2005 Annual report - Virbac

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80 Note R4 - Other financial income and expenses (€ thousands) 2005 2004 Interest and related expenses 2,743 3,193 Foreign exchange losses 286 1,146 Other financial expenses 149 36 Total financial expenses 3,178 4,375 Foreign exchange gains 944 1,043 Other financial income 491 361 Total financial income 1,435 1,404 Net financial expenses -1,743 -2,971 Note R5 - Taxes Reconciliation of the Group’s effective tax rate: 2005 2004 (€ thousands) Base Tax Base Tax Profit before tax 30,346 25,281 Current tax 10,536 7,347 - French companies 2,599 537 - Foreign companies 7,937 6,810 Deferred tax -2,032 300 - French companies -2,484 522 - Foreign companies 451 -222 Total tax recognised 8,504 7,647 Effective tax rate 28.02% 30.25% Theoretical tax rate 34.43% 35.43% Theoretical tax 10,448 8,957 Variance between theoretical tax and tax recognised 1,945 1,310 Transactions which affect the amount of tax: Earlier years’ deferred tax credits not previously recognised -1,057 0 Impact of differing tax rates applied outside France -308 -470 Impact of tax credits recognised in 2005 -760 -878 Impact of provisions for tax investigations 249 0 Impact of share of expenses and losses of non-consolidated companies 208 203 Impact of revenues taxable at a reduced tax rate -104 -94 Impact of deductions at source charged to income -23 -23 Other effects -149 -48 Total transactions justifying the variance -1,945 -1,310 For the financial years 2005 and 2004, the reconciliation of the effective tax rate has been calculated on the basis of the tax rate applicable in France for the relevant year, i.e. 34.43% and 35.43% respectively.
81 Note R6 - Breakdown of net income by geographical area France Rest of Latin Asia Africa / North Pacific Total (€ thousands) Europe America Middle East America Segment income 358 16,118 5,074 586 1,466 7,179 1,308 32,089 Operating profit before tax and financial expenses 32,089 Net financial expenses -1,743 Profit before tax and minority interests 30,346 Share in earnings of associated companies 229 Tax charge -8,504 Net profit for the year 22,071 Note R7 - Earnings per share 2005 2004 Net profit – Group share (in euros) 19,798,772 16,725,625 Total number of shares 8,714,352 8,714,352 Impact of dilutive instruments N/A N/A Treasury shares 231,559 403,078 Total number of shares outstanding 8,482,793 8,311,274 Earnings per share - basic 2.33 2.01 Earnings per share - diluted 2.33 2.01 Note A1 - Workforce Workforce by function 2005 % 2004 % Production 908 41% 955 42% Administration 337 15% 330 15% Sales 768 34% 757 33% Research and Development 217 10% 218 10% TOTAL 2,230 100% 2,260 100% Change in workforce by geographical area 2005 2004 Change Europe 1,223 1,240 -1% North America 279 270 +3% Latin America 233 218 +7% Pacific 163 231 -29% Asia 203 172 +18% Africa/Middle East 129 129 0% TOTAL 2,230 2,260 -1%
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2005 Annual report Passionate about
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Bringing our expertise and care to
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1 Contents A message from the Chair
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3 Éric Marée Chairman of the Exec
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5 Breakdown of shareholders in term
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7 In 2005, 30% of sales were genera
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9 Cash flow (in € million) 39.9 2
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11 • A new freeze-dryer with a ca
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13 Finance and stock market Share p
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2005 Annual Report 16 Innovation Mo
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2005 Annual Report 18 The customer
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20 2005 Annual Report The Virbac-Pa
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2005 Annual Report 22 Industrial co
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2005 Annual Report 24 Human resourc
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2005 Annual Report 26
Page 33 and 34: 29 Management report 2005 Virbac sa
Page 35 and 36: 31 ❖ Equine Equine products close
Page 37 and 38: 33 ❖ In Portugal 2005 sales at Vi
Page 39 and 40: 35 Acquisitions and disposals Virba
Page 41 and 42: 37 Consolidated balance sheet and f
Page 43 and 44: 39 A resolution will be submitted f
Page 45 and 46: 41 - Member of the Management board
Page 47 and 48: 43 ◆ Investors and analysts are w
Page 49 and 50: 45 ◆ checking air emissions, ◆
Page 51 and 52: 47 Virbac in France Workforce Virba
Page 53 and 54: 49 Report of the Chairwoman of the
Page 55 and 56: 51 financial information, execution
Page 57 and 58: 53 This organisation, put in place
Page 59 and 60: 55 the recognition of transactions
Page 61 and 62: 57 The Industrial operations depart
Page 63 and 64: 59 Consolidated financial statement
Page 69 and 70: 65 Translation of financial stateme
Page 71 and 72: 67 Inventories and work-in-progress
Page 73 and 74: 69 In the case of exchange rate hed
Page 75 and 76: 71 Notes to the consolidated financ
Page 77 and 78: 73 Property, plant and equipment by
Page 79 and 80: 75 Note B7 - Deferred income tax As
Page 81 and 82: 77 Note B12 - Employee benefits (
Page 83: 79 Note R1 - Sales Sales breakdown
Page 87 and 88: 83 Note A4 - Composition of Virbac
Page 89 and 90: 85 Note A10 - Consolidation scope a
Page 91 and 92: 87 Transition to IFRS Consolidated
Page 93 and 94: 89 Transition to IFRS LIABILITIES A
Page 95 and 96: 91 Transition to IFRS Breakdown of
Page 97 and 98: 93 Supervisory board report The Exe
Page 99 and 100: 95 As required by law, details of t
Page 101 and 102: 97 ❖ to record the finalisation o
Page 103 and 104: 99 Index Page 5 ◆ Shareholder str
Page 105: Virbac 13 ème rue LID - BP 27 0651
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2005 Annual report - Virbac

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