Activity indicators

Financial indicators (IFRS)

Results

Income statement (in euro thousands)

Exercice	2008	2007
Revenues	1,165,106	1,382,567
Cost of sales	-953,593	-1,063,409
Gross profit	211,513	319,158
Selling expenses	-31,063	-39,093
General and administrative expenses	-63,721	-74,149
Other operating income and expenses	-28,186	-24,665
Current operating profit	88,543	181,251
Other non-recurrent income	-	4,000
Other non-recurrent expenses	-24,374	-713
Operating Income	64,169	184,538
Cost of net financial debt	-41,217	-27,056
Income from equity affiliates	-	-14,999
Pre-tax income of consolidated companies	22,952	142,483
Income taxes	-610	-41,627
Net income from fully consolidated companies	22,342	100,856
Quote-part dans les résultats des entreprises associées et co-entreprises	2,422	4,177
Share of net income of equity affiliates	24,764	105,033
Minority interests	16,590	20,666
Of which Attributable to shareholders	8,174	84,367
Number of shares	22,277,174	22,277,174
Basic earnings per share	€ 0.38	€ 3.79
Fully diluted earnings per share	€ 0.37	€ 3.74

Balance sheet (in euro thousands)

Assets (in euro thousands)	30.11.08	30.11.07
Goodwill	68,511	69,010
Intangible assets	81,202	80,797
Tangible assets	7,271	9,470
Investments in equity affiliates	35,069	29,928
Other non-current assets	1,049	979
Non-current assets	193,102	190,184
Inventories	519,521	595,459
Accounts receivable	296,257	405,701
Other receivables	158,643	147,394
Current income tax assets	28,709	-
Cash and cash equivalents	107,705	76,136
Prepaid expenses	2,187	3,226
Current assets	1,113,022	1,227,916
Total assets	1,306,124	1,418,100

Equity and liabilities (euro thousands)	30.11.08	30.11.07
Issued capital	5,793	5,793
Stock warrants	781	-
Reserves	156,822	263,095
Income attributable to shareholders	8,174	84,367
Interim dividends	-32,385	-107,575
Treasury shares	-29,719	-
Shareholders' equity	109,466	245,680
Minority interests	15,749	15,066
Provisions	125,215	260,746
Provisions for risks and contingencies	20,725	12,682
Borrowings and other non-current financial liabilities	521,764	363,559
Deferred tax	1,704	14,605
Shareholder’s current account	8,066	-
Non-current liabilities	552,259	390,846
Other current financial liabilities	7,860	49,052
Trade payables	552,648	620,977
Other payables	65,811	92,087
Current income tax liabilities	-	383
Deferred revenues	2,331	4,009
Current liabilities	628,650	766,508
Total equity and liabilities	1,306,124	1,418,100

(1) The 2006 statement of income and balance sheet have been adjusted to reflect application of the alternative method under IAS 19 which consists of recognizing actuarial gains and losses directly in equity without going through the statement of income, and application of the alternative method under IAS 31 whereby jointly controlled entities are accounted for by the equity method.