2011 ANNUAL RESULTS Paris – Wednesday 29 February 2012
This document was prepared by Norbert Dentressangle for the sole purpose of presenting its annual results on 29 February 2012. This document may not be copied or distributed, in whole or in part, without prior agreement from the company. Norbert Dentressangle assumes no responsibility for the use of this document by any person outside the company. This document contains no earnings forecast data. The company makes no commitment and provides no guarantee concerning the realisation of any targets or aims that may be expressed within its business plans. While the company believes its targets are reasonable, readers are reminded that said targets are subject to risks and uncertainties, notably as described in the "Risk factors" section of the annual "Document de Référence" registration document.
Disclaimer
2
1. Norbert Dentressangle – François Bertreau, Chief Executive Officer
2. Transport – Hervé Montjotin, Managing Director
3. Logistics – François Bertreau
4. Freight Forwarding – François Bertreau
5. Consolidated Financial Statements – Patrick Bataillard, Chief Financial Officer
6. Outlook – François Bertreau
7. Appendices
Meeting agenda
3
Norbert Dentressangle Introduction
4
5
2011: a transformative year for Norbert Dentressangle
• Sustained growth in Transport and Logistics and significant expansion in the Freight Forwarding business
• International expansion thanks to the consolidation of TDG and APC Beijing International
• Renewed Operating profitability growth
In €m
31/12/11 31/12/11 Historical
Scope 31/12/10 Overall %
change
% Change at constant
scope
Revenue 3,576 3,002 2,839 +26.0% +5.7%
Operating profit before goodwill and goodwill impairment (EBITA)
130.4 124.9 106.3 +22.6% +17.8%
EBITA margin 3.6% 4.2% 3.7%
Net income 63.3 - 57.2 +10.7% -
Very solid performance in 2011
6
7
Italy 4%
UK 28%
France 45%
Spain 11%
Netherlands 3%
Other 9% • €3.6 billion in revenue
• Operates in 23 countries
on 3 continents
• 33,000 employees
Revenue by geographic region
European leader International company
Norbert Dentressangle, an increasingly important player, expanding internationally
8
Norbert Dentressangle, a responsible player with actual commitments
Road Safety
• Safe Driving Programme • Drivers travel 655,000 kms
on average in 2011 without causing accidents: up 11% vs. 2010
Efforts to reduce CO² emissions
• Europe’s cleanest vehicle fleet: 93% EURO IV & V. – Rollout of the first Euro VI tractor earlier this month, 2 years ahead
of legal regulations
• Testing new diesel-alternative technologies: – Norbert Dentressangle was the first transporter to begin using 3
diesel-electric hybrids in 2011
• 55 g CO2 / Tonnes x kms emitted in 2011: down 3% vs. 2010
Average kms run/driver without any responsible accident
9
• ISO 14001 Certification
– 42% of platforms certified
– 51% of revenue certified
• Environmental site management
– Waste management: → Sorting recyclables → Reusing recyclable waste (packaging, etc.)
• Energy efficiency
– Optimised lighting systems
Environmental friendly logistics platforms
10
Human Resources: the core of Norbert Dentressangle’s growth
• Significant hiring capacity – Accumulated experience through its
acquisitions – 6,000 employees added following TDG
consolidation – 270 employees added following APC Beijing
International acquisition
• Hands-on employee support – Training: Red Management launched in
2010, 432 managers trained in Europe in 2011
– Internal promotion: 60% of managers are hired internally
Transport
Part 2
11
€1,966 M (1)
Diesel fuel effect
+2.1% Volume and price effect
+4.7%
+20.2%
Calendar and forex
effect - 0.5%
Consolidation effect +14%
(1) Before elimination of “inter-division” revenue
€1,636 M (1)
31/12/10 31/12/11
Change in revenue
12
13
Norbert Dentressangle has improved its position in the market
• +20.2% growth (up 6% on a comparable basis), linear over the fiscal year
• Growth driven by the momentum of our services: – Pallet distribution service:
→Domestic up 8% →Red Europe up 15%
– Transport organisation (Key PL) up 120% – Dedicated Fleet (Red Inside) up 6%
• Consolidation of TDG’s businesses profoundly transformed Norbert Dentressangle’s Transport profile in the UK, in terms of both its services and its scope
• Less favourable environment at the end of 2011
In €m
Transport at 31/12/11
Historical Transport
activities at 31/12/11
Transport at 31/12/10
Overall % change
% Change at constant
scope
Revenue* 1,966 1,734 1,636 +20.2 % +6.0%
Operating profit before goodwill (EBITA) 47.4 50.0 44.1 +7.5% +13.4%
As % of revenue 2.5% 2.9% 2.7%
Transport operating income
14 * Before elimination of “inter-division” revenue
15
Improvement of the Transport margin at historical consolidation scope
• Historical operating profitability up 13.4% vs. 2010 – “General Cargo” business recovery – Solid performance in “Pallet distribution” service
→This business now contributes to profit in the UK
• Former TDG businesses a slight drag on financials – Major restructuring in Spain (completed 2011) – Improving operating efficiency a challenge in the UK
• Positive effects of diesel fuel price increases
International FTL &
Cross-Channel 500 M€*
Domestic Pallet
Distribution 450 M€*
International Groupage &
Pallet Distribution
150 M€*
Domestic FTL
450 M€*
Dedicated Fleet
350 M€*
CO2 emissions declaration**
* FY 2011 ** Carbon calculator attested by Bureau Veritas
Always striving to improve our services
16
Norbert Dentressangle model 3PL, LLP and 4PL: Key PL®
Covers some 40% of the transport business
17
• Raw numbers: – 5,000 orders / year – 28,000 pallets delivered / year (i.e., equal to 1,000 lorries) – Delivered to 26 European countries
• Advantages to the customer: – A sole contact from 1 pallet to a full lorry – Deliveries collected daily
• Our contractual commitments: – Delivery times – Online order tracking and delivery confirmation – Per-pallet pricing
Red Europe veterinary product export services both reliable and flexible
Transport at the end of 2011
18
€1,966 M in revenue • 40% outside France
15,000 employees • At 160 sites in 14
countries
Vehicles • No. 1 vehicle fleet in
Europe with 7,800 motorised vehicles
• 93% EURO IV & V
Logistics
Part 3
19
€1,589 m (1)
Volume and price effect
+3.9%
+28.2%
Consolidation scope effect
+24.3%
(1) Before elimination of “inter-division” revenue
€1,240 m (1)
31/12/10 31/12/11
Change in revenue
20
21
Logistics has leveraged TDG to strengthen its European scope
• Satisfactory growth momentum,
particularly in the UK, Italy and Spain
• The UK became the leader in logistics with 41% of the revenue
• Slower growth in Q4 2011 reflecting
consumer trends in Europe for this same period
In €m
Logistics at
31/12/11
Historical logistics
activities at 31/12/11
Logistics at 31/12/10
Overall % change
% Change at a
constant scope
Revenue* 1,589 1,294 1,240 +28.1% +4.4%
Operating profit before goodwill (EBITA) 80.4 75.8 63.0 +27.6% +20.3%
As % of revenue 5.1% 5.9% 5.1%
* Before elimination of “inter-division” revenue
Logistics operating income
22
23
Logistics operating margin remains high
• High profitability throughout Europe
– The two logistics leaders, the UK and France, have performed particularly well
• Contribution from former TDG businesses is
respectable, especially in the UK
Warehousing and inventory management
€445 M
Upstream transport
management €397 M
Order preparation
€572 M
Value-added services €175 M
A mastery of key logistics skills
24
Ambient and temperature-controlled logistics Global and industry solutions
The highest safety and quality standards Service: ISO 9001 (71%*) – Food safety: ISO 22000 (16 warehouses) & HACCP (24 warehouses)
Staff safety: ISO 18001 (35 warehouses) – Medical facility safety: ISO 13845 (1 warehouse)
*: % revenue covered
• Storage and distribution of fresh products (between 2°C and 6°C)
• 4,000 m² warehouse in Bucharest and 1,000 m² in Cluj. / New 10,000 m² warehouse in Bucharest in 2012
• 19-platform distribution network • Daily delivery to 15,000 retailers • 80,000 T of Danone products handled annually • 8,000 T of dairy products, deli meats and
prepared foods for other customers
25
Cluj
Bucharest
NDL Frigo Logistics: JV with Danone in Romania for fresh product logistics
€1,589 M in revenue • 68% outside France
17,200 employees • At 257 sites in 13
countries Total warehouse surface area: 6.6 M m² Negative cold volume: 3.5 M m3
Logistics at the end of 2011
26
Freight Forwarding
Part 4
27
28
Dublin
Bradford Manchester
London
Bilbao
Madrid
Budapest
Nijmegen
Barcelona
Paris
Lyon
Le Havre Lille
Europe
China
Ningbo
Shenzhen Hong Kong
Tianjin
Shanghai
Nanjing
Beijing
Urumqi
Chengdu Chongqing
Xiamen
Qingdao
Dalian
Xi ’ an
Suzhou
Shaoxing Ningbo
Shenzhen Hong Kong
Tianjin
Shanghai
Ningbo
Shenzhen Hong Kong
Tianjin
Shanghai
Nanjing
Beijing
Urumqi
Chengdu Chongqing
Xiamen
Qingdao
Dalian
Xi ’ an
Suzhou
Shaoxing
Beijing
San Francisco
San Diego
Los Angeles
Atlanta
Chicago
New York
Miami
United States
Chile Brazil Santiago
Sao Paulo
• 39 offices • 10 countries • 3 continents • 500 employees
Norbert Dentressangle, a major freight forwarding player
Ningbo
Shenzhen Hong Kong
Tianjin
Shanghai
Nanjing
Beijing (2)
Urumqi
Chengdu Chongqing
Xiamen
Qingdao Dalian
Xi’an
Suzhou Shaoxing
Head offices in Beijing
€50 M in revenue • 75% in air freight
Coverage of key geographical regions in China
• 16 offices
270 employees
29
Acquisition of APC Beijing International, 1 December 2011
€86 M (1)
APC €6 M
Internal growth €8 M
x 7
Schneider & TDG
consolidation effect €60 M
(1) Before elimination of “inter-division” revenue
€12 M (1)
31/12/10 31/12/11
30
Freight forwarding revenue change
31
Freight forwarding continues to expand
• Freight Forwarding grew sharply and reached a significant
size in the market with €86 M in revenue in 2011
• TDG businesses successfully incorporated
• Acquisition of APC Beijing International strengthened Asian presence and air freight services
• Goal of €250 M revenue attained over the medium term
In €m
Freight Forwarding at 31/12/11
Freight Forwarding at 31/12/10
Overall % Change
Revenue* 86 12 x 7
Gross Margin 17.1% 16.0%
Operating profit before goodwill (EBITA) 0.3 -0.8 N/A
As % of revenue 0.3% -7%
Freight Forwarding Operating Income
32 * Before elimination of “inter-division” revenue
33
• Break-even achieved by the end of 2011
– 2 years following launch – With 3 acquisitions – And a presence on 3 continents
• Improved performance for former Schneider businesses
• TDG posted positive contribution starting in the first year and APC in the first month of consolidation
Profitability in line with our operating plan
34
• Intercontinental transport services: – Air freight – Sea freight – Management of customs operations
• Personalised industry solutions: – High-tech products – Perishable goods: fruit, vegetables, flowers, etc. – Wine and spirits
Global development of a specific range of services
35
LAX, Los Angeles
JFK, New York
SCL, Santiago GRU, Sau Paulo
MAD, Madrid PEK, Beijing
HKG, Hong Kong
BUD, Budapest
DUB, Dublin
CDG, Paris
LHR , London
AMS, Amsterdam
MIA Miami
SFO San Francisco CHI Chicago
ATL Atlanta
Europe USA
Latin America
PVG, Shanghai
China
Door-to-door air freight service launch: Red Sky Connect
• An integrated air freight solution between Norbert Dentressangle consolidated hubs guarantees customers:
– Flexible deadlines – Reliable deliveries
Consolidated financial statements
Part 5
36
In €m
Cons. 31/12/11
Historical scope
31/12/11
Cons. 31/12/10
Revenue 3,576 3,002 2,839
EBITDA As % of revenue
252.3 7.1% NA 216.3
7.6%
Operating profit before goodwill (EBITA) As % of revenue
130.4 3.6%
124.9 4.2%
106.3 3.7%
Impairment test / Goodwill Impairment of the “customer relationship”
- - 5.8 - -
- 3.8
EBIT As % of revenue
124.6 3.5%
-
102.5 3.6%
Profitability of operations
37
In €m
Cons. 31/12/11
Cons. 31/12/10
Restructuring costs -9.1 -9.1
Non-operating capital gains (losses) on disposals +3.1 +0.9
Reversal of provisions 0 +1.2
Other non-recurring income and expenses -3.4 -2.4
Subtotal -9.4 -9.4
Breakdown of non-recurring income and expenses
38
In €m
Transport 31/12/11
Logistics 31/12/11
Freight forwarding 31/12/11
Cons. Total
31/12/11
Revenue Inter-group invoices
1,966
(64)
1,589
(7)
86 (1)
Revenue, net of interco revenue 1,901 1,582 85 3,576 *
Operating profit before goodwill (EBITA) As % of revenue
47.4 2.5%
80.4 5.1%
0.3 0.3%
130.4**
3.6%
Contribution from operating divisions
39 * Includes €7 M in revenue realised at the Dagenham site, pending disposal ** Includes €2.3 M in direct operating margin from the Dagenham site
In €m
Cons. 31/12/11
Cons. 31/12/10
Amortisation of commissions for arranging syndicated loans
-0.7 -1.4
Transaction fees (acquisitions)
-1.3 -2.0
Forex gains (losses) -2.2 -0.8
Actuarial (losses) and income (IDR, pension) Miscellaneous
+3.0 -0.2
-2.5 0
Net financial expense -24.0 -20.1
Total financial expense -25.4 -26.8
Net financial expense as % of revenue -0.67% -0.71%
Net financial expense
40
COUNTRY
Net income
before CIT in €m
Theoretical CIT at local rate €m %
Actual CIT** at
31/12/11 In €m
FRANCE 39.7* (14.3) 36.1 (12.3)
UK 23.1 (6.5) 28 (4.0)
Rest of the world 23.2 (6.1) 26 (6.0)
TOTAL 86 (26.9) (22.2)
Corporate income tax
41
* : Including CVAE provision **: After ongoing recognitions of deferrals, activation of prior deficits, adjustments
Tax rate: 26%
42
In €m
Cons. 31/12/11
Cons. 31/12/10
Revenue 3,576 2,839
EBITDA 252.3 216.3
Operating profit before goodwill (EBITA) 130.4 3.6%
106.3 3.7%
EBIT 124.6 3.5%
102.5 3.6%
Net financial expense Income before taxes and associates Corporate income tax CVAE Associates Minority share
(25.4)
99.1
(22.2) (13.1)
0.2 0.7
(26.8)
75.8
(7.2) (11.9)
0.5 -
Group net income 63.3
1.8% 57.2
2.0%
+ 26%
+23%
+11%
Consolidated income statement
42
43
In €m Cons.
31/12/11 Cons.
31/12/10
Cash flow Change in operating WCR UK pension fund financing
223 (28) (13)
198 (7) (8)
Net cash flow from operations 182 183
CAPEX (net of disposals) Sales of warehouses and sites Acquisition of securities less acquired cash
(122) 30
(288)
(86) 6
(6)
Net cash flow from investment transactions (380) (86)
Dividends Remaining amount of financing operations
(11) 170
(9) (34)
Net cash from financing transactions 159 (43)
Forex impact (0.1) 1
Change in cash (39) 55
Cash available at period end 157 196
Cash-flow statement
43
In €m
Cons. 31/12/11
Cons. 31/12/10
Goodwill 552 366
Intangible fixed assets (incl. customer relationship) 115 63
Tangible fixed assets 644 551
Other fixed and non-current assets 95 81
Total non-current and financial assets 1,406 1,061
WCR (21) (25)
TOTAL ASSETS (NET) 1,385 1,036
Equity 512 458
Provisions and deferred tax liabilities 228 182
Fair market value of hedging instruments 21 13
Net debt 624 382
TOTAL LIABILITIES (NET) 1,385 1,036
Balance sheet structure
44
In €m 31/12/11 31/12/10
Acquisition debt 277 197
Revolving facility 95* 0
Asset financing 401** 373
Employee profit-sharing 9 9
TOTAL GROSS DEBT 781 579
Cash and cash equivalents, net of bank overdrafts 157 196
NET FINANCIAL DEBT 624 382
Breakdown of net financial debt
45
* Out of a total of €150 m available ** Of which some €185 m related to tractors and lorries “buy-backs”
9 8 9 10 10
401302
203123
67
0
242
284
325
372
0
100
200
300
400
500
600
700
800
900
Crédit Syndiqué
Financement d'actifs
Autres dettes etparticipations
31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015
Outstanding debt in €m
Theoretical amortisation of net financial debt
46
Syndicated Loan
Asset financing
Other debt and participating interests
31/12/11 31/12/10 Bank
covenants on 31/12/11
Gearing (Net Financial Debt/ Equity)
114% 83% < 200%
Leverage (Net Financial Debt/ EBITDA)
2.47 x 1.8 x < 3.5
Interest cover (EBITA / Net Interest Expense) 5.3 x 5.2 x > 2.5
ROCE (EBITDA / average capital employed)
12.6% 12%
Financial ratios
47
• Dividend to be proposed for approval at the 24 May 2012 Annual General Meeting:
– €1.25 / per share, up 14% over €1.10 in 2010
48
Shareholders Meeting scheduled for 24 May 2012
Outlook
Part 6
49
• Macroeconomic outlook flat in Europe at around 0%
• Visible signs of slowing since the end of 2011 from our industrial and major distributor customers
• Very little transparency on the level of our clients’ business
• Low level of inventories
Priority to reactiveness
An uncertain environment for 2012
50
• Diversified portfolio of customers from all economic sectors
• Size, strong financial situation and durability
• Decentralised organisation with self-sufficient and responsible managers leading economic and social units (460)
Our key advantages heading into 2012
51
• Cost synergies following the acquisition of TDG
• Year of consolidation in Freight Forwarding
• Rigorous management of costs and balance sheet items
2012 Outlook
52
Appendices
Part 7
53
A balanced customer portfolio
54
Food 17%
Automotive 10%
Chemical & Petrochemical 9%
Distribution 22%
Specialised distribution 4%
Household supplies 2%
FMCG 5%
High tech 3%
Industry 17%
Luxury 2% Brown & white 2%
Textiles 3% Other 4%
55
Main transport expense items 2011
As % of revenue
Vehicles 22.4% (incl. fuel 13.8%)
Subcontracting & outlay 39.6%
Other overhead costs 5.9%
Operating profit before goodwill
(EBITA) 2.8%
Staff costs 29.4%
56
Main logistics expense items 2011
As % of revenue
Premises 21.4%
Subcontracting & transport 17.1%
Overhead costs 6.1%
Operating profit before goodwill
(EBITA) 5.1%
Staff costs 50.4%
In €m
Land and buildings
Transport vehicles
Machinery and equipment Other & IT TOTAL
31/12/2009 118 349 61 33 561
31/12/2010 110 355 53 34 551
31/12/2011 150 379 74 42
644
Breakdown of tangible fixed assets
57
In €m 31/12/10 Cash flow
for the period
Newly consolidated
Change and other non-cash
flows
31/12/11
WCR (25) 20 (15) (1) (21)
Of which:
- Operating WCR 127 - - - 197
- Non-operating WCR (126) - - - (184)
- Fixed asset WCR (25) - - - (34)
Change in working capital requirement
58
Financial Statements
59
BILAN CONSOLIDE (en M€) 31/12/2011 31/12/2010 31/12/2009
ECARTS D'ACQUISITION 551,9 366,2 358,6AUTRES IMMOBILISATIONS INCORPORELLES 114,6 63,1 68,7
IMMOBILISATIONS CORPORELLES 644,0 551,0 560,6
IMMOBILISATIONS FINANCIERES 48,9 32,2 30,6
IMPOTS DIFFERES ACTIFS 46,4 48,8 48,1
TOTAL ACTIF IMMOBILISE 1 405,8 1 061,3 1 066,5
Stocks 15,8 12,7 14,4 Clients et comptes rattachés 653,8 495,2 452,0 Autres créances et autres actifs courants 168,0 142,9 152,0 Disponibilités et Valeurs Mobilières de Placement 245,3 213,9 168,0TOTAL ACTIF CIRCULANT 1 083,0 864,6 786,3
Actifs non courants detenus en vue de la vente
TOTAL DE L’ACTIF 2 489 1 926 1 853
Capital social 19,7 19,7 19,7 Primes et Réserves 451,6 407,7 325,6 Ecarts de Conversion -25,2 -26,5 -30,6 Résultat de l’exercice 63,3 57,2 85,7CAPITAUX PROPRES PART DU GROUPE 509,5 458,0 400,4 Intérêts Minoritaires 2,9CAPITAUX PROPRES 512,3
PROVISIONS POUR RISQUES ET CHARGES (+ 1an / -1 an) 144,5 112,5 114,6IMPOTS DIFFERES PASSIFS 82,4 70,2 73,3
EMPRUNTS A LONG TERME 640,2 453,4 406,7
Dettes financières Court Terme 141,5 125,2 180,1 Fournisseurs et effets à payer 523,6 405,0 368,7 Autres dettes à court terme 335,2 270,9 266,7 Autres passifs financiers courants (instruments de couvertures) 21,1 13,2 16,0 Découverts Bancaires 87,9 17,4 26,2DETTES A COURT TERME 1 109,4 831,8 857,8
TOTAL DU PASSIF 2 489 1 926 1 853
60
COMPTE DE RESULTAT CONSOLIDE (en M€) 31/12/2011 31/12/2010 31/12/2009
CHIFFRE D’AFFAIRES 3 576,2 2 838,7 2 719,4
Achats et charges externes -2 173,9 -1 665,6 -1 541,6Charges de personnel -1 102,6 -917,7 -925,7Impôts, Taxes et versements assimilés -42,5 -34,0 -49,6Dotation / reprise aux amortissements et provisions -120,7 -109,6 -115,1Autres produits et charges opérationnelles -3,2 2,8 2,3Résultat sur cession d'actifs d'exploitation 2,9 -0,1 -0,2Coûts de restructuration -9,1 -9,1 -12,7Plus et moins-values immobilières 3,1 0,9 3,6
_________ _________ _________RESULTAT OPERATIONNEL avant écarts d'acquisition (EBITA)
130,4 106,3 80,4
Dépréciation Goodwill 0,0 0,0 0,0Amortissements de la Relation Client acquise -5,8 -3,8 -3,7Badwill
_________ _________ _________E.B.I.T. 124,6 102,5 76,7 Résultat Financier -25,4 -26,8 -25,8Cessation d'Activités
_________ _________ _________RESULTAT AVANT I/MPOT 99,1 75,8 50,9
Impôt sur les sociétés -22,2 -7,2 36,2Impôt sur les résultats : CVAE / IRAP -13,1 -11,9Quote-part des résultats des sociétés mises en équivalence 0,2 0,5 -1,4
_________ _________ _________RESULTAT NET DU GROUPE 64,0 57,2 85,7
Part des intérêts minoritaires 0,6
BENEFICE NET REVENANTAU GROUPE NORBERT DENTRESSANGLE
63,3 57,2 85,7
ETAT DU RESULTAT GLOBAL (en M€) 31/12/2011 31/12/2010 31/12/2009
RESULTAT NET PART DU GROUPE 64,0 57,2 85,7
Ecart de conversion 1,1 3,8 7,1Gains et pertes liés aux réévaluations des instruments financiers -7,8 2,8 -2,2Effet d'impôt sur instruments financiers et écarts de conversion 5,6 -0,5 5,1Divers -0,3 0,2 -0,2
_________ _________ _________PRODUITS ET CHARGES COMPTABILISES EN CAPITAUX PROPRES
-1,5 6,2 9,8
_________ _________ _________RESULTAT NET DU GROUPE 62,5 63,4 95,5
Financial Statements
61
TABLEAU DES FLUX DE TRESORERIE (en M€) 31/12/2011 31/12/2010 31/12/2009
BENEFICE NET PART DU GROUPE 63,3 57,2 85,7
Elimination des charges et produitssans incidence sur la trésorerie
165,3 141,7 137,6
Plus ou moins values sur cessions d'actifs immobilisés -5,2 -0,6 -2,9MARGE BRUTE D'AUTOFINANCEMENT 223,4 198,3 220,4Variation des actifs et passifs d’exploitation hors acquis. et immob. -28,6 -7,5 -3,9Variation Pension Fund U.K. -12,9 -7,6 -11,3
_______ _______ _______FLUX DE TRESORERIE D’EXPLOITATION 181,9 183,2 205,3
Acquisitions - cessions d'immobilisations corporelles et financières -91,8 -80,0 -64,4Acquisitions et cessions de sociétés nettes de latrésorerie acquise
-288,5 -6,0
_______ _______ _______FLUX DE TRESORERIE D’INVESTISSEMENT -380,4 -85,9 -64,4
Nouveaux emprunts - remboursement d'emprunts existants 198,2 -12,9 -9,2Dividendes versés aux actionnaires de la société mère -10,7 -8,6 -6,7Achat de titres en autocontrole / variation stock actions propres 0,1 0,8Augmentation de capital 0,4Charges financières nettes liées au opérations de financement -28,4 -22,6 -22,6
_______ _______ _______FLUX DE TRESORERIE DE FINANCEMENT 159,6 -43,3 -38,4
Effets de change sur la trésorerie -0,1 0,7 1,7_______ _______ _______
VARIATION DE LA TRESORERIEAU COURS DE L’EXERCICE
-39,03 54,7 104,1
Trésorerie en fin d’exercice 157,4 196,5 141,8
Financial Statements
ANNUAL RESULTS FOR 2011 Paris – Wednesday 29 February 2012