of logistics, commercial and organizational
operations should break even starting 2002.
• Structural for venue management : following the
increase at 100% of the shareholding interest in the
company Secil, the company which operates the
Convention Center of Lyon, the remuneration of the
owner, previously paid with dividend, starting the year
2001 was paid via a rent which exercises an impact on
the operating charges for 1.1 m€ ; this last item is then
withdrawn from the pro forma presentation of the
income statement.
Pro forma consolidated income statement is presented
below. It includes for each of the two years the following
variations :
• for the year 2000 :
- Polygone Maroc originally consolidated in the first sixmonth
is cancelled in its entirety.
- the effects due to the deconsolidation of Morrocco and
Spain are cancelled.
• For the year 2001 :
- cancellation of the companies acquired in 2001, this
concerns Owen Brown and Package Organisation with its
three subsidiaries, CEE, Centre Infobatir, and Norexpo.
- the companies acquired in 2000 are accounted for in
2001 at the same periods as those of the year 2000 ; the
following companies are concerned : SF Protection, ISF,
Standard Decoration, Team Legend, and GL Belgium.
Note that the companies created in 2001 are not
adjusted,
- the non-trading real estate companies sold the 30th of
June 2001 are taken into account for the 12 months of
the year.
- the rent paid by Secil to run the operation of the
Convention Center of Lyon is cancelled net of tax and
compensated by the result of minority interest,
- cancellation of the financial expenses (at 4.5% rate )
net of tax, corresponding to the disburserment of the
shares of companies acquired in 2001.

4
Pro Forma Financial Income Statement 2001 2000
K€ K€
Net sales 190 254 213 665
Other operating income 13 960 9 611
Operating expenses (191 057) (204 982)
Operating profit 13 157 18 739
Financial income 1 499 2 229
Financial charges ((3 576) (3 594)
Net financial charge (2 078) (1 365)
Income before exceptional items 11 080 17 348
Exceptional income 3 976 48 698
Exceptional charges (4 471) (29 038)
Exceptional profit / (loss) (1) (495) 20 780
Corporate tax (3 293) (13 991)
Companies profit 7 292 24 164
Share in profit of comp. consolidated under the equity method 0 62
Income before amortization of acquired goodwill 7 292 24 225
Amortization of acquired goodwill (154) (115)
Consolidated profit 7 138 24 111
Minority interests (1 085) (1 213)
NET CONSOLIDATED GROUP PROFIT / (LOSS) (1) 6 053 22 174
Average number of shares (2) 11 963 913 11 504 985
Consolidated net earnings per share in Euro (1) 0.51 1.93
Consolidated net earnings per share in Euro
excluding Paris expo impact 0.51 0.74
(1) Reminder : The exceptional profit/ (loss) for the year 2000 takes into account the capital gain over the Paris expo operation for
23 033 K€ before tax or 14 300 K€ after tax. Excluding this net capital gain, the net consolidated group profit/ (loss) for 2000
would come to 8 497 K€.
(2) The average number of shares of the year 2000 takes into account the division by five of the nominal value of the share.
Note 2
Consolidation Principles and Valuation Methods
2-1 Accounting Regulations :
The financial statements were established in compliance
with the methods and accounting regulations generally
admitted in France. Since 1 January 2000, the Group’s
consolidated statements are in compliance with the
recommendations of regulation 99-02 of the Accounting
Regulatory Committee.
2-2 Consolidation Method
2-2-1 Consolidation Principles
The companies over which the Group exercises exclusive
control are consolidated according to the method of
global integration starting from the actual date of control.
The entities with a holding percentage between 20% and
50% and in which the Group exercises a significant
influence on the management and the financial policy are
consolidated under the equity method.
The entities which fit the description above but whose
holding by the Group is temporary or whose activity is
considered marginal are not consolidated.

64 65
2-2-2 Consolidation scope
The consolidation scope is presented in full in note 31.
The principal variations in the consolidation scope are
mentioned in note 1.
In other respects, Générale Location created the following
companies :
• Sodem System which on 1 June 2001 acquired the assets
of the company Sodem placed in official receivership for
the following amount 1.25 M€,
• GL USA to welcome the operating unit of the contract
for the Salt Lake City Olympic Games and to develop the
Group’s activity in the United States of America,
• GL Convenciones Barcelona, a company which will be in
charge of the operation of the International Convention
Center of Barcelona,
• GL Holding BV, a company which acquired the company
Owen Brown.
The inclusions and the exclusions for the period are as
follows :
Companies Date of inclusion or exclusion in 2001
• OWEN BROWN • Inclusion 1 July 2001
• PACKAGE • Inclusion 1 September 2001
• CEE (subsidiary PACKAGE) • Inclusion 1 September 2001
• CENTRE INFOBATIR (sub. PACKAGE) • Inclusion 1 September 2001
• NOREXPO (subsidiary PACKAGE) • Inclusion 1 September 2001
• SCI 88 • Exclusion 30 June 2001
• SCI FAVIER (subsidiary SCI 88) • Exclusion 30 June 2001
• SCI PRISMA (subsidiary SCI 88) • Exclusion 30 June 2001
• SCI RASPAIL (subsidiary SCI 88) • Exclusion 30 June 2001
• SCI VACHON LISSES (subsidiary SCI 88) • Exclusion 30 June 2001
• Sodem System • Creation 1 June 2001
• GL Europe Holding BV • Creation 1 July 2001
• GL USA • Creation 7 February 2001
• GL Convenciones Barcelona • Creation 29 October 2001
• Boîte à Sons • Global integration 1 January 2001
• A2M Congrès • Inclusion 1 January 2001
2-2-3 Initial consolidation of an entity :
When a subsidiary is first consolidated, the Group releases :
• a valuation difference relating to identifiable assets and
liabilities, which corresponds to the difference between
the value of inclusion within the consolidated financial
statement and the accounting value of the item in the
subsidiary’s financial statement,
• acquired goodwill 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, and capable of
being identified in a reliable manner.
For most part, the incidence on the financial statements
of acquisitions of the period is as follows :
(In K€) OWEN BROWN Group PACKAGE & its subsidiaries CEE,
INFOBATIR & NOREXPO
Consolidated acquisition value
Package share value
(including clause of revision calculated 9 995 495
on the basis of estimated possible adjustments
at 31 December 2001)
Dates of acquisition July 2001 September 2001
Reevaluations performed
• Goodwill at 31 December 2001 5 074 2 185
for the whole sub-group
Acquired goodwill Nil Nil
Acquired goodwill is evaluated each year in accordance with policies usually adopted by the Group. Acquired goodwill is
amortized on a straight line basis over a duration of five years.

4
2-2-4 Methods of Currency Translation for the Consolidation of Foreign Subsidiaries :
The financial statements of the foreign subsidiaries have
been translated using the following methods :
• share capital and reserves are converted at the historic rate,
• the balance sheet (not including share capital and
reserves) is converted at year end rate,
• the income statement is converted at average rate.
The translation difference as a result of the application of
historic rates and the average rates, compared to year end
rate, are charged to the consolidated reserves (for the
proportion relative to the group).
2-2-5 Elimination of intra-group transactions and balances
All reciprocal balance sheet accounts between group companies are eliminated. Other transactions between group
companies (purchases and sales, dividends, etc.) as well as the estimated expenses on the consolidated trade investments
are eliminated.
2-2-6 Year end date
A situation is established at 31 December for the companies with year end date other than the 31st of December 2001. This
concerns Espace Eiffel Branly and Owen Brown which have fiscal years ending at a different date.
2-3 Method and Valuation Policy
Goodwill
Goodwill appears on the balance sheet at its historic value
which corresponds to the price paid or its estimative value
of valuation at the time of the integration within the
scope of consolidation.
Goodwill is not amortized. A provision is recorded, when
the carrying value is inferior to book value. The carrying
value is estimated for each company on the basis of
economic criteria which depends more specifically on net
cash flow capacity, added value and the value of the
rental equipment and of the tanglible fixed assets.
Acquired goodwill
Acquired goodwill is amortized on a straight line basis over five years.
Other intangible fixed assets
Expenses incurred on research and development are recorded within operating charges.
Intangible fixed assets are amortized on a straight-line basis. The amortization periods used are as follows :
Duration
Set-up costs
Software
Concessions and patents
3 years
1 to 3 years
Based on residual useful life of patents concerned.

66 67
Tangible fixed assets
Tangible assets are stated at historic cost and are depreciated on a straight line basis. The depreciation periods generally
used are as follows :
Duration
Office buildings
Industrial buildings
Fixtures and fittings
Industrial equipment and tools
Transport equipment
Office furniture and equipment
20 years
20 years
10 years
2 to 7 years
3 to 5 years
2 to 5 years
Financial assets
Interest held by the Group in non-consolidated companies
are accounted for at the cost of the acquisition of shares.
A provision for depreciation is established if the value in
use of the shares is estimated inferior to the book value.
The value in use is appreciated according to different
criteria among which stands the likely return on
investment of the shares.
Stock and rental equipment
As an exception to generally accepted accounting
principles, rental equipment, capitalized in the statutory
financial statements, is grouped together with the
material stock for rental in the consolidated financial
statements under a specific item of the balance sheet.
This classification allows a distinct appreciation of the
importance of the tangible assets intended for rental and
of those classified as fixed assets and remaining on the
different sites of the group.
The basic method used for the recording and valuation of
the rental equipment is that of historic cost. The one used
for the stock valuation is weighted average cost.
Manufactured products are valued at production cost
which includes direct expenses engaged 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, according to degree
of completion.
To establish the depreciation due to wear and tear
resulting from the successive rental of capitalized assets,
the following useful lives are used :
Floors
Furniture
Structures big tops
Grandstands and bleachers
Other rental equipment
Duration
7 to 10 years
4 years
5 to 7 years
5 to 7 years
2 to 7 years
As for the stock of rental equipment, a provision is
determined according to the rotation rate observed in
past periods. In addition, a provision for depreciation is
recorded when the products are considered obsolete or
fail to meet the group’s quality standards.

4
Stock of consumable materials, of merchandise and
work-in-progress
They are classified as current assets and are valued at their
last purchase price ; depreciation is recorded when the
products become obsolete, non usable or not in
compliance with the quality standards of the group.
Capital leases
Real estate acquired by way of a capital lease is recorded
as a fixed asset at the value of the asset at 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 at the time of the contract
conclusion. 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 rental charges recorded for the financial year
are then adjusted.
Accounts receivable and debts
Accounts receivable and debts are valued at nominal value.
Balances denominated in foreign currencies, and which are
not subject to a hedging contract for settlement, are
converted at the year-end exchange rate.
Accounts receivable are analyzed on a case by case basis, and
a provision for doubtful debts is set up in order to take into
account any potential recovery difficulties.
Short-term investments
Short-term investments are valued at their acquisition cost.
A provision for depreciation is established when the cost of
acquisition is lower than the current value. The current value
corresponds to the average quotation price of the last month
for the listed shares, and to the probable value of negotiation
for non listed shares.
Taxes
• Current taxes :
Current taxes are calculated according to tax rates applicable
in each country. Regarding French companies, there is a
group tax consolidation agreement of which
GENERALE LOCATION
GL ESPACE & DECOR
GL MOBILIER
ISF
SF PROTECTION
SFI GAUTHRIN
ACTION DEVELOPPEMENT
FINANCIERE PAR 3
MEUBLEXPO
ALTITUDE
HALL EXPO
DECORAMA
Générale Location is head and which includes the following
companies :
FABRIC EXPO
MENUISERIE EXPO
MONT EXPO
MONT EXPO PARIS
STANDARD DECORATION
EXPO SERVICE NICE
GL IMAGE
GL LUMIERE & SON
POLYGONE VERT
RANNO ENTREPRISE
EXPOLOK
The subsidiaries book their tax as if they were taxed separately. The tax consolidation has generated a tax saving of 1 505 K€
entered in the accounts of Générale Location.
• Deferred taxes :
Deferred taxes are recorded in order to take into account the
differences possibly existing between the accounting value of
an asset or a liability and the 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 thanks to a taxable benefit expected during the
course of that period.
Provisions for liabilities and charges
Provisions are established in order to meet the potential costs related to litigations and other liabilities.

68 69
Net sales
For shows, fairs, and events, income is recognized on
completion of the event, the date of the beginning of the
show. In specific case of major long-term events or events
for which deliveries are spread, revenues are recorded
according to the percentage of completion method of
accounting.
For the fittings and the museum fittings markets, the date
at which the revenues and profit are recognized generally
corresponds to the delivery date.
For rental contracts with no particular defined duration
and for long-term rental contracts, sales are recognized on
a monthly basis.
Concerning the sale of rental equipment, the
corresponding income is shown in net sales figure, and the
net book value is presented under the operating charge.
Exceptional profit and loss
Expenses and income are identified as exceptional in
accordance with generally accepted accounting principles.
One exception : the profits and charges linked to the sale
or disposal of rental equipment are reclassified under
operating profit/ (loss). (see above).
Earnings per share
Net earnings per share shown on the consolidated income
statements correspond to the net consolidated group
profit divided by the average number of shares for each of
the related period. The data for the last three years is as
follows :
• 1999 = 2 271 250, or 11 356 250 after division by 5 of
the nominal value
• 2000 = 2 300 997, or 11 504 985 after division by 5 of
the nominal value
• 2001 = 11 963 913
Potential earnings per share
The potential earnings per share are calculated based on
the average number of shares of the period plus the total
number of stock options (allocated or remaining to be
allocated).
For the last three years, this is how it can be presented :
• 1999 = 2 371 250, or 11 856 250 after division by 5 of
the nominal value
• 2000 = 2 400 997, or 12 004 985 after division by 5 of
the nominal value
• 2001 = 12 451 195
Post retirement benefits :
Expenses relative to post retirement benefits are
recognized in the consolidated financial statements as of
1 January 2000.
The provision for Post Retirement Benefit is calculated
according to the prospective method which retains acturial
hypotheses as follows :
• rates of discount
• ratio of upgrading of wages,
• rate of personnel turnover,
• rate of mortality.
The provision takes into account the insurance contracts
already subscribed by the companies SF Protection, SFI
Gauthrin, Décorama, ISF and Expolok covering the
agreement for a global amount of 330 K€.
Financial instruments :
The financial instruments used by the company (CAPS,
FLOORS,…) are exclusively hedging instruments. Gains and
losses on the hedging instruments are determined and
accounted for on a symmetrical basis with the losses and
gains on the hedged elements.

4
Consolidated cash flow :
Since 2000 cash flow is presented in compliance with the
new methodology and includes the following rules :
• Capital gains and losses as a result of disposals are shown
net of tax. Provisions against accounts receivable included
within the variation of cash flows relative to accounts
receivable. “Net cash flow from acquisitions” corresponds to :
• the price of acquisition,
• less part of the price not yet paid,
• less the available net cash flow (or plus the current cash
flow still due) at the time of the acquisition.
• For all disinvesting activities the logic retained is identical.
• The lines “Cash and cash equivalents at the beginning of
the year” and “Cash and cash equivalents at year-end”
relate to positive cash (bank, short-term investment ) less
discounted notes not yet due (off balance sheet items).
They do not include the current accounts with the nonconsolidated
companies.
Note 3
Goodwill
2000 Mvts/Scope. Increase Decrease Other mvts 2001
K€ K€ K€ K€ K€ K€
Goodwill 60 785 9 758 571 7 (249) 70 859
Amortization and provisions (81) (81)
Net total 60 785 9 677 571 7 (249) 70 778
At 31 December 2001, the item “Goodwill” can be broken down as follows :
K€
Goodwill included in the individual
company financial statements 6 597
Valuation differences allocated to goodwill 64 181
Net total 70 778

70 71
Note 4
Other Intangible Assets
Gross value of intangible assets 2000 Mvts/Scope Increase Decrease Other mvts 2001
K€ K€ K€ K€ K€ K€
Set-up costs 406 (276) 1 1 4 134
Research & Development 17 17
Software, concessions, patents 4 169 636 1 072 178 509 6 207
Other intangible assets 129 (76) 53
Total gross value of
intangible assets 4 720 284 1 072 179 513 6 411
Accumulated depreciation and 2000 Mvts/Scope Increase Decrease Other mvts 2001
provisions for intangible assets K€ K€ K€ K€ K€ K€
Set-up costs 336 (241) 29 3 127
Research & Development 1 8 9
Software, concessions, patents 3 057 321 809 178 9 4 018
Other intangible assets 34 5 5 44
Total accumulated depreciation
on intangible fixed assets 3 428 85 852 178 11 4 198
Goodwill on acquisition 2000 Mvts/Scope Increase Decrease Other mvts 2001
K€ K€ K€ K€ K€ K€
Gross 581 101 180 863
Depreciation (318) (29) (162) (510)
Net goodwill
on acquisition 263 72 18 0 0 353
Note 5
Tangible Fixed Assets (excluding rental equipment)
Gross value of tangible fixed assets 2000 Mvts/Scope Increase Decrease Other mvts 2001
K€ K€ K€ K€ K€ K€
Land 292 414 46 30 5 726
Land held under capital leases 2 836 (1 570) 1 265 0
Constructions 1 873 1 016 253 151 159 3 150
Constructions held under capital leases 8 782 (4 057) 3 186 1 539
Total 13 782 (4 197) 299 4 632 163 5 415
Installations, material and tool 11 330 (65) 1 282 572 (3 329) 8 647
Other tangible assets 15 087 1 853 2 923 1 237 919 19 545
Other tangible assets held under
capital leases 3 005 1 057 1 948
Tangible assets under construction 122 33 1 055 (113) 1 097
Total 29 545 1 821 5 260 2 866 (2 523) 31 237
Total gross value of tangible
fixed assets 43 327 (2 376) 5 558 7 498 (2 359) 36 652
Accumulated depreciation and 2000 Mvts/Scope Increase Decrease Other mvts 2001
provisions for tangible K€ K€ K€ K€ K€ K€
Land 7 (7) 0
Constructions 1 036 (701) 227 19 75 617
Constructions held under capital leases 1 881 (1 072) 184 797 197
Total 2 924 (1 780) 410 815 75 813
Installations, material and tool 8 422 104 1 171 1 221 (1 733) 6 744
Other tangible fixed assets 10 549 632 2 252 232 (115) 13 086
Other tang. fixed assets held under capital leases 1 850 391 1 057 1 185
Total 20 821 737 3 815 2 509 (1 848) 21 014
Total accumulated depreciation
of tangible assets 23 745 (1 043) 4 225 3 325 (1 774) 21 828

4
Note 6
Long-term Investments
Net value of long-term 2000 Mvts/Scope Increase Decrease Other mvts 2001
investments K€ K€ K€ K€ K€ K€
Invest. in associated companies 1 079 304 470 47 (1) 1 805
Accounts receivable related to non
consolidated investments 26 445 17 454
Deposits and surety bonds 2 250 814 138 1 348 7 1 861
Other long-term investments 32 2 80 14 8 108
Provision for depreciation of investments (869) (16) (885)
Prov. for depr. for related accounts receivable (445) (445)
Provision for depreciation of loans (4) (2) (11) (17)
Net total of long-term
investments 2 513 1 104 687 1 425 3 2 881
The list of investments in associated companies at 31 December 2001 is as follows :
Companies K€ Held by %
Polygone Espagne 862 Générale Location 100 %
PICO 449 Générale Location NS
Congress Center Nantes 76 Financière par trois 2 %
ISF Méditerranée 38 ISF 50 %
Lille Grand Palais 288 Norexpo 8 %
Miscellaneous 92
Total 1 805
The company Polygone Espagne held at 100% by Générale
Location is not consolidated due to lack of activity. The assets
linked to this company, investments, and current account are
depreciated in their totality.
The company ISF Méditerranée is not consolidated, as
Générale Location does not exercise any significant influence
over this company which has a limited activity.
Note 7
Investments Consolidated under the Equity Method
2000 Mvts/Scope Increase Decrease Other mvts 2001
K€ K€ K€ K€ K€ K€
Investments consolidated under
the equity method 375 (375)
The investments consolidated under the equity method concern only the company Boîte à Sons which is consolidated according
to the method of global integration as of 1 January 2001.

72 73
Note 8
Rental Equipment
Gross value of rental 2000 Mvts/Scope Increase Decrease Oher mvts 2001
equipment K€ K€ K€ K€ K€ K€
Rental equipment 16 484 4 102 902 61 19 746
Capitalized rental equipment 54 058 4 712 14 817 7 808 2 816 68 595
Rental equipment held under
capital leases 11 512 353 142 1 968 10 040
Total gross rental equipment 82 055 5 065 19 061 10 678 2 877 98 381
Depreciation and provisions 2000 Mvts/Scope Increase Decrease Oher mvts 2001
for rental equipment K€ K€ K€ K€ K€ K€
Rental equipment 6 910 382 83 7 209
Capitalized rental equipment 20 496 1 006 10 874 5 278 2 433 29 531
Rental equipment held under
capital leases 8 545 87 1 535 1 968 8 199
Total depreciation for rental
equipment 35 951 1 093 12 791 7 328 2 433 44 939
At 31 December 2001, the item “Rental equipment” includes a valuation difference of 568 K€.
Note 9
Inventories and Work in Progress
2001 2000
K€ K€
Consumable stocks 7 058 6 627
Work in progress 2 161 1 856
Merchandise 2 177 932
Total gross 11 396 9 415
Provision (637) (253)
Net total 10 759 9 162
Note 10
Trade Receivables and Related Accounts
2001 2000
K€ K€
Trade receivables 64 696 63 767
Provisions (5 961) (6 015)
Trade receivables net 58 735 57 751
Discounted notes not yet matured (off balance sheet items) 1 194 111
Total receivables less discounted notes not yet matured 59 929 57 863

4
Note 11
Other Accounts Receivable
2001 2000
K€ K€
Advances and deposits paid 444 795
Current accounts 3 436 2 648
Social receivables 854 1 725
Tax receivables 10 590 10 727
Other receivables and various accounts receivable 2 840 2 917
Provision for current accounts (1 254) (1 163)
Provision for other receivables (562) (239)
Total 16 349 17 410
Note 12
Deferred and Current Taxes
The evolution of the tax expense is as follows :
2001 2000
K€ K€
Profit before tax and amortization
of goodwill 14 490 37 230
Current taxes on profit 4 438 13 863
Deferred taxes 212 (295)
Total tax charge 4 650 13 567
% of tax rate 32.09% 36.44%
The tax proof is as follows :
Profit before tax (not including the companies
consolidated under the equity method) 14 328
Tax rate in France not including 3.30% contribution 35.33%
Theoretical tax 5 062
Deductions / tax reintegrations (198)
Amortization of affected goodwill and
acquired goodwill 57
Corporate tax difference of the long-term
capital gains 40
3.30% contribution 46
Non taxed companies (468)
Others 111
Actual charges 4 650

74 75
Breakdown of the corporate Taxable profit Corresponding Effective Net profit
tax charge between operational or loss tax charge tax rate or loss
and exceptional profit / (loss) K€ K€ K€ K€
Income before exceptional items but after
employee profit sharing for French companies 12 802 4 107 32.08% 8 695
Income before exceptional items but after
employee profit sharing for foreign companies 1 589 394 24.80% 1 195
Exceptional profit or loss 98 149 151.89% (51)
Income before profit of companies consolidated
under the equity method and amortization
of goodwill 14 490 4 650 32.09% 9 840
Amortization of goodwill and share in profit of
companies consolidated under the equity method (162) (162)
Total group + minorities 14 328 4 650 32.46% 9 678
Tax assets and tax liabilities deferred by nature :
2001 2000 Mvts/Scope Profits or
(charges) 2001
K€ K€ K€ K€
Deferred tax assets 1 405 1 178
Deferred tax liabilities (152) (650)
Net deferred tax assets (liabilities) 1 254 528
The principal deferred tax assets and liabilities are itemized as follows :
Deferred depreciation 163 227 165 (230)
Carried forward losses 235 108 15 112
Provisions 154 225 42 (113)
Capital leases (188) (917) 464 265
Deferred charges (105) (73) (33)
Retirement post benefits 470 587 18 (135)
Organic taxes 124 108 11 5
Employee profit sharing 244 263 63 (82)
Others 157 160 (2)
Total 1 254 528 938 (212)
The Group’s global amount of the carried forward losses and
the gross deferred depreciations not taken into account in
the calculation of the deferred taxes comes to K€ 2 305,
representing an unrecognized deferred tax of K€ 633
considering a tax rate of 16% for the subsidiaries
GL Furniture Asia and GL Hong Kong, of 35.33% for the other
subsidiaries.
Note 13
Accrued liabilities
2001 2000
K€ K€
Prepayment 2 304 3 962
Deferred charges 0 0
Allocated charges 673 201
Translation differences 11 10
Total 2 987 4 173

4
Note 14
Short-term Investments, Cash and Cash Equivalents
2001 2000
K€ K€
Gross short-term investments 3 600 12 208
Provisions (278) (197)
Net short-term investments 3 322 12 011
Cash and cash balances 8 814 16 502
Total net 12 137 28 513
The liquidative value of the short-term investments at the date of 31 December comes to K€ 3 322, amount which corresponds
to the net value accounted for after depreciation.
The portfolio at 31 December 2001 is as follows :
Certificates of Deposits 731
CAC 40 shares
Other French stocks 501
Foreign stocks
Self-held shares 904
Investments accounts 1 186
Total 3 322
K€
Note 15
Share Capital Reserves
Total Group Minority interests
K€ K€ K€
Share capital & reserves at 31 December 1999 50 440 48 391 2 049
Capital increase : to compensate previous
minority shareholders in subsidiaries 9 709 9 709
Distribution of dividends (2 699) (2 272) (427)
Movements in translation differences 346 316 30
Impacts of the new valuation differences 593 0 593
Other movements (839) (813) (26)
Net profit for the period 23 531 22 318 1 213
Share capital & reserves at 31 December 2000 81 081 77 649 3 432
Capital increase : to compensate previous
minority shareholders in subsidiaries 181 136 45
Distribution of dividends (3 449) (3 349) (100)
Movements in translation differences (163) (151) (12)
Other movements (1 414) 56 (1 470)
Net profit for the period 9 678 9 171 507
Share capital & reserves at 31 December 2001 85 914 83 512 2 402

76 77
The Mixed Annual General Meeting of 15 June 2001 has
decided the following :
• the division by 5 of the nominal value of the 2 393 539
shares at FRF 100, via an exchange of the said shares
for 11 967 695 shares at FRF 20 per share,
• the conversion of the share capital of the amount of €
36 489 266.82, the nominal value of the shares coming
to € 3.04898,
• the capital increase of an amount of € 10 863 54.44
through the incorporation of this sum indicated under
the item « Share premium »,
• the capital increase of an amount of € 517 972 .74
through the incorporation of this sum deducted from
the account « Other Reserves »,
• the € 4 increase, as a result of these incorporations, of
the nominal value of the shares.
At 31 December 2001, the share capital is made of
11 977 695 shares of € 4. During the course of the first
quarter, this number was increased to 11 980 195
following the exercise of options by a shareholder
employee for a total of 2 500 shares.
Out of the entire option plan of 500 000 options voted
by the General Meeting of 3 October 1998, 445 000 were
allocated at 31 December 2001 and out of these
445 000, 29 000 were declared and 416 000 remained to
be taken up.
Note 16
Provisions for Liabilities and Charges
The table establishing the movements of provisions for liabilities and charges is as follows :
2000 Mvts/Scope Increase Decrease Other mvts 2001
K€ K€ K€ K€ K€ K€
Provision for adaptation 152 152
Provision for staff risk 673 58 209 426 8 521
Provision for tax risk 1 184 1 098 139 225
Provision for post retirement
benefit 1 611 195 116 478 (1) 1 442
Other provisions for risks
and charges 2 829 72 282 1 589 (99) 1 496
Total 6 449 325 607 3 591 47 3 836
Operational increases and decreases 415 1 764
Financial increases and decreases 9 42
Exceptional increases and decreases 183 1 335

4
Note 17
Loans and Financial Debts
2000 Mvts/Scope Increase of Reimb. of Other mvts 2001
med term med term
K€ K€ K€ K€ K€ K€
Long and med. term on real estate mortgages 427 (4 177) 3 800 (50) 0
Loans on real estate leasing agreements 8 357 (6 702) (301) 1 354
Long and med. term financial debts 26 262 456 30 456 (9 643) 47 531
Capital leases 2 763 236 142 (1 081) 2 060
Other financial debts 550 550
Employee profit sharing 542 19 561
Total financial debts 38 351 (10 187) 34 398 (11 075) 569 52 056
Bank overdrafts 7 063 3 468 (2 898) 7 633
Accrued interests/ bank overdrafts 384 1 (302) 83
Other financial debts 426 (426) 0
Total short-term financial debts 7 873 3 469 (3 626) 7 716
Total financial debts 46 224 (6 718) 34 398 (11 075) (3 057) 59 772
Investments securities 12 011 53 (8 742) 3 322
Cash 16 502 4 013 (11 701) 8 814
Cash and bank 28 513 4 066 (20 443) 12 136
Net financial debt 17 711 (10 784) 34 398 (11 075) 17 386 47 636
Reclass. Discounted notes 111 1 083 1 194
Net financial debt after reclassification
of discounted notes not yet matured 17 822 (10 784) 34 398 (11 075) 18 469 48 830
The breakdown by foreign currencies of the financial debts can be presented as follows :
Med. term Short term Cash and Total
Bank
K€ K€ K€ K€
Total Euro zone 51 493 8 262 10 112 49 643
Dollar US 13 1 429 (1 416)
Pound 165 (165)
Australian dollar 150 (150)
Hong Kong dollar 4 281 (277)
Total for other areas 13 4 2 025 (2 008)
Total 51 506 8 266 12 137 47 636

78 79
Note 18
Loans and Debts
The detail of loans and debts according to the maturity dates is as follows :
2001 Amounts due Amounts due Amounts due
in less than in more than 1 year in more than
1 year & less than 5 years 5 years
K€ K€ K€ K€
Debts linked to real estate 1 354 82 371 901
Other long & medium term loans 49 591 12 174 36 522 895
Employee profit sharing 561 89 472
Accrued interests/ loans 333 333
Deposits received and others 217 47 170
Bank overdrafts 7 633 7 633
Accrued interests/ bank support 83 83
Total financial debts 59 772 20 441 37 535 1 796
Advanced payments received 1 966 1 966
Accounts payable 41 239 41 239
Tax and social charges 26 490 26 490
Other debts 17 444 14 175 3 269
Total other liabilities 87 139 83 869 3 269
Total 146 911 104 310 40 804 1 796
The tax and social charges are down by 10.2 m€ mostly as a result of a corporate tax balance of 10 m€ at 31 December 2000
following the capital gain realized after the sale of the Paris expo shares and paid in April 2001.
Note 19
Accrued Expenses
2001 2000
K€ K€
Deferred income 10 042 8 466
Currency translation difference 8 7
Total 10 050 8 473

4
Note 20
Annual Net Sales and Other Revenues
The distribution of net sales per sector of activity for the last two years is as follows :
Year 2001 Year 2000
K€ K€
Space & Decoration 82 825 96 138
Structures & Grandstands 31 519 13 897
Furniture 26 019 28 217
Technology 20 797 17 391
Venue management 9 300 13 421
Foreign subsidiaries (1) 32 475 29 963
System 22 646 9 470
Other services 7 997 3 862
Générale Location 1 465 1 723
Total 235 043 214 083
(1) Net sales correspond to the activity realized by foreign subsidiaries. By including net sales realized outside France by other
sectors, the international total in 2001 comes to 55.3 m€ compared to 48.5 m€ in 2000.
Change in inventories is as follows :
Year 2001 Year 2000
K€ K€
Stocks and goods produced (947) (92)
Capitalized production 7 137 3 169
Total 6 190 3 077
Note 21
Other Operating Expenses and Other Income
Other expenses are mostly made of bad debts written off during the year.
“Other operating income” is as follows :
Year 2001 Year 2000
K€ K€
Reduction in provisions for liabilities and charges 1 767 927
Reduction in provisions for rental equipment 428
Other reduction and provisions on current assets 1 838 2 085
Reclassified expenses 3 043 2 298
Other income 1 196 795
Total 7 845 6 534

80 81
The breakdown of charges for depreciation and provisions is as follows :
Year 2001 Year 2000
K€ K€
Depreciation charge on fixed assets 5 093 5 104
Depreciation charge on rental equipment 12 409 9 693
Increase in provisions for liabilities and charges 416 325
Increase in deferred charges 369 1 241
Total 18 286 16 363
Increase in provisions for doubtful debts and other current assets 2 074 1 363
Total 20 360 17 726
Note 22
Operating Profit by Business Sector
The breakdown of operating profit by business sector for the last two years is as follows :
2001 2000
K€ K€
Générale Location 2 082 1 894
Space & Decoration 5 349 5 794
Structures & Grandstands 2 397 3 291
Furniture 2 312 2 453
Technology 861 987
Venue management 490 1 584
Foreign subsidiaries 1 762 1 471
System 1 315 890
Other services 475 350
Total 17 042 18 713

4
Note 23
Financial Profit or Loss
The financial profit or loss for the last two years is as follows :
2001 2000
K€ K€
Financial provisions written back to income 238 11
Income from investments 146 183
Exchange variation 229 90
Net income/ Disposal of short-term investments 433 1 008
Other interests and financial income 299 938
Total financial income 1 345 2 229
Long and med. term mortgages on real estate 11 23
Loans on real estate leasing agreements 173 340
Other financial expenses 0 1
Total financial charges linked to real estate 184 364
Interest on long and medium 2 037 1 207
Interests on capital leases 113 144
Interests on bank overdrafts 714 564
Interests on discounted bills 95 80
Sub total 2 959 1 994
Financial discounts 203 68
Exchange losses and exchange differences 156 487
Other financial charges 494 537
Total of other financial charges 3 812 3 086
Total of financial charges 3 996 3 450
Financial Profit / Loss (2 651) (1 221)
Note 24
Exceptional Profit or Loss
The exceptional profit or loss for the last two years is as follows :
2001 2000
K€ K€
Income on disposal of tangible and intangible assets 984 1 450
Income on disposal of investments 2 290 46 012
Income on managing operations 18 612
Exceptional income on capital investments 48 70
Adjustments in provisions for liabilities and transfer of charges 1 678 554
Total exceptional income 5 016 48 698
Net book value of tangible and intangible asset disposals 1 150 1 775
Net book value of investment disposal 1 695 18 899
Other exceptional expenses on capital investments 95 (8)
Exceptional charges from managing operations 1 775 3 962
Adjustments in provisions and depreciation 203 4 409
Total exceptional expenses 4 918 29 038
Exceptional profit/ loss 98 19 660

82 83
The analysis of the Exceptional Profit/ Loss at 31 December 2001 and 31 December 2000 can be presented as follows :
2001 2000
K€ K€
Gain on disposal of investments Paris Expo 23 033
Gain on disposal of investments of non-trading
real estate companies 642
Impact of disposal of investments of Polygone Maroc (318)
Adjustments in provisions for debt in Morocco 207
Moving expenses of platform in Brignais (100)
Tax and social litigations (189) (429)
Impact of disposal of investments of Polygone Espagne (829)
Damage in GL Mobilier (229)
Other exceptional items (462) (1 568)
Total 98 19 660
Note 25
Average Number of Employees
The average number of employees for the last two years is as follows :
2001 2000
1 819 1 504
For the year 2001 the breakdown by business sector is as follows :
Holding activity 38
Space & Decoration 511
Structures & Grandstands 198
Technology 198
Export 203
Furniture and accessories 292
System 240
Venue management 40
Other services 99
The breakdown per function in 2001 is as follows :
Sales representatives 298
Office workers 323
R & D Departments 100
Technicians 356
Production 418
Work site 324
For the year 2000, the breakdown per category is as follows :
Directors 41
Managers 390
Employees 559
Foremen 331
Manual workers 498

4
Note 26
Remuneration of Directors and Administrators
The remunerations of directors and administrators of the
Group Générale Location belonging to the group
committee Générale Location during the period amount
to 1 299 K€. The group committee is made of the
executive committee of the holding company (seven
persons) and the nine functional and operating
managers. Its exact composition is presented in note 5.3
of the reference document. No advances or credit
facilities have been granted to the executive members.
Note 27
Off Balance-Sheet Commitments
1 - Table of commitments
Categories of commitments Total Investments Others
K€ K€ K€
Provided commitments
- securities guaranteeing short-term loans 39 39
- binding securities, various guarantees 42 42
Total 81 0 81
Reciprocal commitments
- Opening of line of credit not used 23 477 23 477
Total 23 477 0 23 477
In compliance with the establishment principles of the notes, the off-balance sheet commitments between
consolidated companies are not indicated in the present note.
2 - Guarantee of debts through real sureties
Concerned items Debts Guarantees Nature of the guarantee
K€
- Bank loans 2 294 Goodwill guarantee
- Bank loans 1 103 Equipment guarantee
- Bank loans 65 Deposit account guarantee
Total 3 462

84 85
Note 28
Other Risks
Foreign Currency Exchange US$ GBP HK$ MYR AU$
Risk at 31 December 2001 K€ K€ K€ K€ K€
Balance sheet
. Foreign currency assets 7 200 10 625 4 348 566 272
. Foreign currency liabilities 4 511 4 182 3 899 462 130
Off balance sheet - - - - -
Net risk 2 689 6 443 449 104 142
Cover - - - - -
Total amount due in
Interest Rate Risk at 31 December 2001 Total Less than 1 year from 1 to 5 years More than 5 years
K€ K€ K€ K€
Balance sheet
Financial assets
Financial liabilities
- Medium term loans on fixed rate made
variable on a 3 month rolling rate Telerate 20052 5 942 1 199 4 743
- Medium term loans (indexed on a 3 month Euribor) 32 973 7 866 23 477 1 630
- Medium term loans (indexed on T4M / EONIA 975 368 459 148
- Overdrafts 8 266 8 266
Off balance-sheet – Discounted notes not yet matured 1 194 1 194
Net risk 49 350 18 893 28 679 1 778
Cover (1) 21 186 16 444 4 743
Remaining variable rate debt 28 163 2 449 23 936 1 778
(1) Out of the 21 186 K€, 15 245 K€ come from a rate guarantee operation COLLAR covering the period between the 22nd of
May 2002 to the 22nd of May 2003. The amount remaining of 5 942 K€ corresponds to the fact that a 7 622 K€ loan contracted
at fixed rate in May 2000 was made variable (indexed over 3 months). The other medium-term loans of 11 055 K€ are at fixed
rate.
Share Risk at 31 December 2001 France Other places
K€ K€
Shares Générale Location 904
French stocks
- Second Marché 62
- New Market 439
Off balance-sheet -
Net risk 1 405
Cover -
Total 1 405 -

4
Note 29
Cash Flow Statement
For 2001, the net cash flow from acquisition and disposal of subsidiaries is as follows :
Payment for acquisition of new subsidiaries (4 506)
Remaining payments for previous acquired entities (3 459)
Cash from sale of subsidiaries 2 268
Cash variation of acquired and sold subsidiaries 605
Net cash (5 092)
Note 30
Shares held by Générale Location
The share buy-back program authorized by the Annual General Meeting of 9 June 2000 came to an end on 9 December 2001.
A new share buy-back program was authorized by the Annual General Meeting of 10 December 2001.
Within the framework of both programs, the following operations were undertaken during the course of the year 2001 :
Nb before the division Nb after the division Total brought
of the nominal value of the nominal value back to the new
by five by five nominal value
- Acquisition of self-held shares 950 32 102 36 852
- Acquisition within the framework of
liquidity contract of 50 % of the share 6 521 34 906 67 511
- Sale of self-held shares 0 5 000 5 000
- Sale within the framework of liquidity
contract of 50 % of the share 7 712.5 21 598.5 60 521
Considering the 651 shares self-held at 31 December
2000, which increased to 3 255 after the division by five
of the nominal value, the number of self-held shares
held at year end comes to 35 107 acquired at an average
share price of 16.38 € per share and representing 0.29%
of the capital.
The number of shares held within the framework of the
liquidity program at year end comes to 17 515 acquired
for an average share price of 18.76 € and representing
0.15% of the capital.
The negotiation fees spent for these operations reached
21 343 euros.

86 87
Scope of consolidation
Companies Registered office Registered number % of control % of shareholding
2001 2000 2001 2000
Parent company
Générale Location Brignais 351 571 757RCS Lyon
Consolidated French subsidiaries
A2M Congrès Villeurbanne 404 379 216 RCS Lyon 100.00 100.00
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
Boîte à Sons Villeurbanne 317 613 180 RCS Lyon 100.00 29.00 100.00 29.00
CEE Paris 393 255 765 RCS Paris 100.00 64.99
Décorama Ivry sur Seine 612 036 996 RCS Creteil 100.00 100.00 100.00 100.00
Espace Eiffel Branly Paris 398 162 263 RCS Paris 100.00 100.00 100.00 100.00
Expo Service Côte d'Azur La Trinité 959 803 339 RCS Nice 100.00 97.07 100.00 97.07
Expolok Brouaye 419 802 137 RCS Nantes 100.00 100.00 100.00 100.00
Fabric Expo Mitry Mory 379 666 449 RCS Meaux 100.00 100.00 100.00 100.00
Financière par 3 Brignais 311 147 748 RCS Lyon 100.00 97.06 100.00 97.06
GL Data Systems Brignais 332 866 730 RCS Lyon 79.15 79.15 79.15 79.15
GL Espace & Décor Brignais 378 932 534 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 97.06 100.00 97.06
Hall Expo Brignais 334 039 633 RCS Lyon 100.00 100.00 100.00 100.00
Centre Infobatir Lyon 310 198 486 RCS Lyon 99.90 64.93
ISF Exposition Basse Goulaine 342 784 873 RCS Nantes 100.00 100.00 100.00 100.00
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 97.10 100.00 97.10
Mont Expo Brignais 342 071 461 RCS Lyon 100.00 95.00 100.00 95.00
Mont Expo Paris Mitry Mory 334 039 971 RCS Meaux 100.00 100.00 100.00 100.00
Norexpo Villeneuve d'Ascq 457 510 089 RCS Roubaix 98.78 64.21
Package Lyon 401 105 069 RCS Lyon 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 60.00 60.00 60.00 60.00
Ranno Entreprise Chilly Mazarin 391 306 065 RCS Evry 100.00 100.00 100.00 100.00
Rex Réalisation Promotion Expositions Brignais 312 397 359 RCS Lyon (1) 100.00 100.00
SECIL Lyon 378 347 470 RCS Lyon 100.00 51.04 100.00 51.04
SFI Gauthrin Flixecourt 408 954 865 RCS Amiens 100.00 99.88 100.00 99.88
SF Protection Flixecourt 380 344 226 RCS Amiens 100.00 99.97 100.00 99.97
Sodem System Lyon 438 323 776 RCS Lyon 70.00 70.00
Standard Décoration Chasseneuil du Poitou 333 954 873 RCS Poitiers 100.00 100.00 100.00 100.00
Vachon Antiquités Gentilly 343 001 772 RCS Creteil 85.00 82.50 85.00 82.50
SCI 88 Brignais 345 224 141 RCS Lyon (2) 100.00 100.00
SCI Vachon Lisses Brignais 390 780 575 RCS Lyon (2) 54.71 54.71
SCI Le Favier 92 Brignais 389 569 484 RCS Lyon (2) 100.00 100.00
SCI Prisma 94 Brignais 398 035 386 RCS Lyon (2) 100.00 100.00
SCI Raspail Brignais Brignais 402 734 453 RCS Lyon (2) 100.00 100.00
Consolidated foreign subsidiaries
Eastern Exhibition Services Ltd Virgin Islands 100.00 100.00 100.00 100.00
GL Belgium Belgium 100.00 100.00 100.00 100.00
Générale Location (Hong Kong) Ltd Hong Kong 100.00 100.00 100.00 100.00
Générale Location Gmbh Germany 100.00 97.06 100.00 97.06
GL Australia Australia 100.00 100.00 100.00 100.00
GL Europe Holding BV Netherlands 100.00 100.00
GL Convenciones Barcelona Spain 100.00 100.00
GL Furniture (Asia) Limited Hong Kong 60.00 60.00 60.00 60.00
GL Malaysia Malaysia 100;00 100.00 100.00 100.00
GL Middle East Dubaï Jebel Ali 100.00 100.00 100.00 100.00
GL United Kingdom Great Britain 100.00 100.00 100.00 100.00
GL USA United States 100;00 100.00
Owen Brown Great Britain 100;00 100.00
Socieventos Organizacao e Realizacao
de Eventos Lda Portugal 85.71 85.71 85.71 85.71
Team Legend Hong Kong 85.00 85.00 85.00 85.00
(1) company absorbed by GL Espace & Décor (2) companies sold

4
4-3
Statutory Auditors‘ Report
on the Consolidated Financial
Statements for the year
ended 31 December 2001
Ladies and Gentlemen,
In compliance with the assignment entrusted to us at the shareholders‘ General Meeting, we have audited the
consolidated accounts of the company Générale Location concerning the year ending 31 December 2001 as they were
given to us in the present report.
The consolidated accounts were closed off by the Board of Directors. Based on our audit, here is our opinion on the
consolidated accounts.
We have audited the consolidated accounts by performing the procedures we considered necessary in accordance with
French professional standards and which assure us that the consolidated accounts do not contain any abnormalities.
An audit consists of examining through sampling convincing elements which must justify the data included in the
accounts. It also consists of evaluating the overall presentation of the report.
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.
Moreover, we have also verified the information concerning the group and given to us in the management report.
We have no comment to make as to the fair presentation and the conformity with the consolidated accounts.
Lyon, the 26th April 2002
The auditors
André FLUCHAIRE
Jean-Paul SIMOENS

88 89
4-6
Draft of proposed resolutions presented at the Mixed
Annual General Meeting of 20 June 2002
RESOLUTIONS UNDER THE COMPETENCE OF THE ORDINARY GENERAL MEETING
FIRST RESOLUTION
After presentation of the Board of Directors‘ report and
the Auditors‘ General Report, the Annual General
Meeting approves the consolidated financial statements,
comprising the consolidated balance sheet, the income
SECOND RESOLUTION
After presentation of the Board of Directors’s report and
the Auditors’ General Report, the Annual General
Meeting approves the reserves and the annual corporate
accounts, comprising the balance sheet, the income
statement and the notes at 31 December 2001, as they
THIRD RESOLUTION
The Annual General Meeting approves the Board of
Directors‘ proposition, and after observing that the
financial statements ended at 31 December 2001 were
statement, and the notes at 31 December 2001, as they
were presented, and also the operations entered in these
accounts and summarized in these reports.
were presented, and also the operations entered in these
accounts and summarized in these reports.
Consequently, it gives the board members full discharge
for the year ended 31 December 2001.
showing a profit of € 8 426 238,68, decided to allocate
it as follows :
(In Euros)
Legal reserve 421 311.93
Special reserve for long-term capital gains 1 259 646.39
Dividends that is €. 0.28 per share 3 354 692.60
Retained earnings 3 390 587.76
TOTAL 8 426 238.68
The Annual General Meeting observed that the net
dividend per share would be € 0.28 and the
corresponding tax credit € 0.14 for the shareholders who
are entitled to it, amounting for these shareholders to a
gross earning of € 0.42 , however subject to the special
provisions of the Tax General Code concerning the
amount and the beneficiary of the tax credit.
In compliance with the law, the Annual General Meeting
states that the amount of the dividend being distributed
and that of the corresponding tax credit for the three
precedent years are as follows :
Years Net dividend Tax credit
(rate at 50 %)
€ €
1998 0.10 0.05
1999 0.20 0.10
2000 0.28 0.14
The information given takes into account for the three years the division by five of the nominal value of the share
decided upon by the Annual General Meeting of 15 June 2001.
FOURTH RESOLUTION
The Annual General Meeting, after listening to the presentation of the Auditors ‘ special report concerning the
conventions listed in the case L 225-38 and the following ones of the New Business Code under which the report is
governed, approves each of the said conventions.

4
FIFTH RESOLUTION
The Annual General Meeting acknowledges the fact that the accounts for the year take into account the sum of € 15 984.51
of expenses non admitted by the tax administration as they are defined by the article 39.4 of the General Tax Code.
SIXTH RESOLUTION
The Annual General Meeting, observing the term of office of board member of Mr. Gilles GOUEDARD COMTE was
coming to an end has decided to renew it for a duration of six years, or until the day of the Ordinary General Meeting
to be held to review the financial statements ended 31 December 2007.
SEVENTH RESOLUTION
The Annual General Meeting decides to nominate as member of the board in addition to the current members :
- Mr. Erick ROSTAGNAT, residing at 44, rue Victor Hugo – 69002 Lyon, for a duration of six years, that is until the day of
the Ordinary General Meeting to be held to review the financial statements ended 31 December 2007.
EIGHT RESOLUTION
The Annual General Meeting decides to nominate as member of the board in addition to the current members :
- Mr. Damien BERTRAND, residing at 8, rue Jean Marie Duclos – 69005 Lyon, for a duration of six years, that is until
the day of the Ordinary General Meeting to be held to review the financial statements ended 31 December 2007.
NINTH RESOLUTION
The Annual General Meeting, having taken into account the fact that the terms of office of Auditors Mr. Andrè
FLUCHAIRE and Mr. Jean-Paul SIMOENS have come to an end, has decided to renew them for a duration of six years
that is until the day of the Ordinary General Meeting to be held to review the financial statements ended 31 December
2007.
TENTH RESOLUTION
The Annual General Meeting, having taken into account the fact that the terms of office of Auditor Mr. Michel MAZA
and the company HLB ORFIS have come to an end, has decided to :
- renew the term of office of Mr. Michel MAZA for a duration of six years that is until the day of the Ordinary General
Meeting to be held to review the financial statements ended 31 December 2007.
- nominate Mr. Chrispophe VELUT, professionally residing at 149, boulevard Stalingrad 69 100 VILLEURBANNE, as a
replacement of the company HLB ORFIS, for a duration of six years that is until the day of the Ordinary General Meeting
to be held to review the financial statements ended 31 December 2007.
RESOLUTION UNDER THE COMPETENCE OF THE EXTRAORDINARY ANNUAL GENERAL MEETING
ELEVENTH RESOLUTION
As a consequence of the proposition of the Board of
Directors, the Annual General Meeting decides to comply
the corporate statutes with the provisions of the law n°
2001-420 of 15 May 2001.
The following modifications of the statutes have been
adopted either by replacing them with the current
version or by adding new writing :
Article 1 - Form
A PUBLIC LIMITED COMPANY exists between the owners
of the shares making up the current capital and those
who will become owners at a later date, which is
regulated by the propositions of the Business Code
concerning the companies in general and the public
limited companies in particular, by the decree of 23
March 1967, by all other legal and regulatory provisions
in effect and by the present statutes.
Article 7 – Age limit for the exercise of one‘s duties
for a Director, a Chief Executive Officer, a Managing
Director or a Managing Director Delegate
First paragraph : unchanged
No one can be nominated to the position of Chief
Executive Officer, Managing Director or Managing
Director Delegate if he or she is older than 70 years of
age. Moreover, if the Chief Executive Officer, the
Managing Director or Directors Delegate in place of
duties happen to be older than 70 years of age, then they

90 91
will have to resign at the end of the next meeting of the
Board of Directors.
Article 12 – Property and form of the shares
The shares are nontransferable or transferable to the
person chosen by their holder. They entitle their holders
to be registered on an account in compliance with the
conditions and in accordance with the articles included
in the legal and regulatory provisions in effect. Pursuant
to the provisions of the article L 228-1 of the Business
Code, any go-between can be registered on behalf of the
shares holders who do not reside on French soil. These
accounts which include the registration of the
nominative shares are kept with the company or the
legal representative nominated therefor. The registration
accounts of bearer securities are held by intermediaries
empowered to do so.
Paragraph 2 : unchanged
Addition of two new paragraphs
The company can also at any time in order to identify the
holders of bearer securities and at its own expense,
require from this organization in charge of
compensating the transferable securities, the name or
designation, nationality, birth year or year of creation
and address of creation and address of the shareholders
granting immediately or in time the voting right in his
own shareholders’ General Meeting, as well as the
quantity of shares held by each of them, and if the case
may be the restrictions which might be attached to the
shares.
Likewise, the company can ask the registered
intermediary in accordance with the conditions included
in article L 22-1 of the Business Code to disclose the
identity of the owner of the nominative shares giving
immediately or at a later date access to the share capital.
The rest of the article : unchanged
Article 16 – Board of Directors
The company is managed by a committee comprising
three members at least and eighteen at most, with the
possibility to be increased to twenty-four during three
years in case of a merger.
Second paragraph : unchanged.
During the time of his or her term of office, each
Director must hold at least one share, except if the
director is one of the company’s employee.
A physical person nominated as director and/ or
exercising the duties of President with however no
duties as managing director, cannot have at the same
time more than five terms of office of directors or
member of the Supervisory Board of a public limited
company with head quarters in France, whether these
terms of office are carried out personnally or as a
permanent representative or not, unless these terms of
office are accomplished in one or several companies
controlled in compliance with the article L 233-16 of the
Business Code.
Article 17 – Presidency and resolution of the Board
of Directors
First paragraph : unchanged
The presence of half of the members in place, with a
minimum of two members, is necessary in order for the
provisions to be valid. An attendance register is signed by
the Directors at each meeting. Are deemed present for
the calculation of the quorum and the majority, the
directors who attend the board meeting by way of
videoconference in accordance with the texts in effect.
The actual presence or by representation is mandatory
when the provisions deal with the following issues :
• the nomination and the dismissal of the Chairman of
the Board of Directors,
• the nomination and the dismissal of the managing
director
• the closing off of the consolidated annual statements,
the elaboration of the management report and if the
case may be that of the group.
The rest of the article : unchanged
Article 18 – Powers of the Board of Directors
1 – The Board of Directors determines the orientation of
the activity of the company and watches its
implementation. Subject to powers specifically granted
to the shareholders’ meetings and within the limit of the
company’s purpose, it deals with any issue relating with
the proper operation of the company and regulates
through its provisions the businesses which concern the
company.
2 – The Board of Directors handles the controls and
verifications which it judges relevant. Each member
receives all necessary information in order to fulfil his or
her mission ; moreover he or she can have these
documents communicated to him or her, if he or she
deems them useful.
The Board of Directors can for the purpose of its term of
office define and limit the powers allocated to the
President when the said president assumes the role of
managing director of the company, as well as the powers
of one or several Managing Directors Delegates, making
it clear that all limitation of powers is unenforcable to a
third party.
Legal transactions concerning the company are signed
either by the President or by a managing director, or
again by anyone specially empowered.
The President, the managing director or each of the
managing directors are authorized to agree upon
subdelegations or substitutions of powers for one or
several operations or categories of determined
operations. Any other delegates and legal representatives
can have the authority to do the same.
The deposits, endorsements and guarantees granted by
the Company must be systematically subjected to the
Board of Directors‘ authorization.
The Board authorizes within legal conditions, the
conventions between the company, its President, the
directors, its Managing Directors and its Managing
Directors Delegates, those of its shareholders holding a
fraction of voting rights superior to 5 %, or concerning
a shareholding company, the company having control
over it within the meaning of the article L 233-3 of the
New Business Code. The conventions which intervene
directly or through the intermediary of persons are
subjected to the authorization granted beforehand. A
notice concerning this authorization is revealed within
the month following the decision of the Board of
Directors to the auditor or auditors of the company.
The directors, physical persons are not allowed to
contract under whatever form commitments with the
company, to have the said company grant it an overdraft

4
for its current account or in any other manner, or to
have its committments guaranteed or endorsed by it for
third parties.
This prohibition applies also to the President, the
Managing Director, the Managing Directors
Representatives, the representatives of legal entities
which are board members, as well as spouses, ascendents
and descendents of persons mentioned in the present
paragraph.
The provisions contracted between the company and the
persons mentioned above and concerning everyday
operations and contracted under normal conditions are
communicated by the interested party to the Chairman
of the Board of Directors.
The list and subject of the said provisions are
communicated by the Chairman to the Board of
Directors and to the Auditors.
Any shareholder has the right to have access to the list
and the subject of these provisions.
Article 19 – General Management
1 – The general management can only be assumed by a
physical person who can hold only one term of office as
general manager, member of the executive board or
single general manager, term of office to which one can
add a second term of office of general management as it
is defined above in a company controlled in accordance
with the article L 233-16 of the Business Code.
The person who is in charge of the general management
can occupy four positions of executive management,
even if he or she already holds positions of board
members within the company which he or she manages.
2 – The executive management of the company is held
under the responsability of either the Chairman of the
Board of Directors or by any other person nominated by
the Board of Directors and holding the title of General
Manager.
The General Manager is chosen among the board
members or outside the Board Members.
The Board of Directors has the authority to choose
between both methods of exercising his or her position
of general management as it is defined above.
The shareholders and the third parties are informed
concerning the choice made by the Board of Directors
within the conditions established by the texts in force.
3 – In case the general management of the company is
held by the Chairman of the Board of Directors, he or she
will hold the position of Chairman of the Board of
Directors and will be granted extended powers in order
to act under all circumstances in the name of the
company. He or she will exercise his or her powers
within the limitation of the business purpose of the
company and within the restriction that the law grants
specifically to shareholders meetings and to board of
directors. He or she represents the company when
dealing with third parties. The company is committed
even by the actions taken by the Chairman, which do not
handle the company main business, except if the third
party knew or could not ignore the fact that the
company was dealing with an item beyond its objects.
When the Chairman of the Board holds the positions of
President and General Manager, he or she can, if he or
she wishes to, call for the asistance of one or several
General Managers Representatives who cannot exceed
the number of five.
4 – When the Chairman of the Board of Directors does
not hold the position of General Manager, he or she
represents the Board of Directors. He or she organizes
and directs the actions of the Board and informs the
Annual General Meeting about them. He or she makes
sure the different organs of management of the
company are properly run and more specifically watches
to see that the directors are up to fill their missions
adequately.
5 – When the general management of the company is
held by one or several General Managers, they have the
same powers as the ones granted to the Chairman when
the latter one is in charge of the general management.
According to the suggestion made by the General
Management, the Board of Directors can nominate one
or several General Management Respresentatives who
cannot exceed the number five. When the General
Manager is incapacitate, the General Management
Representative or Representatives maintain, unless
otherwise decided upon by the board, their missions and
their responsabilities until the nomination of a new
General Manager.
Article 23 – Admission to the meetings - Powers
First paragraph : unchanged
2. Any shareholder can vote by post by filling a form
which can be obtained in compliance with the
conditions indicated in the notice to attend the Annual
General Meeting. Any shareholder can within the
conditions established by the laws and regulations
address its form of proxy and postal vote, concerning the
Annual General Meeting either in paper form or,
following the decision of the board of directors,
published in the notice to announce the meeting and the
notice to attend the meeting, by fax.
3. Any shareholder has also the possibility to have
someone represent him or her within the conditions
established by the the regulation in force provided the
representative be himself a shareholder. He or she can
also be represented by his or her spouse. Shareholders
who do not reside on French soil and whose shares are
registered in an account under the name of an
intermediary within the conditions of the article L 228-1
of the Business Code, can have himself or herself be
represented by this said intermediary.
The rest of the article, unchanged
TWELFTH RESOLUTION
All powers are given to the carrier of orignial copies or plain copies of the official report of the present Annual General
Meeting in order to proceed with all the formalities required by law.

5
Organs of administration,
direction and control
92 93
5-1
Board of Directors
Board of Directors
Chairman :
Director-Vice-President :
Director-Managing Director :
Director :
Olivier GINON
Nominated by the Ordinary Annual General Meeting of 24 April 1998, with
decision power on the financial statements ended 31 December 2003, until the
Annual General Meeting to be held in 2004.
Olivier ROUX
Nominated by the Ordinary Annual General Meeting of 24 April 1998, with
decision power on the financial statements ended 31 December 2003, until the
Annual General Meeting to be held in 2004.
Gilles GOUEDARD-COMTE
Nominated by the Ordinary Annual General Meeting of 14 June 1996, with
decision power on financial statements ended 31 December 2001, until the
Annual General Meeting to be held in 2002.
André PERRIER
Nominated by the Mixed Annual General Meeting of 9 June 2000, with decision
power on financial statements ended 31 December 2005, until the Annual
General Meeting to be held in 2006.
5-1-1 Positions held by the executive members outside GENERALE LOCATION
Mr. Olivier GINON, Mr. Olivier ROUX and Mr. Gilles
GOUEDARD COMTE are in charge of the leadership of
GENERALE LOCATION within the framework of the
company GROUPE POLYGONE, holding company of
GENERALE LOCATION.
Mr. Olivier ROUX is President of the Board of Directors of
the company GL MOBILIER.
Mr. Gilles GOUEDARD COMTE heads the company PRISME
3 and the company LA COMPAGNIE DU PLANAY,
companies outside the Group GENERALE LOCATION.
Mr. André PERRIER assumes the Presidency of the
companies SA D’HLM LOGIREL, CREDIT IMMOBILIER DE
FRANCE LYON, CREDIT IMMOBILIER DE FRANCE
FINANCIERE RHONE AIN. He is a Board Member of SOCIETE
LYONNAISE DE COORDINATION IMMOBILIERE.

5
5-1-2 Terms of office held by the executive members in other companies
Name Position Company Note
Olivier GINON
(44 years of age) President POLYGONE SA 1
President GROUPE POLYGONE SA 1
President GL MIDDLE EAST 2
Director EXPO SERVICE COTE D'AZUR SA 2
Director FINANCIERE PAR 3 2
Director GL MOBILIER SA 2
Director LYONNAISE DE BANQUE 3
Director GENERALE LOCATION HONG KONG LIMITED 2
Director P.R. of GL GL ESPACE et DECOR 2
Director P.R. of GL GL LUMIERE ET SON 2
Director P.R. of GL HALL EXPO 2
Director P.R. of GL GENERALE LOCATION MAROC 3
Gilles GOUEDARD-COMTE
(47 years of age) Director- Managing Director GROUPE POLYGONE SA 1
President ACTION DEVELOPPEMENT SA 2
President PRISME 3 3
Manager LA COMPAGNIE DU PLANAY 3
Director FABRIC'EXPO SA 2
Director GL LUMIERE & SON SA 2
Director GL MOBILIER SA 2
Director HALL EXPO SA 2
Director VACHON ANTIQUITES SA 2
Director GENERALE LOCATION MAROC 3
Director POLYGONE ESPANA SA 2
Director P.R. of GL EXPO SERVICE COTE D'AZUR 2
Director P.R. of GL FINANCIERE PAR 3 2
Director P.R. of GL MEUBLEXPO 2
Director P.R. of GL GL ESPACE & DECOR 2
Olivier ROUX
(45 years of age) Director- Managing Director GROUPE POLYGONE SA 1
President GL MOBILIER 2
President FINANCIERE PAR 3 2
Director GL ESPACE & DECOR SA 2
Director POLYGONE SA 1
Director DECORAMA SA 2
Director EXPO SERVICE COTE D'AZUR SA 2
Director FINANCIERE PAR 3 SA 2
Director GL LUMIERE & SON SA 2
Director GL MOBILIER SA 2
Director GENERALE LOCATION HONG KONG LIMITED 2
Director PRISME 3 3
Director HALL EXPO SA 2
Director GL Data Systems 2
André PERRIER
(65 years of age) President SA D’ HLM LOGIREL 3
President CREDIT IMMOBILIER DE FRANCE LYON 3
President
CREDIT IMMOBILIER DE FRANCE FINANCIERE
RHONE AIN 3
Director
SOCIETE LYONNAISE DE COORDINATION
IMMOBILIERE 3
Note 1 : Holding companies of Générale Location or majority held by a holding company of Générale Location
Note 2 : Companies within Générale Location scope
Note 3 : Companies outside the group Générale Location
PR : Permanent representative GL : GENERALE LOCATION
PR : Permanent representative GP : GROUPE POLYGONE

94 95
5-1-3 Board of Directors and Committees
During the course of the year ended 31 December 2001, the
Board of Directors met six times.
The board members have not been concerned by any special
provision, except for the distribution of directors‘ fees voted
on by the Mixed Annual General Meeting of 15 June 2001.
The Group’s Committee is composed of the Executive
Committee of the Holding company and five functional and
operational directors.
Executive committee :
- Olivier GINON - President
- Olivier ROUX - Vice-President
- Gilles GOUEDARD-COMTE - Managing Director
- Erick ROSTAGNAT - Chief Financial Officer - Investor Relations
- Damien BERTRAND - Marketing Director - Manager of GL Espace & Décor
- Daniel CHAPIRO - Group Controller - Manager of Venue managment
- Catherine PERRIN - Director of Human Resources
Managers :
- Denis ROBERT - Structure & Grandstands
- Xavier MOULLIN - Technology
- Dominique VACHON - Furniture
- Jean-Luc AUBRY - Venue management
- Robert DIAT / Olivier HOHN - System
- Saïd SELIM / Patrick BAZANAN - Fittings and Museum fittings
- Bruno MASCART - International Development
5-2
Managing Directors‘ financial interests in the capital
of Générale Location
5-2-1 Remuneration and benefits paid to the legal representatives
during the course of the year
As indicated in the Special Auditors’ report (§ 4.5.2), the
company Groupe Polygone charges Générale Location an
Executive fees which in 2001 came to 352 K€.
This fee covers the gross remunerations and benefits in kind of
Mr.Olivier GINON for € 88 700, Mr. Olivier ROUX for € 77 350
and € 86 440 for the fees charged to the Compagnie du Planay,
a holding personally held by Mr. Gilles Gouédard-Comte.
GENERALE LOCATION has paid the sum of € 4 573.47 to Mr.
André PERRIER as directors’ fees voted upon by the Mixed
Annual General Meeting of 15 June 2001.
5-2-2 Options for subscription of shares allocated to legal representatives and taken-up shares
GENERALE LOCATION granted the following options for subscription of shares during the course of the year 2001.
Granted options for subscription Number of options Price Date Plan
of shares and taken-up options
Granted Taken-up
in € of issuance
during the year
Olivier GINON 4 000 - 8.45 22 Oct. 2003 N° 5 01-1
Olivier ROUX 4 000 - 8.45 22 Oct. 2003 N° 5 01-1
Gilles GOUEDARD COMTE 2 100 - 8.45 22 Oct. 2003 N° 5 01-1

5
5-2-3 Nature and importance of the operations contracted between GENERALE LOCATION,
its legal representatives, its shareholders holding more than 5% of voting rights
The Board Members, physical persons, carrying out their
duties as managing directors within the group receive
benefits and services required by their position (car and
reimbursement of traveling expenses).
Outside its day to day banking activities, the Banque de Vizille
charged the Group fees for € 23 837 concerning studies of
external growths.
The Société Lyonnaise de Banque, Banque de Vizille’s
shareholder, provides current banking services.
Groupe Polygone charged a contribution of € 351 735 equal
to 0.15% of the consolidated net sales as remuneration for
the general management agreement
Groupe Polygone sold to Générale Location its 65%
shareholding interest in Package Organization for the sum of
€ 495 459. Polygone SA, shareholder of Groupe Polygone,
acquired from Générale Location 9 999 shares of SCI 88 for
the amount of € 2 286 506.
The Board of Directors of 6 March 2001 authorized the management contract with the following subsidiaries. The fees received
in the name thereof are as follows :
(In Euros)
GL Furniture Asia 5460 or 0.75 % of net sales
GL Malaysia 12 189 or 0.75% of net sales
Team Legend 14 217 or 0.75% of net sales
Eastern Exhibition Services 16 132 or 0.75% of net sales
GL Portugal 28 297 or 1.5% of net sales
GL United Kingdom 9 019 or 1.5% of net sales
GL Allemagne 11 386 or 1.5% of net sales
The Board of Directors of 6 June 2001 authorized the establishment of the agreement of management with the following
subsidiaries and the fees received in the name thereof are as follows :
(In Euros)
A2M SARL 13 031 or 2.5% of net sales
Boîte à Sons 95 515 or 2.5% of net sales
Sodem System 71 019 or 2.5% of net sales
The Board of Directors of 9 September 2001 authorized the establishment of the agreement of management with the company
Owen Brown at a rate of 1.5% of its net sales coming into effect on 1 January 2002.
None
5-2-4 Loans and guarantees granted or constituted for the benefit of the board
members

96 97
5-3
Personnel profit sharing
5-3-1 Profit sharing agreement
None
5-3-2 Options for subscription of shares granted to the first ten employees of GENERALE
LOCATION and of the group who are not legal representatives, and options
exercised by them
GENERALE LOCATION granted the following options for subscription of shares during the course of the year 2001.
Options for subscription of Number of options Weighted Plan Plan
shares granted and option
Granted Taken-up
average
exercised during the year
price
Options granted during
the year 23 200 € 8.45 N° 5 01-1
Options held, exerciced
during the year 26 500 (*) € 5.14 N° 1 99-1
(*) out of the 26 500 options, 3 300 were taken up before the division of the nominal value by five and thus count for 16 500
in the total.

Financial Communication Department
Tel. +33 (0)4 72 31 54 20 - Fax. +33 (0)4 72 31 54 95
infos.finance@generale-location.fr
Polytems
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