Strong growth in emerging markets
Continuing acquisitions
Target for 2010 adjusted operating margin raised again, to over 19%

Gilles Schnepp, Chairman and Chief Executive Officer of Legrand, comments:
“In the first half of 2010, Legrand sales were up 5.4% to €1.9 billion, while the rise at constant scope of consolidation and exchange rates was 3.1%. Adjusted operating income rose 44% to €400 million...

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Gains in emerging countries
Success of new products
2010 target for adjusted operating margin raised to over 18%

In the first quarter of 2010, Legrand’s sales rose 0.5% at constant scope of consolidation and exchange rates and adjusted operating income was up 38%.

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Margins steady
Net debt reduced by over €500m
High level of investment in innovation
With 2009 sales down a steep 13.9% at constant scope of consolidation and exchange rates, our maintainable adjusted operating income fell 15.6% to €629.5 million, which corresponds to a near steady margin of 17.6% of sales, compared with 17.7% in 2008.

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Full and continuing adaptation to market conditions.
Upward revision of 2009 margin target.
In the first nine months of 2009, Legrand achieved a maintainable adjusted operating margin of 17.9% despite a 15.7% decline in sales at constant scope of consolidation and exchange rates, and generated a high level of free cash flow.
Over the first nine months of the year, production costs plus administrative and sales expense fell by a combined 17.5% at constant scope of consolidation and exchange rates.

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