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2012 Third Quarter Revenue

PR Newswire/Les Echos/ 
PRESS RELEASE 
                       Sèvres, October 30, 2012 


                          2012 Third-quarter Revenue

*  Revenue surged 17.1% in the third quarter and 17.2% over the first nine
   months of the year
*  Growth in Africa (80% of revenue) came to 23% (in the third quarter and over
   the first nine months of the year)

In a statement, Alain Viry, Chairman of CFAO's Management Board said:
"CFAO's excellent performances in Africa - up 23% - confirm the strength of the
Group's strategy and its leading position in its businesses.
Two major acquisitions for the future development of Eurapharma were carried out
recently: one in Nigeria, the main pharmaceutical market in Sub-Saharan Africa,
and the other with Missionpharma, the world leader in medical kits.
The change in primary shareholder which is currently underway with the
acquisition by Toyota Tsusho Corporation (TTC) of an interest in CFAO marks the
beginning of a new period which will see not only the continuation of our
current strategy, but also new development opportunities in CFAO's markets. This
is the spirit of TTC's publicly expressed intentions in relation to its
investment in CFAO.
Based on the current market climate, we can look forward to the final quarter of
2012 with confidence and confirm our aim to achieve revenue growth in excess of
12% and a recurring operating margin of above 8.0% in 2012."

Throughout this press release, "like-for-like" changes correspond to changes
observed on a constant Group structure and exchange rate basis.
                                    Third-quarter         
                         2011     2012      Change       Change       


                   (in EURm)  (in EURm)   (reported)  (like-for-like)
CFAO
Automotive             468.4     556.4     +18.8%        +15.3%
Eurapharma             220.2     250.4     +13.7%         +2.5%
CFAO
Industries, 
Equipment &            89.6      104.8     +16.8%        +14.1%
Services
Group total           778.3      911.5     +17.1%        +11.4% 
         Nine months ended September 30 
 2011        2012        Change        Change 
(in EURm)   (in EURm)   (reported)  (like-for-like) 


         1,370.3    1,635.6    +19.4%        +16.0%
       639.1      710.6    +11.2%         +6.1%
       255.5      308.4    +20.7%        +18.2%


 2,264.8    2,654.6    +17.2%        +13.4% 
Changes in Group structure had a positive impact on revenue in both the third
quarter and the first nine months of the year, of EUR27.9 million and EUR52.3
million, respectively. In the third quarter, the most significant change related
to the first-time consolidation of Missionpharma (in the Eurapharma division).
Exchange rate fluctuations had  a  positive EUR12.3 million impact on  the 
translation of  third-quarter revenue into euros, in particular in Kenya and in
Nigeria. The cumulative currency effect for the nine months ended September 30,
2012 was a positive EUR23.4 million. 
CFAO posted third-quarter revenue of EUR911.5 million, up sharply by 17.1% on a
reported basis and 11.4% like-for-like compared with the same prior-year period.
For the first nine months of 2012, revenue totaled EUR2,654.6 million, climbing
17.2% on a reported basis and 13.4% like-for-like. Excluding Côte d'Ivoire,
which was subject to significant unrest in 2011, revenue advanced 15.5% on a
reported basis and 11.7% like-for-like. 
CFAO Automotive reported robust sales growth in all geographic areas, with the
exception of the French overseas territories where business was slow with
markets retreating 5% overall in the first nine months of the year. Business
continued to grow in French-speaking Sub-Saharan Africa despite a slight
slowdown in several countries in the region. Sales were up in English-speaking
Africa, particularly in Kenya, Zambia and Tanzania, but were flat in Nigeria due
to a market contraction of 13% in the first nine months of the year. The
Algerian market, however, continued to gather momentum enabling CFAO Automotive
to post a sharp upward trend in sales in the country. The yen, the division's
main purchasing currency, and the US dollar remained strong throughout the third
quarter (the average euro to yen and euro to US dollar exchange rates were 98.3
and 1.25, respectively). 
Eurapharma's  pharmaceutical  products  distribution  business  recorded 
third-quarter  revenue  of EUR250.4 million, up 13.7% on a reported basis and
2.5% like-for-like. In the first nine months of 2012, revenue was up 11.2% on a
reported basis.
French-speaking Sub-Saharan Africa suffered a slight slowdown in growth, while
business remained very brisk in English- and Portuguese-speaking Sub-Saharan
Africa with positive contributions from all countries. Business is also
expanding in Algeria where the Group now imports and manufactures pharmaceutical
products. 
Revenue for CFAO Industries, Equipment & Services came in at EUR104.8 million in
third-quarter 2012, up 16.8% as reported on the same prior-year period and 14.1%
like-for-like.
Revenue growth for the Industries business (beverages and plastic products)
remained high with the ongoing ramp-up in the new equipment distribution and
rental services businesses. Due to completion delays on several projects, the
Technologies business recorded a slight dip in revenue over the quarter.
Nevertheless, several orders have been taken for new business offerings
(outsourcing, audit, radio services, geolocation). 
Financial position at September 30, 2012 
At end-September 2012, the Group's financial position remained solid, despite an
increase in net debt due to higher inventory levels, in particular at CFAO
Automotive. 
Significant events
On August 2, 2012, the Japanese group TTC acquired 29.8% of CFAO's share
capital, taking over part of PPR's interest in the company. TTC filed a draft
tender offer for the remaining CFAO shares on September 14, 2012. The AMF issued
a visa relating to TTC's information document and CFAO's response document on
October 16. The documents entitled "Information relating, in particular, to the
legal,  financial  and  accounting  characteristics"  of  TTC  and  CFAO  were 
filed  with  the  AMF  on October 17, 2012. The offer has been open since
October 19, 2012.
The quarter also saw the consolidation of Missionpharma, the world leader in
medical kits, which has extensive operations in Africa. 
Outlook for 2012 
CFAO confirms the information provided in the document entitled "Information
relating, in particular, to the  legal,  financial  and  accounting 
characteristics  of  CFAO"  which  was  filed  with  the  AMF  on October 17,
2012 and in particular, Group's aim to achieve revenue growth in excess of 12%
and a recurring operating margin in excess of 8.0% in 2012. 
The financial information in this press release is provided in compliance with
IFRS and has not been audited. It has been reviewed by the Supervisory Board.
This press release represents the Company's quarterly financial information.
A presentation of this information is also available on the Company's website,
www.cfaogroup.com. 
This document contains forward-looking information, based on current assessments
and estimates made by CFAO's management. These statements do not constitute
guarantees relating to the Company's future performance. The information may
change based on various factors, risks and uncertainties which may result in
future publications being materially different from these forward- looking
statements. These risk factors are described in CFAO's 2011 Reference Document
filed with the AMF on April 6, 2012, in CFAO's Interim Financial Report for the
six months ended June 30, 2012 published on July 26, 2012 and in other public
documents filed with the AMF, in particular CFAO's information document in
response to TTC's tender offer for CFAO's shares (AMF visa No. 12-494 dated
October 16, 2012) and the document entitled "Information relating, in
particular, to the legal, financial and accounting characteristics of CFAO"
filed with the AMF on October 17, 2012. CFAO does not make any commitment to
update or comment on forward-looking information, except for that which is
required by applicable regulations. CFAO does not make any commitment to update
or comment on forward-looking information, except for that which is required by
applicable regulations. 
About CFAO 
CFAO is the foremost specialized retail brand in its main business areas -
vehicle and pharmaceuticals distribution - in Africa and the French overseas
territories. In Africa, CFAO also distributes equipment, produces and
distributes consumer goods and is a provider of a number of technology-related
services. CFAO is present in 34 countries, 31 of which are in Africa, and seven
French overseas territories, and had a headcount of 10,100 at end-2011.
In 2011, CFAO generated consolidated revenue of EUR3,124 million and recorded
recurring operating income of EUR256.3 million.
CFAO is listed on NYSE Euronext in Paris and is included in the SBF120 and CAC
Mid 60 indices. Find CFAO on Bloomberg: CFAO:FP and Reuters: CFAO.PA
To find out more, go to www.cfaogroup.com 
Press Relations 
Laurence Tovi
Director of Communications
+33 1 46 23 58 80 
Investor and Analyst Relations
Sébastien Desarbres
Director of Financial Communications and Investor Relations
+33 1 46 23 56 51 


                                   APPENDIX

Revenue trends by geographic area
                                      Third-quarter         
                         2011     2012      Change       Change       


                   (in EURm)  (in EURm)   (reported)  (like-for-like)
French- 
speaking Sub-          314.9     338.0      +7.3%         +6.0%
Saharan Africa
English- 
speaking Sub-           98.8     134.9     +36.5%        +11.8% 
Saharan
Africa(*)
Algeria and            
Morocco                136.5      203.3     +48.9%        +44.9%
French 
Overseas               183.8      179.1      -2.6%         -1.1%
Territories and 
Vietnam(*)
Other
Europe(**)              44.4       56.3     +26.8%         -3.5%
Total                  778.3      911.5     +17.1%        +11.4% 
    Nine months ended September 30  
 2011         2012       Change        Change 
(in EURm)   (in EURm)   (reported)  (like-for-like) 


         889.0     997.5        +12.2%        +11.0%
     287.1     377.8        +31.6%        +14.0%
     437.2    605.4         +38.5%        +35.4%
     534.4    534.4          +0.0%         +0.0%
     117.1    139.6         +19.2%          9.4%


2,264.8  2,654.6         +17.2%        +13.4% 
(*) CFAO Automotive Mauritius was shown in "French Overseas Territories and
Other" until 2011, and is included in "English-and Portuguese-speaking
Sub-Saharan Africa" in 2012.
(**) France (export) and Denmark (Missionpharma) 
                  
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-0- Oct/31/2012 08:07 GMT