gascogne (BI) Snapshot

Gascogne SA Reported unaudited consolidated earnings results for the year ended December 31, 2012. For the period, the company reported sales of EUR 419.7 million against EUR 430.5 million a year ago. Underlying operating loss was EUR 1.2 million against EUR 0.1 million a year ago. Operating loss was EUR 68.4 million against EUR 27.9 million a year ago. Loss results before tax was EUR 77.6 million against EUR 34.9 million a year ago. Consolidated net loss was EUR 91.3 million against EUR 32.7 million a year ago. Net loss for ongoing business activities was EUR 78.7 million compared to EUR 26.2 million in 2011. Operating cash flow was EUR 17.1 million compared to EUR 10.6 million in 2011. Net debt was EUR 99.5 million compared to EUR 100.8 million a year ago. EBITDA was EUR 18.4 million compared to EUR 21.7 million a year ago.

Gascogne SA announced the appointment of Mr. Patrick Bordessoule (Dirigeants & Investisseurs) as Chief Operating Officer of the Gascogne group. Patrick Bordessoule was from 1994 to 2009, CFO then CEO in a group in the food industry. In 2009 he joined Dirigeants & Investisseurs. Patrick will be in charge of monitoring and developing actions which aim to improve the operational performance of the Group. For this mission, he will rely on all teams, in particular division managers. His mission also includes the Financial Management of the Group and he will therefore be directly involved in the current negotiations with the financial partners. Furthermore, Mr. Antoine Jeanson is leaving the Group.

Gascogne SA, Board Meeting, Jul 20, 2012. Agenda: To consider accounts for the first half of 2012.