2007 annual report - Augros Cosmetic Packaging
Transcription
2007 annual report - Augros Cosmetic Packaging
2007 ANNUAL REPORT AUGROS COSMETIC PACKAGING Société anonyme à directoire et conseil de surveillance au capital de 2 283 933 € Siège social : 165 boulevard de Valmy – 92700 Colombes 592 045 504 RCS Nanterre AUGROS COSMETIC PACKAGING Shareholder’s Meeting May 30, 2008 _________________________________________________________ Report of the Board of Directors On 2007 accounts AUGROS COSMETIC PACKAGING Société Anonyme à Directoire et Conseil de Surveillance Au capital de 2 283 933 euros Siège Social : 165 Boulevard de Valmy – 92700 COLOMBES R.C.S. NANTERRE B 592 045 504 REPORT OF THE BOARD OF DIRECTORS 2007 I. ACTIVITY, RESULTS AND FINANCIAL STATEMENT KEY FACTS AND ACTIVITY In 2007 the following events generated a 22,4% drop of sales : Packaging Division: in 2006, sales were boosted by the production and deliveries of safety stocks requested by our key customers to secure their business. This special situation ended in January 2007. From February to December 2007, the consumption of these security stocks had repercussions on our sales which reached their lowest level between Q3 and Q4 During Q4, sales increased by 2% compared to 4th quarter 2006 (security stock deliveries excluded). Decoration Division: in 2007, this activity showed a small growth, in pace with the one of the world market of about 4 to 5%. FINANCIAL STATEMENT ANALYSIS Key financial data: Debts (more than 1 year – less than 5 years) Debts (more than 5 years) Total debts 2007 2006 4 389 4 018 8 407 2007 3 950 5 453 9 403 2006 5 697 2 877 8 574 6 125 5 920 12045 Assets Accounts receivable Cash flow Total short term assets Short term debts Trade debt Factor Total short term debts Surplus short term assets/short term debts 3 830 4 175 8 005 4 486 4 428 8 914 569 5 007 PRESENTATION OF INDIVIDUAL ACCOUNTS 2007 Sales reached 17 375 821 € (before taxes) versus 22 392 429 € in 2006. Operating loss reached 1 907 582 € versus a profit of 122 484 € in 2006. Financial result showed a loss of 449 238 € versus a positive result of 1 765 647 € in 2006. Profit before tax reached – 2 356 819 € versus 1 643 163 € in 2006. Exceptional result is 403 496 € versus 115 705 € in 2006. Net result reached – 1 953 324€ versus 1 758 868 € in 2006. PRESENTATION OF CONSOLIDATED ACCOUNTS Operating profit reached – 1340 K€ versus 963 K€ in 2006. Cost of financial debt reached 2 024 K€ versus 3 382 K€ in 2006. Interests charges was - 257 K€ versus – 528 K€. Other products and operating charges reached 168 K€. Consolidated net result reached – 1 313 K€ Cash Flow reached - 509 K€. POST CLOSING EVENTS AND FUTURE PROSPECTS As of January 15th, 2008, the backlog of the packaging division of Alençon shows a 15% growth, the Décor Division of Le Theil sur Huisne 24%, both compared to the same period of 2006. The favourable evolution of the new products entree and backlog, the end of the process of reduction of the safety stock in the packaging activity, the positive trend of the quotation requests book and the strength of the luxury market are key elements which reinforce our growth forecast of sales in 2008. Last, first equipments of our automation plan for the decoration division which main goal is to reduce labour costs, will be installed during the end of the first semester of 2008. INVESTMENTS During 2007, the Company only made investments requested by the realization of new contracts at best possible economical conditions. In Alençon, no investment on capacity is forecasted for the two coming years; only automation and regular maintenance upgrades will be achieved. In Le Theil, the automation program under way which will be put in place during the three coming years, first module in the first semester 2008, for a total amount of 400 K€. Last, new environmental rules involve a compliance program for this centre which will be put in place in 2008 and 2009 and will amount 700 K€. So, the investment plan for 2007 to 2009 will come close to 2 to 2.5% of sales. CHANGES IN METHODS DURING THE YEAR Presentation and evaluation methods used to establish our accounts comply with the rules and are the same than those used on previous years. The detailed perimeter of the group appears in the notes of balance sheet. RISKS FACTORS : Financial instruments The group does not use any financial instrument including risk on assets and liabilities, on its financial situation and on losses or profits. The group runs no risk on equity (stocks, OPCVM…) We are not aware of a risk on currency exchange, social situation, common stocks or any other risk (legal, country…) as of December 31st, 2007 closing. So, as of today, no risk cover strategy has been put in place. R&D EXPENSES We did not register any R&D expenses in 2007. II. LEGAL INFORMATION 2.1. AUTHORIZED ASSIGNEES - - Mr Didier BOURGINE is CEO (Président du Directoire) of AUGROS COSMETIC PACKAGING Company since February 1st, 2002. His appointment has been renewed in January 2008 for the next six years. Mr Jacques BOURGINE is Chairman of the board (President du Conseil de Surveillance) of the company. Mr Laurent LESANGE was Member of the Board untill January 30th, 2008. His appointment has not been renewed. Mr Claude PHILIPPON, Director of the Packaging centre of Alençon has been appointed as Member of the Board. COMPENSATION OF AUTHORIZED ASSIGNEES M. Didier BOURGINE, Président du Directoire : M. Jacques BOURGINE, Président du Conseil : M. Laurent LESANGE, Membre du Directoire : 200 014 € 48 000 € 2 000 €. DIRECTOR FEES The amount of director’s fees has been fixed at 9 000 € and agreed at the last Board meeting. 2.2. STOCK CAPITAL AND SHARES As per article L 233-13 of Commercial law and information received based on articles L 2337 and L 233-12, here is the list of the shareholders having more than 1/20, 1/10, 1/5, 1/3, ½ or 2/3 of social capital of voting rights : - PARTICIPATIONS ET FINANCIERE BOURGINE Company owns more than half of the social capital and more than 1/3 of voting rights. - M. Jacques BOURGINE owns more than 1/5 of social capital and more than 1/3 of voting rights. EVOLUTION OF STOCK EXCHANGE RATE Augros Cosmetic Packaging stock, (code Sicovam 6178, Euronext Paris), was 2.40 € as of December 31st, 2007 versus 6.20 € as of December 31st, 2006. EMPLOYEES CAPITAL SHARING The company has no saving plan or mutual fund; there is not any employee directly or indirectly holding shares of the company. 2.3. OTHER INFORMATION CONTROLED COMPANIES Further to the Transmission Universelle de Patrimoine (total assignment) done in June 2006 betwwen French companies of the group included in the new perimeter, AUGROS COSMETIC PACKAGING controls the US company Augros Inc which assets have been sold. SUBSIDIARIES AND SHARINGS Company name Augros Inc Shares % 100 % Capital 26 US$ Activity Plastic injection ACQUISITION OF AN INTEREST OR TAKE OVER DURING THE FISCAL YEAR None NON DEDUCTIBLE EXPENSES No deductible expenses reached 56 648 € and the relative tax would have been 18 883 €. RESULTS – APPROPRIATIONS / DIVIDENDS 2007 result, i-e – 1 953 324 € will be assigned as follows : - whole amount as a « carried forward » item. There have been no dividends payments during the past three years. Year Total dividends 2004 2005 2006 0 0 0 Dividend per share 0 0 0 Tax credit per share Income for tax 0 0 0 0 0 0 III. SOCIAL, ENVIRONMENTAL AND OTHER INFORMATIONS PREVENTIVE POLICY ON TECHNOLOGICAL ACCIDENT RISKS The Company appointed a manager in charge of environmental security and has a « public liability » insurance policy with COVEA RISK company. LEGAL PROCEDURES INFORMATION To our knowledge there is no legal procedure or extraordinary event in the companies of the group. There is no lawsuit, dispute or arbitration able to have effect on the financial situation of the company. ENVIRONMENTAL AND SOCIAL INFORMATION To our knowledge, there is no environmental element able to have effect on the results of the company. On social field, there is no risk able to have effect on the results of the company. WORKS COUNCIL Works council agreed with the management of the company during year 2007. INDIVIDUAL RIGHT TO TRAINING Employees have an individual right to training, as per Labour legislation, and are personally informed of the procedures in place to use this right. EMPLOYEES INFORMATION As of December 31st, 2007 : France 229 USA 0 AUDITOR FEES The auditor fees amount (before taxes) paid in 2007 are : - cabinet AUDITOR : - cabinet AD CONSEILS : 30 K€, 30 K€. There has been no independent expert work requested by the Auditors. AGREEMENTS RELATIVE TO ARTICLES L.225-86 et L.225-90 OF COMMERCIAL LAW The auditors have been duly informed of these agreements and have established the corresponding report. RESULTS OF THE LAST FIVE FISCAL YEARS As per article R 225-102 of Commercial law, the table of results of the last five fiscal years is attached to this document. Fait à Colombes Le 14 Avril 2008 LE DIRECTOIRE Consolidated accounts as of December 31, 2007 I. Consolidated balance sheet (In € thousands) Assets Non current assets Intangible assets Goodwill Tangible assets Non current financial securities Deferred tax assets Assets held for sale Current assets Inventories Accounts receivable Current income tax assets Current financial securities Cash and cash equivalents Total assets Liabilities Shareholder's equity Capital stock Additional paid-in capital Acquired shares Retained earnings Net income Minority interests Non current liabilities Financial debts (short term) Deferred tax liabilities Provisions Other non current liabilities Liabilities held for sale Current liabilities Financial debts (short term) Current income tax liabilities Accounts payable Provisions Other current liabilities Total liabilities Notes (Note 4.1.1) 12/31/2007 6 422 442 12/31/2006 8 095 489 (Note 4.1.2) (Note 4.1.3) (Note 4.1.4) 5 043 207 731 (Note 4.2.1) (Note 4.2.2) (Note 4.2.3) 10 542 1 524 5 358 482 6 412 215 747 232 14 519 1 876 5 908 796 3 178 16 964 5 939 22 614 (Note 4.2.4) Notes (Note 4.3.1) (Note 4.3.2) (Note 4.3.1) 12/31/2007 -543 2 284 3 959 -68 -5 405 -1 313 12/31/2006 689 2 284 3 959 -68 -10 182 4 696 8 111 7 281 11 391 9 727 449 380 9 396 2 001 132 6 935 723 709 232 10 534 2 189 579 7 349 329 16 964 417 22 614 II. Consolidated income statement (In € thousands) Notes Sales Other operating income Cost of sales Changes in inventory Personnel costs External charges Taxes Net provisions for depreciation of currents assets Net provisions for depreciation Other operating income and expenses Current operating income Other operating income and expenses Operating income Financial result Income tax Impairment of goodwill Net income before stopped or sold activities income 12/31/2007 (Note 4.4.1) (Note 4.5) (Note 4.6) 12/31/2006 17 376 0 -4 984 -327 -7 754 -3 971 -609 -1 441 -79 450 -1 340 168 -1 172 -124 -16 22 392 96 -7 119 -70 -8 206 -4 622 -397 -1 528 -32 449 963 2 809 3 772 1 702 747 -1 313 6 221 -1 525 Net income from stopped or sold activities Net income Group share Minority interests Earnings per share, group share : basic (in €) Earnings per share, group share : diluted (in €) -1 313 -1 313 4 696 4 696 -0,92 -0,90 3,23 3,19 III. Consolidated cash flow statement (In € thousands) 12/31/2007 Net income - depreciation, amortization and other - deferred taxes - fluctuation in fair-value for long-term financial debts - spreading on lease-back's gain - net gains or loss on investments Gross cash flow 12/31/2006 -1 313 4 696 1 639 16 -160 -418 -274 -509 2 359 747 -569 7 233 - Change in inventories - Change in trade receivables and related accounts - Change in trade payables and related accounts Change in working capital and requirements for operations 351 1 095 -1 059 386 -123 Net cash provided by operating activities - Acquisition of assets (tangible or intangible) - Sales of fixed assets - Changes in investments and other non-current assets Net cash flow provided by investing activities -201 4 136 3 913 7 848 15 081 -170 8 -162 - Issurance of new shares - Reimbursement of financial debts - Other financial operations (change) Net cash flow from financing activities -3 918 -2 572 Fluctuations in cash and cash equivalents position Initial cash and cash equivalents position Year-end cash and cash equivalents position -2 572 0 -2 857 5 939 3 082 11 163 -5 224 5 939 IV. Consolidated shareholder’s equity (In € thousands) Capital As of December 31, 2005 Change in capital Change in scope of consolidation Acquisition or sale of acquired shares Net income appropriation Net income for the period Distributions done by the consolidating company Translation adjustments Errors adjustments Goodwill change on shareholder's equity Other movements As of December 31, 2006 2 284 Paid in capital 3 959 Consolidate Net Income d reserves -2 297 -7 940 Translation difference Total equity 0 -3 994 0 19 19 0 4 696 4 696 2 284 3 959 26 10 0 26 10 -7 940 -10 182 0 -68 689 7 940 4 696 0 -68 -68 Situation as of December 31, 2007 Capital Paid in capital Consolidated Net income reserves Translation difference Acquired shares 2 284 3 959 -10 182 4 696 0 Change in capital Change in scope of consolidation Acquisition or sale of acquired shares Net income appropriation 4 696 -4 696 Net income for the period -1 313 Distributions done by the consolidating company Translation adjustments -39 Errors adjustments 121 Goodwill change on shareholder's equity Other movements As of December 31, 2007 2 284 3 959 -5 404 -1 313 0 NB : the amount appearing in "errors corrected" mainly concerns leasing and financial rental treatments. As of December 31, 2006 -68 Total equity 689 0 0 0 -1 313 0 -39 121 -68 0 0 -543 Auditor AD Conseils 25/27, rue Montorgueil Immeuble Le Cèdre 25 avenue de l'Europe 92310 - SEVRES 75001 – PARIS AUGROS C.P. RAPPORT DES COMMISSAIRES AUX COMPTES SUR LES COMPTES CONSOLIDES DE L’EXERCICE 2007 Comptes consolidés au 31 décembre 2007 AUGROS C.P. 165, Boulevard de Valmy – 92700 COLOMBES Ce rapport contient 18 pages Auditor 25-27, rue Montorgueil 75001 – PARIS AD Conseils Immeuble Le Cèdre 25 avenue de l'Europe 92310 – SEVRES Mesdames, Messieurs les actionnaires, En exécution de la mission qui nous a été confiée par votre assemblée générale, nous avons procédé au contrôle des comptes consolidés de la société AUGROS CP. relatifs à l'exercice clos le 31 décembre 2007, tels qu'ils sont joints au présent rapport. Les comptes consolidés ont été arrêtés par votre directoire. Il nous appartient, sur la base de notre audit, d'exprimer une opinion sur ces comptes. I. Opinion sur les comptes consolidés Nous avons effectué notre audit selon les normes professionnelles applicables en France ; ces normes requièrent la mise en oeuvre de diligences permettant d'obtenir l'assurance raisonnable que les comptes consolidés ne comportent pas d'anomalies significatives.Un audit consiste à examiner, par sondages, les éléments probants justifiant les données contenues dans ces comptes. Il consiste également à apprécier les principes comptables suivis et les estimations significatives retenues pour l'arrêté des comptes et à apprécier leur présentation d'ensemble. Nous estimons que nos contrôles fournissent une base raisonnable à l'opinion exprimée ci-après. Nous certifions que les comptes consolidés de l'exercice sont, au regard du référentiel IFRS tel qu'adopté dans l'Union européenne, réguliers et sincères et donnent une image fidèle du patrimoine, de la situation financière, ainsi que du résultat de l'ensemble constitué par les personnes et entités comprises dans la consolidation. II. Justification des appréciations En application des dispositions de l'article L.823-9 du Code de commerce relatives à la justification de nos appréciations, nous portons à votre connaissance les éléments suivants : La note « Dettes financières » expose l’incidence de la prise en compte du plan d’étalement des dettes par le jugement du tribunal ayant validé le plan de continuation de la société. L’étalement des échéances sur dix ans entraîne la prise en compte d’un produit financier lié à l’actualisation de cette dette à un taux de 6% majoré de la variation du taux OAT 10 ans d'un exercice à l'autre. Les appréciations ainsi portées s'inscrivent dans le cadre de notre démarche d'audit des comptes consolidés, pris dans leur ensemble, et ont donc contribué à la formation de notre opinion exprimée dans la première partie de ce rapport. III. Vérification spécifique Nous avons également procédé, conformément aux normes professionnelles applicables en France, à la vérification des informations relatives au groupe données dans le rapport de gestion. Nous n’avons pas d’observation à formuler sur leur sincérité et leur concordance avec les comptes consolidés. Paris et Sèvres, le 14 mai 2008 Les Commissaires aux Comptes Auditor Bruno KNEZ AD Conseils Stéphane FERTELLE FREE TRANSLATION AUDITORS REPORT ON CONSOLIDATED ACCOUNTS AS OF DECEMBER 31, 2007 We have audited the 2007 consolidated accounts of ACP. Here is our opinion on these accounts: 1/ We have made our audit as per the French professional rules which request several control proceedings to be assured that there is no significant anomaly. An audit consists in checking the accounts data and the applied method. We assume that our controls allow us to express as follow: We certify that the 2007 consolidated accounts are, in compliance with IFRS European applicable rules, proper and sincere and give a correct image of the assets, the financial situation and the results of the consolidated companies. 2/ In compliance with article L 823-9 of Commercial law regarding the justifications of our opinion, we inform you that: The note relative to “financial debts” explains the impact of the debt reimbursement schedule approved by the Tribunal de Commerce. This 10 years schedule (starting September 2006) requires a “financial profit ” due to the actualization of the debt at 6% rate + OAT 10 years variation from one year to the next . These appreciations were part of our audit and allowed us to express our favourable opinion of the consolidated accounts as above mentioned. 3/ We also audited, as per French professional rules, the information regarding the group contained in the Report of the Board of Directors. We have no remark regarding their sincerity and concordance with the consolidated accounts.