THE GROUP - VALUES ANS STRATEGY

Activity indicators

Income statement (in euro thousands)

Exercice	2011	2010

Revenues	1,044,255	935,702
Cost of sales	(841,460)	(772,289)
Gross profit	202,795	163,413
Selling expenses	(27,375)	(22,651)
General and administrative expenses	(62,086)	(57,519)
Technical expenses and customer services	(15,634)	(14,370)
Other operating income	(10,026)	(3,842)
Other operating expenses	1,395	1,656
Current operating profit	89,069	66,687
Other non-recurrent income	1,734	4,319
Other non-recurrent expenses	(952)	(189)
Operating Income	89,851	70,817
Interest expense	(15,141)	(31,136)
Interest income	3,619	1,407
Cost of net financial debt	(11,522)	(29,729)
Income from equity affiliates	(2,444)	(374)
++++ Autres produit financier ++++++	9,359	-
Pre-tax income of consolidated companies	85,244	(40,714)
Income taxes	(28,709)	(8,045)
Net income from fully consolidated companies	56,535	32,669
Share of profits and losses of equity affiliates and joint ventures	955	633
Income (loss) from assets held for sale	-	(1,000)
Share of net income of equity affiliates	57,490	32,302
Minority interests	9,977	14,239
Of which Attributable to shareholders	47,513	18,063
Number of shares	21,381,864	21,332,939
Basic earnings per share	€ 2.22	€ 0.85
Fully diluted earnings per share	€ 2.22	€ 0.85

Statement of gains and losses recognized (in euro thousands)

	30.11.11	30.11.10

Change in the fair value of hedging instruments	57,490	32,302
Net on hedging instruments	1,192	(3,675)
Tax impact on hedging instruments	(410)	1,267
Gross of actuarial gains and losses for the period	1,812	11,106
Income (loss) for the period	(581)	(3 811)
Net on actuarial gains and losses	(453)	(586)
Tax impact on actuarial gains and losses for the period	156	201
Total gains and losses recognized as shareholders' equity	1,716	4,502
Total income and gains and losses recognized directly as equity	59,206	36,804
Group share	52,229	22,565
Minority interests	9,977	14,239

Balance sheet (in euro thousands)

Assets (in euro thousands)	30.11.11	30.11.10

Goodwill	68,511	68,511
Intangible assets	83,010	82,310
Tangible assets	5,883	5,988
Investments in equity affiliates	3,473	5,359
Other non-current assets	2,551	12,678
Non-current assets	163,428	174,846
Inventories	235,556	246,146
Accounts receivable	305,673	203,325
Other receivables	141,260	159,480
Other Financial receivables	11,535	6,189
Current income tax assets	36,971	33,846
Cash and cash equivalents	138,878	140,430
Prepaid expenses	805	718
Current assets	870,678	790,134
Total assets	1,034,106	964,980

Equity and liabilities (euro thousands)	30.11.11	30.11.10

Issued capital	5,612	5,612
Stock warrants	979	979
Reserves	111,001	96,467
Other reserves	(12,274)	(13,914)
Treasury shares	(4,455)	(3,438)
Income attributable to shareholders	47,513	18,063
Shareholders' equity	148,376	103,769
Minority interests	8,470	11,785
Provisions	156,846	115,554
Provisions for risks and contingencies	24,424	20,961
Borrowings and other non-current financial liabilities	283,284	351,549
Deferred tax	35,205	8,857
Non-current liabilities	342,913	381,367
Other current financial liabilities	19,337	567
Trade payables	409,668	377,292
Other payables	103,985	88,939
Deferred revenues	1,357	1,261
Current liabilities	534,347	468,059
Total equity and liabilities	1,034,106	964,980

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