PCAS : Half Result 2008(red with 7.8 million over the first half...),Health

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