NET DEBT AND FINANCIAL RESULTS (million euros €)

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

Net debt at year-end

-201

-63

-1,083

-1,339

-1,445

-1,054

-2,293

-3,296

-3,534

-17,137

Interest Income

48

18

-2

-81

-88

-64

-49

-150

-170

-726

Net debt (%)

6.8

1.9

25.7

27.6

26.9

19.5

27.8

30.2

30.7

53.5

Interest coverage

12.7

12.9

14.6

13.1

7.7

7.9

8.0





PROFITABILITY RATIOS

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

Return on equity (ROE) (%)

17.4

16.4

15.4

15.9

17.3

18.9

15.8

14.2

15.1

10.9

Return on assets (ROA) (%)

9.0

8.4

8.4

7.8

8.2

9.2

8.0

7.6

7.6

6.4

Return on capital employed (ROCE) (%)

15.3

14.5

14.1

12.7

13.0

14.6

12.4

11.0

10.6

8.3

Return on capital employed exgoodwill (ROCE) (%)

 --- --- --- --- --- --- --- --- ---

12.0
Definition of ratios:
 Net debt

Net debt / (shareholders' equity + minority interests + net debt)
Interest coverage

Operating income / financial charges
Return on equity (ROE) Net income / average shareholders' equity
Return on assets (ROA) (Net income + minority interests + net financial expenses) / average assets
Return on capital employed (ROCE) (Net income + minority interests + net financial expenses) / ( average shareholders' equity + average minority interests + average debt)
Return on capital employed ex goodwill (ROCE) (Net income + minority interests + net financial expenses + goodwill amortization) / ( average shareholders' equity + average minority interests + average debt-goodwill)