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What role does finance play in the major issues
faced by the Group?
W
e are evolving within a growth sector – slightly positive
growth in mature markets and generally much more
rapid growth in emerging economies. In addition, the
small domestic equipment sector is not yet highly
concentrated. Within this context, the Group must continue
increasing its size on a global scale and consolidate
its local positions in order to maintain its competitive
leadership position.
How will this growth be financed?
F
irst of all, by ensuring that we maintain a solid financial
structure with healthy ratios. We also need to monitor our
performance as best as we can. The role of the Finance
Department is to help the Group Executive Committee
with this monitoring by supplying its expertise in the
allocation of resources, as well as ensure the generation
of cash. That's why we are focusing on profitable growth,
which will enable us to release the necessary
resources to ensure the continued development of the
Group. We are also making sure that we have a sustainable
financing structure. We have developed a strong
partnership with seven banks and from now on we will
also finance the Group from the financial markets.
This approach has enabled us to diversify our financing
sources and to extend the maturity of our debt.
The Group's shareholder structure is largely
family-based. Is this an advantage?
T
oday, 44% of the capital is still held by the founding family
and this stable shareholder base is fortunate because it
gives the Group's Management the peace of mind to
work with a view to the long term. The float is majority
held by French and foreign institutional investors, with
whom we strive to maintain regular dialogue and relations
based on trust, because we want them to be long
term shareholders.