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Press release 2.2.15 par admin PDF

Results as of September 30, 2014

Voluntary disclosure...

TTC, CFAO’s parent company, will release the third-quarter results of its fiscal year ending March 31, 2015 on February 3, 2015. These results will include CFAO’s 2014 third-quarter results which have not yet been disclosed. Thus, in order to avoid any breach of equality between investors, CFAO is disclosing today, simultaneously and on a voluntary basis, its financial results for the nine first months as of September 30, 2014.

Revenue for the nine first months of 2014 amounted to €2,613.0 million down -3.7% from the same period of the previous year. The solid growth of pharmaceutical and FMCG Industries and Distribution activities was not totally compensated by the reduced activity level in Automotive, Equipment and Services division.

Gross margin stood at 23.4%, a significant increase due in particular to the evolution of the EUR/JPY exchange rate and to its impact on the cost of vehicles sold by the Automotive, Equipment & Services division.

Recurring operating income came to €189.6 million for the nine first months of the year, representing 7.3% of revenue, vs. €189.9 million and 7.0% of revenue for the same period last year. This was mainly due to the improvement of margin in Automotive Equipment & Services division.

Net income attributable to owners of the parent came to €67.8 million for the nine first months of the year, almost stable compared to 2013.

Free operating cash flow generated during the first nine months of 2014 amounted to a net outflow of €-24.2 million compared to a net outflow of €-63.2 million during the same period of last year, reflecting a controlled operating working capital growth.

As of end-September 2014, net financial debt stood at €528.6 million. It represents a gearing ratio (net debt/equity) of 0.58.

The financial information in this press release is provided in compliance with IFRS and has not been audited. The financial statements for the nine first months ended September 30, 2014 were approved by CFAO's Management Board on October 23, 2014 and were examined by its Supervisory Board on October 28, 2014.

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