Chargeurs — Earnings Release 2013

Apr 30, 2013

Financial Information – First Quarter 2013

Consolidated Revenue		First Quarter
(in € millions)	2013	2012
Chargeurs Protective Films	47.5	45.7
Chargeurs Interlining	42.9	43.9
Chargeurs Wool	30.4	50.6
TOTAL	120.8	140.2

Consolidated revenue for the first quarter of 2013 was down 13.8% as reported and 6.9% at constant consolidation scope. Almost all of this decrease came from the Wool business.

• Chargeurs Wool is becoming a services business with very limited industrial assets. This led to the sale of 50% of its wool businesses in Uruguay and Argentina. This scope change explains half of the decline in its revenue, while the other half was due to an 11% decrease in volumes and an 8% negative price effect, linked to falling raw wool prices over the past year.
• Chargeurs Protective Films continues to enjoy robust demand, with volumes gaining 4% over the quarter.
• Chargeurs Interlining reported stable volumes and a 2% negative price and currency effect.

In a global environment shaped by weak growth, Chargeurs expects annual revenue to be in the region of €460 million. However, given the full-year impact of the realignment measures undertaken in 2012 and the performances achieved in the first four months of 2013, full-year operating profit should be double last year's figure.

By the end of 2013, Chargeurs also expects to have repaid most of the bank financing obtained in April 2010.

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April 30, 2013

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Investor calendar	2013
2013 Interim Financial Results	August 29
Financial Information – Third quarter 2013	November 5