2005 Annual report - Virbac

48
The combination of these two ratios in order to calculate
the share in the profits has the twin goal of:
◆ giving employees a share in the profits that is in line with
the company’s financial performance (ratio based on net
profit), and
◆ rewarding the collective contribution of employees (ratio
based on operating profit).
The second novelty is a top-up by the company where the
profit share is paid into the company savings plan (PEE)
(top-up equal to 25% of the bonus) and into the collective
retirement savings plan (PERCO) (top-up equal to 50% of
the bonus).
❖ Employee profit-sharing in company net profit
Employee profit-sharing in a company’s net profit is
mandatory in companies with over fifty employees and has
been in place in Virbac since 1987.
A Group profit-sharing agreement covering Virbac, Virbac
Distribution, Virbac France, Francodex and Alfamed is in
force. Each Group company contributes to building up a
general reserve for the total amount of its own reserve,
calculated using the legally prescribed formula.
The profit-share may be paid in three ways: to a blocked
current account, the PEE and the PERCO.
❖ Company savings plans
The monies paid in under the various profit-sharing
agreements or voluntary payments may be invested in
mutual funds. The PEE covers employees in Virbac, Virbac
Distribution, Virbac France, Francodex and Alfamed.
The PEE, managed by CREELIA, is comprised of equities,
bonds and treasuries: around 3/4 equities and 1/4 bonds
and treasuries. The portion of Virbac shares represents
around 1/3 of the portfolio. The PERCO, collective
retirement savings plan, managed by Novacy, allows
employees to build up a diversified savings portfolio for
their retirement.
Fees paid by the Group to the Statutory auditors
and members of their networks
Deloitte et Associés
David et Associés
Réseau Constantin
2005 2004 2005 2004
(€ thousands) € % € % € % € %
Office of Statutory auditors, certification, review of parent company and consolidated financial statements:
France 257.9 39% 94.2 25% 139.6 78% 72.3 83%
Outside France 331.9 50% 265.5 71% - 0% - 0%
SUBTOTAL 589.8 88% 359.7 96% 139.6 78% 72.3 83%
Other services (1) : 76.8 12% 13.1 4% 40.0 22% 14.8 17%
TOTAL 666.7 100% 372.8 100% 179.6 100% 87.1 100%
(1) ) Other services largely relate to services usually performed in certain countries when renewing the office of statutory auditors.
The rise in fees in France in 2005 is largely due to two oneoff
factors:
◆ the transition to IFRS, which gave rise to additional audit
work,
◆ the delay in the publication of the Group’s 2004 financial
statements as a result of the difficulties in the US
subsidiary Virbac Corporation which only published its
restated financial statements for 2001, 2002, 2003
on 25 April 2005 and its 2004 financial statements
on 30 August 2005.