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2001 CONSOLIDATED FINANCIAL RESULTS |
The Groupe Lapeyre Supervisory Board met today and approved the consolidated financial statements and results for the year ended December 31, 2001.
CONSOLIDATED SALES UP 12.1%
Consolidated sales rose by 12.1% to €1,458 million in 2001. The increase was 14.6% at constant exchange rates and 6% at comparable scope of consolidation, excluding Telhanorte, Menuiseries Françaises and Lapeyre Polska, as well as Lapeyre Deutschland’s companies in Germany, which were sold during the second half.
Sales by business in € millions
|
2001 |
2000 |
% change |
Sales to consumers and contractors (B2C)
• France
• International |
1.166,4
991,4
175,0 |
975,7
909,0
66,7 |
19,5%
9,1%
162,2% |
Sales to wholesalers and building materials suppliers (B2B)
• France
• Europe |
291,7
193,6
98,1 |
325,5
193,1
132,4 |
- 10,4%
0,2%
- 25,9% |
| Total Groupe Lapeyre |
1.458,1 |
1.301,2 |
12,1% |
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2001 CONSOLIDATED EARNINGS
| in € millions |
2001 |
2000 |
% change |
Sales
Operating income
Net income before exceptional capital losses
Non-operating loss |
1.458,1
140,6
72,4
(97,4) |
1.301,2
123,2
59,7
(8,0) |
12,1%
14,1%
21,5%
NM |
| Consolidated net income |
(25,0) |
51,7 |
NM |
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As part of the strategic commitment to refocusing its operations announced last July, the Group completed its withdrawal from Germany by selling all its local operating subsidiaries.
Non-operating expenses related to this refocusing totaled €94.4 million. In addition, a provision of €3 million was set aside for the closing of the Group’s Spanish subsidiary, which has been operating at a loss for a number of years with no turnaround in sight. This increased total non-operating losses for the year to €97.4 million
As a result, the Group reported a consolidated net loss of €25 million. Excluding capital losses, net income would have risen by a strong 21.5%.
Net debt amounted to €29.8 million at year-end and working capital requirement represented 44 days of sales.
The Board of Directors closed the accounts for the Group’s parent company, Lapeyre, showing a net loss of €10.6 million for 2001, after recognition of the €45 million writedown of shares in Lapeyre Deutschland and a €38.7 million provision for contingencies covering the company’s negative net worth.
At the Annual Meeting on June 5, 2002, the Board will ask shareholders to approve a dividend net of tax credit unchanged at €1.08 per share. Tax credit for individual investors will amount to €0.54 euros per share. The dividend will be paid as from June 10, 2002.
March 27th, 2002. |
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