Group share in net income from continuing operations totalled €290 million, up sharply by 53.5% over H1 2006. Excluding Puma, Group share in net income from continuing operations stood at €278 million, up 47.1%.
This increase reflects the continued strong improvement in the Group's operating results, as well as lower financial expenses and tight control of tax charges.
Group share in net income stood at €326 million, up by nearly 143% over H1 2006 (€134 million). Group share in net income from continuing operations excluding non-recurring items stood at €303 million, up by a sharp 54.4% over the first half of 2006.
Notwithstanding the seasonality of PPR's activities, free cash flow from operations improved significantly to reach €278 million in H1 2007, up by €335 million from the prior year.
Capital employed rose significantly in the first half due to the integration of Puma. Excluding Puma, capital employed rose by only 1.2% over the June 30, 2006 level, reflecting tight control over working capital requirements.
Shareholders' equity stood at €10,711 million at June 30, 2007, up €1,586 million on December 31, 2006. This sharp increase reflects the impact on minority interests of the consolidation of Puma.
Net indebtedness stood at €5,381 million at the end of the first half, up by 55.5% compared to 2006 year end, mainly reflecting the acquisition of a 33.4% stake in Puma at June 30, 2007.
At the expiry of the additional acceptance period regarding the tender offer for Puma, PPR announced on July 17, 2007 that it held 62.1% of Puma's share capital. PPR has not purchased any additional Puma shares since that date.
In light of the solid activity levels achieved in July and August, which were in line with the trends recorded in Q2, PPR management expects favorable prospects for full year 2007.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
