PCAS

Earnings Release • Sep 6, 2012

Longjumeau, September 6th, 2012

Business buoyant over the first half of 2012 – Strong growth in results

In millions of euros		H1 - 2011	H1 - 2012	% change
Net sales		85.8	89.4	+ 4.1%
	including Pharmaceutical Synthesis	53.6	55.4
	including Fine Specialty Chemicals	32.2	34.0
EBITDA (*)		9.5	13.1	+ 37.9%
EBITDA margin		11.1%	14.6%
Current Operating Income (*)		4.1	7.4	+ 80.5%
Other operating income and expenses		-0.3	-1.3
Financial Result		-1.4	-1.9
Share of profit/loss of associates		0.1	-0.1
Taxes		-0.3	-0.5
Net Result		2.2	3.6	+ 63.6%
In millions of euros		Dec. 31, 2011	June 30, 2012
Equity		69.2	73.0
Net debt		53.6	55.9
Gearing		0.77	0.77
Net asset per share		5.0	5.3

(*) of which research tax credit (CIR): 1.4 million euros in 2011 and 2012

The PCAS Group achieved 4.1% growth in consolidated net sales for the first half of 2012 compared to the first half of 2011.

Pharmaceutical Synthesis

Net sales are up 3.3%. Excluding the contract between PCAS and Sanofi, this division's sales increased by 7.7% compared to the first half of 2011.

Fine Specialty Chemicals

The Fine Specialty Chemicals business has recorded 5.5% growth in 2012, driven by the New Technologies activities, while the Performance Chemicals and Fragrance-Flavor-Cosmetics lines contracted slightly over the period.

Current operating income reached 7.4 million euros for the first half of 2012, compared to 4.1 million euros for the first half of 2011, reflecting this increase in business and a significant improvement in margins.

The PCAS Group recorded 3.6 million euros in net income for the first half of 2012, versus 2.2 million euros for the first half of 2011, taking into account -1.3 million euros in other operating income and expenses (including 0.8 million euros of restructuring costs) and -1.9 million euros in financial expenses.

The second half of the year should see as well an increase of volume of business, stronger than the second half of 2011, for each division, despite a contraction for Fragrance activities.

Business and earnings are historically higher for the first six months than the second half of the year, which is affected by the annual site shutdowns.

About PCAS :

Founded in 1962, PCAS is a fine and specialty chemicals group that shares an ambition for excellence with its customers, which primarily include market-leading international groups. PCAS designs and delivers the best industrial solutions for its customers' specific expectations. These various expectations all share a common demand for safety, quality, competitiveness, innovation and sustainability.