Earnings Release • Feb 27, 2013
Earnings Release
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Neuilly-sur-Seine, France, February 27, 2013 – The Board of directors of Bureau Veritas met yesterday and closed the accounts for the full-year ending December 31, 2012.
"Bureau Veritas had an excellent performance in 2012. For the first year of the BV2015 plan, the 16% increase in revenue was above the target set, with organic growth of almost 8% and a slight lead in terms of acquisitions. Bureau Veritas also lifted adjusted net profit by 16% and operating cash flow by more than 25%.
On the back of progress made in the most dynamic markets and the diversity of the business portfolio, growth was robust throughout the year. Double-digit growth rates in the Industry, Commodities, Government Services and Consumer Products businesses offset the slowdown in the Marine business and in Construction in Spain, where the Group has adapted its organization and withdrawn from the infrastructure inspection activity.
We increased our capabilities in fast-growing regions, which accounted for 54% of 2012 revenue (vs. 50% in 2011). On the commercial front, Bureau Veritas won contracts worth several tens of millions of euros, reflecting our clients' growing challenges in risk management.
We made 14 acquisitions that strengthen our skills in high-potential markets, such as minerals, oil and gas drilling, electronics and the automotive segment, as well as our positions in the US, Germany, China and Canada. During the year, the Group launched new projects, including lean management initiatives aimed at improving customer satisfaction and operating efficiency.
The Group should deliver solid growth in 2013 revenue and adjusted operating profit, in line with the BV2015 strategic plan and despite an economic environment in Europe that is set to remain challenging."
| (in millions of euros) | 2012 | 2011 | Change |
|---|---|---|---|
| Revenue | 3,902.3 | 3,358.6 | +16.2% |
| Adjusted operating profit (a) | 639.2 | 544.3 | +17.4% |
| As a % of revenue | 16.4% | 16.2% | +20 bps |
| Operating profit | 518.3 | 480.3 | +7.9% |
| Net financial expense | (69.3) | (58.4) | |
| Income tax | (141.8) | (116.9) | |
| Attributable net profit | 297.6 | 297.6 | - |
| Attributable adjusted net profit (a) | 402.6 | 348.1 | +15.7% |
| Operating cashflow | 504.5 | 402.4 | +25.4% |
| Adjusted net financial debt on December 31 (a) | 1,150.7 | 983.9 | +166.8 |
(a) Financial indicators not defined by IFRS accounting rules set out in Appendix 3
Didier Michaud-Daniel was appointed Chief Executive Officer of Bureau Veritas on March 1, 2012. As Chairman of the Board of Directors, Frank Piedelièvre remained strongly implicated in the Group's governance and accompanied Didier Michaud-Daniel in taking up his functions.
The dissociation between the roles of Chairman and Chief Executive Officer is a means of strengthening the strategic, decision-making and control functions attributable to the Board of Directors and the executive and operational responsibilities pertaining to General Management.
This transition was handled in perfect coordination for the first year of the BV2015 plan. Under the impetus of Didier Michaud-Daniel, new projects were launched especially lean management initiatives aimed at improving customer satisfaction and operating efficiency.
In 2012, the Group made 14 attractively-valued acquisitions enabling it to consolidate its technical expertise in fast growing market segments (oil and gas drilling, geochemical testing of minerals, electronic products and automotive equipment testing) and to strengthen the size of its network in key geographies such as North America, Latin America and Germany.
These acquisitions had combined revenue estimated at more than EUR 210 million on an annual basis in 2012. The main acquisitions were:
Since the accounts were closed, the Group has acquired 7Layers, a German company specialized in testing and certification of mobile electronics devices and wireless technologies. This acquisition positions the Group among the global leaders by doubling the size of its activities in this segment. The company has 220 employees and 2012 revenue is estimated at EUR 24 million.
In view of the deteriorated economic backdrop in Spain, especially in the construction segment, the Group has reshaped its portfolio of activities. The Group completed the disposal of its infrastructure inspection activity on February 21, 2013, and implemented measures to adapt the size of these operations to market conditions. The impact of this resizing prompted exceptional expenses of EUR 64.8 million in 2012, excluded from adjusted operating profit.
Full-year 2012 revenue at Bureau Veritas totaled EUR 3,902.3 million. The 16.2% increase relative to 2011 broke down as follows:
Revenue derived from fast-growing zones (Latin America, Asia-Pacific excluding Japan, Eastern Europe, the Middle East and Africa) accounted for 54% of 2012 revenue, up from 50% in 2011.
Change in revenue and adjusted operating profit by business is set out in Appendix 1.
Adjusted operating profit rose by 17.4% to EUR 639.2 million compared with EUR 544.3 million in 2011. Adjusted operating margin expressed as a percentage of revenue stood at 16.4% in 2012, up 20 basis points from 16.2% in 2011.
This growth was primarily driven by the Industry and Commodities businesses, which benefited from higher volumes and measures implemented to improve the mix and operating productivity. The contribution from the Marine business was in decline, as was that from Certification. Adjusted for the infrastructure activity in Spain, which generated an operating loss of EUR 7.8 million, adjusted operating margin in Construction increased slightly to 12.8% and the Group's operating margin stood at 16.7%.
Other operating expenses increased to EUR 120.9 million vs. EUR 64 million in 2011. These included:
In 2012, other operating expenses due to Spain (acceleration in acquisition intangibles amortization, goodwill impairment and disposal related costs) totaled EUR 64.8 million.
After taking account of other operating expenses, operating profit rose 7.9% to EUR 518.3 million.
Net financial expenses stood at EUR 69.3 million compared with EUR 58.4 million in 2011. This increase stemmed primarily from the higher average volume of debt (financing of acquisitions) and the average cost of debt following the extension of maturities.
Income tax totaled EUR 141.8 million in 2012 compared with EUR 116.9 million in 2011. The increase in the effective tax rate from 27.7% in 2011 to 31.6% in 2012 was mainly due to the non-deductible nature of asset write-downs booked for Spain. The adjusted effective tax rate stood at 27.7%.
Attributable net profit was stable relative to 2011 at EUR 297.6 million. Earnings per share stood at EUR 2.70 compared with EUR 2.72 in 2011.
Attributable net profit adjusted for other operating expenses net of tax totaled EUR 402.6 million, up 15.7% relative to 2011. Adjusted earnings per share totaled EUR 3.65 in 2011, up 14.8% relative to 2011 (EUR 3.18).
2012 operating cash flow rose 25.4% to EUR 504.5 million on the back of higher earnings and controlled working capital requirements (WCR). On December 31, 2012, WCR totaled EUR 272.8 million, or 7.0% of 2012 revenue, compared with EUR 237.0 million, or 7.1% of 2011 revenue.
Net capex rose to EUR 135.3 million (vs. EUR 113.1 million in 2011). The Group's investment rate was 3.5% of revenue close to the 3.4% reported in 2011.
Levered free cash flow (cash flow available after tax, interest expenses and capex) totaled EUR 326.6 million, up 32.2% relative to 2011.
On December 31, 2012, adjusted net financial debt (net financial debt after hedging instruments) stood at EUR 1,150.7 million, or 1.59x EBITDA as defined for the Group's covenants calculation, compared with 1.60x on December 31, 2011. The EUR 166.8 million increase in adjusted net financial debt stemmed from:
In view of the Group's performance and the free cash flow generated in 2012, the Group is to propose a dividend of EUR 1.83 per share at the Shareholders' Meeting scheduled for May 22, 2013. This dividend represents a payout of 50% of adjusted EPS in 2012 and a yield of 2.2% relative to the share price on 31 December 31, 2012 (EUR 84.65).
The Group should deliver solid growth in 2013 revenue and adjusted operating profit, in line with the BV2015 strategic plan and despite an economic environment in Europe that is set to remain challenging.
2012-2015 financial targets set out in the "BV2015: Moving forward with confidence" strategic plan
Wednesday February 27, 2013 at 3 p.m. CET
The analyst/investor presentation in English is to take place at the Académie Diplomatique Internationale at 4bis avenue Hoche – 75008 Paris, France.
It is to be broadcast live and after the event on the Group's website (http://finance.bureauveritas.com). The presentation document will also be available on the website.
April 30, 2013: publication of Q1 2013 financial information (after trading)
May 22, 2013: Shareholders' Meeting
August 28, 2013: publication of H1 2013 results (before trading)
November 6, 2013: publication of Q3 2013 financial information (after trading)
Bureau Veritas is a world leader in conformity assessment and certification services. Created in 1828, the Group has almost 59,000 employees in around 1,330 offices and laboratories located in 140 countries. Bureau Veritas helps its clients to improve their performances by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility. Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index (Compartment A, code ISIN
www.bureauveritas.com
FR 0006174348, stock symbol: BVI).
| Analysts/Investors Contacts | ||
|---|---|---|
| Claire Plais | +33 (0)1 55 24 76 09 | |
| Domitille Vielle | +33 (0)1 55 24 77 80 | |
| [email protected] | ||
| Press Contact | ||
| Véronique Gielec | +33 (0)1 55 24 76 01 | |
| [email protected] | ||
This press release contains forward-looking statements, which are based on current plans and forecasts of Bureau Veritas' management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors such as those described in the registration document filed by Bureau Veritas with the French Autorité des marchés financiers that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These forwardlooking statements speak only as of the date on which they are made, and Bureau Veritas undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, according to applicable regulations.
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On December 31, 2012, the Group was organized into eight operating businesses: Marine, Industry, In-Service Inspection & Verification, Construction, Certification, Commodities, Consumer Products and Government Services & International Trade.
Since January 1, 2012, a number of former HSE activities previously included in the Industry business have been transferred to the Construction and In-Service Inspection & Verification businesses. Similarly, the agricultural products testing and inspection businesses previously included in the GSIT business have been transferred to the Commodities business. 2011 data has been adjusted according to this new allocation in order to enable better comparison.
| Growth | ||||||
|---|---|---|---|---|---|---|
| (in millions of euros) | 2012 | 2011 | Total | Organic | Scope | Currencies |
| Marine | 78.7 | 82.8 | (5.0)% | (7.2)% | +0.1% | +2.1% |
| Industry | 241.1 | 180.7 | +33.4% | +15.2% | +16.2% | +2.0% |
| IVS | 129.9 | 130.0 | (0.1)% | (1.3)% | - | +1.2% |
| Construction | 115.7 | 117.0 | (1.1)% | (6.3)% | +4.4% | +0.8% |
| Certification | 97.0 | 94.5 | +2.6% | +1.5% | (0.2)% | +1.3% |
| Commodities | 186.2 | 148.1 | +25.7% | +11.8% | +9.3% | +4.6% |
| Consumer Products | 114.3 | 95.9 | +19.2% | +13.1% | +1.4% | +4.7% |
| GSIT | 78.6 | 56.5 | +39.1% | +35.0% | +4.4% | (0.3)% |
| TOTAL Q4 | 1,041.5 | 905.5 | +15.0% | +7.0% | +5.7% | +2.3% |
| Marine | 317.0 | 318.7 | (0.5)% | (4.0)% | - | +3.5% |
| Industry | 874.8 | 664.0 | +31.7% | +16.1% | +12.2% | +3.4% |
| IVS | 480.5 | 462.5 | +3.9% | +1.9% | +0.2% | +1.8% |
| Construction | 447.6 | 442.7 | +1.1% | (5.0)% | +3.7% | +2.4% |
| Certification | 344.1 | 322.1 | +6.8% | +4.5% | +0.1% | +2.2% |
| Commodities | 713.6 | 554.9 | +28.6% | +13.5% | +8.9% | +6.2% |
| Consumer Products | 442.9 | 379.3 | +16.8% | +8.3% | +1.2% | +7.3% |
| GSIT | 281.8 | 214.4 | +31.4% | +28.2% | +2.7% | +0.5% |
| TOTAL FULL-YEAR | 3,902.3 | 3,358.6 | +16.2% | +7.8% | +4.7% | +3.7% |
IVS: In-Service Inspection & Verification
GSIT: Government Services & International Trade
| Change in operating profit by business | |||
|---|---|---|---|
| -- | ---------------------------------------- | -- | -- |
| Adjusted operating profit | Adjusted operating margin | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | 2012 | 2011 | Change | 2012 | 2011 | Change (basis points) |
| Marine | 84.7 | 94.0 | (9.9)% | 26.7% | 29.5% | (280) |
| Industry | 126.5 | 79.5 | +59.1% | 14.5% | 12.0% | +250 |
| IVS | 52.5 | 47.7 | +10.1% | 10.9% | 10.3% | +60 |
| Construction | 46.9 | 48.3 | (2.9)% | 10.5% | 10.9% | (40) |
| Certification | 61.5 | 66.5 | (7.5)% | 17.9% | 20.6% | (270) |
| Commodities | 99.0 | 70.7 | +40.0% | 13.9% | 12.7% | +120 |
| Consumer Products | 108.6 | 97.1 | +11.8% | 24.5% | 25.6% | (110) |
| GSIT | 59.5 | 40.5 | +46.9% | 21.1% | 18.9% | +220 |
| Total Group | 639.2 | 544.3 | +17.4% | 16.4% | 16.2% | +20 |
Revenue was virtually stable (-0.5%), with an organic decline of 4% having been made up for by beneficial exchange rates, primarily for the US dollar.
Revenue in the ships in service inspection segment benefited from growth in the fleet classed by Bureau Veritas, as well as assessment programs for oil majors, inspections for the French Navy and the development of energy efficiency related services. On December 31, 2012, the fleet classed by Bureau Veritas totaled 10,152 ships (+2.6% relative to December 31, 2011) and represented 90.9 million gross tons (GRT), a 5.5% increase.
Revenue from the classification and certification of new ships was in decline. The year was marked by a low level of new worldwide orders, down more than 30% relative to 2011. The order book fell to 16.3 million GRT compared with 22.3 million GRT on December 31, 2011.
Adjusted operating margin in the Marine business narrowed as expected to stand at 26.7%.
In 2013, the Marine business is set to post growth in the ships in service segment and is expecting no recovery in the new construction segment before 2014 since freight rates remain historically low. The business should nevertheless benefit from new opportunities in offshore, liquefied natural gas and new regulations (energy efficiency).
Revenue rose by 31.7%, including organic growth of 16.1% and acquisitions growth of 12.2% (primarily TH Hill and Tecnicontrol). Growth drivers were primarily:
Adjusted operating margin widened a considerable 250 basis points relative to 2011 to stand at 14.5%, driven by a volume effect, the mix of activities and the recovery in underperforming units.
In 2013, the Industry business should post further robust organic growth, driven by the same growth drivers and the ramp-up in major contracts signed in 2012. The Group is to continue its development in attractive markets such as non-destructive testing, while continuing to optimize its service offering.
Revenue rose 3.9% relative to the previous year and 1.9% on a same-structure and exchange rate basis.
Growth in European countries outstripped GDP growth except in Spain where revenue was down 6%. In contrast, fast-growing geographies, which now account for 14% of revenue reported double-digit growth (Latin America and China).
Operating margin in the business widened by 60 basis points to 10.9% thanks to lean management initiatives that are currently being implemented in France and productivity efficiency in the US.
In 2013, the IVS activities are likely to see modest growth in mature countries and sharp expansion in fastgrowing geographies. The effects of lean management initiatives should help increase operating margin.
Revenue rose 1.1% with the 5% organic decline offset by the consolidation of acquisitions in China (Huaxia) and India (Civil-Aid) as well as the positive impact from US dollar exchange rate.
The collapse in the construction market in Spain prompted the Group to resize its activities and complete the disposal of its infrastructure control activity. Restated organic growth stood at -0.7% and reflected:
Adjusted operating profit restated for the impact of activities sold off totaled EUR 54.7 million while adjusted operating margin widened 20 basis points relative to 2011 to 12.8%.
In 2013, revenue growth is likely to slow in Europe, especially in France. The Group is continuing to expand in fast-growing geographies notably on the back of recent acquisitions.
Revenue increased by 6.8% relative to the previous year. Organic growth of 4.5% stemmed from:
The 270 basis-point narrowing in adjusted operating margin to 17.9% was mainly due to:
In 2013, growth should remain resilient on the back of identified growth initiatives (agriculture and organic products, timber supply chain,etc.). Lean management initiatives are currently being rolled out in northern Europe with the aim of improving customer satisfaction rates and operating productivity.
Revenue growth of 28.6% stemmed for 13.5% from organic growth, 8.9% from the consolidation of Acme and 6.2% from beneficial currencies (US and Australian dollars). Growth was noted in all segments and especially in:
The 120 basis-point increase in adjusted operating margin to 13.9% stemmed from the improvement in the mix in favor of high value-added activities (upstream services), the recovery in a number of underperforming units and the first results of lean management initiatives.
Growth prospects for 2013 are solid for Oil & Petrochemicals and agricultural products, driven by the development of new services and their roll-out in new regions. After the deceleration expected in the first half of 2013, the Metals & Minerals segment should pick up in the second half. Initiatives to improve profitability are continuing.
The 16.8% increase in revenue stemmed from organic growth of 8.3%, a 1.2% improvement in revenue prompted by acquisitions (JCS, ECL and Davis) and a 7.3% positive impact from currencies (US dollar, Hong Kong dollar and the Chinese yuan). The performance by segment broke down as follows:
The decline in full-year adjusted operating margin to 24.5% vs. 25.6% in 2011 stemmed from a disadvantageous mix effect, with E&E and inspection activities showing higher margins but still lower than those on toys testing. Note that H2 adjusted operating margin stood at 26.0%, ahead of the 25.7% seen in H2 2011.
In 2013, the Group should maintain healthy growth levels with further expansion in new segments (mobiles, automotive equipment) and the stabilization of revenue from toys testing.
Revenue rose sharply (+31.4%) on the back of organic growth of 28.2% and the consolidation of Unicar (+2.7%).
The activities benefited from volume and price increases for imported goods in African and Asian countries and the ramp-up of new verification of conformity contracts for imported goods in Iraq and Kurdistan.
The service offering was rounded out with the acquisition of German company Unicar, specialized in car fleet quality control throughout the supply chain.
Adjusted operating margin in the business rose by 220 basis points to 21.1%, driven by higher volumes, especially for new contracts.
Prospects for 2013 remain solid despite a demanding comparison base, especially thanks to new contract opportunities (single window, automotive, verification of conformity).
Extracts of consolidated financial statements on December 31, 2012 audited and closed by the Board of directors on February 26, 2013. Audit procedures for the consolidated accounts have been undertaken. The Auditor's certification report is currently being drawn up.
| (in millions of euros) | 2012 | 2011 |
|---|---|---|
| Revenue | 3,902.3 | 3,358.6 |
| Purchases and external charges | (1,136.3) | (995.5) |
| Personnel costs | (1,966.9) | (1,709.4) |
| Taxes other than on income | (69.3) | (71.1) |
| Net (additions to)/reversals of provisions | (10.5) | 8.4 |
| Depreciation and amortization | (142.6) | (112.9) |
| Other operating income/expense | (58.4) | 2.2 |
| Operating profit | 518.3 | 480.3 |
| Income from cash and cash equivalents | 2.1 | 2.0 |
| Finance costs, gross | (56.4) | (43.7) |
| Finance costs, net | (54.3) | (41.7) |
| Other financial income/(expense) | (15.0) | (16.7) |
| Net financial expense | (69.3) | (58.4) |
| Share of profit of associates | - | 0.3 |
| Profit before income tax | 449.0 | 422.2 |
| Income tax expense | (141.8) | (116.9) |
| Net profit | 307.2 | 305.3 |
| Minority interests | 9.6 | 7.7 |
| Attributable net profit | 297.6 | 297.6 |
| Earnings per share (euros): | ||
| Basic earnings per share | 2.70 | 2.72 |
| Diluted earnings per share | 2.66 | 2.67 |
| (in millions of euros) | Dec. 2012 | Dec. 2011 |
|---|---|---|
| Goodwill | 1,486.3 | 1,378.3 |
| Intangible assets | 385.4 | 333.0 |
| Property, plant and equipment | 379.4 | 319.6 |
| Investments in associates | 0.7 | 0.7 |
| Deferred income tax assets | 110.4 | 91.9 |
| Investments in non-consolidated companies | 1.8 | 0.7 |
| Derivative financial instruments | 22.4 | 46.5 |
| Other non-current financial assets | 43.9 | 45.1 |
| Total non-current assets | 2,430.3 | 2,215.8 |
| Trade and other receivables | 1,060.5 | 974.4 |
| Current income tax assets | 55.0 | 36.3 |
| Current financial assets | 7.7 | 6.9 |
| Derivative financial instruments | 2.6 | 0.1 |
| Cash and cash equivalents | 243.5 | 244.1 |
| Total current assets | 1,369.3 | 1,261.8 |
| Assets held for sale | 5.4 | - |
| TOTAL ASSETS | 3,805.0 | 3,477.6 |
| Share capital | 13.3 | 13.3 |
| Retained earnings and other reserves | 1,131.2 | 1,052.1 |
| Equity attributable to owners of the Company | 1,144.5 | 1,065.4 |
| Non-controlling interests | 23.3 | 18.8 |
| Total equity | 1,167.8 | 1,084.2 |
| Bank borrowings | 1,282.7 | 999.4 |
| Derivative financial instruments | 21.5 | 19.6 |
| Other non-current liabilities | 2.7 | 2.6 |
| Deferred income tax liabilities | 89.6 | 66.3 |
| Pension plans and other long-term employee benefits | 124.6 | 104.8 |
| Provisions for other liabilities and charges | 71.2 | 81.1 |
| Total non-current liabilities | 1,592.3 | 1,273.8 |
| Trade and other payables | 787.7 | 737.3 |
| Current income tax liabilities | 75.8 | 84.8 |
| Loans and debts with credit institutions | 128.3 | 266.2 |
| Derivative financial instruments | 3.3 | 4.8 |
| Current financial liabilities | 48.8 | 26.5 |
| Total current liabilities | 1,043.9 | 1,119.6 |
| Liabilities held for sale | 1.0 | - |
| TOTAL EQUITY AND LIABILITIES | 3,805.0 | 3,477.6 |
| (in millions of euros) | 2012 | 2011 |
|---|---|---|
| Profit before income tax | 449.0 | 422.2 |
| Elimination of cash flows from financing and investing activities | 61.1 | 44.8 |
| Provisions and other non-cash items | 31.1 | (4.9) |
| Depreciation, amortization and impairment | 167.9 | 129.1 |
| Change in working capital attributable to operations | (24.6) | (39.2) |
| Income tax paid | (180.0) | (149.6) |
| Net cash generated from operating activities | 504.5 | 402.4 |
| Acquisitions of subsidiaries | (246.6) | (70.2) |
| Proceeds from sales of subsidiaries | 3.3 | 0.5 |
| Purchases of property, plant and equipment, and intangible assets | (140.5) | (115.8) |
| Proceeds from sales of property, plant and equipment, and intangible assets | 5.2 | 2.7 |
| Purchases of non-current financial assets | (12.4) | (8.8) |
| Proceeds from sales of non-current financial assets | 13.6 | 6.4 |
| Other | - | (0.3) |
| Net cash used in investing activities | (377.4) | (185.5) |
| Capital increase | 13.2 | 29.5 |
| Purchases/sales of treasury shares | (66.1) | (1.0) |
| Dividends paid | (147.1) | (131.2) |
| Increase in borrowings and other debt | 933.5 | 515.3 |
| Repayment of borrowings and other debt | (810.3) | (562.2) |
| Interest paid | (42.6) | (42.3) |
| Net cash used in financing activities | (119.4) | (191.9) |
| Impact of currency translation differences | (3.8) | 4.5 |
| Net increase in cash and cash equivalents | 3.9 | 29.5 |
| Net cash and cash equivalents at beginning of year | 230.9 | 201.4 |
| Net cash and cash equivalents at end of year | 234.8 | 230.9 |
| o/w cash and cash equivalents | 243.5 | 244.1 |
| o/w bank overdrafts | (8.7) | (13.2) |
"Adjusted" operating profit is defined as the Group's operating profit before taking account of other operating expense namely expenses relative to acquisitions and other non-recurring items.
| (in millions of euros) | 2012 | 2011 |
|---|---|---|
| Operating profit | 518.3 | 480.3 |
| Amortization of acquisition intangibles | 53.9 | 36.4 |
| Transaction-related costs | 3.3 | 2.5 |
| Disposals and restructuring | 38.4 | 9.0 |
| Goodwill impairment | 25.3 | 16.1 |
| Adjusted operating profit | 639.2 | 544.3 |
Attributable "adjusted" net profit is adjusted for other operating expense net of tax.
| (in millions of euros) | 2012 | 2011 |
|---|---|---|
| Attributable net profit | 297.6 | 297.6 |
| EPS (a) (in euros per share) | 2.70 | 2.72 |
| Other operating expenses | 120.9 | 64.0 |
| Tax effect on other operating expenses (b) | (15.9) | (13.5) |
| Attributable adjusted net profit | 402.6 | 348.1 |
| Adjusted EPS (a) (in euros per share) | 3.65 | 3.18 |
(a) calculated on the weighted average number of shares of 110,194,808 in 2012 and 109,354,907 in 2011
(b) calculated on an adjusted tax rate basis
| (in millions of euros) | 2012 | 2011 |
|---|---|---|
| Net cash generated from operating activities (operating cash flow) | 504.5 | 402.4 |
| Purchases of property, plant and equipment net of proceeds | (135.3) | (113.1) |
| Interest paid | (42.6) | (42.3) |
| Levered free cash flow | 326.6 | 247.0 |
"Adjusted" net financial debt is defined as net financial debt after currency hedging instruments as defined in the calculation of the bank covenants.
| (in millions of euros) | 2012 | 2011 |
|---|---|---|
| Gross financial debt | 1,411.0 | 1,265.6 |
| Cash and cash equivalents | 243.5 | 244.1 |
| Net financial debt | 1,167.5 | 1,021.5 |
| Impact of currency hedging instruments | (16.8) | (37.6) |
| Adjusted net financial debt | 1,150.7 | 983.9 |
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