SECHE ENVIRONNEMENT (EPA:SCHP) Consolidated figures at June 30, 2009

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26/08/2009 17:45

Press Release

Changé - August 26, 2009

Consolidated figures at June 30, 2009

Resilient activity and strong results in a deteriorated environment:

   * Operating margins maintained at a high level: COI at 16.1% of revenue

   * Priorities for 2009 confirmed

Business held up well in H1 2009:   Revenues:         - 3.9%

Impacts of waste mix offset by productivity efforts:  COI at 16.1% of revenue

Net profitability of consolidated companies up:       ICC at 11.1% of revenue

Net financial debt reduced and financial ratios stable

Hime/Saur:
Solid activity of the core business:    Water revenue in France
                                        up 5.7% (excl Construction)

Sharp increase in productivity: EBITDA at 11% of revenue

At June 30, 2009, Séché Environnement posted consolidated results characterized
by continued high operating profitability and further growth in the net
profitability of consolidated companies.

Activity holding up; waste mix is changing

Activity in the first half of 2009 took place against a deteriorated economic
backdrop, which notably led to a contraction in some industrial production and
downward pressure on nonhazardous industrial waste volumes.

Against this unfavorable economic backdrop, Séché Environnement benefited
from its exclusive positioning on regulated waste treatment and recovery
markets, and its lack of exposure to the recycling markets, which thus limited
the impact of the economic cycle on its business.

The Group was also able to draw on its teams' commercial initiative, which,
through entering new markets, partially offset the falls in volumes in certain
sectors of its business.

As such, while the relative weighting of functions is unchanged from the first
half of 2008, Séché Environnement is reporting substantial changes in the
waste mix in its Hazardous Waste business.

Consolidated revenues totaled EUR 178.2 million (compared to EUR 185.4 million
one year earlier) representing a drop of 3.9% for the period.

Revenues generated by International subsidiaries (EUR 10.3 million) were down
sharply (-7.6% compared to H1 2008) due to the deteriorated economy in Spain.

At constant exchange rates, revenues generated abroad would have amounted to
EUR 10.5 million, evidencing the low impact of exchange rate fluctuations
(less than 1% of consolidated revenues are generated outside the euro area).

Operating margins maintained at a high level

EBITDA was maintained at a high level, at 24.9% of revenues (i.e. EUR 44.4
million), compared to 25.6% of revenues last year (i.e. EUR 47.5 million).

The combined impacts of reduced business and changes to the waste mix had a
negative impact of EUR -9.1 million on this figure, which was partially offset
by EUR +6.0 million in gains from productivity efforts.

Current operating income (COI) recorded the positive impacts of decreases in
provisions for the amortization of landfill cells, in line with the reduction
in volumes, and the end of depreciation of certain industrial equipment on
the site of Salaise 3.

Consequently, COI was also maintained at a high level, at 16.1% of revenues
(i.e. EUR 28.7 million), compared to 16.3% of revenues last year
(i.e. EUR 30.2 million).

It should be noted that, in France, COI reached 16.8% of revenues (vs. 17.0%
one year ago) while internationally, COI increased sharply to 5.1% of revenues
(compared to 4.5% one year ago) despite a much deteriorated economic backdrop.

Improvement in the net profitability of activities under operational control

Financial income amounted to EUR +0.6 million versus a loss of EUR 1.2 million
at June 30, 2008. This highly favorable trend notably reflects:

   > the sharp reduction in the net cost of debt, associated with the quality
     of the hedges in place. The net cost of debt came out to 3.68% versus
     5.12% one year earlier;

   > the increase in interest income from the Hime convertible bond, in line
     with the capitalization of mature interest.

After booking corporate tax of EUR 9.2 million, net income from consolidated
companies totaled EUR 19.8 million, i.e. 11.1% of revenues (vs. 10.9% at June
30, 2008, i.e. EUR 20.1 million).

Share of Hime and evolution of Group net result

The decline in the share of income from Hime, which is accounted for using the
equity method into Séché Environnement's consolidated results, brought Group
net income to EUR 10.0 million versus EUR 12.9 million last year.

Net financial debt reduced and financial ratios stable

The contraction in cash flow (EUR -3.3 million) is in line with that of EBITDA.
This was largely offset by the favorable trend in WCR (EUR -6 million,
essentially due to the positive impacts of the EMA).

At the same time, investments were particularly well controlled over the period
(EUR 10.8 million versus EUR 23.6 million at June 30, 2008).

Consequently, net financial debt was positively impacted, falling to EUR 265.4
million (versus EUR 277.3 million one year ago).

As such, Séché Environnement confirmed its sound financial health and the
stability of its balance sheet ratios, with gearing at 0.76 and a leverage
ratio of 2.70.

Priorities for 2009

Against an economic backdrop that is expected to continue to suffer from
downward pressure on waste volumes produced, Séché Environnement is benefiting
from its exclusive positioning on waste treatment businesses within regulated
markets.

These regulations are characterized by major obligations for waste producers in
terms of treatment, which reduce the impact of the economic cycle on the
Group's business.

Over the coming months, Séché Environnement is expected to continue adapting
to this economy, building on its achievements in the first half of the year.
The Group will be committed to retaining its flexibility, paying particular
attention to cost control and managing its investments, which should be limited
to EUR 25 million in 2009.

Through these efforts, Séché Environnement will make every effort to maintain
stable aggregates and financial ratios for 2009 close to the levels achieved
in 2008.

Consolidated data in EUR m under IFRS
At June 30                                          2008     2009      Change
                                                                      2009/2008
Revenue                                            185.4    178.2       -3.9%
EBITDA                                              47.5     44.4       -6.4%
Current operating income                            30.2     28.7       -5.0%
Financial income                                    (1.2)     0.6         -
Net income from consolidated companies              20.1     19.8       -1.7%
Share of affiliates                                 (7.3)    (9.7)     -33.0%
Group net income                                    12.9     10.0      -22.7%

                                   Hime/Saur

                 Sharp rise in EBITDA in line with expectations

Hime's consolidated results include the following:

> robust consolidated activity:

   * Consolidated revenues at June 30, 2009: EUR 745.2 million versus
     EUR 758.1 million one year earlier (-1.7%)
   * Solid growth in the Water distribution businesses in France (+5,7%)
   * Impact of economic slowdown on the Construction activities (-6,8%)
   * Decline of the Cleanliness activities (-5.1%) due to the contraction of
     the sorting and recycling businesses;

> sharp growth in EBITDA (+8.9%) which includes the productivity gains
  implemented by the new executive management and which reached 11.0% of
  revenues to stand at EUR 82.0 million (compared to 9.9% of revenues one
  year ago);

> a slight contraction in COI to EUR 25.4 million versus EUR 27.6 million one
  year ago (i.e. 3.4% of revenue versus 3.6%) notably due to the impact of
  EUR 5 million in one-off costs linked to the productivity plan in process ;

> a deterioration in financial income to EUR -64.1 million versus EUR -56.2
  million due to the decline in cash flow income and the capitalization of
  convertible bond interest.

At June 30, 2009, Hime generated a consolidated net loss of EUR 29.5 million,
compared to a loss of EUR 22.6 million one year ago.

Hime is maintaining a stable financial situation, with net financial debt of
EUR 1,548 million.

Hime's management team is reaffirming its confidence in the sound progress of
the business plan established at the time that Saur was acquired.

Consolidated data in EUR m under IFRS
At June 30                                          2008     2009      Change
                                                                     2009/2008
Revenue                                            758.1    745.2      -1.7%
EBITDA                                              75.1     82.0      +8.9%
Current operating income                            27.6     25.4      -8.0%
Financial income                                   (56.2)   (64.1)    -14.1%
Tax income                                           5.2      9.7     +86.5%
Consolidated net income                            (22.6)   (29.5)    -30.5%

The results presentations will be available on August 27, 2009 (11.30 a.m.
Paris time) at:
http://www.groupe-seche.com/majic/pageServer/1e0101000m/en/
Presentations-SFAF.html

Calendar:
Publication of consolidated revenue at September 30, 2009 on October 28, 2009
(after market close)

About Séché Environnement

Séché Environnement is one of the leading players in the treatment and
storage of all types of non-radioactive industrial and household waste in
France. Its facilities enable it to offer high-quality global solutions that
incorporate all environmental requirements.

It is the leading independent operator in the country with a unique positioning
in activities, concentrating on the higher added-value end of the recovery,
waste management and storage markets.

The Group offers integrated specialized services:

   > the treatment (by incineration, physical-chemical treatment and solvent
     regeneration) and processing for recovery of hazardous and non-hazardous
     waste (HW and NHW);

   > storage of ultimate hazardous or non-hazardous waste (HW or NHW).

In April 2007, Séché Environnement acquired a 33% stake in Saur Group, the
No. 3 player in the Water and Environmental Services sector in France. Since
May 2008, Séché Environnement has held an option to purchase an 18% stake in
Hime, the parent holding company of Saur Group, allowing Séché Environnement
to assume ownership of Saur Group by May 2012.

Séché Environnement has been quoted on Eurolist by Euronext since November
27, 1997.

Compartment B - ISIN: FR 0000039109 - Bloomberg: SCHP.FP - Reuters: CCHE.PA).

Contact

Séché Environnement
Manuel Andersen
Head of Investor Relations
+33 (0)1 53 21 53 60
m.andersen@groupe-seche.com

Important notice

This press release may contain information of a provisional nature. This
information represents either trends or targets at the date of the press
release's publication and may not be considered as results fore casts or as any
other type of performance indicators. This information is by nature subject to
risks and uncertainties which are difficult to foresee and are usually beyond
the Company's control, which may imply that expected results and developments
differ significantly from announced trends and targets. These risks notably
include those described in the Company's Registration Document, which is
available on its website at www.groupe-seche.com. This information there fore
does not reflect the Company's future performances, which may differ
significantly therefrom, and no guarantees can be given regarding the
achievement of any pro visional figures. The Company makes no commitment on the
updating of this information. More comprehensive information on the Company may
be obtained in the Documentation section of its website at
www.groupe.seche.com. This press release represents neither an offer of
shares nor a solicitation in view of an offer of shares in any country
whatsoever, including the United States. Distribution of this press release
may be subject to the laws and regulations in force in France or abroad.
Persons in possession of this press release must be aware of these
restrictions and observe them.

Registered office: Les Hêtres - BP 20 - 53811 Changé, Cedex France

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SECHE ENVIRONNEMENT (EPA:SCHP) Consolidated figures at June 30, 2009

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