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LAPEYRE GROUP CONSOLIDATED 2000 FINANCIAL RESULTS |
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2000
|
1999 Pro Forma
|
% |
| E m |
FRF m |
E m |
FRF m
|
Change |
|
Sales
|
1,301 |
8,535 |
1,171 |
7,680 |
11.1% |
|
Operating income
|
123.2 |
808.3 |
127.2 |
834.6 |
-3.1% |
|
Non-operating items and gain/(loss) on asset disposals
|
(16.8) |
(110.4) |
0.6 |
4.0 |
NM |
|
Consolidated net income
|
51.7 |
338.9 |
72.8 |
478.0 |
-29.1% |
The Board of Directors met on March 23, 2001 and approved the financial statements and consolidated earnings for the year ended December 31, 2000.
CONSOLIDATED SALES UP 11.1%
Consolidated sales amounted to E 1,301 million (FRF 8,535 million) at December 31, 2000, up 11.1% compared with 1999. Growth at constant scope of consolidation was 6.9%. Menuiseries Françaises was consolidated from March 1, 2000 and Construmega, a Telhanorte chain in Brazil, was consolidated from August 1, 2000.
|
Sales by Business
|
2000
|
1999 |
% |
| E m |
FRF m |
E m |
FRF m |
Change |
| B2C Market |
975.7 |
6,400 |
839.2
|
5,505 |
16.3% |
|
Lapeyre-GME-K par K
|
909.0
|
5,962 |
805.2
|
5,282 |
12.9% |
|
Lapeyre International-Telhanorte
|
66.7 |
438 |
34.0
|
223 |
96.4% |
| B2B Market |
325.5 |
2,135 |
331.6
|
2,175 |
-1.9% |
|
Trade business (GAM)-OXXO-Les Zelles
|
193.1 |
1,267 |
169.6
|
1,113 |
13.9% |
|
Sofiplas-Lapeyre Deutschland ERG-Okfens
|
132.4 |
868 |
162.0
|
1,062 |
-18.3% |
|
Total Groupe Lapeyre
|
1,301 |
8,535 |
1,171
|
7,680 |
11.1% |
CONSOLIDATED EARNINGS
The 1999 financial statements have been restated on a pro forma basis to take account of the new French consolidated accounting standards adopted by the Group. This accounting change has had no material impact on the Group’s accounts.
The French businesses reported a 13% rise in sales, while maintaining an operating margin above 12%.
The 3.1% decline in consolidated operating income was led by worsening operating conditions in Germany and Poland and, to a lesser extent, by higher raw material prices and the stronger dollar. Performance was also affected by high one-off restructuring charges aimed at eliminating sources of large recurrent losses, mainly in Germany and Spain. As a result of these factors, consolidated net income for the year declined 29.1% compared with the 1999 pro forma figure.
Cash flow amounted to E 111 million, or 8.5% of sales. Marketing outlays and capital spending totaled E 85.7 million. Acquisitions of investments (primarily a 60% interest in Telhanorte chain Construmega) amounted to E 22.2 million. Including newly acquired companies (mainly Construmega), working capital requirement represented 50 days of sales. Net debt amounted to E 31 million at year-end.
In 2001, the measures taken in Germany are expected to enable the companies to lower their breakeven point in a persistently difficult market. In addition, given the favorable economic environment in other regions, Groupe Lapeyre should benefit from the actions underway in the chain store retailing business in both Poland and Brazil.
The Board of Directors closed the accounts for the Group’s parent company, Lapeyre, showing a net income of E 66.1 million for 2000.
At the Annual Meeting on May 28, 2001, the Board will ask shareholders to approve a dividend net of tax credit unchanged at E 1.08 per share. Tax credit for individual investors will amount to E 0.54 euros per share. The dividend will be paid as from May 31, 2001.
28/03/2001
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