TIDMTRSP 
 
24 April 2015 
 
                              Tricolor Sport plc 
 
                      Trading statement & future outlook 
 
Tricolor Sport plc the distributor of high end and niche ski wear today issues 
a trading statement for the year ending 31st March 2015. The full-year results 
are scheduled to be announced by the end of July 2015. 
 
Overall 
 
The last year has been a very difficult one for Tricolor Sport plc ("Tricolor") 
and the year to 31 March 2015 will show a loss in excess of EUR2m. Our problems 
largely relate to the non-delivery of stock for the 2014/15 ski season which is 
nearly at an end and the resultant loss of turnover. 
 
We have financed the business with a mixture of equity funds and short term 
loans and we continue to re-negotiate with our creditors in order to find the 
right solution for all concerned. 
 
The underlying issue relates to our association with Brands and More in Italy, 
its failure during 2014 and more recently the failure of its sole manufacturer 
Sonoma in Romania. 
 
In January 2014 we signed a distribution agreement for Vuarnet skiwear with 
Brands and More ("B&M") in Italy (the head licence holder for Vuarnet in 
Europe) at a cost of EUR150,000. Undisclosed to Tricolor B&M were already 
experiencing financial difficulties at the time and, indeed, in May 2014 B&M 
filed for bankruptcy protection by the Court of Bergamo. 
 
Tricolor had already secured orders for EUR2.5m skiwear both professional and 
retail in France and as a result had paid deposits to B&M on behalf of the 
professionals of approximately EUR210,000 and we also spent EUR250,000 on fabric 
for retailers. 
 
Both B&M and Sonoma have been obstructive in the whole process and we are still 
considering our options with regard to legal action however are mindful of the 
ability to recover any money from these businesses should that action be won. 
 
To date we have invested a total of EUR1,361,000 and have guaranteed a total of 
EUR2,714,000 through letters of credit. This has put the business under severe 
cash flow pressure which we continue to manage on a day to day basis. 
 
We now plan to strengthen the board with further appointments suited to not 
only the skiwear business but also to tighten up management controls of 
process. This is important to allow the existing management to concentrate on 
sales and the existing client base. We are in discussions with several parties 
and we will make further announcements in due course. 
 
Looking to the future, the Vuarnet brand still remains in strong demand despite 
the fact that deliveries over the last few years have been sporadic and this 
year non-existent. Our problems have not been around customer demand, but 
around supplying that demand. 
 
Whilst we have several obstacles to overcome over the next few months - 
including negotiations with creditors - we would highlight some of the positive 
aspects of our business: 
 
  * In January this year we concluded a sale of Vuarnet skiwear with Vente 
    Privee and we have another sale scheduled for April with down jackets which 
    has now been delivered and the remaining stock from January will be sold 
    later in the year. 
 
  * Neo Investment Partners (the new owner of the Vuarnet brand) has indicated 
    that it will discuss a new distribution and manufacturing licence with 
    Tricolor. 
 
  * Meribel ESF have signed an order and paid a deposit for product delivery 
    for the end of 2015 for approximately 400 instructors. 
 
  * The clothing for all the ski schools that should have been made by Sonoma 
    is now being manufactured by a new manufacturer in Bulgaria and we expect 
    this to be delivered before the end of July. 
 
  * We have developed a new Vuarnet collection with our own in-house designers 
    the samples for which should have been available this season. The samples, 
    once ready, will be deployed for the 2016/17 season. 
 
  * Tricolor/Vuarnet were represented at both ISPO in Munich and Sport Achat in 
    Lyon this year 
 
  * There is pressure on cash flow however the directors should be able to more 
    clearly define the future strategy of the business over the next few 
    months. 
 
  * Neo Investment Partners is prepared in principle for Tricolor to continue 
    manufacturing Vuarnet ski wear on an ad hoc basis with a different 
    manufacturer until such time as a new licence is settled. 
 
Summary 
 
Against an extremely difficult backdrop the board has worked tirelessly to 
maintain Tricolor's position and the fact that all of the ski schools wish to 
continue with their orders, and the vast majority of the retailers also want to 
continue with their orders, continues to give tremendous encouragement and is 
an endorsement of the strength of the Vuarnet brand. With a change of 
manufacturer we should be able to move forward. 
 
Tricolor Sport plc 
 
Tricolor Sport plc, founded by a team of successful ski professionals, 
distributes high end and niche ski wear in Europe. The Company distributes the 
iconic brand Vuarnet and operates mainly in Europe. 
 
 
Tricolor Sport plc is listed on the GXG Official List (Primary listing), a 
Regulated Market operated under the European Markets in Financial Instruments 
Directive (MiFID), the Open Market of the Frankfurt Stock Exchange and XETRA, 
and is directly regulated by Finanstilsynet, the Danish Financial Supervisory 
Authority. GXG: TRSP. Frankfurt 2T5 and with WKN A1XBUV. 
 
Contact 
 
Tricolor Sport plc 
Pascal Blanc - Director- pascalblanc@tricolorsport.fr 
Tel - +44 (0) 20 8705 2000 
 
Keswick Global, Corporate Adviser 
Tim Curle - info@keswickglobal.com 
Tel - +43 (1) 740 408 045 
 
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THIS STATEMENT 
 
 
 
END