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Shareholder Newsletter: February 2002 Issue

Financial figures
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This letter is intended to provide Mandriva Shareholders with the latest news of the company.

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1st quarter financial results 2001/2002 (october - december 2001)

Significant changes in the product mix
Significant decrease in operating losses


October - December (M Euros) Q1 00/01 Q2 00/01 Q3 00/01 Q4 00/01 Q1 01/02
Turnover 1,3 0,4 1,2 0,7 1,4
Operating Income -2,6 -4,7 -3,1 -3,0 -1,9
Net results -2,4 -5,1 -3,0 -3,0 -1,7

(*)Figures not audited

For the first 3 months of the year 2001-2002, turnover reached 1,4 M Euros, an amount similar to that of the same period a year ago. The first and the third quarters traditionally show a higher turnover due to the new release of Mandriva Linux products.

The product mix for the first quarter of 2001/2002 has changed according to the new strategic vision of the group:

Retail Sales through distributors and wholesalers have decreased, partly owing to the economic slowdown and the late launch of the new release (version 8.1) in October compared to the same event (version 7.2) a year ago. Retail sales represent 68% of turnover compared to 73% in 2001. Distribution by the American distributor Macmillan represents 46% of turnover in this first quarter compared to 70% two years ago.

Online Sales via the Mandriva Store site have increased substantially, representing 26% of total turnover in the first quarter 2001/2002. Online Sales represented to 9% of total turnover in the past fiscal year (five months of activity). Online sales are more profitable than retail sales in terms of gross margin.

OEM Sales represent 3% of turnover, excluding recent sales to Hewlett Packard that will be booked next quarter.

Services and e-Services contribute 3% to the annual turnover, which in fact under-estimates the successful launch of Mandriva Club in late November. Indeed, this event generated 50 K Euros worth of yearly subscriptions in only one month for a prorated turnover of 2 K Euros

Operating losses are consistently decreasing owing to the Group's restructuring programme and the new product mix. Operating losses decreased to -1,9 M compared to -2,5 M for the same quarter of last year, and compared to -4,7 M during the highest point of the company's investment activity.

  • Accelerated growth in the 2nd Quarter 2001/2002
  • Growth should rapidly increase in the second quarter owing to the new products and services launched by the group over the last few months (OEM, Mandriva Store, support services, Mandriva ClubServices support).

    Mandriva is confident that it will reach its break even point by the last quarter of 2001/2002. This goal will be achieved through growth in turnover, increased gross margins through the new product mix and the economies of scope generated by the recent restructuring programme.

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