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PCAS : Half Result 2008
Date:7/30/2008


PARIS, July 30 /PRNewswire-FirstCall/ -- 2008 HALF-YEAR RESULTS

EUR'000,000 2008 2007

Revenues 92.5 99.3

EBITDA* 12.9 16.0

EBITDA margin 14.0% 16.1%

Current operating income* 6.0 7.8

Other operating income and expenses 0.4 (2.0)

Financial result (2.8) (2.7)

Net income 2.4 0.8

Shareholders' equity 78.7 73.9

Net debt 69.5 78.0

Gearing 0.88 1.06

* Of which, research tax credit: 0.8 million euros in 2008 and 0 in 2007.

Business and earnings over the first half of 2008 The Group's revenues came to 92.5 million euros over the first half of 2008, compared with 99.3 million euros in H1 2007, down 6.8% (-4.9% at constant exchange rates).

The Pharmaceutical Synthesis division recorded a 10.5% drop, primarily reflecting the impact of:
- The delivery in H1 2007 of an exceptional order produced in 2006 for 4.2

million euros,

- A reduction in finished product stocks with the main client for 2.2

million euros,

- The dollar's depreciation for around 1.0 million euros. In the Fine Specialty Chemicals division, business is down slightly, falling 1.3% (+ 0.9% at constant exchange rates), primarily in light of the continued client portfolio selection policy aimed at eliminating products that are not deemed to be profitable enough.

Despite an unfavorable dollar effect, representing 1.4 margin points or 1.3 million euros for all the divisions, and despite the slowdown in activity, the EBITDA margin came in at 14% (15.4% at constant exchange rates). Current operating income therefore represents 6.0 million euros, compared with 7.8 million over the first half of 2007.

After factoring in the financial result, the tax expense and the share in net income from equity affiliates, respectively representing - 2.8 million euros, - 0.9 million euros and - 0.4 million euros in H1 2008, PCAS Group net income represents a profit of 2.4 million euros for H1 2008, compared with 0.8 million euros in H1 2007.

Group continuing to reduce its debt

After further strengthening its financial structure in 2007 by reducing and more effectively staggering its debt, the Group is continuing to take its levels of debt down. In this way, net debt represented 69.5 million euros at June 30th, 2008, compared with 78.0 million euros at June 30th, 2007 (gearing cut to 0.88).

Outlook

The current outlook for activity over the second half of 2008 shows an improvement for the Pharmaceutical Synthesis division, while a downturn is forecast for the Fine Chemicals division within a more difficult environment.

This outlook, combined with the PCAS Group's commercial and management efforts, should make it possible to keep profitability for the second half of the year at a similar level to 2007.

PCAS will be maintaining its policy to develop high added-value niche activities and build up its international business on buoyant markets.

Lastly, PROTEUS, in which PCAS owns 35.4%, with options enabling it to raise its stake to 49%, is developing a highly promising business across its four sectors: healthcare, fine pharmaceutical chemicals, bioenergy and the environment. Its unique technology is enabling it to attract major international clients on subjects of global interest.

http://www.pcas.fr

Financial communications: Philippe Delwasse - Eric Moissenot | +33(0)1-69-79-61-32


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SOURCE PCAS
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