> Management discussion and analysis
<22>
DISCUSSION AND ANALYSIS OF NEOPOST’S FINANCIAL POSITION AND
RESULTS OF THE OPERATIONS
These comments are based on the consolidated financial statements as of 31 January 2003, which include Ascom Hasler’s
North American business for 11 months, Ascom Hasler’s business outside North America for 8 months and Stielow for
5 months.To make the analysis easier, pro forma accounts have also been established, and these include full-year contributions
from Ascom Hasler and Stielow in 2001 and 2002.
HISTORICAL BREAKDOWN OF OPERATING RESULTS
Consolidated income statements
Year ended 31 January 2003
Year ended 31 January 2002
In euro million
Neopost
Neopost pro forma
Neopost
Neopost pro forma
Sales
760.6
100.0%
830.8
100.0%
575.0
100.0%
853.1
100.0%
Cost of sales
(236.0)
(31.0)%
(262.5)
(31.6)%
(162.3)
(28.2)%
(276.2)
(32.4)%
Gross profit
524.6
69.0%
568.3
68.4%
412.7
71.8%
576.9
67.6%
R&D expenses
(33.4)
(4.4)%
(38.2)
(4.6)%
(32.8)
(5.7)%
(51.4)
(6.0)%
Sales and marketing
expenses
(195.1)
(25.6)%
(213.0)
(25.6)%
(162.4)
(28.2)%
(234.1)
(27.4)%
Administrative expenses
(100.2)
(13.2)%
(108.4)
(13.1)%
(78.7)
(13.7)%
(110.1)
(12.9)%
Service and other
operating expenses
(61.4)
(8.1)%
(70.1)
(8.4)%
(54.0)
(9.4)%
(72.9)
(8.5)%
Employee profit sharing
(1.6)
(0.2)%
(1.6)
(0.2)%
(1.5)
(0.3)%
(1.5)
(0.2)%
Operating profit
132.9
17.5%
137.0
16.5%
83.3
14.5%
106.9
12.5%
Net financial income
(expenses)
(25.0)
(3.3)%
(27.0)
(3.3)%
(18.7)
(3.3)%
(27.0)
(3.1)%
Net income before taxes
107.9
14.2%
110.0
13.2%
64.6
11.2%
79.9
9.4%
Net extraordinary profit
(loss)
0.2
-
0.2
-
(1.6)
(0.3)%
(1.6)
(0.2)%
Income taxes
(33.3)
(4.4)%
(33.8)
(4.1)%
(20.9)
(3.6)%
(26.1)
(3.1)%
Results of associated
companies
0.7
0.1%
0.7
0.1%
0.5
0.1%
0.5
0.1%
Minority interests
(0.1)
-
(0.1)
-
-
-
-
-
Goodwill amortization
(5.7)
(0.8)%
(6.0)
(0.7)%
(4.5)
(0.8)%
(6.2)
(0.7)%
Net income
69.7
9.2%
71.0
8.5%
38.1
6.6%
46.5
5.5%
Neopost’s consolidated financial statements have been brought into line with the new accounting regulations in force (CRC 2000-06).
