Application of IFRS
The Group’s financial statements for 2005 and comparative periods have been drawn up in accordance with the International Financial Reporting Standards (IFRS) applicable at the date of preparation and on the basis of Appendix 3D to the Issuers’ Regulations no. 11971 of May 14, 1999, and subsequent amendments and additions. Regarding financial year 2004, the year of first-time adoption of the IFRS, the section “Transition to IFRS has been prepared (and is included below), which details the procedures followed for the transition, as well as the impact of the adoption of IFRS on the consolidated balance sheet, income statement, and statement of cash flows.
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Download the Key operating data in Excel format |
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Download the Key operating data in Excel format (in USD) |
Key operating data
| (millions of euro) | 2005 | % | 2004 | % | Change | % |
|---|---|---|---|---|---|---|
| Revenues | 1,765 | 100.0 | 1,704 | 100.0 | 61 | 3.6 |
| Gross operating income | 770 | 43.6 | 775 | 45.5 | (5) | (0.6) |
| Contribution margin | 643 | 36.4 | 654 | 38.4 | (11) | (1.6) |
| Ordinary operating result(*) | 205 | 11.6 | 225 | 13.2 | (20) | (8.7) |
| Operating profit | 157 | 8.9 | 158 | 9.3 | (1) | (0.4) |
| Net income for the year attributable to the Parent Company and minority interests | 114 | 6.5 | 108 | 6.4 | 6 | 5.3 |
| Net income for the year attributable to the Parent Company | 112 | 6.3 | 109 | 6.4 | 3 | 2.8 |
| (*) | Ordinary operating result is indicated for the purposes of evaluating the performance of the company’s core business and to aid financial analysts in using their models to analyze the company’s results. This information is not required by either IFRS or US GAAP. |
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Download the Key financial data in Excel format |
|
Download the Key financial data in Excel format (in USD) |
Key financial data
| (millions of euro) | 12.31.2005 | 12.31.2004 |
|---|---|---|
| Working capital | 688 | 711 |
| Assets held for sale | 8 | 8 |
| Net capital employed | 1,626 | 1,654 |
| Net financial position | 351 | 441 |
| Total shareholders’ equity | 1,275 | 1,213 |
| Free cash flow (normalized) | 167(A) | 182(B) |
| Net total investments/(disposals) (excluding purchase and sale of securities) | 118 | 95 |
| (A) | Not including 118 million euro for the sale of financial assets. |
| (B) | Not including the payment of substitute taxes of 124.5 million euro, the sale of the sports equipment segment, in the amount of 49 million euro, and the purchase of financial assets, in the amount of 90 million euro. |
Financial ratios
| (in %) | 12.31.2005 | 12.31.2004 |
|---|---|---|
| ROE (Net income / Equity) | 8.87 | 9.02 |
| ROI (Operating profit / Net capital employed) | 9.67 | 9.54 |
| EBITDA ((Operating profit + depreciation and amortization + other non-monetary costs) / Revenues) | 16.20 | 18.30 |
| ROS (Operating profit / Revenues) | 8.90 | 9.26 |
| Net income / Revenues | 6.34 | 6.38 |
Share and market data
| 12.31.2005 | 12.31.2004 | |
|---|---|---|
| Basic earnings per share (euro) | 0.62 | 0.60 |
| Shareholders’ equity per share (euro) | 6.95 | 6.64 |
| Price at period end (euro) | 9.62 | 9.74 |
| Screen-based market: high (euro) | 10.15 | 10.18 |
| Screen-based market: low (euro) | 7.01 | 8.33 |
| Market capitalization (thousands of euro) | 1,746,596 | 1,768,383 |
| Average no. of shares outstanding | 181,558,811 | 181,558,811 |
| Number of shares outstanding | 181,558,811 | 181,558,811 |
Number of personnel
| 12.31.2005 | 12.31.2004 | |
|---|---|---|
| Total employees | 7,978 | 7,424 |
2005 and 2004 financials by quarter
| (millions of euro) | ||||||
| 2005 | 1st quarter |
2nd quarter |
1st half-year |
3rd quarter |
Nine months |
4th quarter |
| Net revenues | 383 | 459 | 842 | 446 | 1,288 | 477 |
| Gross operating income | 169 | 199 | 368 | 191 | 559 | 211 |
| Contribution margin | 142 | 166 | 308 | 160 | 468 | 176 |
| Ordinary operating result(*) | 37 | 58 | 95 | 45 | 140 | 65 |
| Operating profit | 37 | 58 | 95 | 43 | 138 | 20 |
| Net income attributable to the Group | 27 | 36 | 63 | 26 | 89 | 23 |
| Earnings per share (euro) - basic earnings per share |
0.14 | 0.20 | 0.35 | 0.15 | 0.50 | 0.13 |
| 2004 | 1st quarter |
2nd quarter |
1st half-year |
3rd quarter |
Nine months |
4th quarter |
| Net revenues | n.a. | n.a. | 860 | 393 | 1.253 | 451 |
| Gross operating income | n.a. | n.a. | 380 | 180 | 560 | 215 |
| Contribution margin | n.a. | n.a. | 320 | 152 | 472 | 182 |
| Ordinary operating result(*) | n.a. | n.a. | 116 | 49 | 165 | 60 |
| Operating profit | n.a. | n.a. | 102 | 50 | 152 | 6 |
| Net income attributable to the Group | n.a. | n.a. | 69 | 35 | 104 | 5 |
| Earnings per share (euro) - basic earnings per share |
n.a. | n.a. | 0.38 | 0.19 | 0.56 | 0.03 |
| (*) | Ordinary operating result is indicated for the purposes of evaluating the performance of the Company’s core business and to aid financial analysts in using their models to analyze the Company’s results. This information is not required by either IFRS or US GAAP. |
The data for the first and second quarter of 2004 were not prepared, as they were not required during the transition to IFRS.