PR Newswire/Les Echos/
 
                          ?                                          FIRST HALF 2008




                                  Operating Income Down
                                           and
                                   Debt Sharply Reduced

The Board of Directors of Chargeurs met on August 28 under the chairmanship of 
Eduardo Malone to approve the consolidated financial statements for the six 
months ended June 30, 2008.

Revenue for the period totaled 335.4 million, down 9% on the same period last 
year based on a comparable scope of consolidation. The global economic and 
financial environment continued to deteriorate in the first half of 2008, with 
falling demand in the markets served by the Group's main customers, persistent 
depreciation of many currencies against the euro and a surge in the prices of 
oil, energy and a number of raw materials.

As a result, operating income fell by half to 7.4 million.

Net income amounted to        9.1 million, including non-recurring income from 
the sale of a tax receivable.

1-     CONSOLIDATED RESULTS

                                                                First Half
(in € millions)                                        2008                    Pro forma 2007*
Revenue                                                335.4                        368.7
Operating income                                         7.4                         15.4
Net income                                               9.1                          8.4

* Restated as if Chargeurs Fashion had been excluded from the scope of 
consolidation from January 1, 2007.


2 - ANALYSIS BY OPERATING SEGMENT

CHARGEURS PROTECTIVE FILMS

                                                                 First Half
 (in millions)                                        2008                         2007
Revenue                                               103.8                         113
Operating income                                        7.3                           9.5



Chargeurs Protective Films' revenue declined by 8.1%.
Operating income fell by 23.2%, mainly due to the euro's constant appreciation 
against other currencies.

Sales price increases have been launched to offset skyrocketing raw materials 
prices. These pricing measures will deliver their full effects in the fourth 
quarter of 2008.

CHARGEURS INTERLINING

                                                                  First Half
 (in millions)                                        2008                         2007
Revenue                                               113.4                        123.6
Operating income                                        4.7                          6.5


Chargeurs Interlining's revenue contracted by 8.2% due to the combined impact 
of the US dollar's decline against the euro and lower sales volumes.

Operating income was down 27.7% as a result of weaker-than-expected demand and 
the impact of restructuring measures launched in Europe in the first half of 
2008 to reduce the business's fixed costs.

CHARGEURS WOOL


                                                                  First Half
 (in millions)                                        2008                         2007
Revenue                                               114.2                        127.6
Operating income                                        0.5                          2.7


The 10.5% decrease in Chargeurs Wool's revenue was mainly attributable to 
reduced sales volumes.

Operating income fell sharply due to the decline in sales as well as to the 
losses generated by wool combing operations in Australia and the impact of the 
related restructuring program undertaken during the period.

In addition, Chargeurs Wool withdrew from wool combing operations in South 
Africa.





3 - FINANCIAL POSITION AND OUTLOOK

Despite a difficult global environment, Chargeurs' financial position improved 
during the period, mainly thanks to cash provided by operating activities.

Net debt was reduced by 27% to 39.9 million at June 30, 2008 from 54.6 million 
at December 31, 2007.

Chargeurs does not expect any significant improvement in its markets during the 
second half of 2008.

The Group will continue to implement measures whose full benefits should be 
felt in 2009 and, as a result, enable it to restore operating margins to normal 
levels.




August 29, 2008


Corporate Communication
Tel.: +33 (0)1 71 72 31 65
www.chargeurs.fr

                         
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