Rhodia Sa

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Rhodia SAImmeuble Coeur Defense

Tour A, 110

Phone: (1) 535-66464 Courbevoie 92400 France Ticker: RHA

Latest Financial Statements as of 3/31/2009

Business Summary

Rhodia is engaged in the development and production of specialty chemicals. It provides solutions to automotive,

electronics, flavors and fragrances, health, personal and home care, consumer, goods, and industrial, through its

global enterprises. The Company’s operating activities were organized into six global enterprises: Polyamide,

Novecare, Silcea, Energy Services, Acetow, and Eco Services. On February 27, 2009, Rhodia completed the

acquisition of McIntyre Group Ltd. In 2008, the Company discontinued its Organics segment.

Employees: 14,353 (as of 12/31/2008)

Credit Scores

FRISK2 Score 5 6/4/2009

Probability of default range: 3.7% - 7.4%

Z" Score -0.96 (Fiscal danger) 3/31/2009

Auditor Information

Last Audit: 12/31/2008

Auditors: PricewaterhouseCoopers

LLP

Opinion: Unqualified with

Explanation

Agency Credit Ratings

Rating

Agency

Long Term

Rating

Outlook

Short Term

Rating

Watch

Moody's Ba3 Negative OFF

S&P BB- STABLE B NM

Days Sales Outstanding

76.44 77.16 78.80 76.26 77.26

3/08 6/08 9/08 12/08 3/09

First Quarter Results (all values in Euros)

Sales for the 3 months ended 3/31/2009 decreased 22.43% to 920.00 million from last year's comparable period

amount of 1.19 billion.

Gross profit margin decreased 168.27% for the period to (71.00) million (-7.72% of revenues) from 104.00 million

(8.77% of revenues) for the same period last year.

Selling, general and administrative expenses for the period decreased 10.95% to 122.00 million compared with

137.00 million for the same period last year.

Operating income for the period decreased 197.85% to (91.00) million compared with operating income of 93.00

million for the same period last year.

Net income for the period decreased 419.05% to (134.00) million compared with net income of 42.00 million for the

same period last year.

Net cash from operating activities was 132.00 million for the 3 month period, compared to net cash from operating

activities of 26.00 million for last year's comparable period.

Working capital at 3/31/2009 of 452.00 million decreased 25.41% from the prior year end's balance of 606.00

million, and decreased 29.04% from 637.00 million at the end of last year's same period.

Inventories decreased by 167.00 million for the year-to-date period, compared to a 16.00 million increase in the

prior year's comparable period.

Accounts payable decreased by 143.00 million for the year-to-date period, compared to no change in the prior year's

comparable period.

Management

#

Name

Age

Title

Title

Date

Start

Date

1. Jean-Pierre

Clamadieu

50 Chairman of the Board, Chief Executive Officer, Member of the

Management Committee

3/18/2008 10/3/2003

2. Pascal Bouchiat 48 Group Executive Vice President and Chief Financial Officer,

Member of the Management Committee

12/12/2005

Page 1 of 26CreditRiskMonitor Report for Rhodia SA

6/4/2009http://www.crmz.com/Report/PrintableReport.asp?BusinessId=5491891&PrintReport=Y&...

3. Gilles Auffret 62 Chief Operating Officer, Member of the Management

Committee

1/1/2001

4. Jean-Pierre

Labroue

46 Group Executive Vice President, General Counsel, Secretary,

Member of the Management Committeer

9/1/2004 9/1/2004

5. Yolene Coppin 51 Group Executive Vice President - Human Resources, Member

of the Management Committee

4/1/2008 4/1/2008

6. Bernard

Chambon

61 Group Executive Vice President - Communications, Public

Affairs, Security, Sustainable Development,

4/1/2008

7. Marc Chollet 44 Group Executive Vice President - Strategy; Member of the

Management Committee

2/11/2008 2/11/2008

8. Yves-Rene

Nanot

72 Director 3/17/2008 10/25/2002

9. Jacques Kheliff 55 Director - Representative of employee shareholders 6/23/2005 6/23/2005

10. Henri Poupart-

Lafarge

40 Director 5/5/2009 5/5/2009

11. Patrick Buffet 55 Director 5/20/2009 5/20/2009

12. Pierre Levi 54 Independent Director 10/25/1999

Industries

Type Code Description

Sector BASICM Basic Materials

Industry CHMMFG Chemical Manufacturing

SIC 2819 Industrial Inorganic Chemicals, Not Elsewhere Classified

NAICS 325131 Inorganic Dye and Pigment Manufacturing

325998 All Other Miscellaneous Chemical Product and Preparation Manufacturing

325132 Synthetic Organic Dye and Pigment Manufacturing



Credit Ratings

Moody's Ratings

Issuer Name

Long Term

Rating

Outlook

Short Term

Rating

Watchlist

Date

Updated

RHODIA S.A. Ba3 Negative OFF 5/11/2009

Note: Moody's ratings are continuously monitored by Moody's. Thus, a rating with no change going back in time only

reflects that, after review, Moody's has not changed the rating since that date. It does not mean there have been no

reviews since that date.

Standard & Poor's Ratings

S&P

Entity Name

Long Term

Rating

Outlook

Short Term

Rating

Credit

Watch

Date

Issued

Rhodia S.A. BB- STABLE B NM 4/30/2009

Note: All S&P ratings are continuously monitored by S&P. Thus, a rating with no change going back in time only

reflects that, after review, S&P has not changed the rating since that date. It does not mean there have been no S&P

reviews since that date.

LEGEND:

Financially sound: 2.60 or higher

Neutral: 1.10 to 2.60

Fiscal danger: less than 1.10

Z" Score

(0.40) (0.64) (0.47) (0.43) (0.44) (0.08) (0.19) (0.06) (0.26) (0.96)

12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09

Altman's Z"-Score The Z"-Score was developed by Dr. Edward I. Altman of New York University in the early-1990's. This

model is applicable to firms in the manufacturing, merchandising and service sectors. The Z"-Score calculates and combines 4

financial ratios, assigning each a different weighting.

Although the numbers that go into calculating the Z"-Score (and a company's financial soundness) are sometimes influenced by

external factors, it provides a good tool for analyzing the ups and downs of a company's financial stability over time. The score is

computed as follows:

Total Working Retained EBIT Equity Capital Earnings

Z" = -------- * 6.72 + ------------- * 1.05 + --------- * 6.56 + ---------- * 3.26 Total Total Total Total Assets Liabilities Assets Assets



Calculation of most recent Z"-Scores

(Financial data in thousands)

* Gray shaded area(s) highlight missing Z"-Score component(s)

Note that the Z"-Score is different than the original Z-score, developed by Altman in the 1960's. The original Z-Score has as one

of its variables the asset turnover ratio. As this variable is industry sensitive, the Z"-model, which omitted this variable, was

developed.

CreditRiskMonitor computes the Z"-score on a quarterly basis, provided the variables required by the scoring model are reported.

Previously, we used the company's quarterly EBIT in this calculation. Now we use the company's EBIT for the twelve trailing

months, as this provides a result that is less seasonal and less volatile.

One of the 4 variables used to compute Altman's Z"-Score is the ratio of working capital to total assets. As many of the

companies in the energy sector are highly leveraged, they generally have low working capital. Thus, we have found that their Z"-

Scores are adversely impacted and an abnormally high percentage of companies in this sector are in the neutral and fiscal danger

ranges.

Likelihood of failure

Financially sound: 2.6 or higher

Neutral: 1.1 to 2.6

Fiscal danger: less than 1.1

Component/Date 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009

EBIT(trailing-12 months) 174,000 202,000 180,000 134,000 (57,000)

TotalAssets 4,569,000 4,584,000 4,626,000 4,324,000 4,206,000

EBIT/TotalAssets 0.0381 0.0441 0.0389 0.031 -0.0136

(EBIT/TotalAssets)*6.72 0.2559 0.2961 0.2615 0.2083 -0.0911

TotalEquity (304,000) (339,000) (264,000) (375,000) (525,000)

TotalLiabilities 4,873,000 4,923,000 4,890,000 4,699,000 4,731,000

TotalEquity/TotalLiabilities -0.0624 -0.0689 -0.054 -0.0798 -0.111

(TotalEquity/TotalLiabilities)*1.05 -0.0655 -0.0723 -0.0567 -0.0838 -0.1165

WorkingCapital 637,000 548,000 614,000 606,000 452,000

TotalAssets 4,569,000 4,584,000 4,626,000 4,324,000 4,206,000

WorkingCapital/TotalAssets 0.1394 0.1195 0.1327 0.1401 0.1075

(WorkingCapital/TotalAssets)*6.56 0.9146 0.7842 0.8707 0.9194 0.705

RetainedEarnings (1,655,000) (1,690,000) (1,615,000) (1,726,000) (1,876,000)

TotalAssets 4,569,000 4,584,000 4,626,000 4,324,000 4,206,000

RetainedEarnings/TotalAssets -0.3622 -0.3687 -0.3491 -0.3992 -0.446

(RetainedEarnings/TotalAssets)*3.26 -1.1808 -1.2019 -1.1381 -1.3013 -1.4541

Z"-Score -0.08 -0.19 -0.06 -0.26 -0.96



FRISK Score - A score indicating the probability of default for a company over a 12 month horizon, based on new daily

information in the CRMZ database, as calculated by a proprietary statistical model created by Dr. Camilo Gomez, and

back-tested on 10,000 companies. (see Financial Risk (FRISK) Score). Historical FRISK scores shown above may

have been updated, based on new information or improvements to the model, more recently than the dates shown.

The FRISK score is reported on a 1 to 10 scale:

FRISK

Probability of default within 12 months

From To

Best 10 0% 0.3%

9 0.3% 0.4%

8 0.4% 0.9%

7 0.9% 1.9%

6 1.9% 3.7%

5 3.7% 7.4%

4 7.4% 10.1%

3 10.1% 14.1%

2 14.1% 21.0%

Worst 1 21.0% 50.0%



Annual Financial Statements

Performance Ratios - Annual(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Net Sales € €4,763,000 €4,781,000 €4,810,000 €4,521,000 €4,184,000

% change -0.38% -0.60% 6.39% 8.05% -23.27%

Gross Margin € €381,000 €613,000 €549,000 €382,000 €243,000

% change -37.85% 11.66% 43.72% 57.20% -80.32%

% of sales 8.00% 12.82% 11.41% 8.45% 5.81%

change as % of incremental sales n/m n/m 57.79% 41.25% n/m

SG&A € €482,000 €506,000 €518,000 €523,000 €455,000

% change -4.74% -2.32% -0.96% 14.95% -25.65%

% of sales 10.12% 10.58% 10.77% 11.57% 10.87%

change as % of incremental sales n/m n/m -1.73% 20.18% n/m

Operating margin € €309,000 €422,000 €359,000 €66,000 (€135,000)

% change -26.78% 17.55% 443.94% 148.89% 82.26%

% of sales 6.49% 8.83% 7.46% 1.46% -3.23%


EBITDA € €568,000 €580,000 €550,000 €366,000 €418,000

% change -2.07% 5.45% 50.27% -12.44% 200.72%

% of sales 11.93% 12.13% 11.43% 8.10% 9.99%

change as % of incremental sales n/m n/m 63.67% -15.43% n/m

Pre-tax income € €130,000 €130,000 €54,000 (€366,000) (€392,000)

% change 0.00% 140.74% 114.75% 6.63% 64.65%

% of sales 2.73% 2.72% 1.12% -8.10% -9.37%


Net income (loss) € €105,000 €129,000 €62,000 (€616,000) (€641,000)

% change -18.60% 108.06% 110.06% 3.90% 52.55%

% of sales 2.20% 2.70% 1.29% -13.63% -15.32%


Tax expense € €55,000 €83,000 (€57,000) €53,000 €98,000

Effective tax rate 42.31% 63.85% -105.56% -14.48% -25.00%

Depreciation expense € €245,000 €256,000 €298,000 €348,000 €422,000

% of sales 5.14% 5.35% 6.20% 7.70% 10.09%

% of capital expenses 86.88% 79.01% 95.82% 121.68% 170.16%

% of PP&E, net (annualized) 15.77% 14.90% 15.36% 16.08% 18.16%

Capital expenditures € €282,000 €324,000 €311,000 €286,000 €248,000

% change -12.96% 4.18% 8.74% 15.32% -9.82%


% of working capital (annualized) 48.74% 70.01% 88.91% 123.28% 75.27%

Interest coverage ratio 4.09 3.74 2.00 1.44 1.76

% change 9.20% 87.10% 38.80% -18.30% 133.48%

Free cash flow € €37,000 €89,000 (€209,000) (€148,000) (€241,000)

% change -58.43% 142.58% -41.22% 38.59% 8.71%

Source:ARS

3/25/2009

ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

4/2/2007

NOTE: This is a French company whose reported financial statements are denominated in Euros and whose current financial

statements are reported under International Financial Reporting Standards.



Liquidity Ratios - Annual(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Current assets € €2,169,000 €2,115,000 €2,682,000 €2,862,000 €2,628,000

% change 2.55% -21.14% -6.29% 8.90% 2.62%

% of short-term debt 634.21% 680.06% 600.00% 271.79% 341.30%

Current liabilities € €1,563,000 €1,627,000 €2,151,000 €2,691,000 €2,477,000

% change -3.93% -24.36% -20.07% 8.64% -26.13%

Working capital € €606,000 €488,000 €531,000 €171,000 €151,000

% change 24.18% -8.10% 210.53% 13.25% 119.07%

% of sales (annualized) 12.72% 10.21% 11.04% 3.78% 3.61%

Cash € €668,000 €530,000 €520,000 €967,000 €653,000

% change 26.04% 1.92% -46.23% 48.09% -14.75%


Cash ratio 0.43 0.33 0.24 0.36 0.26

% change 31.18% 34.80% -32.73% 36.31% 15.36%

Quick assets € €1,259,000 €1,236,000 €1,269,000 €1,805,000 €1,500,000

% change 1.86% -2.60% -29.70% 20.33% 39.28%


Quick ratio 0.81 0.76 0.59 0.67 0.61

% change 6.03% 28.76% -12.05% 10.77% 88.54%

Current ratio 1.39 1.30 1.25 1.06 1.06

% change 6.75% 4.25% 17.24% 0.24% 38.91%

Source:ARS

3/25/2009

ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

4/2/2007





Efficiency Ratios - Annual(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Accounts receivable € €591,000 €706,000 €749,000 €838,000 €847,000

% change -16.29% -5.74% -10.62% -1.06% 172.35%

% of sales 12.41% 14.77% 15.57% 18.54% 20.24%

change as % of incremental sales n/m n/m -30.80% -2.67% n/m

Accounts receivable turnover

(annualized)4.84 4.86 4.93 5.37 6.45

% change -0.50% -1.29% -8.25% -16.78% n/a

Days sales outstanding 75.44 75.06 74.09 67.98 56.57

% change 0.50% 1.31% 8.99% 20.16% n/a

Inventory € €666,000 €583,000 €619,000 €630,000 €701,000

% change 14.24% -5.82% -1.75% -10.13% -3.44%

% of sales 13.98% 12.19% 12.87% 13.94% 16.75%

change as % of incremental sales n/m n/m -3.81% -21.07% n/m

% inventory financed by

vendors145.95% 125.73% 121.81% 133.81% 119.12%

% change 16.08% 3.22% -8.97% 12.34% 10.30%

Inventory turnover (annualized) 6.82 6.88 6.76 5.99 5.61

% change -0.79% 1.79% 12.81% 6.85% n/a

No. of days sales in inventory 53.49 53.07 54.02 60.94 65.11

% change 0.80% -1.76% -11.35% -6.41% n/a

Inventory to working capital

ratio1.10 1.19 1.17 3.68 4.64

% change -8.01% 2.49% -68.36% -20.64% 606.43%

Accounts payable € €972,000 €733,000 €754,000 €843,000 €835,000

% change 32.61% -2.79% -10.56% 0.96% 6.51%

% of sales 20.41% 15.33% 15.68% 18.65% 19.96%

change as % of incremental sales n/m n/m -30.80% 2.37% n/m

Accounts payable turnover

(annualized)4.14 3.90 4.02 5.04 4.86

% change 6.37% -3.06% -20.24% 3.75% n/a

Source:ARS

3/25/2009

ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

4/2/2007





Leverage Ratios - Annual(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Total debt € €1,954,000 €1,986,000 €2,469,000 €3,028,000 €3,020,000

% change -1.61% -19.56% -18.46% 0.26% -9.39%

Stockholders' equity € (€375,000) (€389,000) (€653,000) (€692,000) (€546,000)

% change 3.60% 40.43% 5.64% -26.74% -316.67%

Tangible net worth € (€753,000) (€779,000) (€1,056,000) (€1,090,000) (€911,000)

% change 3.34% 26.23% 3.12% -19.65% -187.38%

Total assets € €4,324,000 €4,478,000 €5,153,000 €5,646,000 €5,566,000

% change -3.44% -13.10% -8.73% 1.44% -14.75%

Total debt to assets ratio 0.45 0.44 0.48 0.54 0.54

% change 1.89% -7.43% -10.67% -1.16% 6.29%

Net tangible assets € €3,946,000 €4,088,000 €4,750,000 €5,248,000 €5,201,000

% change -3.47% -13.94% -9.49% 0.90% -12.73%

Short-term debt € €342,000 €311,000 €447,000 €1,053,000 €770,000

% change 9.97% -30.43% -57.55% 36.75% -46.79%

Short-term debt % of total debt 17.50% 15.66% 18.10% 34.78% 25.50%

% change 11.77% -13.50% -47.94% 36.39% -41.27%

Short-term debt % of working

capital56.44% 63.73% 84.18% 615.79% 509.93%

% change -11.45% -24.29% -86.33% 20.76% 379.11%

Total liabilities € €4,699,000 €4,867,000 €5,806,000 €6,338,000 €6,112,000

% change -3.45% -16.17% -8.39% 3.70% -2.63%

Source:ARS

3/25/2009

ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

4/2/2007





Long Term Obligations - Annual(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Long Term Obligations:

Maturing within 1 year 215,000 240,000 400,000 1,039,000 721,000

% of free cash flow 581.08% 269.66% n/m n/m n/m

Maturing within 2 years 13,000 57,000 14,000 27,000 460,000





Maturing within 5 years 1,049,000 2,000 464,000 1,321,000 1,000

Remaining Long Term Debt 510,000 1,575,000 1,091,000 499,000 1,547,000

Total Long Term Debt 1,819,000 1,905,000 2,412,000 2,901,000 2,764,000

Capital lease obligations:

Maturing within 1 year 4,000 3,000 13,000 n/a n/a

% of free cash flow 10.81% 3.37% n/m n/a n/a

Maturing within 2 year 1,000 5,000 3,000 18,000 73,000


Maturing within 3 year 0 1,000 4,000 8,000 35,000


Maturing within 4 year 1,000 0 1,000 64,000 32,000

Maturing within 5 year 1,000 1,000 1,000 4,000 67,000

Remaining Capital Leases 1,000 3,000 1,000 19,000 0

Total Capital Leases 8,000 13,000 23,000 113,000 207,000

Operating Lease Obligations:

Maturing within 1 year 36,000 40,000 25,000 n/a n/a

% of free cash flow 97.30% 44.94% n/m n/a n/a

Maturing within 5 years 78,000 86,000 83,000 n/a n/a

Remaining Operating Leases 38,000 47,000 60,000 n/a n/a

Total Operating Leases 152,000 173,000 168,000 n/a n/a

Cumulative Obligations due within 3 years:

Total Obligations Maturing

within 3 years294,000 368,000 493,000 1,105,000 1,323,000


Source:ARS

3/25/2009

ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

4/2/2007



NOTE: Long-term obligations information is extracted from the Management Discussion and Analysis (MD&A) section of a

company's annual SEC filing. This information is only disclosed on an annual basis. For more information, see 'What are

"Obligations?"' in our FAQ.



Rates of Return - Annual(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Return on equity n/a n/a n/a n/a -254.37%

% change n/a n/a n/a n/a -249.26%

Return on total assets 2.33% 2.76% 1.19% -11.08% -10.78%

% change -15.89% 131.97% 110.75% -2.77% n/a

Return on net tangible assets 2.55% 3.02% 1.29% -11.94% -11.65%

% change -15.60% 133.60% 110.83% -2.51% n/a

Source:ARS

3/25/2009

ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

4/2/2007





Balance Sheet - Annual - Standardized(Thousands of Euros)

As of 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Restated

12/31/2005

Current Assets:

Cash and short term

investments€668,000 €530,000 €520,000 €967,000 €653,000

Accounts receivable

(trade), net591,000 706,000 749,000 838,000 847,000

Other receivables 230,000 259,000 334,000 350,000 413,000

Total inventory 666,000 583,000 619,000 630,000 701,000

Other current assets,

total14,000 37,000 460,000 77,000 14,000

Total current assets 2,169,000 2,115,000 2,682,000 2,862,000 2,628,000

Non-Current Assets:

Property/plant/equip.,

net1,501,000 1,686,000 1,760,000 2,135,000 2,245,000

Goodwill, net 197,000 207,000 225,000 244,000 226,000

Intangibles, net 181,000 183,000 178,000 154,000 139,000

Long term investments 105,000 126,000 125,000 168,000 229,000

Other long term assets,

total171,000 161,000 183,000 83,000 99,000

Total assets €4,324,000 €4,478,000 €5,153,000 €5,646,000 €5,566,000

Current Liabilities:

Accounts payable €972,000 €733,000 €754,000 €843,000 €835,000

Notes payable/short

term debt123,000 68,000 34,000 14,000 49,000

Current port. LT

debt/capital leases219,000 243,000 413,000 1,039,000 721,000

Other current liabilities,

total249,000 583,000 950,000 795,000 872,000

Total current

liabilities1,563,000 1,627,000 2,151,000 2,691,000 2,477,000

Non-Current Liabilities:

Long term debt 1,608,000 1,665,000 2,012,000 1,862,000 2,043,000

Capital lease obligations 4,000 10,000 10,000 113,000 207,000

Deferred income tax 38,000 43,000 32,000 34,000 55,000

Minority interest 19,000 21,000 25,000 26,000 25,000

Other liabilities, total 1,467,000 1,501,000 1,576,000 1,612,000 1,305,000

Total liabilities 4,699,000 4,867,000 5,806,000 6,338,000 6,112,000

Shareholders' Equity:

Common stock 1,213,000 1,204,000 1,204,000 1,177,000 628,000

Additional paid-in

capital138,000 147,000 23,000 570,000 807,000

Retained

earnings/accum. deficit(1,726,000) (1,740,000) (1,880,000) (2,439,000) (1,981,000)

Total equity (375,000) (389,000) (653,000) (692,000) (546,000)

Total liabilities &

shareholders' equity€4,324,000 €4,478,000 €5,153,000 €5,646,000 €5,566,000

Supplemental Information:

Total common shares

outstanding99,295 100,368 100,345 98,056 39,299

Auditor/Opinion:

Pricewaterhouse

Coopers LLP

Unqualified

with

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified



Explanation

Source:ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

3/30/2006

ARS

3/30/2006





Income Statement - Annual - Standardized(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Restated

12/31/2008

Reclassified

12/31/2007

Restated

12/31/2006

Restated

12/31/2006

Revenue:

Revenue €4,763,000 €4,781,000 €4,810,000 €4,521,000 €4,184,000

Other revenue, total 550,000 463,000 451,000 435,000 424,000

Total revenue 5,313,000 5,244,000 5,261,000 4,956,000 4,608,000

Operating Expense:

Cost of revenue, total 4,382,000 4,168,000 4,261,000 4,139,000 3,941,000

SG&A expenses, total 482,000 506,000 518,000 523,000 455,000

Research & development 73,000 93,000 103,000 104,000 116,000

Depreciation/amortization n/a n/a 0 0 16,000

Unusual income/expense 40,000 55,000 21,000 82,000 168,000

Other operating expenses,

total27,000 0 (1,000) 42,000 47,000

Total expense 5,004,000 4,822,000 4,902,000 4,890,000 4,743,000

Operating income 309,000 422,000 359,000 66,000 (135,000)

Non-Operating Expense/Income:

Interest expense, net non-

operating(135,000) (154,000) (275,000) (254,000) (237,000)

Interest/investment

income, non-operating(4,000) (1,000) 118,000 40,000 177,000

Gain/loss on sale of assets n/a n/a (2,000) n/a n/a

Other, net (40,000) (137,000) (146,000) (218,000) (197,000)

Income before tax 130,000 130,000 54,000 (366,000) (392,000)

Income tax - total 55,000 83,000 (57,000) 53,000 98,000

Income after tax 75,000 47,000 111,000 (419,000) (490,000)

Minority interest (2,000) (2,000) (4,000) (1,000) (9,000)

Extraordinary Items:

Total extraordinary items 32,000 84,000 (45,000) (196,000) (142,000)

Net income €105,000 €129,000 €62,000 (€616,000) (€641,000)

Supplemental and Per Share Items:

Basic/primary EPS incl.

extra. items€1.04 €1.29 €0.62 (€11.45) (€16.31)

Diluted EPS incl. extra.

items€1.03 €1.27 €0.62 (€11.45) (€16.31)

Interest expense,

supplemental€135,000 €154,000 €275,000 €254,000 €237,000

Depreciation/amortization,

supplemental€245,000 €256,000 €298,000 €348,000 €422,000

Auditor/Opinion:

Pricewaterhouse

Coopers LLP

Unqualified

with

Explanation

Pricewaterhouse

Coopers LLP

Unqualified

with

Explanation

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified

Source:ARS

3/25/2009

ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

4/2/2007





Statement of Cash Flows - Annual - Standardized(Thousands of Euros)

Period Ended12 mos

12/31/2008

12 mos

12/31/2007

12 mos

12/31/2006

12 mos

12/31/2005

12 mos

12/31/2004

Reclassified

12/31/2005

Cash Flows from Operating Activities:

Net income €105,000 €129,000 €62,000 (€616,000) (€641,000)

Depreciation/depletion 299,000 295,000 339,000 518,000 750,000

Non-cash Items (33,000) (36,000) (60,000) 288,000 (64,000)

Changes in working

capital(52,000) 25,000 (239,000) (52,000) (38,000)

Total cash from

operating activities319,000 413,000 102,000 138,000 7,000

Cash Flows from Investing Activities:

Capital expenditures (282,000) (324,000) (311,000) (286,000) (248,000)

Other investing cash

flow items, total200,000 272,000 141,000 75,000 545,000

Total cash from

investing activities(82,000) (52,000) (170,000) (211,000) 297,000

Cash Flows from Financing Activities:

Total cash dividends

paid(27,000) (3,000) (2,000) n/a n/a

Issuance/retirement of

stock, net(14,000) (2,000) 36,000 576,000 447,000

Issuance/retirement of

debt, net(88,000) (407,000) (410,000) (233,000) (933,000)

Total cash from

financing activities(129,000) (412,000) (376,000) 343,000 (486,000)

Foreign exchange

effects(31,000) (1,000) (9,000) 38,000 (4,000)

Net change in cash 77,000 (52,000) (453,000) 308,000 (186,000)

Net cash-beginning

balance415,000 467,000 920,000 612,000 798,000

Net cash-ending

balance€492,000 €415,000 €467,000 €920,000 €612,000

Auditor/Opinion:

Pricewaterhouse

Coopers LLP

Unqualified

with

Explanation

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified

Pricewaterhouse

Coopers LLP

Unqualified

Source:ARS

3/25/2009

ARS

4/2/2008

ARS

4/2/2007

ARS

3/30/2006

ARS

3/30/2006





Financial Statements - Sequential Quarters

Performance Ratios - Sequential Quarters(Thousands of Euros)

Period Ended3 mos

3/31/2009

3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

Net Sales € €920,000 €1,126,000 €1,224,000 €1,227,000 €1,186,000

% change -18.29% -8.01% -0.24% 3.46% 0.00%

Gross Margin € (€71,000) €30,000 €100,000 €147,000 €104,000

% change -336.67% -70.00% -31.97% 41.35% -12.61%

% of sales -7.72% 2.66% 8.17% 11.98% 8.77%

change as % of incremental sales n/m n/m n/m 104.88% n/m

SG&A € €122,000 €108,000 €118,000 €119,000 €137,000

% change 12.96% -8.47% -0.84% -13.14% 12.30%

% of sales 13.26% 9.59% 9.64% 9.70% 11.55%

change as % of incremental sales n/m n/m n/m -43.90% n/m

Operating margin € (€91,000) €14,000 €87,000 €115,000 €93,000

% change -750.00% -83.91% -24.35% 23.66% 20.78%

% of sales -9.89% 1.24% 7.11% 9.37% 7.84%


EBITDA € (€66,000) €62,000 €120,000 €127,000 €124,000

% change -206.45% -48.33% -5.51% 2.42% 16.98%

% of sales -7.17% 5.51% 9.80% 10.35% 10.46%


Pre-tax income € (€136,000) (€24,000) €43,000 €60,000 €51,000

% change -466.67% -155.81% -28.33% 17.65% 64.52%

% of sales -14.78% -2.13% 3.51% 4.89% 4.30%


Net income (loss) € (€134,000) (€28,000) €56,000 €35,000 €42,000

% change -378.57% -150.00% 60.00% -16.67% 90.91%

% of sales -14.57% -2.49% 4.58% 2.85% 3.54%

change as % of incremental sales n/m n/m n/m -17.07% n/m

Tax expense € (€8,000) (€3,000) €21,000 €26,000 €11,000

Effective tax rate 5.88% 12.50% 48.84% 43.33% 21.57%

Depreciation expense € €75,000 €77,000 €79,000 €69,000 €74,000

% of sales 8.15% 6.84% 6.45% 5.62% 6.24%

% of capital expenses 144.23% 105.48% 111.27% 106.15% 101.37%


Capital expenditures € €52,000 €73,000 €71,000 €65,000 €73,000

% change -28.77% 2.82% 9.23% -10.96% -12.05%


% of working capital (annualized) 39.32% 47.87% 48.88% 43.88% 51.91%

Interest coverage ratio n/a 6.89 n/a n/a n/a

Free cash flow € €80,000 €161,000 (€62,000) (€15,000) (€47,000)

% change -50.31% 359.68% -313.33% 68.09% -139.17%

Source:Interim Report

5/6/2009

ARS

3/25/2009

Interim Report

11/6/2008

Interim Report

7/30/2008

Interim Report

5/7/2008





Liquidity Ratios - Sequential Quarters(Thousands of Euros)

Period Ended3 mos

3/31/2009

3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

Current assets € €1,949,000 €2,169,000 €2,401,000 €2,374,000 €2,374,000

% change -10.14% -9.66% 1.14% 0.00% 12.25%


Current liabilities € €1,497,000 €1,563,000 €1,787,000 €1,826,000 €1,737,000

% change -4.22% -12.54% -2.14% 5.12% 6.76%

Working capital € €452,000 €606,000 €614,000 €548,000 €637,000

% change -25.41% -1.30% 12.04% -13.97% 30.53%

% of sales (annualized) 12.28% 13.45% 12.54% 11.17% 13.43%

Cash € €703,000 €668,000 €600,000 €515,000 €589,000

% change 5.24% 11.33% 16.50% -12.56% 11.13%


Cash ratio 0.47 0.43 0.34 0.28 0.34

% change 9.87% 27.28% 19.08% -16.84% 4.08%

Quick assets € €1,440,000 €1,489,000 €1,661,000 €1,568,000 €1,611,000

% change -3.29% -10.36% 5.93% -2.67% 7.76%


Quick ratio 0.96 0.95 0.93 0.86 0.93

% change 0.97% 2.50% 8.25% -7.42% 0.94%

Current ratio 1.30 1.39 1.34 1.30 1.37

% change -6.18% 3.28% 3.35% -4.87% 5.14%


5/6/2009

ARS

3/25/2009

Interim Report

11/6/2008

Interim Report

7/30/2008

Interim Report

5/7/2008





Efficiency Ratios - Sequential Quarters(Thousands of Euros)

Period Ended3 mos

3/31/2009

3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

Accounts receivable € €737,000 €821,000 €1,061,000 €1,053,000 €1,022,000

% change -10.23% -22.62% 0.76% 3.03% 5.91%

% of sales 80.11% 72.91% 86.68% 85.82% 86.17%


Accounts receivable turnover

(annualized)4.72 4.79 4.63 4.73 4.78

% change -1.30% 3.33% -2.08% -0.93% 0.45%

Days sales outstanding 77.26 76.26 78.80 77.16 76.44

% change 1.32% -3.23% 2.13% 0.94% -0.45%

Inventory € €499,000 €666,000 €729,000 €634,000 €599,000

% change -25.08% -8.64% 14.98% 5.84% 2.74%

% of sales 54.24% 59.15% 59.56% 51.67% 50.51%


% inventory financed by vendors 166.13% 145.95% 149.66% 170.66% 178.96%

% change 13.83% -2.48% -12.31% -4.64% -2.58%

Inventory turnover (annualized) 6.81 6.29 6.60 7.01 7.32

% change 8.27% -4.73% -5.85% -4.31% 1.15%

No. of days sales in inventory 53.64 58.07 55.33 52.09 49.84

% change -7.64% 4.96% 6.22% 4.51% -1.14%

Inventory to working capital ratio 1.10 1.10 1.19 1.16 0.94

% change 0.46% -7.44% 2.63% 23.04% -21.29%

Accounts payable € €829,000 €972,000 €1,091,000 €1,082,000 €1,072,000

% change -14.71% -10.91% 0.83% 0.93% 0.09%

% of sales 90.11% 86.32% 89.13% 88.18% 90.39%


Accounts payable turnover

(annualized)4.40 4.25 4.14 4.01 4.04

% change 3.57% 2.71% 3.17% -0.70% -1.20%

Source:

Interim

Report

5/6/2009

ARS

3/25/2009

Interim

Report

11/6/2008

Interim

Report

7/30/2008

Interim

Report

5/7/2008





Leverage Ratios - Sequential Quarters(Thousands of Euros)

Period Ended3 mos

3/31/2009

3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

Total debt € €2,024,000 €1,954,000 €2,082,000 €2,103,000 €2,074,000

% change 3.58% -6.15% -1.00% 1.40% 4.43%

Stockholders' equity € (€525,000) (€375,000) (€264,000) (€339,000) (€304,000)

% change -40.00% -42.05% 22.12% -11.51% 21.85%

Tangible net worth € (€987,000) (€753,000) (€673,000) (€741,000) (€713,000)

% change -31.08% -11.89% 9.18% -3.93% 8.47%

Total assets € €4,206,000 €4,324,000 €4,626,000 €4,584,000 €4,569,000

% change -2.73% -6.53% 0.92% 0.33% 2.03%

Total debt to assets ratio 0.48 0.45 0.45 0.46 0.45

% change 6.48% 0.40% -1.90% 1.08% 2.35%

Net tangible assets € €3,744,000 €3,946,000 €4,217,000 €4,182,000 €4,160,000

% change -5.12% -6.43% 0.84% 0.53% 1.76%

Short-term debt € €404,000 €342,000 €439,000 €452,000 €422,000

% change 18.13% -22.10% -2.88% 7.11% 35.69%

Short-term debt % of total debt 19.96% 17.50% 21.09% 21.49% 20.35%

% change 14.04% -16.99% -1.90% 5.63% 29.93%

Short-term debt % of working

capital89.38% 56.44% 71.50% 82.48% 66.25%

% change 58.38% -21.07% -13.32% 24.50% 3.95%

Total liabilities € €4,731,000 €4,699,000 €4,890,000 €4,923,000 €4,873,000

% change 0.68% -3.91% -0.67% 1.03% 0.12%

Source:

Interim

Report

5/6/2009

ARS

3/25/2009

Interim

Report

11/6/2008

Interim

Report

7/30/2008

Interim

Report

5/7/2008





Rates of Return - Sequential Quarters(Thousands of Euros)

Period Ended3 mos

3/31/2009

3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

Return on total assets -3.14% -0.63% 1.22% 0.76% 0.93%

% change -402.14% -151.45% 59.01% -17.63% 89.14%

Return on net tangible assets -3.49% -0.69% 1.33% 0.84% 1.02%

% change -408.02% -151.44% 58.92% -17.61% 89.43%


5/6/2009

ARS

3/25/2009

Interim Report

11/6/2008

Interim Report

7/30/2008

Interim Report

5/7/2008





Balance Sheet - Sequential Quarters - Standardized(Thousands of Euros)

As of 3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008

Current Assets:

Cash and short term investments €703,000 €668,000 €600,000 €515,000 €589,000

Accounts receivable (trade), net 737,000 821,000 1,061,000 1,053,000 1,022,000

Total inventory 499,000 666,000 729,000 634,000 599,000

Other current assets, total 10,000 14,000 11,000 172,000 164,000

Total current assets 1,949,000 2,169,000 2,401,000 2,374,000 2,374,000

Non-Current Assets:

Property/plant/equip., net 1,506,000 1,501,000 1,546,000 1,523,000 1,512,000

Goodwill, net 260,000 197,000 203,000 194,000 193,000

Intangibles, net 202,000 181,000 206,000 208,000 216,000

Long term investments 104,000 105,000 112,000 118,000 117,000

Other long term assets, total 185,000 171,000 158,000 167,000 157,000

Total assets €4,206,000 €4,324,000 €4,626,000 €4,584,000 €4,569,000

Current Liabilities:

Accounts payable €829,000 €972,000 €1,091,000 €1,082,000 €1,072,000

Notes payable/short term debt 146,000 123,000 106,000 125,000 76,000

Current port. LT debt/capital leases 258,000 219,000 333,000 327,000 346,000

Other current liabilities, total 264,000 249,000 257,000 292,000 243,000

Total current liabilities 1,497,000 1,563,000 1,787,000 1,826,000 1,737,000

Non-Current Liabilities:

Long term debt 1,620,000 1,612,000 1,643,000 1,651,000 1,652,000

Deferred income tax 33,000 38,000 44,000 44,000 46,000

Minority interest 18,000 19,000 21,000 19,000 20,000

Other liabilities, total 1,563,000 1,467,000 1,395,000 1,383,000 1,418,000

Total liabilities 4,731,000 4,699,000 4,890,000 4,923,000 4,873,000

Shareholders' Equity:

Common stock 1,213,000 1,213,000 1,213,000 1,213,000 1,213,000

Additional paid-in capital 138,000 138,000 138,000 138,000 138,000

Retained earnings/accum. deficit (1,876,000) (1,726,000) (1,615,000) (1,690,000) (1,655,000)

Total equity (525,000) (375,000) (264,000) (339,000) (304,000)

Total liabilities & shareholders'

equity€4,206,000 €4,324,000 €4,626,000 €4,584,000 €4,569,000

Supplemental Information:

Total common shares outstanding 101,087 99,295 100,368 100,368 100,368

Source:

Interim

Report

5/6/2009

ARS

3/25/2009

Interim

Report

11/6/2008

Interim

Report

7/30/2008

Interim

Report

5/7/2008





Income Statement - Sequential Quarters - Standardized(Thousands of Euros)

Period Ended3 mos

3/31/2009

3 mos

12/31/2008

3 mos

9/30/2008

3 mos

6/30/2008

3 mos

3/31/2008

Revenue:

Revenue €920,000 €1,126,000 €1,224,000 €1,227,000 €1,186,000

Other revenue, total 146,000 170,000 122,000 107,000 151,000

Total revenue 1,066,000 1,296,000 1,346,000 1,334,000 1,337,000

Operating Expense:

Cost of revenue, total 991,000 1,096,000 1,124,000 1,080,000 1,082,000

SG&A expenses, total 122,000 108,000 118,000 119,000 137,000

Research & development 18,000 21,000 15,000 17,000 20,000

Unusual income/expense 20,000 34,000 0 4,000 2,000

Other operating expenses, total 6,000 23,000 2,000 (1,000) 3,000

Total expense 1,157,000 1,282,000 1,259,000 1,219,000 1,244,000

Operating income (91,000) 14,000 87,000 115,000 93,000

Non-Operating Expense/Income:

Interest/investment income, non-

operating5,000 (9,000) 2,000 2,000 1,000

Other, net (50,000) (29,000) (46,000) (57,000) (43,000)

Income before tax (136,000) (24,000) 43,000 60,000 51,000

Income tax - total (8,000) (3,000) 21,000 26,000 11,000

Income after tax (128,000) (21,000) 22,000 34,000 40,000

Minority interest 1,000 (1,000) 0 (1,000) 0

Extraordinary Items:

Total extraordinary items (7,000) (6,000) 34,000 2,000 2,000

Net income (€134,000) (€28,000) €56,000 €35,000 €42,000

Supplemental and Per Share Items:

Basic/primary EPS incl. extra. items (€1.35) (€0.28) €0.55 €0.35 €0.42

Diluted EPS incl. extra. items (€1.35) (€0.28) €0.55 €0.34 €0.41

Depreciation/amortization,

supplemental€75,000 €77,000 €79,000 €69,000 €74,000

Source:

Interim

Report

5/6/2009

ARS

3/25/2009

Interim

Report

11/6/2008

Interim

Report

7/30/2008

Interim

Report

5/7/2008





Payments

Trade Payment Summary By Month

Date

Reported

#

Total

Receivable

Current

Amount

Past

Due

1-30

Past

Due

31-60

Past

Due

61-90

Past

Due

90+

Other

Amount

Days

Beyond

Terms

5-2009 8 64,681 59,530 6,571 (1,420) 1.5

4-2009 28 726,305 756,660 14,640 15,242 (60,237) 2.1

3-2009 25 1,099,772 1,072,096 68,647 9,661 (53,910) 3,278 2.7

2-2009 24 923,807 888,389 18,602 20,314 801 (4,299) 3.0

1-2009 28 644,959 563,045 56,214 4,888 17,249 3,563 6.2

12-2008 29 852,791 341,951 126,984 303,026 74,503 6,327 25.7

11-2008 31 1,211,363 901,692 281,753 8,317 1,888 17,713 6.0

10-2008 30 3,127,878 2,410,351 683,842 10,644 780 22,261 4.2

9-2008 25 2,613,444 2,149,175 417,944 14,537 19,189 12,560 39 3.8

8-2008 25 4,252,636 3,236,100 716,007 108,566 72,108 117,292 2,563 7.9

7-2008 21 4,376,233 3,072,581 1,016,621 141,250 112,564 30,693 2,524 8.2

6-2008 27 3,163,634 2,608,349 291,599 230,622 30,573 936 1,555 6.0

5-2008 24 4,763,024 2,942,164 1,802,522 2,112 6,791 7,880 1,555 6.1

4-2008 22 2,994,138 2,725,828 243,505 26,076 599 (1,870) 1.9

3-2008 23 2,769,068 2,511,300 267,312 26,210 (30,728) (5,026) 2.2

2-2008 22 2,707,106 2,625,072 130,619 (43,559) (5,026) 1.7

1-2008 24 1,968,833 1,909,112 64,347 5,700 (10,326) 1.3

12-2007 23 1,209,966 834,996 341,871 34,489 (2,919) 1,529 5.9

11-2007 25 1,902,463 1,859,077 43,708 (2,767) 7,156 (4,711) 1.3

10-2007 25 2,032,620 1,907,530 103,137 7,156 12,927 1,870 1.9

9-2007 28 2,132,180 1,895,341 161,213 43,504 12,979 19,143 3.6

8-2007 30 2,354,491 2,251,875 45,011 22,847 19,174 15,584 2.3

7-2007 28 2,342,477 2,066,861 239,134 20,107 (7,096) 23,471 3.1

6-2007 27 3,466,513 2,029,571 1,383,904 7,058 17,112 28,868 7.5

5-2007 25 2,305,823 2,106,726 185,973 28,639 22,823 (38,338) 2.5

4-2007 28 2,436,095 2,099,621 347,770 26,555 1,241 (39,092) 2.7

3-2007 28 1,517,151 1,439,158 95,906 2,047 18,326 (38,286) 2.0

2-2007 26 2,364,385 2,032,771 339,504 18,516 13,281 (39,687) 3.1

1-2007 26 1,756,481 1,218,314 354,552 152,431 64,445 (33,261) 9.8

12-2006 20 1,629,717 1,317,450 290,325 56,129 435 (34,622) 4.6

11-2006 16 2,222,015 1,438,565 778,430 1,227 760 3,033 5.5

10-2006 16 1,469,702 1,307,456 73,454 78,309 2,020 8,463 4.0

9-2006 17 947,814 770,664 142,666 24,390 7,513 2,581 4.1

8-2006 17 1,907,799 1,450,036 358,183 11,815 86,013 1,752 6.4

7-2006 18 1,045,490 861,795 81,639 86,013 15,197 846 5.8

6-2006 18 1,245,450 1,146,569 88,630 15,460 (5,209) 1.8

5-2006 19 1,095,239 846,636 253,829 (6,284) 2,668 (1,610) 4.1

4-2006 17 419,442 405,776 11,590 2,668 (6,806) 6,214 2.2

3-2006 17 488,706 437,352 56,176 (6,041) 419 800 1.9

2-2006 17 378,583 302,463 74,233 182 139 1,566 3.2

1-2006 16 502,347 304,991 195,840 716 493 307 5.5

12-2005 12 107,188 89,555 16,067 373 1,193 4.3

11-2005 12 79,310 62,702 15,281 106 402 819 5.9

10-2005 11 79,855 53,830 25,710 402 (87) 5.3

9-2005 12 160,256 111,989 47,329 119 819 5.2

8-2005 11 133,082 88,654 42,685 1,830 (252) 165 5.5



7-2005 14 161,031 94,451 65,761 (252) 1,071 6.8

6-2005 11 94,487 73,478 19,938 28 1,043 4.4

5-2005 10 97,279 75,194 13,965 28 8,092 11.2

4-2005 5 12,423 904 1,728 212 1,474 8,105 80.3

3-2005 4 6,237 62 4,551 1,201 286 137 25.4

2-2005 5 64,916 1,151 7,853 591 41,634 13,687 72.5

1-2005 5 141,160 5,880 20,369 70,389 29,270 15,252 51.5

12-2004 5 4,356 1,878 1,225 729 524 24.4

11-2004 6 259,421 24,301 50,840 67,876 61,140 55,264 54.8

10-2004 5 37,638 2,642 26,355 7,690 951 22.4

9-2004 5 37,210 32,005 3,526 728 11 940 5.0

8-2004 5 222,412 5,033 143,804 39,351 34,224 33.8

7-2004 4 16,978 6,911 9,127 940 13.9

6-2004 4 239,281 105,619 76,128 33,571 23,963 21.6

5-2004 4 397,953 292,173 22,059 42,785 40,133 803 13.4

4-2004 4 634,983 237,869 79,499 163,001 155,074 (460) 31.7

3-2004 3 4,559 605 3,639 775 (488) 28 18.3

2-2004 4 349,142 194,361 155,241 (488) 28 6.7

1-2004 4 164,042 154,304 449 9,261 28 2.6

12-2003 3 10,157 842 9,287 28 14.0

11-2003 3 9,908 9,366 514 28 1.1

10-2003 3 716 461 227 28 8.9

9-2003 3 343 299 24 20 13.5

8-2003 2 86 42 24 20 42.8

7-2003 4 32,408 325 32,063 28 (8) 14.9

6-2003 4 32,372 32,063 317 (8) 0.1



Peer Analysis

[Sector: Basic Materials] [Industry: Chemical Manufacturing] [Calendar Quarter: 2009.1]

Businesses in Peer Group: 1,550

Ranking

Within

Peer

Group

Number

Of

Peers

Ranked

Company

Value

Peer Group Range

Low Median High

Credit Ratings:

ZScore -- Current Quarter 499 567 (0.96) (4,663.08) 2.88 94.25

Performance ratios:

Net Sales (Thousands of U.S. Dollars) N/A 135 N/A 0.00 86,682.00 6,871,000.00

Gross margin % of Sales -- Current

Quarter

660 682 (7.72) (4,300.00) 19.96 100.00

Gross margin % of Sales -- TTM 564 612 4.58 (91.18) 20.80 145.97

SG&A % of Sales -- Current Quarter 346 665 13.26 0.29 12.87 13,150.44

SG&A % of Sales -- TTM 264 598 10.38 0.21 11.55 25,335.71

Operating Margin % of Sales -- Current

Quarter

570 695 (9.89) (14,800.00) 2.89 85.72

Operating Margin % of Sales -- TTM 345 629 2.78 (88,750.00) 3.81 79.98

EBITDA Margin % of Sales -- Current

Quarter

581 689 (7.17) (11,098.23) 6.54 84.74

EBITDA Margin % of Sales -- TTM 297 516 5.40 (89,050.00) 7.24 172.17

Net Profit Margin % of Sales -- Current

Quarter

597 695 (14.57) (20,059.53) 1.43 168.63

Net Profit Margin % of Sales -- TTM 469 629 (1.58) (87,807.14) 2.16 156.27

Pre-tax Income % of Sales -- Current

Quarter

593 695 (14.78) (20,059.53) 2.10 175.66

Effective Tax Rate 250 711 5.88 (14,103.77) 17.74 884.27

Depreciation % Of

Prop/Plant/Equipment

453 512 19.95 0.00 10.28 759.39

CapitalExpense % Of

Prop/Plant/Equipment

372 563 13.83 0.00 9.08 800.00

Interest Coverage -- Current Quarter N/A 608 N/A (318.83) 2.38 23,133.82

Interest Coverage -- TTM N/A 434 N/A (352.21) 4.45 6,724.55

Liquidity ratios:

Cash Ratio 242 639 0.47 0.00 0.30 195.85

Quick Ratio 313 618 0.96 0.00 0.97 39.86

Current Ratio 404 646 1.30 0.00 1.65 197.05

Efficiency ratios:

Accounts Receivable Turnover 345 619 4.72 (2,426.89) 5.24 4,814.84

Days Sales Outstanding 348 614 77.26 (0.15) 68.53 86,788.09

% Inventory Financed by vendors --

Current Quarter

95 572 166.13 0.00 67.20 5,235.69

% Inventory Financed by vendors --

TTM

85 515 157.20 0.27 65.59 3,653.50

Inventory Turnover (annualized) --

Current Quarter

158 612 6.81 0.00 4.17 264.00

Inventory Turnover -- TTM 175 541 6.86 (25.21) 4.99 126.61

Days Sales in Inventory 158 608 53.64 1.38 86.93 89,984.92

Inventory to Working Capital 364 617 1.10 (101.12) 0.84 5,981.00

Accounts Payable Turnover

(annualized) -- Current Quarter

425 573 4.40 0.00 6.83 22,056.00

Accounts Payable Turnover -- TTM 403 505 4.25 (1.86) 7.43 4,525.53

Leverage & debt coverage:

Total Debt to Equity Ratio N/A 570 N/A 0.00 0.56 78.38



Debt to Tangible Equity Ratio N/A 545 N/A 0.00 0.58 321.01

Total Debt to Assets Ratio 495 595 0.48 0.00 0.28 158.51

Short-Term Debt % of Total Debt 102 564 19.96 0.00 60.77 100.00

Short-Term Debt % of Working Capital 307 573 89.38 (13,983.43) 75.17 13,326.10

Liabilities to Net Worth Ratio N/A 594 N/A 0.01 1.07 1,173.03

Total Liabilities to Equity Ratio N/A 619 N/A 0.01 1.00 162.04

TTM = trailing 12 months

N/A = Not Available Green - Ranked in Upper Quartile of Peer Group

White - Ranked in the Middle Two Quartiles of Peer Group

Red - Ranked in Lower Quartile of Peer Group

Grey - Data is Not Available

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