SORGENIA GROUP
ESPRESSO GROUP
SOGEFI GROUP
KOS GROUP
STATEMENT OF FINANCIAL POSITION
|
(in thousands of euro) |
|||
|
ASSETS |
31.12.2010 |
31.12.2009 |
|
|
NON-CURRENT ASSETS |
|||
|
Intangible assets |
237.794 |
213.654 |
|
|
Tangible assets |
1.910.663 |
1.573.078 |
|
|
Investments in companies consolidated at equity |
290.867 |
247.308 |
|
|
Other equity investments |
968 |
1.091 |
|
|
Non-current financial assets |
24.705 |
19.444 |
|
|
Other non-current assets |
38.600 |
40.224 |
|
|
Deferred tax assets |
138.278 |
99.356 |
|
|
TOTAL NON-CURRENT ASSETS |
2.641.875 |
2.194.155 |
|
|
CURRENT ASSETS |
|||
|
Inventories |
29.359 |
48.226 |
|
|
Current trade assets |
666.823 |
612.332 |
|
|
Current financial assets |
10.899 |
9.470 |
|
|
Other current assets |
476.703 |
108.278 |
|
|
Cash and cash equivalents |
43.378 |
62.366 |
|
|
TOTAL CURRENT ASSETS |
1.227.162 |
840.671 |
|
|
TOTAL ASSETS |
3.869.037 |
3.034.826 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS' EQUITY |
|||
|
Share capital |
9.148 |
9.080 |
|
|
Total other reserves, Minority capital and reserve |
750.131 |
724.533 |
|
|
Retained earnings/losses of the group |
289.695 |
230.085 |
|
|
Dividend payment on account |
-- |
(10.029) |
|
|
Income/loss for period group, Income/loss for period minority interests |
58.799 |
80.149 |
|
|
TOTAL EQUITY |
1.107.773 |
1.033.818 |
|
|
of which: |
|||
|
EQUITY OF THE GROUP |
1.019.921 |
954.608 |
|
|
MINORITY SHAREHOLDERS' EQUITY |
87.853 |
79.210 |
|
|
NON-CURRENT LIABILITIES |
|||
|
Non-current bonds |
1.294 |
2.070 |
|
|
Non-current financial liabilities |
1.701.072 |
1.365.394 |
|
|
Non-current trade liabilities |
-- |
634 |
|
|
Other non-current liabilities |
3.419 |
36 |
|
|
Deferred taxes |
34.400 |
31.639 |
|
|
Personnel provisions |
1.951 |
1.986 |
|
|
Provisions for non-current risks and losses |
24.196 |
15.966 |
|
|
TOTAL NON-CURRENT LIABILITIES |
1.766.332 |
1.417.725 |
|
|
CURRENT LIABILITIES |
|||
|
Current financial liabilities |
97.963 |
50.664 |
|
|
Current bonds |
776 |
731 |
|
|
Current trade liabilities |
499.769 |
489.186 |
|
|
Other current liabilities |
386.229 |
31.571 |
|
|
Provisions for current risks and losses |
10.194 |
11.131 |
|
|
TOTAL CURRENT LIABILITIES |
994.931 |
583.283 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
3.869.037 |
3.034.826 |
SORGENIA GROUP
INCOME STATEMENT
|
(in thousands of euro) |
|||
|
|
2010 |
2009 |
|
|
TRADE REVENUES |
2.668.496 |
2.325.825 |
|
|
Inventories |
(4.822) |
(10.600) |
|
|
Costs for the purchase of goods |
(2.336.880) |
(2.036.436) |
|
|
Costs for services |
(143.338) |
(136.912) |
|
|
Personnel costs |
(38.814) |
(38.846) |
|
|
Other operating income |
51.116 |
90.015 |
|
|
Other operating costs |
(81.154) |
(114.691) |
|
|
Adjustments to the value of investments consolidated at equity |
36.490 |
39.462 |
|
|
Amortization, depreciation & writedown of intangible & tangible assets |
(82.808) |
(46.897) |
|
|
OPERATING income |
68.287 |
70.921 |
|
|
Financial income |
11.278 |
13.343 |
|
|
Financial expense |
(71.551) |
(51.311) |
|
|
Dividends |
16 |
22 |
|
|
Adjustments to the value of financial assets |
(514) |
14 |
|
|
INCOME/LOSS BEFORE TAXES FROM |
|||
|
OPERATING ACTIVITY |
7.515 |
32.988 |
|
|
Income taxes |
51.284 |
47.161 |
|
|
INCOME/LOSS AFTER TAXES FROM |
|||
|
OPERATING ACTIVITY |
58.799 |
80.149 |
|
|
Income (loss) from assets held for disposal |
-- |
-- |
|
|
NET INCOME (LOSS) FOR THE PERIOD |
58.799 |
80.149 |
|
|
of which: |
|||
|
- NET INCOME/LOSS OF THE GROUP |
50.362 |
66.850 |
|
|
- NET INCOME/LOSS OF MINORITY SHAREHOLDERS |
8.438 |
13.299 |
STATEMENT OF FINANCIAL POSITION
|
(in thousands of euro) |
|||
|
ASSETS |
31.12.2010 |
31.12.2009 |
|
|
Intangible assets with an indefinite useful life |
656.419 |
656.419 |
|
|
Other intangible assets |
2.230 |
3.119 |
|
|
Intangible assets |
658.649 |
659.538 |
|
|
Tangible assets |
181.730 |
203.617 |
|
|
Investments consolidated at equity |
28.602 |
28.334 |
|
|
Other equity investments |
2.530 |
2.486 |
|
|
Non-current receivables |
1.286 |
1.272 |
|
|
Deferred tax assets |
33.884 |
48.561 |
|
|
NON-CURRENT ASSETS |
906.681 |
943.808 |
|
|
Inventories |
17.044 |
23.243 |
|
|
Trade receivables |
234.738 |
229.945 |
|
|
Securities |
60.390 |
25.179 |
|
|
Tax receivables |
10.898 |
20.630 |
|
|
Other receivables |
18.771 |
17.368 |
|
|
Cash & cash equivalents |
134.957 |
135.012 |
|
|
CURRENT ASSETS |
476.798 |
451.377 |
|
|
TOTAL ASSETS |
1.383.479 |
1.395.185 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
31.12.2010 |
31.12.2009 |
|
|
Share capital |
61.463 |
61.439 |
|
|
Reserves |
196.118 |
217.096 |
|
|
Retained earnings (losses) |
231.705 |
201.245 |
|
|
Net income (loss) for the year |
50.123 |
5.825 |
|
|
Shareholders' Equity of the Group |
539.409 |
485.605 |
|
|
Minority Shareholders' equity |
3.906 |
9.824 |
|
|
SHAREHOLDERS' EQUITY |
543.315 |
495.429 |
|
|
Borrowings |
313.339 |
348.582 |
|
|
Provisions for risks and losses |
40.117 |
40.407 |
|
|
TFR and other personnel provisions |
71.957 |
83.907 |
|
|
Deferred tax liabilities |
114.362 |
110.999 |
|
|
NON-CURRENT LIABILITIES |
539.775 |
583.895 |
|
|
Borrowings |
17.013 |
19.804 |
|
|
Provisions for risks and losses |
35.555 |
48.844 |
|
|
Trade payables |
143.856 |
147.553 |
|
|
Tax payables |
22.058 |
12.735 |
|
|
Other payables |
81.907 |
86.925 |
|
|
CURRENT LIABILITIES |
300.389 |
315.861 |
|
|
TOTAL LIABILITIES |
840.164 |
899.756 |
|
|
TOTAL LIABILITIES AND EQUITY |
1.383.479 |
1.395.185 |
ESPRESSO GROUP
INCOME STATEMENT
|
(in thousands of euro) |
|||
|
|
2010 |
2009 |
|
|
Revenues |
885.036 |
886.649 |
|
|
Change in product inventories |
(1.351) |
(771) |
|
|
Other operating income |
14.000 |
19.829 |
|
|
Purchase costs |
(90.758) |
(120.165) |
|
|
Costs for services |
(346.572) |
(340.818) |
|
|
Other operating costs |
(25.406) |
(23.056) |
|
|
Value of investments consolidated at equity |
1.027 |
1.013 |
|
|
Personnel costs |
(288.731) |
(316.018) |
|
|
Amortization and valuations |
(38.158) |
(42.728) |
|
|
Operating result |
109.087 |
63.935 |
|
|
Net financial income/(expense) |
(14.054) |
(19.621) |
|
|
Result before taxes |
95.033 |
44.314 |
|
|
Taxes |
(44.794) |
(38.826) |
|
|
NET RESULT |
50.239 |
5.488 |
|
|
Net income Minority Shareholders |
(116) |
337 |
|
|
Net income of the Group |
50.123 |
5.825 |
|
|
Basic earnings per share |
0,125 |
0,015 |
|
|
Diluted earnings per share |
0,117 |
0,014 |
STATEMENT OF FINANCIAL POSITION
|
(in thousands of euro) |
|||
|
ASSETS |
31.12.2010 |
31.12.2009 |
|
|
CURRENT ASSETS |
|||
|
Cash and cash equivalents |
66.760 |
111.583 |
|
|
Other financial assets |
200 |
46 |
|
|
Working capital |
|||
|
Inventories |
98.456 |
85.915 |
|
|
Trade receivables |
138.815 |
126.549 |
|
|
Other receivables |
10.232 |
5.545 |
|
|
Tax receivables |
12.178 |
9.911 |
|
|
Other assets |
2.485 |
3.055 |
|
|
TOTAL NET WORKING CAPITAL |
262.166 |
230.975 |
|
|
TOTAL CURRENT ASSETS |
329.126 |
342.604 |
|
|
NON-CURRENT ASSETS |
|||
|
FIXED ASSETS |
|||
|
Land |
14.423 |
14.175 |
|
|
Real estate, plant and equipment |
208.445 |
211.623 |
|
|
Other tangible assets |
4.278 |
5.731 |
|
|
of which finance leases |
13.753 |
13.723 |
|
|
Intangible assets |
133.489 |
131.372 |
|
|
TOTAL FIXED ASSETS |
360.635 |
362.901 |
|
|
OTHER NON-CURRENT ASSETS |
|||
|
Investments in associates |
-- |
101 |
|
|
Other available-for-sale financial assets |
440 |
472 |
|
|
Financial receivables |
-- |
68 |
|
|
Other receivables |
10.146 |
9.029 |
|
|
Deferred tax assets |
38.247 |
35.001 |
|
|
TOTAL OTHER NON-CURRENT ASSETS |
48.833 |
44.671 |
|
|
TOTAL NON-CURRENT ASSETS |
409.468 |
407.572 |
|
|
NON-CURRENT ASSETS HELD FOR DISPOSAL |
722 |
700 |
|
|
TOTAL ASSETS |
739.316 |
750.876 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
31.12.2010 |
31.12.2009 |
|
|
CURRENT LIABILITIES |
|||
|
Current bank payables |
35.958 |
4.327 |
|
|
Current part of long term loans and other loans |
42.773 |
67.378 |
|
|
of which finance leases |
1.866 |
1.679 |
|
|
TOTAL SHORT-TERM BORROWINGS |
78.731 |
71.705 |
|
|
Other short-term financial liabilities - derivatives |
164 |
1.023 |
|
|
TOTALE SHORT-TERM BORROWINGS AND DERIVATIVES |
78.895 |
72.728 |
|
|
Trade payables and other payables |
210.019 |
199.818 |
|
|
Tax payables |
6.235 |
2.727 |
|
|
Other current liabilities |
2.121 |
1.971 |
|
|
TOTAL CURRENT LIABILITIES |
297.270 |
277.244 |
|
|
NON-CURRENT LIABILITIES |
|||
|
MEDIUM-LONG TERM BORROWINGS AND DERIVATIVES |
|||
|
Bank loans |
141.406 |
196.169 |
|
|
Other medium-long term loans |
9.562 |
10.902 |
|
|
of which finance leases |
7.187 |
8.034 |
|
|
TOTAL MEDIUM-LONG TERM BORROWINGS |
150.968 |
207.071 |
|
|
Other medium-long term financial liabilities for derivatives |
2.042 |
2.124 |
|
|
TOTAL MEDIUM-LONG TERM BORROWINGS AND DERIVATIVES |
153.010 |
209.195 |
|
|
OTHER LONG-TERM LIABILITIES |
|||
|
Long-term provisions |
41.777 |
51.033 |
|
|
Other payables |
410 |
382 |
|
|
Deferred taxes |
32.447 |
30.847 |
|
|
TOTAL OTHER LONG-TERM LIABILITIES |
74.634 |
82.262 |
|
|
TOTAL NON-CURRENT LIABILITIES |
227.644 |
291.457 |
|
|
SHAREHOLDERS' EQUITY |
|||
|
Share capital |
60.546 |
60.397 |
|
|
Reserves and retained earnings (losses) |
117.874 |
114.053 |
|
|
Net income (loss) for the year of the group |
18.821 |
(7.639) |
|
|
TOTAL EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY |
197.241 |
166.811 |
|
|
Minority interests |
17.161 |
15.364 |
|
|
TOTAL SHAREHOLDERS' EQUITY |
214.402 |
182.175 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
739.316 |
750.876 |
SOGEFI GROUP
INCOME STATEMENT
|
(in thousands of euro) |
|||
|
|
2010 |
2009 |
|
|
Sales revenues |
924.713 |
780.987 |
|
|
Variable sales costs |
622.963 |
529.832 |
|
|
CONTRIBUTION MARGIN |
301.750 |
251.155 |
|
|
Fixed costs for production, research and development |
98.586 |
90.370 |
|
|
Amortization and depreciation |
44.924 |
42.150 |
|
|
Fixed costs for sales and distribution |
32.367 |
31.059 |
|
|
Administrative costs and overheads |
58.346 |
53.891 |
|
|
OPERATING INCOME |
67.527 |
33.685 |
|
|
Restructuring costs |
12.022 |
17.162 |
|
|
Capital losses (gains) from disposals |
(509) |
1.222 |
|
|
Exchange rate (gains) losses |
220 |
781 |
|
|
Other non-operating costs (income) |
14.021 |
9.445 |
|
|
- of which non-recurring |
187 |
(11) |
|
|
EBIT |
41.773 |
5.075 |
|
|
Net financial expense (income) |
9.554 |
10.783 |
|
|
Expense (income) from equity investments |
(200) |
(75) |
|
|
INCOME BEFORE TAXES AND MINORITY INTERESTS |
32.419 |
(5.633) |
|
|
Income taxes |
11.570 |
700 |
|
|
NET INCOME BEFORE MINORITY INTERESTS |
20.849 |
(6.333) |
|
|
Net loss (income) of Minority Shareholders |
(2.028) |
(1.306) |
|
|
NET INCOME OF THE GROUP |
18.821 |
(7.639) |
|
|
Earnings per share (Euro): |
|||
|
Basic |
0,165 |
(0,067) |
|
|
Diluted |
0,165 |
(0,067) |
STATEMENT OF FINANCIAL POSITION
|
(in thousands of euro) |
|||
|
ASSETS |
31.12.2010 |
31.12.2009 |
|
|
NON-CURRENT ASSETS |
404.817 |
309.328 |
|
|
INTANGIBLE ASSETS |
165.287 |
122.494 |
|
|
TANGIBLE ASSETS |
224.830 |
175.898 |
|
|
INVESTMENT PROPERTY |
5.978 |
-- |
|
|
EQUITY INVESTMENTS |
908 |
5.413 |
|
|
OTHER RECEIVABLES |
311 |
441 |
|
|
SECURITIES |
150 |
150 |
|
|
DEFERRED TAXES |
7.353 |
4.932 |
|
|
CURRENT ASSETS |
174.026 |
111.370 |
|
|
INVENTORIES |
2.583 |
1.885 |
|
|
RECEIVABLES WITH PARENT COMPANY |
1.656 |
1.578 |
|
|
TRADE RECEIVABLES |
103.452 |
80.762 |
|
|
OTHER RECEIVABLES |
7.917 |
10.749 |
|
|
FINANCIAL RECEIVABLES |
483 |
318 |
|
|
CASH AND CASH EQUIVALENTS |
57.935 |
16.078 |
|
|
TOTAL ASSETS |
578.843 |
420.698 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS' EQUITY |
180.567 |
139.730 |
|
|
SHARE CAPITAL |
7.747 |
6.480 |
|
|
RESERVES |
175.750 |
143.804 |
|
|
RETAINED EARNINGS (LOSSES) |
(6.565) |
(12.723) |
|
|
SHAREHOLDERS' EQUITY OF THE GROUP |
176.932 |
137.561 |
|
|
MINORITY SHAREHOLDERS' EQUITY |
3.635 |
2.169 |
|
|
NON-CURRENT LIABILITIES |
217.397 |
156.311 |
|
|
OTHER BORROWINGS |
182.647 |
129.306 |
|
|
TRADE PAYABLES |
75 |
69 |
|
|
OTHER PAYABLES |
66 |
56 |
|
|
DEFERRED TAXES |
12.019 |
7.678 |
|
|
PERSONNEL PROVISIONS |
19.083 |
17.477 |
|
|
PROVISIONS FOR RISKS AND LOSSES |
3.507 |
1.725 |
|
|
CURRENT LIABILITIES |
180.879 |
124.657 |
|
|
BANK OVERDRAFTS |
33.831 |
28.128 |
|
|
OTHER BORROWINGS |
31.215 |
22.499 |
|
|
PAYABLES TO PARENT COMPANY |
4.147 |
1.924 |
|
|
TRADE PAYABLES |
53.545 |
42.991 |
|
|
OTHER PAYABLES |
45.667 |
23.038 |
|
|
PROVISIONS FOR RISKS AND LOSSES |
12.474 |
6.077 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
578.843 |
420.698 |
KOS GROUP
INCOME STATEMENT
|
(in thousands of euro) |
|||
|
|
2009 |
2009 |
|
|
SALES REVENUES |
325.370 |
273.404 |
|
|
COSTS FOR THE PURCHASE OF GOODS |
(24.544) |
(19.621) |
|
|
COSTS FOR SERVICES |
(126.039) |
(107.637) |
|
|
PERSONNEL COSTS |
(122.193) |
(103.973) |
|
|
OTHER OPERATING INCOME |
3.330 |
2.413 |
|
|
OTHER OPERATING COSTS |
(13.802) |
(11.560) |
|
|
ADJUSTMENTS TO THE VALUE OF INVESTMENTS |
|||
|
CONSOLIDATED AT EQUITY |
-- |
-- |
|
|
AMORTIZATION, DEPRECIATION AND WRITEDOWNS |
(18.651) |
(16.505) |
|
|
OPERATING RESULT (EBIT) |
23.471 |
16.521 |
|
|
FINANCIAL INCOME |
1.072 |
512 |
|
|
FINANCIAL EXPENSE |
(9.435) |
(8.789) |
|
|
DIVIDENDS |
1 |
301 |
|
|
GAINS FROM TRADING SECURITIES |
-- |
-- |
|
|
LOSSES FROM TRADING SECURITIES |
-- |
-- |
|
|
ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS |
(200) |
(331) |
|
|
INCOME/(LOSS) BEFORE TAXES |
14.909 |
8.214 |
|
|
INCOME TAXES |
(10.457) |
(8.210) |
|
|
INCOME/(LOSS) FROM DISCONTINUED OPERATIONS |
|||
|
AND ASSETS HELD FOR DISPOSAL |
-- |
-- |
|
|
NET INCOME/(LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS |
4.452 |
4 |
|
|
- NET INCOME/LOSS OF MINORITY SHAREHOLDERS |
460 |
358 |
|
|
- NET INCOME/LOSS OF THE GROUP |
3.992 |
(354) |
|
|
Basic earnings per share |
0,061 |
(0,005) |
|
|
Diluted earnings per share |
0,058 |
-- |