PRESENTED BY - InfoVista

Methods used
- Reference to share block disposal prices on December 20, 2011
- Market prices
- Discounted cash flow (DCF).
Method presented for information purposes
- Peer group multiples
Number of diluted shares and adjusted net debt
The presenting firm used the number of fully diluted shares (calculated in accordance with the “Treasury
shares” method), which was 16,621,860.
It used a net cash position of €9.3 million, after the exceptional dividend and including deferred tax assets on
tax loss carryforwards; this amount is similar to the one we used based on tax savings already recognized in
the business plan in our analysis.
The differences with our estimates (17.7 million shares and €12.6 million in net cash) arise primarily from the
method used to calculate the dilution.
5. 21 Reference to the December 20, 2011 transaction involving a majority stake
We have no comments to make on the reference to the price of acquisitions made on December 20, 2011,
as we also used this reference as our primary method.
5. 22 Stock market price and analysts’ price targets
We have no comment to make on the presenting firm’s analyses. We only used the stock market price on a
secondary basis, however, given the stock’s thin trading volume. Since the stock is followed by only two
analysts and not on a regular basis, the presenting firm did not use the analysts’ stock price targets, nor did
we.
5. 23 Discounted cash flow method
The presenting firm applied the discounted cash flow method based on the business plan presented by the
Company, extrapolating over a three-year period.
To calculate the terminal value, standard cash flow was determined based on assumptions of 1.5% sales
growth (long-term growth rate) and a 16% EBITDA-to-sales margin.
We used similar assumptions, except that we estimated the growth rate to infinity at 1.75%.
Financial assumptions
The proposed offer and this draft reply document are subject to review by the AMF
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