PSB Industries' Q1 2009 revenues stood at EUR47.5 million in an environment
marked in particular by our customers' continued destocking. Revenues were down
20.3 % over Q1 2008, or 21.2 % on a constant scope and currency basis.
Operating profit amounted to EUR1.8 million, or 4% of revenues, and the cash
flow was EUR4.8 million.
Various kinds of cost cutting plans continue to be implemented based on the
magnitude of business slowdowns.
The net debt to equity ratio improved slightly to 125% versus 129% in December
2008. This trend is expected to continue in the second half of 2009.
PSB Industries has secured a EUR12.5 million multiple-currency, medium/long-term
line of credit from Société Générale. This line will be redeemable over 7
years. In the face of the current credit crunch, obtaining this credit line
reflects our main banking partner's confidence in the PSB Industries Group's
outlook and its growth strategy.
OUTLOOK FOR 2009:
The trend observed in the first quarter could continue until the end of the
first half, before likely turning around in the second half with both the end of
destocking practices and expected growth over H2 2008, when business activity
had started slowing down.