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Nylstar & Radici merger reduces Rhodia's exposure to EU textile market

Aug '05
A worldwide leading specialty chemicals group Rhodia announced second quarter 2005 results.

Following the meeting of the Board of Directors on August 3, Rhodia reported its financial results for the second quarter of 2005, prepared in accordance with IFRS accounting standards. Highlights for the period included:

- Net sales of 1,393 million euros, versus 1,296 million euros in the second quarter of 2004. At same perimeter and constant exchange rates, net sales were up 7.4 percent for the period, supported by the 9.3 percent impact of price increases, offset by a negative 2.1 percent transactional exchange rate effect.

- Sustained improvement in recurring EBITDA, which rose 16 percent quarter-on-quarter at same perimeter and constant exchange rates

- Savings of 32 million euros, in line with the 2005 objective of reducing fixed costs by 114 million euros.

- Successful completion of the action plans undertaken in the least profitable businesses, which led to improved performance by the Silicones, TDI and Organics businesses.

- Rhodia Pharma Solutions has not demonstrated the expected signs of improvement. Therefore, a strong focus is now on delivering a sustainable long term solution. In this context, the net book value of the business' tangible assets has been fully written off.

- An operating loss of 69 million euros, versus a loss of 33 million euros in the second quarter 2004, after 101 million euros full impairment of Rhodia Pharma Solutions assets. Excluding this charge, the Group would have reported operating income of 32 million euros, representing a 65 million euros improvement versus second-quarter 2004.

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