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Samas Groep - Half Year Results 2008/2009

Wednesday 5 November 2008

Before the start of trading Samas N.V. (Samas) today announced its 2008/2009 first half year results on a continued operations (excluding Samas France) and fully consolidated basis. Samas’ financial year runs from 1 April until 31 March.

Key points financial development first half year 2008/2009

•Year-on-year net revenue (fully consolidated) increased by 1% to 183.7 million.

•Normalized EBITDA (fully consolidated) turned positive at 4.3 million due to strict cost and cash management (versus 4.3 negative in first half of previous year).
•Continued cost reduction programmes resulted in 8% lower cost base and a significantly smaller normalized operating loss (fully consolidated) of 2.4 million compared to 11.0 million year-on-year. Result realized with 230 FTE less at September 30 compared with one year ago.
Net result (fully consolidated) came in at 12.7 million negative, for large part due to a (non cash) one-off book loss of 6.0 million related to the divestment of Samas France.
•Financial position strengthened; compared to 31 March 2008 net debt decreased by 10.7 million to 37.2 million whereas solvency increased from 30.5% to 34.2%. Caution and alertness continue to be required given risks related to the economic environment as well as the tight financial household. Key points strategic development and organization.
•Progress booked on both strategic and operational level aimed at creating a more compact and profitable Samas; Samas France divested as per 30 September 2008.

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