Press ReleaseNovember, 30, 2007
Consolidated results for the 2nd quarter & the 1st half year 2007-2008
EBIT close to breakeven despite a material negative impact of exchange rates
Key indicators for the 2nd quarter and the 1st half year 2007-2008 can be summarised as follow :
| QUARTER 2 | HALF YEAR | ||||||
| Consolidated (€ 000) | 30/09/2007 | 30/09/2006 | variation | 30/09/2007 | 30/09/2006 | variation | |
| Sales | 19 547 | 16 889 | 15,7% | 36 504 | 33 252 | 9,8% | |
| Gross Margin | 9 977 | 7 505 | 32,9% | 18 547 | 15 324 | 21,0% | |
| % | 51,0% | 44,4% | 6,6 Pts | 50,8% | 46,1% | 4,7 Pts | |
| Overheads | -9 901 | -7 447 | -18 336 | -17 678 | |||
| Other income & charges | 248 | 5 426 | 7 | 5 241 | |||
| Profit/Loss on exchange | -357 | -241 | -491 | -269 | |||
| EBIT | -34 | 5 242 | -272 | 2 618 | |||
| % | -0,2% | 31,0% | -0,7% | 7,9% | |||
| Associated companies | -129 | -284 | -216 | -347 | |||
| Interests | -450 | -270 | -670 | -821 | |||
| Taxation | -242 | -125 | -128 | -248 | |||
| Net results | -855 | 4 564 | -1 286 | 1 201 | |||
| % | -4,4% | 27,0% | -3,5% | 3,6% |
(only 1st half year figures have been reviewed by auditors)
Sales are significantly increasing (+15.7% for the 2nd quarter and +9.8% cumulative) despite a material negative impact of exchange rates over the period (-3.5%).
Sales by activities :
| Variation | VariatioN | Variation | ||||
| Quarter 2 | Variation | (organic) | Half Year | (organic) | ||
| Lighters & writing instruments | 8 519 | 11,40% | 14,40% | 17 263 | 6,40% | 9,60% |
| Leather goods & RTW | 9 470 | 26,00% | 29,70% | 16 575 | 16,60% | 20,00% |
| Total Sales products | 17 989 | 18,60% | 22,00% | 33 838 | 11,20% | 14,50% |
| Royalties | 1 558 | -9,80% | -3,50% | 2 666 | -5,30% | 0,50% |
| Net Sales | 19 547 | 15,70% | 19,40% | 36 504 | 9,80% | 13,30% |
For the first time for years, all activities are increasing and, especially lighters for which decline is now stopped. Leathergoods are significantly increasing, in line with the strategy decided in the business plan. It must be pointed out that the sales increase has been reached despite the absence of launches of new products that will occur in the second half of the year and next year.
Royalties are decreasing because of exchange rates impact.
Regarding EBIT, nearly all indicators are above the business plan set out in february 2006 and significantly improving compared to last year.
- Gross margin percentage is +4.7 points over last year thanks to the cost cutting plan implemented last year ;
- Overheads are increasing at a lower level than sales ;
- Non recurring items, that amounted +5.4 million euros last year and led to a positive EBIT for the period, are almost nil for the 1ST half year 2007-2008 ;
- The only negative item is the impact of exchange rates that amounted -0.5 million euros and explains the negative EBIT amounting -0.3 million euros.
Based on all these elements, net loss amounts to -1.3 million euros and shows a structural improvement from one year to another.
Perspectives for the second half year remain strong despite the forecasted impact of exchange rates that will affect both sales and EBIT.
Interim financial statements in English (summary) and in French (full) as at September, 30, 2007, and the press release for the interim financial statements are posted on the company web site : www.st-dupont.com (corporate).
Contacts :
| - Contact Analystes : | Michel Suhard | |
| 01 53 91 33 11 | ||
| - Contact Presse : | Burson-Marsteller | |
| Lorie Lichtlen | Adélaïde Leroy-Beaulieu | |
| (33) 1 41 86 76 60 | (33) 1 41 86 76 86 | |
| lorie.lichtlen@bm.com | Adelaide.leroy-beaulieu@bm.com |
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Profit & Loss Account
| (Euros 000) | 30/09/2007 | 31/03/2007 | 30/09/2006 |
| Sales « products » | 33 838 | 71 379 | 30 438 |
| Other operational income | 2 666 | 5 095 | 2 814 |
| Net sales | 36 504 | 76 474 | 33 252 |
| Cost of sales | (17 957) | (40 430) | (17 928) |
| Gross margin | 18 547 | 36 044 | 15 324 |
| Communication expenses | (2 149) | (5 112) | (1 413) |
| Selling expenses | (6 771) | (14 794) | (7 325) |
| Administrative expenses | (9 416) | (17 962) | (8 950) |
| Other income & charges | (510) | 2 158 | 4 761 |
| Impairment (IAS 36) | 27 | 200 | 220 |
| EBIT | (272) | 534 | 2 618 |
| Financial income | 446 | 968 | 422 |
| Financial expenses | (1 067) | (2 213) | (1 074) |
| Net financial | (621) | (1 245) | (652) |
| Other financial expenses | (49) | (93) | (170) |
| Results of shared companies | (216) | (192) | (347) |
| Result before tax | (1 159) | (996) | 1 449 |
| Tax | (128) | (22) | (248) |
| Net result | (1 286) | (1 018) | 1 201 |
| Résultat net | (1 286) | (1 018) | 1 201 |
| Groupe | (1 286) | (1 018) | 1 201 |
| Minority interests | - | - | - |
| Earning per share (euros) | (0,003) | (0,003) | 0,005 |
| Diluted earning per share (euros) | (0,003) | (0,003) | 0,010 |
Balance sheet
| ASSETS | |||
| (euros 000) | 30/09/2007 | 31/03/2006 | 30/09/2006 |
| Non current assets | |||
| Good will | 2 838 | 2 995 | 3 179 |
| Intangible assets (net) | 466 | 578 | 197 |
| Tangible assets (net) | 2 389 | 1 731 | 1 018 |
| Financial assets | 1 716 | 1 491 | 1 489 |
| Share companies | 629 | 845 | 289 |
| Deferred tax | 208 | 219 | 238 |
| Total non current assets | 8 246 | 7 859 | 6 409 |
| Current assets | |||
| Inventories & work in progress | 21 172 | 19 279 | 21 278 |
| Trade receivables | 12 030 | 9 949 | 10 661 |
| Other receivables | 3 945 | 3 327 | 3 762 |
| Curent tax | 650 | 867 | 1 059 |
| Financial assets | 0 | 0 | 0 |
| Cash & cash equivalent | 26 412 | 35 908 | 36 715 |
| Total current assets | 64 209 | 69 330 | 73 475 |
| Total Assets | 72 455 | 77 189 | 79 884 |
| LIABILITIES | |||
| Retained Earnings (Group) | |||
| Shared capital | 21 231 | 21 231 | 21 231 |
| Additional paid-in capital | 967 | 967 | 952 |
| Treasury shares | -5 | -5 | -1 |
| Equity component of convertible bonds | 1 904 | 1 904 | 1 904 |
| Reserves | -5 057 | -4 039 | -3 986 |
| Conversion reserves | -1 935 | -1 251 | -566 |
| Equity - Group | -1 286 | -1 018 | 1 201 |
| Total Equity - Group | 15 819 | 17 789 | 20 736 |
| Total Equity - Minority interests | |||
| Non current debts | |||
| Convertible bonds | 21 194 | 20 821 | 20 573 |
| Financial debts | 34 | 35 | 38 |
| Financial debt (lease) | 131 | 133 | 248 |
| Deferred tax | 22 | 19 | 15 |
| Provision for retirement indemnities | 6 176 | 6 170 | 6 334 |
| Total non current debts | 27 558 | 27 179 | 27 208 |
| Current debts | |||
| Trade payables | 6 894 | 7 037 | 6 087 |
| Other payables | 9 087 | 8 967 | 8 964 |
| Tax current | 666 | 545 | 467 |
| Provision for risks | 9 042 | 11 057 | 13 010 |
| Convertible bond (short term) | 772 | 1 544 | 772 |
| Financial debts | 2 452 | 2 830 | 2 388 |
| Financial debts lease | 167 | 242 | 252 |
| Total current debts | 29 079 | 32 221 | 31 940 |
| Total Liabilities | 72 455 | 77 189 | 79 884 |
Cash flow statement
| (Euros 000) | 30/09/2007 | 31/03/2007 | 30/09/2006 |
| I - Cash flow from operations | |||
| Net loss before tax | (1 286) | (1 018) | 1 201 |
| Depretiation & provision | 372 | 1 119 | 525 |
| Unrealized gains and losses from changes in fair value | 0 | (9) | (9) |
| Changes in provisions | (1 989) | (8 000) | (5 914) |
| Net financial expenses | 690 | 1 351 | 807 |
| Capital gain/loss | 372 | (653) | (477) |
| Taxation | 128 | 22 | 248 |
| Share results in associated companies | 216 | (209) | 347 |
| Cash flow | (1 497 | (7 397) | (3 272) |
| Change in inventories | (2 178) | 1 676 | 2 |
| Change in receivables (trade) | (2 176) | 3 673 | 3 126 |
| Change in receivables (other) | (646) | 972 | 553 |
| Change in payables (trade) | (83) | 2 171 | 1 153 |
| Change in payables (other) | 180 | (1 980) | (2 024) |
| Cash flow from operations | (4 903) | 6 512 | 2 810 |
| Financial expenses paid | (73) | (406) | (295) |
| Financial income received | 447 | 961 | 415 |
| Income tax pais | 238 | 168 | (356) |
| CASH FLOW | (5 788) | (162) | (698) |
| II - Capital Expenditures | |||
| Intangible assets | 0 | 0 | (13) |
| R & D expenses | (256) | (450) | (191) |
| Tangible assets | (1 042) | (1 731) | (598) |
| Other financial assets | (300) | (79) | (5) |
| Total Capex | (1 598) | (2 260) | (807) |
| Sale of tangible assets | 0 | 16 | 0 |
| Sale of other financial assets | 20 | 34 | 29 |
| Sale of assets | 20 | 50 | 29 |
| CASH FLOW FROM INVESTMENTS | (1 578) | (2 210) | (778) |
| III - Financing | |||
| Share capital increase | 0 | 41 154 | 41 210 |
| Reduction in share capital | (14) | ||
| Treasury shares | 0 | 19 | 23 |
| New financial debts | 297 | 430 | 331 |
| Shareholders current account | 0 | (7 000) | (7 000) |
| Repayment of financial debts | (1 386) | (3 913) | (4 004) |
| Interests paid | (1 067) | (2 036) | (1 074) |
| Other | 0 | (220) | (1 398) |
| CASH FLOX FROM FINANCING | (2 156) | 28 434 | 28 124 |
| Impact of exchange rates | (286) | (285) | 150 |
| Net change in cash | (9 808) | 25 777 | 26 798 |
| Cash (opening balance) | 34 942 | 9 165 | 9 165 |
| Cash (closing balance) | 25 134 | 34 942 | 36 963 |
| Net change in cash | (9 808) | 25 777 | 26 798 |