As part of the strategic refocusing of its operations on sales to Consumers and Craftsmen (announced last July), the Group completed its withdrawal from Germany by selling all its local operating subsidiaries.
Non-operating expenses related to the refocusing totaled EUR 94.4 million. In addition, a provision of EUR 3 million was set aside for the closing of the Group’s Spanish subsidiary, which has been operating at a loss for a number of years with no turnaround in sight. This increased total non-operating losses for the year to EUR 97.4 million
As a result, the Group reported a consolidated net loss of EUR 25 million. Excluding capital losses, net income would have risen by a solid 21.5%.
Net debt amounted to EUR 38.1 million at year-end and working capital requirement represented 46 days of sales.
Final audited results will be released on March 27, 2002.