WENDEL Investissement reports proforma⁽¹⁾ consolidated net sales of 5,030 million euros for 2006, representing an increase of 11%.
 
Average organic growth of the Group's subsidiaries continued to be sustained and rose slightly in the final quarter to 7% for the year 2006. This figure is calculated excluding Oranje-Nassau, whose net sales are linked to the price of oil and production volume.
This performance was accompanied by an active policy of acquisitions by Group subsidiaries, in particular in the first half of the year.
 
Published⁽²⁾ consolidated net sales for 2006 totaled 4,272 million euros, compared with 2,776 million euros at the end of 2005.

Proforma⁽¹⁾ consolidated annual net sales

Published⁽²⁾ consolidated annual net sales

Net sales of companies accounted for by the equity method 

Bureau Veritas
Bureau Veritas reported a 12% increase in net sales to 1,846 million euros in 2006, with organic growth of 7% and external growth of 5%. This good performance was linked to sustained activity in the Industrial Services sector in France and emerging countries, to the Marine division, which benefited from significant business in new construction, and to strong testing activities in the Consumer Products business. The termination of government contracts in Venezuela and Kenya was partially offset by new developments in this sector in Africa and Asia.
 
Materis
In 2006, net sales totaled 1,622 million euros, up 19%. The Group's organic growth was 8%, sustained in particular by construction markets that boosted the results of Mortars, by the good performance of specialty building materials for Aluminates, and by the development of new innovative products in Admixtures. External growth stood at 11% with the acquisition of Zolpan especially at the end of 2005, followed in 2006 by acquisitions in France, Switzerland and Argentina, which bolster the development of the Paints business, as well as the expansion of Mortars activities in Spain, the United States and China.
 
Editis
Net sales amounted to 755 million euros in 2006. Excluding the termination of the Larousse distribution contract at the beginning of 2006, which had an adverse impact of –11%, and acquisitions, organic growth was 2.5% in a stable market. This rise mainly reflected increased textbook sales, continued growth in pocketbooks and the development of distribution activities, in particular, of third-party contracts signed since 2004.
 
Deutsch
In 2006, Deutsch reported net sales of 437 million euros and organic growth of 9%. This performance was, in particular, the result of significant business in the Transportation and heavy vehicles sector in the United States and Europe.
 
Oranje-Nassau
In 2006, Oranje-Nassau reported net sales of 243 million euros. The rise in the price of oil largely offset the decrease in production. The startup of the Buzzard oil field at the beginning of 2007 will again make it possible to increase production.  
 
Stallergènes
Net sales totaled 127 million euros in 2006, with organic growth of 13% linked, in particular, to the rise of the number of patients treated in France and to the development of the market bolstered by an expanded service offering.
 
Legrand (accounted for by the equity method)
In 2006, Legrand reported growth in net sales to 3,737 million euros, up 15% from 2005. Organic growth was 8%; it was amplified by external growth of 7%.

Stahl  (accounted for by the equity method)
In 2006, net sales increased by 3% to 316 million euros. On a constant consolidation and foreign exchange basis, business was stable in spite of the rise in the price of leather, which penalized the Asia-Pacific region, and the slowdown in the American automotive market.


[1] Proforma consolidated net sales includes for all of 2005 and 2006 the net sales of Materis and the net sales of Deutsch.
[2]  Published consolidated net sales include the net sales of Materis for eight months and the net sales of Deutsch for five months

Accounting for the change in consolidation linked to the acquisition of Materis and Deutsch at the end of the first half year, WENDEL Investissement reported consolidated net sales proforma^([1]) of 3,707 million euros in the first nine months of 2006, up 12% from the same period of 2005. 
Excluding Oranje-Nassau, whose net sales vary depending on the price of oil, the average organic growth of the Group's subsidiaries stood at 6% in the third quarter as well as in the first nine months of 2006. 
This organic growth was accompanied by an active policy of acquisitions at all Group subsidiaries, in particular in the first half.

Consolidated net sales proforma(1):

[1] Consolidated net sales proforma include the net sales of Materis and Deutsch for the first nine months of 2005 and 2006.

Consolidated net sales as published:

Consolidated net sales do not include the net sales of companies accounted for by the equity method:

Bureau Veritas
Net sales in the first nine months of 2006 totaled 1,341 million euros, representing an increase of 13%, with 6% organic growth and 6% external growth. The rise mainly reflected sustained growth in the Industry & Facilities division in France, and in emerging countries, as well as of the Marine division, which again reported strong growth in business. This result was achieved in spite of the significant decrease in Government Services activities, mainly linked to the termination of a contract in Venezuela at the end of 2005.
 
Materis
Net sales in the first nine months of 2006 totaled 1,217 million euros, up 21%. Organic growth was 7%, linked to the good performance of Admixtures and Mortars, which were boosted by strong markets, and to robust growth in specialty building materials to the benefit of the Aluminates business. External growth was 13%, owing in particular to the acquisition of Zolpan (Paints) as well as to acquisitions in China (Aluminates) and Spain (Mortars).
 
Editis
In the first nine months of 2006, net sales totaled 544 million euros; the termination of the Larousse distribution contract as of January 1, 2006, had a negative impact of 10%. Organic growth of 2% was due to the good performance in sales of textbooks, growth in the paperback sector, and the development of distribution activities, which were bolstered by the acquisition of DNL in July 2006. External growth was 7%.

 
Deutsch
In the first nine months of 2006, Deutsch reported an 11% increase in net sales to 330 million euros. Organic growth of 10% was particularly bolstered by the excellent performance of the transport and heavy vehicles sector in the United States
 
Oranje-Nassau
In the first nine months of 2006, the rise in the price of oil enabled Oranje-Nassau to report a 6% increase in net sales (187 million euros), in spite of a decrease in production. In 2007, production is expected to rise again with the startup of operations at the Buzzard oil field.
 
Stallergènes
Net sales in the first nine months of 2006 totaled 89 million euros, up 13%, with 12% in organic growth, sustained by the rise in the number of new patients in under-the-tongue treatment.
 
Stahl (accounted for by the equity method)
Net sales in the first nine months of 2006 totaled 236 million euros, representing an increase of 4%. On a constant consolidation and foreign exchange basis, sales were stable compared with the same period in 2005, in spite of weak demand in the American automotive market and a slowdown in the Asia-Pacific region, which had to face a rise in the price of leather and trade restrictions by the European Union.

Legrand (accounted for by the equity method)
In the first nine months of 2006, Legrand reported sustained growth in net sales to 2,782 million euros, up 18% from the same period in 2005. Organic growth was more than 7% and external growth reached 9%.


[1] Consolidated net sales proforma include the net sales of Materis and Deutsch for the first nine months of 2005 and 2006.

Consolidated net sales proforma (1):

[1] Consolidated net sales proforma include for the whole period under review Materis's net sales and Deutsch's net sales.

Consolidated net sales as published:

Consolidated net sales do not include the net sales of companies accounted for by the equity method:

Consolidated companies

Consolidated business from the end of the 1st half of 2006

Equity method