SPECIAL REPORT OF THE STATUTORY AUDITORS ON
CERTAIN RELATED-PARTY TRANSACTIONS
FOR THE YEAR ENDED JANUARY 31, 2004
To the Shareholders:
In our capacity as statutory auditors of your Company, we are required to report on certain contractual agreements with certain
related parties.
We are not required to ascertain whether any other contractual agreements exist but to inform you, on the basis of the
information provided to us, of the essential terms and conditions of agreements indicated to us. It is not our role to comment
as to whether they are beneficial or appropriate. It is your responsibility, under the terms of Article 92 of the March 23, 1967
Decree, to evaluate the benefits resulting from these agreements prior to their approval.
We hereby inform you that we have not been advised of any agreements concluded during the year ended January 31, 2004
that would be covered by Article L. 225-38 of French Company Law (Code de Commerce).
Furthermore, in accordance with the March 23, 1967 Decree, we have been advised that the following agreements, approved
in prior years, remained effective in the year ended January 31, 2004.
GENERAL ASSISTANCE AGREEMENT
The total invoicing related to the General Assistance Agreement between the Company and its subsidiaries amounts
to €5,923,989.
LICENSE AGREEMENT
Licenses for the use of the Neopost trademark, invoiced at 0.5% of the subsidiaries’ sales exclusive of tax, represent income
of €3,133,478.
TAX CONSOLIDATION
Tax consolidation, which has taken effect since 1 February 1997, continued producing results due to its renewal and has
generated a tax profit of €3,487,696.
We conducted our work in accordance with French professional standards. These standards require that we perform the
necessary procedures to verify that the information provided to us is consistent with the documentation from which it has been
extracted.
April 30, 2004
The Statutory Auditors
Barbier, Frinault & Autres
Dominique Royer
(Ernst & Young)
Michel Gauthier
57
Parent company
financial statements
