Financial information

PER in 2018

Dividend per share (in €)

Consolidated net profit as a portion of the group (€ million at 31/12/18)

Operating profit (€ million at 31/12/18)

Consolidated turnover (€ million)

Market capitalization (€ million at 31/12/18)

(in € million)
(Liquidity: the importance of floating
(estimated at 56%) and the number of shareholders
ensures good liquidity.)
(in € calculated on 9,109,752 shares)
(number of employees)
*without Sanidom / Rousseau
(in €)
(PER calculated on the average price of the year)


* Stock exchange data figures are adjusted to take into account allocations of free shares (one four six in November 2011), the nominal division of the share by 2 in May 2012 and the nominal division of the share by 2 in May 2018.


In eurosDividend per shareTotal amount


For 2018, we propose a dividend of 1.75 per share. This represents 54.7% of consolidated net profit. On the basis of the average 2018 (€55.77), the yield is 3.14%.

Dividend detachment : April 23, 2019

Payment of dividends : April 25, 2019



Results announcement press release


Press release

Annual results

Equity variation statement

In thousands of euros at 31 december 2018

Equity variation
to capital
directly as
Situation on 31/12/201635,99439,23297,854(5)173,075158173,233
Dividends paid**4455,221(15,295)(9,629)**(9,629)
Fair value of financial
Foreign exchange differential(19)
Other variations(21)
Actuarial gains(2)
Profit of the period26,24026,240626,246
Situation on 31/12/201736,43944,453 108,799(147)189,544164189,708
Dividends paid** 354 (15,841) (15,487)**(1) (15,488)
Fair value of financial6060
instruments 333333
Foregn exchange differential (63) (63) (1) (64)
Other variations 666666
Actuarial gains 29,142 29,142 12 29,154
Situation on 31/12/201836,43944,807122,100(51)203,295174203,469

* Dividends paid 2016: €3.20 on 4,499,267 paid in 2017 with a payment in shares of 33%.
** Dividends paid 2017: €3.40 on 4,554,876 paid in 2018.

Global consolidated profit statement

In thousands of euros

Consolidated profit and loss account201820172016
Turnover before IFRS 15 and according to IAS 18 315,233 271,571231,396
Impact of IFRS 15 (4,043) (3,847)NA*
Net turnover according to IFRS 15 (note 1)311,190 267,724NA*
Other income from activity 1,000 384436
Purchases consumed(196,587) (170,650)(146,327)
Personnel charges(35,048) (28,426)(25,489)
External costs (note 1)(28,643) (23,694)(22,204)
Taxes(4,033) (3,641)(3,159)
Depreciation and amortisation(4,062) (3,811)(3,504)
Increase in provisions 107 74813
Other earnings, other operating expenditure 128 (316)(253)
Operating profit 44,052 37,65231,709
Variation of fair value of financial instruments(358)
Cash earnings and equivalent 2 16216
Gross cost of debt(129) (55)
Taxes(14,771) (11,513)(10,741)
Net profit 29,154 26,24620,626
Net profit as a portion of the group 29,142 26,24020,616
Net profit attributable to minority interests 12 610
Net profit as a portion of the group per share in euros (1) 3.20 5.76 4.58
Net profit per share after dilution in euros (2) 3.03 4.08 3.23
Statement of other elements of net overall consolidated profit201820172016
Net profit29,15426,24620,626
Other elements of overall profit62(102)(130)
Total overall profit29,21626,14420,496
Total overall profit - Portion of group29,20426,13820,486
Total of overall profit allocated to minority interests12610

(1) Profit per share was calculated on 9,109,752 shares on December 31, 2018, 4,554,876 shares on December 31, 2017, and 4,499,267 shares on December 31, 2016, cf. note 14.
(2) Profit per share after dilution was calculated on 9,609,752 shares on December 31, 2018, i.e. existing shares plus 500,000 shares corresponding to authorised, non-issued capital (cf. thirteenth resolution of the AGM of April 9, 2018), 6,429,876 shares on December 31, 2017, i.e. existing shares plus 1,875,000 shares corresponding to authorised, non-issued capital (cf. thirteenth resolution of the AGM of April 4, 2016).
* NA: Not Available.

Cash flow statement

In thousands of euros at 31 december 2018

Consolidated net profit29,154 26,24620,626
Plus or minus latent gains due to fair value variations358
Plus or minus net depreciation expense and provisions3,989 3,8743,097
Capital gains or losses from disposals(503) (6)8
Cash flow from operations before net financial cost and taxes32,640 30,11424,089
Taxes14,771 11,51310,741
Cash flow from operations before net financial cost and taxes47,411 41,62734,830
Taxes paid(14,751) (11,717)(11,966)
Cash flow from operations before net financial cost and after taxes32,660 29,91022,864
Change in operating working capital(14,315) (6,107)(2,047)
Net cash flow from operating activities18,345 23,80320,817
Net cash flow from operations of change in scope(18,982) (39,543)
Disbursements for property, plant and equipment and intangible assets(5,462) (2,477)(4,145)
Increase in capital 
Receipts from sale of assets15 1010
Due to suppliers of fixed assets213 (87)(445)
Net cash flows from investments(5,234) (2,554)(4,580)
Free cash flow(5,871) (18,305)16,237
Dividends paid to shareholders of the parent company(15,487) (9,629)(9,691)
Loan subscriptions22,001 30,005
Loan repayments(6,208) (852)
Net cash flows from financing activities306 19,524(9,691)
Net cash flows(5,565) 1,2196,546
Opening cash28,605 27,38520,839
Closing cash23,040 28,60427,385
Consolidated net profit29,154 26,24620,626

Profit and loss account

In thousands of euros201720162015
Operating profits
Business lease payments2,4322,2062,173
Other business lease payments2,8482,7852,588
Payment for services1,3411,1651,175
Cost transfer / Release of provisions543679806
Other revenues001
Total operating profits7,1646,8346,743
Operating expenses
Business lease payments recharged2,4322,2062,173
Other purchases and external charges excluding business lease payments2,0092,0581,673
Taxes other than corporation tax181160129
Wages and salaries927712969
Social security charges380299319
Depreciation and amortisation254206229
Increase of provisions3724
Other operating expenses10111673
Total operating expenses6,3215,7815,565
Operating profit8431,0531,178
Financial profits
Dividends from investments (1)18,27315,28115,487
Interests on intercompany loans503846
Gain on sales of investment securities004
Other financial profits1673
Positive exchange rate variations2,447
Total financial profits20,78615,39215,537
Financial expenses
Amortization and provisions for financial assets9
Net interest payable (2)1435623
Negative exchange rate variations2,858
Total financial expenses3,0105623
Net interest (payable)17,77615,33615,514
Profit on ordinary activities before tax18,61916,38916,692
Total extraordinary income0(1)(16)
Current tax charge1,0285471,381
Net profit17,59115,84115,295
(1) Of which income from associated companies.18,32315,31815,533
(2) Of which interest from associated companies.332823

Financial statement

In thousands of euros at 31 december 2018

Non-current assets:
Consolidated goodwill50,80449,40123,753
Intangible assets4,757441402
Tangible assets54,75849,49447,464
- Land10,8348,7286,902
- Buildings36,65035,02935,157
- Other tangible assets5,6195,0054,747
- Other fixed assets in progress1,655732658
Financial investments27825148
Deferred tax assets1,3281,429774
Total non-current assets111,925101,01672,441
Current assets:
Stock (goods)122,782102,96280,819
Trade notes and accounts receivable58,11851,46636,710
Corporate tax851291682
Other receivables10,4388,8045,914
Cash and cash equivalent24,06930,22227,385
Total current assets216,258193,745151,510
Total assets328,183294,761223,951
Share capital and reserves 81,246 80,89175,226
Consolidated reserves 92,907 82,41377,233
Portion of net profit allocated to the group 29,142 26,24020,616
Minority interests 174 164158
Total shareholders’ equity 203,469 189,708173,233
Non-current liabilities:
Loans and long-term financial debt 36,096 24,622
Deferred tax liabilities 3,026 1,4811,614
Provisions for retirement indemnities 3,225 2,5302,320
Total non-current liabilities 42,347 28,6333,934
Current liabilities:
Current provisions 708 820416
Short-term loans 1,029 1,618
Current portion of loans and financial long-term debt 10,606 6,222
Accounts payable 44,268 44,42330,103
Equipment supply accounts payable 417 204291
Tax payable 942 1,743369
Tax and social charges debt 11,780 9,9086,981
Other liabilities 12,617 11,4828,624
Total current liabilities 82,367 76,42046,784
Total liabilities and shareholders’ equity 328,183 294,761223,951

Quarterly information