Net cash generated from operations ( self financing capacity)
132.4
125.7
132.6
Net financial debt
157.3
246.2
257.4
Gearing (net financial debt/Equity)
47 %
81 %
96 %
Total investments (including finance leases)
81.8
100.4
91.8
ROCE(***)
15.7 %
12.2 %
20.5 %
Number of employees
23,805
23,778
22,725
* Operating profit for 2004 includes a €63.2 million capital gain (net of provisions) on the sale of the Batignolles site. This represented a one-off transaction, due to the site's outstanding location. Excluding this gain from 2004 operating profit, 2005 operating profit increased by 21.8%. Other capital gains recorded each year on sales of real estate are an integral part of the real estate management program and are generated in the normal course of business. ** 2005 net profit includes a tax charge of €36.5 million as against €1.3 million in 2004. *** ROCE = average return on capital employed. Capital is the algebraic sum of equity (including minority interests), provisions, and net debt adjusted for investments in associates. Average equity corresponds to the average of equity as of the end of the current and previous years . ROCE for 2004, excluding the capital gain (net of provisions) from the sale of the Batignolles site, would have reached 10.8%
