Regulatory News:
PagesJaunes Groupe (Paris:PAJ):
On the announcement of PagesJaunes Groupe’s full-year results for 2012, Jean-Pierre Remy, Chairman and CEO, said:
“PagesJaunes Group's annual results are in line with our expectations and evidence the good resilience of the business in a difficult market. We gained market share with our Internet activities that now account for more than 58% of the consolidated revenues in 2012. The French online advertising market slowed down markedly in the fourth quarter and this continues in early 2013. Nevertheless, the Group will continue to record above market growth in Internet through the development of mobile and verticals.”
The Board of Directors, which met on 12 February 2013, approved the Group’s consolidated condensed accounts as at 31 December 2012.
| In millions of euros | Full Year | Full Year | Change | |||||||||
| Group revenues | 1,066.2 | 1,101.6 | -3.2% | |||||||||
| of which Internet | 622.7 | 575.0 | +8.3% | |||||||||
| in % of total | 58.4% | 52.2% | ||||||||||
| Adjusted gross operating margin2 | 471.4 | 493.1 | -4.8% | |||||||||
| as % of revenues | 44.2% | 44.8% | ||||||||||
1 Based on CapGemini 2012 Assessment forecasts – Projections for 2013 as of 15 January 2013
2 before impact of the expensing of fixed costs of the sales force and of early adoption of IAS 19R
I.Highlights
Internet business growth superior to the market’s
- Internet business revenues: +8.3% at the end of December over 3 points above market growth
- Search: +8.1% and Display, sites & digital marketing: +9.0% at the end of December
Very strong growth of mobile audience
- +83% mobile visits3 at the end of December 2012 buoyed by the growth in downloads on Android
- Reach rate of PagesJaunes Groupe of 25% in mobile Internet at the end of November 20124
- Over 22 million mobile application downloads: over 13 million downloads for PagesJaunes and 8 million for Mappy
- Beginning of the commercialization of Mappy GPS Free
Development of indirect web audience and partnerships
- 25% of indirect audience, in particular through Bing, Google and Facebook (ZoomOn)
- Continued verticalisation of content and offers with the acquisition of Chronoresto
- Partnership with Yahoo!
II.Trend in fixed and mobile Internet audiences
| In millions of visits | From 1 Jan. | From 1 jan. | Change | |||||||||
| PagesJaunes | 1,194.4 | 1,099.0 | +8.7% | |||||||||
| of which mobile | 233.9 | 138.9 | +68.4% | |||||||||
| Mappy | 312.6 | 278.7 | +12.2% | |||||||||
| of which mobile | 78.4 | 30.8 | +154.5% | |||||||||
| Other (a) | 177.7 | 195.3 | -9.0% | |||||||||
| Total excluding 123people | 1,684.7 | 1,573.0 | +7.1% | |||||||||
| of which mobile | 317.4 | 173.0 | +83.5% | |||||||||
| 123people | 433.1 | 616.5 | -29.7% | |||||||||
| of which mobile | 35.0 | 43.8 | -20.1% | |||||||||
| Total | 2,117.8 | 2,189.5 | -3.3% | |||||||||
| of which mobile | 352.4 | 216.8 | +62.5% | |||||||||
| Source: PagesJaunes Groupe | (a) on a like-for-like basis | |||||||||||
The Internet audience for the Group’s sites (excluding 123people) grew by +7.1% in 2012 compared with 2011, sustained in particular by the strong growth in the number of mobile Internet visits up by +83.5%. At the end of December 2012, the PagesJaunes applications (primarily PagesJaunes and Mappy) had been downloaded 22 million times across all smartphones and tablets in France.
The Group’s Internet sites experienced strong audiences in 2012: 20 million unique visitors4 on fixed Internet and 5 million unique visitors4 on Mobile Internet in November 2012 (ranked 6th most visited sites in France for fixed and 8th for mobile).
3 Excluding 123people
4 Statistical indicator from Nielsen Médiamétrie
III.Financial Results
| In millions of euros | Full Year | Full Year | Change | |||||||||
| Group revenues | 1,066.2 | 1,101.6 | -3.2% | |||||||||
| Internet | 622.7 | 575.0 | +8.3% | |||||||||
| as % of group revenues | 58.4% | 52.2% | ||||||||||
| Printed directories | 416.6 | 490.7 | -15.1% | |||||||||
| as % of group revenues | 39.1% | 44.5% | ||||||||||
| Other businesses | 26.9 | 35.9 | -25.1% | |||||||||
| as % of group revenues | 2.5% | 3.3% | ||||||||||
| Adjusted gross operating margin5 | 471.4 | 493.1 | -4.4% | |||||||||
| as % of revenues | 44.2% | 44.8% | ||||||||||
| Internet5 | 273.8 | 257.6 | +6.3% | |||||||||
| as % of Internet revenues | 44.0% | 44.8% | ||||||||||
| Printed directories5 | 187.5 | 224.4 | -16.5% | |||||||||
| as % of Printed directories revenues | 45.0% | 45.7% | ||||||||||
| Other businesses5 | 10.1 | 11.1 | -9.1% | |||||||||
| as % of Other businesses revenues | 37.5% | 30.8% | ||||||||||
| ||||||||||||
In a challenging economic environment, the Group has shown its resilience with consolidated revenues for financial year 2012 down -3.2%.
- Internet business represents 58.4% of the Group’s revenues and has growth of +8.3% in 2012 over 3 points above market growth: the growth is sustained in particular by "search" activities and mobile development. The 4th quarter is however showing a slowdown, in line with that of the market.
- The decrease in the Printed directory business of -15.1% in 2012 is in particular affected by the discontinuation of Pages Blanches in 8 départements (of which 3 in the fourth quarter).
The adjusted gross operating margin5 for the Group amounts to 471.4 million euros in 2012, down –4.4% compared to 2011. The adjusted gross operating margin5 stands at 44.2% in 2012 compared to 44.8%in 2011.
| In millions of euros | Full Year | Full Year | Change | |||||||||
| Adjusted gross operating margin5 | 471.4 | 493.1 | -4.4% | |||||||||
| as % of revenues | 44.2% | 44.8% | ||||||||||
| Impact of accounting re-adjustments | 6.9 | 5.2 | ||||||||||
| Gross operating margin | 464.5 | 487.9 | -4.8% | |||||||||
| as % of revenues | 43.6% | 44.3% | ||||||||||
* restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R | ||||||||||||
Following the implementation of the specialisation of about 230 sales advisors since 2011 along with the introduction of a new contract, the Group has re-examined the accounting treatment of its sales costs and concluded to the expensing of the fixed compensation of the sales force which was previously capitalised. As a consequence, an accounting adjustment was recorded in the 4th quarter of 2012 for the year 2012 and 2011 (retrospectively) without impacting cash flow. Moreover, the Group has applied IAS 19R early. These two accounting restatements impact the gross operating margin respectively by 5.2 million and 6.9 million over 2011 and 2012.
| In millions of euros | Full Year | Full Year | Change | |||||||||
| Gross operating margin | 464.5 | 487.9 | -4.8% | |||||||||
| as % of revenues | 43.6% | 44.3% | ||||||||||
| Internet | 269.6 | 254.8 | +5.8% | |||||||||
| as % of Internet revenues | 43.3% | 44.3% | ||||||||||
| Printed directories | 184.8 | 222.1 | -16.8% | |||||||||
| as % of Printed directories revenues | 44.4% | 45.3% | ||||||||||
| Other businesses | 10.1 | 11.0 | -8.2% | |||||||||
| as % of Other businesses revenues | 37.5% | 30.6% | ||||||||||
| Operating income | 408.0 | 443.7 | -8.0% | |||||||||
| Net financial result | (136.1) | (126.2) | -7.8% | |||||||||
Share of the result from associated companies | (0.9) | -0.2 | na | |||||||||
| Income before tax | 271.0 | 317.4 | -14.6% | |||||||||
| Corporate income tax | (112.4) | (125.8) | +10.7% | |||||||||
| Corporate income tax rate | 41.3% | 39.6% | ||||||||||
| Net income | 158.5 | 191.6 | -17.3% | |||||||||
| * restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R | ||||||||||||
The Group’s gross operating margin amounts to 464.5 million euros over the 2012 financial year,down –4.8% compared to the 2011 financial year6. In 2012, the Group made significant sales investment. A strong discipline on costs across all businesses partially offset the cost of this investment enabling the Group to retain a high gross operating margin of 43.6% in 2012 compared to 44.3% in 2011.
The Group’s operating income, down –8.0% over the 2012 financial year compared to the 2011 financial year, reached 408.0 million euros. The decrease in operating income mainly results from of the decline in gross operating margin as well as the increase in depreciation and amortisation in line with the increase in Internet investments.
The Group’s net income stands at 158.5 million euros for the 2012 financial year, down-17.3% compared to the 2011 financial year. This decline is primarily associated with the decrease in operating income, the increase in financial expenses following the refinancing of the bank debt undertaken in May 2011, and the increase in the corporate income tax rate. The corporate income tax rate reached 41.3% over the 2012 financial year, primarily affected by the introduction of the lesser deductibility of financial expenses. The average cost of gross debt (including hedging instruments) stood at 5.40%in 2012 compared to 5.77% in 2011 due in particular to lower Euribor rates and the drawings under the revolving credit line (for which the margin is less than the average margin).
5 Before impact of the expensing of fixed costs of the sales force and of early adoption of IAS 19R.
6 Restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R
IV.Financial structure
Net debt7 amounts to 1,741.7 million euros as at 31 December 2012, down 173 million euros compared to 31 December 2011.
At 31 December 2012, the group had headroom of 7% for its financial leverage covenant, which was 3.71 times an aggregate close to GOM and of 33% on its interest coverage ratio which was 4.00 times the net interest expenses8.
The Group’s net cash flow declined by -6.3%, from 197.4 million euros in the 2011 financial year to 185.0 million euros in the 2012 financial year. At 31 December 2012, the Group had net cash and cash equivalents of 91.9 million euros.
The Group has successfully refinanced its bank debt. Following the refinancing of 97% of the Group debt over the last 18 months, the Group debt maturity profile9is more favourable:
- Bank debt tranche A1 and RCF 1: Principal of 72 million euros maturing in November 2013,
- Bank debt tranche A3, A5 and RCF 3: Principal of 1,372 million euros maturing in September 2015 and
- Senior secured notes: Principal of 350 million euros maturing in June 2018.
The Group confirms its commitment to suspend dividend distribution until its net debt7 reaches a level corresponding to 3 times EBITDA10.
V.Outlook for 2013
Following the advertising marked slowdown in the 4th quarter of 2012, the Group adopts the following targets for 2013:
- Revenue decrease between -5% and -3%
- Continued growth in our Internet business, above French Online market
- Internet business representing nearly 65% of total revenues
- Maintained controlled decrease in the Printed directories business similar to 2012
- 2013 GOM between 425 and 445 million euros
- Confirmation of the priority given to reducing indebtedness
VI.General Meeting 2013
The Combined General Meeting of the shareholders of PagesJaunes Groupe is scheduled for Wednesday 5 June 2013.
7 Net debt corresponds to the total gross financial debt plus or minus the fair value of derivative asset and/or liability hedging instruments and minus cash and cash equivalents
8 Excluding the change in the fair value of hedging instruments, amortisation of loan issue expenses and accretion income.
9 Gross debt corresponding to bank and bond debts, excluding Other debts of 40 million euros as at the end of December 2012.
10 As defined in the facility agreement with financial institutions
About PagesJaunes Groupe
PagesJaunes Groupe is the leader in France in local advertising and information, generating 1.07 billion euros in consolidated revenues in 2012. PagesJaunes Groupe’s services are available in particular through fixed and mobile Internet, printed directories (the PagesJaunes and PagesBlanches directories), directory enquiry services by telephone and SMS (118008). PagesJaunes Groupe’s fixed and mobile websites, primarily pagesjaunes.fr, mobile.pagesjaunes.fr, mappy.com and annoncesjaunes.fr, are visited by nearly one Internet user in two in France each month.
PagesJaunes Groupe has a sales force of more than 2 300 commercial advisers in France and Spain and provides a comprehensive range of advertising products for its local and national advertising customers. With 623 million euros in Internet revenues in 2012, representing over 58% of its consolidated revenues, PagesJaunes Groupe is the largest European operator in terms of Internet advertising revenues.
PagesJaunes Groupe is listed on NYSE Euronext Paris (PAJ). Information on PagesJaunes Groupe is available at www.pagesjaunesgroupe.com
This document contains forward-looking statements. Although PagesJaunes Groupe believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: the effects of competition, PagesJaunes usage levels, the success of investments by the PagesJaunes Groupe in France and abroad, and the effects of the economic situation. A description of the risks borne by the PagesJaunes Groupe appears in section 4 “Facteurs de risques” of the PagesJaunes Groupe’s “Document de Référence” filed with the French financial markets authority (AMF) on 26 April 2012. The forward-looking statements contained in this document apply only from the date of this document, and PagesJaunes Groupe does not undertake to update any of these statements to take account of events or circumstances arising after the date of said document or to take account of the occurrence of unexpected events. All accounting data are presented in audited consolidated form (report to be issued).
Appendix 1: Quarterly trend in fixed and mobile Internet audiences | ||||||||||||
| In millions of visits | From 1 Oct. | From 1 Oct. | Change | |||||||||
| PagesJaunes | 300.7 | 286.4 | +5.0% | |||||||||
| of which mobile | 66.8 | 39.9 | +67.4% | |||||||||
| Mappy | 76.5 | 69.1 | +10.7% | |||||||||
| of which mobile | 24.9 | 9.3 | +167.7% | |||||||||
| Other (a) | 42.8 | 45.4 | -5.7% | |||||||||
| Total excluding 123people | 420.0 | 400.9 | +4.8% | |||||||||
| of which mobile | 93.3 | 50.2 | +85.9% | |||||||||
| 123people | 102.1 | 126.8 | -19.5% | |||||||||
| of which mobile | 10.1 | 10.0 | +1.0% | |||||||||
| Total | 522.1 | 527.6 | -1.0% | |||||||||
| of which mobile | 103.4 | 60.2 | +71.8% | |||||||||
| Source: PagesJaunes Groupe | (a) on a like-for-like basis | |||||||||||
Appendix 2: Quarterly revenues and adjusted gross operating margin | ||||||||||||
| In millions of euros | Q4 2012 | Q4 2011* | Change | |||||||||
| Group revenues | 266.3 | 282.3 | -5.7% | |||||||||
| Internet | 159.4 | 151.4 | +5.3% | |||||||||
| as % of Group revenues | 59.9% | 53.6% | ||||||||||
| Printed directories | 100.4 | 122.1 | -17.8% | |||||||||
| as % of Group revenues | 37.7% | 43.3% | ||||||||||
| Other businesses | 6.5 | 8.7 | -25.3% | |||||||||
| as % of Group revenues | 2.4% | 3.1% | - | |||||||||
| Gross operating margin | 102.7 | 107.0 | -4.0% | |||||||||
| as % of revenues | 38.6% | 37.9% | ||||||||||
| Internet | 63.4 | 58.6 | +8.2% | |||||||||
| as % of Internet revenues | 39.8% | 38.7% | ||||||||||
| Printed directories | 37.1 | 46.3 | -19.9% | |||||||||
| as % of Printed directories revenues | 37.0% | 37.9% | ||||||||||
| Other businesses | 2.2 | 2.0 | +10.0% | |||||||||
| as % of Other businesses revenues | 33.8% | 23.2% | ||||||||||
| Adjusted gross operating margin** | 109.6 | 112.2 | -2.3% | |||||||||
| as % of revenues | 41.2% | 39.7% | ||||||||||
| Internet** | 67.6 | 61.4 | +10.1% | |||||||||
| as % of Internet revenues | 42.4% | 40.6% | ||||||||||
| Printed directories** | 39.8 | 48.7 | -18.2% | |||||||||
| as % of Printed directories revenues | 39.7% | 39.8% | ||||||||||
| Other businesses** | 2.2 | 2.1 | +3.7% | |||||||||
| as % of Other businesses revenues | 33.6% | 24.0% | ||||||||||
* restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R | ||||||||||||
** before impact of the expensing of fixed costs of the sales force and of early adoption of IAS 19R | ||||||||||||
Appendix 3: Quarterly consolidated income statement | ||||||||||||
| In millions of euros | Q4 2012 | Q4 2011* | Change | |||||||||
| Revenues | 266.3 | 282.3 | -5.7% | |||||||||
| External purchases | (62.8) | (77.2) | 18.7% | |||||||||
| Other operating income and expenses | (1.6) | (2.5) | 36.0% | |||||||||
| Salaries and charges | (99.2) | (95.6) | -3.8% | |||||||||
| Gross operating margin | 102.7 | 107.0 | -4.0% | |||||||||
| as % of revenues | 38.6% | 37.9% | ||||||||||
| Legal employee profit-sharing | (3.1) | (3.6) | 13.9% | |||||||||
| Depreciation and amortisation | (10.2) | (7.4) | -37.8% | |||||||||
| Other Income and Expenses | (4.3) | (2.5) | na | |||||||||
| Operating income | 85.1 | 93.5 | -9.0% | |||||||||
| as % of revenues | 32.0% | 33.1% | ||||||||||
| Net financial result | (41.1) | (34.2) | -20.2% | |||||||||
| Share of profit or loss of an associate | (0.3) | (0.1) | na | |||||||||
| Income before tax | 43.8 | 59.2 | -26.0% | |||||||||
| Corporate income tax | (24.2) | (29.9) | 19.1% | |||||||||
| Corporate income tax rate | 55.0% | 50.5% | ||||||||||
| Net income | 19.5 | 29.3 | -33.4% | |||||||||
| * restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R | ||||||||||||
Appendix 4: Annual consolidated income statement | ||||||||||||
| In millions of euros | Full Year 2012 | Full Year 2011* | Change | |||||||||
| Revenues | 1,066.2 | 1,101.6 | -3.2% | |||||||||
| External purchases | (227.1) | (255.7) | 11.2% | |||||||||
| Other operating income and expenses | (3.5) | (7.6) | 53.9% | |||||||||
| Salaries and charges | (371.1) | (350.4) | -5.9% | |||||||||
| Gross operating margin | 464.5 | 487.9 | -4.8% | |||||||||
| as % of revenues | 43.6% | 44.3% | ||||||||||
| Legal employee profit-sharing | (14.7) | (14.1) | -4.3% | |||||||||
| Depreciation and amortisation | (36.7) | (25.4) | -44.5% | |||||||||
| Other Income and Expenses | (5.1) | (4.6) | -10.9% | |||||||||
| Operating income | 408.0 | 443.7 | -8.0% | |||||||||
| as % of revenues | 38.3% | 40.3% | ||||||||||
| Net financial result | (136.1) | (126.2) | -7.8% | |||||||||
| Share of profit or loss of an associate | (0.9) | (0.2) | na | |||||||||
| Income before tax | 271.0 | 317.4 | -14.6% | |||||||||
| Corporate income tax | (112.4) | (125.8) | 10.7% | |||||||||
| Corporate income tax rate | 41.3% | 39.6% | ||||||||||
| Net income | 158.5 | 191.6 | -17.3% | |||||||||
| of which attributable to: | ||||||||||||
| - shareholders of PagesJaunes Groupe | 158.6 | 191.6 | -17.2% | |||||||||
| - non-controlling interests | (0.1) | - | na | |||||||||
| * restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R | ||||||||||||
Appendix 5: Consolidated cash flow statement | ||||||||||||
| In millions of euros | Full Year 2012 | Full Year 2011* | Change | |||||||||
| Gross operating margin | 464.5 | 487.9 | -4.8% | |||||||||
| Legal employee profit-sharing | (14.7) | (14.1) | -4.0% | |||||||||
| Non monetary items included in GOM | 0.4 | 1.7 | na | |||||||||
| Net change in working capital | (6.0) | (6.0) | +1.1% | |||||||||
| Acquisition of tangible and intangible fixed assets | (42.6) | (44.2) | +3.5% | |||||||||
| Operational cash flow | 401.6 | 425.2 | -5.5% | |||||||||
| in % of GOM | 86.5% | 87.2% | ||||||||||
| Financial result pay out or cash | (107.2) | (109.2) | +1.8% | |||||||||
| Restructuring costs | (1.9) | (0.7) | na | |||||||||
| Corporate income tax paid | (107.5) | (117.9) | +8.9% | |||||||||
| Net cash flow | 185.0 | 197.4 | -6.3% | |||||||||
| Increase (decrease) in borrowings and bank overdrafts | (172.2) | (26.0) | na | |||||||||
| Dividends paid | - | (162.7) | na | |||||||||
| Other | 1.0 | (34.2) | na | |||||||||
| Net cash variation | 13.8 | (25.4) | na | |||||||||
| Net cash and cash equivalents at beginning of period | 78.1 | 103.5 | -24.6% | |||||||||
| Net cash and cash equivalents at end of period | 91.9 | 78.1 | +17.7% | |||||||||
| * restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R | ||||||||||||
Appendix 6: Consolidated balance sheet | ||||||||
| In millions of euros | 31-Dec-12 | 31-Dec-11* | ||||||
| ASSETS | ||||||||
| Total non-current assets | 212.3 | 220.8 | ||||||
| Net goodwill | 82.3 | 94.1 | ||||||
| Other net intangible fixed assets | 69.4 | 66.4 | ||||||
| Net tangible fixed assets | 25.5 | 28.2 | ||||||
| Other non-current assets of which deferred tax assets | 35.1 | 32.1 | ||||||
| Total current assets | 653.9 | 634.5 | ||||||
| Net trade accounts receivable | 429.9 | 439.3 | ||||||
| Acquisition costs of contracts | 68.9 | 70.1 | ||||||
| Prepaid expenses | 5.6 | 5.9 | ||||||
| Cash and cash equivalents | 111.5 | 82.7 | ||||||
| Other current assets | 38.0 | 36.4 | ||||||
| TOTAL ASSETS | 866.2 | 855.3 | ||||||
| LIABILITIES | ||||||||
| Total equity | (2,006.8) | (2,164.8) | ||||||
| Total non-current liabilities | 1,777.2 | 2,056.5 | ||||||
| Non-current financial liabilities and derivatives | 1,686.6 | 1,981.5 | ||||||
| Employee benefits - non-current | 83.3 | 67.3 | ||||||
| Other non-current liabilities | 7.3 | 7.6 | ||||||
| Total current liabilities | 1,095.7 | 963.6 | ||||||
| Bank overdrafts and other short-term borrowings | 149.9 | 8.5 | ||||||
| Deferred income | 632.1 | 636.6 | ||||||
| Employee benefits - current | 124.4 | 118.3 | ||||||
| Trade accounts payable | 78.3 | 94.3 | ||||||
| Other current liabilities | 111.0 | 105.9 | ||||||
| TOTAL LIABILITIES | 866.2 | 855.3 | ||||||
| * restated for the expensing of fixed costs of the sales force and for early adoption of IAS 19R | ||||||||
Appendix 7: Consolidated net debt | ||||||||
| In Millions of euros | 31-Dec-12 | 31-Dec-11 | ||||||
| Cash and cash equivalents | 111.5 | 82.7 | ||||||
| Gross Cash position | 111.5 | 82.7 | ||||||
| Bank overdrafts | (19.6) | (4.6) | ||||||
| Net Cash position | 91.9 | 78.1 | ||||||
| Bank borrowings | (1,368.2) | (1,600.2) | ||||||
| Bond borrowings | (350.0) | (350.0) | ||||||
| Revolving credit line drawn* | (75.8) | - | ||||||
| Loan issuance expenses | 37.6 | 33.4 | ||||||
| Capital leases | (0.1) | (0.1) | ||||||
| Liabilities in respect of hedging instruments | - | - | ||||||
| Fair value of hedging instruments | (54.6) | (56.4) | ||||||
| Accrued interest not yet due | (16.7) | (7.4) | ||||||
| Other financial liabilities | (5.7) | (12.1) | ||||||
| Gross financial debt | (1,833.6) | (1,992.8) | ||||||
| of which current | (147.0) | (11.3) | ||||||
| of which non-current | (1,686.6) | (1,981.5) | ||||||
| Net cash (debt) | (1,741.7) | (1,914.7) | ||||||
Net cash (debt) excluding fair value of financial | (1,724.7) | (1,891.7) | ||||||
| at 12/31/2012, € 20M available under the revolving credit line not drawn | ||||||||
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