PR Newswire/Les Echos/

FIRST HALF 2009

 * Faced with a severe contraction in revenue, during the first half,
   Chargeurs completed the restructuring measures needed to restore its profita
   bility and secure a return to profit in 2010 even in the absence of a
   recovery in volumes
 * In the second half, priority will be given to strengthening the Group's
   financial architecture
	 
The Board of Directors of Chargeurs met on August 27 under the chairmanship of
Eduardo Malone to approve the consolidated financial statements for the six
months ended June 30, 2009.

The deep recession during the period led to a sharp contraction in the markets
served by the Group's main customers.

Chargeurs responded by implementing all the restructuring measures needed to
align production capacity, particularly in Europe, with the size of the markets
in which it operated in first-half 2009. These restructuring measures will
generate annual cost savings of EUR17 million. The related costs recognized in
the first-half income statement came to EUR14 million.

Together, the sharp drop in revenue and the cost of the restructuring measures
led to an operating loss for the period of EUR14.7 million and a net loss of
EUR26.4 million.

1 - CONSOLIDATED RESULTS

                                                       First Half
(in EUR millions)                                2009               2008

Revenue                                       226.4               335.4

Operating profit/(loss)                       (14.7)                7.4

Net profit/(loss)                             (26.4)                9.1

2 - ANALYSIS BY BUSINESS SEGMENT 

CHARGEURS PROTECTIVE FILMS

                                                       First Half
(in EUR millions)                                2009               2008

Revenue                                        64.8               103.8

Operating profit/(loss)                        (6.8)                7.3

Chargeurs Protective Films' revenue contracted by 37.6% compared with first-half
2008, mainly due to the lower volumes resulting from the falloff in demand
experienced by customers and their response in the shape of massive inventory
drawdowns.

As a result of the overall decline in volumes, production capacity in Europe was
scaled back in line with the new market situation.

Chargeurs Protective Films ended the period with an operating loss of EUR6.8
million, reflecting the impact of lower revenues and the cost of restructuring
measures.

CHARGEURS INTERLINING

                                                       First Half
(in EUR millions)                                2009               2008

Revenue                                        86.4              117.4

Operating profit/(loss)                        (7.7)               4.7

Chargeurs Interlining's first-half revenue was down 26.4%, mainly due to lower
volumes.

The decline in business volumes and the cost of restructuring measures to align
capacity with the reduction in the European customer base led to a EUR7.7
million operating loss for the period.

CHARGEURS WOOL

                                                       First Half
(in EUR millions)                                2009               2008

Revenue                                        75.2              114.2
Operating profit/(loss)                        (0.7)               0.5

Chargeurs Wool's revenue fell by 34.2%, reflecting a sharply negative price
effect and a more limited unfavorable volume effect.

The operating loss for the period stemmed from narrower margins.

3 - FINANCIAL POSITION 

Net bank debt amounted to EUR86.3 million at June 30, 2009 compared with EUR84.2
million at December 31, 2008.

Negotiations are underway with the banks to consolidate the Group's financing
structure by restructuring certain facilities. At the same time, plans are being
made to raise equity capital during the second half.

4 - GUIDANCE 2009 

In view of the first-half results and the restructuring plans currently
underway, the Group has revised its full-year guidance as follows:

    - Revenue:             EUR445 million
    - Operating loss:       EUR29 million
    - Net loss:             EUR48 million
	
The forecast operating loss consists mainly of restructuring costs in the amount
of EUR24 million. Excluding these non-recurring items, underlying operating loss
is forecast at EUR5 million.

5. OUTLOOK FOR 2010 

The measures taken in 2009 should drive a EUR21 million improvement in operating
performance, led by EUR1 7 million worth of cost savings.

Thus, based on projected 2010 revenue of approximately EUR450 million, the Group
should end the year with recurring operating profit of EUR16 million versus a
forecast EUR5 million loss this year.

August 27, 2009

Corporate Communications 
Phone: 01 71 72 31 65
www.chargeurs.fr
                      
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