GIB Group consolidated profit: € 308.9 mln

Further to the take-over bid announced by Ackermans & van Haaren on Monday September 16, 2002, the Board of Directors of GIB s.a. has decided to publish the company’s interim consolidated accounts immediately. The Board will notify the Banking and Finance Commission and Ackermans & van Haaren of its opinion with respect to this bid within the statutory period allowed.

The consolidated interim results for the first half of the 2002 financial year ending on July 31, include DIY to June 30 (5 months) and do not include Inno, GIB Immo, Club and Auto 5 (previously 50% consolidated using the equity method) that were consolidated during the first half of the 2001 financial year and sold in the second half of that year. Lunch Garden is consolidated in both 2001 and 2002, since its sale to Carestel is still subject to approval by the Belgian competition authorities.

Commentary: consolidated results

GIB GROUP reported consolidated turnover (net of VAT) of € 604.7 million in the first half of the 2002 financial year. This compares with € 753.0 million in 2001, a fall of 19.7% due mainly to the sale of various subsidiaries in the second half of 2001 and the first half of 2002.

Operating profit was € 16.6 million in 2002, compared with € 16.4 million in 2001, although these figures are not comparable due to sales of subsidiaries. Quick reported a rise in operating profit when it published its interim results on 4 September 2002.

Operating cash flow was € 34.4 million, compared with € 69.4 million in 2001, due mainly to sales of subsidiaries.

The financial result was € 3.2 million, compared with € -5.3 million in the same period of 2001, reflecting increased interest income received on deposits of the proceeds of subsidiary sales.

Consequently, profit for the period was € 19.8 million, compared with € 11.1 million in the first half of 2001.

Extraordinary items were € 288.2 million, compared with € 31.0 million in 2001. These mainly comprise the capital gain realised on the disposal of the Group’s DIY interests.

Group share of consolidated net profit rose to € 308.9 million, compared with € 54.0 million in the first half of 2001.

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(source: GIB Group)

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