THE GROUP - VALUES ANS STRATEGY

Activity indicators

Income statement (in euro thousands)

Exercice	2010	2009

Revenues	935,702	934,909
Cost of sales	(772,289)	(807,619)
Gross profit	163,413	127,290
Selling expenses	(22,651)	(23,644)
General and administrative expenses	(57,519)	(54,768)
Technical expenses and customer services	(14,370)	(14,984)
Other operating income	(3,842)	(9,834)
Other operating expenses	1,656	969
Current operating profit	66,687	25,029
Other non-recurrent income	4,319	-
Other non-recurrent expenses	(189)	(23,068)
Operating Income	70,817	1,961
Interest expense	(31,136)	(39,752)
Interest income	1,407	999
Cost of net financial debt	(29,729)	(38,753)
Income from equity affiliates	(374)	(5,024)
Pre-tax income of consolidated companies	(40,714)	(41,816)
Income taxes	(8,045)	20,751
Net income from fully consolidated companies	32,669	(21,065)
Share of profits and losses of equity affiliates and joint ventures	633	288
Income (loss) from assets held for sale	(1,000)	(550)
Share of net income of equity affiliates	32,302	(21,327)
Minority interests	14,239	8,485
Of which Attributable to shareholders	18,063	(29,812)
Number of shares	21,332,939	21,220,078
Basic earnings per share	€ 0.85	€ (1.40)
Fully diluted earnings per share	€ 0.85	€ (1.40)

Statement of gains and losses recognized (in euro thousands)

	30.11.10	30.11.09

Change in the fair value of hedging instruments	32,302	(21,327)
Net on hedging instruments	(3,675)
Tax impact on hedging instruments	1,267
Gross of actuarial gains and losses for the period	11,106	1,266
Income (loss) for the period	(3 811)	(488)
Net on actuarial gains and losses	(586)	390
Tax impact on actuarial gains and losses for the period	201	(133)
Total gains and losses recognized as shareholders' equity	4,502	1,035
Total income and gains and losses recognized directly as equity	36,804	(20,292)
Group share	22,565	(28,777)
Minority interests	14,239	8,485

Balance sheet (in euro thousands)

Assets (in euro thousands)	30.11.10	30.11.09

Goodwill	68,511	68,511
Intangible assets	82,310	81,988
Tangible assets	5,988	5,930
Investments in equity affiliates	5,359	4,270
Deferred tax assets	-	952
Other non-current assets	12,678	861
Non-current assets	174,846	162,512
Inventories	246,146	295,741
Accounts receivable	203,325	203,770
Other receivables	159,480	139,429
Other Financial receivables	6,189	-
Current income tax assets	33,846	43,494
Cash and cash equivalents	140,430	123,157
Prepaid expenses	718	1,378
Current assets	790,134	806,969
Assets held for sale	-	30,292
Total assets	964,980	999,773

Equity and liabilities (euro thousands)	30.11.10	30.11.09

Issued capital	5,612	5,612
Stock warrants	979	979
Reserves	96,467	128,580
Other reserves	(13,914)	(18,702)
Income attributable to shareholders	18,063	(29,812)
Treasury shares	(3,438)	(4,214)
Shareholders' equity	103,769	82,443
Minority interests	11,785	6,526
Provisions	115,554	88,969
Provisions for risks and contingencies	20,961	26,498
Borrowings and other non-current financial liabilities	351,549	344,879
Deferred tax	8,857	-
Non-current liabilities	381,367	371,377
Other current financial liabilities	567	46,820
Shareholder’s current account	-	8,590
Trade payables	377,292	398,790
Other payables	88,939	83,260
Current income tax liabilities	-	-
Deferred revenues	1,261	1,967
Current liabilities	468,059	539,427
Liabilities held for sale	-	-
Total equity and liabilities	964,980	999,773

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