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PPR confirms its 2008 objectives
Sep '08
PPR develops a portfolio of high-growth global brands. Through its Consumer and Luxury brands, PPR generated sales of EUR 19.1 billion in 2007.

François-Henri Pinault, Chairman and CEO, commented:
“Our solid performances in the first half can be attributed to the favorable balance of our Group profile and the strength of our global brands.

PPR has always been able to take advantage of periods of slower growth and the present case is no exception. We are determined to further improve our commercial effectiveness and optimize our operational structure in order to benefit from a decisive and immediate competitive advantage as soon as there is an upturn in growth.

Specific and quantified action plans are currently being implemented. These underscore PPR's ability and ambition to intensify its development and profitability ever further.

We are confident in the outlook for the second half and stand by our objectives for growth and improved financial performance for 2008.”

In the first half of 2008, PPR generated revenues from continuing operations of €9,584 million, up 12% in reported terms and 5% in comparable terms versus the first half of 2007.

Solid growth in recurring operating income: +10% on a pro forma basis and at comparable exchange rates

Group recurring operating income amounted to €742 million, up 24% compared to the first half of 2007. The recurring operating income margin stood at 7.7%, up 0.7 percentage point compared to June 30, 2007.

This substantial increase was primarily driven by growth in recurring operating income from CFAO (+19%), Fnac (+3%) and Gucci Group (+13% in reported terms and +36% at comparable exchange rates).

In Luxury Goods, Gucci maintained a very satisfactory level of profitability, with Bottega Veneta recording the strongest growth.

EBITDA for the first half of 2008 stood at €942 million, up 22% compared to the first half of 2007. The EBITDA margin increased by 0.8 point to 9.8% in the first half of 2008.

On a pro forma basis (consolidating Puma and United Retail over the first six months of 2007), Group recurring operating income for the first half of 2008 posted growth of 1% and EBITDA rose by 2% at actual exchange rates. On a pro forma basis and at comparable exchange rates, Group recurring operating income rose by 10%.

Net income from continuing operations, Group share, excluding non-current items amounted to €344 million, up 17% compared to the first half of 2007.

This increase reflects the continuous improvement of Group operating performances, and tighter control over financial charges and the tax rate.

Net income from discontinued operations, Group share amounted to €418 million, largely attributable to the realized capital gain on the sale of YSL Beauté.

Net income, Group share stood at €779 million, a substantial 141% increase compared to the first half of 2007.

Net income per share amounted to €6.18, compared to €2.52 for the half-year ended June 30, 2007. Excluding non-current items, net income per share from continuing operations increased by over 19% to €2.73 for the half-year ended June 30, 2008.

PPR Group

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