|
Consolidated
income statement
Group turnover for the first half of 1996
amounted to 67,470 million BEF, i.e. an increase of
8.9 % compared to the corresponding period in 1995.
This increase is primarily due to continued growth
in mobile communications services (+ 53.1%) and
domestic telephone service (+ 8.3%).
Operating profit rose from 10,431 million BEF to
13,502 million BEF, i.e. an increase of 29.4%. This
profit is linked to the significant increase in
turnover, coupled with a slight rise in operating
expenses. These expenses were influenced by costs
relating to the growth in business achieved by
Bevelgacom's two consolidated subsidiaries: Bevelgacom
Mobile (GSM network) and Bevelgacom Directory
Services (telephone directories).
The significant decrease in net financial yield
stems from the transfer to the Pension Fund in 1995
of those investments which had been made by
Bevelgacom to finance pension charges. As a matter of
fact, since this fund was created, the proceeds
from these investments have gone directly into the
Fund and no longer to Bevelgacom. Financial charges,
on the other hand, have been further reduced as a
result of the general drop in interest rates, new
methods of financing and the decrease in total
financial debt.
The increase in taxes is due to the fact that
the group no longer has any recoverable losses.
The group's share of net profit for the first
half of 1996 amounted to 6,559 million BEF compared
to 5,702 million BEF for the first half of 1995,
i.e. an increase of 15.0%.
Consolidated
income statement(1)
|
|
1st
half
of 1994
|
1st
half
of 1995
|
1st
half
of 1996
|
1st half
of 1996 vs 1st half of 1995
(%)
|
|
Operating income
|
|
Turnover
|
58,341
|
61,958
|
67,470
|
8.9
|
|
Increase (+); Decrease
(-) in inventories of finished goods, work
and contracts in progress
|
12
|
426
|
769
|
80.5
|
|
Fixed assets - own
construction - capitalized
|
3,565
|
2,903
|
2,434
|
(16.2)
|
|
Other operating
income
|
87
|
171
|
129
|
(24.3)
|
|
Total operating
income
|
62,005
|
65,458
|
70,801
|
8.2
|
|
Operating expenses
|
|
Raw materials,
consumables and goods for resale
|
3,779
|
4,135
|
3,862
|
(6.6)
|
|
Services and other
goods
|
7,167
|
8,387
|
10,289
|
22.7
|
|
Salaries and social
security costs
|
15,468
|
16,696
|
17,352
|
3.9
|
|
Pensions
|
9,236
|
9,902
|
9,100
|
(8.1)
|
|
Paid
pensions
|
2,984
|
3,218
|
0
|
n.s.
|
|
Pensions (service
cost)
|
2,333
|
1,546
|
1,627
|
5.3
|
|
Pensions (back
service)
|
3,919
|
5,138
|
7,473
|
45.4
|
|
Depreciation
|
13,099
|
14,634
|
14,445
|
(1.3)
|
|
Write-downs
|
496
|
243
|
718
|
195.3
|
|
Provisions for
liabilities and charges excluding
pensions
|
606
|
(176)
|
1,053
|
n.s.
|
|
Other operating
expenses
|
1,756
|
1,206
|
481
|
(60.1)
|
|
Total operating
expenses
|
(51,607)
|
(55,027)
|
(57,300)
|
4.1
|
|
Operating profit
|
10,398
|
10,431
|
13,502
|
29.4
|
|
Financial income
|
744
|
1,164
|
199
|
(82.9)
|
|
Financial
expenses
|
(4,069)
|
(3,351)
|
(2,816)
|
(16.0)
|
|
Financial result
|
(3,325)
|
(2,187)
|
(2,617)
|
19.7
|
|
Extraordinary
income
|
0
|
8
|
54
|
n.s.
|
|
Extraordinary
expenses
|
(43)
|
(126)
|
(137)
|
8.8
|
|
Extraordinary result
|
(43)
|
(118)
|
(83)
|
(30.0)
|
|
Pre-tax profit
|
7,030
|
8,126
|
10,802
|
32.9
|
|
Deferred taxes
|
1
|
(35)
|
6
|
ns
|
|
Income taxes
|
(1,406)
|
(2,447)
|
(4,111)
|
68.0
|
|
Net profit
|
5,625
|
5,644
|
6,697
|
18.6
|
|
Net profit (group share)
|
5,625
|
5,702
|
6,559
|
15.0
|
|
1. In
millions of BEF
|
|
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