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LAPEYRE INTERIM 2001 RESULTS CONFIRMED :
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- Sales up 16.2%
- Consolidated net income before exceptional items up 4.1%
Meeting on September 18, 2001, the Supervisory Board reviewed the definitive consolidated financial results for the six months ended June 30, 2001.
INTERIM SALES UP 16.2%
Consolidated sales increased by 16.2% in the first half of 2001. At comparable scope of consolidation, sales to consumers and craftsmen (B2C) rose by 9.4%, while sales to wholesalers and building materials suppliers (B2B) declined by 12.9%.
| Sales by Business in EUR millions |
June 30, 2001 |
June 30, 2000 |
% change |
| Sales to consumers and craftsmen (B2C) |
567.4 |
453.6 |
25.1% |
| * France |
481.9 |
437.2 |
10.2% |
| * International |
85.5 |
16.4 |
NM |
| Sales to wholesalers and building materials suppliers (B2B) |
150.1 |
163.9 |
- 8.4% |
| * France |
99.5 |
102.6 |
- 2.9% |
| * Europe |
50.6 |
61.3 |
- 17.5% |
| TOTAL GROUPE LAPEYRE |
717.5 |
617.5 |
16.2% |
B2C sales continued to trend upward in France, increasing more than 10% over first-half 2000, when sales were especially robust due to strong demand following the December 1999 storms and the reduction in the VAT rate to 5.5%.
In international markets, the two new retail subsidiaries—Telhanorte in Brazil and Lapeyre Polska in Poland—reported sales in line with forecasts.
However, sales to wholesalers and building materials suppliers in Europe declined again, dropping 17.5% due to persistently unfavorable conditions in Germany and Poland.
INTERIM FINANCIAL RESULTS
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| in EUR millions |
June 30, 2001 |
June 30, 2000 |
% change |
| Sales |
717,5 |
617,5 |
16.2% |
| Operating income |
65,9 |
61,8 |
6.6% |
| Net income before exceptional items |
32,7 |
31,4 |
4.1% |
| Exceptional items |
(66,9) |
(0,3) |
NM |
| Consolidated net income |
(34,0) |
31,3 |
NM |
In France, all businesses reported growth in operating income in line with sales growth. In Germany and Poland, however, declining sales weighed heavily on earnings, resulting in an operating loss of EUR 7.4 million for the period.
Nonetheless, total operating income increased by 6.6% and net income, excluding exceptional items, rose by 4.1% to EUR 32.7 million.
As part of the process announced last July 25 to refocus on the Group’s B2C business, the fair value of the fixed assets in the B2B businesses was appraised in preparation for their sale, resulting in an exceptional write-off of EUR 66.9 million.
Consequently, the Group reported a consolidated net loss of EUR 34 million. Cash flow amounted to EUR 60.8 million, working capital represented 49 days of sales, and net debt totaled EUR 51.6 million.
OUTLOOK
In a particularly uncertain business environment, sales to consumers should be supported by the opening of new sales outlets in France, Brazil and Poland, as well as by the current program in France to introduce bathroom products in all Lapeyre stores that did not yet offer them.
19/09/2001
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