2012 Half year financial report

Key operating and financial data

  1st halfStatutory
In millions of Euro 2012 20111 20111
Data on financial position       
Net revenues 764.1 830.0 1,516.5
Gross industrial margin 236.3 253.2 454.3
Operating income 71.7 75.6 104.8
Earnings before tax 56.3 62.5 78.6
Net income 33.8 33.7 46.3
 - Non-controlling interests 0.1 0.0 0.0
 - Group 33.7 33.7 46.3
       
Data on financial performance       
Net employed capital (NEC) 828.4 774.3 782.1
Consolidated net debt (384.0) (332.1) (335.9)
Shareholders’ equity 444.4 442.2 446.2
       
Balance sheet figures and financial ratios      
Gross margin as a percentage of net revenues  (%) 30.9% 30.5% 30.0%
Net income as a percentage of net revenues (%) 4.4% 4.1% 3.1%
ROS (Operating income/net revenues) (%) 9.4% 9.1% 7.0%
ROE (Net income/shareholders' equity) (%) 7.6% 7.6% 10.5%
ROI (Operating income/NEC)  (%) 8.7% 9.8% 13.5%
EBITDA  114.4 121.0 199.8
EBITDA/net revenues (%) 15.0% 14.6% 13.2%
       
Other information       
Sales volumes (unit/000) 315.4 346.5 653.3
Investments in property, plant and equipment and intangible assets 78.4 48.5 126.1
Research and Development2
37.7 37.1 68.5
Employees at the end of the period (number) 8,349 7,954 7,619
1 Values have been restated, following the adoption of IAS 19 revised which, among others, changes the principle for recognising actuarial gains and losses relative to post-employment benefits. For further details, see section 2.1 Accounting standards, amendments and interpretations applied as from 1 January 2012 in the "Notes". 2 The item Research and Development includes investments recognised in the statement of financial position and costs recognised in income statement.
   

Results by operating segment

    EMEA e AMERICAS INDIA ASIA SEA TOTAL
Sales volumes
(units/000)
1st half of 2012 167.1 97.5 50.8 315.4
1st half of 2011 197.9 111.4 37.2 346.5
Change
(30.8) (13.9) 13.6 (31.1)
Change % -15.6% -12.4% 36.6% -9.0%
           
 Turnover
(milion euro)
1st half of 2012 503.5 165.0 95.6 764.1
1st half of 2011 563.3 197.6 69.1 830.0
Change (59.8) (32.6) 26.5 (65.9)
Change % -10.6% -16.5% 38.3% -7.9%
           
 Staff
(average for the period)
1st half of 2012 4,669 2,645 939 8,253
1st half of 2011 4,759 2,321 590 7,670
Change (90.0) 324.0 349.0 583
Change % -1.9% 14.0% 59.2% 7.6%
           
Investiments
(million euro)
1st half of 2012 43.7 21.9 12.9 78.4
1st half of 2011 26.4 15.9 6.2 48.5
Change 17.3 6.0 6.7 29.9
Change % 65.5% 37.6% 107.5% 61.7%
           
Research and development
(million euro)3
1st half of 2012 23.8 8.9 5.0 37.7
1st half of 2011 26.2 8.2 2.7 37.1
Change (2.4) 0.7 2.3 0.6
Change % -9.0% 8.4% 83.5% 1.6%
3 The item "Research and Development" includes investments recognised in the statement of financial position and costs recognised in profit and loss.