Annual report 2001 - GL events

48 49
d - Exceptional profit / (loss
This year the exceptional profit / (loss) reaches 98 K€. This
amount includes principally the capital gain on the sale
of real estate and the registered loss when material was
shipped back from Sydney. As a reminder, the exceptional
profit / (loss) for the year 2000 was particularly high
considering the capital gain of K€ 23 033 on the Paris
expo operation.
e - Corporate tax and consolidated profit
For the years 2001 and 2000 income before and after tax can be presented as follows :
In K€ 2001 2000
Consolidated income before tax
for integrated entities 14 490 37 151
Current and deferred taxes 4 650 13 567
Tax rates 32.1 % 36.5 %
Consolidated profit after tax
of integrated companies 9 840 23 584
The tax rate is low considering the taxation of certain foreign companies as well as the tax exemption from which a
company recently created by the Group benefits.
f - Financial, net cash and investments
During the period the level of net indebtedness increased
by K€ 31 008 and at 31 December 2001 reached K€ 48
830. This increase should be put into context as the
indebtedness by the end of 2000 was exceptionally low.
Based on this element, the net gearing reaches 57% at
31 December 2001 compared to 22% at the end of 2000.
The Group maintains a strong capacity to invest in rental
equipment as well as in external growth. One should
underline the acquisitions of Owen Brown in 2001 and
BS Vision at the beginning of 2002, as well as the
significant investments realized by the Group in
equipment to be used for Première Vision shows for the
coming six years.
At 31 December 2001, cash flow is stable at K€ 24 574
(10.6 % of net sales) compared to K€ 24 323 at the end
of 2000.
g - External growths
Two operations of external growth were carried out in 2001. Both respected the key factors mentioned in paragraph
3.7.3 of the present document.
The operating profit of the two main companies recently acquired is illustrated as follows :
● OWEN BROWN
OWEN BROWN 31 December 2001 31 December 2001 31 March 2001
(M€) (6 months) (9 months) (12 months)
from 1 July
from 1 April
to December 2001 to 31 December 2001
Net sales 9.9 14.2 16.6
Operating profit 1.2 1.4 1.7
Net profit 0.8 1.1 1.2
Net fixed assets and stock 7.7 7.7 6.8
Shareholders‘ equity 5.7 5.7 4.6
Net cash position (asset) (119) (119) -
Number of employees 154 154 144
Owen Brown, which joined the Group GL in July 2001,
reinforces the Group’s offer in the field of structures.
Since Owen Brown ends its fiscal year on 31 March, a
position has been established at 31 December 2001, the
company having been integrated into the consolidated
accounts starting 1 July 2001.
Prospects for 2002 see a 25% increase in its net sales.