BOIRON : 2017 half-year results

(Data have been the subject to a limited review by the statutory auditors)

The Board of Directors of BOIRON, at its meeting of September 7, 2017, made up the half-year statutory and consolidated financial statements.

in thousands of euros
2016
2017
Variation

2017/2016

Sales ⁽¹⁾
284,304
284,668
+0.1% ⁽²⁾

Operating income
43,390
41,066
-5.4%

Net income - group share
26,458
24,873
-6.0%

Cash flow ⁽³⁾
54,483
51,187
-6.0%

Net investments
14,823
27,656
+86.6%

Net cash position
188,428
211,977
+12.5%

⁽¹⁾ The main information on the variation of the half-year sales were the subject of a financial statement on July 20, 2017 (http://www.boironfinance.com/Shareholders-and-investors-area/Financial-information/Regulated-information/Financial-statements).

⁽²⁾ -1.2% at constant exchange rate.

⁽³⁾ Before investment income, financing expenses and taxes.

The operating income at June 30, 2017 is decreasing by 5.4% in comparison to the first half-year of 2016, due to the turnover stability and the increase of promotional expenses. It includes a capital gain of €3 293 thousand on the disposal of the site of Lyon. Other expenses items are stable or down over the period.

For 2017, BOIRON remains cautious on the development of its sales and results.

Our company continues with the same determination the development of homeopathy in the world.

The half-year accounts were subjected to a limited review by statutory auditors. The half-year report including information on activities and results of the first half-year and the 2017 outlook was published in line with the provisions of Article 221-3 of the French Financial Market Authority [AMF]. It is available on the company's website (http://www.boironfinance.com/Shareholders-and-investors-area/Financial-information/Regulated-information/Annual-and-half-year-reports).

Additional informations on the half-year results are presented in the slides of the information meeting of Friday 8 September and available on the company's website www.boironfinance.com (http://www.boironfinance.fr/Espace-Actionnaires-et-Investisseurs/Communication-financiere/Reunions-d-analystes).

Our next update:

October 19, 2017: at market close, publication of quarterly sales and financial information as of September 30, 2017.

Person responsible for financial information: Christian Boiron

Contact for financial information: Véronique Bouscayrol

Investor relations: +33 (0) 4.78.45.63.43 - e-mail : [email protected]

ISIN Code: FR0000061129 (BOI) - Bloomberg: BOI FP - Reuters: BOIR.PA

The group's financial information and the glossary are online at: www.boironfinance.com