Oeneo — Earnings Release 2009

Sep 15, 2009

First-half 2009 Strong resilience of current operating profit : 9.0% of sales results %

Consolidated income statement (€m) m)	H1 2008	H1 2009
Sales	64.0	57.7
o/w Closures	29.0	29.0
o/w Barrels	35.0	28.7
Current operating profit	6.1	5.2
o/w Head Office	-0.5	-0.3
o/w Closures	3.2	4.4
o/w Barrels	3.4	1.1
Operating profit	5.8	3.1
Cost of net financial debt	-3.6	-2.9
Income tax	0.4	-0.6
Net income	1.9	0.2

The consolidated 2009 first-half accounts were approved September 11, 2009. by the Oeneo Board of Directors at its meeting on

The Oeneo group has shown strong resilience during operating profit at 9% of sales at a time of lower the Closures Division with the ramp-up of sales performance of the Barrels Division, which can be the first half of 2009, maintaining its current activity. The significant improvement in margins in of the DIAM range offset the less satisfactory directly attributed to the poor economic climate.

The operating profit figure includes a one-off charge provision for restructuring in order to boost competitiveness rate cuts, and to the recording of a theoretical tax expense million. of €2.1 million in the Barrels Division, to record a competitiveness. The cost of debt fell by €0.7m due to interest (without cash impact ) corresponding to €0.6

The group has published only a slightly positive restructuring plan and the tax effect, the group would net income figure for this first half. Excluding the have generated higher net income than in June 2008.

Further investments and debt under control

As of 30 June 2009, group shareholders' equity stood at the end of the half year, a level that includes both the Barrels Division during the first half, and continued at €67.0 million. Net debt amounted to €125.2 million a working capital that is traditionally unfavourable for strategic group investments.

These investments, amounting to €5.4 million overthe programme for the new DIAM plant in the Closures (where oak is transformed to manufacture barrels) in the the first half, are related to the start of the construction Division, and to the extension of the stave-wood plant Barrels Division.

Analysis of performance and outlook for the Divisions

BARRELS DIVISION: activities more competitive

Despite a marked cyclical fall-off in its activity during positive level of current operating margin by adjusting plan, and also thanks to constant efforts in productivity the first half, the group has been able to safeguard a its structures to its activity level via a reorganisation improvements.

Although principals are still affecting a wait-and-see should see a marked improvement in profitability compared traditionally seasonal nature of this activity as the underway. The investment in the stave making business self-sufficient in terms of supplies to over 50%, which attitude, especially in the United States, the second half with the first half, as it notably benefits from the European and North American grape harvests get will also help the group to advance from being 30% is synonymous with additional growth in margins.

The group is also actively continuing its effort to innovate, bolster its offering and reap the full benefit of the expected especially on the high-end segment as it seeks to market improvement.

The resilience of the market for alternative products ambitious development strategy on this very high-growth recorded in the first half also vindicates the group's growth market.

CLOSURES DIVISION: "virtuous" growth for DIAM closures

The Division turned in an excellent performance, generating identical level of sales over the first half, compared with current operating margin of 15.1% for an 11.0% in the first half of 2008.

The group has derived the full benefit of the success sales. The customer portfolio also continues to expand potential for the range in the marketplace. In this respect, operation in late 2010. of the DIAM range of closures with steadily growing regularly, confirming the very considerable growth the group plans to bring its new DIAM plant into

The group is hoping to continue regularly improving months ahead. the economic fundamentals of this Division in the

Contacts Oeneo: Grégoire Chové, +33 (0) 1 44 13 44 39 Actus Finance: Guillaume Le Floch, +33 (0) 1 72 74 82 25 Information: www.actus-finance.com ISIN FR0000052680, Reuters SABT.PA - Bloomberg SBT-FP FP