NATUREX : A very well-oriented first half

Growth in sales of 15.0% Sustained growth across all markets Continued dynamics in the emerging countries

Press release

Avignon, 25th July 2012 - NATUREX, world leader in specialty plant-based ingredients, presents its consolidated revenue for the 1st half of financial year 2012:

Unaudited data
Fiscal year 2012 Fiscal year 2011 Change % Change %
constant currencies
Q1 73,473 64,021 +14.8% +12.6%
Q2 73,684 63,904 +15.3% +9.6%
H1 revenue 147,157 127,925 +15.0% +11.1%

Consolidated revenues for the 1st half of 2012 amount to €147.2 million, up 15.0% compared to the 1st half of the previous period.

Activity in the 1st half of the year reflects strong organic growth, in line on both quarters, thanks to a perfectly targeted offering and dynamic sales development despite a deteriorated economic situation, especially in Europe.

The scope effects (about 6.3%) confirm that newly acquired companies (BURGUNDY, PEKTOWIN, VALENTINE) are making a positive contribution, keeping in mind that due to the method of full integration that NATUREX applies for all of its acquisitions, this information will no longer be relevant from the 2nd half of the financial period.

Finally, the exchange rate effects of 3.9% reflect the favourable impact of the change in certain currencies, primarily in the US dollar, compared to the 1st half of 2011.

Sustained growth across all markets

Unaudited data
 Fiscal year 2012
 Fiscal year 2011*
Portion of Revenue
Change % constant currencies
Food & Beverage 94,309 85,561 +10.2% 64.1% +6.9%
Nutrition & Health 44,322 34,621 +28.0% 30.1% +22.2%
Personal Care 2,587 1,318 +96.3% 1.8% +90.2%
Miscellaneous and toll extraction 5,939 6,425 -7.6% 4.0% -8.8%

* The breakdown of the revenue over the 1st half of 2011 was restated in order to take into account the integration of the NAThealthy range, for which the products are primarily intended for the food industry, in the Food & Beverage activity.

The three markets had sustained growth, driven by an expanded offering in solutions making it possible to meet the expectations of manufacturers in terms of innovation, technical know-how and quality.

The Food & Beverage activity generated €94.3 million in revenue, up 10.2% and confirming the market trends which are still very positive for natural ingredients; The Nutrition & Health activity had revenues of €44.3 million, up 28.0% thanks to the excellent performance in the American market, especially for the NATlife range (innovative extracts that benefitted from clinical studies); Sales in the Personal Care activity doubled over the half year, at €2.6 million thanks to a more expanded range of plant extracts and innovative agents, especially through the integration of BURGUNDY.

The toll extraction activity had a slower start-up over the 1st quarter and recorded revenues of €5.9 million over the period; the outlook however is very good for the second half of the financial year.

Good performance in the three geographical regions

Unaudited data
 Fiscal year 2012
 Fiscal year 2011
Portion of Revenue
Change %
constant currencies
Europe/Africa 73,472 71,062 +3.4% 49.9% +2.2%
Americas 57,896 43,660 +32.6% 39.3% +24.9%
Asia/Pacific 15,789 13,203 +19.6% 10.7% +13.1%

All of the geographical regions had growth over the period, despite a depressed economic situation and the degradation in consumption in Europe, confirming the strength of the sales network (21 offices) worldwide and the relevance of offices locally:

The Europe / Africa region recorded revenues of €73.5 million, up 3.4% and represents nearly 50% of the Group's sales; The Americas region grew 32.6% at €57.9 million in revenues, in light of the strong contribution of North America and an acceleration in growth in Latin America; The Asia / Pacific region has sales up 19.6% at €15.8 million thanks to the recurring activity in Australia and the progress of sales in Asia.

The emerging markets in Eastern Europe, Latin America, Africa and the Middle East form new dynamic areas for growth and represent 15.2% of the Group's sales over the half year compared to 13.4% over the 1st half of 2011.

 "We are very pleased with the growth generated over the 1st half of 2012 on all of our markets and geographical regions, in a difficult economic context. These figures confirm the excellent positioning of NATUREX in the still active mature markets as well as in emerging markets with a high growth potential", declared Thierry LAMBERT, the Group's Chief Executive Officer.

Financial schedule
- H1 2012 results : 30th August 2012
- Analyst meeting (SFAF) : 12th September 2012 in Paris

You can receive all of NATUREX's financial information free of charge by signing up on:

Naturex has been listed since October 1996 on NYSE Euronext Paris, Compartment B (MidCaps)

Number of shares comprising the capital: 7,711,208 6,953,900 ordinary shares (ISIN FR0000054694) 757,308 preferred shares (ISIN FR0010833251)

Naturex is a component of the CAC Small and Gaïa indexes.
Naturex is eligible for "long only" Deferred Settlement Service (SRD).
Naturex has implemented a Sponsored Level I American Depositary Receipt (ADR) program,
which trades on over-the-counter market in the United States under symbol NTUXY.

TICKER: NRX - Reuters : NATU.PA - Bloomberg : NRX:FP - DR Symbol: NTUXY

About Naturex

NATUREX is a global leader in specialty plant-based natural ingredients.
The Group is organised around three strategic markets (food & beverage, nutrition & health and personal care) and produces and markets specialty plant-based ingredients for the food, nutraceutical, pharmaceutical and cosmetic industries.

NATUREX's head office is based in Avignon, France. The company employs more than 1,200 people with high-performance manufacturing operations across 16 sites in Europe (France, Italy, Spain, the United Kingdom, Switzerland, Poland), as well as in Morocco, the United States, Brazil, Australia and India. It also has a global presence through a dedicated network of sales offices in 21 countries (France, Italy, Spain, Morocco, the United Kingdom, Belgium, Germany, Poland, Russia, U.A.E., Thailand, Singapore, Japan, China, Korea, Australia, the United States, Canada, Brazil, Mexico and India).

NATUREX's development is supported by positive underlying trends linked to a fast-growing demand for natural products and its capacity to provide manufacturers customised solutions to meet the requirements of their end consumers. The Group's strength lies in its positioning with specific products which constitute niche markets, supported by strong sourcing capacity and sustained research & development.

Thierry Lambert
Vice-President and CEO
Tel.: +33 (0)4 90 23 96 89
Carole Alexandre
Investor Relations
Tel.: +33 (0)4 90 23 78 28
Anne Catherine Bonjour
Actus Finance Press Relations
Tel.: +33 (0)1 53 67 36 93
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