worms & cie - sequana · - 6 - n in 2001, worms & cie has shown its ability to resist to a...

- 1 -

Paris, March 21, 2002

2001 results2001 results

Worms & CieWorms & Cie

- 2 -

AgendaAgenda

nn I I - Group presentation- Group presentation

nn Main 2001 issues / Simplified organization chartMain 2001 issues / Simplified organization chart

nn Asset breakdown / NAV and share priceAsset breakdown / NAV and share price

nn II - Subsidiaries activityII - Subsidiaries activity

nn Industry : Industry : ArjoWigginsArjoWiggins,, Carbonless Carbonless Europe Europe

nn Services : Services : AntalisAntalis, SGS,, SGS, Permal Permal

nn III - 2001 resultsIII - 2001 results

nn Consolidated accountsConsolidated accounts

nn Individual accountsIndividual accounts

nn IV - ConclusionIV - Conclusion

- 3 -

I - Group presentationI - Group presentation

nn 2001 main issues2001 main issues

nn Simplified organization chartSimplified organization chart

nn Asset breakdownAsset breakdown

nn NAV and share priceNAV and share price

- 4 -

2001 main issues2001 main issues

nn After the developments during year 2000 (AWA takeover,After the developments during year 2000 (AWA takeover,increase of the SGS stake), increase of the SGS stake), 2001 has been the year of a2001 has been the year of alarge reorganization on Worms’ assetslarge reorganization on Worms’ assets : :

nn Legal, financial and operational split of the ex-AWA group into threeLegal, financial and operational split of the ex-AWA group into threeindependent companies :independent companies : ArjoWiggins ArjoWiggins,, Antalis Antalis,, Carbonless Carbonless Europe Europe

nn Focus on the high potential activities/sectors with the sale of 40% inFocus on the high potential activities/sectors with the sale of 40% inSoporcelSoporcel, 100% in Appleton, 47% in FFR and 0,8 % in , 100% in Appleton, 47% in FFR and 0,8 % in DanoneDanone..

nn Reinforcement in our core activities :Reinforcement in our core activities :

nn focused acquisitions byfocused acquisitions by ArjoWiggins ArjoWiggins and and Antalis Antalis

nn increase of our shareholdings in SGSincrease of our shareholdings in SGS

- 5 -

Worms &Worms & Cie Cie 2001 : key figures 2001 : key figures

nn 2001 : a contrasted year2001 : a contrasted year

€m 2001 2000 ∆

Pre exceptionnal Net Results 108,0 273,0 -60%

Net Result (after exceptionnals) 233,0 95,0 +145%

Shareholders' Equity 2 405,0 2 185,0 +10%

Pro Forma Net Debt (952,0) (1 375,0) +423

Group's Net Debt (1 119,0) (2 115,0) +996

- 6 -

nn In 2001, Worms &In 2001, Worms & Cie Cie has shown its ability to resist to a has shown its ability to resist to adifficult economic environment :difficult economic environment :

nn Strong increase of the consolidated net profit. The major part comesStrong increase of the consolidated net profit. The major part comesfrom the capital gains on the asset sale (from the capital gains on the asset sale (€€ 233m in 2001 vs. 233m in 2001 vs. €€ 95m in 95m in2000)2000)

nn Rapid decrease of the group's debt (Rapid decrease of the group's debt (€€ 1 1 bn bn between 12/2000 and between 12/2000 and12/2001)12/2001)

nn Good NAV resistance (-9%) in a very difficult environmentGood NAV resistance (-9%) in a very difficult environment

nn Continuation of a good performance of the share (+17% in 15 monthsContinuation of a good performance of the share (+17% in 15 monthsversus -23% for the SBF 250 index) and perceptible reduction of theversus -23% for the SBF 250 index) and perceptible reduction of theshare discountshare discount

2001 : main issues2001 : main issues

- 7 -

Current structureCurrent structure

AccorDanone


ArjoWiggins SGS Permal

1,2%3,4%

15%100% 100%

AntalisCarbonless

Europe

100% 100%

Industry (43%(1)) Services (39%(1))

European N°1 World N°1 European N°2 World N°1

nn 75% of our assets are controlled, non listed companies75% of our assets are controlled, non listed companiesand leader in their sectorsand leader in their sectors

(1) :% of the total assets

World N°1

- 8 -

Asset breakdown by valueAsset breakdown by value

nn Focus on the core assets :Focus on the core assets : ArjoWiggins ArjoWiggins,, Antalis Antalis, SGS and, SGS andPermalPermal

ArjoWiggins41%

CarbonlessEurope

2%Antalis

25%

Permal Group

6%

SGS6%

Autres2%

Quasi-liquidity18%

Total assets - march 2002(€ 4,0 bn)

Total assets - march 2001(€ 5,7 bn)

ArjoWiggins 22%

Carbonlesspapers *

17%

SLS - FFR 7%

Antalis 29%

SGS 4%

Quasi-liquidity 16%

PermalGroup 4%

Autres 1%

* : Appleton + Carbonless Europe

- 9 -

A stable NAV but better qualityA stable NAV but better quality

nn In the past 2 years, the ANV remained stable but theIn the past 2 years, the ANV remained stable but thequality and the potential has effectively improved :quality and the potential has effectively improved :

€m March 2000

Total /share Total /share /share

Total assets value 4 040 34,6 5 711 49,0 21,9

Net Debt - Holding (478) (1 230)Net Debt - Subsidiaries (598) (730)Investments 350Provisions (330)

NAV before taxes 2 984 25,6 3 751 32,2 28,9

Taxes on capital gains (127) (612)

Net NAV after taxes 2 857 24,5 3 139 26,9 24,7

March 15 2002 March 2001

- 10 -

Evolution of share priceEvolution of share pricenn This strategy is well supported by the marketThis strategy is well supported by the market

Worms & Cie : + 17% in 15 monthsSBF 250 : - 23 % in 15 months

- 11 -

Evolution of share priceEvolution of share pricenn Worms &Worms & Cie Cie and CAC 40 since the IPO and CAC 40 since the IPO

- 12 -

II - II - Subsidiaries activitySubsidiaries activity

nn Industry (43% of the total asset)Industry (43% of the total asset)

nn ArjoWigginsArjoWiggins

nn CarbonlessCarbonless Europe Europe

nn Service (39% of the total asset)Service (39% of the total asset)

nn AntalisAntalis - B to B distribution - B to B distribution

nn SGS - Certification - InspectionSGS - Certification - Inspection

nn PermalPermal Group - Funds of Hedge Funds manager Group - Funds of Hedge Funds manager

- 13 -

ArjoWigginsArjoWiggins

nn Creation, communicationCreation, communicationand security papersand security papers

nn N°1, 2 or 3 N°1, 2 or 3 worldwideworldwide in its in itsmarketsmarkets

nn €€ 2 2 bn bn turnover turnover

nn 30 industrial sites worldwide30 industrial sites worldwide

nn 7 500 employees7 500 employees

Coated US21%

Art &Drawing

10%

Specialty22%

Security7%

Creation & Comm.

40%

- 14 -


nn Creation andCreation andCommunicationCommunication

nn Worldwide leader ofWorldwide leader ofcommunication paperscommunication papers

nn Worldwide leader ofWorldwide leader oftracing paperstracing papers

Creation & Comm.

40%

- 15 -


nn Art & DrawingArt & Drawing

nn Worldwide leader ofWorldwide leader ofdrawing papersdrawing papers

nn Worldwide leader of ArtWorldwide leader of Artpaperspapers Art &

Drawing10%

- 16 -


nn SpecialtySpecialty

nn Worldwide leader ofWorldwide leader ofsynthetic cardsynthetic card

nn Worldwide leader ofWorldwide leader ofmedical papersmedical papers

Specialty22%

- 17 -


nn SecuritySecurity

nn Worldwide leader ofWorldwide leader ofsecurity paperssecurity papers

Security7%

- 18 -

2001 : a very good year for2001 : a very good year forArjoWigginsArjoWiggins

nn Stable turnover in a very weak global market (decrease ofStable turnover in a very weak global market (decrease ofstocks in the paper chain and crisis in advertisement)stocks in the paper chain and crisis in advertisement)

nn Strong increase of the EBIT due to a better cost control and toStrong increase of the EBIT due to a better cost control and toa decrease in pulp price.a decrease in pulp price.

€m 2001 2000 ∆

Turnover 2 012,0 2 038,0 -1%EBIT 158,2 118,7 +33%

EBIT margin 7,9% 5,8%

Capital Employed 1 063,0 1 147,0 -7%

ROCE +15% +10%

- 19 -

nn Decrease in fixed costs due to the closure of the Dover andDecrease in fixed costs due to the closure of the Dover andNewton Falls mills in year 2000 and to the improvement in theNewton Falls mills in year 2000 and to the improvement in theimplementation of the productivity programs.implementation of the productivity programs.

nn Strong decrease in direct costs from the cheaper pulp andStrong decrease in direct costs from the cheaper pulp andrecycled papers prices and the better productivity.recycled papers prices and the better productivity.

Results for 2001Results for 2001

0

200

400

600

800

1000

1200

Fixed costs * Direct costs *2000 2001

* at unchanged perimeter and exchange rate

m€

-10%

-3%

- 20 -


nn Carrying on acquisitions in our best know-how fields...Carrying on acquisitions in our best know-how fields...

nn … … which represent a turnover 158m which represent a turnover 158m €€ and a EBIT 16m and a EBIT 16m €€ in a in afull yearfull year

Déc. 2001Déc. 2001

JuneJune 2001 2001

JuneJune 2000 2000

Fév. 2000Fév. 2000

Déc. 1999Déc. 1999

France, UK, USAFrance, UK, USAArjobexArjobex

ArgentinaArgentinaWitcelWitcel

UKUKCharthamChartham

HollandHollandVHPVHP

BrazilBrazilSaltoSalto

Synthetic papersSynthetic papers

Security, fineSecurity, fine

Tracing papersTracing papers

BanknotesBanknotes

Banknotes,Banknotes,security, finesecurity, fine

- 21 -

nn EBIT increase 33% to EBIT increase 33% to €€ 158m, i.e EBIT margin of 7,9% 158m, i.e EBIT margin of 7,9%

nn Except for Coated US, which increased in 2001 but remainedExcept for Coated US, which increased in 2001 but remainednegative, operating margin is 10,2%.negative, operating margin is 10,2%.


118,7

158,2

0

40

80

120

160

2000 2001

m€

5,8%

7,9%

+ 33%

EBIT

- 22 -

94

208

0

40

80

120

160

200

240

Operating cash flow2000 2001

m€

nn The significant decrease in the working capital and theThe significant decrease in the working capital and the Capex Capexcontrol have generated a sharp increase in the operating cash-control have generated a sharp increase in the operating cash-flow *flow *


* before acquisitions, exceptionnal charges, interests and taxes

x2

- 23 -

Synthesis of 1998-2001Synthesis of 1998-2001

nn A steady progress since four yearsA steady progress since four years

nn In the paper cycle which started in 1998, the EBIT increased onIn the paper cycle which started in 1998, the EBIT increased onaverage of 17%, and 23% for the free cash flow. These figuresaverage of 17%, and 23% for the free cash flow. These figuresconfirm the strength and quality of confirm the strength and quality of ArjoWiggins ArjoWiggins businessbusinessmodel.model.

0

50

100

150

200

250

1998 1999 2000 2001

Résultat d'exploitation Free cash flow d'exploitation

m€

- 24 -

n The end of decline in inventories should be a good factor for sales

n The pulp prices should remain at a lower level than those of 2001

n The global restructuring in trademarks and distribution networksfor the creative papers will deliver its first results in H2

n The restructuring programs are still under way in order to obtain alower breakeven point, especially in the US.

2002 2002 ForecastsForecasts

The global results should continue to increase

- 25 -

Carbonless EuropeCarbonless Europe

nn European leader ofEuropean leader of carbonless carbonless papers with 35% market papers with 35% marketshareshare

nn 2001 :2001 :

nn A difficult market after the building up of anticipative inventories inA difficult market after the building up of anticipative inventories in20002000

nn Pressed margins in an over-capacity market.Pressed margins in an over-capacity market.

nn A restructuring plan launched in the beginning of 2002 to lower theA restructuring plan launched in the beginning of 2002 to lower thebreakeven point.breakeven point.

- 26 -

Carbonless EuropeCarbonless Europe

nn 2002 should be the recovery year for2002 should be the recovery year for Carbonless Carbonless Europe, Europe,with a return to positive results due to an increase inwith a return to positive results due to an increase indemand and to the current restructuring plandemand and to the current restructuring plan

€m 2001 2000 ∆

Turnover 350,0 419,0 -16%

EBIT (36,3) 5,5

EBIT margin -10,4% 1,3%

Capital Employed 235,0 251,8 -7%

ROCE -15% +2%

- 27 -

Who isWho is Antalis Antalis ? ?

nn A leader in the B to B distribution of communicationA leader in the B to B distribution of communicationsupports - papers, packaging, promotional productssupports - papers, packaging, promotional products…… - -

nn Five major activities :Five major activities :

Paper distribution to printers, publishers, and communication agenciesPrint

Professional communication products distribution (papers, envelopes...) to companies, administrations and selling points

Office

Specific supports (papers, cardboard, plastics) for visual communication specialists

VisualCommunication

Secondary packaging products for protection and conditioningPackaging

Personalization and distribution of promotional productsPromotional Products

- 28 -

Our productsOur products

- 29 -

nn€€ 2,5 2,5 bn bn turnover, Europe N turnover, Europe N°°2, World N2, World N°°44

nn6 700 employees, including more than 2000 sales reps6 700 employees, including more than 2000 sales reps

nn180 000 clients in 34 countries180 000 clients in 34 countries

nn22 000 daily deliveries in Europe22 000 daily deliveries in Europe

nn12 000 paper references12 000 paper references

nn2 million tons of paper distributed each year2 million tons of paper distributed each year

nn80 warehouses in Europe, including the largest in Europe in80 warehouses in Europe, including the largest in Europe inMelun SMelun Séénartnart (42 500 (42 500 sqsq. meters). meters)

Antalis Antalis key key figuresfigures

- 30 -Italy#2

Switzerland#1

Baltics#3

Swedenn.s

Belgium#1

Holland#5

Spain#2

Finland#3

Portugal#3

Poland#1

Czech Republic#3

Slovakia#3#3

Romania#1

Denmark#5

France#1

Ireland#2

United Kingdom

#2

AntalisAntalis : leader in the main : leader in the mainEuropean countriesEuropean countries

- 31 -

nn GoalGoal : :

nn Establish a more efficient customer oriented organization toEstablish a more efficient customer oriented organization tohelp anticipate changes of the markethelp anticipate changes of the market

nn Achievements :Achievements :

nn Merger of 37 companies in Europe to create an integratedMerger of 37 companies in Europe to create an integratedgroupgroup

nn A market & geographical oriented organization instead of theA market & geographical oriented organization instead of thepure geographical onepure geographical one

nn More optimal commercial teams and focus on customerMore optimal commercial teams and focus on customersegmentssegments

nn Re-Re-engeneeringengeneering of the information & logistic systems of the information & logistic systems

2001 : a year of in depth2001 : a year of in depthtransformation fortransformation for Antalis Antalis

- 32 -

n Lower volumes :

Average decrease of 5% in the western european market (ie 80%of the group's turnover) and of 12% in France

n Pressed gross margins :

Decreased selling prices and tougher purchase conditions with themanufacturers

Difficult market conditions in 2001Difficult market conditions in 2001

- 33 -

2001 : a deteriorated performance2001 : a deteriorated performance

€m 2001 2000 ∆

Turnover 2 541,0 2 589,0 -2%

EBIT (39,4) 111,2

EBIT margin -1,6% 4,3%


ROCE -8% +20%

- 34 -

AntalisAntalis : medium term EBIT : medium term EBIT

nn The global performance from 1995 remains very good inThe global performance from 1995 remains very good inspite of the poor 2001 performancespite of the poor 2001 performance

- 35 -

n UK, essentially :

n merger of 2 companies with very different cultures

n End of process : mid-2001

n France, also :

n Merger of 3 commercial teams reorganization with anunique logistic center (Melun Sénart)

n End of process : end of 2001

n Italie, also :

n Merger of 7 companies

n End of process : mid-2001

The difficulties are mainlyThe difficulties are mainlyconcentrated in 3 countriesconcentrated in 3 countries

- 36 -

nn Logistic :Logistic :

n Opening of the largest european warehouse in MelunSénart

nn Sales/Marketing :Sales/Marketing :

nn Commercial networks dedicated to customers' segmentsCommercial networks dedicated to customers' segmentswith specific approacheswith specific approaches

nn Implementation and fast growth of the e-commerceImplementation and fast growth of the e-commerce

nn Development abroad :Development abroad :

nn New activities in Germany (largest New activities in Germany (largest europeaneuropean market) market)and South Americaand South America

2001 : the new basis2001 : the new basis

- 37 -

AntalisAntalis goals for 2002 goals for 2002

n Return to positive results through

n Restored margins as a result of product miximprovement and negotiations for better purchaseconditions with the suppliers

n Lower cost basis by reduced central structures andbetter project programs

n Progressive customer regains by a better service

n But the market remains weak

- 38 -

nn Advanced world leader in quality-inspection and testingAdvanced world leader in quality-inspection and testing

nn Operates in 140 countries through 850 offices, 330 laboratories andOperates in 140 countries through 850 offices, 330 laboratories and30 000 employees30 000 employees

nn Activities in 7 fieldsActivities in 7 fields

nn PositionnedPositionned to take advantage of the growing demand for security to take advantage of the growing demand for securityand tracing (industrial services, public opinion…)and tracing (industrial services, public opinion…)

Société Générale de SurveillanceSociété Générale de Surveillance

mm AgricultureAgriculture

mm MineralsMinerals

mm PetroPetro--chemicalschemicals

mm ConsumerConsumerproductsproducts

mm IndustrialIndustrialproductsproducts

mm CertificationCertification

mm GovernmentGovernmentcontractscontracts

- 39 -

nn SGS accounts published Friday, March 22ndSGS accounts published Friday, March 22nd

Société Générale de SurveillanceSociété Générale de Surveillance

- 40 -

nn In spite of very difficult markets...In spite of very difficult markets...

nn 2001 : a year of disappointing and unstable global markets (MSCI2001 : a year of disappointing and unstable global markets (MSCIWorld -16,5%, Nikkei -23,5%)World -16,5%, Nikkei -23,5%)

nn Investors have been more careful to invest which was unfavorable forInvestors have been more careful to invest which was unfavorable forfunds subscriptionsfunds subscriptions

nn PermalPermal has shown its resistance in this difficult situation has shown its resistance in this difficult situation

nn Stable incomeStable income

nn Very good performances, compared with the indexVery good performances, compared with the index

nn Development of new products : new funds have been launchedDevelopment of new products : new funds have been launched

nn Stable assets under management (Net subscriptions of +285M$,Stable assets under management (Net subscriptions of +285M$,counter-balanced by global negative performances)counter-balanced by global negative performances)

Permal GroupPermal Group

- 41 -

Permal GroupPermal Group

nn The goal for 2002 is to generate a growth of the AUM (favorable in firstThe goal for 2002 is to generate a growth of the AUM (favorable in firstquarter)quarter)

€m 2001 2000 ∆

Turnover 83,7 94,4 -11%

EBIT 22,0 26,3 -16%

EBIT margin 26,3% 27,9%


ROCE +100% +117%

AUM 6 347 6 463 -2%

- 42 -

III - 2001 resultsIII - 2001 results

nn Pro Forma consolidated accountsPro Forma consolidated accounts

nn P&LP&L

nn Balance sheetBalance sheet

nn Cash FlowCash Flow

nn Individual accountsIndividual accounts

nn Proposed dividendProposed dividend

- 43 -

AccountsAccounts transaprency transaprency

nn In the actual risky context, it seems necessary toIn the actual risky context, it seems necessary toemphasize the following points:emphasize the following points:

nn Worms &Worms & Cie Cie accounts reflect exactly its debt (no debt is de- accounts reflect exactly its debt (no debt is de-consolidated)consolidated)

nn The potential risks are fully provisioned, following the most prudentialThe potential risks are fully provisioned, following the most prudentialestimates (Fox River = 125 m$, DG IV = 184 mestimates (Fox River = 125 m$, DG IV = 184 m€€))

nn Hedges are essentially in options and/or linked to under-lyingHedges are essentially in options and/or linked to under-lying

nn The group accounts are audited by two worldwide known CPA firmsThe group accounts are audited by two worldwide known CPA firms

- 44 -

Pro Forma Pro Forma consolidated resultconsolidated result ( (EquityEquity methodmethod))

* : 40% consolidated in H1 and fully consolidated in H2

€m 2001 2000 ∆

Paper activities 95 205 *Permal Group 14 19SLS-FFR 19 48Others 25 16

Finance / Holding (45) (15)

Operating Net result 108 273 -60%

Exceptional Net Result 263 (124)Goodwill amortization (138) (54)

Net result 233 95 +145%

- 45 -

Worms & Cie - Worms & Cie - Exceptionnal Exceptionnal net net resultresult

€m 2001 2000

SLS-FFR disposal 139 111Appleton disposal 7 -Danone disposal 103 1Soporcel disposal 44 -Restructurations (21) (161)DHG IV provision (144) -SGS provision - (54)Taxes and others 136 (20)

Exceptional Net Result 264 (124)

- 46 -

Worms & Cie - Pro forma cash Worms & Cie - Pro forma cash flow evolutionflow evolution

31/12/2000 - €m (1 375)

Dividends 219Operational and financial costs (59)Taxes (243)

Operating cash flow (83)

Assets disposals 651Acquisitions (40)Others (47)

Exceptionnal cash flow 564

Paid dividends (58)

31/12/2001 cash (952)

- 47 -

Worms & Cie - Worms & Cie - Estimated Estimated cash cash at at end of March 2002end of March 2002

€m au 31/03/2002 (E) au 31/12/2001

Worms Pro Forma (2001 closing) (480) (952)Corporate AWA 180 430

Worms new Pro Forma 2002 (300) (522)

Total operating subsidiaries (620) (597)

Total Group cash (920) (1 119)

- 48 -

Worms & Cie - Worms & Cie - ConsolidatedConsolidated assetsassets ( (equity methodequity method))

€m 2001 2000 ∆

Paper activities 1 475 1 531FFR - 132Permal Group 118 110 +7%Danone 295 363 -19%Other assets 200 396 -49%

FFR seller credit 0 254 -100%Goodwill 1 136 1 119 +2%

Total investments 3 224 3 905 -17%

Other assets 220 56 +293%

Total assets 3 444 3 961 -13%

- 49 -

Worms & Cie - Worms & Cie - ConsolidatedConsolidated liabilitiesliabilities ( (equity methodequity method))

€m 2001 2000 ∆

Equity 2 405 2 185 +10%Provisions 37 39 -5%Net debt 952 1 375 -31%Other debts 50 362 -86%

Total liabilities 3 444 3 961 -13%

- 50 -

Proposed dividendProposed dividend

0,40

0,46

0,50

0,56

0,20

0,30

0,40

0,50

0,60

1998 1999 2000 2 001

Dividende en € / action (hors avoir fiscal)

+15%

+9%

+12%

- 51 -

Proposed dividendProposed dividend

nn Dividend to payDividend to pay

nn # of shares# of shares 116 866 556116 866 556

nn Dividend / shareDividend / share 0,56 0,56 €€ net ; net ; ie ie 0,84 0,84 €€ brut brut

nn Total dividend to payTotal dividend to pay €€ 65,4 m 65,4 m

nn Pay-Out Ratio on Net consolidated resultsPay-Out Ratio on Net consolidated results

nn 28%28%

nn Yield (on a Yield (on a €€ 20 share price basis) 20 share price basis)

nn 4,2% gross ; 2,8% net4,2% gross ; 2,8% net

- 52 -

IV - ConclusionIV - Conclusion

nn With a good dynamic management of its assets, Worms &With a good dynamic management of its assets, Worms &Cie has well resisted the difficult environment in 2001Cie has well resisted the difficult environment in 2001

nn The group's debt has been largely reduced (The group's debt has been largely reduced (€€ -1bn in 12 -1bn in 12months)months)

nn We will continue to focus on the external development ofWe will continue to focus on the external development ofour assets in order to strengthen their worldwideour assets in order to strengthen their worldwideleadership in the coming yearsleadership in the coming years

- 53 -

IV - ConclusionIV - Conclusion

In 2002 we expect :In 2002 we expect :

nn Return to NAV growthReturn to NAV growth

nn Return to profit of the subsidiaries that have posted lossesReturn to profit of the subsidiaries that have posted lossesthis yearthis year

nn A confirmation of good performances from A confirmation of good performances from ArjoWigginsArjoWiggins,,SGS andSGS and Permal Permal group group

nn A continuing decrease in Worms' debt as well as itsA continuing decrease in Worms' debt as well as itssubsidiaries debtsubsidiaries debt

An increase of the pre-exceptional net result andAn increase of the pre-exceptional net result anda confirmation of the financial strength of thea confirmation of the financial strength of thegroupgroup

- 54 -

[email protected]@worms.fr


worms & cie - sequana · - 6 - n in 2001, worms & cie has shown its ability to resist to a...

Documents