JENSEN-GROUP N.V. — Interim / Quarterly Report 2011

Aug 18, 2011

Highlights First half year 2011

• Revenue of the first half-year of 2011 amounts to 117,3 million euro, a 3,5% decrease compared to last year.
• Operating profit (EBIT) for the first six months amounts to 8,2 million euro, which is 16,4 % lower than last year.
• Cash flow (EBITDA) for the first half year amounts to 9,2 million euro, a 39,9% decrease compared to last year.
• Net profit amounts to 5,1 million euro (Earnings per Share of 0,64 euro), a decrease of 8,8 % compared to last year.
• Net financial debt decreased by 1,4 million euro compared to December 2010, and amounts to 11,8 million euro.

Summary overview

Income Statement 30/06/2011- 30/06/2010 Non-audited, consolidated key figures

(million euro)	June 30, 2011	June 30, 2010	Change
	6M	6M
Revenue	117,3	121,6	-3,54%
EBIT	8,2	9,8	-16,42%
Cash flow (EBITDA) 1	9,2	15,3	-39,90%
Financial result	-0,8	-2,2	-62,69%
Profit before taxes	7,4	7,6	-3,00%
Taxes	-2,3	-2,0	12,81%
Net income continuing operations	5,1	5,6	-8,77%
Result from discontinued operations	0,0	0,1	-137,93%
Net income (Group share in the profit)	5,1	5,6	-10,10%
Net cash flow 2	6,1	11,0	-45,07%

Balance sheet as of 30/06/2011- 31/12/2010

Non-audited, consolidated key figures
(Mln euro)	June 30, 2011	Dec 31, 2010	Change
	6M	12M
Equity	59,6	57,5	3,77%
Net financial debt	11,8	13,2	-10,38%
Assets held for sale	0,3	0,4	-7,49%
Total assets	154,8	157,9	-1,96%

Non-audited, consolidated key figures per share

(euro)	June 30, 2011 6M	June 30, 2010 6M	Change
Cash flow from operations (EBITDA) 1	1,15	1,91	-39,79%
Profit before taxes	0,92	0,95	-3,16%
Profit after taxes continuing operations (EPS)	0,64	0,70	-8,57%
Net cash flow 2	0,76	1,38	-44,93%
Equity (June 30, 3011 - December 31, 2010)	7,45	7,18	3,76%
Number of shares (end of period)	8.002.968	8.002.968
Number of shares (average)	8.002.968	8.002.968

1 EBITDA = earnings before interest, taxes, depreciation and amortization; This is operating profit plus depreciation and amounts written off on stocks, trade debtors, impairment losses and provisions for liabilities and charges.

²The net cash flow is the net income (Group share in the profit) excluding depreciation, amounts written off on stocks, trade debtors, impairment losses and provisions for liabilities and charges.

Operating activities

• Revenue

• o Revenue decreased due to lower order intake in previous period;
• o Order backlog at June 30, 2011 year-on-year increased by 24%. Management estimates that approximately a quarter of this backlog will not be reflected in the 2011 results.
• EBIT
• o Consolidated EBIT decreased from 9,8 million euro to 8,2 million euro (-16,4%). The lower EBIT is attributable to lower activities and project costs.

Other activities

• Total net finance cost amounts to 0,8 million euro. This primarily relates to interest charges (0,4 million euro).
• The net tax charges amount to 2,3 million euro.
• Compared to December 2010, the net financial debt decreased by 1,4 million euro to a level of 11,8 million euro.
• During the first six months of 2011, JENSEN-GROUP invested 0,7 million euro capex in the new plant in China and expects that the new plant will be operational during Q4 2011

Outlook

The order backlog as per June 2011 was 24% higher year-on-year. Management estimates that approximately a quarter of this backlog will not be reflected in the 2011 results.

Major risk factors are the volatility in the financial markets affecting the investment decisions of our customers as well as competitive pressure. Other risks are high exchange rate volatility and fluctuating raw material prices, energy and transport costs.

Buy-back own shares

At its meeting held on November 3, 2009, the Board of Directors approved the purchase of 36.874 shares of the Company that were held by Baillie Gifford and offered for sale. The buyback was completed through the use of an investment bank, acting as intermediary, at a price per share of 6,9 euro at the Euronext stock exchange. As a result of this transaction, JENSEN-GROUP currently holds 36.874 treasury shares.

Shareholders' calendar

November 2011: Trading update March 2012: Full year results 2011 (Analysts' meeting) May 15, 2012: Shareholders' meeting

Audit

The statutory auditor has confirmed that the review, which is substantially complete, has not to date revealed any material misstatement in the condensed consolidated interim financial information, and that the accounting data reported in the press release is consistent, in all material respects, with the condensed consolidated interim financial information from which it has been derived.

Profile

The JENSEN-GROUP assists heavy-duty laundries worldwide to provide quality textile services economically. We have become a preferred supplier in the laundry industry by leveraging our broad laundry expertise to design and supply sustainable single machines, systems and integrated solutions. We are continuously growing by extending our offer and by developing environmental friendly and innovative products and services that address specific customer needs. Our success results from combining our global skills with our local presence. The JENSEN-GROUP has operations in 12 countries and has distribution in more than 50 countries. Worldwide, JENSEN-GROUP employs about 1.100 employees.

This press release and the full text of the Interim Financial Information, in accordance with IAS 34 and including the auditor's report on their review, are available on the corporate website www.jensen-group.com.

(End of press release)

Note to the editors: for more information, please contact: JENSEN-GROUP: Jesper Munch Jensen, Chief Executive Officer Markus Schalch, Chief Financial Officer Scarlet Janssens, Investor Relations Manager Tel. +32.9.333.83.30 E-mail : investor@jensen-group.com.