03/17/2005 : 2004 Annual Results
» Growth in net income - Group share
- Up 45.9% including non-recurring items
- Up 9.9% excluding non-recurring items
» 19.4% growth in pro forma EBIT of Luxury Goods and Retail*
* Luxury Goods from November 1 to October 31 - Luxury Goods and Retail at comparable scope and exchange rates.
» Sharp reduction in net financial debt to EUR 4.5 billion and healthy growth in free cash flow from operations**, up 46.9% to EUR 554.7 million
** Free cash flow from operations = Cash flow from operations + changes in Net Working Capital - capital expenditures (excluding Rexel and including Luxury Goods consolidated from November 1 to October 31).
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Download the complete press release (.pdf - 50 Ko)
Download the tables '2004 consolidated financial statements' (.pdf - 50 Ko)
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The Supervisory Board of Pinault-Printemps-Redoute, chaired by Patricia Barbizet, met on March 16, 2005, to examine the Group's financial statements for the year ended December 31, 2004 as approved by the Management Board and certified by the Statutory Auditors.
Serge Weinberg, Chairman of the Pinault-Printemps-Redoute Management Board, stated: '2004 marked the successful completion of the Group's transformation as we took full operating control of Gucci Group and sold our remaining non-core businesses. PPR has become more focused, with stronger organic growth potential and higher profitability. PPR is also a more solid group. The strong sales momentum and sharply improved profitability achieved in 2004 clearly show that PPR is entering a new chapter in its history under the most auspicious terms.'
| 2004 Income Statement |
PPR reported |
Luxury and Retail |
|
|
|
|
Pro forma (2) |
|
(EUR million) |
2004 (1) |
2003 |
2004 |
2003 |
Variation |
| Sales |
24, 212.7 |
24,360.8 |
17,209.9 |
16,174.2 |
+6.4% |
|
Gross margin |
9,430.7 |
9,181.9 |
7,441.2 |
6,949.5 |
+7.1% |
|
EBIT |
1,466.7 |
1,296.8 |
1,079.9 |
904.5 |
+19.4% |
|
Ordinary income before tax |
1,117.9 |
983.2 |
|
|
|
|
Net income (Group share) |
940.6 |
644.6 |
|
|
|
|
EPS (in EUR) |
7.74 |
5.34 |
|
|
|
|
EPS (in EUR) |
5.19 |
4.75 |
|
|
|
|
excluding non-recurring items |
|
|
|
|
|
(1) Luxury Goods consolidated over 14 months from November 1, 2003 to December 31, 2004.
Rexel consolidated from January 1, 2004 to December 10, 2004.
(2) Luxury Goods consolidated from November 1 to October 31
Luxury Goods and Retail at comparable scope and exchange rates.
___________________
Download the complete press release (.pdf - 50 Ko)
Download the tables '2004 consolidated financial statements' (.pdf - 50 Ko)
___________________
The 2004 Annual results presentation will be broadcast live at http://www.pprfinance.com as from 8:30 am (Paris time). A replay version will be available at 3:00pm.
CONTACTS
Media:
Lorie Lichtlen + 33 1 45 64 65 06
Catherine Malek + 33 1 45 64 61 20
Analysts/Investors:
David Newhouse + 33 1 45 64 63 23
Alexandre de Brettes + 33 1 45 64 61 49
Media website: http://en.pprlive.com
Analysts/investors website: http://www.pprfinance.com