2008 Annual Results
Solid full year 2008 results
Fourth quarter negatively impacted by economic environment
Ebita margin in line with objective and strong cash flow
• Solid full year results:
– Sales: -0.8% on a constant and same-day basis, +20.2% on a reported basis
– Adjusted EBITA at €699 million (5.4% of sales)
– Net income at €230 million
– Strong free cash flow: €789 million (+17.7%), before interest and tax
• Fourth quarter results:
– Sales: -6.7% on a constant and same-day basis, +25.7% on a reported basis
– Adjusted EBITA at €179 million (5.2% of sales)
– Net loss1 of €63 million due to non-recurring charges of €125 million