The Bel - visit site - Bel Group

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CONSOLIDATED CASH FLOW STATEMENT AT DECEMBER 31, 2011 (In thousands of euros) December 2011 December 2010 Cash fl ow from (used in) operating activities Pre-tax profi t 144,033 174,685 Adjustments for: Depreciation and write-downs 78,874 92,272 Capital gains (losses) on disposals 1,712 (370) Reclassifi cation of dividends and borrowing costs 19,862 18,191 Other non-cash items on the income statement 4,376 5,506 Cash fl ow 248,857 290,284 Increase (decrease) in inventories, current receivables and payables (19,121) (7,097) Increase (decrease) in non-current receivables and payables (677) 3,106 Income taxes paid (47,087) (44,946) Net cash fl ow generated by operating activities (1) 181,972 241,347 Cash fl ow from (used in) investing activities Acquisition of activities 580 (2,956) Disposal of activities 270 Acquisitions of tangible and intangible assets (74,682) (63,856) Disposals of tangible and intangible assets 693 2,533 Investment grants received 111 Acquisitions of fi nancial assets (3,927) (3,554) Disposals of fi nancial assets 3,135 2,134 Interest received (61) Dividends received 1,228 916 Net cash fl ow from (used in) investing activities ( 2) (72,923) (64,513) Cash fl ow from (used in) fi nancing activities Dividends paid (48,418) (40,112) Interest paid (21,090) (19,107) Increase (decrease) in capital 35 Repayment of debt resulting from fi nance lease contracts (358) (80) Increase (decrease) in current accounts with entities outside the scope of consolidation 9,603 (6,875) Borrowings and fi nancial liabilities issued 67,723 25,655 Repayments of borrowings and fi nancial liabilities (119,619) (109,882) Net cash fl ow from (used in) fi nancing activities ( 3) (112,124) (150,401) Net increase (decrease) in cash and cash equivalents (1) + (2) + (3) (3,075) 26,433 Net cash and cash equivalents at the beginning of the period 133,668 107,724 Effect of foreign exchange rate variations 1,829 (489) Other items with no effect on cash Net cash and cash equivalents at the end of the period 132,422 133,668 At the closing date, net cash and cash equivalents comprised the following: Marketable securities and money market instruments 86,773 99,162 Cash on hand and balances with banks 54,486 40,595 Current used bank facilities including overdrafts and accrued interest (8,837) (6,089) TOTAL 132,422 133,668 64 • Bel Group 2011
FOR MORE INFORMATION ABOUT BEL www.bel-group.com AND THE CSR POLICY OF THE GROUP www.smilesfortheplanet.com BEL GROUP CONTACT INFORMATION • Guillaume Jouët – VP Communications, Public Affairs and Corporate Social Responsibility Tel. +33 (0)1 40 07 72 50 – e-mail: communication@groupe-bel.com • Frédérique Gaulard – Head of CSR Tel. +33 (0)1 40 07 72 50 – e-mail: rse@groupe-bel.com • Fromageries Bel Headquarters: 16, boulevard Malesherbes 75008 Paris - Tel. + 33 (0)140 07 72 50 French corporation (société anonyme) with a share capital of €10,308,502.50 - RCS Paris B 542 088 06 Design and production: Tel. +33 (0)1 53 23 35 35; photo credits: Virgile Dureuil, Philippe Noisette, Guilain Grenier, Gérard Uféras, Getty Images, Photothèque groupe Bel, DR. This annual report was printed by an Imprim’vert printer using paper that meets PEFC environmental standards. The PEFC (Programme for the Endorsement of Forest Certifi cation) label certifi es that forests are managed according to sustainable management requirements.
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2011 BUSINESS AND CORPORATE SOCIAL
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An extraordinary brand portfolio Be
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PROFILE 17 marques nationales 8 mar
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4.5% increase versus 2010 sales €
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ANTOINE FIÉVET, Chairman and CEO
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Sales breakdown 30 international an
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Bel Foodservice Bel Foodservice ope
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NEAR AND MIDDLE EAST ”Sales volum
Page 17 and 18: ● SENEGAL Closer to consumers In
Page 19 and 20: ● MOROCCO 90 years of nutrition T
Page 21 and 22: priority areas of action to be take
Page 23 and 24: 2011 Bel Group • 19
Page 25 and 26: Goal: One billion consumers by 2020
Page 27 and 28: 8% of Group sales generated by inno
Page 29 and 30: 14% reduction in salt content for T
Page 31 and 32: Bel Group 2011 • 27
Page 33 and 34: ”People First”, the social char
Page 35 and 36: Two areas of concern emerged from t
Page 37 and 38: can help defi ne action plans that
Page 39 and 40: A patchwork of actions A child in h
Page 41 and 42: What will The Laughing Cow ® W TC9
Page 43 and 44: Preserving the environment Bel is l
Page 45 and 46: practices. In countries lacking suc
Page 47 and 48: Esabel In 2011, Esabel was started
Page 49 and 50: 33% reduction in CO2 emissions from
Page 51 and 52: Bel Group 2011 • 47
Page 53 and 54: OUTLOOK FOR 2012 AND BEYOND The Gro
Page 57 and 58: OUTLOOK FOR 2012 AND BEYOND In coun
Page 63 and 64: OUTLOOK FOR 2012 AND BEYOND • Thr
Page 65 and 66: Dividend On March 22, 2012, the Boa
Page 67: CONSOLIDATED BALANCE SHEET AT DECEM
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