PCAS

Earnings Release • Apr 23, 2012

Longjumeau, April 23rd, 2012

Business update

(in million of euros)	2012	2011	% change
Sales as of 31 March	42 728	44 053	-3,0%
including Pharmaceutical Synthesis	25 454	27 147	-6,2%
including Specialty Chemicals	17 274	16 906	2,2%

Consolidated revenue for PCAS as of 31 March is down 3% in 2012 compared with 2011.

Pharma Synthesis

Business was affected by the planned reduction in contribution from the new contract between PCAS and Sanofi. However, it is still more robust than the drop in revenue would suggest, thanks to the manufacture of two products with long production cycles, sales of which will be effective through the second quarter of 2012.

Fine & Speciality Chemicals

Fine & Speciality Chemicals rose slightly by 2.2% in 2012, thanks to the activities of New Technologies whereas, Performance Chemicals and Fragrance-Flavour-Cosmetics are down slightly over the period.

However, these data should not hide the fact that 2012 revenue is still set to be considerably higher than that of 2011.

Confirmation of the Group's development strategy focused on the increase of the percentage of proprietary products and the development of differentiating technologies, coupled with continued rigorous management of all costs, is resulting as from the first quarter of 2012 in significantly higher profitability.

Key operations and events for the quarter

No important events likely to have a significant impact on the company's business or situation occurred during the first quarter of 2012.

Outlook for the current year

As requested by the Board of Directors, the Group's General Management is focusing its action on ensuring sustained improvement in profitability.

Next meeting: 2012 first half sales, on 26 July 2012

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.