Excellent Results for 2004 Continued Double-figure Growth in First Quarter of 2005

04/04/2005
in EUR millions 2004 2003 Change
 Sales at constant US$ rate  36.66    28.13    +30.5%
 Sales
  Sales margin
     As a % of sales
 
 34.81
  21.70
 
  62.3%
 28.13
  17.15
 
  61.0%
 +23.7%
 EBE
      As a % of sales
 6.29  
 18.1%
 4.58  
 16.3%
 +37.3%
 Operating income
     As a % of sales
 4.28  
 12.3%
 2.79  
 9.9%
 +53.4%
 Operating income before tax
     As a % of sales
 4.23  
 12.2%
 2.53  
 9.0%
 +67.2%
 Net income
      AS a % of sales
 2.74  
 7.9%
 1.83  
 6.5%
 +49.8%
Group net income 2.62   1.67   +56.9%

 Sales dynamic and external growth
 
 In 2004, Naturex earned EUR 34.81 millions, up 23.7% on the previous year. At a constant US dollar rate, this represents growth of 30.5%. Organic sales growth remains very high (+24.4% at a constant US dollar rate). The successful acquisition of the Rosemary business from Hauser-RFI that was incorporated into the accounts from April 2004, provided a 6.1% contribution to earnings growth.

 Strong increase in earnings and first dividend issue
 
 The operating income was EUR 4.28 millions, a 53.4% increase. Net income amounted to EUR 2.74 millions, the top end of the range announced by the company at the start of the financial year.
 
 Thanks to these good results, and for the first time since the company was formed, the Board of Directors will recommend to the Annual General Meeting, to be held on June 27, 2005 that a dividend of EUR 0.10 per share be issued.

 Naturex enters a new phase in its development
 
 In January, 2005, Naturex increased its issued share capital by EUR 10.66 millions. This will enable the company to finance its plan to complete two or three new acquisitions. The target companies will be located in Europe or the United States, and will be part of its core business, i.e. specialty ingredients for food or nutraceuticals.
 
 Naturex is currently opening a sales office in Singapore, so as to be able to obtain better coverage of the Asian market. Asia is an important growth area for the group which only realizes 5.2% of its sales in the area.

 
 First quarter of 2005: continued double-figure growth
 
 In the first quarter of 2005, sales for Naturex stood at EUR 8.38 millions, an increase of 8.7% in comparison with the previous financial year. At a constant U.S. dollar rate this represents growth of 13%.
 
 After an excellent 2004 financial year, the early months of operations in 2005 make it possible to forecast continued double-figure growth in sales and results for the current financial year, not including new external growth.

About Naturex
 
 NATUREX manufactures and sells 100% natural ingredients for the food, flavor and nutraceutical industries. Naturex is based in AVIGNON, France and was founded in 1992. The group has managed to be the quality contact for the decision-makers in agri-food and nutraceutical industries and has experienced rapid, regular growth since its establishment. Naturex is a very international company (nearly 90% of sales come from outside France), and has a presence in Morocco, the United States, and Singapore, with sales in more than 30 countries.
 
 In the 2004 financial year, the Flavor-Food Industries division represented 45.9% of sales, nutraceuticals —47.0%, and special order extraction —7.1%. 52.3% of turnover came from the United Sates/Canada, 38.9% from the European Union (of which 10.9% came from France), 5.2% from Asia/Pacific, and 3.6% from the rest of the world.

 Next announcement: half yearly sales– mid-July, 2005
 
 If you would like to receive financial information about Naturex by e-mail, contact: www.kaparcafinance.com.

NATUREX has been quoted on the stock market since 1996
 Eurolist, compartment C
 ISIN Code: FR000054694–NRX
 Reuters: NATU.LN
 Bloomberg: NTRX

Contacts :
 Naturex : Thierry Lambert on +33(0)4 90 23 96 89
 Kaparca Finance : Laurence Marquézy on +33(0)1 72 74 82 23

 
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