RHODIA SA
CONSOLIDATED INCOME STATEMENT
-----------------------------
(French GAAP)
(Million Euros) Q3 2003 Q3 2004
------------------------------------------------- ------- -------Net Sales 1,299 1,289
------------------------------------------------- ------- -------EBITDA before restructuring 76 78
------------------------------------------------- ------- -------EBITDA 45 51
------------------------------------------------- ------- -------Operating Profit -164 -48
------------------------------------------------- ------- -------Equity in earnings of affiliated companies -40 -14
------------------------------------------------- ------- -------Interest expenses -45 -54
------------------------------------------------- ------- -------Other gains and losses -53 76
------------------------------------------------- ------- -------Income Tax -170 -41
------------------------------------------------- ------- -------Minority Interests -1 -5
------------------------------------------------- ------- -------Net result after minorities -472 -86
(before goodwill amortization)
------------------------------------------------- ------- -------Goodwill amortization -556 -4
------------------------------------------------- ------- -------Net result after minorities -1,028 -91
(after goodwill amortization)
------------------------------------------------- ------- -------Earning/(loss) per share (euro) (a) -5.74 -0.15
------------------------------------------------- ------- -------(a) calculated on the base of 627,582,158 shares for 2004 and
179,309,188 shares for 2003CONSOLIDATED BALANCE SHEET
--------------------------
June 04 September 04
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(Million Euros)
Fixed Assets 3,822 3,467
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Current Net Assets 482 399
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Total Assets 4,304 3,866
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Shareholders' Equity (a) 687 590
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Long Term & Short Term Liabilities 1,233 1,228
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Net Debt 2,385 2,048
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Total Liabilities 4,304 3,866
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(a) including minority interests
(Million Euros) Q3 2003 Q3 2003 Q3 2004 %
------------------------------------- ------- ------- ------- ------
restatedRHODIA (consolidated) (A) (B) (B)/(A)
------------------------------------- ------- ------- ------- ------
Net Sales 1,299 1,134 1,289 114%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 76 52 78 150%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 5.9% 4.6% 6.0%
------------------------------------- ------- ------- ------- ------
EBITDA 45 22 51 232%
------------------------------------- ------- ------- ------- ------
HPCII
-----
Net Sales 149 136 148 109%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 14 12 15 125%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 9.3% 8.7% 10.1%
------------------------------------- ------- ------- ------- ------
EBITDA 13 11 15 136%
------------------------------------- ------- ------- ------- ------
PPF
---
Net Sales 275 144 165 115%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 26 12 12 100%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 9.3% 8.0% 7.1%
------------------------------------- ------- ------- ------- ------
EBITDA 13 -1 12 N/A
------------------------------------- ------- ------- ------- ------
RE3S
----
Net Sales 175 171 182 106%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 12 11 13 118%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 6.7% 6.6% 7.1%
------------------------------------- ------- ------- ------- ------
EBITDA 11 11 12 109%
------------------------------------- ------- ------- ------- ------
PPMC
----
Net Sales 132 122 136 111%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 9 8 0 N/A
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 6.7% 6.1% -0.2%
------------------------------------- ------- ------- ------- ------
EBITDA 2 0 -1 N/A
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POLYAMIDE
---------
Net Sales 308 299 400 134%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 19 18 40 222%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 6.1% 6.0% 10.0%
------------------------------------- ------- ------- ------- ------
EBITDA 15 14 37 264%
------------------------------------- ------- ------- ------- ------
ECO SERVICES
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Net Sales 56 52 54 104%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 19 18 16 89%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 34.2% 34.7% 29.7%
------------------------------------- ------- ------- ------- ------
EBITDA 19 18 16 89%
------------------------------------- ------- ------- ------- ------
ACETOW
------
Net Sales 104 101 104 103%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. 26 25 24 96%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % 24.6% 24.6% 23.4%
------------------------------------- ------- ------- ------- ------
EBITDA 25 24 24 100%
------------------------------------- ------- ------- ------- ------
RPS
---
Net Sales 57 53 52 98%
------------------------------------- ------- ------- ------- ------
EBITDA before restruct. -17 -18 -7 39%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % -29.8% -33.0% -13.9%
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EBITDA -19 -19 -18 95%
------------------------------------- ------- ------- ------- ------
PPA
---
Net Sales 79 78 80 103%
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EBITDA before restruct. -1 -2 -4 200%
------------------------------------- ------- ------- ------- ------
EBITDA Margin bef. Rest. % -1.6% -2.2% -4.5%
------------------------------------- ------- ------- ------- ------
EBITDA -1 -2 -10 500%
------------------------------------- ------- ------- ------- ------
inter company Sales -35 -19 -26 137%
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CORPORATE & OTHERS
------------------
EBITDA before restruct. -29 -32 -31 97%
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EBITDA -33 -35 -36 103%
------------------------------------- ------- ------- ------- ------