PSB INDUSTRIES (EPA:PSB) - 2009 FY Results

Transparency directive : regulatory news

09/03/2010 17:58

PRESS RELEASE
(published in "Les Echos" on March 10, 2010)

                              PSB INDUSTRIES

                             Fiscal Year 2009
                       Operating profit: 5.4% of sales

PSB Industries' Board of Directors approved the FY 2009 financial statements in
a meeting chaired by Jean-Baptiste Bosson on February 26, 2010.

Consolidated data*                        FY2008    FY2009    Change
(000s euros)
Sales                                    204,966    182,652   -10.9%
Operating profit                          16,486      9,898   -40.0%
as % of sales                              8.0%        5.4%
Net income                                 7,515      4,824   -35.8%
Group share of net income                  6,928      4,545   -34.4%
Cash flow from operating activities       23,421     21,258   -9.24%

* The consolidated financial statements were audited. The certification report
is in the process of being issued.

SALES ACTIVITY

During FY 2009 PSB Industries' sales decreased 10.9% (14.3% on a constant
currency and scope basis).
The fourth quarter of 2009 grew 6.6% on a constant currency and scope basis and
appears to announce the end of destocking.

EARNINGS AND BALANCE SHEET ITEMS

The cost-cutting efforts limited the effects of the sharp drop in volumes, as
PSB Industries' operating profit reached EUR9.9 million, or 5.4% of sales
(versus 4.4% in H1 2009).
Over the period, net capital expenditures amounted to EUR12.2 million and
operating working capital requirements decreased EUR8.9 million. Net debt
decreased from EUR93.8 million to EUR81.0 million.

OUTLOOK

In light of the first months of 2010 which confirm the trend observed in the
last quarter of 2009, PSB Industries foresees that its sales will increase at
least 5% and operating profit will improve in FY 2010.

DIVIDEND

The Board of Directors will propose to the Shareholders' Meeting on May 25, 2010
to pay a dividend of 1.00 per share versus 1.15 last year. An interim dividend
of 0.50 per share was already paid out on Jan uary 29, 2010.

First quarter 2010 sales will be published on April 13, 2010.

                  Nyse Euronext Paris (ISIN FR0000060329)
      All of the company's financial results for the year can be found at:
                            www.psbindus.com

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