|
Income Statement
|
in €000s |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Sales |
379.5 |
363.5 |
365.9 |
359.1 |
351.5 |
|
Ebitda |
46.6 |
36.8 |
35.4 |
32.0 |
30.0 |
|
Operating income |
37.8 |
28.5 |
24.1 |
21.0 |
21.9 |
|
Financial cost |
-1.0 |
-1.4 |
-1.5 |
-0.5 |
-0.2 |
|
Ordinary income before taxes |
36.8 |
27.1 |
22.6 |
20.5 |
21.8 |
|
Taxes |
-12.8 |
-9.4 |
-7.9 |
-7.6 |
-8.9 |
|
Net group profit share |
24.0 |
17.7 |
14.7 |
12.9 |
12.9 |
|
Cash flow |
35.2 |
28.9 |
27.9 |
24.6 |
21.2 |
|
Free cash flow |
19.5 |
5.7 |
19.4 |
16.1 |
17.6 |
Balance sheet
|
In €000s
|
2006
|
2007
|
2008
|
2009
|
2010 |
|
Balance sheet total
|
173.7
|
180.3
|
172.5
|
174.3
|
169.7 |
|
Shareholders equity
|
78.0
|
76.6
|
75.5
|
77.9
|
80.7 |
|
Gross indebtedness
|
18.7
|
34.8
|
25.0
|
28.1
|
19.8 |
|
Net indebtedness
|
16.0
|
29.0
|
24.4
|
17.8
|
12.3 |
|
Non current assets
|
151.3
|
151.4
|
150.9
|
146.5
|
144.8 |
|
Industrial investments
|
11.3
|
11.2
|
11.0
|
6.9
|
9.1 |
|
Variation in working capital requirements
|
-7.9
|
15.3
|
-7.4
|
11.6
|
-4.0 |
|
Working capital requirements
|
-46.0
|
-33.7
|
-37.7
|
-35.9
|
-37.1 |
|
Variation in WCR
|
4.5
|
12.3
|
-2.2
|
1.8
|
-1.2 |
|
Cash position
|
2.8
|
5.8
|
0.6
|
10.3
|
7.5 |
|
Change in cash position
|
12.4
|
3.0
|
-5.2
|
9.7
|
-2.8 |
Ratios
|
|
2006
|
2007
|
2008
|
2009
|
2010 |
|
Net earnings per share (in €)
|
2.38
|
1.76
|
1.48
|
1.31
|
1.30 |
|
Cash flow per share (in €)
|
3.48
|
2.87
|
2.81
|
2.48
|
2.15 |
|
Net assets per share (in €)
|
7.72
|
7.62
|
7.61
|
7.87
|
8.15 |
|
Coverage of financial expense (1) (x times)
|
23.1
|
15.8
|
12.9
|
26.3
|
53.5 |
|
Leverage ratio (2) (x times)
|
0.34
|
0.79
|
0.69
|
0.55
|
0.41 |
|
Gearing (3)
|
20 %
|
38 %
|
32 %
|
23 %
|
15% |
|
Operating margin (4)
|
10.0 %
|
7.8 %
|
6.6 %
|
5.8 %
|
6.2% |
|
Net margin (5)
|
6.3 %
|
4.9 %
|
4.0 %
|
3.6 %
|
3.7% |
|
Return on equity (6)
|
44.5 %
|
30.1 %
|
24.3 %
|
19.9 %
|
19.0% |
|
Return on assets (7)
|
21.8 %
|
15.8 %
|
14.0 %
|
12.0 %
|
12.9% |
|
Asset turnover (8)(x times)
|
2.2
|
2.0
|
2.1
|
2.1
|
2.1% |
|
Return on capital employed (9) (ROCE)
|
24.1 %
|
16.1 %
|
13.9 %
|
12.0 %
|
12.1% |
|
(1) Operating income/financial expenses
(2) Net bank debt/gross operating income
(3) Net debt/equity capital
(4) Operating income/sales
|
(5) Net income/sales
(6) Net income/equity capital (before result)
(7) Operating income/total assets
(8) Sales/total assets
(9) Operating income after tax/net fixed assets + WCR
|
Investments
|
in €000s
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010 |
|
Industrial (CAPEX)
|
19.9
|
28.9
|
11.3
|
11.3
|
11.0
|
7.0
|
9.1 |
|
Total
|
19.9
|
28.9
|
11.3
|
11.3
|
11.0
|
7.0
|
9.1 |
|
CAF / CAPEX
|
1.5
|
1.2
|
3.1
|
2.5
|
2.5
|
3.5
|
2.3 |
|
CAF / Total investments
|
1.5
|
1.2
|
3.1
|
2.5
|
2.5
|
3.6
|
2.3 |
The Group invests exclusively in France. Investments amounted to €9,058,000 in 2010 (€6,954,000 in 2009). This mainly represents renewal of vehicles over 5/6 years, acquisition of equipment to improve sales agencies and acquisition of IT equipment.
Group capital expenditure on logistics facilities over the past few years have primarily involved the Chalon sur Saône (Place du Marché) logistics hub in 2002, Argentan (Toupargel) in 2004 and Montauban (Toupargel) in 2005.
Routine capital expenditure amounted to €10 million and involved for the most part the renewal (vehicle fleet, IT) and upgrading (buildings, software) of existing plant, property and equipment. The Group has no major short or medium-term capex plans.
Average full-time equivalent staff
|
