cracou2

attention, tu me tentes...

pas vraiment. Je peux tolérer pas mal de choses en me disant "après tout ils font travailler en Europe, avec un belle usine etc etc", mais si je pense que ce sont des petits chinois qui font mes figs, je vais vraiment, mais alors vraiment pas aimer du tout. Les LA y sont pas déjà imprimés? (à vérifier)

au fait, GW avance certains lancement (pour compenser la chute des ventes) De plus (remarque perso), en y pensant: la quantité de figurines d'occasion devient vraiment significative. En effet, elles sont substituables aux figurines contemporaines, et entrent directement en compétition avec elles. De là à ce que les "vraiment anciennes" soient exclues de certains événements/compétitions, il reste néanmoins un pas gigantesque qu'il ne faudrait pas franchir.

en lisant entre les lignes, onvoit bien que le chiffre d'affaire a prix une grosse claque (-20%). l'asie pacifique et surtout les USA sont en déficit assez monstrueux c'est leurope continentale qui reprpése 75% des profits l'investissement en Design and development costs a diminué de 50% les coûts "centraux" ont diminué de 20% (des charettes?) globalement l'entrepsie a fait des PERTES, pour la première fois seule la vente de licences (royalties) permet d'afficher un profit positif. ... mais que les dividendes payés aux actionnaires resent les mêmes

pour info, les résultats. - GW fait un briefing pour les analystes lundi prochain - l'action s'est re cassée la gueule ---------------------- Trading Statement & Interims RNS Number:5445W Games Workshop Group PLC 06 January 2006 TRADING STATEMENT AND INTERIM RESULTS Games Workshop Group PLC ("Games Workshop" or the "Group") announces its interim results for the six months to 27 November 2005. Key points: * Revenue #57.1m (2004: #71.0m); Lord of the Rings 'bubble' still deflating * Gross margin holding up at 69.1% (2004: 70.5%) * Overheads reduced to #39.0m (2004: #42.2m) * Operating profit #0.5m (2004: #7.9m) * Major supply chain investment completed and nine new Hobby stores opened * Maintained interim dividend of 4.95p Tom Kirby, Chairman and Chief Executive of Games Workshop, said: "Our sales for the five weeks to 1 January 2006 show a year on year decline of 17%. We can now see that our full year sales, and therefore profits, are likely to fall short of current market expectations. This is why we have brought forward the timing of our interim results announcement this year. "Whilst recognising that at present our levels of trading are below last year, the directors firmly believe that the prospects for the business remain very good." For further information, please contact: Games Workshop Group PLC Today only: 01756 770 376 Tom Kirby, Chairman and Chief Executive Thereafter: 0115 900 4000 Michael Sherwin, Finance Director Julia Woodall, PR Manager 0115 900 4006 Investor relations website http://investor.games-workshop.com General website http://www.games-workshop.com Rawlings Financial PR Limited Tel: 01756 770 376 John Rawlings Catriona Valentine FIRST HALF HIGHLIGHTS Six months to Six months to 27 November 28 November 2005 2004 Revenue #57.1m #71.0m Operating profit #0.5m #7.9m Profit before tax #0.1m #7.7m Basic earnings per share 0.2p 16.6p Interim dividend per share 4.95p 4.95p CHAIRMAN'S STATEMENT Results As first reported last year, our business continues to experience the downside of a trading cycle as the Lord of the Rings 'bubble' deflates. This has continued throughout 2005 to date, resulting in a 20% decline in sales in the first half against the previous year. The decline has been largely consistent across all of our markets and has been slightly more severe than originally expected. The position has been exacerbated by the continued reduction in our sales to independent toy and hobby retailers, notably in the US, where many smaller independent operators are ceasing to trade. We have sought to mitigate the impact of these difficult conditions by working closely with stronger outlets to nurse them through their current problems and by generating healthier performances from our own Hobby stores. Our emphasis has been to focus on the development of our own Hobby stores and on investing in recruitment and also in structured training at all levels of management and staff. We are strengthening all direct channels to market. Despite lower production volumes and the consequent reductions in the benefits of scale, gross margins at 69.1% are higher than our original expectations and only slightly short of the comparative first half in 2005 (70.5%). Greater operational efficiency from the capital investments at Memphis and Nottingham (all completed on time and on budget), and sourcing bought in components and print more cost effectively from both Europe and Asia, have further helped to mitigate the effects of lower volume. Additionally, overheads have been reduced from #42.2m last year to #39.0m this first half after absorbing the cost of making the reductions, whilst increasing our expenditure on customer facing activities including 17 new store openings since November 2004. Dividend A maintained interim dividend of 4.95 pence per share (2005: 4.95p) will be paid on 21 April 2006 to shareholders on the register at 17 March 2006. Prospects Our sales for the five weeks to 1 January 2006 show a year on year decline of 17%. We can now see that our full year sales, and therefore profits, are likely to fall short of current market expectations. This is why we have brought forward the timing of our interim results announcement this year. We now have a total of 336 Hobby stores. Although 2005/6 is proving to be a difficult trading year for the Group, we remain confident that we will re-establish our sales growth by continuing to open new stores and by ensuring that our in-store activity of introductory gaming, painting lessons and other structured Hobby events is well delivered. Games Workshop is a tightly run, well invested business. Our overheads continue to be reduced and, having come to the end of our factory investment programme, our investment efforts going forwards will be in new Hobby stores and in ensuring that our sales staff receive good training. We are moving from a period of investment in our supply infrastructure assets to a period of investment in the training of our people. Whilst recognising that at present our levels of trading are below last year, the directors firmly believe that the prospects for the business remain very good. International Financial Reporting Standards (IFRS) These financial statements have been prepared in accordance with IFRS, and the impact of the conversion of the accounts for previous periods (which were prepared under UK GAAP) is set out in summary in note 9 and in detail on our investor relations web site at http://investor.games-workshop.com in accordance with IFRS 1 (First-time Adoption of IFRS). T H F Kirby Chairman and Chief Executive 6 January 2006 TURNOVER BY GEOGRAPHICAL AREA OF SALES OPERATION IN LOCAL CURRENCY Six months to Six months to 27 November 28 November 2005 2004 Continental Europe Euro35.8m Euro45.4m United Kingdom #16.6m #21.0m The Americas US$21.6m US$27.1m Asia Pacific Aus$8.7m Aus$10.5m CONSOLIDATED INCOME STATEMENT Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 Notes #000 #000 #000 Revenue 2 57,090 70,972 136,647 Cost of sales (17,650) (20,918) (42,126) ---------- ---------- ---------- Gross profit 39,440 50,054 94,521 Net operating expenses (38,977) (42,180) (80,253) ---------- ---------- ---------- Operating profit 2 463 7,874 14,268 Finance income 69 71 153 Finance costs (413) (266) (538) ---------- ---------- ---------- Profit before taxation 119 7,679 13,883 Income tax expense 3 (54) (2,610) (4,889) ---------- ---------- ---------- Profit for the period 65 5,069 8,994 ========== ========== ========== Basic earnings per ordinary share 5 0.2p 16.6p 29.3p Diluted earnings per ordinary share 5 0.2p 16.3p 28.9p Proposed interim dividend per ordinary share 4 4.95p 4.95p CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 #000 #000 #000 Profit for the period 65 5,069 8,994 Net exchange adjustments offset in reserves 717 463 486 Cash flow hedges - fair value gains in the period 178 (306) 331 - transferred to net profit (315) (581) (615) Tax on items recognised directly in equity 40 275 85 ---------- ---------- ---------- Total recognised income for the period 685 4,920 9,281 ========== ========== ========== CONSOLIDATED BALANCE SHEET As at As at As at 27 November 28 November 29 May 2005 2004 2005 Notes #000 #000 #000 Non-current assets Goodwill 2,531 2,437 2,468 Other intangible assets 4,401 3,570 3,995 Property, plant and equipment 29,777 26,232 28,973 Other receivables 420 274 398 Deferred income tax assets 2,224 2,276 2,178 ---------- ---------- ---------- 39,353 34,789 38,012 ---------- ---------- ---------- Current assets Inventories 13,382 14,965 12,838 Trade and other receivables 13,614 16,762 10,350 Current tax assets 374 - - Derivative financial instruments 338 174 476 Cash and cash equivalents 6,253 8,811 8,622 ---------- ---------- ---------- 33,961 40,712 32,286 ---------- ---------- ---------- Total assets 73,314 75,501 70,298 ---------- ---------- ---------- Current liabilities Financial liabilities (4,108) (559) (252) Trade and other payables (16,687) (20,845) (18,021) Current income tax liabilities - (2,744) (1,698) Provisions (222) (133) (322) ---------- ---------- ---------- (21,017) (24,281) (20,293) ---------- --------- ---------- Net current assets 12,944 16,431 11,993 ---------- ---------- ---------- Non-current liabilities Financial liabilities (10,007) (9,172) (5,038) Other non-current liabilities (907) (360) (345) Provisions (903) (877) (881) ---------- ---------- ---------- (11,817) (10,409) (6,264) ---------- ---------- ---------- Net assets 40,480 40,811 43,741 ========== ========== ========== Capital and reserves Called up share capital 6 1,555 1,550 1,553 Share premium 6 6,728 6,272 6,542 Other reserves 6 1,437 374 819 Retained earnings 6 30,760 32,615 34,827 ---------- ---------- ---------- Total equity 40,480 40,811 43,741 ========== ========== ========== CONSOLIDATED CASH FLOW STATEMENT Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 Notes #000 #000 #000 Net cash from operating activities Cash generated from operations 7 1,961 5,161 21,149 UK corporation tax paid (1,137) (1,764) (4,141) Overseas tax paid (1,275) (1,120) (2,186) ---------- ---------- ---------- Net cash from operating activities (451) 2,277 14,822 ---------- ---------- ---------- Cash flows used in investing activities Purchases of property, plant and equipment (4,931) (5,254) (11,015) Proceeds on disposal of property, plant and equipment 19 3 49 Expenditure on product development (1,236) (1,100) (2,106) Purchases of other intangible assets (336) (590) (895) Interest received 72 70 151 ---------- ---------- ---------- Net cash used in investing activities (6,412) (6,871) (13,816) ---------- ---------- ---------- Cash flows from financing Proceeds from issue of ordinary share capital 164 587 727 Proceeds from borrowings 5,000 9,000 5,000 Repayment of principal under finance leases (72) (81) (165) Equity dividends paid (4,340) (4,295) (5,818) Interest paid (371) (212) (516) ---------- ---------- ---------- Net cash from financing activities 381 4,999 (772) ---------- ---------- ---------- Effects of foreign exchange rates 173 241 223 ---------- ---------- ---------- Net (decrease)/increase in cash and cash equivalents (6,309) 646 457 ========== ========== ========== Opening cash and cash equivalents 8,622 8,165 8,165 ---------- ---------- ---------- Closing cash and cash equivalents 2,313 8,811 8,622 ========== ========== ========== Analysis of net funds/(debt) As at As at 29 May Exchange 27 November 2005 Cash flow movement 2005 #000 #000 #000 #000 Cash at bank and in hand 8,622 (2,542) 173 6,253 Current borrowings - bank overdraft - (3,940) - (3,940) ---------- ---------- ---------- ---------- Cash and cash equivalents 8,622 (6,482) 173 2,313 Non-current borrowings (5,000) (5,000) - (10,000) Finance leases (181) 72 (1) (110) --------- --------- ---------- ---------- Net funds/(debt) 3,441 (11,410) 172 (7,797) ========= ========= ========== ========== NOTES TO THE INTERIM RESULTS 1. Interim results The interim results for the six months to 27 November 2005 and for the comparative six months to 28 November 2004 are unaudited and do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. With effect from 30 May 2005, the Company has moved to reporting its financial results in accordance with International Financial Reporting Standards ('IFRS') endorsed by the European Union. Reconciliations and descriptions of the effect of the transition from UK GAAP to IFRS on the Group's equity and its income statement are detailed in note 8. The financial information set out in the interim report has been prepared in accordance with the accounting policies under IFRS detailed on our investor relations website at http://investor.games-workshop.com. These policies are expected to be followed in the full financial statements for the year to 28 May 2006. Standards currently in issue and adopted by the EU are subject to interpretation issued from time to time by the International Financial Reporting Interpretations Committee ('IFRIC'). Further standards may be issued by the International Accounting Standards Board that may be adopted for financial years beginning 30 May 2005. Additionally, IFRS is currently being applied in the United Kingdom and in a large number of countries simultaneously for the first time. Furthermore, due to a number of new and revised standards included within the body of the standards that comprise IFRS there is not yet a significant body of established practice on which to draw in forming opinions regarding interpretation and application. Accordingly, practice is continuing to evolve. At this preliminary stage, therefore, the full financial effect of reporting under IFRS as it will be applied and reported on in the Company's first IFRS financial statements for the year to 28 May 2006, may be subject to change. Copies of the interim results will be sent to shareholders and are available to members of the public at the Company's registered office. 2. Geographical analysis Revenue by geographical area of sales operation Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 #000 #000 #000 Continental Europe 24,339 30,918 59,539 United Kingdom 16,634 21,006 40,166 The Americas 12,428 14,853 28,670 Asia Pacific 3,689 4,195 8,272 ---------- ---------- ---------- Revenue 57,090 70,972 136,647 ========== ========== ========== Operating profit by geographical area of sales operation Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 #000 #000 #000 Continental Europe 3,760 8,717 15,350 United Kingdom 1,812 4,257 7,252 The Americas (706) 53 317 Asia Pacific (260) 414 1,014 ---------- ---------- ---------- 4,606 13,441 23,933 Design and development costs - amortisation (974) (983) (1,809) Design and development costs - not capitalised (1,032) (1,656) (2,872) Central costs (2,641) (3,084) (5,358) ---------- ---------- ---------- Operating (loss)/profit before royalties (41) 7,718 13,894 Royalty income 504 156 374 ---------- ---------- ---------- Operating profit 463 7,874 14,268 ========== ========== ========== 3. Income tax expense Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 #000 #000 #000 UK corporation tax 27 1,967 3,633 Overseas tax 32 1,104 1,823 Origination and reversal of timing differences (5) (461) (567) ---------- ---------- ---------- 54 2,610 4,889 ========== ========== ========== 4. Dividends Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 #000 #000 #000 Paid in the period Interim ordinary dividend - - 1,523 Final ordinary dividend 4,340 4,295 4,295 ---------- ---------- ---------- 4,340 4,295 5,818 ========== ========== ========== An interim dividend was proposed in the period for the year ended 28 May 2006 of 4.95p (November 2004: 4.95p) resulting in a proposed dividend of #1,541,000 (November 2004: #1,523,000). The interim dividend was declared by the board on 5 January 2006 and as such has not been included as a liability as at 27 November 2005. 5. Earnings per ordinary share The calculation of basic earnings per ordinary share is based on the profit for the period and the weighted average number of ordinary shares in issue throughout the relevant period, excluding treasury shares. The calculation of diluted earnings per ordinary share has been based on the profit for the period and the weighted average number of shares in issue during the relevant period, excluding treasury shares, adjusted for the dilution effect of share options outstanding at the end of the period. Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 Weighted average number of shares: For basic earnings per ordinary share 30,789,543 30,620,058 30,691,357 Dilution effect of share options 207,844 467,107 384,946 ---------- ---------- ---------- For diluted earnings per ordinary share 30,997,387 31,087,165 31,076,303 ========== ========== ========== 6. Consolidated statement of changes in shareholders' equity Other reserves Retained earnings -------------------------------- -------------------- Called up Capital share Share redemption Translation Hedging Treasury Profit and Total capital premium reserve reserve reserve shares loss equity #000 #000 #000 #000 #000 #000 #000 #000 As at 30 May 2005 1,553 6,542 101 486 232 (1,132) 35,959 43,741 Exchange adjustments - - - 717 - - - 717 Profit for the period - - - - - - 65 65 Shares vested - - - - - 672 (672) - Dividends paid - - - - - - (4,340) (4,340) Share-based payment - - - - - - 230 230 Deferred tax - - - - - - 2 2 Current tax - - - - 38 - - 38 Cash flow hedges - fair value gains in the period - - - - 178 - - 178 - transferred to net profit - - - - (315) - - (315) Issue of ordinary share capital 2 186 - - - - (24) 164 ------- ------- ------- ------- ------- ------- ------- ------- As at 27 November 2005 1,555 6,728 101 1,203 133 (460) 31,220 40,480 ======= ======= ======= ======= ======= ======= ======= ======= Other reserves Retained earnings -------------------------------- -------------------- Called up Capital share Share redemption Translation Hedging Treasury Profit and Total capital premium reserve reserve reserve shares loss equity #000 #000 #000 #000 #000 #000 #000 #000 As at 31 May 2004 1,542 5,251 101 - 431 (1,011) 33,067 39,381 Exchange adjustments - - - 463 - - - 463 Profit for the period - - - - - - 5,069 5,069 Shares vested - - - - - - 215 215 Dividends paid - - - - - - (4,295) (4,295) Share-based payment - - - - - - 3 3 Deferred tax - - - - 266 - 9 275 Cash flow hedges - fair value gains in the period - - - - (306) - - (306) - transferred to net profit - - - - (581) - - (581) Issue of ordinary share capital 8 1,021 - - - - (442) 587 ------- ------- ------- ------- ------- ------- ------- ------- As at 28 November 2004 1,550 6,272 101 463 (190) (1,011) 33,626 40,811 ======= ======= ======= ======= ======= ======= ======= ======= Other reserves Retained earnings -------------------------------- -------------------- Called up Capital share Share redemption Translation Hedging Treasury Profit and Total capital premium reserve reserve reserve shares loss equity #000 #000 #000 #000 #000 #000 #000 #000 As at 31 May 2004 1,542 5,251 101 - 431 (1,011) 33,067 39,381 Exchange adjustments - - - 486 - - - 486 Profit for the period - - - - - - 8,994 8,994 Purchase of treasury shares - - - - - (150) - (150) Shares vested - - - - - 29 121 150 Dividends paid - - - - - - (5,818) (5,818) Share-based payment - - - - - - 170 170 Deferred tax - - - - 85 - - 85 Cash flow hedges - fair value gains in the period - - - - 331 - - 331 - transferred to net profit - - - - (615) - - (615) Issue of ordinary share capital 11 1,291 - - - - (575) 727 ------- ------- ------- ------- ------- ------- ------- ------- As at 29 May 2005 1,553 6,542 101 486 232 (1,132) 35,959 43,741 ======= ======= ======= ======= ======= ======= ======= ======= 7. Reconciliation of profit to net cash from operations Six months to Six months to Year to 27 November 28 November 29 May 2005 2004 2005 #000 #000 #000 Profit for the period 65 5,069 8,994 Income tax expense 54 2,610 4,889 Depreciation of property, plant and equipment 3,697 3,142 6,214 Loss on disposal of property, plant and equipment 11 33 59 Amortisation of capitalised development costs 974 983 1,809 Amortisation of other intangibles 272 332 695 Interest income (69) (71) (153) Interest expense 413 266 538 Other non-cash changes 189 327 465 Changes in working capital: Increase in inventories (143) (2,879) (644) (Increase)/decrease in trade and other receivables (3,137) (4,744) 1,498 (Decrease)/increase in payables (279) 248 (3,034) Decrease in provisions (86) (155) (181) ---------- ---------- ---------- Net cash from operating activities 1,961 5,161 21,149 ========== ========== ========== 8. IFRS reconciliations The following reconciliations provide a quantification of the effect of the transition to IFRS: Six months to Year to 28 November 29 May 2004 2005 #000 #000 Operating profit reported under UK GAAP 7,864 13,893 Capitalisation of development expenditure 116 294 Recognition of employee benefit liabilities (180) (95) Write back of goodwill amortisation 192 379 Share-based payment (3) (170) Derivatives not qualifying for hedge accounting/hedge ineffectiveness (97) (68) Other adjustments (18) 35 -------- --------- Operating profit reported under IFRS 7,874 14,268 ======== ========= As at As at As at 30 May 28 November 29 May 2004 2004 2005 #000 #000 #000 Net assets reported under UK GAAP 34,104 38,675 38,073 Capitalisation of development expenditure 1,721 1,838 2,014 Recognition of employee benefit liabilities (647) (833) (732) Write back of goodwill amortisation - 192 383 Derivatives not qualifying for hedge accounting/hedge ineffectiveness 112 15 44 Derivatives recognised and measured at fair value relating to future transactions 616 (272) 330 Deferred recognition of lease incentives/payments (236) (247) (218) Dividend recognition 4,290 1,523 4,357 Other adjustments (205) (217) (201) Tax effect of the above adjustments (374) 137 (309) -------- -------- -------- Net assets reported under IFRS 39,381 40,811 43,741 ======== ======== ========

pas mal... j'ai déjà fait mieux avec d'autre sujets, mais 7 pages , c'est pas mal la prochaine fois je vous relance sur "Gavin, pendu ou noyé?".

bof, j'ai déjà dit à un étudiant: à votre place, vous avez raté votre jet de stupidité.

bof, tout va bien. ma chère et tendre il ya 5 ans: c'est quoi ces trucs en plomb dans ton armoire? maintenant: tiens j'ai vu que gamezone fait une belle série de nains. au fait tu maîtrises quand la prochaine partie de Warhammer jdr, que je puisse sortir mes sorts? vécu: le matin au réveil, "ferme la lumière, j'me transforme en liche". (pas de nous, mais reprise because tronche en biais). vais me marier, au fait. (sais pas encore exactement quand)

t'es pas fou, je veux bien gagner ma vie, moi! Si je veux rentrer chez GW, ce sera parles finances, pas par le jeu sinon, je suis un vétéran, enfin je crois, enfin j'ai commencé en 1986, na (mais c'est pas pour ça que j'ai raison). pour ce qui est des mécanismes de jeu, il y a de bonne idées venant de demonworld, de retour des dieux, de dwarf wars, des jeux de chez vae victis... Est ce que ce serait parfait? non, mais ceal appoeterait probablement le renouvellement attendu par les vétérans. De plus, cela permetttrait à certaines armées de devenir jouables. De nos jours nous avons des armées avec toutes une spécificité -mobile -magiques -commandement - puissance au tir ou CaC... en ajoutant le commandement (capacité de donner des ordres, qu'ils soient suivis et que l'unité sache réagir aux mouvements adverses), on pourrait obtenir des résultats très intéressants. Par exemple une unité régulière (lanciers HE, piqueirs mercenaires ou LB nains) devrait avoir la possibilité de réagir à un mouvement sur ses arrières et avoir une bonne chance de réussir, par contre une unité warband un peu débile (trolls, snots, harde) devrait pouvoir tenter le mouvement mais avoir un fort risque d'échec "désorganisé" ce qui fait perdre les boni de rang...) Les idées sont légion, et devraient conduire à encore plus de spécificité des armées (cf warhammer ancient): des armées régulières à fort commandement et bonne réactions ou des hordes bordéliques? (ou romains manipulaires contre horde gauloise). Il y a aussi des idées à prendre du côté de chez DBM DBA.

ah, pardon, je n'avais pas précisé une chose: l'action a une valeur NOMINALE de 5 pence (c'est à dire sa valeur lors de l'émission), mais la valeur REELLE est déterminée au jour le jour sur le marché. Ton calcul est donc biaisé et à corriger. je fais rapide, je sors.

bien entendu, tu peux les acehter au London Stock Exchange, en pasant par un broker local ou par ton charlatan favori. Il y a eu des émissions d'action, et des rachats de titres, mais je n'ai pas vu passer d'annonce de destruction desdites actions, donc GW peut les revendre. Dernièrement, j'ai juste vu passer une demande d'exercice des stock options par deux cadres dirigeants, dont l'un des deux a pris la porte. On voit aussi que GW appartient avant tout à des fonds d'investissement donc voici quelques noms. Entre autre le système de retaite des mineurs anglais, des banques et des trusts. The Company received notification on 19 December 2005 from Phoenix Asset Management Partners Ltd ("Phoenix") that, following a transaction on 9 December 2005, Phoenix has an interest in 2,890,294 ordinary shares of 5p each in the Company, which represents approximately 9.3 per cent. of the Company's issued ordinary share capital. (i) 2,464,048 ordinary shares held in (a) unit trust(s) operated and managed by an affiliated company, Schroder Unit Trusts Limited ("SUTL"), and registered or to be registered in the name of Chase Nominees Limited, (ii) 240,000 Ordinary Shares registered in the name of Chase Manhattan Bank, (iii) 787,177 Ordinary Shares registered in the name of British Coal Staff Superannuation a/c: P, (iv) 822,232 Ordinary Shares registered in the name of Mineworkers' Pension Scheme a/c: R, and (vi) 200,000 Ordinary Shares registered in the name of Chase Nominees Limited. A subsidiary, Schroder Investment Management North America Ltd ("SIMNA Ltd"), is managing (a) portfolio(s) on a similar basis holding a further 300,000 Ordinary Shares. These Ordinary Shares are registered or are to be registered in the name of Chase Nominees Limited. SIML and their affiliated companies are therefore interested in 4,813,457 Ordinary Shares in aggregate, representing approximately 15.47 per cent. of the Company's issued share capital.

criminel.... tu n'as visiblement pas compris le système: le patron d'une boite doit des comptes aux actionnaires (et à personne d'autre). Si le cours de l'action se plante, si les dividendes chutent, alors il sera viré. Point barre. Indépendamment de tout effet de prix, l'écueil fondamental que doit éviter GW est la ringardisation. Qu’est ce que c’est ? Le refus de la part de jeunes générations de s’adonner aux même plaisirs que leurs prédécesseurs. Dans les produits à durée de vie limitée (cartes, yugihoo…), il faut compter de 18 mois à deux ans avant rotation. Dans les marques classiques, la durée de vie est grosso modo d’une génération (10 ans). Regardez les gadins de Chevignon et Naf-Naf. (pour ne parler que de marques encore connues). Maintenant, nous avons un produit et une gamme qui est entre Charybde et Scylla : les figurines sont globalement à la mode, l’univers est fortement reconnu, mais le positionnement de marches alternatives comme « gentil challenger » fait mal. De plus, la marque approche des 30 ans (moins en France), et maintenant les enfants des premiers joueurs arrivent sur le marché… A part quelques exemples, la reproductibilité de leurs choix me semble compromise (vous connaissez beaucoup d’ados [pas 13 15 ans, mais 17-20 ans] qui aiment faire comme leur estimé papa). Les jeux de GW sont testés, léchés, très professionnels, mais le moteur général commence à dater et à prendre de la bouteille devant les innovations de marques moins connues. Depuis toujours, je suis partisan du développement de deux systèmes de règle: base, pour les débutants, avec un système équivalent à celui de nos jours, et un système expert avec des règles plus avancées (commandement, système d'ordres permettant de comprendre les effets de la cohésion, retour de l'overwatch, contre charges, semi simultanéité de l'action....) qui conduirait les vétérans à rester proche du produit .

/agree sur tout avec Alias, comme on en déjà discuté dans le passé....

non, en bon économiste, si je gagne bien en faisant de de la merde, les gens auront de la merde. Faut pas aller contre leur choix (qui a parlé de TF1).

d'un point de vue économique, je ne vois pas pourquoi investir dans des produits qui se sont toujours très mal vendus

aucun rapport, ils ont sorti un profit warning juste à cette date, et la bourse a pété une durite.

ben en fait.... tu as grandi Si ça se trouve c'était pareil avant, mais en vieilissant tu t'en rends compte maintenant.

personnellement, au risque de radoter, j'en reviens toujours au coût à l'entrée: pour commencer à jouer, il faut un investissement de départ significatif. Or, - nous sommes dans le règne de l'immédiateté (si j'ose dire), du zapping. Prendre le temps n'est pas facile - les parents, même avec le discours habituel (et pas si faux que ça "mais en divisant à l'heure, c'est pas cher, les jeux ordi c'est pire, etc "), lâcher d'un coup pas mal d'euros passe mal. Pour éviter cet effet désastreux, on a vu arriver les clip packs (j'en ai vu chez Pickwik) ...à 10 euros (je crois). [soit le prix de 5 figs plomb en occasion] Mais il n'empêche que comme le fait remarquer alias, les éléments de base de la cvonstruction d'une armée ont attein un prix tel que même avec un revenu très confortable, il deveint hors de proportion... Disons que pour le prix d'un régiment, j'ai maintenant une consommation alternative très intéressante (30 euros de bouquins, et je peux lire quelques soirées, 30 euros de sorties, 30 euros d'investissement pou la maison...). Pour un jeune, le blocage vient du coût de mise à disponibilité: un blister à 30 francs, une boite à 99F, et on a la monnaie sur soi. Mais passé un certain prix... on les sort moins facilement et adieu l'achat d'impulsion (je les vois, je les veux, boum, je les prends). Aussi à court terme, la stratégie est logique, mais à moyen terme, que penser du renouvellement de la cohorte de joueurs. (là je parle pour GW monde en général).

ou plus exctement pour ne plus avoir besoin de se taper le refus de list et la compo: http://forum.warhammer-forum.com/index.php...=0entry726355 (je ne savais pas trop dans quel sous forum le coller)

j'avais qqes minutes pour lire le dernier rapport financier de GW. pour savoir de quoi on parle, son action: http://www.advfn.com/p.php?pid=qkquote&btn...reportbug_desc= Morceaux choisis: I read these results with a certain amount of frustration: they are not good. Meanwhile, they could have been much worse. (le grand chef) The Lord of the Rings product sales have declined faster than we anticipated Once the level of the decline became clear, we acted quickly to slow down our production and to reduce unnecessary costs throughout the business. Our UK business has seen a slowdown in sales throughout the year, but the last quarter was particularly tough. We have simplified the management structure to improve the effectiveness of decision making and implementation in the business, and to ensure that the balance between customer facing and back office roles remains healthy. (en gros on a eu mal, et il y a eu des charettes) The health of our independent retailer customer base in the USA has been a source of concern for some years now: we began this year with 958 active accounts and we have ended it with 798. The cost of core raw materials (metal and plastic), represents no more than 3% of our sales.

attention à l'usage du logo warhammer ou de son nom (marque déposée, C et R) sinon, à quand le gros chèque de GW? Sans nous ils seraient bien tout seuls sans pouvoir hurler

très joli! comment as tu fait la faucheuse? (pour la couleur or)?

ben moi.... bien que rolemaster manque un peu de précision ok, je sors.

Disons que nous avons une relation triangulaire: (purement hypothétique) GW ne sort plus de rpg... et donc se tape un peu de ce qui suit (Warpstone, Grimoire) Tadam, la licence est reprise. Quelques mois après, GW intervient pour faire cesser la publi d'un fanzine Réfléchissons un peu, qui était potentiellement gêné? Celui qui a justement les droits en Français et a donc payé les droits du rpg? euhh.... Graf Darwin, si t'es là sonne un coup? Pourtant je n'ai aucune info d'aucune sorte, mais je suis prêt à croire que pas mal de gens vont faire ce genre de raccourci.

résumé: - le grimoire en pdf ce serait bien et faisable - après c'est le choix de la maison mère: être coulant "on nous soutien" ou on serre la vis. le problème du RPG c'est que c'est un marché très spécifique où les jeux qui marchent ont forcément leur part de fanzines et autres produits non licenciés semi officiels.