Market leader in the sporting goods industry in France, Spain, and Italy, plus a growing position in China. Vertically integrated business model, which commands pricing and merchandising flexibility. Successful track record of positive like-for-like growth since 2005. Lower brand awareness and brand equity relative to premium brands such as Nike or Adidas. Exposure to discretionary demand on athletic apparel and footwear. Historically strong credit metrics with very low leverage. Track record of a very prudent financial policy. High amount of capital expenditures to finance international expansion, but within the limit of the operating cash flow. GDP growth in 2017 and 2018 of 1.4% and 1.5%, respectively, in France; 2.5% and 2.1% in Spain; 0.9% and 1.0% in Italy; and 6.4%
