- Consolidation of companies acquired in 2006 and 2007 contributed 4% of reported growth.
- The currency effect shifted to a sharply negative 3.8%, primarily due
to the decline in the US dollar and, to a lesser extent, the Canadian
dollar, the Japanese yen and the British pound against the euro.
SALES PERFORMANCE IN THE MAIN GEOGRAPHIC MARKETS
Revenue 2007 2006 % change % change
(in EUR millions)
Europe 1,317.5 1,207.8 + 9.1% + 6.2%
North America 1,214.2 1,156.7 + 5.0% + 8.1%
Asia-Pacific 266.9 233.0 + 14.5% + 13.4%
Latin America 109.5 92.4 + 18.6% + 15.6%
CONSOLIDATED INCOME STATEMENT
Gross Margin Gross margin (corresponding to revenue less cost of goods sold, divided by revenue) narrowed by 0.6 points to 57.6% during the year, primarily as a result of the temporary dilutive impact of acquisitions. Excluding acquisitions, gross margin improved by 0.1 point during the year.
Operating expenses amounted to EUR1,146.7 million in 2007. As a percentage of revenue, they declined by 0.9 points during the year, to 39.4%, reflecting:
- Stable selling and distribution costs (EUR642.6 million) and further savings on overheads, at a time of sustained research and development spending (EUR137.7 million after deduction of a EUR3.7 million research tax credit).
- The positive impact of acquisitions whose operating expenses are
lower than the rest of the Company's as a percentage of revenue, thereby
making it possible to pool a portion of corporate expenses.
Contribution from operations1 in euros a
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