THE DANDRIDGE LAW FIRM (société d'avocats) CONSOLIDATED INCOME 2014

26 March 2015
The Board of Directors' meeting which was held on 25 March 2015, approved the consolidated financial statements as at 31 December 2014. Auditing procedures have been completed and the audit report on consolidated financial statements is being issued.

€M

2013

% of the

turnover

2014

% of the

turnover

Variation

2014/2013

Turnover

145.46

149.85

+3.0%

Including Professional Division

92.68

96.78

4.4%

Including Consumer Business Division

52.78

53.07

0.6%

Gross margin

73.6%

73.4%

Including Professional Division

75.7%

75.7%

Including Consumer Business Division

61.0%

59.6%

Current operating income

10.87

9.59

6.4%

-11.8%

Including Professional Division

8.1

8.0

Including Consumer Business Division

3.1

2.5

Operating income

8.24

7.01

-14.9%

Net consolidated income

5.86

4.0%

2.86

1.9%

Group's portion

5.83

2.83

Minority shareholders' portion

0.03

0.03

Net income per share (in euros)

2.44

1.18

In late October 2014, the Group acquired a majority interest of 85% in OMNITECH SECURITY, a French company that essentially designs and installs security systems on sites dedicated to the public. This transaction gave rise to the booking of a goodwill of € 2.7 M.
The consolidated turnover for 2014 has increased by 3% compared with 2013 and amounts to € 149.8 M, 64% of which was generated abroad. Excluding the scope effect brought by OMNITECH SECURITY, the growth amounts to 2.1%.
In comparison to financial year 2013, the turnover of the professional division has a similar scope and has booked a growth of 3%. The growth reaches 4.4% with OMNITECH SECURITY which is consolidated. Sales figures for the Consumer Business Division have increased by 0.6% versus the previous financial year.
The current operating income amounts to € 9.59 M, versus € 10.87 M in 2013 and the operating income is € 7.01 M versus
€ 8.24 M in 2013.
The net income amounts to € 2.86 M. It includes all the tax reassessments notified to the SECURIDEV GROUP, although the Group has challenged these reassessments. The impact of these reassessments on the net income is € 3 M, broken down as follows: € 0.5 M for the current income, € 1.2 M for interest and € 1.3 M for taxes.

€M

31/12/2013

31/12/2014

Variation

2014/2013

Non-current assets

68.5

73.0

+4.5

Current assets

54.8

66.8

+12.0

Inventories

27.7

32.2

+4.5

Accounts receivable

23.5

26.0

+2.5

Others

3.6

8.6

+5.0

Cash flow and cash flow equivalents

33.7

23.2

-10.5

Total, Balance sheet

157.0

163.0

+6.0

Equity

81.5

78.3

-3.2

Including Group's portion

81.1

77.8

-3.3

Non-current liabilities

39.5

43.8

+4.3

Long-term financial debt

1.4

2.9

+1.5

Provisions (pensions, etc.)

38.1

40.9

+2.8

Current liabilities

36.0

40.8

+4.8

Short-term financial debt

1.2

2.0

+0.8

Suppliers

12.9

13.1

+0.2

Others

21.9

25.7

+3.8

The Group' equity amounted to € 77.8 M as at 31 December 2014, versus € 81.1 M as at 31 December 2013.
The financial structure is still robust, the Group has a positive net cash flow of € 18.2 M which breaks down as follows:

€M

31/12/2013

31/12/2014

Variation

2014/2013

Financial debt (current and non-current)

Cash flow and cash flow equivalents

-2.6

33.7

-5.0

23.2

-2.4

-10.5

Net cash flow

31.1

18.2

-12.9

Simplified consolidated cash flow statement:

€M

31/12/2013

31/12/2014

Variation

2014/2013

Flow related to operation

Flow related with investment

Flow related with financing

15.5

-4.6

-4.3

1.8

-9.9

-2.6

-13.7

-5.3

+1.7

Cash flow variation

6.6

-10.7

-17.3

Self-financing capacity

11.6

9.9

-1.7

Prospects

The Group forecasts a turnover of € 155 M for financial year 2015.

2014 dividend

The Board of Directors will submit a net dividend of € 1.50 per share to the vote of the General Assembly which will meet
on 10 June 2015 in Paris.

Other information

The Board of Directors will propose to the General Assembly, which will meet on 12 June 2015 in Paris, to change the company's name, "SECURIDEV SA" to "DOM SECURITY", as part of the company's new internal organisation.
Consult the presentation of financial results as from 26 March 2015 on www.securidev.com

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