A note that summarizes the opinion o many obser ers

The unexpected and earthy intrusion o Bernard Tapie in the li e o Club Mediterranee has, basically, nothing o a rebound o théâtre de boule ard. It acts as a re ealer o weaknesses more or less marked with the company, repositioned under the leadership o Henri Giscard d'Estaing, his boss since end o 2002 Chairman o Executi e Board and CEO (he had joined the Directorate at mid-1997) as "specialist world o acations all inclusi e, high-quality, riendly and multicultural". "". "Bernard Tapie is in turn the right questions", soccer analyst and add: "But his answers are a little simplistic." A note that summarizes the opinion o many obser ers.

I Bernard Tapie wanted to in ite the Mediterranean Club, it is because the company is almost wide open or some time with, on the one hand, not locked capital and, on the other hand, a le el o course particularly low. Thus, shareholders could be characterized as " riend" represents roughly 25 o the capital through arious lines, the most important being the management o Morocco and the Caisse de Dépôt (10.7). The double operation market, launched on 11 may, should strengthen subscription rate , the operation being prégarantie at 75, but it was not doped stock market. The action was yesterday still below 10 euros, or a market capitalization around 180 million, while net assets per share is estimated 20-25 euros. All understand why a sal aged Bernard Tapie would be well minority with about 15 o the capital and to partner with third parties interested in a new deal.

Club Mediterranee has, admittedly, not escaped globalization o the original inancial crisis. or memory, the action recei ed a lower history on March 30, at 7.82 euros, while the course was about 51 euros on a erage in June 2007, be ore the outbreak o the crisis in the United States, ery ar, howe er, its peak o 144 euros, dating back to March 20, 2000. It was the beauti ul time with markets oriented upward and speculation around the Club dans a context o consolidation o the European tourism sector. Stock market depression o recent months, howe er, said not all. The company barely identi y the outcome, e en i the bene its o its rise in range become tangible. A ter hemorrhage o clients due to an adjustment o rates inherent in its rise in range, the trident brand actually started a reconquest until no generalises the crisis. Similarly, the latter seems alidate intaglio Henri Giscard d'Estaing strategy, since the current result rom the operation o the illages is near stall on the irst i e months o the 2008-2009 iscal year, despite a decline in acti ity. But this obser ation is accompanied by another, less happy: the group is in de icit because o real estate expenses related to the closures o illages. The déj? - u...

The last years ha e indeed shown that the ability o the Club to generate a net pro it depended primarily on the result ound in respect o its operations related to the heritage estate or disposals o assets. He is thus just out o the 2007-2008 Red (1 million net result share o the Group) rom the sale o Jet Tours and Club Med Gym, just as it was in 2004-2005 a ter our years o losses through real estate capital gains. Belie e his leadership, it in would howe er soon inished with loads real estate since completing its rise in range. Howe er, can say that the reno ations are part o the economic model leisure hotel and that his business is perhaps not in the detention o the walls. In this sense, the direction would be on the right track in trying to pursue real estate trans ers by also compelling to impro e the inancial situation o the company i not load the rent position, and in an attempt to de elop the park management contracts.

But, beyond this real estate problem, is another issue, e en more nagging: the sheer size o the Club. Assuming that the question o its positioning is settled, not without more care ul ser ice, is in ability to achie e solo on three major markets: Europe, Asia and the Paci ic, and America O course, its commercial potential is considerable with 60 million customers including 12 million or China alone, compared to a total o 1.36 million in 2007-2008. It implies e ort "worldwide" could be said and in the long term. At this point, the rench market, which generated about 44 o customer and 92 o its commercial conquest in 2007-2008, remains more strategic than e er.