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Geodis: 2006 half-year results

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• Geodis group operating profit increased by nearly 20%, reaching €53.1 million
• Net debt was reduced by €67.5 million relative to that of 30 June 2005
The Board of Directors of Geodis held a meeting on 29 August 2006 chaired by Pierre Blayau for the closing of the financial accounts of the first half of 2006.

1. 2006 first-half revenue increased 7.3% over revenue for the prior-year period as a result of the continued strong growth of international trade flows and of operations in Asia and Eastern Europe. Despite an unfavourable business calendar—two fewer business days—revenue in France increased 5.5% (on a like-for-like basis) as a result of strong commercial activity.

2. The Geodis group’s operating profit rose 19.1% to 2.8% of revenue. In Europe the operating profit reached breakeven as a result of a significant reduction of losses in Italy and the United Kingdom. In France, excluding non-recurring factors such as the beginning of recovery of VAT on tolls and capital gains on disposals, operating margin remained stable as a percentage of revenue.

3. After a tax charge of €21.6 million, net income was €21.3 million, versus €13.5 million in the first half of 2005.

4. Net financial indebtedness at 30 June 2006 was €212.4 million, versus €246.2 million at the end of December 2005 and €279.9 million at the end of June 2005. This reduction is primarily due to the rapid application of new regulations reducing the maximum number of days allowed for the payment of invoices in the French trucking industry as of the beginning of 2006. This has enabled Geodis to post a further improvement in its gearing ratio (net debt/equity): 0.68 at the end of June 2006, versus 0.81 at the end of December 2005 and 1.00 at the end of June 2005.

5. Growth in the second half will occur in a less favourable comparative context, considering the results achieved in the second half of 2005. Nevertheless, given current economic conditions and the performance of the first half of the year, Geodis should once again deliver increased operating profits in the second half.

Source: Press Release

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