La Seda de Barcelona increases its revenues and EBITDA upon closing 2010

El Prat de Llobregat (Barcelona), 28 February 2011.- During financial year 2010, La Seda de Barcelona has registered consolidated revenues totalling 1 billion euros, meaning a 15% increase with respect to the previous year. The Company is closing 2010 with an EBITDA of 65,5 million euros. By generating a positive result, the Group’s operational results have reached a turning point, giving evidence of a back to normality trend in Operations as well as a strong containment of structural and general expenses with respect to the previous year. Attributable liabilities have dropped to 85 million euros with respect to 2009, when they reached 473 million euros. The Company has reduced its net debt by 31,8% with respect to 2009 (from 918 to 626 million euros), reducing its bank debt by 22 million in the last quarter. 2010 has been marked by a gradual return to normality of the Group’s Operations, thanks to the financial restructuring process which was concluded in August as well as to the evolution of demand and the favourable import situation for European PET manufacturers. The PET resin and Packaging market evolution has been determined by the progressive price increase of raw materials and the reduction of imports on the European market, thus exercising an increased pressure on local manufacturers in a context of sustained growth of the Packaging demand. By the end of 2010 PET prices reached record highs. LSB’s PET Resin Division increased its turnover by 24,9% in 2010, thus increasing its production by 10,6% to reach 469.000 MT. The major turnover increase with respect to production is not only due to an average price increase, but to a higher sales percentage to third parties throughout last year, with respect to 2009.