LA PERLA WORLD (ex MANDARINE HOLDING) : Q1-2011 Sales information

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1. Q1 2011 TURNOVER

The turnover for the first quarter of 2011 is 1 k¤ versus a turnover of 890 k¤ for the first quarter of 2010.

The decrease in turnover between 2010 and 2011 is due to the sale of the Sublim Eiffel Hôtel, which had contributed to the Q1 2010 sales with 234 K¤ and by the lack of progress in the construction of real-estate projects so far in 2011. The real-estate area's revenue is 1 K¤ in Q1 2011 (versus 656 K¤ in Q1 2010).

The real-estate activity in Morocco consists of three property projects, of which two are currently under construction: « Le Domaine Azrak » and « Bab Asfi ». The project work of « Les Collines de Tamesna » was proceeding behind schedule, awaiting the closing of the financing. The company has therefore decided to sell its subsidiary White'M, bearer of the Tamesna project (cf. § 2.1).

Bab Asfi

For the Bab Asfi program in Tamansourt, the stage of completion of the first phase is 50% at on 31 March 2011, for a total of 13 units sold (the same level as at 31 December 2010). The company is currently exploring the possibility to change the positioning of the project towards a more « economical » segment, where demand is stronger in Morocco, as well as to involve new investors in the project.

Domaine Azrak

The 84 villas forming the first phase of Azrak have been finished and the villas from the second phase are 50% completed at 31 March 2011 (same state as 31 December 2011). The company has not recorded any new sale during Q1, in total 45 villas out of 84 have been sold for the first tranche.

On 27 January 2011, the company Vacances Bleues Maroc Patrimoine (VBMP), subsidiary of La Perla World Maroc has signed an amendment to the Memorandum of Understanding with Attijariwafa Bank providing a bridge loan of 9 million Dirham against the rescheduling of current debt repayment. The bridge loan was granted to finance the split of the mother property title and was made available on 25 February 2011 within a secured process where a notary's would centralise the financial flows and releases.

As of today, the company has collected nearly all releases from seizures on the property title and VBMP believes that the property title could be split by the end of the month of May. In the meantime, actions have focused on selling the remaining villas of the first tranche, the company has already a number of serious prospects, who are awaiting the actual split of the property title. 

2. OPERATIONS ET EVENEMENTS IMPORTANTS

2.1 Sale of "les Collines de Tamesna"

In order to keep the focus on the two projects already under construction, the company has signed on 23 November 2010, a preliminary sale and purchase agreement for the shares of its subsidiary White'M (bearing the Tamesna project), for a price of 2 million Dirhams (equivalent to 178 k¤). The company is currently carrying out the administrative formalities with Al Omrane, the public office initial owner of the land. The company expects that the signature of the final sale and purchase agreement will take place within Q2 2011.

2.2 2009 annual report and general shareholders' meeting of 31 January 2011

The general shareholders' meeting held on 31 January 2011 in Paris had been suspended till 21 March 2011 (See release from 28 February 2011). Due to the absence of a large number of shareholders at the 21 March meeting, the quorum of 25% required by the bylaws of the company was not met. The shareholders' meeting was therefore suspended again. The meeting will continue on 26 May 2011 and the remaining resolutions on the agenda will be submitted for shareholders deliberation and vote

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For more information :
Mr Jean-Christian Bal : Deputy General Director - Mrs Aurélie Gebhardt : Financial Director
finance@laperlaworld.com  -  Tel : +33 (0)4 88 78 22 78
Head office : 350, avenue JRGG de la Lauzière - 31 parc du Golf - CS 90519
13593 Aix-en-Provence Cedex 3 - France - Website : www.laperlaworld.com

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