2011 ANNUAL RESULTS Paris – Wednesday 29 February 2012

This document was prepared by Norbert Dentressangle for the sole purpose of presenting its annual results on 29 February 2012. This document may not be copied or distributed, in whole or in part, without prior agreement from the company. Norbert Dentressangle assumes no responsibility for the use of this document by any person outside the company. This document contains no earnings forecast data. The company makes no commitment and provides no guarantee concerning the realisation of any targets or aims that may be expressed within its business plans. While the company believes its targets are reasonable, readers are reminded that said targets are subject to risks and uncertainties, notably as described in the "Risk factors" section of the annual "Document de Référence" registration document.

Disclaimer

2

1. Norbert Dentressangle – François Bertreau, Chief Executive Officer

2. Transport – Hervé Montjotin, Managing Director

3. Logistics – François Bertreau

4. Freight Forwarding – François Bertreau

5. Consolidated Financial Statements – Patrick Bataillard, Chief Financial Officer

6. Outlook – François Bertreau

7. Appendices

Meeting agenda

3

Norbert Dentressangle Introduction

4

5

2011: a transformative year for Norbert Dentressangle

• Sustained growth in Transport and Logistics and significant expansion in the Freight Forwarding business

• International expansion thanks to the consolidation of TDG and APC Beijing International

• Renewed Operating profitability growth

In €m

31/12/11 31/12/11 Historical

Scope 31/12/10 Overall %

change

% Change at constant

scope

Revenue 3,576 3,002 2,839 +26.0% +5.7%

Operating profit before goodwill and goodwill impairment (EBITA)

130.4 124.9 106.3 +22.6% +17.8%

EBITA margin 3.6% 4.2% 3.7%

Net income 63.3 - 57.2 +10.7% -

Very solid performance in 2011

6

7

Italy 4%

UK 28%

France 45%

Spain 11%

Netherlands 3%

Other 9% • €3.6 billion in revenue

• Operates in 23 countries

on 3 continents

• 33,000 employees

Revenue by geographic region

European leader International company

Norbert Dentressangle, an increasingly important player, expanding internationally

8

Norbert Dentressangle, a responsible player with actual commitments

Road Safety

• Safe Driving Programme • Drivers travel 655,000 kms

on average in 2011 without causing accidents: up 11% vs. 2010

Efforts to reduce CO² emissions

• Europe’s cleanest vehicle fleet: 93% EURO IV & V. – Rollout of the first Euro VI tractor earlier this month, 2 years ahead

of legal regulations

• Testing new diesel-alternative technologies: – Norbert Dentressangle was the first transporter to begin using 3

diesel-electric hybrids in 2011

• 55 g CO2 / Tonnes x kms emitted in 2011: down 3% vs. 2010

Average kms run/driver without any responsible accident

9

• ISO 14001 Certification

– 42% of platforms certified

– 51% of revenue certified

• Environmental site management

– Waste management: → Sorting recyclables → Reusing recyclable waste (packaging, etc.)

• Energy efficiency

– Optimised lighting systems

Environmental friendly logistics platforms

10

Human Resources: the core of Norbert Dentressangle’s growth

• Significant hiring capacity – Accumulated experience through its

acquisitions – 6,000 employees added following TDG

consolidation – 270 employees added following APC Beijing

International acquisition

• Hands-on employee support – Training: Red Management launched in

2010, 432 managers trained in Europe in 2011

– Internal promotion: 60% of managers are hired internally

Transport

Part 2

11

€1,966 M (1)

Diesel fuel effect

+2.1% Volume and price effect

+4.7%

+20.2%

Calendar and forex

effect - 0.5%

Consolidation effect +14%

(1) Before elimination of “inter-division” revenue

€1,636 M (1)

31/12/10 31/12/11

Change in revenue

12

13

Norbert Dentressangle has improved its position in the market

• +20.2% growth (up 6% on a comparable basis), linear over the fiscal year

• Growth driven by the momentum of our services: – Pallet distribution service:

→Domestic up 8% →Red Europe up 15%

– Transport organisation (Key PL) up 120% – Dedicated Fleet (Red Inside) up 6%

• Consolidation of TDG’s businesses profoundly transformed Norbert Dentressangle’s Transport profile in the UK, in terms of both its services and its scope

• Less favourable environment at the end of 2011

In €m

Transport at 31/12/11

Historical Transport

activities at 31/12/11

Transport at 31/12/10

Overall % change

% Change at constant

scope

Revenue* 1,966 1,734 1,636 +20.2 % +6.0%

Operating profit before goodwill (EBITA) 47.4 50.0 44.1 +7.5% +13.4%

As % of revenue 2.5% 2.9% 2.7%

Transport operating income

14 * Before elimination of “inter-division” revenue

15

Improvement of the Transport margin at historical consolidation scope

• Historical operating profitability up 13.4% vs. 2010 – “General Cargo” business recovery – Solid performance in “Pallet distribution” service

→This business now contributes to profit in the UK

• Former TDG businesses a slight drag on financials – Major restructuring in Spain (completed 2011) – Improving operating efficiency a challenge in the UK

• Positive effects of diesel fuel price increases

International FTL &

Cross-Channel 500 M€*

Domestic Pallet

Distribution 450 M€*

International Groupage &

Pallet Distribution

150 M€*

Domestic FTL

450 M€*

Dedicated Fleet

350 M€*

CO2 emissions declaration**

* FY 2011 ** Carbon calculator attested by Bureau Veritas

Always striving to improve our services

16

Norbert Dentressangle model 3PL, LLP and 4PL: Key PL®

Covers some 40% of the transport business

17

• Raw numbers: – 5,000 orders / year – 28,000 pallets delivered / year (i.e., equal to 1,000 lorries) – Delivered to 26 European countries

• Advantages to the customer: – A sole contact from 1 pallet to a full lorry – Deliveries collected daily

• Our contractual commitments: – Delivery times – Online order tracking and delivery confirmation – Per-pallet pricing

Red Europe veterinary product export services both reliable and flexible

Transport at the end of 2011

18

€1,966 M in revenue • 40% outside France

15,000 employees • At 160 sites in 14

countries

Vehicles • No. 1 vehicle fleet in

Europe with 7,800 motorised vehicles

• 93% EURO IV & V

Logistics

Part 3

19

€1,589 m (1)

Volume and price effect

+3.9%

+28.2%

Consolidation scope effect

+24.3%

(1) Before elimination of “inter-division” revenue

€1,240 m (1)

31/12/10 31/12/11

Change in revenue

20

21

Logistics has leveraged TDG to strengthen its European scope

• Satisfactory growth momentum,

particularly in the UK, Italy and Spain

• The UK became the leader in logistics with 41% of the revenue

• Slower growth in Q4 2011 reflecting

consumer trends in Europe for this same period

In €m

Logistics at

31/12/11

Historical logistics

activities at 31/12/11

Logistics at 31/12/10

Overall % change

% Change at a

constant scope

Revenue* 1,589 1,294 1,240 +28.1% +4.4%

Operating profit before goodwill (EBITA) 80.4 75.8 63.0 +27.6% +20.3%

As % of revenue 5.1% 5.9% 5.1%

* Before elimination of “inter-division” revenue

Logistics operating income

22

23

Logistics operating margin remains high

• High profitability throughout Europe

– The two logistics leaders, the UK and France, have performed particularly well

• Contribution from former TDG businesses is

respectable, especially in the UK

Warehousing and inventory management

€445 M

Upstream transport

management €397 M

Order preparation

€572 M

Value-added services €175 M

A mastery of key logistics skills

24

Ambient and temperature-controlled logistics Global and industry solutions

The highest safety and quality standards Service: ISO 9001 (71%*) – Food safety: ISO 22000 (16 warehouses) & HACCP (24 warehouses)

Staff safety: ISO 18001 (35 warehouses) – Medical facility safety: ISO 13845 (1 warehouse)

*: % revenue covered

• Storage and distribution of fresh products (between 2°C and 6°C)

• 4,000 m² warehouse in Bucharest and 1,000 m² in Cluj. / New 10,000 m² warehouse in Bucharest in 2012

• 19-platform distribution network • Daily delivery to 15,000 retailers • 80,000 T of Danone products handled annually • 8,000 T of dairy products, deli meats and

prepared foods for other customers

25

Cluj

Bucharest

NDL Frigo Logistics: JV with Danone in Romania for fresh product logistics

€1,589 M in revenue • 68% outside France

17,200 employees • At 257 sites in 13

countries Total warehouse surface area: 6.6 M m² Negative cold volume: 3.5 M m3

Logistics at the end of 2011

26

Freight Forwarding

Part 4

27

28

Dublin

Bradford Manchester

London

Bilbao

Madrid

Budapest

Nijmegen

Barcelona

Paris

Lyon

Le Havre Lille

Europe

China

Ningbo

Shenzhen Hong Kong

Tianjin

Shanghai

Nanjing

Beijing

Urumqi

Chengdu Chongqing

Xiamen

Qingdao

Dalian

Xi ’ an

Suzhou

Shaoxing Ningbo

Shenzhen Hong Kong

Tianjin

Shanghai

Ningbo

Shenzhen Hong Kong

Tianjin

Shanghai

Nanjing

Beijing

Urumqi

Chengdu Chongqing

Xiamen

Qingdao

Dalian

Xi ’ an

Suzhou

Shaoxing

Beijing

San Francisco

San Diego

Los Angeles

Atlanta

Chicago

New York

Miami

United States

Chile Brazil Santiago

Sao Paulo

• 39 offices • 10 countries • 3 continents • 500 employees

Norbert Dentressangle, a major freight forwarding player

Ningbo

Shenzhen Hong Kong

Tianjin

Shanghai

Nanjing

Beijing (2)

Urumqi

Chengdu Chongqing

Xiamen

Qingdao Dalian

Xi’an

Suzhou Shaoxing

Head offices in Beijing

€50 M in revenue • 75% in air freight

Coverage of key geographical regions in China

• 16 offices

270 employees

29

Acquisition of APC Beijing International, 1 December 2011

€86 M (1)

APC €6 M

Internal growth €8 M

x 7

Schneider & TDG

consolidation effect €60 M

(1) Before elimination of “inter-division” revenue

€12 M (1)

31/12/10 31/12/11

30

Freight forwarding revenue change

31

Freight forwarding continues to expand

• Freight Forwarding grew sharply and reached a significant

size in the market with €86 M in revenue in 2011

• TDG businesses successfully incorporated

• Acquisition of APC Beijing International strengthened Asian presence and air freight services

• Goal of €250 M revenue attained over the medium term

In €m

Freight Forwarding at 31/12/11

Freight Forwarding at 31/12/10

Overall % Change

Revenue* 86 12 x 7

Gross Margin 17.1% 16.0%

Operating profit before goodwill (EBITA) 0.3 -0.8 N/A

As % of revenue 0.3% -7%

Freight Forwarding Operating Income

32 * Before elimination of “inter-division” revenue

33

• Break-even achieved by the end of 2011

– 2 years following launch – With 3 acquisitions – And a presence on 3 continents

• Improved performance for former Schneider businesses

• TDG posted positive contribution starting in the first year and APC in the first month of consolidation

Profitability in line with our operating plan

34

• Intercontinental transport services: – Air freight – Sea freight – Management of customs operations

• Personalised industry solutions: – High-tech products – Perishable goods: fruit, vegetables, flowers, etc. – Wine and spirits

Global development of a specific range of services

35

LAX, Los Angeles

JFK, New York

SCL, Santiago GRU, Sau Paulo

MAD, Madrid PEK, Beijing

HKG, Hong Kong

BUD, Budapest

DUB, Dublin

CDG, Paris

LHR , London

AMS, Amsterdam

MIA Miami

SFO San Francisco CHI Chicago

ATL Atlanta

Europe USA

Latin America

PVG, Shanghai

China

Door-to-door air freight service launch: Red Sky Connect

• An integrated air freight solution between Norbert Dentressangle consolidated hubs guarantees customers:

– Flexible deadlines – Reliable deliveries

Consolidated financial statements

Part 5

36

In €m

Cons. 31/12/11

Historical scope

31/12/11

Cons. 31/12/10

Revenue 3,576 3,002 2,839

EBITDA As % of revenue

252.3 7.1% NA 216.3

7.6%

Operating profit before goodwill (EBITA) As % of revenue

130.4 3.6%

124.9 4.2%

106.3 3.7%

Impairment test / Goodwill Impairment of the “customer relationship”

- - 5.8 - -

- 3.8

EBIT As % of revenue

124.6 3.5%

-

102.5 3.6%

Profitability of operations

37

In €m

Cons. 31/12/11

Cons. 31/12/10

Restructuring costs -9.1 -9.1

Non-operating capital gains (losses) on disposals +3.1 +0.9

Reversal of provisions 0 +1.2

Other non-recurring income and expenses -3.4 -2.4

Subtotal -9.4 -9.4

Breakdown of non-recurring income and expenses

38

In €m

Transport 31/12/11

Logistics 31/12/11

Freight forwarding 31/12/11

Cons. Total

31/12/11

Revenue Inter-group invoices

1,966

(64)

1,589

(7)

86 (1)

Revenue, net of interco revenue 1,901 1,582 85 3,576 *

Operating profit before goodwill (EBITA) As % of revenue

47.4 2.5%

80.4 5.1%

0.3 0.3%

130.4**

3.6%

Contribution from operating divisions

39 * Includes €7 M in revenue realised at the Dagenham site, pending disposal ** Includes €2.3 M in direct operating margin from the Dagenham site

In €m

Cons. 31/12/11

Cons. 31/12/10

Amortisation of commissions for arranging syndicated loans

-0.7 -1.4

Transaction fees (acquisitions)

-1.3 -2.0

Forex gains (losses) -2.2 -0.8

Actuarial (losses) and income (IDR, pension) Miscellaneous

+3.0 -0.2

-2.5 0

Net financial expense -24.0 -20.1

Total financial expense -25.4 -26.8

Net financial expense as % of revenue -0.67% -0.71%

Net financial expense

40

COUNTRY

Net income

before CIT in €m

Theoretical CIT at local rate €m %

Actual CIT** at

31/12/11 In €m

FRANCE 39.7* (14.3) 36.1 (12.3)

UK 23.1 (6.5) 28 (4.0)

Rest of the world 23.2 (6.1) 26 (6.0)

TOTAL 86 (26.9) (22.2)

Corporate income tax

41

* : Including CVAE provision **: After ongoing recognitions of deferrals, activation of prior deficits, adjustments

Tax rate: 26%

42

In €m

Cons. 31/12/11

Cons. 31/12/10

Revenue 3,576 2,839

EBITDA 252.3 216.3

Operating profit before goodwill (EBITA) 130.4 3.6%

106.3 3.7%

EBIT 124.6 3.5%

102.5 3.6%

Net financial expense Income before taxes and associates Corporate income tax CVAE Associates Minority share

(25.4)

99.1

(22.2) (13.1)

0.2 0.7

(26.8)

75.8

(7.2) (11.9)

0.5 -

Group net income 63.3

1.8% 57.2

2.0%

+ 26%

+23%

+11%

Consolidated income statement

42

43

In €m Cons.

31/12/11 Cons.

31/12/10

Cash flow Change in operating WCR UK pension fund financing

223 (28) (13)

198 (7) (8)

Net cash flow from operations 182 183

CAPEX (net of disposals) Sales of warehouses and sites Acquisition of securities less acquired cash

(122) 30

(288)

(86) 6

(6)

Net cash flow from investment transactions (380) (86)

Dividends Remaining amount of financing operations

(11) 170

(9) (34)

Net cash from financing transactions 159 (43)

Forex impact (0.1) 1

Change in cash (39) 55

Cash available at period end 157 196

Cash-flow statement

43

In €m

Cons. 31/12/11

Cons. 31/12/10

Goodwill 552 366

Intangible fixed assets (incl. customer relationship) 115 63

Tangible fixed assets 644 551

Other fixed and non-current assets 95 81

Total non-current and financial assets 1,406 1,061

WCR (21) (25)

TOTAL ASSETS (NET) 1,385 1,036

Equity 512 458

Provisions and deferred tax liabilities 228 182

Fair market value of hedging instruments 21 13

Net debt 624 382

TOTAL LIABILITIES (NET) 1,385 1,036

Balance sheet structure

44

In €m 31/12/11 31/12/10

Acquisition debt 277 197

Revolving facility 95* 0

Asset financing 401** 373

Employee profit-sharing 9 9

TOTAL GROSS DEBT 781 579

Cash and cash equivalents, net of bank overdrafts 157 196

NET FINANCIAL DEBT 624 382

Breakdown of net financial debt

45

* Out of a total of €150 m available ** Of which some €185 m related to tractors and lorries “buy-backs”

9 8 9 10 10

401302

203123

67

0

242

284

325

372

0

100

200

300

400

500

600

700

800

900

Crédit Syndiqué

Financement d'actifs

Autres dettes etparticipations

31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015

Outstanding debt in €m

Theoretical amortisation of net financial debt

46

Syndicated Loan

Asset financing

Other debt and participating interests

31/12/11 31/12/10 Bank

covenants on 31/12/11

Gearing (Net Financial Debt/ Equity)

114% 83% < 200%

Leverage (Net Financial Debt/ EBITDA)

2.47 x 1.8 x < 3.5

Interest cover (EBITA / Net Interest Expense) 5.3 x 5.2 x > 2.5

ROCE (EBITDA / average capital employed)

12.6% 12%

Financial ratios

47

• Dividend to be proposed for approval at the 24 May 2012 Annual General Meeting:

– €1.25 / per share, up 14% over €1.10 in 2010

48

Shareholders Meeting scheduled for 24 May 2012

Outlook

Part 6

49

• Macroeconomic outlook flat in Europe at around 0%

• Visible signs of slowing since the end of 2011 from our industrial and major distributor customers

• Very little transparency on the level of our clients’ business

• Low level of inventories

Priority to reactiveness

An uncertain environment for 2012

50

• Diversified portfolio of customers from all economic sectors

• Size, strong financial situation and durability

• Decentralised organisation with self-sufficient and responsible managers leading economic and social units (460)

Our key advantages heading into 2012

51

• Cost synergies following the acquisition of TDG

• Year of consolidation in Freight Forwarding

• Rigorous management of costs and balance sheet items

2012 Outlook

52

Appendices

Part 7

53

A balanced customer portfolio

54

Food 17%

Automotive 10%

Chemical & Petrochemical 9%

Distribution 22%

Specialised distribution 4%

Household supplies 2%

FMCG 5%

High tech 3%

Industry 17%

Luxury 2% Brown & white 2%

Textiles 3% Other 4%

55

Main transport expense items 2011

As % of revenue

Vehicles 22.4% (incl. fuel 13.8%)

Subcontracting & outlay 39.6%

Other overhead costs 5.9%

Operating profit before goodwill

(EBITA) 2.8%

Staff costs 29.4%

56

Main logistics expense items 2011

As % of revenue

Premises 21.4%

Subcontracting & transport 17.1%

Overhead costs 6.1%

Operating profit before goodwill

(EBITA) 5.1%

Staff costs 50.4%

In €m

Land and buildings

Transport vehicles

Machinery and equipment Other & IT TOTAL

31/12/2009 118 349 61 33 561

31/12/2010 110 355 53 34 551

31/12/2011 150 379 74 42

644

Breakdown of tangible fixed assets

57

In €m 31/12/10 Cash flow

for the period

Newly consolidated

Change and other non-cash

flows

31/12/11

WCR (25) 20 (15) (1) (21)

Of which:

- Operating WCR 127 - - - 197

- Non-operating WCR (126) - - - (184)

- Fixed asset WCR (25) - - - (34)

Change in working capital requirement

58

Financial Statements

59

BILAN CONSOLIDE (en M€) 31/12/2011 31/12/2010 31/12/2009

ECARTS D'ACQUISITION 551,9 366,2 358,6AUTRES IMMOBILISATIONS INCORPORELLES 114,6 63,1 68,7

IMMOBILISATIONS CORPORELLES 644,0 551,0 560,6

IMMOBILISATIONS FINANCIERES 48,9 32,2 30,6

IMPOTS DIFFERES ACTIFS 46,4 48,8 48,1

TOTAL ACTIF IMMOBILISE 1 405,8 1 061,3 1 066,5

Stocks 15,8 12,7 14,4 Clients et comptes rattachés 653,8 495,2 452,0 Autres créances et autres actifs courants 168,0 142,9 152,0 Disponibilités et Valeurs Mobilières de Placement 245,3 213,9 168,0TOTAL ACTIF CIRCULANT 1 083,0 864,6 786,3

Actifs non courants detenus en vue de la vente

TOTAL DE L’ACTIF 2 489 1 926 1 853

Capital social 19,7 19,7 19,7 Primes et Réserves 451,6 407,7 325,6 Ecarts de Conversion -25,2 -26,5 -30,6 Résultat de l’exercice 63,3 57,2 85,7CAPITAUX PROPRES PART DU GROUPE 509,5 458,0 400,4 Intérêts Minoritaires 2,9CAPITAUX PROPRES 512,3

PROVISIONS POUR RISQUES ET CHARGES (+ 1an / -1 an) 144,5 112,5 114,6IMPOTS DIFFERES PASSIFS 82,4 70,2 73,3

EMPRUNTS A LONG TERME 640,2 453,4 406,7

Dettes financières Court Terme 141,5 125,2 180,1 Fournisseurs et effets à payer 523,6 405,0 368,7 Autres dettes à court terme 335,2 270,9 266,7 Autres passifs financiers courants (instruments de couvertures) 21,1 13,2 16,0 Découverts Bancaires 87,9 17,4 26,2DETTES A COURT TERME 1 109,4 831,8 857,8

TOTAL DU PASSIF 2 489 1 926 1 853

60

COMPTE DE RESULTAT CONSOLIDE (en M€) 31/12/2011 31/12/2010 31/12/2009

CHIFFRE D’AFFAIRES 3 576,2 2 838,7 2 719,4

Achats et charges externes -2 173,9 -1 665,6 -1 541,6Charges de personnel -1 102,6 -917,7 -925,7Impôts, Taxes et versements assimilés -42,5 -34,0 -49,6Dotation / reprise aux amortissements et provisions -120,7 -109,6 -115,1Autres produits et charges opérationnelles -3,2 2,8 2,3Résultat sur cession d'actifs d'exploitation 2,9 -0,1 -0,2Coûts de restructuration -9,1 -9,1 -12,7Plus et moins-values immobilières 3,1 0,9 3,6

_________ _________ _________RESULTAT OPERATIONNEL avant écarts d'acquisition (EBITA)

130,4 106,3 80,4

Dépréciation Goodwill 0,0 0,0 0,0Amortissements de la Relation Client acquise -5,8 -3,8 -3,7Badwill

_________ _________ _________E.B.I.T. 124,6 102,5 76,7 Résultat Financier -25,4 -26,8 -25,8Cessation d'Activités

_________ _________ _________RESULTAT AVANT I/MPOT 99,1 75,8 50,9

Impôt sur les sociétés -22,2 -7,2 36,2Impôt sur les résultats : CVAE / IRAP -13,1 -11,9Quote-part des résultats des sociétés mises en équivalence 0,2 0,5 -1,4

_________ _________ _________RESULTAT NET DU GROUPE 64,0 57,2 85,7

Part des intérêts minoritaires 0,6

BENEFICE NET REVENANTAU GROUPE NORBERT DENTRESSANGLE

63,3 57,2 85,7

ETAT DU RESULTAT GLOBAL (en M€) 31/12/2011 31/12/2010 31/12/2009

RESULTAT NET PART DU GROUPE 64,0 57,2 85,7

Ecart de conversion 1,1 3,8 7,1Gains et pertes liés aux réévaluations des instruments financiers -7,8 2,8 -2,2Effet d'impôt sur instruments financiers et écarts de conversion 5,6 -0,5 5,1Divers -0,3 0,2 -0,2

_________ _________ _________PRODUITS ET CHARGES COMPTABILISES EN CAPITAUX PROPRES

-1,5 6,2 9,8

_________ _________ _________RESULTAT NET DU GROUPE 62,5 63,4 95,5

Financial Statements

61

TABLEAU DES FLUX DE TRESORERIE (en M€) 31/12/2011 31/12/2010 31/12/2009

BENEFICE NET PART DU GROUPE 63,3 57,2 85,7

Elimination des charges et produitssans incidence sur la trésorerie

165,3 141,7 137,6

Plus ou moins values sur cessions d'actifs immobilisés -5,2 -0,6 -2,9MARGE BRUTE D'AUTOFINANCEMENT 223,4 198,3 220,4Variation des actifs et passifs d’exploitation hors acquis. et immob. -28,6 -7,5 -3,9Variation Pension Fund U.K. -12,9 -7,6 -11,3

_______ _______ _______FLUX DE TRESORERIE D’EXPLOITATION 181,9 183,2 205,3

Acquisitions - cessions d'immobilisations corporelles et financières -91,8 -80,0 -64,4Acquisitions et cessions de sociétés nettes de latrésorerie acquise

-288,5 -6,0

_______ _______ _______FLUX DE TRESORERIE D’INVESTISSEMENT -380,4 -85,9 -64,4

Nouveaux emprunts - remboursement d'emprunts existants 198,2 -12,9 -9,2Dividendes versés aux actionnaires de la société mère -10,7 -8,6 -6,7Achat de titres en autocontrole / variation stock actions propres 0,1 0,8Augmentation de capital 0,4Charges financières nettes liées au opérations de financement -28,4 -22,6 -22,6

_______ _______ _______FLUX DE TRESORERIE DE FINANCEMENT 159,6 -43,3 -38,4

Effets de change sur la trésorerie -0,1 0,7 1,7_______ _______ _______

VARIATION DE LA TRESORERIEAU COURS DE L’EXERCICE

-39,03 54,7 104,1

Trésorerie en fin d’exercice 157,4 196,5 141,8

Financial Statements

ANNUAL RESULTS FOR 2011 Paris – Wednesday 29 February 2012