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Report on activities Q3 2008 23-10-2008

Ø  As at 23 October 2008, the intrinsic value was EUR 301 compared with EUR 448 on 31 December 2007 (-33%)
Ø  Despite operating income being in line with forecasts, Compagnie du Bois Sauvage expects to record a substantial loss for the 2008 financial year due mainly to capital losses on its cash portfolio
Since the publication of the half-yearly results, the financial crisis has worsened spectacularly. The market is facing a profound lack of confidence in the banking sector accompanied by a real economic slowdown.
In the framework of the management of its cash portfolio, Compagnie du Bois Sauvage has taken steps to improve its cash position, limit its losses and re-balance its exposure.
Despite these measures and operating income being in line with forecasts, the Company expects to record a loss that could reach 120 million EUR in 2008. This loss is mainly due to the Company's listed cash portfolio and is made up of realized capital losses (mainly on Fortis, see below), fair value adjustments on other holdings (mainly on Delhaize, Dexia, Fortis Banque, KBC and Technip) and the cancellation of purchase commitments entered into in the first half of 2008.
As announced previously, the position in Fortis has been significantly reduced to 469,000 shares by selling 4.6 million shares at an average unit price of EUR 6.3.
The Company increased, via its American subsidiary Surongo America, its holding in Noël Group to 29% (+3%), by investing an additional USD 3.4 million.
Surongo America has moreover freed up USD 1 million for the Gotham City real estate project in New York.
From 10 to 30 June 2008, holders of the Compagnie du Bois Sauvage's convertible bonds had the possibility to request the conversion of their bonds. As at 30 June 2008, bondholders had requested the conversion of a total of 38,901 bonds. The resultant increase in shareholders' equity (EUR 7 million) was implemented on 3 July 2008.
As a reminder, at the beginning of 2008, the Company refinanced maturing financial debt on a medium-term basis. After the redemption of the bonds maturing in November 2008 in the amount of EUR 75 million, it will have a cash position of EUR 40 million and there is no significant repayment before 2011.
The results and/or trends of the main holdings as at 30 September 2008 are in line with forecasts.
9 March 2009 (17:35)              2008 annual results