PR Newswire/Les Echos/
 
                          ?                        ? NINE-MONTH 2008 BUSINESS REVIEW
                        ? FULL-YEAR 2008 RESULTS FORECAST
                        ? FULL-YEAR 2009 FINANCIAL TARGETS


The economic and financial environment in which Chargeurs operates has 
deteriorated very significantly since September 2008, leading to a contraction 
in the markets served by the Group's main customers. This situation will 
severely affect the Group's fourth-quarter financial performance and negatively 
impact its full-year results.
Consequently, Chargeurs has taken even stronger corrective action to put the 
Group back on the path to profitability in 2009.


Consolidated revenue declined 13% over the first nine months to €476 million 
based on a comparable scope of consolidation.
Plummeting apparel sales in most Western countries caused a sudden slowdown in 
the garment making production chain and, further upstream, in the textile 
business. Faced with declining purchasing power and worried about their 
economic future, consumers are currently scaling back clothing purchases in an 
attempt to balance the family budget.
At the same time, weakening demand in the construction industry in the US and 
Western Europe reduced Chargeurs Protective Films' revenue.
The Group's operations were also hampered and hurt by higher and/or extremely 
volatile prices for oil, energy and several other raw materials, as well as for 
such currencies as the US dollar, Australian dollar, South African rand, 
British pound and South Korean won.
Given the persistence of these unfavorable factors in the fourth quarter, 
Chargeurs has decided to step-up the plan initiated at the end of the first 
half to align its business to its markets and eliminate loss-making areas. 
Together, these measures have resulted in exceptional restructuring costs of €31
.1 million that will lead to an operating loss, estimated at €17.6 million for 
the full year. Excluding exceptional expenses, the Group would have posted 
operating income of €13.5 million for 2008.

A net loss of around €33 million is expected for the full year on annual 
revenue of €617 million.

                                  P. 1

ANALYSIS BY OPERATING SEGMENT

?   Chargeurs Protective Films


Full-year data           2007       Forecast 2008 Pro forma 2008   Target 2009
 (in € millions)                                         (*)
Revenue                 208.3         199            199            191
Operating income         16.4          12.8           12.8           13.4
(*) Excluding exceptional measures
Chargeurs Protective Film's revenue declined 6% in the first nine months of the 
year, demonstrating strong resilience at a time when new housing starts 
plummeted by 31% in the United States and 28% in the five largest countries of 
Europe.
The business anticipates full-year revenue of €199 million and operating income 
of €12.8 million despite the negative impact over the first three quarters of 
the euro's rise against the US dollar, British pound, South Korean won and 
Chinese renminbi.
Looking forward to 2009, Chargeurs Protective Film sees revenue declining 4% to 
€191 million. An improved euro/dollar exchange rate and lower oil prices should 
help reduce the constraints weighing on operating profitability.
As a result, an operating income target of €13.4 million has been set for 2009.


?    Chargeurs Interlining


Full-year data         2007       Forecast 2008 Pro forma 2008    Target 2009
 (in € millions)                                       (*)

Revenue                 251          225             225              217
Operating income         11         (10.6)            5.4              7
(*) Excluding exceptional measures
Chargeurs Interlining's nine-month revenue was down 9.5% from the year-earlier 
period due to lower volumes in France, Italy, Spain and Germany, changes in the 
scope of consolidation and an unfavorable exchange rate against the US dollar 
and linked currencies such as the South Korean won and the Hong Kong dollar.
The business anticipates full-year revenue of €225 million for 2008.
Drastic measures have been taken to reduce the business' fixed costs and align 
production resources to the sudden slowdown in the European and North American 
markets. Two manufacturing facilities out of three will be closed in the Czech 
Republic as the koruna's appreciation has made production costs prohibitive. 
The impact of the alignment plan will be fully reflected in 2010 operating 
income. The remaining unit in the Czech Republic will serve the high-end market
, notably in Italy.      P. 2

Restructuring is also being carried out in France.
Taken together, these measures represent a cost of €16 million and concern 217 
people. As a result, the business expects to post an operating loss of around €
10.6 million for full-year 2008.
Excluding restructuring costs, operating income would amount to €5.4 million 
for the year.
In 2009, Chargeurs Interlining will continue to focus on its Asian units, 
primarily in China and Bangladesh, while stepping up technological 
diversification efforts that offer attractive growth prospects.
It has set targets of €217 million for revenue and €7 million for operating 
income for 2009.


    Chargeurs Wool
?

Full-year data        2007       Forecast 2008 Pro forma 2008      Target 2009
 (in € millions)                                     (*)
Revenue               254.2           193          193               143
Operating income        5.5           (6.6)        (2.3)             1.5
(*) Excluding exceptional measures
Chargeurs Wool's revenue contracted by 22% in the first nine months due to a 
sharp decline in business volume and, to a lesser extent, lower raw wool prices.
Full-year revenue is forecast at €193 million for 2008.
The business has accelerated its withdrawal from manufacturing operations, 
pulling out of combing in Australia, New Zealand and South Africa. It is now 
focused industrially on competitive combing operations in China and South 
America. The closures and divestments will represent an expense of €4.3 million 
in 2008 and affect 218 people.
Lower volumes and the resulting erosion in margins have made it difficult to 
absorb fixed costs, leading to an operating loss in 2008.
Excluding restructuring expenses, the operating loss would have come to €2.3 
million.
Chargeurs Wool expects to generate operating income of €1.5 million in 2009 on 
revenue of €143 million.


INVESTMENTS IN ASSOCIATES

Due to the unprecedented deterioration of the apparel market since September 
2008, Fashion Company, the Group's joint venture with Holfipar, will generate 
losses in 2008. This situation is reflected in Chargeurs' estimated 2008 results
.




                                     P. 3

CONSOLIDATED TARGETS FOR FULL-YEAR 2009


Full-year data          Pro forma   Forecast 2008 Pro forma 2008    Target 2009
 (in € millions)            2007                           (2)
                          (1)
Revenue                  713.5        617            617               551
Operating income          27.7        (17.6)          13.5              19
Net income                15.6        (33)             1.8               9

 (1) Restated as if Chargeurs Fashion had been excluded from the scope of 
consolidation from January 1, 2007.
 (2) Excluding exceptional measures

The Group's targets for full-year 2009, based on business forecasts that 
continue to assume a recession in our markets, as projected by the OECD, call 
for revenue of €551 million, operating income of €19 million and net income of €
9 million.
However, given the limited visibility for 2009, demand in the Group's markets 
may decline more than anticipated in the assumptions used to establish these 
targets. Chargeurs will therefore keep a close eye on the financial crisis' 
impact on the business environment, step up efforts to generate cash flow, 
reduce costs and pay down debt, and inform the financial markets of any 
corrections that may be required.


FINANCIAL POSITION                Dec. 31, 2007      Forecast        Target
(in € millions)                                    Dec. 31, 2008   Dec. 31, 2009

Net debt                                 55            66                49
Equity                                   243          203               212

Gearing (%)                              23            33                23
Equity per share (in euros)             23.2         19.5              20.4




(see Appendix: Q3 analysis)
November 14, 2008
Corporate Communications
Tel.: +33 (0)1 71 72 31 65 - www.chargeurs.fr




                                   P. 4

                                 APPENDIX


Third-quarter and nine-month revenue


 (in € millions)                      Third quarter             Nine months
                                   2008        Pro forma    2008      Pro forma
                                                2007 (1)               2007 (1)
Chargeurs Protective Films          49              50      153         163
Chargeurs Interlining               54              60      171         189
 Chargeurs Wool                     38              67      152         194
TOTAL                              141             177      476         546
 (1) Restated as if Chargeurs Fashion had been excluded from the scope of 
consolidation from January 1, 2007.


Analysis of third-quarter revenue
The 20% decrease from third-quarter 2007 is primarily attributable to the 43% 
decline in Chargeurs Wool's sales caused by lower raw wool prices and volumes. 
Reduced volumes also led to a 10% decrease in Chargeurs Interlining's revenue.
Sales at Chargeurs Protective Films were stable.




November 14, 2008


Financial Calendar                         2009
Full-year 2008 Revenue                     January 16
Full-year 2008 Financial Results           March 6
Q1 2009 Financial Information              May 7
Annual Meeting of Shareholders             May 7




                                   P. 5

                         
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