2012-02-10 09:50:07 -
PARIS -- (Marketwire) -- 02/10/12 -- Financial statements at December 31, 2011 were
authorised for issue by the
Management Board on February 2, 2012.
STRONG PERFORMANCE IN Q4 2011
FULL-YEAR 2011 RESULTS ABOVE TARGETS
DIVIDEND POLICY REVISED UPWARDS
STRONG SALES AND PROFITABILITY IN Q4
* Organic same-day growth: +5.3%, with Europe at +4.5%, North America at
+7.4% and double digit-growth in China and in Latin America
* EBITA(1) margin up 40bps, to an historic high of 6.2%
FULL-YEAR PERFORMANCE ABOVE TARGETS
* Sales of EUR12.7bn, up 6.2% on a constant and same-day basis
* EBITA(1) margin up 70bps, to 5.7% of sales
* Free cash-flow (FCF) before interest & tax of EUR601m
* Net income up 39%, to EUR319m
STRENGTHENED FINANCIAL STRUCTURE
* Indebtedness ratio of 2.40x EBITDA at Dec. 31, 2011 (vs. 3.19x at Dec.
31, 2010)
* Strong liquidity and enhanced financial flexibility
DIVIDEND POLICY REVISED UPWARDS
* Proposed dividend of EUR0.65 per share
+---------------------------------+-------+----------+--------+----------+
|At December 31 |Q4 2011|YoY Change|FY 2011 |YoY Change|
+---------------------------------+-------+----------+--------+----------+
|On a reported basis | | |
+---------------------------------+-------+----------+--------+----------+
|Sales (EURm) |3,343.7| +5.4%|12,717.1| +6.3%|
| | | | | |
|% change organic same-day | | +5.3%| | +6.2%|
+---------------------------------+-------+----------+--------+----------+
|EBITA (EURm) | 203.0| +4.3%| 719.6| +16.8%|
+---------------------------------+-------+----------+--------+----------+
|EBITA margin (as a % sales) | 6.1%| stable| 5.7%| +60bps|
+---------------------------------+-------+----------+--------+----------+
|Operating income (EURm) | 123.2| -2.3%| 596.9| +23.0%|
+---------------------------------+-------+----------+--------+----------+
|Net income (EURm) | 60.4| -1.8%| 319.0| +39.2%|
+---------------------------------+-------+----------+--------+----------+
|Free cash flow before interest | 364.4| +19.0%| 601.0| +5.5%|
|and tax paid (EURm) | | | | |
+---------------------------------+-------+----------+--------+----------+
|Net debt end of period (EURm) | | | 2,078.2| -8.6%|
+---------------------------------+-------+----------+--------+----------+
|On a constant and adjusted | | |
|basis(1) | | |
+---------------------------------+-------+----------+--------+----------+
|Gross profit (EURm) | 830.6| +7.1%| 3,123.9| +6.8%|
+---------------------------------+-------+----------+--------+----------+
|Gross margin (as a % sales) | 24.8%| +60bps| 24.6%| +20bps|
+---------------------------------+-------+----------+--------+----------+
|EBITA (EURm) | 208.7| +11.9%| 726.0| +20.1%|
+---------------------------------+-------+----------+--------+----------+
|EBITA margin (as a % sales ) | 6.2%| +40bps| 5.7%| +70bps|
+---------------------------------+-------+----------+--------+----------+
(1) Constant and adjusted = at comparable scope of consolidation and
exchange rates, excluding the non-recurring effect related to changes in
copper-based cable prices and before amortization of purchase price
allocation; an extract of financial statements is presented in Appendix.
Jean-Charles PAUZE, Chairman of the Management Board and CEO, said:
"Rexel posted a very good performance in 2011: organic growth was strong,
profitability reached an historic high and we strengthened our footprint in
emerging markets, while continuing to deleverage the company. Thanks to the
commitment and responsiveness of all its teams, Rexel is today stronger,
more flexible and better positioned to continue being a leader in its
industry."
Rudy PROVOOST, designated Chairman of the Management Board and
CEO, said: "I am very pleased to assume the position of Chairman of the
Management Board and CEO of Rexel. The company has strong fundamentals
on which to build. In 2012, we will continue to seize growth
opportunities, reinforce our leadership, extend the range of value-added
services offered to our customers and expand in energy efficiency. Even
in the current uncertain economic context, I am confident that we
will continue to outperform GDP growth in our countries, generate
solid profits and cash-flow, maintain a strong financial structure and
deliver value for all our shareholders."
Financial review for the period ended December 31, 2011
Unless otherwise stated, all comments are on a constant and adjusted basis
and, for sales, at same number of working days
Organic sales growth was solid in Q4 (+5.3% on a constant and same-day
basis) with volume growth in line with Q3
In the fourth quarter, Rexel recorded sales of EUR3,343.7 million, up
5.4% on a reported basis and up 5.3% on a constant and same-day basis.
The 5.4% rise in sales on a reported basis included:
* A positive currency impact of EUR18.7 million (mainly due to the
appreciation of the AUD and the CHF against the euro),
* A net positive impact of EUR10.2 million from changes in the
scope of consolidation (acquisitions: EUR59.9m minus divestments:
EUR49.7m),
* A negative calendar impact of 0.9 percentage points.
The 5.3% growth on a constant and same-day basis reflected a solid
performance in most European countries (+4.5%), continued strong growth
in North America (+7.4%) and double-digit growth in China (+14.1%) and in
Latin America (+14.7%). It included a very limited impact of +0.1
percentage points due to the change in copper-based cable prices
(compared to +1.9 percentage points in Q3). Excluding this impact in
both quarters, organic growth in Q4 was close to the organic growth
recorded in Q3: volumes continued to be mainly driven by sustained
demand from the industrial end-market in all regions, while the
residential and commercial end-markets continued to show signs of
improvement, albeit remaining at low levels compared to the pre-crisis
levels.
In the full-year, Rexel recorded sales of EUR12,717.1 million, up
6.3% on a reported basis and up 6.2% on a constant and same-day basis.
The 6.3% rise in sales on a reported basis included:
* A negative currency impact of EUR19.4 million (mainly due to the
depreciation of the USD against the euro partly offset by the
appreciation of the AUD, the CHF and the SEK against the euro),
* A net positive impact of EUR51.6 million from changes in the
scope of consolidation (acquisitions: EUR208.9m minus divestments:
EUR157.4m),
* A negative calendar impact of 0.2 percentage points.
The 6.2% organic growth included a positive impact of 1.7 percentage
points due to the rise in copper-based cable prices (+3.0 points in Q1,
+2.6 points in Q2, +1.9 points in Q3 and +0.1 points in Q4).
Europe (59% of Group sales): +4.5% in Q4 and +5.5% in the full-year
on a
constant and same-day basis
In Q4, sales outside Southern Europe remained solid (+6.7%) while Spain,
Italy
and Portugal (representing 6% of total European sales and 3.5% of total
Group
sales) faced further deterioration.
In France, sales growth continued at a sustained pace in Q4
(+5.2%),
continuously driven by all three end-markets and by strong activity with
large
accounts.
In the UK, sales continued to grow in double-digits in Q4 (+13.2%),
thanks to
targeted commercial initiatives and strong project activity
(including
photovoltaic), in spite of an economic context that remains difficult.
In Germany, sales confirmed their return to growth in Q4 (+9.0% and
+5.1%
excluding photovoltaic sales), driven by sustained activity in the
industrial
end-market, especially in the chemical sector.
Belgium (+11.6%), Scandinavia (+7.5%) and Austria (+4.6%) continued to
post
satisfactory growth in Q4, driven mainly by the industrial end-market.
Southern European countries faced further deterioration in Q4:Spain
fell by
27.7%, Italy by 10.3% (excluding photovoltaic sales, which recorded a high
in Q4
2010) and Portugal by 4.7%, due to the deterioration of macroeconomic
conditions
in these countries.
North America (29% of Group sales): +7.4% in Q4 and +8.3% in the full-year
on a
constant and same-day basis
Both the US and Canada posted strong growth in Q4, despite more
challenging
comparables (sales in North America started to recover significantly as
from the
last quarter of 2010).
In the US, sales were up 7.4% in Q4, reflecting continued strong
performance in
the industrial end-market, mainly in the energy and mining sectors.
Energy
efficiency, transportation, infrastructure, education and healthcare
initiatives
also contributed to the positive evolution of sales. The residential
end-market
and some segments in the commercial end-markets continued to show
signs of
improvement, even if both end-markets are still at low levels, compared
to the
pre-crisis levels.
Canada also posted strong growth (+7.6%) despite a very challenging base
effect
(organic growth in Q4 2010 was +14.5%). Growth was mainly driven
by the
industrial end-market, in particular in the mining and oil & gas
sectors, as
well as in the telecommunications and renewable energies segments.
Asia-Pacific (10% of Group sales): +1.7% in Q4 and +5.5% in the full-year
on a
constant and same-day basis
In Q4, sales in Asia-Pacific were up 10.0% on a reported basis,
including a
positive impact of EUR17.9 million due to the consolidation, as from
January
1(st), 2011, of our acquisitions in China and India. On a constant and
same-day
basis, sales were up 1.7%, driven by continued double-digit growth in
China.
In Australia (about 60% of the region's sales), sales were down 2.4%
in Q4,
further impacted by the economic slowdown attributable to higher interest
rates
and cuts in public spending.
In China (about 25% of the region's sales), sales posted double-digit
growth
(+14.1%), driven by strong performance in the industrial automation
segment;
sales in the full-year reached EUR304.2 million, up 20.1% on a constant
and
same-day basis and up 37.4% on a reported basis.
In New Zealand (about 10% of the region's sales), sales were down 11.0%
in Q4,
reflecting the delay in post-earthquake reconstruction and branch
closures (55
branches at Dec. 31, 2011 vs. 69 at Dec. 31, 2010).
Latin America and Other operating segments (2% of Group sales)
These operations, together with the unallocated corporate overheads, are
reported in Rexel's consolidated financial statements under the "Other
Operations" segment.
* Latin America (2% of Group sales): +14.7% in Q4 and +16.0% in the
full-year
on a constant and same-day basis
Latin American countries include Chile (consolidated since 1999) and Brazil
(Nortel Suprimentos Industriais consolidated as from January 1, 2011).
Sales in Latin America amounted to EUR52.8 million Q4, including a positive
impact
of EUR26.5 million due to the consolidation of Nortel Suprimentos
Industriais
(Brazil) as from January 1(st), 2011. On a constant and same-day basis,
they
grew by double-digits both in Chile (+12.1%) and Brazil (+16.7%).
* Other operating segments (1% of Group sales): completion of ACE
disposal
As the non-core ACE division was fully divested at the end of Q3, sales
from
other operating segments in Q4 only amounted to EUR7.0 million,
representing
activities coordinated at the Group level.
Record profitability in Q4 with EBITA(1) margin at 6.2%
Full-year EBITA(1) margin up 70bps to 5.7%
In Q4, EBITA[1] margin stood at 6.2% vs. 5.8% in Q4 2010.
This 40 basis point improvement reflected:
* Solid gross margin(1) at 24.8%, up 60bps year-on-year,
* A 5.6% increase in distribution and administrative expenses[2],
slightly
exceeding the rise in sales.
In the full-year, EBITA(1) margin stood at 5.7% vs. 5.0% in 2010.
This 70 basis point improvement reflected:
* A 20 basis point improvement in gross margin, to 24.6%,
* A 50 basis point reduction in distribution and administrative
expenses(2)
as a percentage of sales (from 19.4% in 2010 to 18.9% in 2011);
these
expenses grew by only 3.3% while sales grew by 6.2% on a constant and
same-day basis.
Reported EBITA reached EUR203.0 million in Q4 and EUR719.6 million in the
full-year,
up 16.8% year-on-year.
Operating income up 23% at EUR597 million
Net income up +39% at EUR319 million
In the full-year, operating income increased by 23.0% to EUR596.9
million,
reflecting the strong rise in EBITA.
* Amortization of purchase price allocation amounted to EUR15.7
million (vs.
EUR22.8 million in 2010),
* Other income and expenses amounted to a net charge of EUR107.0 million
(vs. a
net charge of EUR107.7 million in 2010). They included EUR39.8
million of
restructuring costs (vs. EUR65.2 million in 2010), EUR34.5
million of net
revenue on disposals and EUR87.9 million of impairment charges
(goodwill
impairment in the Netherlands, Slovenia and New Zealand and asset
impairment
in Spain and on the divested ACE division).
In the full-year, net income increased by 39.2% to EUR319.0 million (vs.
EUR229.2
million in 2010).
* Net financial expenses amounted to EUR191.1million (vs. EUR203.1
million in
2010). The average effective interest rate for the year stood at 7.2%
(vs.
7.1% in 2010). The increase reflected the additional cost due
to the
refinancing of the Senior Credit facilities by the EUR500 million
Senior notes
issued in May 2011, with higher nominal interest rate.
* Income tax represented a charge of EUR89.6 million (vs. EUR57.8
million in
2010),
* Share of profit in associates amounted to EUR2.8 million.
Free cash flow before interest and tax(3) of EUR601 million in the
full-year
Indebtedness ratio reduced to 2.40x at Dec. 31, 2011 (vs. 3.19x at Dec.
31, 2010)
In the full-year, free cash flow before interest and tax[3] was an inflow
of
EUR601.0 million, of which EUR364.4 million was generated during Q4. The
inflow in
the full-year included:
* Net capital expenditure of EUR68.4 million (of which gross capital
expenditure represented EUR98.2 million),
* A limited EUR69.9 million outflow from change in working capital,
resulting
from stronger sales; as a percentage of sales and on a constant and
same-day
basis, working capital decreased by 30bps, from 10.6% in 2010 to 10.3%
in
2011.
In the full-year, net debt was reduced by EUR195.1 million, to EUR2,078.2
million at
December 31, 2011. It took into account:
* EUR55.7 million of net financial investment (of which EUR100.5 million
related
to acquisitions and EUR44.8 million related to disposals),
* EUR155.4 million of net interest paid,
* EUR85.9 million of income tax paid,
* EUR19.2 million of dividends paid in cash,
* EUR22.1 million of unfavourable currency effect.
The indebtedness ratio (Net financial debt / EBITDA), as calculated under
the
Senior Credit Agreement terms, stood at 2.40x at December 31, 2011, vs.
3.19x at
December 31, 2010.
Rexel's recent acquisitions illustrate its three-pronged external growth
strategy
In 2011, Rexel's M&A activity was sustained with 10 acquisitions
(representing
sales of c. EUR280 million on an annualized basis) and the final divestment
of the
non-core ACE division.
In 2012 and onwards, Rexel will pursue its three-pronged M&A strategy aimed
at:
* Strengthening its market share in key mature markets (Europe and
North
America),
* Broadening its footprint in emerging markets (Brazil, China and
India),
* Seizing opportunities to broaden its offer of value-added services.
On February 1, Rexel announced the acquisition of Liteco, the
largest
independent distributor of electrical supplies in the Canadian Maritimes
region.
This acquisition consolidates Rexel's No.1 position in Canada and
will
contribute c. EUR50 million in sales on an annualized basis.
On February 6, Rexel announced the acquisitions of Delamano and Etil in
Brazil,
through which Rexel gains a leading position in the country and becomes
No.1 in
the state of São Paulo. These two companies will contribute c.
EUR100 million in sales on an annualized basis.
Today, Rexel announces the acquisition of Eurodis, in France. Founded in
1993
and based near Paris, this company is a significant player in the
security
equipment distribution market and operates through 13 branches with
national
coverage. This acquisition enhances Rexel's offer of products and
services in
the security equipment segment. It will contribute c. EUR20 million in
sales on an
annualized basis.
Dividend policy revised upwards
Proposed dividend of EUR0.65 per share
Rexel's structural ability to generate strong cash-flow throughout the
cycle
allows the Group to revise upwards its dividend policy to at least 40%
of the
Group's recurring net result (vs. previously "c. 30% to 35% of the
Group's net
result").
Rexel's strong performance in 2011 enables the Group to propose to
shareholders
a dividend of EUR0.65 per share (vs. EUR0.40 last year), subject to
approval at the
Annual Shareholders Meeting to be held on May 16, 2012. This dividend
will be
paid in cash or shares at shareholders' option and represents a pay-out
ratio of
46% of the Group's recurring net result.
Outlook
In 2011, Rexel generated strong organic growth of 6.2%, of which 1.7
percentage
points were due to the rise in copper-based cable prices. The 4.5%
organic
growth excluding the impact of copper outpaced the weighted average GDP
growth
of the countries in which the Group operates, confirming Rexel's
ability to
generate organic growth above GDP growth, driven by value-added
services and
energy efficiency.
In the prevailing uncertain economic context, Rexel remains confident
that
organic growth excluding the impact of copper in 2012 should
continue to
outperform the weighted average GDP growth of the regions in which the
Group
operates.
In this context, Rexel should also in 2012:
* At least maintain its EBITA[4] margin at the same level as the 5.7%
reached
in 2011,
* Generate free cash-flow before interest and tax of around EUR600
million.
Rexel confirms its medium-term strategic priorities:
* Strengthen its market position through organic growth and
acquisitions,
* Enhance its profitability and optimize capital employed to
achieve an
EBITA(4) margin of close to 6.5% and a return on capital employed
close to
14% in 2013,
* Generate solid free cash-flow.
###PRECONTENT2###
Financial information
The financial report for the period ended December 31, 2011 is available
on the
Group's website ( www.rexel.com :
www.rexel.com ), in the "Regulated information" section,
and has
been filed with the French Autorité des Marchés Financiers.
A slideshow of the fourth-quarter and full-year 2011 results is also
available
on the Company's website.
Rexel, a global leader in the distribution of electrical supplies, serves
three
main end markets: industrial, commercial and residential. The Group
operates in
37 countries, with a network of some 2,100 branches, and employs over
28,000
people. Rexel's sales were EUR12.7 billion in 2011. Its majority
shareholders are
an investor group led by Clayton, Dubilier & Rice, Eurazeo and BAML
Capital
Partners.
Rexel is listed on the Eurolist market of Euronext Paris (compartment A,
ticker
RXL, ISIN code FR0010451203). It is integrated in the following
indices: SBF
120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid,
FTSE4Good and
STOXX600.
For more information, visit Rexel's web site at www.rexel.com :
www.rexel.com
Appendix 1
Segment reporting - Constant and adjusted basis (*)
(*) Constant and adjusted = at comparable scope of consolidation and
exchange
rates, excluding the non-recurring effect related to changes in
copper-based
cables price and before amortization of purchase price allocation; the
non-recurring effect related to changes in copper-based cables price was,
at the
EBITA level :
* a profit of EUR10.2 million in Q4 2010 and a loss of EUR5.8 million in
Q4 2011,
* a profit of 23.3 million in FY 2010 and a loss of EUR6.4 million in FY
2011.
GROUP
+-----------------------+-------+-------+------+---------+---------+------+
| Constant and |Q4 2010|Q4 2011|Change| FY 2010 | FY 2011 |Change|
| adjusted basis (EURm) | | | | | | |
+-----------------------+-------+-------+------+---------+---------+------+
|Sales |3,202.8|3,343.7| +4.4%| 11,992.3| 12,717.1| +6.0%|
| | | | | | | |
| on a constant basis | | | +5.3%| | | +6.2%|
| and same days | | | | | | |
+-----------------------+-------+-------+------+---------+---------+------+
|Gross profit | 775.6| 830.6| +7.1%| 2,924.8| 3,123.9| +6.8%|
| | | | | | | |
| as a % of sales | 24.2%| 24.8%|+60bps| 24.4%| 24.6%|+20bps|
+-----------------------+-------+-------+------+---------+---------+------+
|Distribution & adm. |(589.1)|(621.8)| +5.6%|(2,320.4)|(2,397.9)| +3.3%|
|expenses (incl. | | | | | | |
|depreciation) | | | | | | |
+-----------------------+-------+-------+------+---------+---------+------+
|EBITA | 186.6| 208.7|+11.9%| 604.4| 726.0|+20.1%|
| | | | | | | |
| as a % of sales | 5.8%| 6.2%|+40bps| 5.0%| 5.7%|+70bps|
+-----------------------+-------+-------+------+---------+---------+------+
|Headcount (end of | | | | | | |
|period | 28,013| 28,409| 1.4%| 28,013| 28,409| +1.4%|
+-----------------------+-------+-------+------+---------+---------+------+
EUROPE
+-----------------------+-------+-------+------+---------+---------+------+
| Constant and |Q4 2010|Q4 2011|Change| FY 2010 | FY 2011 |Change|
| adjusted basis | | | | | | |
| (EURm) | | | | | | |
+-----------------------+-------+-------+------+---------+---------+------+
|Sales |1,889.8|1,947.9| +3.1%| 7,073.4| 7,437.7| +5.2%|
| | | | | | | |
| on a constant | | | +4.5%| | | +5.5%|
| basis and same | | | | | | |
| days | | | | | | |
| | | | | | | |
|o/w France | 627.6| 640.9| +2.1%| 2,331.1| 2,474.7| +6.2%|
| | | | | | | |
| on a constant | | | +5.2%| | | +7.0%|
| basis and same | | | | | | |
| days | | | | | | |
| | | | | | | |
| United Kingdom | 211.4| 239.2|+13.2%| 885.9| 953.4| +7.6%|
| | | | | | | |
| on a constant | | |+13.2%| | | +8.1%|
| basis and same | | | | | | |
| days | | | | | | |
| | | | | | | |
| Germany | 229.8| 245.8| +7.0%| 912.9| 915.2| +0.3%|
| | | | | | | |
| on a constant | | | +9.0%| | | +0.5%|
| basis and same | | | | | | |
| days | | | | | | |
| | | | | | | |
| Scandinavia | 242.8| 260.2| +7.2%| 864.4| 924.6| +7.0%|
| | | | | | | |
| on a constant | | | +7.5%| | | +6.8%|
| basis and same | | | | | | |
| days | | | | | | |
+-----------------------+-------+-------+------+---------+---------+------+
|Gross profit | 488.7| 519.7| +6.3%| 1,825.8| 1,947.9| +6.7%|
| | | | | | | |
| as a % of sales | 25.9%| 26.7%|+80bps| 25.8%| 26.2%|+40bps|
+-----------------------+-------+-------+------+---------+---------+------+
|Distribution & adm. |(355.5)|(371.3)| +4.5%|(1,385.6)|(1,430.0)| +3.2%|
|expenses (incl. | | | | | | |
|depreciation) | | | | | | |
+-----------------------+-------+-------+------+---------+---------+------+
|EBITA | 133.2| 148.4|+11.4%| 440.2| 517.9|+17.7%|
| | | | | | | |
| as a % of sales | 7.0%| 7.6%|+60bps| 6.2%| 7.0%|+80bps|
+-----------------------+-------+-------+------+---------+---------+------+
|Headcount (end of | | | | | | |
|period) | 16,543| 16,661| 0.7%| 16,543| 16,661| +0.7%|
+-----------------------+-------+-------+------+---------+---------+------+
NORTH AMERICA
+-------------------------+-------+-------+-------+-------+-------+-------+
| Constant and adjusted |Q4 2010|Q4 2011|Change |FY 2010|FY 2011|Change |
| basis (EURm) | | | | | | |
+-------------------------+-------+-------+-------+-------+-------+-------+
|Sales | 935.4|1,010.6| +8.0%|3,404.6|3,692.1| +8.4%|
| | | | | | | |
| on a constant basis | | | +7.4%| | | +8.3%|
| and same days | | | | | | |
| | | | | | | |
|o/w United States | 644.9| 702.7| +9.0%|2,356.9|2,529.7| +7.3%|
| | | | | | | |
| on a constant basis | | | +7.4%| | | +6.9%|
| and same days | | | | | | |
| | | | | | | |
| Canada | 290.5| 307.9| +6.0%|1,047.6|1,162.4| +11.0%|
| | | | | | | |
| on a constant basis | | | +7.6%| | | +11.4%|
| and same days | | | | | | |
+-------------------------+-------+-------+-------+-------+-------+-------+
|Gross profit | 203.0| 220.9| +8.8%| 735.9| 789.0| +7.2%|
| | | | | | | |
|as a % of sales | 21.7%| 21.9%| +20bps| 21.6%| 21.4%| -20bps|
+-------------------------+-------+-------+-------+-------+-------+-------+
|Distribution & adm. | | | | | | |
|expenses (incl. |(160.8)|(164.1)| +2.1%|(620.8)|(625.2)| +0.7%|
|depreciation) | | | | | | |
+-------------------------+-------+-------+-------+-------+-------+-------+
|EBITA | 42.2| 56.7| +34.5%| 115.2| 163.9| +42.3%|
| | | | | | | |
| as a % of sales | 4.5%| 5.6%|+110bps| 3.4%| 4.4%|+100bps|
+-------------------------+-------+-------+-------+-------+-------+-------+
|Headcount (end of | 7,255| 7,293| 0.5%| 7,255| 7,293| +0.5%|
|period) | | | | | | |
+-------------------------+-------+-------+-------+-------+-------+-------+
ASIA-PACIFIC
+---------------------------+-------+-------+------+-------+-------+------+
| Constant and |Q4 2010|Q4 2011|Change|FY 2010|FY 2011|Change|
| adjusted basis (EURm) | | | | | | |
+---------------------------+-------+-------+------+-------+-------+------+
|Sales | 323.6| 325.4| +0.6%|1,216.0|1,278.4| +5.1%|
| | | | | | | |
| on a constant basis| | | +1.7%| | | +5.5%|
| and same days | | | | | | |
| | | | | | | |
|o/w Australia | 193.8| 186.8| -3.6%| 758.1| 766.8| +1.1%|
| | | | | | | |
| on a constant basis| | | -2.4%| | | +1.5%|
| and same days | | | | | | |
| | | | | | | |
| China | 77.8| 87.8|+12.8%| 254.1| 304.2|+19.7%|
| | | | | | | |
| on a constant basis| | |+14.1%| | |+20.1%|
| and same days | | | | | | |
| | | | | | | |
| New Zealand | 34.4| 30.1|-12.4%| 139.1| 134.1| -3.6%|
| | | | | | | |
| on a constant basis| | |-11.0%| | | -3.2%|
| and same days | | | | | | |
+---------------------------+-------+-------+------+-------+-------+------+
|Gross profit | 67.0| 69.8| +4.2%| 260.5| 279.7| +7.4%|
| | | | | | | |
| as a % of sales | 20.7%| 21.4%|+70bps| 21.4%| 21.9%|+50bps|
+---------------------------+-------+-------+------+-------+-------+------+
|Distribution & adm. | | | | | | |
|expenses (incl.) | (48.5)| (51.5)| +6.0%|(191.8)|(202.0)| +5.3%|
|depreciation) | | | | | | |
+---------------------------+-------+-------+------+-------+-------+------+
|EBITA | 18.4| 18.3| -0.6%| 68.7| 77.6|+13.0%|
| | | | | | | |
| as a % of sales | 5.7%| 5.6%|-10bps| 5.6%| 6.1%|+50bps|
+---------------------------+-------+-------+------+-------+-------+------+
|Headcount (end of | | | | | | |
|period) | 2,823| 2,926| +3.6%| 2,823| 2,926| +3.6%|
+---------------------------+-------+-------+------+-------+-------+------+
OTHER (LATIN AMERICA, OTHER OPERATING SEGMENTS + CORPORATE HOLDINGS)
+--------------------------+-------+-------+-------+-------+-------+------+
| Constant and |Q4 2010|Q4 2011|Change |FY 2010|FY 2011|Change|
| adjusted basis | | | | | | |
| (EURm) | | | | | | |
+--------------------------+-------+-------+-------+-------+-------+------+
|Operating segments | | | | | | |
+--------------------------+-------+-------+-------+-------+-------+------+
|Sales | 54.0| 59.8| +10.7%| 298.3| 308.9| +3.5%|
| | | | | | | |
| on a constant basis and | | | +12.9%| | | +3.0%|
| same days | | | | | | |
| | | | | | | |
|o/w Latin America | 47.0| 52.8| +12.2%| 183.9| 214.8|+16.8%|
| | | | | | | |
| on a constant | | | +14.7%| | |+16.0%|
| basis and same | | | | | | |
| days | | | | | | |
| | | | | | | |
| ACE | 0.0| 0.0| | 89.3| 64.9|-27.3%|
| | | | | | | |
| on a constant | | | | | |-27.4%|
| basis and same | | | | | | |
| days | | | | | | |
+--------------------------+-------+-------+-------+-------+-------+------+
|Gross profit | 17.0| 20.2| +19.2%| 102.6| 107.4| +4.7%|
| | | | | | | |
| as a % of sales | 31.5%| 33.8%|+230bps| 34.4%| 34.8%|+30bps|
+--------------------------+-------+-------+-------+-------+-------+------+
|Distribution & adm. | | | | | | |
|expenses (incl. | (14.6)| (16.8)| +15.1%| (92.3)| (93.9)| +1.7%|
|depreciation) | | | | | | |
+--------------------------+-------+-------+-------+-------+-------+------+
|EBITA | 2.4| 3.4| +41.7%| 10.3| 13.6|+32.0%|
| | | | | | | |
| as a % of sales | 4.4%| 5.7%|+130bps| 3.5%| 4.4%|+90bps|
+--------------------------+-------+-------+-------+-------+-------+------+
|Headcount (end of | 1,070| 1,178| 10.1%| 1,070| 1,178| 10.1%|
|period) | | | | | | |
+--------------------------+-------+-------+-------+-------+-------+------+
|Corporate Holdings | | | | | | |
+--------------------------+-------+-------+-------+-------+-------+------+
|EBITA | (9.6)| (18.1)| +89.8%| (30.0)| (47.0)|+56.5%|
+--------------------------+-------+-------+-------+-------+-------+------+
|Headcount (end of | | | | | | |
|period) | 322| 351| 9.0%| 322| 351| 8.9%|
+--------------------------+-------+-------+-------+-------+-------+------+
Appendix 2
Extract of Financial Statements
Consolidated Income Statement
+----------------------+-------+-------+------+---------+---------+------+
|Reported basis (EURm) |Q4 2010|Q4 2011|Change| FY 2010 | FY 2011 |Change|
+----------------------+-------+-------+------+---------+---------+------+
|Sales |3,173.9|3,343.7| +5.4%| 11,960.1| 12,717.1| +6.3%|
+----------------------+-------+-------+------+---------+---------+------+
|Gross profit | 786.7| 823.0| +4.6%| 2,945.6| 3,117.5| +5.8%|
| | | | | | | |
| as a % of sales | 24.8%| 24.6%| | 24.6%| 24.5%| |
+----------------------+-------+-------+------+---------+---------+------+
|Distribution & adm. | | | | | | |
|expenses (excl. |(573.5)|(602.4)| +5.0%|(2,253.6)|(2,325.4)| +3.2%|
|depreciation) | | | | | | |
+----------------------+-------+-------+------+---------+---------+------+
|EBITDA | 213.1| 220.7| +3.5%| 691.9| 792.1|+14.5%|
| | | | | | | |
| as a % of sales | 6.7%| 6.6%| | 5.8%| 6.2%| |
+----------------------+-------+-------+------+---------+---------+------+
|Depreciation | (18.6)| (17.7)| | (76.1)| (72.5)| |
+----------------------+-------+-------+------+---------+---------+------+
|EBITA | 194.6| 203.0| +4.3%| 615.9| 719.6|+16.8%|
| | | | | | | |
| as a % of sales | 6.1%| 6.1%| | 5.1%| 5.7%| |
+----------------------+-------+-------+------+---------+---------+------+
|Amortization of | | | | | | |
|purchase price | (4.4)| (2.6)| | (22.8)| (15.7)| |
|allocation | | | | | | |
+----------------------+-------+-------+------+---------+---------+------+
|Operating income bef. | 190.2| 200.3| +5.3%| 593.1| 703.9|+18.7%|
|other inc. and exp. | | | | | | |
| | | | | | | |
| as a % of sales | 6.0%| 6.0%| | 5.0%| 5.5%| |
+----------------------+-------+-------+------+---------+---------+------+
|Other income and | | | | | | |
|expenses | (64.1)| (77.1)| | (107.7)| (107.0)| |
+----------------------+-------+-------+------+---------+---------+------+
|Operating income | 126.1| 123.2| -2.3%| 485.4| 596.9|+23.0%|
+----------------------+-------+-------+------+---------+---------+------+
|Financial expenses | | | | | | |
|(net) | (49.6)| (43.5)| | (203.1)| (191.1)| |
+----------------------+-------+-------+------+---------+---------+------+
|Share of profit (loss)| | | | | | |
|in associates | 1.5| 1.6| | 4.7| 2.8| |
+----------------------+-------+-------+------+---------+---------+------+
|Net income (loss) | | | | | | |
|before income tax | 78.0| 81.3| +4.2%| 287.0| 408.6|+42.4%|
+----------------------+-------+-------+------+---------+---------+------+
|Income tax | (16.5)| (20.9)| | (57.8)| (89.6)| |
+----------------------+-------+-------+------+---------+---------+------+
|Net income (loss) | 61.5| 60.4| -1.8%| 229.2| 319.0|+39.2%|
+----------------------+-------+-------+------+---------+---------+------+
|Net income (loss) | | | | | | |
|attr. to non- | 0.2| (0.3)| | 0.7| 0.7| |
|controlling interests | | | | | | |
+----------------------+-------+-------+------+---------+---------+------+
|Net income (loss) | | | | | | |
|attr. to equity | 61.3| 60.7| -1.0%| 228.5| 318.3|+39.3%|
|holders of the parent | | | | | | |
+----------------------+-------+-------+------+---------+---------+------+
Recurring Net Income
+-----------------------------------------+---------+---------+--------+
| In millions of euros | FY 2010 | FY 2011 | Change |
+-----------------------------------------+---------+---------+--------+
| Reported net income | 229.2 | 319.0 | +39.2% |
| | | | |
| Non recurring items on tax rate | -28.3 | -52.1 | |
| | | | |
| Non-recurring copper effect | -23.4 | 6.4 | |
| | | | |
| Restructuring costs | 65.2 | 39.8 | |
| | | | |
| Loss (profit) on disposal of investment | 9.1 | -26.1 | |
| | | | |
| Goodwill & assets impairment | 41.0 | 87.7 | |
| | | | |
| Acquisition costs | 0.0 | 5.6 | |
| | | | |
| Loss (profit) on assets disposals | -0.7 | -6.4 | |
| | | | |
| Unused provision reversal | -5.7 | -4.5 | |
| | | | |
| Swaps written off in P&L | 0.0 | 13.1 | |
| | | | |
| Other | -1.0 | 10.9 | |
| | | | |
| Tax effect | -14.3 | -18.7 | |
| | | | |
| Recurring net income | 270.9 | 374.6 | +38.3% |
+-----------------------------------------+---------+---------+--------+
Sales and profitability by segment
+-----------------------+-------+-------+------+--------+--------+------+
| Reported basis (EURm) |Q4 2010|Q4 2011|Change|FY 2010 |FY 2011 |Change|
+-----------------------+-------+-------+------+--------+--------+------+
|Sales |3,173.9|3,343.7| +5.4%|11,960.1|12,717.1| +6.3%|
| | | | | | | |
| Europe |1,864.3|1,947.9| +4.5%| 6,966.8| 7,437.7| +6.8%|
| | | | | | | |
| North America | 934.2|1,010.6| +8.2%| 3,530.8| 3,692.1| +4.6%|
| | | | | | | |
| Asia-Pacific | 295.8| 325.4|+10.0%| 1,116.3| 1,278.4|+14.5%|
| | | | | | | |
| Other | 79.6| 59.8|-24.8%| 346.2| 308.9|-10.8%|
+-----------------------+-------+-------+------+--------+--------+------+
|Gross profit | 786.7| 823.0| +4.6%| 2,945.6| 3,117.5| +5.8%|
| | | | | | | |
| Europe | 488.2| 514.4| +5.4%| 1,813.6| 1,941.0| +7.0%|
| | | | | | | |
| North America | 205.2| 219.5| +7.0%| 769.0| 789.0| +2.6%|
| | | | | | | |
| Asia-Pacific | 63.8| 69.5| +9.0%| 242.9| 279.8|+15.2%|
| | | | | | | |
| Other | 29.6| 19.5|-33.9%| 120.1| 107.7|-10.3%|
+-----------------------+-------+-------+------+--------+--------+------+
|EBITA | 194.6| 203.0| +4.3%| 615.9| 719.6|+16.8%|
| | | | | | | |
| Europe | 136.7| 144.8| +5.9%| 446.5| 511.2|+14.5%|
| | | | | | | |
| North America | 45.0| 55.5|+23.3%| 123.1| 163.7|+33.0%|
| | | | | | | |
| Asia-Pacific | 17.7| 18.1| +2.0%| 63.7| 77.8|+22.0%|
| | | | | | | |
| Other | (4.9)| (15.4)| n/m| (17.4)| (33.0)| n/m|
+-----------------------+-------+-------+------+--------+--------+------+
Impact on sales from changes in the scope of consolidation
+------------+-----------+--------+-------+-------+-------+-------+-------+
|Acquisitions| Country | Conso. |Q1 2011|Q2 2011|Q3 2011|Q4 2011|FY 2011|
| | | | | | | | |
| | |as from | | | | | |
+------------+-----------+--------+-------+-------+-------+-------+-------+
|Europe |Switzerland|01/01/11| 12.3| 13.1| 15.0| 15.6| 56.0|
| | | | | | | | |
|Asia-Pacific|China,India| misc. | 5.0| 8.1| 17.6| 17.9| 48.6|
| | | | | | | | |
|Latin | | | | | | | |
|America | Brazil |01/01/11| 21.7| 27.4| 28.8| 26.5| 104.4|
+------------+-----------+--------+-------+-------+-------+-------+-------+
|Total | | | 39.0| 48.6| 61.4| 59.9| 208.9|
|acquisitions| | | | | | | |
+------------+-----------+--------+-------+-------+-------+-------+-------+
|Divestments | Country |Deconso.|Q1 2011|Q2 2011|Q3 2011|Q4 2011|FY 2011|
| | | | | | | | |
| | |as from | | | | | |
+------------+-----------+--------+-------+-------+-------+-------+-------+
|HCL Asia | ACE |01/02/10| -3.8| 0.0| 0.0| 0.0| -3.8|
| | | | | | | | |
|Haagtechno | ACE |01/06/10| -33.6| -24.8| 0.0| 0.0| -58.4|
| | | | | | | | |
|HBA | ACE |01/07/11| 0.0| 0.0| -44.5| -46.6| -91.1|
| | | | | | | | |
|Kompro | ACE |01/08/11| 0.0| 0.0| -0.9| -3.2| -4.1|
+------------+-----------+--------+-------+-------+-------+-------+-------+
|Total | | | -37.4| -24.8| -45.4| -49.7| -157.4|
|divestments | | | | | | | |
+------------+-----------+--------+-------+-------+-------+-------+-------+
|Net impact | | | | | | | |
|on sales | | | 1.6| 23.8| 16.0| 10.2| 51.6|
+------------+-----------+--------+-------+-------+-------+-------+-------+
Consolidated Balance Sheet
+-------------------------------+----------------------+-----------------+
|Assets (EURm) |December 31(st) , 2010|December 31, 2011|
+-------------------------------+----------------------+-----------------+
|Goodwill | 3,931.2| 4,002.2|
| | | |
|Intangible assets | 934.4| 935.7|
| | | |
|Property, plant & equipment | 245.4| 261.7|
| | | |
|Long-term investments(1) | 132.1| 122.5|
| | | |
|Investments in associates | 9.3| 11.8|
| | | |
|Deferred tax assets | 138.6| 144.3|
+-------------------------------+----------------------+-----------------+
|Total non-current assets | 5,391.0| 5,478.2|
+-------------------------------+----------------------+-----------------+
|Inventories | 1,203.1| 1,240.8|
| | | |
|Trade receivables | 2,022.0| 2,122.9|
| | | |
|Other receivables | 436.1| 476.2|
| | | |
|Assets classified as held for | | |
|sale | 23.1| 3.7|
| | | |
|Cash and cash equivalents | 311.9| 413.7|
+-------------------------------+----------------------+-----------------+
|Total current assets | 3,996.2| 4,257.3|
+-------------------------------+----------------------+-----------------+
|Total assets | 9,387.2| 9,735.5|
+-------------------------------+----------------------+-----------------+
+-------------------------------+----------------------+-----------------+
|Liabilities (EURm) |December 31(st) , 2010|December 30, 2011|
+-------------------------------+----------------------+-----------------+
|Total equity | 3,834.4| 4,150.8|
+-------------------------------+----------------------+-----------------+
|Long-term debt | 2,463.5| 2,182.3|
| | | |
|Deferred tax liabilities | 144.5| 132.9|
| | | |
|Other non-current liabilities | 330.7| 323.8|
+-------------------------------+----------------------+-----------------+
|Total non-current liabilities | 2,938.7| 2,639.0|
+-------------------------------+----------------------+-----------------+
|Interest bearing debt & | | |
|accrued interests | 122.0| 333.5|
| | | |
|Trade payables | 1,866.2| 1,903.3|
| | | |
|Other payables | 623.9| 708.9|
| | | |
|Liabilities classified as held | | |
|for sale | 2.0| 0.0|
+-------------------------------+----------------------+-----------------+
|Total current liabilities | 2,614.1| 2,945.7|
+-------------------------------+----------------------+-----------------+
|Total liabilities | 5,552.8| 5,584.7|
+-------------------------------+----------------------+-----------------+
|Total equity & liabilities | 9,387.2| 9,735.5|
+-------------------------------+----------------------+-----------------+
(1) Includes Fair value hedge derivatives for EUR0.3m at December 31, 2010
and for EUR23.8m at December 31, 2011
Change in Net Debt
+---------------------------------------+-------+-------+-------+-------+
|EURm |Q4 2010|Q4 2011|FY 2010|FY 2011|
+---------------------------------------+-------+-------+-------+-------+
|EBITDA | 213.1| 220.7| 691.9| 792.1|
+---------------------------------------+-------+-------+-------+-------+
|Other operating revenues & costs(1) | (22.7)| (13.9)|(111.8)| (52.8)|
+---------------------------------------+-------+-------+-------+-------+
|Operating cash flow | 190.4| 206.8| 580.1| 739.3|
+---------------------------------------+-------+-------+-------+-------+
|Change in working capital | 137.8| 183.9| 42.0| (69.9)|
| | | | | |
|Net capital expenditure, of which: | (22.1)| (26.3)| (52.4)| (68.4)|
| | | | | |
|Gross capital expenditure | (22.6)| (37.8)| (57.5)| (98.2)|
| | | | | |
|Disposal of fixed assets & other | 0.5| 11.5| 5.1| 29.8|
+---------------------------------------+-------+-------+-------+-------+
|Free cash flow before interest and tax | 306.1| 364.4| 569.8| 601.0|
+---------------------------------------+-------+-------+-------+-------+
|Net interest paid / received | (41.1)| (40.2)|(160.7)|(155.4)|
| | | | | |
|Income tax paid | 11.9| (14.3)| (36.9)| (85.9)|
+---------------------------------------+-------+-------+-------+-------+
|Free cash flow after interest and tax | 276.9| 309.9| 372.2| 359.7|
+---------------------------------------+-------+-------+-------+-------+
|Net financial investment(2) | (66.7)| (41.7)| (55.8)| (55.7)|
| | | | | |
|Dividends paid | 0.0| 0.0| 1.3|(105.3)|
| | | | | |
|Net change in equity | 3.3| 0.1| 10.9| 88.5|
| | | | | |
|Other(3) | (4.8)| (33.4)| (36.0)| (70.0)|
| | | | | |
|Currency exchange variation | (49.1)| (42.9)|(164.5)| (22.1)|
+---------------------------------------+-------+-------+-------+-------+
|Decrease (increase) in net debt | 159.6| 192.0| 127.9| 195.1|
+---------------------------------------+-------+-------+-------+-------+
|Net debt at the beginning of the period|2,432.8|2,270.2|2,401.2|2,273.3|
+---------------------------------------+-------+-------+-------+-------+
|Net debt at the end of the period |2,273.3|2,078.2|2,273.3|2,078.2|
+---------------------------------------+-------+-------+-------+-------+
(1) Includes restructuring outflows of EUR18.5 million in Q4 2010 and
EUR7.8 million in Q4 2011, EUR78.3 million in FY 2010 and EUR42.2 million
in FY 2011
(2) FY 2011 includes EUR100.5 million of acquisitions (net of cash) and
EUR44.8 million from assets disposals, mainly HBA and Kompro
(3) Q4 2011 includes a EUR(1.2) million adjustment to the High Yield Bond
carrying value
Return on Capital Employed
+------------------------------------+-----------------+-----------------+
|ROCE calculation |December 31, 2010|December 31, 2011|
+------------------------------------+-----------------+-----------------+
|Goodwill | 3,931.2| 4,002.2|
| | | |
|Intangible assets | 934.4| 935.7|
| | | |
|Property, plant & equipment | 245.4| 261.7|
| | | |
|Inventories | 1,203.1| 1,240.8|
| | | |
|Trade receivables | 2,022.0| 2,122.9|
| | | |
|Other receivables | 436.1| 476.2|
| | | |
|Other non-current liabilities | -330.7| -323.8|
| | | |
|Trade payables | -1,866.2| -1,903.3|
| | | |
|Other payables | -623.9| -708.9|
| | | |
|Reported capital employed | 5,951.4| 6,103.5|
| | | |
|Adjustment of GW related to Rexel | -1,322.0| -1,322.0|
|acquisition in 2005 | | |
+------------------------------------+-----------------+-----------------+
|Capital employed used for ROCE | | |
|calculation (1) | 4,629.4| 4,781.5|
+------------------------------------+-----------------+-----------------+
|Operating inc. bef. other inc. & | | |
|exp. pre-tax | 593.1| 703.9|
+------------------------------------+-----------------+-----------------+
|Effective tax rate | 20.5%| 22.1%|
+------------------------------------+-----------------+-----------------+
|Operating inc. bef. other inc. & | | |
|exp. after tax (2) | 471.5| 548.3|
+------------------------------------+-----------------+-----------------+
|ROCE after tax (2/1) | 10.2%| 11.5%|
+------------------------------------+-----------------+-----------------+
Appendix 3
Working Capital Analysis
+--------------------------------+-------------------+-------------------+
| Constant basis (EURm) | December 31, 2010 | December 31, 2011 |
+--------------------------------+-------------------+-------------------+
| Sales (12 rolling months) | 11,763.5 | 12,504.6 |
+--------------------------------+-------------------+-------------------+
| Net inventories | 1,151.1 | 1,178.9 |
| | | |
| as a % of sales 12 rolling | | |
| months | 9.8% | 9.4% |
| | | |
| as a number of days | 42.4 | 41.5 |
+--------------------------------+-------------------+-------------------+
| Net trade receivables | 2,072.8 | 2,129.9 |
| | | |
| as a % of sales 12 rolling | | |
| months | 17.6% | 17.0% |
| | | |
| as a number of days | 53.2 | 52.2 |
+--------------------------------+-------------------+-------------------+
| Net trade payables | 1,812.1 | 1,842.8 |
| | | |
| as a % of sales 12 rolling | | |
| months | 15.4% | 14.7% |
| | | |
| as a number of days | 59.5 | 58.2 |
+--------------------------------+-------------------+-------------------+
| Trade working capital | 1,411.8 | 1,466.0 |
| | | |
| as a % of sales 12 rolling | | |
| months | 12.0% | 11.7% |
+--------------------------------+-------------------+-------------------+
| Non-trade working capital | -165.1 | -184.0 |
+--------------------------------+-------------------+-------------------+
| Total working capital | 1,246.6 | 1,282.0 |
| | | |
| as a % of sales 12 rolling | | |
| months | 10.6% | 10.3% |
+--------------------------------+-------------------+-------------------+
Appendix 4
Headcount and branches by geography
+-------------------------------------+------------+------------+--------+
| FTEs at end of period | 31/12/2010 | 31/12/2011 | Change |
| | | | |
| comparable | | | |
+-------------------------------------+------------+------------+--------+
| Europe | 16,543 | 16,661 | 1% |
+-------------------------------------+------------+------------+--------+
| USA | 5,054 | 5,015 | -1% |
+-------------------------------------+------------+------------+--------+
| Canada | 2,201 | 2,278 | 3% |
+-------------------------------------+------------+------------+--------+
| North America | 7,255 | 7,293 | 1% |
+-------------------------------------+------------+------------+--------+
| Asia-Pacific | 2,823 | 2,926 | 4% |
+-------------------------------------+------------+------------+--------+
| Latin America & Other Op. segments | 1,070 | 1,178 | 10% |
+-------------------------------------+------------+------------+--------+
| Corporate holdings | 322 | 351 | 9% |
+-------------------------------------+------------+------------+--------+
| Other | 1,392 | 1,529 | 10% |
+-------------------------------------+------------+------------+--------+
| Group | 28,013 | 28,409 | 1% |
+-------------------------------------+------------+------------+--------+
+-------------------------------------+------------+------------+--------+
| Branches | 31/12/2010 | 31/12/2011 | Change |
| | | | |
| comparable | | | |
+-------------------------------------+------------+------------+--------+
| Europe | 1,274 | 1,257 | -1% |
+-------------------------------------+------------+------------+--------+
| USA | 314 | 297 | -5% |
+-------------------------------------+------------+------------+--------+
| Canada | 210 | 207 | -1% |
+-------------------------------------+------------+------------+--------+
| North America | 524 | 504 | -4% |
+-------------------------------------+------------+------------+--------+
| Asia-Pacific | 291 | 293 | 1% |
+-------------------------------------+------------+------------+--------+
| Latin America & Other Op. segments | 24 | 74 | 208% |
+-------------------------------------+------------+------------+--------+
| Corporate holdings | - | - | - |
+-------------------------------------+------------+------------+--------+
| Other | 24 | 74 | 208% |
+-------------------------------------+------------+------------+--------+
| Group | 2,113 | 2,128 | 1% |
+-------------------------------------+------------+------------+--------+
Appendix 5
Se
