| Key figures – financial year 2009-2010 (millions euros) |
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| Sales: strongly impacted by the drop in activity |
| Annual consolidated sales for the 2009-2010 financial period stand at 570.9Millions euros, down 19.9% compared to the 2008-2009 financial period. Excluding exchange rate differences (Pound Sterling and Romanian Leu), annual consolidated sales for the 2009-2010 financial period is down 19.2% at 575.9 million euros. |
Defensive positions in Europe
Thanks to our subsidiaries complementarity between mature countries in Western Europe and Eastern Europe and to the resistance of our subsidiaries on very competitive markets.
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52,6% group sales
With a stores network reduced to 620 points of sales at 31 March 2010, compared to 664 at 31 March 2009, the volume of mobile telephones and commercial acts have been maintained. The accessories sales and services (insurance, ADSL, 3G keys) are strongly growing, thanks to the use of the internet on mobile and to the new mobiles phones such as smartphones. |
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47,4% group sales
This activity had been strongly impact by the economic crisis : drop in the volumes of mobile telephones and commercial acts in a hyper-competitive market that requires tight steering but promising start of accessories sales which is a growth relay with the targeting of new customers. |
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| Gross margin: string contribution of the direct distribution |
The consolidated gross margin reaches 135.1 million euros at 31 March 2010, decreasing by 11% comparing with 2008-2009. The gross margin rate is improving by 2.4 points and represent 23.7% of the consolidated sales.
Direct Distribution: the gross margin reaches 107.7 million euro, a 6.2% decrease in comparison with 2008-2009 and the gross margin rate increases by 1 point to reach 35.9% of the sales.
Indirect Distribution: The gross margin reaches 27.4million Euros, decreasing by 25.8% in comparison with 2008-2009 andthe gross margin rate improves by 0.5 point to reach 10.1% of the sales. |
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80% of the gross margin comes from Direct Distribution
20% of the gross margin comes from Indirect Distribution |
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| Operating result: impact of the depreciation of non-current assets and restructuring costs |
Consolidated operating income after taking into account the restructuring costs and the depreciation of non-current assets, stands at -0.5 million euros compared to +1.7 million euros in the previous financial period.
The depreciation of non-current assets stands at 1.9 million euros and concerns essentially the Direct activity in Portugal, vs 12.9 million euros last year.
The provision for restructuring costs in France stands at 3.6 million euros and concerns the support functions.
Direct Distribution: Current operating income stands at 1.4 million euros taking into account the 2.4% decrease of the operating expenses in comparison with last year.
Operating profit stands at –2.1 million euros after taking into account the provision for restructuring the support functions in France for 1.6 million euros and the depreciation of non-current assets for 1.9 million euros in Portugal.At 31st march 2010, the number of active stores was 620 vs 664 at 31 March 2009.
Indirect Distribution: the current operating result stands at 3.6 million euros thanks to the good management of the operating expenses which had decreased by 23% comparing to the previous financial period.
Operating profit stands at 1.6 million euros, down sharply compared to the previous financial period, taking into account the provision for restructuring the support functions in France for 2.0 million euros.
> Current operating result = operating result before depreciation of non-current assents and provision for restructuration |
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Current operating result
- 29% Direct Distribution
- 72% Indirect Distribution |
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0,5%
Operating profit
before non-current assents depreciation and provision for restructuration |
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1,3%
Operating profit
before provision for restructuration |
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| Consolidated results |
Net income (Group share) shows a loss of 7.3 million euros, including a loss of 8.1 million euros in continuing activities and a profit with discontinued operations of 0.8 million euros.
A tax burden reaches -4.5 million euros in comparison with a tax profit of 6.8 million euros for the previous financial period. |
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| Financial debts |
The equity capital stands at 62.1 million euros vs 74.9 million euro at 31 March 2009.
The net financial debts stand at 33.4 million euros vs 39.7 million euros at 31 March 2009.
The net debt ratio stands at 53.9% of the consolidated equity compared to 53% at 31 March 2009. |
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| Cash flow |
Operations generate 13,1 million euros of positive operating cash flow including:
- 6,4 million euros of self financing capacity for continuing activity
- 6.1 million euros as a capital change in the working capital requirements
- This means 12.5 million euros of positive operating cash flow pertaining to continuing operating activities
- And 0.6 million euros of positive operating cash flow pertaining to stopped operating activities.
Investment flows represent a requirement of 0.9 million euros.
Free operating cash flow (operating cash flow – investment flow excluding acquisition/transfer of subsidiaries) is positive at 12.2 million euros compared to -3.1 million euros at 31 march 2009.
Financing flows show a requirement of 7.9 million euros.
The exchange rate changes have a positive effect for 0.2 million euros.
All these flows explain the positive cash flow changes for 4.5 million euros and a cash level in the assets part of the balance sheet for 39.4 million euros. |
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