Activity indicators

Financial indicators (IFRS)

Results

Income statement (in euro thousands)

Exercice	2009	2008
Revenues	934,909	1,165,106
Cost of sales	(807,619)	(953,593)
Gross profit	127,290	211,513
Selling expenses	(23,644)	(31,063)
General and administrative expenses	(54,768)	(63,721)
Other operating income	(24,818)	(29,511)
Other operating expenses	969	1,325
Current operating profit	25,029	88,543
Other non-recurrent income	-	-
Other non-recurrent expenses	(23,068)	(24,374)
Operating Income	1,961	64,169
Interest expense	(39,752)	(43,105)
Interest income	999	1,888
Cost of net financial debt	(38,753)	(41,217)
Income from equity affiliates	(5,024)	-
Pre-tax income of consolidated companies	(41,816)	22,952
Income taxes	20,751	(610)
Net income from fully consolidated companies	(21,065)	22,341
Share of profits and losses of equity affiliates and joint ventures	288	2,422
Income (loss) from assets held for sale	(550)	-
Share of net income of equity affiliates	(21,327)	24,764
Minority interests	8,485	16,590
Of which Attributable to shareholders	(29,812)	8,174
Number of shares	21,220,078	21,518,932
Basic earnings per share	€ (1.40)	€ 0.38
Fully diluted earnings per share	€ (1.40)	€ 0.37

Statement of gains and losses recognized

Statement of net income and gains and losses recognized directly as shareholders' equity (thousands of euros)

	30.11.09	30.11.08(1)
Change in the fair value of hedging instruments	1,266	(13,069)
Tax impact on hedging instruments	(488)	4,496
Net on hedging instruments	778	(8,573)
Gross of actuarial gains and losses for the period	390	515
Tax impact on actuarial gains and losses for the period	(133)	(177)
Net on actuarial gains and losses	257	338
Total gains and losses recognized as shareholders' equity	1,035	(8,235)
Income (loss) for the period	(21,327)	24,764
Total income and gains and losses recognized directly as equity	(20,292)	16,529
Group share	(28,777)	81
Minority interest	8,485	16,590

(1) The 2008 presentation has been adjusted and adapted to the presentation for fiscal 2009.

Balance sheet (in euro thousands)

Assets (in euro thousands)	30.11.09	30.11.08
Goodwill	68,511	68,511
Intangible assets	81,988	81,202
Tangible assets	5,930	7,271
Investments in equity affiliates	4,270	35,069
Deferred tax assets	952	-
Other non-current assets	861	1,049
Non-current assets	162,512	193,102
Inventories	295,741	519,521
Accounts receivable	203,770	296,257
Other receivables	139,429	156,033
Current income tax assets	43,494	28,709
Cash and cash equivalents	123,157	107,705
Prepaid expenses	1,378	2,187
Current assets	806,969	1,110,412
Assets held for sale	30,292	-
Total assets	999,773	1,303,514

Equity and liabilities (euro thousands)	30.11.09	30.11.08
Issued capital	5,612	5,793
Stock warrants	979	979
Reserves	128,580	134,749
Other reserves	(18,702)	(12,222)
Income attributable to shareholders	(29,812)	8,174
Treasury shares	(4,214)	(29,719)
Shareholders' equity	82,443	107,754
Minority interests	6,526	15,749
Provisions	88,969	123,503
Provisions for risks and contingencies	26,498	20,725
Borrowings and other non-current financial liabilities	344,879	521,764
Deferred tax	-	806
Shareholder’s current account	-	8,066
Non-current liabilities	371,377	551,361
Other current financial liabilities	46,820	7,860
Shareholder’s current account	8,590	-
Trade payables	398,790	552,648
Other payables	83,260	65,811
Current income tax liabilities	-	-
Deferred revenues	1,967	2,331
Current liabilities	539,427	628,650
Liabilities held for sale	-	-
Total equity and liabilities	999,773	1,303,514