Rosier S.A.

Earnings Release • Feb 16, 2017

16 February 2017, 5pm REGULATED INFORMATION

PRESS RELEASE¹

2016 RESULTS:

• Sales: € 167.1 million (€ 252.8 million in 2015)
• Operating result (EBIT): € -12.7 million (€ + 6.6 million in 2015)
• Net loss for the period: € -9.1 million (€ +4.9 million in 2015)

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Results

The Rosier Group has experienced in 2016 the most difficult year of its history.

Following industry trends have been observed during most of the year:

§ In Europe, and more particularly in the Rosier Group's usual trading area, farmers were facing a difficult situation with the low quotation of their livestock and crop productions while the cost of inputs did not follow the same decreasing trend. They have adopted a "wait and see" attitude and postponed their orders throughout the season hoping for a fall in prices; this situation has led to a significant drop in the consumption of complex fertilizers as produced and sold by Rosier.

§ In terms of export, certain countries that are highly dependent on financial returns from the sale of energy (oil & gas) were significantly curtailing their purchases of fertilizers.

As from the end of October a change in trend was noticed. With increasing crop prices, demand for fertilizer products picked-up but prices remained at low levels. Prices increased towards the end of the year, on the back of increasing raw materials costs.

This unfavourable environment has led to the implementation of a major programme aiming at reducing our operating expenses as from the beginning of the second quarter of 2016.

These elements have greatly influenced our 2016 activities and results:

Sales for 2016 totalled € 167.1 million, a sharp decline (- 33.9%) in comparison to sales of € 252.8 million in 2015. The decline in volumes came from all of our products in all of our markets, but was more significant in Europe than in other countries.

ROSIER SA 1 Also available at www.rosier.eu under the heading "Financial information"

• The average unit margins were lower than in 2015 (-7.8%); the fall in volumes and unit margins heavily impacted the overall gross margin which decreased by € 15.3 million.
• After deducting operating expenses, which include amortisation and depreciation, the operating result (EBIT) was negative at € 12.7 million versus a positive EBIT of € 6.6 million for 2015.
• After deduction of financial expenses and recognition of a tax asset, net loss for the period was € 9.1 million (€ -35.56 per share), compared with a net profit of € 4.9 million (€ +19.03 per share) for the year 2015.

The key figures are as follows:

€ thousand	2016	2015	2016/2015
Operating revenues	171,126	258,839
of which: Sales	167,095	252,805	-33.9%
Other operating revenues	4,031	6,034
Operating expenses	-183,815	-252,210
Operating profit (EBIT)	-12,689	6,629	-291.4%
Net financial income	-178	99
Profit before tax	-12,867	6,728
Income tax	3,799	-1,876
Net profit for the period	-9,067	4,852	-286.9%

€ per share	2016	2015	2016/2015
Net earnings per share	-35.56	19.03	-286.9%
EBIT	-49.76	26.00	-291.4%
EBITDA	-28.53	43.19	-166.1%
Dividend	-	-

The consolidated results, as summarised above, were approved by the Board of Directors on 14 February 2017.

During 2016, the Rosier Group has celebrated one year of operations without any recordable injury. This great achievement was a first time in the history of the company.

ROSIER SA

Route de Grandmetz 11a – B-7911 MOUSTIER (Hainaut) Financial information: Tel: +32 69 87 15 30 – Fax: +32 69 87 17 09 - page 2 of 3

Statement from PwC, Statutory Auditor to the Company

The statutory auditor, PwC Réviseurs d'Entreprises SCCRL, represented by Peter Van den Eynde, has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated statement of comprehensive income, consolidated statement of financial position and consolidated statement of changes in the equity, and that the accounting data reported in the press release is consistent, in all material respects, with the draft consolidated statement of comprehensive income, consolidated statement of financial position and consolidated statement of changes in the equity from which it has been derived.

Allocation of the result

The 2016 net loss for Rosier SA (parent company) was - € 4,249 thousand (+ € 1,973 thousand in 2015). It will be proposed to the Annual General Assembly that the net loss for 2016 will be allocated to retained earnings.

In the event of approval by the General Assembly, the retained earnings will total € 21,967 thousand at 31 December 2016.

Outlook

No event likely to significantly affect the Company's position at 31 December 2016 arose since the financial year end.

For the first quarter of 2017 we expect that the improved market conditions will sustain. Our order book and forecasts show an increased demand versus the same period last year, leading to a good utilisation of our units.

Despite these positive signs, too many uncertainties still remain to make any statement regarding the rest of the year.

However, Rosier Group is expecting a future rebound in demand, in line with our industry fundamentals.

2017 shareholders' agenda

• Publication of 2016 annual report² : 28 April
• Annual General Meeting: 15 June at 10.30 am

On behalf of the Board of Directors,

Willy Raymaekers Chairman and CEO of Rosier Group

ROSIER SA

Route de Grandmetz 11a – B-7911 MOUSTIER (Hainaut) Financial information: Tel: +32 69 87 15 30 – Fax: +32 69 87 17 09 - page 3 of 3

² Available at (www.rosier.eu) from 28 April 2017 under the heading "Financial information". Printed copies will be available on request.