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An Adventure of Enterprise

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An Adventure of Enterprise An adventure of enterprise Above all, PPR is the incarnation of a state of mind: the desire and willingness to display entrepreneurship. With boldness and a sense of risk, PPR invests and commits itself to its various businesses, always directed at the same goal: to grow its activities and become the leader. It imposes on each of its brands and companies its own demanding culture of growth and performance. With revenues of nearly € 18 billion in 2006 , PPR is a world leader in two different, but complementary universes: Luxury Goods and Retail. The diversity of its brands and businesses drives its success. Its specifi c balance in terms of products, sales formats, brands, and geographical locations has generated a growth profi le surpassing the average in its markets. Open to the world and backed by the skills and talents of its 78 ,000 employees, PPR makes expertise the core of its development and values and promotes an entrepreneurial spirit. It is a group with cutting-edge talents ahead of its time. As a responsible corporate citizen, it guarantees the conduct of its brands and places human values at the centre of its commitments. 2 2006 FINANCIAL DOCUMENT - PPR Sommaire 1 PPR in 2006 5 2 The Group’s activities : Luxury Goods and Retail 21 3 Financial Information 68 2006 FINANCIAL DOCUMENT - PPR 3 4 2006 FINANCIAL DOCUMENT - PPR 1 PPR in 2006 HISTORY 6 KEY CONSOLIDATED FIGURES 8 THE PPR GROUP 10 A leading player 10 Positioning and strategy 10 Group organisational chart as of 31/12/2006 11 2006 FINANCIAL DOCUMENT - PPR 5 1 PPR IN 2006 History History Established in 1963 by François Pinault in the timber and building material businesses, the PPR group positioned itself in the middle of the 1990s in the Retail sector, in which it soon became a major player. The purchase of a controlling stake in Gucci Group in 1999 and the establishment of a multi-brand Luxury Goods group marked a new stage in the development of the Group. PPR continues to expand its two activities in high-growth markets through powerful and recognised brands. 1963 François Pinault establishes the Pinault group, specialising 1998 Takeover of Guilbert, the European leader in office in timber trading. supplies and furnishings. Acquisition by Redcats of 49.9% of Brylane, the fourth 1988 Flotation on the Paris Stock Market's Second Marché of largest home shopping company in the United States. Pinault SA, a company specialising in timber trading, distribution and processing. Creation of Made in Sport, a chain of stores dedicated to sports enthusiasts. 1990 Acquisition of CFAO, specialising in electrical equipment distribution (through CDME, which became Rexel 1999 Purchase of the remaining stake in Brylane. in 1993) and in trading with Africa. The Group enters the luxury goods sector with the acquisition of 42% of Gucci Group NV. 1991 With the acquisition of Conforama, the Group enters First steps towards building up a multi-brand luxury the Retail activity. goods group, with the acquisition by Gucci Group of Yves Saint Laurent, YSL Beauté and Sergio Rossi. 1992 The Pinault-Printemps Group is born with the takeover of Au Printemps SA, which held 54% of La Redoute and Acquisition of Surcouf, a specialised PC retailer . Finaref. 2000 Acquisition by Gucci Group of Boucheron and 1994 Merger of La Redoute with the Group, which is renamed BEDAT & Co. Pinault-Printemps-Redoute. Launch of Citadium, the new Printemps sports store. Takeover of Fnac. 2001 Gucci Group acquires Bottega Veneta and Balenciaga and 1995 Launch of the Group's fi rst website, laredoute.fr. signs partnership agreements with Stella McCartney and Alexander McQueen. 1996 Acquisition by CFAO of SCOA, the leading Conforama enters the Italian market with the purchase pharmaceutical distributor in West Africa through its of the Emmetza group, one of the leaders in the home subsidiary Eurapharma. furnishings market in Italy. Creation of Orcanta, a women's lingerie chain. Pinault-Printemps-Redoute raises its stake in Gucci Group to 53.2%. Launch of fnac.com, the Fnac website. 2002 The Group raises its stake in Gucci Group to 54.4%. 1997 Takeover by Redcats (PPR home shopping activity) of Ellos, the leader in the Scandinavian mail-order Sale of Guilbert mail order activity to Staples Inc. market. Sale of part of the Credit and Financial Services activity Creation of Fnac Junior, a store concept for children in France and Scandinavia to Crédit Agricole SA (61% under 12. of Finaref) and to BNP Paribas (90% of Facet). 6 2006 FINANCIAL DOCUMENT - PPR PPR IN 2006 1 History 2003 The Group raises its stake in Gucci Group to 67.6%. 2005 Change in the corporate name: Pinault-Printemps- Redoute becomes PPR. Sale of Pinault Bois & Matériaux to the Wolesley group in the UK. Sale of MobilePlanet. Sale of the Guilbert “contract” activity to the American Sale of the 10% residual stake in Facet. group Offi ce Depot. Further sale of 14.5% of Finaref. 2006 Sale in two stages of France Printemps to RREEF and the Borletti group, 51% in 2006 and 49% in 2007. 2004 The Group raises its stake in Gucci Group to 99.4% Sale of Orcanta to the Chantelle group. following tender offer launched in April-May. Sale of the Bernay industrial site (YSL Beauté Recherche Sale of Rexel. et Industrie). Divestment of the Group's remaining 24.5% stake in Termination of Fnac Service activities. Finaref. Conforama acquires majority control of Sodice Expansion . Redcats Group acquires The Sportsman's Guide, Inc. 2006 FINANCIAL DOCUMENT - PPR 7 1 PPR IN 2006 Key consolidated fi gures Key consolidated fi gures (in € million) 2005 2006 Change Revenue 16,937.9 17,930.9 +5.9% Revenue earned outside France (as a % of revenue) 53.8% 55.2% +1. 4 pt Gross m argin 7,339.1 7,855.7 +7.0% Recurring operating income 1,062.6 1,274.5 +19.9% Operating margin (as a % of revenue) 6.3% 7.1% +0. 8 pt Income before taxes 758.3 984.4 +29.8% Net income from continuing operations attribuable to equity holders of the parent 536.4 679.7 +26.7% Free cash flow from operations (1) 917.2 1,069.6 +16.6% Debt-to-equity at 31/12 (net financial debt as a percentage of shareholders’ equity for the consolidated entity) 56.4% 37.9% -18. 5 pts (1 ) Net cash from operating activities – net acquisitions of intangible assets and property, plant and equipment. Per share data (in €) 2005 2006 Change Net income per share from continuing operations attribuable to equity holders of the parent 4.52 5.60 23.9% Net dividend per share 2.72 3,00(2 ) 10.3% (2 ) Submitted to the approval of the Shareholder’ Meeting of May 14, 2007. Excluding non-recurring operating items, the change in net income from continuing operations attribuable to equity holders of the parent was as follows: 2005 2006 Change Net income from continuing operations attribuable to equity holders of the parent 531.0 698.0 31.5% Net income per share from continuing operations attribuable to equity holders of the parent (in €) 4.47 5.75 28.6% (1) Net cash from operating activities-net aquisitions of intangible assets and property, plant and equipment. (2) Submitted to the approval of the shareholder’s weeting of May 14, 2007. 8 2006 FINANCIAL DOCUMENT - PPR PPR IN 2006 1 Key consolidated fi gures BREAKDOWN OF REVENUE BY ACTIVITY BREAKDOWN OF REVENUE BY GEOGRAPHICAL AREA 17.9% Luxury Goods 1.1% 46.2% Oceania France 6.0% Asia 82.1% 9.4% Retail 2005 2005 Africa 12.3% 25.0% Americas Europe (excluding France) 19.9% Luxury Goods 1.1% 44.8% Oceania France 6.5% Asia 2006 2006 80.1% 9.8% Retail Africa 12.8% 25.0% Americas Europe (excluding France) BREAKDOWN OF RECURRING OPERATING INCOME BREAKDOWN OF EMPLOYEES AT DECEMBER 31 BY ACTIVITY (1) BY ACTIVITY 35.0% Luxury Goods 65.0% 16.0% 83.6% 2005 Retail Luxury Goods 2005 Retail Total: 77,916 0.4% Holding Company 42.7% 16.9% Luxury Goods 57.3% Luxury Goods 82.7% 2006 Retail 2006 Retail Total: 78,453 0.4% Holding Company 1 Excluding holding company and others. 2006 FINANCIAL DOCUMENT - PPR 9 1 PPR IN 2006 The PPR group The PPR group A LEADING PLAYER PPR is driven by its goal of sustainable growth and continues to The size of the Group, which recorded nearly €18 billion in revenues expand internationally in a spirit of achievement and creativity. in 2006, is also a major competitive advantage. The Group is a leader in each of its Luxury Goods and Retail activities, Because of the size and diversity of its activities, there is no single through both the power of its brands and the skills of its teams. competitor on the scale of PPR. Each brand is developing in its own competitive environment, as described in the section on the Group’s The Group’s specific balance in terms of products, sales formats activities. and geographical locations has been the engine for its above-market growth. POSITIONING AND STRATEGY PPR is a global leader in two universes: Luxury Goods and Retail. A strategy of growth, with an emphasis on This unique positioning refl ects the Group’s strategic choices and its international activities entrepreneurial spirit. PPR is growing mostly through organic growth, generating strong cash fl ow, and emphasis on international activities. A strong entrepreneurial culture In the Luxury Goods activity, Gucci Group combines leading brands Since its inception in 1963, the PPR Group has constantly been on the with a differentiated positioning, the complementary features of move, guided by a strong entrepreneurial culture.
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