Sabca : Interim financial report as of 30 June 2016

RPM Bruxelles T.V.A. BE 0405 770 992 B.T.W. RPR Brussel

Regulated information, published on 29/09/2016 at 17.00 hour

1. Corporate information

   The Board of 20thSeptember 2016 approved and authorized the publication of the consolidated financial statements of SABCA Group for the six months ended 30 June 2016. The aerospace market remains highly competitive and the Group continues to review its long-term competitiveness and profitability. After the significant losses in 2014 and 2015 and the limited improvement achieved in the first half of 2016 in terms of competitiveness, the Board of Directors has requested the management to intensify the short-term action plan in order to secure the future of the SABCA Group.

2. Basis of preparation

   The interim condensed consolidated financial statements for the six months ended 30 June 2016 have been prepared in accordance with IAS 34 Interim Financial Reporting.

   The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2015 and the adoption of new standards and interpretations effective as of 1 January 2016. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

   The new standards and interpretations effective as of 1 January 2016 include the following:

   • Amendments to IFRS 10, IFRS 12 and IAS 28 - Investment Entities: Applying the Consolidation Exception , effective 1 January 2016

   • Amendments to IFRS 11 Joint Arrangements - Accounting for Acquisitions of Interests in Joint Operations, effective 1 January 2016

   • Amendments to IAS 1 Presentation of Financial Statements - Disclosure Initiative, effective 1 January 2016

   • Amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets - Clarification of Acceptable Methods of Depreciation and Amortisation, effective 1 January 2016

   • Amendments to IAS 16 Property, Plant and Equipment, effective 1 January 2016

   • Amendments to IAS 19 Employee Benefits - Defined Benefit Plans: Employee Contributions, effective 1 February 2015

   • Amendments to IAS 27 Separate Financial Statements - Equity Method in Separate Financial Statements, effective 1 January 2016

   • Annual Improvements to IFRSs - 2010-2012 Cycle (Issued in December 2013), effective 1 February 2015

   • Annual Improvements to IFRSs - 2012-2014 Cycle (Issued in September 2014), effective 1 January 2016

     RPM Bruxelles T.V.A. BE 0405 770 992 B.T.W. RPR Brussel

3. Interim condensed consolidated statement of financial position

   (in thousands of euros)	30.06.2016	31.12.2015
   ASSETS	123.365	122.504
   Non-current assets
   Intangible assets	54.449	51.066
   Property, plant and equipment	68.595	71.117
   Affiliated enterprises	112	112
   Financial assets and other non-current assets	209	209
   Currents assets	207.230	220.926
   Inventories	44.938	50.931
   Work-in-progress	74.791	77.132
   Trade and other receivables	45.610	59.713
   Cash and cash equivalents	41.722	32.251
   Other current assets	169	899
   TOTAL ASSETS	330.595	343.430
   EQUITY AND LIABILITIES
   Total equity	91.249	87.147
   Total equity attributable to owners of the parent company	91.194	87.068
   Capital	12.400	12.400
   Reserves and results carried forward	78.794	74.668
   Non-controlling interests	55	79
   Non-current liabilities	147.905	156.472
   Long-term borrowings	103.687	116.021
   Provisions	40.592	36.986
   Deferred taxation	3.626	3.465
   Current liabilities	91.441	99.811
   Trade and other payables	50.048	59.759
   Tax and social liabilities	15.499	12.394
   Other current liabilities	11.393	13.509
   Short-term borrowings	1.217	1.353
   Provisions	13.284	12.796
   TOTAL EQUITY AND LIABILITIES	330.595	343.430

   RPM Bruxelles T.V.A. BE 0405 770 992 B.T.W. RPR Brussel

4. Interim condensed consolidated statement of profit and loss

   (in thousands of euros))	30.06.2016	30.06.2015
   Revenues Turnover Increase (+), decrease (-) in work in progress Own construction capitalized Other operating income Operating expenses Raw materials and consumables Services and other goods Wage and salaries, social security costs and pensions Depreciation and amortization of intangible and tangible assets Write offs on stocks and trade debtors Provisions for liabilities and charges Other operating income and expenses Result from continuing operations Financial charges Financial revenues Result from continuing operations after finance result Income tax Net result for the period whereof Attributable to owners of the parent Non-controlling interests	99.508	95.910
   	96.621	82.255
   	-2.341	9.857
   	3.430	1.813
   	1.798	1.985
   	-93.158	-92.805
   	25.710	25.760
   	24.052	31.522
   	36.971	36.479
   	4.304	3.537
   	-58	467
   	1.338	-5.790
   	841	830
   	6.350	3.105
   	-3.822	-10.429
   	4.480	2.921
   	7.008	-4.403
   	-1.093	1.010
   	5.915	-3.393
   	5.939	-3.369
   	-24	-24

   Result per share (in EUR) (number of shares : 2.400.000)	30.06.2016	30.06.2015
   2,46 2,46	-1,41 -1,41

   • basic

   • diluted

5. Consolidated statement of comprehensive income

   (in thousands of euros)	30.06.2016	30.06.2015
   Net result for the period	5.915	-3.393
   Other comprehensive income	-1.813	1.093
   Items not to be reclassified to profit, net of taxes
   Actuarial gains/losses on post-employment benefits	-2.747	1.656
   Deferred taxes	934	-563
   Total comprehensive income, net of taxes, for the period	4.102	-2.300
   Attributable to :
   Owners of the parent	4.126	-2.276
   Non-controlling interests	-24	-24

   RPM Bruxelles T.V.A. BE 0405 770 992 B.T.W. RPR Brussel

6. Interim condensed consolidated statement of cash flow