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PCAS: 2008 Results
Date:2/18/2009

al invoicing at the beginning of 2007 of a product (phase 2) manufactured in 2006 and representing 4.2 million euros. It is also due to difficulties met by the Group's main customer in the supply of a raw material; difficulties that are being gradually resolved but which impacted sales in 2008 by 1.8 million euros. Lastly, the drop in value of the US Dollar, representing 1.5 million euros, also played a negative role.

As for the Fine Speciality Chemical division, it recorded a fall in sales of 11.6% (8.8 million euros), reflecting the conscious decision to stop manufacture of loss-making products or those considered to be insufficiently profitable at 1.1 million euro, as well as the impact of the unfavourable exchange rate (US Dollar), estimated at -0.9 million euros.

Operational profitability resisted well and debt reduction programme continued in a difficult climate, measures concerning cost reduction and margin improvements were continued to allow the Group to limit the decline in its operational profitability in 2008. The current EBITDA was recorded at 19.3 million euros as compared to 26.8 million euros in 2007. The Group's net debt was reduced to 62.4 million euros as compared to 70.1 million euros in 2007.

In 2008, other operating income and expenses mainly included the profit released by the Finnish subsidiary due to the sale of non-strategic financial assets. In 2007, it included the effects of the posting of the free share programme in particular, implemented in January 2007 (2.0 million euros), as well as restructuring costs (1.0 million euros).

Having taken into account the financial result and taxes, representing â¿¿ 5.4 million euros and -0.7 million euros in 2008 respectively, the PCAS Group's net income recorded a 0.9 million euro loss in 2008 as compared to a 2.7 million euro profit in 2007.

Forecast

Although the crisis in the world's financial
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SOURCE PCAS
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