Annual report - Sequana

CONDENSED ANALYTICAL INCOME STATEMENT€ millions, except per share amounts * These unaudited results have been adjusted to reflect the sale of Antalis Promotional Products and Antonin Rodet in 2009. Percentagechanges and changes in value are based on sales and rounded out to one decimal place.** EBITDA: recurring operating income before depreciation and amortisation and changes in provisions.*** Recurring net income: recurring operating income after net financial income (expense) and income tax on recurring operating income.KEY FIGURES - ANTALIS€ millions (*) Proforma 2008 figures have been adjusted to reflect the sale of Antalis Promotional Products in 2009.KEY FIGURES - ARJOWIGGINS€ millions 2009 HIGHLIGHTSFurther cost cutting measuresIn early 2009, severely depressedmarkets offered no visibilityas to the rest of the year. Sequana’s swift,vigorous reaction was to implementfurther cost cutting measures.– Antalis: the integration of Mapcontinued apace and cost cuttingmeasures were stepped up in Europe.– Arjowiggins: closure of loss-makingplants and cuts in capacity of upto 20% in certain divisions to bringproduction into line with demand.Completion of the nonstrategicasset divestmentprogram– Sequana: sale in May 2009 ofAWA Ltd, the entity liable for theFox River environmental claim; salein September 2009 of Antonin Rodet,owner and merchant of Burgundywines, to the Boisset group foran enterprise value of €23 million.– Antalis : sale in March 2009 ofthe Promotional Products businessto the BIC group based on anenterprise value of €34 million.– Arjowiggins : sale in June 2009of the Decor paper Asia businessto international investors; salein October 2009 of the Carbonlesspaper business to a former seniorexecutive and a team of experiencedlocal managers with the supportof the Walloon region.The decision of the SequanaBoard at the end of Septemberto hold onto the Security divisionmarked the end of the non-strategicasset divestment programme.Sequana 7 2009 Annual report