Rougier

Earnings Release • Nov 12, 2015

Paris, 12 November 2015 – 5:45 pm

Revenues for the first nine months of 2015 up 13.0% to €122.5 million

Rougier is reporting €122.5 million in revenues at 30 September 2015, up 13.0% year-on-year. Third-quarter revenues came to €35.9 million, identical to the previous year.

Rougier Afrique International: slowdown in sales for the third quarter

The Rougier Africa International branch recorded €103.7 million in revenues for the first nine months of 2015, an increase of 15.2% compared with the previous year. Following a buoyant first half, the third quarter's shipments from Cameroon and Congo were affected by the resumption of the issues at Douala port, with highly volatile shipments. In Gabon, sales have continued to improve.

Import-Distribution France: upturn in sales in the third quarter

The Import-Distribution France branch generated €21.8 million in revenues for the first nine months of the year, up 4.5% from the previous year. Revenues picked up in the third quarter, with 14.9% growth, driven by the diversification and strengthening of Rougier Sylvaco Panneaux's product ranges, in a French market that is still very competitive.

Change in the product mix

At 30 September	2015		2014		Change
	€M	% of rev.	€M	% of rev.
Sawn timber and derivatives	72.0	59.7%	66.0	61.6%	+9.1%
Logs	29.4	24.3%	22.8	21.2%	+29.0%
Plywood and derivatives	19.3	16.0%	18.5	17.2%	+4.3%

Faced with a slowdown in demand in certain emerging countries, the changes in the product mix for the third quarter reflect the contraction in trade sales based on sourcing from outside of the Group, as well as the longer shipping times seen in Cameroon.

Change in the regional mix

At 30 September	2015		2014		Change
	€M	% of rev.	€M	% of rev.
Europe	55.1	45.0%	49.3	45.5%	+11.8%
Asia	38.2	31.2%	32.6	30.1%	+17.2%
Sub-Saharan Africa	11.2	9.1%	11.2	10.3%	-
Middle East and North Africa	10.3	8.4%	7.2	6.6%	+44.1%
Americas and Pacific Region	7.7	6.3%	8.1	7.5%	-5.4%

Following on from the first half of the year, the third quarter's sales benefited from the improved economic climate in Europe and the turnaround on certain markets in the Middle East and North Africa, which, combined with the strong position of certain emerging markets in Southeast Asia, have made it possible to offset the significant slowdown in demand from China. The North American markets have continued to perform well.

Outlook

In a contrasting global environment, the outlook is based on the gradual turnaround in industrial fundamentals in Gabon, the consistency of the business in Cameroon and Congo, and the drive to adapt the commercial positioning in France and internationally.

Next date 2015 full-year revenues on 11 February 2016 (after close of trading)

Founded in 1923, the Rougier Group is a market leader for certified African tropical timber. The Group has three core business lines: Rougier Afrique International (natural forest harvesting, industrial processing and international trade), Importing and distribution in France of timber from all origins (including Rougier Sylvaco Panneaux) and Plantations (research,

management and investment in industrial forest plantations in Africa). www.rougier.fr

ISIN: FR0000037640
Reuters: ALRGR.PA
Bloomberg:	ALRGR:FP

Eligible for SME share-based savings schemes

Contact:

Cyril Combe cyril.combe@calyptus.net Tel: +33 (0)1 53 65 68 68