Half-year results 2012

Half year report 20I2

C ntent

2

PROTECTION THROUGH INNOVATION

Management statement P.3

Half year report of the Board of Directors P.4

Group structure P.6

Developments by division P.9

Balance sheet and cash flow statement P.9

Outlook for 2012 P.9

Content financial part P.11

P3

Obligations to provide periodic information under the Transparency Directive effective from 1 January 2008

The undersigned declare that:

>The half year accounts, prepared in accordance with the applicable standards for annual financial statements, give a true and fair view of the net assets, financial condition and results of Sioen Industries and the companies included in the consolidation.

>The half year report gives a true and fair overview of the development and results of the company and the position of Sioen Industries and the companies included in the consolidation, and a description of the principal risks and uncertainties that they face.

Michèle Sioen, CEOGeert Asselman, CFO

The full financial report will be available from 31 August 2012 in the ‘Investor Relations’ section of our website www.sioen.com.

MANAGEMENT sTATEMENT

Sioen Industries nv is a producer of technical textiles, fine chemicals and hightech protective clothing.

HAlf yEAR REPORT Of THE BOARd Of dIRECTORs

> Net sales:

At the end of the first half of 2012 the Sioen Industries Group realized sales from continuing operations of EUR 167.1 million compared to EUR 165.4 million from comparable activities over the same period in 2011 or an increase by 1.0 %. The main drivers behind the growth in sales are the Apparel and Coating divisions.

> Gross margin:

Lowering inventory levels and a changing sales mix caused a drop in gross margin with EUR 1.8 million to EUR 79.9 million in 2012.

> Services and other goods:

Expressed as a percentage over net sales, services and other goods decreased compared to the same period in 2011. The costs amounted to EUR 23.3 million in 2012 or 13.9% over net sales compared to EUR 24.7 million in 2011 or 15.0%.

> Remuneration, social security and pensions:

Labor cost at the end of the first half of 2012 amounted to EUR 34.6 million or 20.7% over net sales compared to EUR 33.8 million or 20.4% over net sales over the same period in 2011.

> Depreciations:

Depreciations decreased from EUR 9.4 million at the end of the first half of 2011 to EUR 8.4 million at the end of the first half of 2012 as a result of a lower investment pattern.

> Write off inventories and receivables:

Under this section we recorded, according to our accounting policies, possible movements on provisions for obsolete stocks and doubtful debtors.

> Other operating charges:

These charges cover a number of general expenses, mostly non-profit related taxes such as property tax, ‘taxe professionelle’ in France and similar.

> Operating result:

At the end of the first half of 2012, the operating result amounted to EUR 15.2 million compared to EUR 13.8 million over the same period last year. As a percentage over net sales, operating result increased from 8.3% to 9.0% at the end of the period.

> Financial result:

Financial result of the Group for the first half of 2012 amounted to EUR -1.6 million compared to EUR -3.1 million over the same period last year. The main reason for the increased financial result is related to the positive revaluation of general accounts (unrealized exchange gains/losses) during the first half of 2012 combined with a slight increase of interest charges.

4

> Income tax:

The increase in income taxes compared to the same period last year, results from the set-up of a deferred tax asset in the first half of last year. We refer to note II.10. ‘Income taxes relating to continuing operations’.

> Profit for the period from continuing operations:

The Group recorded a profit from continuing operations of EUR 8.8 million for the first half of 2012 which is in line with the profit for the period from comparable activities over the same period last year.

> Net cash flow from continuing operations:

The net cash flow from continuing operations amounted to EUR 16.7 million compared to EUR 17.4 million over the same period last year as a result of increased income taxes compared to the same period last year. Income taxes increased compared to last year, resulting from the set-up of deferred tax asset.

Events after reporting date

No subsequent events occurred which could have a significant impact on the consolidated financial statements of the group for the period ended 30 June 2012.

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6

GROUP sTRUCTURE

COATING

Sioen Industries nvSpinning, Weaving, Direct coating,Belgium

Saint Frères sasDirect coating, France

Sioen Shanghai(2)

Sales office, China

Sioen Fabrics saTransfer coating, Calendering, Belgium

Siofab saTransfer coating, Portugal

Veranneman TT nvOnline coating, Belgium Belgian Scrim Development bvba 100.0% (5)

Belgium

Pennel Automotive sasCalendering, France

Coatex nvProcessing of coated fabrics and films, Belgium

Saint Frères Confection sasHeavy-duty manufacturing, France

Sioen Felt & Filtration sa

Felt and filter production, Belgium

(1)

100.0%

100.0%

100.0%

100.0%

98.7%

100.0%

100.0%

100.0%

100.0%

APPAREL

Sioen nvApparel / Central distribution unit,Belgium

Confection Tunisiennede Sécurité sa Apparel, Tunisia

Donegal ProtectiveClothing Ltd. (3) Apparel, Ireland

Mullion Survival Technology Ltd. Apparel, UK

PT. Sioen IndonesiaApparel, Indonesia

PT. SungintexApparel, Indonesia

Sioen France sasSales office, France

Sioen Tunisie saSales office, Tunisia

Sioen Zaghouan saApparel, Tunisia

99.6%

100.0%

95.0%

95.0%

99.8%

99.5%

89.3%

100.0%

5.0%

5.0%

99.8%

sIOEN INdUsTRIEs nv Shared Service Center

In 2009, the Company decided to focus on its core business and to divest a number of activities (“discontinued operations”), including the production of finished road and railway truck curtains and tarpaulins. We refer to section II.23 for more information.

The core activities are grouped into three division: coating, apparel and chemicals.

ChEMICALS

Inducolor sa, Belgium

European Master Batch nvProduction pastes, inks, varnishes, Belgium

Richard sasPaste production, France

100.0%

100.0%

100.0%

OThER

TIS nvBelgium

Roltrans Tegelen bv (4) (6) The Netherlands

Roltrans Group America Inc.USA

Roland Planen GmbhGermany

Roland Real Estate Sp.z.o.o(6), Poland

Roland Ukraine llc.Ukraine

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

(1) Merger Holding company Sioen Industries (Shared Service Center) and Belgian direct coating companies at July 1st 2009

(2) Official name: Sioen Coated Fabrics Shanghai Trading Ltd.

(3) Official name: Gairmeidi Caomhnaithe Dhun na nGall Teoranta

(4) Respectively through Monal sa and Roltrans Group bv

(5) BVBA set up for development machine

(6) Name change in January 2012 following the sale of Roland activities

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8

p Information

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dEVElOPMENTs By dIVIsION

Coating division

The coating division specializes in the coating (applying a protective layer) of textiles. This division is fully vertically integrated. Everything starts with the extrusion of technical yarns (polyester), which are woven into technical fabric and then coated with various polymers (PVC, silicons, etc.).The group is the only player in the world with full competency in various coating technologies, each with their own specific products and markets.

In this division, the demand for building products (reinforcement for roofs) remains strong and drives the growth.

Apparel division

This division stands for ‘technical protective clothing’. The apparel division is an innovative producer of a wide range of high-quality technical protective clothing that meets all European standards. Sioen Apparel is active in various sectors where attention to safety is a priority. Attention to customer needs, strong quality consciousness and continuing research and development, combined with technically advanced products, are the basis of the successful development of this division.

In the Apparel division the growth is mainly driven by the product lines “Professional” (industrial high end technical protective garments) and “Specific” (fire, forestry, …).

Chemicals division

Sioen Chemicals processes basic raw materials (PVC powders, pigments, etc.) into high quality technical semi-finished products (pigment pastes and inks) for a wide range of applications. A change in sales mix and impoved efficiency have led to better results.

division other

The division “other” groups the real estate activities in Belgium, the Netherlands, USA, Germany, Poland and the Ukraine.

BAlANCE sHEET ANd CAsH flOw sTATEMENTWorking capital, expressed as a percentage of net sales increased from 30.5% as per 31 December 2011 to 31.4% as per 30 June 2012 (32.8% at the end of the first half of 2011). This evolution is mainly explained by the increase in finished goods (we refer to note II.15 ‘Inventories’) in order to be able to deliver after the summer holidays.In nominal amounts, working capital needs increased by EUR 4.3 million at the end of June 2012 compared to 31 December 2011. The net financial debt position decreased from EUR 84.3 million, at the end of last year, to EUR 76.6 million at the end of June 2012.

OUTlOOk fOR 2012A well spread product portfolio, strong emphasis on R&D and cost consciousness, these fundamentals are the basis of our confidence in the future. These turbulent economic times force companies to be conservative, to feel the daily pulse and take swift actions in an ever faster changing landscape.

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INTERIM CONsOlIdATEd fINANCIAl sTATEMENTs fOR THE 6 MONTHs ENdEd 30 JUNE 2012 - Unaudited

C ntent

INTERIM CONsOlIdATEd fINANCIAl sTATEMENTs fOR THE 6 MONTHs ENdEd 30 JUNE 2012 - Unaudited

I. Consolidated financial statements P.12

I.1Consolidated statement of financial position P.12

I.2 Consolidated statement of comprehensive income P.14

I.2.1 Consolidated statement of comprehensive income by function P.14

I.2.2 Consolidated statement of comprehensive income by nature P.16

I.2.3 Consolidated statement of total comprehensive income P.17

I.3 Consolidated statement of cash flows P.18

I.4 Consolidated statement of changes in equity P.19

II. Notes to the consolidated financial statements P.20

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12

ASSETS Note 30 June 2012

31 December 2011

unaudited audited

NON-CURRENT ASSETSIntangible assets 6 587 7 344

Goodwill 17 592 17 580

Property, plant and equipment 107 497 111 739

Investment property 6 804 6 805

Interests in associates

Long term trade receivables 11 14

Other long term assets 3 670 598

Deferred tax assets 14 012 13 866

TOTAL NON-CURRENT ASSETS 156 173 157 946

CURRENT ASSETSInventories II.15 93 885 86 166

Trade receivables 56 651 51 048

Other receivables 4 316 2 801

Other financial assets II.24 19 227 13 108

Cash and cash equivalents II.24 29 700 29 701

Deferred charges and accrued income 1 234 1 806

TOTAL CURRENT ASSETS 205 013 184 630

Assets related to discontinued operations II.20 661 5 892

TOTAL ASSETS 361 847 348 468

I. CONsOlIdATEd fINANCIAl sTATEMENTs

I.1. Consolidated statement of financial position IN THOUsANds Of EUROs

EQUITY & LIABILITIES Note 30 June 2012

31 December 2011

unaudited audited

EQUITY

Share capital 46 000 46 000

Retained earnings 108 353 105 363

Hedging and translation reserves -3 246 -2 413

TOTAL EQUITY I.4 151 107 148 950

Equity attributable to the owners of the company 151 107 148 950

Non-controlling interest 0

NON-CURRENT LIABILITIES

Borrowings 99 474 99 474

Provisions II.16 31 32

Retirement benefit obligations 2 158 2 003

Deferred tax liabilities 16 240 15 147

Obligations under finance leases 13 403 14 339

Other amounts payable 3 3

TOTAL NON-CURRENT LIABILITIES 131 309 130 998

CURRENT LIABILITIES

Trade and other payables 34 940 28 252

Borrowings 10 083 11 065

Provisions II.16 673 870

Retirement benefit obligations 27

Current income tax liabilities 2 984 1 667

Social debts 10 315 9 042

Other amounts payable 4 031 4 644

Obligations under finance leases 2 499 2 692

Derivatives fair value 6 546 4 502

Accrued charges and deferred income 4 855 1 587

TOTAL CURRENT LIABILITIES 76 926 64 348

Liabilities directly associated with assets from discontinued operations II.20 2 505 4 172

TOTAL EQUITY AND LIABILITIES 361 847 348 468

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14

I. 2.1. By function / IN THOUSANDS OF EUROS

I. 2. Consolidated statement of comprehensive income

Note Six months ended30 June

2012

Six months ended 30 June

2011

unaudited unaudited

Net sales II.8 167 125 165 409

Cost of sales -133 189 -129 813

MANUFACTURING CONTRIBUTION 33 935 35 595

Sales and marketing expenses -8 134 -8 153

Research and development expenses -2 852 -2 823

Administrative expenses -10 067 -11 203

Financial income 1 214 2 231

Financial charges -2 858 -5 298

Other income 2 637 1 294

Other expenses -288 -104

Non-recurring result (1) -842

PROFIT OR LOSS BEFORE TAxES II.8 13 587 10 698

Income tax II.10 -4 802 -1 906

PROFIT (LOSS) FOR ThE PERIOD FROM CONTINUING OPERATIONS 8 785 8 792

PROFIT (LOSS) FOR ThE PERIOD FROM DISCONTINUED OPERATIONS II.11 -19 -639

GROUP PROFIT/LOSS I.2.3 8 766 8 153

Group profit/loss attributable to shareholders of Sioen Industries 8 766 8 153

Group profit/loss attributable to non-controlling interest

EBIT FROM CONTINUING OPERATIONS 15 231 13 765

EBITDA FROM CONTINUING OPERATIONS 23 151 22 399

NET CASh FLOw FROM CONTINUING OPERATIONS 16 705 17 426

(1) Non-recurring items relate to impairment losses, restructuring expenses and start-up costs of new, significant investments projects until the product is ready to be sold at normal market conditions. In 2011 an exceptional restructuring charge was paid in France. We refer to the annual report 2011, note II.16 ‘Provisions’.

Earnings per share

Six months ended30 June

2012


2011

unaudited unaudited

BASIC EARNINGS PER ShARE

From continuing operations 0.41 0.41

From continuing and discontinued operations 0.41 0.38

DILUTED EARNINGS PER ShARE

From continuing operations 0.41 0.41

From continuing and discontinued operations 0.41 0.38

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I. 2. 2. By nature / IN THOUSANDS OF EUROS

(1) Non-recurring items relate to impairment losses, restructuring expenses and start-up costs of new, significant investments projects until the product is ready to be sold at normal market conditions. In 2011 an exceptional restructuring charge was paid in France. We refer to the annual report 2011, note II.16 ‘Provisions’.

(2) Other operating income mainly consists of received rent for buildings, transport recharges and received indemnities(3) Other operating charges mainly consist of taxes on tangible assets, local taxes and import duties(4) Changed composition of gross margin 2011 & 2012 compared to previous years. Pallets & wrapping material (previously services and other goods) and import duties (previously other operating

charges) are now part of gross margin


2012


2011

unaudited unaudited

Net sales II.8 167 125 165 409

Changes in stocks and WIP (work in progress) 4 430 13 978

Other operating income (2) 3 002 1 671

Raw materials and consumables used (4) -91 629 -97 620

GROSS MARGIN (4) 47.82% 49.43%

Services and other goods (4) -23 288 -24 733

Remuneration, social security and pensions -34 630 -33 756

Depreciations II.8 -8 350 -9 371

Write off inventories and receivables 233 489

Other operating charges (3) -1 662 -1 459

Non-recurring result (1) 0 -842

OPERATING RESULT 15 231 13 765

Financial result -1 643 -3 067

Financial income 1 214 2 231

Financial charges -2 858 -5 298

PROFIT OR LOSS BEFORE TAxES II.8 13 587 10 698

Income tax II.10 - 4 802 -1 906

PROFIT (LOSS) FOR ThE PERIOD FROM CONTINUING OPERATIONS 8 785 8 792

PROFIT (LOSS) FOR ThE PERIOD FROM DISCONTINUED OPERATIONS II.11 -19 -639

GROUP PROFIT/LOSS I.2.3 8 766 8 153

Group profit/loss attributable to shareholders of Sioen Industries 8 766 8 153

Group profit/loss attributable to non-controlling interest 0 0

EBIT FROM CONTINUING OPERATIONS 15 231 13 765

EBITDA FROM CONTINUING OPERATIONS 23 151 22 399

NET CASh FLOw FROM CONTINUING OPERATIONS 16 705 17 426

I. 2. 3. Consolidated statement of total comprehensive income/ IN THOUSANDS OF EUROS


2012


2011

GROUP PROFIT/LOSS I.2 8 766 8 153

Exchange differences on translating foreign operations

Exchange difference arising during the year 979 -667

CASh FLOw hEDGES

Reclassification adjustment for amounts recognised in profit or loss -2 044

Income tax relating to components of other comprehensive income 362 191

Other comprehensive income (loss) for the period, net of tax -703 -476

TOTAL COMPREhENSIVE INCOME FOR ThE PERIOD 8 063 7 677

Attributable to shareholders of Sioen Industries 8 063 7 677

Attributable to non-controlling interests

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I. 3. Consolidated statement of cash flows IN THOUsANds Of EUROs


2012


2011

unaudited unaudited

GROUP PROFIT/LOSS I.2 8 766 8 153

Income tax (1) 4 815 1 917

Financial charges (1) 2 915 4 715

Financial income (1) -1 432 -1 462

OPERATING RESULT 15 242 13 323

Depreciation and amortisation of non-current assets 8 474 9 576

Write off inventories and receivables -1 773 -527

Provisions -326 -468

Movements in working capital:

Inventories -6 410 -16 493

Trade receivables -2 490 -7 413

Other long term assets, other receivables & deferred charges and accrued income -3 825 2 486

Trade and other payables 6 142 2 644

Current income tax liabilities, social debts, other amounts payable & accrued charges and deferred income 4 385 -965

Amounts written off inventories and receivables 2 041 620

Cash flow from operating activities 21 460 2 782

Income taxes paid -1 875 -1 156

NET CASh FLOw FROM OPERATING ACTIVITIES 19 585 1 626

Interest received 113 125

Other financial assets -6 118 -13 117

Investments in intangible and tangible fixed assets -3 335 -2 972

Disposal and sale of intangible and tangible fixed assets 453 616

NET CASh FLOw FROM INVESTING ACTIVITIES -8 888 -15 348

Net cash flow before financing activities 10 697 -13 722

Interest paid -2 938 -2 817

Disbursed dividend -5 991 -5 510

Increase/(decrease) short term borrowings -982 -4 786

Increase/(decrease) obligations under finance leases -1 134 -1 401

Other 368 -82

Currency result 343 -260

NET CASh FLOw FROM FINANCING ACTIVITIES -10 334 -14 857

Impact of cumulative translation adjustments and hedging -833 -1 548

ChANGE IN CASh AND CASh EQUIVALENTS -470 -30 127

CASh AND CASh EQUIVALENTS AT ThE BEGINNING OF ThE YEAR 30 170 40 900

CASh AND CASh EQUIVALENTS AT ThE END OF ThE YEAR II.24 29 700 10 773

(1) Including discontinued operations

I. 4. Consolidated statement of changes in equity IN THOUsANds Of EUROs

2012Share

capital Reserves

Foreign currency

translation reserve

hedging reserves

Equity before

non-controlling

interest

Non-controlling

interest Equity Note

BALANCE AT 1 JANUARY 2012 46 000 105 363 137 -2 551 148 950 148 950 I.1

Group profit/loss 8 766 8 766 8 766 I.2

Hedging -1 220 -1 220 -1 220

Deferred tax

Currency translation adjustments 387 387 387

Total comprehensive income for the period 8 766 387 -1 220 7 933 7 933

Payment of dividends -5 776 -5 776 -5 776

BALANCE AT 30 JUNE 2012 46 000 108 354 524 -3 772 151 107 151 107 I.1

2011Share

capital Reserves

Foreign currency

translation reserve

hedging reserves

Equity before

non-controlling

interest

Non-controlling

interest Equity Note

BALANCE AT 1 JANUARY 2011 46 000 99 116 97 505 145 718 145 718

Group profit/loss 8 153 8 153 8 153 I.2

Hedging

Deferred tax

Currency translation adjustments 100 -1 548 -1 448 -1 448

Total comprehensive income for the period 8 253 -1 548 6 705 6 705

Payment of dividends -5 348 -5 348 -5 348

BALANCE AT 30 JUNE 2011 46 000 102 022 -1 451 505 147 076 147 076

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II.1. Application of new and revised International Financial Reporting standards (IfRss)

In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for annual reporting periods beginning on 1 January 2012, all of which were endorsed by the European Union.

Standards and interpretations applicable for the annual period beginning on 1 January 2012

> Amendments to IFRS 1 First Time Adoption of International Financial Reporting Standards – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (applicable for annual periods beginning on or after 1 July 2011)

> Amendments to IFRS 7 Financial Instruments: Disclosures – Derecognition (applicable for annual periods beginning on or after 1 July 2011)

> Amendments to IAS 12 Income Taxes – Deferred Tax: Recovery of Underlying Assets (applicable for annual periods beginning on or after 1 January 2012)

Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2012

> IFRS 9 Financial Instruments and subsequent amendments (applicable for annual periods beginning on or after 1 January 2015)

> IFRS 10 Consolidated Financial Statements (applicable for annual periods beginning on or after 1 January 2013)

> IFRS 11 Joint Arrangements (applicable for annual periods beginning on or after 1 January 2013)

> IFRS 12 Disclosures of Interests in Other Entities (applicable for annual periods beginning on or after 1 January 2013)

> IFRS 13 Fair Value Measurement (applicable for annual periods beginning on or after 1 January 2013)

> Improvements to IFRS (2009-2011) (normally applicable for annual periods beginning on or after 1 January 2013)

> Amendments to IFRS 1 First Time Adoption of International Financial Reporting Standards – Government Loans (ap-plicable for annual periods beginning on or after 1 January 2013)

> Amendments to IFRS 7 Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities (applica-ble for annual periods beginning on or after 1 January 2013)

> Amendments to IFRS 10, IFRS 11 and IFRS 12 – Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (applicable for annual periods beginning on or after 1 January 2013)

> Amendments to IAS 1 Presentation of Financial Statements - Presentation of Items of Other Comprehensive Income (applicable for annual periods beginning on or after 1 July 2012)

> Amendments to IAS 19 Employee Benefits (applicable for annual periods beginning on or after 1 January 2013)

> Amendments to IAS 27 Separate Financial Statements (ap-plicable for annual periods beginning on or after 1 January 2013)

> Amendments to IAS 28 Investments in Associates and Joint Ventures (applicable for annual periods beginning on or af-ter 1 January 2013)

> Amendments to IAS 32 Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities (ap-plicable for annual periods beginning on or after 1 January 2014)

> IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (applicable for annual periods beginning on or after 1 January 2013)

The mandatory application of all other amendments to or improvements of standards and interpretations listed above did not give rise to any major effects on the Group’s financial position and financial performance.

II.2. Reporting entity

The consolidated interim financial statements of Sioen Industries NV (the ‘Company’) include the financial statements of the Company and its subsidiaries (together referred to as the ‘Group’).

The consolidated interim financial statements give a general overview of the Group’s activities and the results obtained. They give an accurate picture of the entity’s financial position, financial performance and cash flow, and are drawn up on a going concern basis.

20

II. NOTEs TO THE CONsOlIdATEd fINANCIAl sTATEMENTs

The consolidated interim financial statements are stated in thousands of euros, as the euro is the currency of the primary economic environment in which the Group is active. The financial statements of foreign participations are converted in accordance with the principles described in the section ‘Foreign currencies’ of the annual report 2011.

II.3. Statement of compliance with IFRS

These interim consolidated financial statements are for the six months ended 30 June 2012. They have been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

The interim consolidated financial statements do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2011.

II.4. Significant accounting policies

These consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 December 2011.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these consolidated interim financial statements.

II.5. Seasonality of interim operations

The consolidated income statement of the continuing operations used to reflect the seasonality of the coating business, as a result of which positive earnings were primarily generated in the first and second quarter of any one year. However, the apparel division (textile business), of which sales remain at level and positive earnings are primarily generated in the third and fourth quarter of any one year, has become more significant within the Group.

II.6. Significant events and transactions

The Group’s management believes that the Group is well positioned in the current economic circumstances.

Factors contributing to the Group’s strong position are: > the Group does not expect to need additional borrowing facilities in the next 12 months, as a result of its significant financial resources, existing facilities and strong liquidity reserves.

The Group has no debt covenants to comply with.

> the Group’s major customers have not experienced financial difficulties. Credit quality of trade receivables as at 30 June 2012 is considered to be good.

Overall, the Group is in a strong position despite the current economic environment, and has sufficient capital and liquidity to service its operating activities and debt. The Group’s objectives and policies for managing capital, credit risk and liquidity risk are described in its recent annual financial statements.

II.7. Assessment criteria in the application of the valuation rulesn rulesIn the application of the valuation rules, in certain cases an accounting assessment must be made. This assessment is done by making the most accurate assessment possible of uncertain future evolutions. The management determines its assessment on the basis of different realistically assessed parameters, such as future market expectations, sector growth rates, industry studies, economic realities, budgets and multi-year plans, expected profitability studies, etc. The most important elements within the Group that are subject to this are: impairments, provisions and deferred tax items.

Impairment test for the six months ended 30 June 2012

In order to provide the stakeholders with in-depth knowledge as to the financial strength of the Group, we reassessed the recoverable amount of assets.

Key assumptions related to all divisions of the Group, as described in our annual report of 2011, are still valid and review based on the latest developments did not result in any adverse changes. There are no impairment indicators during the first half of the year.

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The Group has adopted IFRS 8 Operating Segments with effect from 1 January 2009. IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance.

In 2012 the operating segments have not changed. We refer to section ‘Group structure’. The Group operates in following main business segments: coating, apparel and chemicals. These divisions are the basis on which the Group reports its segment information. The principal

products and services of each of these divisions are described in the annual report of 2011.

Inter-segment sales are undertaken at prevailing market conditions.

The segment liabilities, for example the centrally contracted financial debt, have been allocated according the capital employed by the segment. The assets and liabilities of the head office (Group) have been allocated to the segments as far as possible. Additionally, a part of equity is allocated to the segments.

Coating (1) Apparel Chemicals Other(1) Total from continuing operations

Note

Six months ended 30 June 2012

Revenue from external customers 101 868 44 880 20 376 0 167 125 I.2

Intersegment revenues 2 692 1 4 715 1 133

Segment operating result 9 370 4 019 2 871 135 16 395

Six months ended 31 December 2011

Revenue from external customers 189 065 94 620 38 936 0 322 621

Intersegment revenues 5 354 4 9 398 0

Segment operating result 14 134 7 752 -189 8 21 705


Revenue from external customers 100 112 44 662 20 634 0 165 409 I.2

Intersegment revenues 3 558 2 5 660 0

Segment operating result 10 868 4 267 377 20 15 532

(1) In 2011, the continuing operations related to the former division industrial applications have decreased as such, that the Company decided to integrate these activities in the division coating for reporting purposes. These activities were considered to be directly linked to the coating activities. On the other hand, the non-operating activities and activities held for sale were grouped in the division other.

22

Segment revenues and results

II.8. Segment information/ IN THOUsANds Of EUROs

Segment assets, equity and liabilities

Other segment information

Segment operating profit can be reconciled to Group’s profit or loss as presented in its financial statements as follows:



Note Six months ended 30 June

2012

Year ended31 December

2011


2011

SEGMENT OPERATING PROFIT 16 395 21 705 15 532

Reconciling items:

Elimination of intersegment profits -1 164 -3 072 -1 767

OPERATING RESULT I.2 15 231 18 633 13 765

Financial charges I.2 -2 858 -9 321 -5 298

Financial income I.2 1 214 4 295 2 231

PROFIT OR LOSS BEFORE TAx I.2 13 587 13 607 10 698

Coating(1) Apparel Chemicals Other(1)

Relating to discontinued

operationsUnallocated/eliminations Total Note

30 June 2012Segment assets 220 086 67 460 36 347 0 661 37 292 361 846 I.1

Segment equity and liabilities 220 086 67 460 36 347 0 2 505 35 448 361 846 I.1

31 December 2011Segment assets 226 124 65 771 35 371 0 5 892 15 309 348 468 I.1

Segment equity and liabilities 226 124 65 771 35 371 0 4 172 17 029 348 468 I.1

Coating(1) Apparel Chemicals Other(1) head office Total Note

Six months ended 30 June 2012Depreciations 5 843 677 1 190 14 626 8 350 I.2.2

Additions to non-current assets 3 216 294 310 9 354 4 184

Year ended 31 December 2011Depreciations 12 015 1 333 3 011 27 1 287 17 673

Additions to non-current assets 4 915 1 014 615 53 532 7 129

Six months ended 30 June 2011Depreciations 6 083 640 1 998 13 638 9 371 I.2.2

Additions to non-current assets 1 610 724 261 52 133 2 780

overview

P23

(1) is the weighted average tax rate(2) reserves will not be distributed to the parent company unless this could be done under the DBI regime(3) H1 2011: higher estimated recoverability of losses in belgium within five years compared to the estimations of 2010

Income tax expense recognised in profit or loss increased compared to the same period last year. This is explained by a higher estimated recoverability of realised losses in Belgium calculated during the first half of 2011.

Code Rate 31 June 2012 31 December 2011 30 June 2011

EUR average 1.0000 1.0000 1.0000

closing 1.0000 1.0000 1.0000

USD average 1.3033 1.4013 1.4239

closing 1.2590 1.2939 1.4453

GBP average 0.8225 0.8717 0.8773

closing 0.8068 0.8353 0.9025

RMB average 8.2336 9.0389 9.2887

closing 8.0011 8.1588 9.3416

PLN average 4.2195 4.1363 3.9639

closing 4.2488 4.4580 3.9903

TDN average 2.0044 1.9622 1.9622

closing 2.0045 1.9383 1.9809

UAH average 10.4595 11.1842 11.3426

closing 10.2258 10.3801 11.5898

Reconciliation between taxes and profit or loss before taxes

Note Six months ended 30 June 2012


Profit or loss before taxes I.2 13 587 10 698

INCOME TAx ExPENSE CALCULATED AT ThEORETICAL TAx RATE (1) 4 124 30.3% 3 149 29.4%

Tax impact of:

effect of expenses that are not deductible in determining taxable profit 382 2.8% 346 3.2%

effect of revenue that is exempt from taxation - 177 -1.3% -451 -4.2%

deferred tax assets not recognised 190 1.4% 80 0.7%

tax assets recognised on current year losses -19 -0.1% -366 -3.4%

tax assets recognised on previously not recognised losses (3) 0 0.0% -978 -9.1%

adjustments recognised in current year in relation to the current tax of prior years 362 2.7% 53 0.5%

notional interest deduction -58 -0.4% 0 0.0%

tax on distributed profits (DBI) (2) 0 0.0% 0 0.0%

other 0 0.0% 73 0.7%

INCOME TAx ExPENSE RECOGNISED IN PROFIT OR LOSS I.2 4 802 35.3% 1 906 17.8%

24

II.9. Exchange rates

II.10. Income taxes relating to continuing operations IN THOUsANds Of EUROs

P25

II.11.1. Plan to dispose of the ‘end- market, truck cover’ business

On 30 November 2009, the Board of Directors announced a plan to dispose of the Group’s ‘end-market, truck cover’ business. The disposal is consistent with the Group’s long-term policy to focus on its core activities. The Group was actively seeking a buyer for this activity and expected to complete the sale before the end of 2010.

The agreement in principle of 6 April 2011, has been executed on February 10th 2012 (www.sioen.be). The agreement contains an earn-out provision. The new owner is the Dutch Loadlok Group, which specializes in production and sale of cargo control systems and multi-temp products in Europe. The purchase of Roland International fits perfectly into their strategy to serve optimally European trailer builders and transport companies with high quality products. Roland International was already classified as “discontinued

operations”. We refer to note II.20. Assets & liabilities related to discontinued operations.

Details of the assets and liabilities sold are disclosed in note II.23. Business combinations and disposal of business. The impact on the balance sheet and the results of 2012 is marginal. As a result of the sale of activities, the real estate (“division “other”) remains part of the Sioen Industries Group. II.11.2. Analysis of profit (loss) of the period from discontinued operations

The combined results of the discontinued operations included in the statement of comprehensive income are set out below. The discontinued operations have been classified and accounted for at 30 June 2012 as a disposal Group related to discontinued operations.

Note Six months ended 30 June 2012


PROFIT (LOSS) FOR ThE PERIOD FROM DISCONTINUED OPERATIONS

Net sales 968 4 350

Other operating income 759 101

Expenses -1 733 -5 152

Indemnity insurance premium received 71

Profit or loss before tax -6 -630

Attributable income tax -13 -9

PROFIT (LOSS) FOR ThE PERIOD FROM DISCONTINUED OPERATIONS I.2 -19 -639

CASh FLOwS FROM DISCONTINUED OPERATIONS

Net cash flow from operating activities 321 1 061

Net cash flow from investing activities 7 -22

Net cash flow from financing activities -1 -256

NET CASh FLOw 328 784

II.11. Discontinued operations/ IN THOUsANds Of EUROs

overview

There were no insurances, repurchases and repayments of debt and equity securities for the six months ended 30 June 2012.

The Board of Directors does not propose to pay an interim dividend for the six months ended 30 June 2012.

During the reporting period, the Group invested for approximately EUR 3.7 million on assets compared to EUR 2.8 million over the same period ended 30 June 2011. Investments in 2012 mainly related to the coating division (extension of looms and other machinery), machinery in the apparel and chemicals division and the implementation of a new ERP system at an entity of the Group. Investments in 2011 mainly relate to the construction of a new calender line in Ardooie, the set-up of a new labo in Moeskroen, machinery in Indonesia, sewing/taping machines in Tunisia and the implementation of a new ERP system at an entity of the Group. Assets, related to continuing operations, that were sold and disposed during the reporting period related to a building in France and certain machinery and tools with a net value of EUR 1.0 million.

An impairment analysis has been done at the end of June 2012 (see ‘impairment test’ review).

The Group did not enter into any significant contractual commitments during the first half of 2012.

II.12. Debt and equity securities

II.13. dividends

II.14. Property, plant and equipment

26

Gross inventories (excl. write-off ) in respect of continuing operations increased by EUR 7.5 million or 8.1%. The built-up of finished goods for delivery during the holiday period, mainly resulted in an inventory increase in the apparel and chemicals division.

Obsolescence reserves on inventories in respect of the continuing operations decreased by EUR 0.2 million and amount to EUR 6.1 million at the end of the reporting period compared with EUR 6.4 million at the end of 2011.There was no significant write-down of obsolete inventory to net realisable value in 2012. Obsolescence reserves are recorded on the basis of a detailed aging and rotation analysis per unit.

II.15. Inventories/ IN THOUsANds Of EUROs

Amounts written of inventory

31 December 2011 write-down reversal

Exchange rate differences

(Other) movements or

adjustments30 June

2012

6 360 363 -624 48 0 6 147

Amounts written of inventory

31 December

2010 write-down reversalExchange rate

differences

(Other) movements or

adjustments31 December

2011

6 793 961 -1 387 -6 0 6 360

Note 30 June 2012

31 December 2011

Gross InventoryRaw materials 23 053 21 353

Consumables 58 58

Work in progress 3 369 2 342

Finished goods 69 946 64 435

Goods in transit 3 604 4 338

100 032 92 526

Amounts written offAmounts written off raw materials -2 788 -2 681

Amounts written off consumables

Amounts written off work in progress

Amounts written off finished goods -3 359 -3 679

Amounts written off goods in transit

-6 147 -6 360

NET INVENTORYRaw materials 20 265 18 672

Consumables 58 58

Work in progress 3 369 2 342

Finished goods 66 587 60 756

Goods in transit 3 604 4 338

I.1 93 885 86 166

overview

P27

II.16. Provisions/ IN THOUsANds Of EUROs

28

Provisions for environmental issues 354 238 -107 -130 355

Provisions for other liabilities and charges 435 1 615 -1 218 -284 547

TOTAL 789 1 853 -1 326 -414 902

More than one year

Within one year Note

Provisions for environmental issues 355

Provisions for other liabilities and charges 32 515

PROVISIONS 32 870 I.1

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Provisions in respect of continuing operations amount to EUR 0.7 million at the end of the reporting period. The carrying amount of the provisions reflects the net present value of future liabilities discounted at the weighted average cost of capital, applicable for the operating unit.

Provisions for environmental issues mainly consist of a provision relating to the land in Ardooie belonging to Sioen Industries NV. For more information we refer to section III.6.13 ‘Provisions’ of the annual report 2011. In 2010 the Group decided to dispose part of its property for which a provision for sanitation was set up. The land and the related provision for sanitation havebeen classified as ‘held for sale’ since then. We refer to note II.20 ‘Assets & liabilities related to discontinued operations’. Provisions for other liabilities and charges at the end of June 2012 mainly relate to litigations in Belgium. In the first half of 2012 provisions for other liabilities and charges reduced arising from payments.

Provisions for environmental issues 355 2 -31 326

Provisions for other liabilities and charges 547 51 -203 -15 378

TOTAL 902 52 -234 -16 704

More than one year

Within one year Note

Provisions for environmental issues 326

Provisions for other liabilities and charges 31 347

PROVISIONS 31 673 I.1

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overview

P29

Notifying partyDate of

notification Number of share

Percentage of total number of

shares

Sihold n.v. (1) and companies/parties under the influence of the family Sioen 30 January 2006 12 906 212 60.33%

Public 7 758 538 36.27%

Shell Pension Fund 12 October 2005 726 320 3.40%

TOTAL 21 391 070 100.00%

There were no new commitments for the acquisition of intangible and tangible assets at the end of the reporting period.

On 30 June 2012, the share capital amounted to EUR 46 million, represented by 21 391 070 shares. There were no movements in the issued capital of the Company in either current or the prior interim reporting periods.

Ownership of the Company’s shares was as follows:

II.17. Borrowings

II.18. Obligations under finance leases

II.19. share capital & shareholder structure

(1) Sihold n.v. is controlled by Sicorp n.v., which is controlled in turn by the Dutch foundation Stichting Administratiekantoor Midapa. This foundation is controlled by Mrs Sioen.

30

Long-term interest bearing loans, including financial long-term leasing debtThere were no other significant changes in the long term borrowings of the Company compared to those disclosed in the consolidated financial statements of the Group for the year ended 31 December 2011.

Short-term interest bearing loansAs per 30 June 2012, short-term straight loans amounted to EUR 8.7 million. They only consist of dollar loans of USD 10.9 million, used for FX hedging purposes, with a weighted average interest rate of 1.7%.

As per 30 June 2011, short-term straight loans amounted to EUR 6.5 million. They only consist of dollar loans of USD 9.4 million, used for FX hedging purposes, with a weighted average interest rate of 1.3%.

P31

II.20. Assets & liabilities related to discontinued operations IN THOUsANds Of EUROs

ABANDONED hELD FOR SALE

31 December 2011 Note Total

Specialised automotive foils in small batches

Property Temse

End-market truck cover

Intangible assets 49 49

Goodwill 15 15

Property, plant and equipment 750 624 126

Inventories 1 310 1 310

Trade receivables 3 108 3 108

Other receivables 191 191

Cash and cash equivalents II.24 469 469

TOTAL ASSETS RELATED TO DISCONTINUED OPERATIONS I.1 5 892 624 5 268

Provisions 2 674 629 2 043 2

Trade and other payables 638 638

Current income tax liabilities 154 154

Other amounts payable 706 706

TOTAL LIABILITIES RELATED TO DISCONTINUED OPERATIONS I.1 4 172 629 2 043 1 500

NET ASSETS RELATED TO DISCONTINUED OPERATIONS 1 720 -629 -1 419 3 768

ABANDONED hELD FOR SALE

30 June 2012 Note Total

Specialised automotive foils in small batches

Property Temse

End-market truck cover

Property, plant and equipment 661 624 37

TOTAL ASSETS RELATED TO DISCONTINUED OPERATIONS I.1 661 624 37

Provisions 2 481 480 2 002

Trade and other payables, retirement benefit obligations, obligations under finance leases 24 24

TOTAL LIABILITIES RELATED TO DISCONTINUED OPERATIONS I.1 2 505 480 2 002 24

NET ASSETS RELATED TO DISCONTINUED OPERATIONS -1 844 -480 -1 378 13

overview

II.21. Financial instruments/ IN THOUsANds Of EUROs The Group manages a portfolio of derivatives to hedge against risks relating to exchange rate and interest rate positions arising as a result of operating and financial activities. It is the Group’s policy to avoid engaging in speculative transactions or transactions with a leverage effect and not to hold derivatives for trading purposes.

Financial risk management

The Group manages a portfolio of derivatives to hedge against risks relating to exchange rate and interest rate positions arising as a result of operating and financial activities. It is the Group’s policy to avoid engaging in speculative transactions or transactions with a leverage effect and not to hold derivatives for trading purposes.

Fair value

Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. In conformity with IAS 39 all derivatives are recognised at fair value in the balance sheet.

Non-derivative financial liabilities

The fair value of non-derivate financial liabilities is calculated based on commonly-used valuation techniques (i.e. net present value of future principal amounts and interest charges discounted at market rate). These are based on market inputs from reliable financial information providers. Fair values determined by reference to prices provided by reliable financial information providers are periodically checked for consistency against other pricing sources.

As shown in the fair value analysis, Sioen Industries is now in an overall favourable position concerning interest rate conditions compared to the actual fair values of the loans.

30 June 2012 31 December 2011

Nominal value

Fair Value Note Nominal value

Fair Value Note

Forward sales contracts

Forward sales contracts within 1 year

Rights

Obligation 29 299 (1) -269 34 027 (1) -203

Collar derivative 50 000 (2) -6 546 I.1 50 000 (2) -4 502 I.1

FIxE RATES (EUR) Nominal value (1)

Fair Value Nominal value (1)

Fair Value

Bond 100 000 102 458 100 000 100 320

Borrowing costs capitalised -879 -879

Finance leases 15 902 16 293 17 031 17 086

Bank loans

TOTAL 115 023 118 751 116 152 117 406

(1) Nominal value equals foreign currency amount * contract rate(2) Amount in the contract

32

Interest risk management

The Group concluded a forward interest rate collar to hedge its interest rate risk, for a nominal amount of EUR 50 million. A collar is a derivative financial instrument by which the buyer of the instrument receives / executes payments at the end of the reference period in which the interest rate evolves out of the agreed upon borders (upper and lower border / tunnel). By acting this way, the Group ensures itself, within certain borders, of a future interest rate. On 31/12/2011 the fair value was estimated at EUR -4.5 million.The forward interest rate collar can be split in two parts, a cap (ceiling or upper border) of 5% and a floor (lower border) of 4%. The floor has a knock-in level evolving from 2.5% up to 3.5% ( gradually increasing through the hedging period). The contract was closed in 2011 and will take a forward start on March 16, 2016 for a period of 10 years. This hedge is considered as a cash flow hedge in view of the highly probable planned renewal of the financial debt (of EUR 50 million) as at March 16, 2016. The estimated fair value is recognized in the equity (hedging reserves) as at 30/06/2012. The time value over the past period flows through Profit and loss (at 30/06/2012 this time value amounted to EUR - 0.2 million).

These transactions consist of construction project services (SVB) and commercial transactions (Inch, Recticel Group) and are done on an ‘at arm’s length’ basis.

Other transactions with related parties, other than directors, are not included given the negligible amount (under EUR 20 000).

II.22. Related party transactions/ IN THOUsANds Of EUROs

Nature of transaction Six months ended30 June 2012

Recticel Group Sale 641

Recticel Group Purchase 108

INCH Sale 390

SVB Purchase

Nature of transaction Six months ended30 June 2011

Recticel Group Sale 812

Recticel Group Purchase 146

INCH Sale 648

SVB Purchase 32

overview

P33

Collar Nominal amount Rate Start date End date Barrier Option Type Estimated fair value at

(in 000euro) 30 June 2012

CAP 50 000 5% 16/03/2016 16/03/2026 Knock-In: from 2.5%

increasing to 3.5% over the period

-6 546

Floor 50 000 4% 16/03/2016 16/03/2026

For the purposes of the statement of cash flows, cash and cash equivalents include cash at hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the statement of financial position as follows:

2012The agreement in principle of April 6th last year, regarding the sale of Roland International, has been executed on February 10th 2012. The new owner is the Dutch Loadlok Group, which specializes in production and sale of cargo control systems and multi-temp products in Europe. Roland International was already classified as “discontinued operations”. We refer to section III.6.16 of the annual report 2011. The impact on the balance sheet and the results of 2012 is marginal.

2011There were no acquisitions and disposals in 2011.

II.24. Cash and cash equivalents/ IN THOUsANds Of EUROs

II.23. Business combinations and disposal of subsidiaries/ IN THOUsANds Of EUROs

Note 30 June2012

31 December2011

OThER FINANCIAL ASSETS I.1 19 227 13 108

Cash and cash equivalents 30 423 29 734

Bank overdraft -723 -33

CASh AND CASh EQUIVALENTS (ExCL. ASSETS RELATED TO DISCONTINUED OPERATIONS)

I.1 29 700 29 701

Cash and cash equivalents related to discontinued operations III. 20 469

CASh AND CASh EQUIVALENTS AT ThE END OF ThE YEAR I.3 29 700 30 170

Sale of Roland International (activities)

30 June 2012 (IN EUR)

Note Roland International

Intangible assets 42

Property, plant and equipment 28

Inventories 1 587

Trade receivables 2 996

Other LT assets, other reveivables, deferred charges and accrued income 128

Cash and cah equivalents 646

TOTAL ASSETS RELATED TO DISCONTINUED OPERATIONS 5 427

Provisions 69

Trade and other payables, retirement benefit obligations under finance leases 951

Current income tax liabilities 505

Social debts, other amounts payable, accrued charges and deferred income 1 180

TOTAL LIABILITIES RELATED TO DISCONTINUED OPERATIONS 2 705

NET ASSETS RELATED TO DISCONTINUED OPERATIONS 2 722

34

No subsequent events occurred which could have a significant impact on the consolidated financial statements of the group, for the period ended 30 June 2012.

There were no significant changes in the contingencies of the Company and its subsidiaries from those described above and those disclosed in the consolidated financial statements of the Group for the year ended 31 December 2011.

II.25. Events after reporting date

II.26. Contingent assets and liabilities

The Group’s financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 December 2011.

These interim consolidated financial statements have been approved for issue by the Board of Directors on 29 August 2012.

We hereby confirm, to the best of our knowledge, that the consolidated interim financial statements give a true and fair view of the financial position of the Group as at 30 June 2012, as well as of the financial performance and cash flows for the said period, fully in compliance with the accounting standards adopted for use in the EU for interim financial statements (EU adopted IAS 34, Interim Financial Reporting);

Michèle Sioen Geert AsselmanCEO CFO

II.27. Financial risk management

II.28. staff

II.29. Approval of interim financial statements

Country 30 June 2012 31 December 2011

Belgium 886 880

China 15 16

Germany 5 5

France 183 185

Ireland 40 41

Indonesia 2 921 2 684

The Netherlands 2 12

Poland 157

Portugal 23 25

Tunisia 629 669

UK 5 7

Ukraine 1 1

TOTAL 4 710 4 682

Blue Collar 3 977 3 900

White Collar 733 782

TOTAL 4 710 4 682

overview

P35

SIOEN INDUSTRIESFabriekstraat 23

B-8850 Ardooie

T +32(0)51 74 09 80

F +32(0)51 74 09 79

E [email protected]

W www.sioen.com

BTW BE 0441.642.780

RPR 0441.642.780 Brugge

hALFJAARVERSLAG/ hALF YEAR REPORTThis half year report is available in English and Dutch.

Dit halfjaarverslag is beschikbaar in het Nederlands en het Engels.

FINANCIAL INFORMATION AND INVESTOR RELATIONSFor all further information, institutional investors and financial analysts are

advised to contact: Geert Asselman Chief Financial Officer

FINANCIAL CALENDARAnnouncement of 2012 first semester results : Friday, August 31st 2012

Trading update third quarter 2012 : Wednesday, October 31st 2012

Documents

Half-year results 2012