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Press release 2.3.14 par admin PDF

Results as of September 30, 2013: Voluntary disclosure

TTC, CFAO’s parent company will release the third-quarter results of its fiscal year ending March 31 on February 3, 2014....

These results will include CFAO’s 2013 third-quarter results which have not yet been disclosed. Thus, in order to avoid any breach of equality between investors, CFAO is disclosing today, in addition to the third-quarter revenue announcement made on October 31 2013 and on a voluntary basis, its financial results for the nine months to September 30, 2013.

Revenue for the nine months to September 30, 2013 advanced 2.2% to €2,712.3 million, thanks to solid growth at Eurapharma and CFAO Industries, Equipment & Services, and despite a confirmed slowdown at CFAO Automotive.

Gross margin was virtually unchanged compared to last year at 22.0%. The favorable trend in the EUR/JPY exchange rate has not yet fully impacted the cost of vehicles sold at September 30, 2013.

Recurring operating income amounted €189.9 million for the nine months to September 30, representing 7.0% of revenue, vs. €215.0 million and 8.1% of revenue for the same prior-year period. This was mainly due to the weaker performance of CFAO Automotive, particularly in the Maghreb.

Net income attributable to owners of the parent amounted to €67.7 million for the nine months to September 30, down €20.0 million on the same prior-year period, reflecting a lower level of operating income as well as a higher effective tax rate.

Free operating cash flow generated during the first nine months of 2013 amounted to a net outflow of €63.2 million versus a net outflow of €116.4 million during the same period one year earlier. This is mainly due to a strong increase in the working capital.

As of end-September 2013, net financial debt stood at €549.8 million, close to the June 30, 2013 level. It represents a gearing ratio (net debt/equity) of 0.66.

The financial information in this press release is provided in compliance with IFRS and has not been audited. The financial statements for the nine months ended September 30, 2013 were approved by CFAO's Management Board on October 22, 2013 and were examined by its Supervisory Board on October 30, 2013.

Please find attached the entire press release hereafter.

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