présentation powerpoint...ebitda 1,999 2,373 -15.8% -13.9% operating profit from continuing...

Résultats annuels 2018

2018


This presentation contains forward-looking statements.

These statements express objectives that are based on the current estimates and

projections of Auchan Holding’s senior management. They are subject to a number of

factors and uncertainties, such that the actual figures may deviate significantly from

those contained in the forward-looking statements.

Auchan Holding gives no assurances that the forward-looking statements herein will be

updated or revised.

2

Résultats annuels 2018 3

Auchan Holding’s

earnings

1

A closer look by

business

Questions &

Answers

1

2

3

4

5

Conclusion

Appendices

CO

NTEN

TS


Edgard BONTE

Chairman of the

Management Board

Benoît LHEUREUX

General Manager

Vianney MULLIEZ

Chairman

Edgard BONTE

Executive Chairman

Xavier de MEZERAC

Chairman

Jean-Pierre VIBOUD

General Manager

3 interlocking businesses at Auchan Holding

4

Xavier de MEZERAC

General Secretary


2018: earnings below par with contrasting situations

5

► Earnings well below par

► A change of governance for

more singularity, simplification

and agility

► Priority: to turn Auchan Retail

around in the short term

► Earnings in line with

expectations

► Change of name for

Immochan, now Ceetrus

► Development of new mixed

programmes

► Earnings are improving

► Creation of new partnerships and

consolidation of existing ones

► Pursuit of people-centred and

digital transformation

Exclusive negociations initiated with BPCE with a view to a long-term partnership in Oney


Plans for a long-term partnership in Oney with BPCE

6

► On 12 February 2019, Auchan Holding and BPCE entered into exclusive negociations with

a view to the acquisition by BPCE of a 50.1% interest in Oney Bank SA.

► Auchan Holding wants Oney to be able to continue to expand and accelerate its human

and digital transformation, and thereby serve the projects of its clients, the business of

its partners, and the development of its staff, by harnessing the backing of a first-tier

banking group whose cooperative model fits with Auchan Holding’s own family DNA.

► This project is subject to an information/consultation procedure involving personnel

representative bodies and the approval of the relevant authorities. The closing date is

earmarked for the second half of 2019.

► This would be a deconsolidating operation for Auchan Holding and will enable it to

improve its financial profile.


EBITDA down 15.8%

7

€ millions 2018 2017 Chg. at current

exch. rates

Chg. at constant

exch. rates

Revenue 50,986 52,669 -3.2% -1.3%

Gross profit 12,069 12,221 -1.2%

Gross margin 23.7% 23.2% +0.5pt

Payroll expenses (6,351) (6,179) +2.8%

External expenses (3,680) (3,614) +1.8%

EBITDA 1,999 2,373 -15.8% -13.9%

Operating profit from continuing operations 397 876 -54.7%

The consolidated financial statements for the year ended 31 December 2018 reflect the adoption of IFRS 9 and IFRS 15 as from 1 January

2018. The figures for 2017 have not been restated. In accordance with IFRS 5, Oney’s earnings for 2018 and 2017 have been taken to net

profit from assets held for sale and discontinued operations.


Provisions for asset impairments and store closure costs of €1.2 billion

2018 2017

Impairment and provisions for store

closure costs (1,235) (244)

Exceptional income on prepaid

cards in China 5 40

Reorganisation costs (6) (36)

Real estate capital gain 44*

Other exceptional income and

expenses (17) 23

TOTAL (1,254) (173)

Breakdown of asset impairments and provisions for store closure costs by

business

Breakdown of asset impairments and provisions for store closure costs by

country

Other operating income and

expenses (€ millions)

92.5% RETAIL

7.5% REAL ESTATE

37.0% FRANCE

35.6% ITALY

14.9% OTHER

12.5% RUSSIA *In 2017, capital gain arising from the remeasurement at fair value of previously-held

prorata shares following the transition to the full consolidation method of companies in

the Ceetrus scope


Profits hit hard by impairment charges

€ million 2018 2017 Chg. at current

exch. rates

Operating profit from continuing operations 397 876 -54.7%

Other operating income and expenses (1,254) (173) NA

Operating profit/(loss) (857) 703 NA

Net cost of financial debt (37) (39) -4.0%

Other financial income and expenses (43) 5 NA

Tax expenses (57) (240) -76.3%

Share of net profit/(loss) of associates (3) (2) 50.0%

Net profit/(loss) from continuing operations (997) 427 NA

Net profit from assets held for sale and discontinued

operations 51 82 NA

Profit/(loss) for the year (946) 509 NA

Profit/(loss) for the year - attributable to owners of the

parent (1,145) 275 NA

Profit/(loss) for the year – excl. other operating income and

expenses 170 681 -75.0%


Real estate investment weighed on debt

10

Investments net of Auchan Retail and

Real Estate disposals (in € millions)

2017 2018

Ceetrus

Auchan Retail

20%

80%

52%

48%

1,840

2,322

2,470

Net

financial

debt at end-

2017

1,703

Internal cash flow

(after net cost of

financial

debt and tax)

102

Change in WCR

and items

associated with

lending operations

2,383

Net cash flows

related to

investment

transactions

313

Amounts set aside

for dividend

payments

during the period

164

Other

movements

3,729

Net financial debt at

end-2018

GEARING (1)

18.6%

GEARING (1)

32.6%

(1) Gearing: net financial debt / shareholders’ equity

► Increase in investments mainly due to

real estate acquisitions made by Ceetrus

in 2018

Change in net financial debt in 2018 (€ millions)


€11 billion in financial resources

Total financial resources

€11,164m (1)

21% ONEY BANK

19% Other

60% AUCHAN HOLDING

(1) including €4,125m in available

funding (undrawn)

€1,160m

Extension of bank funding

€350m + €60m

New bond funding

2-year FRN issue

(February 2018) Euro Private Placement

(December 2018)

€750 million bond repayment in 2018


A well spread-out repayment schedule, particularly on bonds

12

*Following the 30 January 2019 5-year €1 billion issue

AVERAGE MATURITY at 31/12/18

2.62 YEARS

AVERAGE MATURITY at 31/01/19*

2.81 YEARS


Auchan Holding’s

earnings

1

A closer look by

business

Questions &

Answers

1

2

3

4

5

Conclusion

Appendices

CO

NTEN

TS


Enhance the value and appeal of commercial sites, pursue openings

Acquisition of 2 shopping malls

and 1 retail park

• Forum Montijo

• Forum Sintra

• Sintra Retail Park

Opening of 2 new commercial sites - Retail

Park in Petrovka and first phase of “Rive

Gauche” development in Kiev

Acquisition of 2 properties:

JBBK & Kubik (for conversion into

mixed office, residential, retail

and leisure space)

183,000 sq. m. ACQUISITIONS

AND OPENINGS

PORTUGAL

UKRAINE

LUXEMBOURG

Remodelling of the

Taberelor site in Drumul

Montivilliers La Lézarde

shopping mall

Auchan shopping mall

in Taranto

59,000 sq. m.

REFURBISHMENTS

AND EXTENSIONS

ROMANIA

FRANCE

ITALY

Aushopping centre

in Noyelles Godault


Keep on doing our initiatives in new activities in addition to our historical

business

FRANCE

ROMANIA

HUNGARY

LUXEMBOURG

Awarded contract in June 2018 to

completely revamp Paris Gare du Nord

railway station by 2024 as part of a

tender procedure launched by Gares &

Connexions

Ceetrus: 59-home

development at Auchan’s

Kecskemét site

Coresi: Delivery of 801 homes, of

which 585 in 2018 (+700 in 2019) and

acquisition of 40,000 sq. m. of office

space in a 59,000 sq. m. commercial

zone.

Cloche d’Or site in Luxembourg (GLA

of 57,000 sq. m., 250 high-end

apartments and 140 stores)


Revenue growth: +10.6% at constant exchange rates*

Fuelled by like-for-like growth and expansion

2017

revenues

excl. tax

Like-for-like Expansion

2018 rev.

excl. tax

before

disposals

Impact of

disposals

2018 rev. excl.

tax at constant

exch. rates

Currency

effect

2018 rev.

excl. tax at

current exch.

rates

-€1m

-0.2%

€517m +€13m

+1.9%

+€43m

+8.9%

€573m

+10.8%

€572m

+10.6%

-€5m

-0.9%

€567m

+9.7%

*excl. Mainland China and Taiwan


Increase in EBITDA: +9.6%*

Trend in EBITDA (at current exchange rates)

+5.7% excl. exceptionals

2018 EBITDA

2017 EBITDA

€377m

€344m

+9.6%



Increase in investments: +€682 million*

Current investments and acquisitions of securities, net of disposals and

changes in financial receivables, in €m

2018

2017 €438m

€1,120m

+€682m


• 2 significant investments in Portugal and Luxembourg


Increase in fair value of assets to €8.0bn (up 11.3%)*

3 217 M€

3 842 M€

7 217 M€

8 035 M€

2017 2018 2017 2018

Net book value Fair value

+19.4%

+11.3%



Highlights of 2018

Dynamic subsidiaries

Internationalisation of Oneydata’s Data Sharing activity

Merger of SellSecure and FIA-NET around the Oneytrust brand and

agreements with two global players

Oneyinsurance: launch of new affinity insurance products in several countries

Major progress towards becoming the European leader in split payment

Bolstering a leading position in

France and expanding internationally - Launch of the “3x 4x” split payment

solution in Italy, Belgium and Portugal

100 new partners brick-and-mortar retailers and e-retailers

+ consolidation of long-standing partnerships

2 million users in 2018

Signing of international partnerships

A good financial performance

Increase in sales performance: NBI up +3.8%

Net income up +38%

Firm commitment to pursue the investment strategy in order to push

ahead with the bank's people-centred and digital

transformation

Plans for BPCE to acquire a 50.1% interest in Oney Bank


Key financials

37.6% of NBI generated in

non-lending activities

(vs. 36.2% in 2017)

+3.8% Growth in performing

loan outstandings(1)

(1) On Continuing activities

2.2% Cost of risk

on loan outstandings

(vs. 2.1% in 2017)

16.6% Basel III

capital adequacy ratio (2)

(vs 17.4% in 2017)

(2) Before dividends

23


Good performance in 2018 with an increase in Net Banking Income (up 3.8%) and Net

Profit (up 38.0%)

€ millions 2018 2017 Chge. 2018/2017

Net banking income (NBI) 432 416 +3.8%

Costs, deprec./amort. and investments 303 300 +1.0%

Gross operating profit 129 116 +11.0%

Cost of risk 64 58 +10.3%

Operating profit 65 58 +11.8%

Tax expenses 13 15 -11.5%

Other 1 (5) NM

Profit for the period 53 38 +38.0%

Cost-to-income ratio 70.2% 72.1% -2.7%

Cost of risk on loan outstandings 2.2% 2.1% +8.7%


25

Good rein on cost of risk

3,3% 3,0%

2,8% 2,5%

2,3% 2,1% 2,2% 2,1%

2,4% 2,2%

S1 2014 S2 2014 S1 2015 S2 2015 S1 2016 S2 2016 S1 2017 S2 2017 S1 2018 S2 2018

TOTAL COST OF

RISK/TOTAL

GROSS

OUTSTANDINGS


Identified

causes

Good vision

mapped out

CONTENTS

1

2

3

4

Earnings well

below par

A pro-active action

plan


2017

revenue excl.

tax

28

Revenue weighed on by currency effects, IFRS 15 and the partnership with Suning

in China

► Trend in income from continuing operations excluding

taxes

Comparable no.

of stores Expansion

2018

revenue

excl. taxes

at curr.

exch. rates

2018 rev.

excl. tax

at const.

exch. rates

2017

excl. taxes

organic

Impact

of fuel

prices and

calendar

effect

Exch.

rate

impact

Impact of

IFRS 15 and

Suning

partnership

€52,002m €51,182m €51,767m €50,269m

-2.4% +0.8% -1.6% +1.1% -0.5% -1.0% -1.9% -3.3%


A well-balanced geographical breakdown of revenue

► Breakdown of 2018 revenue by geographical region (in

€ millions and as a % of total revenue)

► Breakdown of 2017 revenue by geographical region (in

€ millions and as a % of total revenue)

►

TOTAL

50,269

FRANCE

17,701 35.2%

SOUTHERN

EUROPE

9,553 19.0%

CENTRAL

& EASTERN

EUROPE

9,449 18.8%

ASIA

13,466 26.8%

AFRICA

101 0.2%

TOTAL

52,002

FRANCE

17,926 34.5%

SOUTHERN

EUROPE

9,624 18.5%

CENTRAL

& EASTERN

EUROPE

10,247 19.7%

ASIA

14,165 27.2%

AFRICA

40 0.1%

2018 2017


EBITDA that fell to €1.518 billion

► Trend in EBITDA (€ millions; change in %)

-18.5% at constant exch. rates

in EBITDA

2017

€1,910m

-44.1%

France

-18.3%

Southern

Europe

-33.2%

Central

and

Eastern

Europe

-27.9% -2.2%

-4.2%

Asia

+0.2%

Africa in EBITDA

2018

€1,518m

-20.5%

* -33.3% excluding exceptional items


Identified

causes

Good vision

mapped out

CONTENTS

1

2

3

4

Earnings well

below par

A pro-active action

plan


A reasserted Vision for 2025

► A decisive change of governance called for by the shareholders

► A mission statement to:

• Assert Auchan Retail’s singularity

• Simplify our organisational structures

• Make agility a key factor in Auchan Retail’s countries

► A Vision reiterated and reasserted by the Board of Directors

► 3 strategic focuses

• A unique, optimised line of foods offering the best value for money

• Developing solutions for locals in their “living zones”

• A cultural transformation centred on our 3 values:

Trust, Openness and Excellence


Identified

causes

Good vision

mapped out

CONTENTS

1

2

3

4

Earnings well

below par

A pro-active action

plan


Identified causes

► Some countries have yet to find the right model and have been loss-

making for some time: Italy and Vietnam

► Others are losing momentum due to complex organisational

structures that are hampering the efficient application of the model:

France and Russia

► But others are delivering strong growth and/or quality earnings

(Portugal, Spain, China, Romania, Hungary and Senegal)

► Scattered investment that is not paying off as hoped

► Banner convergence has not delivered economic performance yet


Identified

causes

Good vision

mapped out

CONTENTS

1

2

3

4

Earnings well

below par

A pro-active action

plan


A short-term/medium-term action plan to turn Auchan Retail around

The

RENAISSANCE

approach

Giving

true meaning to what we do


The Renaissance approach

The RENAISSANCE

approach

IDENTIFY all loss making activities and

EXAMINE ALL POSSIBLE SOLUTIONS for areas that

have been losses for some time

PRIORITISE investments, with a drastic scale-back

in the space of a year

OPTIMISE our organisational structures to regain

efficiency and pragmatism


A new way to do business in order to give what we do true meaning

3 A. Be a trusted

food retailer for local inhabitants

Giving true meaning

to what

we do

B. Cater for people

in their living zones

C. Build innovative ecosystems with our

partners


► Sourcing channels: 302 active channels across

the globe at end-2018 ▹ ensuring food safety in certain countries

▹ improving product traceability with Blockchain technology

▹ bringing more balance to the ecosystem

Target to have 500 channels channels open by

end-2019 and sourcing in all Auchan Retail

countries

► Organic foods: the best offer at the best price in

all of our hypermarkets

39

A. Be a trusted food retailer for local inhabitants

► Nutriscore: on all Auchan-branded products in

France. Spreading the system throughout Europe via

exports

► Short supply circuits: almost 10,000 procurement

contracts with farmers and growers local to our

stores at end-2018

► Bringing the kitchen into our stores: 496 open

kitchens in front of clients, along with cookery

lessons, foodcourts, delicatessen counters

302 sourcing channels at the end

of 2018 (like here with

strawberries in Spain)

Blockchain rolled out in 5 countries

(like here with organic carrots in

France)

Short supply circuits’ development

(like this hydroponics systems in

the Turin hypermarket in Italy)

Opening foodcourts in our stores (like

here at the Kapitoly store in Russia)


B. Cater for people in their living zones

► Focusing on customers and their actual needs: a

customer-centric approach

► Multiple outlets to cater for local inhabitants,

that fit in with their daily lives

► Various types of shopping experiences and formats:

▹ Platform hypermarket

▹ Scalable convenience possibilities depending on the

country: speeding up the opening of walk-in “click

and collect” points in France

► Continued deployment of a profitable online-to-offline

(O2O) strategy and digitalization for inhabitants’

benefits

Development of MyAuchan outlets at

Petrom service stations in Romania

Stepping up the opening of

walk-in “click and collect”

outlets, like here in Lille

Development of a

profitable 020 strategy in

line with what is being

done in China


C. Build innovative ecosystems with our partners

AFM banners

PROCUREMENT

PARTNERSHIPS

TECHNOLOGY

PARTNERSHIPS

SERVICES

PARTNERSHIPS

PRODUCT

PARTNERSHIPS

AFM banners

41


Procurement partnerships

Procurement

► Negotiation of purchasing terms with national brands

Tenders

► Negotiation of purchasing terms as part of calls for tender relating

to goods not for resale (GNFR) and basic non-distinctive own-

brand products

Sourcing channels(1)

► Development of three-party channels with farmers and growers

Services

► International services for large suppliers of branded products

SMEs

► Supporting SMEs in their international development

Tenders(2)

► Purchase of goods not for resale (GNFR) and basic non-distinctive own-

brand products.

Results so far

• A new generation central purchasing department is now up and

running

• Partnerships in 47 countries

• Green light from competition authorities in the relevant

countries secured as of 15 February 2019

(1) Does not concern Metro (2) Does not concern Dia or Metro

Results so far

• 100% of negotiations finalised within deadlines as part of what our

industrial partners consider to be a constructive dialogue.

• Factoring in the “trickle-down” effect on prices, in accordance with

the EGAlim Act on fair prices for certain types of agricultural produce

(milk, meat, potatoes, etc.)

• Keeping to the “visibility” commitment we have given suppliers to

optimise trade: • deals signed as of 31/1/19 (1 month before legal deadline): 40% of revenue

• 6 multi-year deals signed

• Launch of the 1st three-party sourcing channel: free-range eggs


Technology partnerships

► Deployment of Taoxianda:

► in 484 Auchan and RT-Mart stores at the end of 2018

► Integrated system combining technology and data to facilitate:

• payments

• inventory and order management

• picking and deliveries

• loyalty and marketing

► He Xiao Ma:

► 9 phygital stores opened in 2018

► Taobao Xinxuan:

► Corner displays managed using artificial intelligence to showcase everyday

products. Taobao Xinxuan

O2O in China

43


Services partnerships

► Pooling same-day and next-day deliveries

from stores to customers’ homes

► A profitable business model through

aggregated delivery rounds

► Pilot tests in H1 2019 with Auchan Retail,

Decathlon and Leroy Merlin

► Mutual enrichment of customer data

► A more tailored offering for customers

44


Combining, under one roof, Auchan Retail’s clout in food retailing and the expertise of leading specialised non-

food retailers

Product partnerships

45

Partnering the very

best in...

Sport

Home

appliances

Automotive

equipment

Textiles

Cultural

products

5 stores selected to pilot the system in

the second half of 2019 in France

. . .


Conclusion

A pro-active “Renaissance”

action plan

that will allow a significantly

improved results for 2019

46

To give true meaning

to what we do,

by becoming the trusted food retailer,

for local inhabitants in their living zones,

on the basis of procurement, technology,

service and product partnerships

Reasserting Vision 2025,

supported by strategic

decisions that give new

singularity to Auchan Retail’s

expertise


Auchan Holding’s

earnings

1

A closer look by

business

Questions &

Answers

1

2

3

4

5

Conclusion

Appendices

CO

NTEN

TS


► 3 interlocking businesses, forming a coherent ecosystem, each facing

challenges that fit into the financial context of Auchan Holding

► All 3 Auchan Holding businesses will have strict financial objectives in

2019:

• Auchan Retail will be focused on turning around profits over the near

term, and, for the medium term, on an approach centred on "living

zones", by standing out as a trusted food retailer and forging innovative

partnerships ;

• Ceetrus will concentrate on the successful completion of projects already

underway and on optimising returns on its existing asset base, alongside

Auchan Retail

• Oney will continue expanding its offering and accelerating its

development

► In 2019, Auchan Holding should complete exclusive talks with BPCE to

transfer 50.1% of Oney Bank over to it

► Keeping the debt load and financial ratios under control is a priority:

holding onto investment-grade status

► We have the backing of our shareholders, who have chosen to forgo

their dividend on 2018 earnings

48

Conclusion


Auchan Holding’s

earnings

1

A closer look by

business

Questions &

Answers

1

2

3

4

5

Conclusion

Appendices

CO

NTEN

TS


Auchan Holding’s

earnings

1

A closer look by

business

Questions &

Answers

1

2

3

4

5 CO

NTEN

TS

Conclusion

Appendices


Consolidated Income Statement for 2018

€ millions 2018 2017 Chg. at current exch. rates Chg. at constant exch.

rates

Revenue 50,986 52,669 -3.2% -1.3%

Cost of sales (38,917) (40,451) -3.8%

Gross profit 12,069 12,221 -1.2%

Gross margin 23.7% 23.2% +0.5pt

Payroll expenses (6,351) (6,179) 2.8%

External expenses (3,680) (3,614) 1.8%

Depreciation, amortisation and impairment (1,630) (1,565) 4.2%

Other operating income and expenses (11) 13 NA

Operating profit from continuing operations 397 876 -54.7% -49.4%

Current operating margin 0.8% 1.7% -0.9pt

Other operating income and expenses (1,254) (173) NA

Operating profit/(loss) (857) 703 NA

Net cost of financial debt (37) (39) -5.1%

Other financial income and expenses (43) 5 NA

Tax expenses (57) (240) -76.3%

Share of net profit/(loss) of associates (3) (2) 50.0%

Net profit/(loss) from continuing operations (997) 427 NA

Net profit from assets held for sale and discontinued operations 51 82 NA

Profit/(loss) for the year (946) 509 NA

Profit/(loss) for the year - attributable to owners of the parent (1,145) 275 NA

of which attributable to non-controlling interests 200 234 -14.5%

in EBITDA 1,999 2,373 -15.8% -13.9%

EBITDA margin 3.9% 4.5% -0.6pt


Consolidated statement of financial position at 31 December 2018 (Assets)

ASSETS (in € millions) 31/12/2018 31/12/2017 Chge. 2018/2017

Goodwill 2,992 3,692 -700

Other intangible assets 1,036 1,052 -16

Property, plant and equipment 10,941 11,636 -695

Investment property 5,265 4,627 638

Investments in associates 222 184 38

Customer loans - credit activity 0 1,265 -1,265

Other non-current financial assets 436 504 -68

Derivative financial instruments (non-current) 126 129 -3

Deferred tax assets 342 350 -8

NON-CURRENT ASSETS 21,359 23,439 -2,080

Inventories 4,797 4,910 -113

Customer loans - credit activity 136 1,647 -1,511

Trade receivables 498 526 -28

Current tax assets 158 113 45

Other current receivables 2,444 2,339 105

Derivative financial instruments (current) 123 52 71

Cash and cash equivalents 3,420 2,619 801

Assets classified as held for sale 3,000 3,000

CURRENT ASSETS 14,576 12,206 2,370

TOTAL ASSETS 35,935 35,645 290


Consolidated statement of financial position at 31 December 2018 (Liabilities)

LIABILITIES (in € millions) 31/12/2018 31/12/2017 Chge. 2018/2017

Share capital 591 604 -13

Share premiums 1,673 1,914 -241

Reserves and net income attributable to owners of the parent 5,674 7,394 -1,720

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 7,939 9,912 -1,973

Non-controlling interests 3,509 3,369 140

TOTAL EQUITY 11,448 13,281 -1,833

Provisions 265 282 -17

Non-current borrowings and other financial liabilities 4,198 3,728 470

Debts financing the credit activity 462 928 -466

Derivative financial instruments (non-current) 17 22 -5

Other non-current liabilities 458 341 117

Deferred tax liabilities 531 627 -96

NON-CURRENT LIABILITIES 5,931 5,927 4

Provisions 284 247 37

Current borrowings and other financial liabilities 3,162 1,487 1675

Debts financing the credit activity 399 1,387 -988

Derivative financial instruments (current) 22 52 -30

Trade payables 8,457 8,799 -342

Current tax liabilities 119 140 -21

Other current liabilities 4,375 4,325 50

Liabilities classified as held-for-sale 1,738 1,738

CURRENT LIABILITIES 18,557 16,436 2,121

TOTAL LIABILITIES 35,935 35,645 290


Our worldwide presence at 31 December 2018

Auchan Retail

Ceetrus

Oney Hypermarkets

Convenience stores

Drive-throughs Total

France 138 351 155 644 95 Oney

Spain 60 307 0 367 30 Oney

Portugal 29 42 0 71 12 Oney

Italy 46 1,558 0 1604 50 Oney

Luxembourg 1 2 4 7 1

Malta 0 0 0 0 Oney

Belgium Oney

Western Europe (excl. France) 136 1909 4 2,049 93

Poland 76 33 0 109 24 Oney

Hungary 19 5 0 24 18 Oney

Romania 31 23 0 54 23 Oney

Russia 62 243 0 305 38 Oney

Ukraine 19 8 0 27 4 Oney

Tajikistan 0 1 0 1

Central and Eastern Europe 207 313 0 520 107

Mainland China 484 311 0 795

Taiwan 21 4 0 25

Vietnam 1 20 0 21

Asia 506 335 0 841 0

Senegal 0 28 0 28

Mauritania 0 2 0 2

Africa 0 30 0 30 0

TOTAL 987 2,938 159 4,084 295


Contacts

Press

Marie VANOYE

+33(0)6 64 49 78 06

[email protected]

Investors

François-Xavier GIMONNET

+33(0)3 20 81 68 54

[email protected]

présentation powerpoint...ebitda 1,999 2,373 -15.8% -13.9% operating profit from continuing...

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