PPR : PPR : 2012 an excellent year for the PPR Group

             PPR : PPR : 2012 an excellent year for the PPR Group

PRESS RELEASE
Paris, February 15, 2013

                                 2012 results

                     An excellent year for the PPR Group
             Growth, profitability and accelerated transformation

  oRecurring net income, Group share up 28.2%
  oRecurring operating income up 19.3%
  oRevenue up 20.8%

François-Henri Pinault, Chairman and Chief Executive Officer, commented:
"PPR's results for 2012 are excellent, thanks to the exceptional performances
of all brands in our Luxury Division. The significant growth potential of our
brands is driven by their strength, the outstanding quality of their products
and the rigorous development of their distribution channels. This potential
was once again demonstrated in our Luxury Division in 2012 and we are striving
to achieve the same dynamic in the Sport & Lifestyle Division. Our strong
performance also highlights the good geographic balance of our activities and
the consistency of the Group's strategy. In 2012, we completed further
important steps in our transformation into a more international, dynamic and
profitable group. We are confident that the strengthening of our assets and
the determination of our teams will allow us to continue significantly
improving our operating and financial performances in 2013."

(in € millions)                      2012 2011^(1) Variation^(2)

Revenue                             9,736    8,062       +20.8 %
Recurring operating income          1,792    1,501       +19.3 %
 as a % of revenue            18.4 %   18.6 %
Net income, Group share             1,048      986        +6.3 %
 earnings per share (in €)      8.32     7.82        +6.4 %
Recurring net income, Group share*  1,269      990       +28.2 %

^(1)Restated for the reclassification of Redcats and Fnac (IFRS 5).
^(2) Reported change.

* Recurring  net income,  Group share:Net  income from  continuing  operations 
(excluding non-recurring items) attributable to owners of the parent.

Operating performance

In the fourth quarter of 2012, consolidated revenue came in at €2.6 billion,up
17.5% on the same year-ago period as reported and 11.7% on a comparable Group
structure and exchange rate basis.

For the year as a whole, the main financial indicators reflect the Group's
excellent performance in 2012. Consolidated revenue from continuing operations
amounted to €9,736million, up20.8% on2011 as reported and10.6% based on
comparable Group structure and exchange rates.

The Group's balance in terms of geographic presence and sales formats makes it
more resilient to changes in the economic environment and reduces reliance on
the European economy. Revenue generated outside the eurozone rose 11.6% in
2012 based on comparable data and accounted for 78.6% of sales for the year,
versus 77.9% in 2011. Sales contribution from France remained unchanged from
2011, representing 5.5% of total revenue on a comparable basis.

In 2012, PPR continued its expansion in rapid-growth markets where revenue
advanced 13.7% on a comparable basis and accounted for 37.6% of sales,
representing a 100 basis-point increase on 2011 on a comparable basis. Sales
in the Asia-Pacific region (excluding Japan) accounted for 25% of the total
sales of the Group's brands versus24.5% in2011 on a comparable basis.

PPR's recurring operating income for 2012 totalled €1,792 million, up 19.3% on
2011, and recurring operating margin stood at 18.4%. EBITDA posted by the
Group climbed 18.8% year on year to €2,067 million.

Gross margin for2012 amounted to €5,960 million, up €984million or19.8%
onthe previous year as reported and14.3% based on comparable exchange rates.

Operating expenses increased by20% as reported, and by15% based on
comparable exchange rates. In particular, personnel expenses rose by21.5% on
a reported basis and marketing and advertising expenditure by 19.3%.

Financial performance

In 2012, other non-recurring operating income and expenses represented a net
expense of €25 million and chiefly included €159 million in restructuring
costs, €54 million in asset impairment and €233 million in net gains on asset
disposals.

For the year ended December 31, 2012, the Group reported a net loss of almost
€276 million from discontinued operations, as operating income of the Fnac
group and Redcats (€194 million) was more than offset by asset impairment
(€288million, notably to write down the historic goodwill of Redcats and
Fnac) and restructuring charges (€149 million).

Net income, Group share totalled close to €1,048million, up6.3% on2011.

Recurring net income, Group share amounted to €1,269million, representing
a28% increase on the previous year.

Earnings per share stood at €8.32 in2012, up6.39% on2011. Excluding
non-recurring items, earnings per share from continuing operations amounted to
€10.07,up 28.3% from2011.

Solid financial structure

In2012, PPR once again strengthened its financial position, recording an
increase in shareholders' equity and a reduction in net debt:

(in € millions)            2012   2011
Capital employed         14,285 14,575
Net assets held for sale    325    570
Total equity             12,119 11,750
Net debt                  2,492  3,396

In2012, the Group's free cash flow from operations came to €930million, on a
par with 2011.

As of December31,2012, capital employed was 2% lower than at the previous
year end, primarily due to the reclassification of the Fnac group's
contribution under "Assets held for sale or for distribution".

The Group's net debt totalled €2,492 million as of December 31, 2012, down
€904 million or 26.6% compared with the previous year end.

PPR's debt ratios continued to improve in 2012:

                                  2012  2011
Gearing (net debt/equity)        20.6% 28.9%
Solvency ratio (net debt/EBITDA)  1.21  1.78

2012 highlights

  oClosing of the Brioni acquisition

The acquisition of Brioni was finalised on January11,2012, upon approval by
the competition authorities. On November 8, 2011, PPR had announced that it
was to acquire 100% of the share capital of Brioni, one of the world's leading
men's fashion houses. Brioni was consolidated in PPR's financial statements as
from January1,2012.

  oSale of PPR's residual stake in CFAO

Following a share purchase agreement signed on July 26, 2012 between PPR and
the Japanese group Toyota Tsusho Corporation ("TTC"), in early August 2012,
TTC acquired from PPR 29.8% of the share capital of CFAO at a price of €37.50
per share, becoming CFAO's leading shareholder. Subsequently, in December
2012, PPR tendered its residual 12.2% stake in CFAO to the voluntary public
offer launched by TTC in October 2012 for CFAO's remaining capital. The tender
price was the same as that applied when TTC purchased its 29.8% interest.

  oPlan to demerge and float Fnac

During the second half of 2012, PPR initiated a plan to demerge and float
Fnac. The principle of this plan was unanimously approved by PPR's Board of
Directors on October 9, 2012.

To take the Fnac group public, PPR will pay its shareholders a special stock
dividend corresponding to the Fnac group shares held by PPR. This planned
operation has already been presented for consultation to all of the employee
representative bodies concerned and will be submitted for shareholder approval
at PPR's Annual General Meeting on June 18, 2013.

During the second half of 2012, the Fnac group began the preparatory work for
its listing process. With the support of PPR, it also continued to implement
its "Fnac 2015" strategic offensive plan, aimed at strengthening its
leadership position in its markets and broadening its product range.

In 2012, Fnac also pursued the plan announced on January13,2012, aimed at
generating savings of €80million over the full year to restore its
competitiveness.

Also as part of this plan, an agreement was entered into in November 2012 to
sell Fnac Italy to the investment fund Orlando Italy. The sale was completed
in January 2013.

  oOngoing divestment of the Redcats group

On November 8, 2012, PPR announced that an agreement had been signed between
Redcats and Northern Tool + Equipment (NTE) to sell the Sports & Leisure
activities of Redcats USA, including The Sportsman's Guide and The Golf
Warehouse, for an enterprise value of USD215million. This sale, which was
designed to give The Sportsman's Guide and The Golf Warehouse brands the
opportunity to team up with a partner that offers a strong strategic fit, was
completed on December 17, 2012.

On December 5, 2012 PPR announced that Redcats had entered into a definitive
agreement to sell OneStopPlus, its plus-size business in the United States, to
the investment fund Charlesbank Capital Partners and Webster Capital for an
enterprise value of USD 525 million.

  oAcceleration and expansion of Puma's Transformation Programme

On July 18, 2012, Puma announced that it intended to speed up and
significantly expand the scope of its Transformation Programme in order to
increase efficiencies in terms of organisation, processes and systems and to
streamline its cost structure, notably in Europe.

On October 23, 2012, Jean-François Palus was appointed Chairman of the
Administrative Board of Puma SE in replacement Jochen Zeitz, effective
December1,2012. Jochen Zeitz will retain his seat on PPR's Board of
Directors, as approved by PPR's shareholders at their April 27, 2012 Annual
General Meeting.

  oEnhanced financial strength

On January16,2012, PPR added €250million worth of bonds to its3.75% bonds
maturing April8,2015, bringing the total amount of the initial issue to
€750million.

On March 23, 2012, Standard & Poor's announced that it had upgraded PPR's
long-term rating from "BBB-" to "BBB" with a stable outlook, in view of the
Group's solid operating performances in 2011.

On April 23, 2012, PPR issued €500 million worth of seven-year bonds with a
fixed-rate coupon of 3.125%.

On November 16, 2012, PPR redeemed the bonds indexed to its share price that
were issued on May 16, 2008, the first tranche of which had matured in
November 2012.

  oOther highlights

On March 7, 2012, Yves Saint Laurent and PPR announced the appointment of Hedi
Slimane as Creative Director at Yves Saint Laurent. In his new role, Hedi
Slimane has creative responsibility for the brand's image and all its
collections.

On August 3, 2012, PPR and YOOX teamed up to create a joint venture to be
51%-owned by PPR and 49% by YOOX Group. The newly created company is entirely
dedicated to managing the online stores of several of PPR's Luxury brands:
Yves Saint Laurent, Alexander McQueen, Balenciaga, Bottega Veneta, Sergio
Rossi and Stella McCartney.

On November 5, 2012, the Balenciaga fashion house and Nicolas Ghesquière
announced that they had mutually decided to end their partnership. Nicolas
Ghesquière had been Creative Director of Balenciaga since 1997. On December 3,
2012, Alexander Wang was appointed Creative Director at Balenciaga. He will
design the brand's women's and men's ready-to-wear and accessories, and is
responsible for its image.

Dividend

At the Annual General Meeting scheduled for June 18, 2013, the Board of
Directors will ask shareholders to approve a cash payment for the 2012
dividend, corresponding to €3.75 per share (up 7% on the previous year), as
well as a stock dividend to be paid in the form of Fnacgroup shares, whose
distribution ratio will be determined by that date.

An interim dividend in the amount of €1.50 per share was paid on
January24,2013 pursuant to a decision by the Board of Directors on
December3,2012. The remaining €2.25 per share will be paid on June 25, 2013.

This recommended dividend reflects PPR's goal of maintaining well-balanced
payout ratios bearing in mind, on the one hand, changes in net income from
continuing operations (excluding non-recurring items) attributable to owners
of the parent and, on the other hand, the amount of available cash flow.

Subsequent events

  oContinued divestment of the Redcats group

On January 3, 2013, PPR announced that it had received a firm offer from Alpha
Private Equity Fund 6 ("APEF6") to acquire Redcats' Children and Family
division - comprising the Cyrillus and Vertbaudet brands - for an enterprise
value of €119 million. On that basis, PPR has entered into exclusive
negotiations with APEF 6 for the purposes of completing the transaction. The
transaction, which is still subject to informing and consulting with employee
representative bodies and to approval of the competition authorities, should
be finalised in the coming months.

On February 5, 2013, PPR announced the closing of the sale of OneStopPlus to
Charlesbank Capital Partners and Webster Capital, marking the final step in
the sale of all of Redcats USA's operations.

  oAcquisition of the Qeelin and Christopher Kane brands

On December 10, 2012, PPR announced that it had acquired a majority stake in
the Chinese fine jewellery brand Qeelin. The transaction was completed in
early January 2013. Launched in 2004, Qeelin is the first Chinese luxury
jeweller to have developed an international network of boutiques in the most
prestigious shopping districts worldwide. It currently operates 14boutiques
(seven in Mainland China, four in Hong Kong and three in Europe) and is listed
in a number of the most fashionable multi-brand stores such as Colette in
Paris and Restir in Tokyo.

On January 15, 2013, PPR announced that it had acquired a majority stake in
the luxury designer brand Christopher Kane with a view to developing the
brand's business in close partnership with its eponymous creator, the Scottish
designer Christopher Kane. Founded in 2006, Christopher Kane is a distinctive
and exciting brand with a unique DNA.

Outlook

Facing a mixed economic environment in early 2013, the core strengths which
underpinned PPR's solid results in 2012 will once again come into play
throughout the year.

PPR is confident that 2013 will be another year of robust revenue growth and
enhanced operating and financial performances. It also expects to finalise its
strategic repositioning in the Luxury and Sport & Lifestyle sectors.

At its meeting on February 14, 2013, the Board of Directors, under the
chairmanship of François-Henri Pinault, approved the audited consolidated
financial statements for 2012.

    

Main definitions

IFRS5 - Non-current assets held for sale and discontinued operations

In accordance with IFRS 5- Non-current Assets Held for Sale and Discontinued
Operations, the Group has presented certain activities as "Non-current assets
held for sale or for distribution to owners and discontinued operations". Net
income and losses from these activities are shown on a separate line of the
income statement, "Net income (loss) from discontinued operations", and are
restated in the statement of cash flows and income statement for all reported
periods.

The assets and liabilities relating to "Non-current assets held for sale or
for distribution to owners and discontinued operations" are presented on
separate lines in the Group's statement of financial position, without
restatement for previous periods. Assets and liabilities relating to
"Discontinued operations" are not presented on separate lines in the Group's
statement of financial position.

As stated in Note12 to the consolidated financial statements, the Redcats
group as well as the Fnac group are classified as "Non-current assets held for
sale or for distribution to owners and discontinued operations".

Definition of "reported" and "comparable" revenue

The Group's "reported" revenue corresponds to published revenue. The Group
also uses "comparable" data to measure organic growth. "Comparable" revenue is
2011 revenue restated for the impact of changes in Group structure in 2011 or
2012, and for translation differences relating to foreign subsidiaries'
revenue in 2011.

Definition of recurring operating income

The Group's total operating income includes all revenues and expenses directly
related to Group activities, whether these revenues and expenses are recurring
or arise from non-recurring decisions or transactions.

Other "non-recurring operating income and expenses" consists of unusual items,
notably as concerns the nature or frequency, that could distort the assessment
of Group entities' economic performance, as defined by French national
accounting board (Commission des Normes Comptables - CNC) recommendation
No.2009.R.03.

Consequently, PPR monitors its operating performance using "Recurring
operating income", defined as the difference between total operating income
and other non-recurring operating income and expenses (see Notes8 and9 to
the consolidated financial statements).

Recurring operating income is an intermediate line item intended to facilitate
the understanding of the entity's operating performance and which can be used
as a way to estimate recurring performance. This indicator is presented in a
manner that is consistent and stable over the long-term in order to ensure the
continuity and relevance of financial information.

Definition of EBITDA

The Group uses EBITDA to monitor its operating performance. This financial
indicator corresponds to recurring operating income plus net charges to
depreciation, amortisation and provisions on non-current operating assets
recognised in recurring operating income.

Definition of free cash flow from operations and available cash flow

The Group also uses an intermediate line item, "Free cash flow from
operations", to monitor its financial performance. This financial indicator
measures net operating cash flow less net operating investments (defined as
purchases and sales of property, plant and equipment and intangible assets).

"Available cash flow" corresponds to free cash flow from operations plus
interest and dividends received less interest paid and equivalent.

Definition of net debt

As defined by CNC recommendation No.2009-R.03 of July2, 2009, net debt
comprises gross borrowings, including accrued interest, less net cash.

Net debt includes fair value hedging instruments recorded in the statement of
financial position relating to bank borrowings and bonds whose interest rate
risk is fully or partly hedged as part of a fair value relationship (see
Note31 to the consolidated financial statements).

The financing of customer loans by consolidated consumer credit businesses is
presented in borrowings. However, Group net debt excludes the financing of
customer loans by consumer credit businesses.

PRESENTATION

A live videocast (Real and Windows Media Player formats) of the presentation
of the 2012 Annual Results as well as the presentation slides and 2012
financial report (PDF) will be available at 8:30am Paris time on www.ppr.com.
A replay will be available later in the day.

You will also be able to listen to the conference live or in replay by
dialling:

           French                      English
                                     
     Live conference:            Live conference:
    +33 (0)1 70 77 09 32         +44 (0)20 3367 9453

  Replay dial-in details:      Replay dial-in details:
    +33 (0)1 72 00 15 01         +44 (0) 20 3367 9460

Replay passcode: 279945# Replay passcode: 279946#

              The replay will be available until March 17, 2013.

The 2012 financial report is available on www.ppr.com.

About PPR

PPR empowers an ensemble of powerful, complementary Luxury and Sport &
Lifestyle brands, specialising in apparel and accessories, to reach their
potential. Present in more than 120 countries, the Group generated revenues of
€9.7 billion in 2012 and had over 33,000 employees at year end. The PPR share
is listed on Euronext Paris (FR 0000121485, PRTP.PA, PPFP).


Find out more on Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen,
Balenciaga, Brioni, Christopher Kane, Stella McCartney, Sergio Rossi,
Boucheron, Girard-Perregaux, JeanRichard, Qeelin, Puma, Volcom, Cobra,
Electric and Tretorn at www.ppr.com.

Contacts

Press:             Paul Michon   +33                                    pmichon@ppr.com
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Analysts/investors: Alexandre de  +33                                 adebrettes@ppr.com
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Website:            www.ppr.com
                                   

       

  Contents                                         page
  Consolidated income statement                      10
  Consolidated statement of financial position       11
  Consolidated statement of cash flows               12
  Breakdown of recurring operating income            13
  Breakdown of revenue                               14
                                                      

                    PPR CONSOLIDATED FINANCIAL STATEMENTS

                     FOR THE YEAR ENDED DECEMBER31,2012

Consolidated income statement                                       
                                                                  
(in € millions)                                                 2012      2011
         CONTINUING OPERATIONS
         Revenue                                            9,736.3   8,062.3
         Cost of sales                                    (3,776.2) (3,086.5)
         Gross margin                                       5,960.1   4,975.8
         Payroll expenses                                 (1,493.6) (1,229.1)
         Other recurring operating income and expenses    (2,675.0) (2,245.3)
         Recurring operating income                         1,791.5   1,501.4
         Other non-recurring operating income                (25.2)    (23.5)
          andexpenses
         Operating income                                   1,766.3   1,477.9
         Finance costs, net                                 (147.7)   (201.8)
         Income before tax                                  1,618.6   1,276.1
         Corporate income tax                               (297.6)   (295.2)
         Share in earnings of associates                       36.9      46.6
         Net income from continuing operations              1,357.9   1,027.5
         o/w attributable to owners of the parent           1,323.7     968.4
         o/w attributable to non-controlling interests         34.2      59.1
         
         DISCONTINUED OPERATIONS
         Net income (loss) from discontinued operations    (275.5)      18.0
         o/w attributable to owners of the parent           (275.5)      17.9
         o/w attributable to non-controlling interests                    0.1
         
Net income of consolidated companies                         1,082.4   1,045.5
         Net income attributable to owners of the parent    1,048.2     986.3
         Net income attributable to non-controlling            34.2      59.2
          interests
         
Net income attributable to owners of the parent              1,048.2     986.3
         Earnings per share (in €)                             8.32      7.82
          Fully diluted earnings per share (in €)               8.31      7.81
Net income from continuing operations attributable to        1,323.7     968.4
owners of the parent
         Earnings per share (in €)                            10.51      7.68
          Fully diluted earnings per share (in €)              10.50      7.67
Net income from continuing operations (excluding             1,268.8     989.7
non-recurring items) attributabletoowners of the parent
         Earnings per share (in €)                            10.07      7.85
          Fully diluted earnings per share (in €)              10.06      7.84

Consolidated statement of financial position                    
                                                              
 ASSETS                                                        
 (in € millions)                                  déc. 31, 2012 déc. 31, 2011
 Goodwill                                               3,871.0       4,214.9
 Brands and other intangible assets                    10,489.9      10,331.1
 Property, plant and equipment                          1,376.3       1,372.0
 Investments in associates                                 25.8         735.8
 Non-current financial assets                             273.7         279.5
 Deferred tax assets                                      600.2         562.4
 Other non-current assets                                  28.9          12.2
 Non-current assets                                    16,665.8      17,507.9
 Inventories                                            1,736.5       2,202.5
 Trade receivables                                        985.3       1,087.4
 Current tax receivables                                   75.7          95.2
 Other current financial assets                            87.0          45.3
 Other current assets                                     494.7         575.5
 Cash and cash equivalents                              2,081.0       1,270.7
 Current assets                                         5,460.2       5,276.6
 Assets classified as held for sale or for              3,130.5       2,169.3
  distribution to owners
 Total assets                                          25,256.5      24,953.8
                                                              
                                                              
 EQUITY AND LIABILITIES                                        
 (in € millions)                                  déc. 31, 2012 déc. 31, 2011
 Share capital                                            504.5         508.0
 Capital reserves                                       2,416.1       2,511.3
 Treasury shares                                          (3.3)       (114.6)
 Translation adjustments                                 (24.2)        (11.0)
 Remeasurement of financial instruments                    41.4        (60.2)
 Other reserves                                         8,479.3       8,091.5
 Equity attributable to owners of the parent           11,413.8      10,925.0
 Non-controlling interests                                704.9         824.5
 Total equity                                          12,118.7      11,749.5
 Non-current borrowings                                 2,988.9       3,066.2
 Provisions for pensions and other                         98.2         119.2
  post-employment benefits
 Other provisions                                          92.3         100.5
 Deferred tax liabilities                               2,772.3       2,846.9
 Non-current liabilities                                5,951.7       6,132.8
 Current borrowings                                     1,595.1       1,611.4
 Other current financial liabilities                      207.9         130.8
 Trade payables                                           684.5       1,535.6
 Provisions for pensions and other                          6.6           7.9
  post-employment benefits
 Other provisions                                         167.7         136.1
 Current tax liabilities                                  318.4         338.4
 Other current liabilities                              1,400.4       1,712.1
 Current liabilities                                    4,380.6       5,472.3
 Liabilities associated with assets classified as       2,805.5       1,599.2
  held for sale or for distribution to owners
 Total equity and liabilities                          25,256.5      24,953.8

Consolidated statement of financial position                        
                                                                   
(in € millions)                                                 2012      2011
Net income from continuing operations                        1,357.9   1,027.5
Net recurring charges to depreciation, amortisation and        275.1     238.0
provisions onnon-current operating assets
Other non-cash income and expenses                           (156.4)   (146.9)
Cash flow from operating activities                          1,476.6   1,118.6
Interest paid/received                                         163.2     207.1
Dividends received                                             (0.1)     (0.1)
Net income tax payable                                         361.0     369.8
Cash flow from operating activities before tax, dividends    2,000.7   1,695.4
and interest
Change in working capital requirement                        (272.5)   (180.5)
Corporate income tax paid                                    (362.2)   (335.6)
Net cash from operating activities                           1,366.0   1,179.3
Purchases of property, plant and equipment and intangible    (441.9)   (252.3)
assets
Proceeds from disposals of property, plant and equipment and     6.1       3.9
intangible assets
Purchases of subsidiaries, net of cash acquired              (219.3)   (435.7)
Proceeds from disposals of subsidiaries and associates, net    916.5   1,171.0
of cash transferred
Purchases of other financial assets                           (92.5)    (35.4)
Proceeds from sales of other financial assets                   21.2     (4.2)
Interest and dividends received                                 68.9      11.0
Net cash from investing activities                             259.0     458.3
Increase/decrease in share capital and other transactions    (204.9)   (324.9)
with owners
Treasury share transactions                                   (14.9)   (119.5)
Dividends paid to owners of the parent company               (440.7)   (441.0)
Dividends paid to non-controlling interests                   (32.6)    (12.8)
Bond issues                                                    676.5     159.0
Bond redemptions                                             (138.7) (1,236.2)
Increase/decrease in other borrowings                        (565.9)     448.2
Interest paid and equivalent                                 (231.1)   (204.1)
Net cash used in financing activities                        (952.3) (1,731.3)
Net cash from discontinued operations                           97.1      87.4
Impact of exchange rate variations                               3.0    (16.3)
Net increase (decrease) in cash and cash equivalents           772.8    (22.6)
Cash and cash equivalents at beginning of year               1,202.3   1,224.9
Cash and cash equivalents at end of year                     1,975.1   1,202.3

Breakdown of recurring operating income

(in € millions)                   2012    2011 Variation
                                             
Luxury Division                1,611.6 1,262.6  + 27.6 %
Gucci                          1,126.4   947.7  + 18.9 %
Bottega Veneta                   300.1   204.6  + 46.7 %
Yves Saint Laurent                65.0    40.9  + 58.9 %
Other brands                     120.1    69.4  + 73.1 %
                                             
Sport & Lifestyle                304.8   346.7  - 12.1 %
Puma                             290.0   333.2  - 13.0 %
Other Sport & Lifestyle brands    14.8    13.5   + 9.6 %
                                            
Corporate                      (124.9) (107.9) 
                                             
Recurring operating income     1,791.5 1,501.4  + 19.3 %

                             Breakdown of revenue

                                                                       
                                              As of
                     As of December 31,  December 31, Reported Comparable
  (en € millions)          2012 ^(1)        2011 ^(1)    change  change ^(2)
                                                                           
Luxury Division                   6,212.3      4,917.0   +26.3%      +15.1%
Gucci                             3,638.8      3,143.2   +15.8%       +9.1%
Bottega Veneta                      945.1        682.6   +38.5%      +30.4%
Yves Saint Laurent                  472.8        353.7   +33.7%      +28.8%
Other brands                      1,155.6        737.5   +56.7%      +19.0%
Sport & Lifestyle                 3,531.9      3,155.7   +11.9%       +3.3%
Division
Puma                              3,270.7      3,009.0    +8.7%       +3.9%
Other brands                        261.2       146.7  +78.1%       -3.4%
Eliminations                         -7.9        -10.4                    
PPR - Continuing                  9,736.3      8,062.3   +20.8%      +10.6%
activities

^(1) Figures have been restated of Redcats and Fnac (IFRS 5).
^(2) Comparable scope and exchange rates; changes in scope of consolidation
chiefly due to integration of Brioni, Sowind and Volcom.

                                                                       
                            Q4 2012   Q4 2011    Reported   Comparable
    (en € millions)           ^(1)       ^(1)      change    change ^(2)
                                                                        
Luxury Division              1,694.9    1,398.4     +21.2%        +13.9%
Gucci                          996.4      886.5     +12.4%         +8.2%
Bottega Veneta                 274.0      199.8     +37.1%        +32.7%
Yves Saint Laurent             119.3      103.3     +15.5%        +12.5%
Other brands                   305.2      208.8     +46.2%        +19.9%
Sport & Lifestyle              868.2      785.1     +10.6%         +7.6%
Division
Puma                           804.7      720.5     +11.7%         +8.7%
Other brands                    63.5      64.6     -1.7%         -4.8%
Eliminations                    -0.9       -2.0                         
PPR - Continuing             2,562.2    2,181.5     +17.5%        +11.7%
activities
^(1) Figures have been restated of Redcats and Fnac (IFRS 5).
^(2) Comparable scope and exchange rates; changes in scope of consolidation
chiefly due to integration of Brioni, Sowind and Volcom.

                                                                     
                         Second-half  Second-half  Reported   Comparable
   (in € millions)         2012 ^(1)    2011 ^(1)    change   change ^(2)
                                                                      
Luxury Division               3,287.8      2,680.0    +22.7%       +12.9%
Gucci                         1,911.0      1,674.7    +14.1%        +7.6%
Bottega Veneta                  515.6        384.9    +34.0%       +26.7%
Yves Saint Laurent              249.3        201.0    +24.0%       +19.5%
Other brands                    611.9        419.4    +45.9%       +17.7%
Sport & Lifestyle             1,837.9      1,708.8     +7.6%        +2.7%
Division
Puma                          1,696.9      1,562.1     +8.6%        +3.9%
Other brands                    141.0       146.7     -3.9%        -9.6%
Eliminations                     -3.1         -5.1                        
PPR - Continuing              5,122.6      4,383.7    +16.9%        +9.1%
activities
^(1) Figures have been restated of Redcats and Fnac (IFRS 5).              
^(2) Comparable scope and exchange rates; changes in scope of consolidation
chiefly due to integration of Brioni, Sowind and Volcom.
             
                                                                   

                                                                     
                            First-half   First-half  Reported Comparable
   (in € millions)           2012 ^(1)    2011 ^(1)    change  change ^(2)
                                                                      
Luxury Division                 2,924.5      2,237.0   +30.7%      +17.6%
Gucci                           1,727.8      1,468.5   +17.7%      +10.8%
Bottega Veneta                    429.5        297.7   +44.3%      +35.1%
Yves Saint Laurent                223.5        152.7   +46.4%      +41.1%
Other brands                      543.7        318.1   +70.9%      +20.7%
Sport & Lifestyle               1,694.0      1,446.9   +17.1%       +4.0%
Division
Puma                            1,573.8      1,446.9    +8.8%       +3.9%
Other brands                     120.2                         +4.9%
Eliminations                       -4.8         -5.3                      
PPR - Continuing                4,613.7      3,678.6   +25.4%      +12.2%
activities
^(1) Figures have been restated of Redcats and Fnac (IFRS 5).              
^(2) Comparable scope and exchange rates; changes in scope of consolidation
chiefly due to integration of Brioni, Sowind and Volcom.
                                                            
                                                              

PR PPR 2012 FY results

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Source: PPR via Thomson Reuters ONE
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