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- Consolidated results HY1 2007 -

- Consolidated results HY1 2007 -. PICANOL GROUP SEES PROFIT GROWTH IN FIRST HALF OF 2007. Ypres, 29 August 2007. Agenda. I. Activity report HY1 2007 - Review HY1 2007 - Main events HY1 2007 II. Financial results HY1 2007 - Income statement - Exceptional result - Tax result

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- Consolidated results HY1 2007 -

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  1. - Consolidated results HY1 2007 - PICANOL GROUP SEES PROFIT GROWTH IN FIRST HALF OF 2007 Ypres, 29 August 2007

  2. Agenda I. Activity report HY1 2007 - Review HY1 2007 - Main events HY1 2007 II. Financial results HY1 2007 - Income statement - Exceptional result - Tax result - REBITDA HY1 2007-HY1 2006 - REBIT HY1 2007-HY1 2006 - Condensed cash flow statement - Consolidated balance sheet - Net financial debt III. Outlook - Outlook - ITMA 2007 - Challenges for the future

  3. ACTIVITY REPORT HY1 2007

  4. Review HY1 2007 (1/2) • Demand for new weaving machines remained high in the first half of 2007, in particular due to China • Compared to HY1 2006 more airjet weaving machines sold • During the second quarter demand fell slightly, probably in anticipation of the ITMA 2007 fair (Munich, Germany) • Price & margin pressure remained high with Japanese manufacturers (airjet) together with a strengthening of the euro relative to the yen • Picanol focuses clearly on turnover and margin • New machines convince the market of Picanol’s competence & innovative power : OptiMax

  5. Review HY1 2007 (2/2) • Various actions to protect turnover volume and market position of sales of services, spare parts and accessories are successful in the first half of 2007 • Measures taken at Manufacturing (Proferro/Bumac) have a positive impact on turnover and profitability • PsiControl Mechatronics was able to strengthen its position in the market, a.o. due to the start-up in Romania

  6. Main events HY1 2007 (1/2) • From 12 to 16 March, the new rapier weaving machine OptiMax was launched in Ypres • In line with the modification of the production machinery, the OptiMax is launched gradually on the world market

  7. Main events HY1 2007 (2/2) • New construction project at the K. Steverlyncklaan (Ypres) was completed successfully • All activities of PsiControl Mechatronics, Verbrugge, R&D- and Sourcing departments were centralized in the new building in the first half of 2007 • Further construction plans and centralization at the K. Steverlyncklaan conditional on sale of YTC (Ter Waarde)

  8. II. FINANCIAL RESULTS HY1 2007

  9. Income statement

  10. Exceptional result • Exceptional gain 0.15 mio euros • Exceptional loss -0.39 mio euros • Settlement shareholder -0.07 mio euros • Write-down VAT-receivable J. Coene -0.16 mio euros • Realized less value -0.06 mio euros • Other small exceptional losses -0.10 mio euros

  11. Tax result • Theoretical tax charge (33.99%) 3.3 mio euros • Tax increase settlement J. Coene + 0.6 mio euros (6.2%) • Disallowed expenses + 0.5 mio euros (5.2%) • Notional interest deduction -0.4 mio euros (-4.1%) • Foreign local tax rate advantage -0.2 mio euros (-2.1%) • Effective tax charge (38.77%) 3.8 mio euros

  12. REBITDA HY1 2007 – HY1 2006 HY1 2007 HY1 2006 REBIT IFRS CONSOLIDATED 10.5 6.7 Depreciation expense + 5.9 + 7.2 Movements in provision bad debt, inventory - 1.3 + 1.1 Movements in other provisions + 0.5 + 0.4 REBITDA IFRS CONSOL 15.6 15.4 Mio euros

  13. REBIT HY1 2007- HY1 2006 Mio euros • REBIT HY1 2006 +6.7 • Machine sales5% volume increase +0.6 margin decrease, mainly due to higher share of airjet machines -3.2 • Efficiency improvement Manufacturing/assembly +1.8 • Sales increase at Proferro & PsiControl Mechatronics +1.6 • Increased sales aftermarket & accessories business +2.3 • Reduction in overhead costs +0.7 • REBIT HY1 2007 +10.5

  14. Condensed cash flow statement

  15. Consolidated balance sheet (1/2)

  16. Consolidated balance sheet (2/2)

  17. Net financial debt 30/06/2007 31/12/2006 1. Cash & investments 16,519 16,485 2. Financial debt payable > 1 year -27,079 -33,430 3. Financial debt payable current portion -21,529 -23,163 4. Short term financial debt -2,400 -765 -34,489 -40,873 Excl. Export financing 1. Cash & investments 16,519 16,485 2. Financial debt payable > 1 year -13,366 -14,768 3. Financial debt payable current portion -5,036 -5,041 4. Short term financial debt -2,400 -765 -4,283 -4,089 Net financial debt

  18. III. OUTLOOK

  19. Outlook • The Picanol Group remains cautious given the fierce competition worldwide and the volatile exchange rate movements of the yen • It is expected that the demand for weaving machines may be somewhat lower in the second half of 2007 • In China the introduction of higher taxes on imported weaving machines and on exported textile products may lead to decisions to invest in new weaving machines being delayed • Continuous focus on better production and process efficiency • Confirmation turnover forecast in line with 2006

  20. ITMA 2007 • From 13-20 September Picanol will participate in ITMA, the world’s leading trade fair for textile machine producers, in Munich • Picanol will be present with 15 weaving machines. GTP Accessories also has a booth at the fair.

  21. Challenges for the future • Internationalization is more than ever a challenge • Customer-oriented innovation was and is crucial for the Picanol Group. Since the end of 2006 own Innovation Council to stimulate the development of innovation • Further enhancement of own competencies for third parties remains an important strategic pillar • Extra focus on improving customer intimacy • Cost management • Search for new talent is difficult: • Currently in Ypres various job offerings for engineers and technical talent

  22. Questions?

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