PRESS RELEASE - RHJ International

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					                                                                         PRESS RELEASE
                                                                            Regulated Information


        RHJ INTERNATIONAL REPORTS CONSOLIDATED INTERIM FINANCIAL
               RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2011

Brussels, August 31, 2011 – RHJ International (“RHJI” or the “Company”) today issued its
condensed consolidated interim financial statements for the six months ended June 30, 2011.


Highlights

Legacy portfolio

    •    Sale of ownership in Niles Co. Ltd. (“Niles”) to Valeo for a total cash consideration of
         JPY 15.4 billion (EUR 135 million).
    •    Improving trading outlook for Asahi Tec Corporation’s (“Asahi Tec”) second half year
         based on recovery of production at major customers after the Great Eastern Japan
         Earthquake.
    •    Settlement of various loans advanced to Honsel for an aggregate of EUR 20.5 million
         following the completion of the sale of Honsel’s business on August 1, 2011, resulting in
         a loss of EUR 14.7 million.

Financial services

    •    Steady progress in improving Kleinwort Benson’s operations in a continuously
         challenging market environment.
    •    Acquisition of Close Offshore Group (“COG”) for a total cash consideration of GBP 26.7
         million, adding further scale and strength to Kleinwort Benson’s banking and fiduciary
         businesses.
    •    Negotiations to acquire BHF-Bank, one of Germany’s strong banking brands with a long
         tradition in Private Banking, Asset Management, Financial Markets and Corporate
         Banking. This transaction is subject to regulatory approval. Kleinwort Benson Group
         plans to finance the acquisition with its own funds and with the support of co-investors.


Current Trading and Outlook

The Company’s transformation from an industrial holding group into a dynamic financial services
group continued with the sale of Niles and the planned acquisition of BHF-Bank. Kleinwort
Benson increased its footprint in the offshore financial services market with the addition of Close
Offshore Group. Kleinwort Benson also continued to reduce its cost base, leaving room for
developing new revenue lines and growing Assets under Management, whilst steadily improving
profitability over time.
The Company’s remaining industrial assets suffered from declining sales in the aftermath of the
Great Eastern Japan Earthquake. Asahi Tec however, increased its financial forecasts as the
automotive industry in Japan seems to recover more quickly than expected. Phoenix Seagaia
Resort was not directly affected by the earthquake, but saw its occupancy decrease and will likely
continue to face a challenging and uncertain economic environment. Phoenix Seagaia Resort was
not in compliance with the financial covenants under its senior credit facility, which requires
refinancing in September. The failure to refinance its senior debt could cast significant doubt on
Phoenix Seagaia Resort’s ability to operate as a going concern. The investment in Phoenix
Seagaia Resort was already written-off at December 31, 2010.


An analyst and investor call will be held today at 9:30 am (New York) / 2:30 pm (London) / 3:30
pm (Brussels). To take part in the call, please use one of the dial-in numbers provided below, or
log on to RHJI’s corporate website to listen to the live audio webcast (www.rhji.com).


                                            Conference Call Details

                                          Date : Wednesday, August 31, 2011
                          Time : 9:30 am (New York) / 2:30 pm (London) / 3:30 pm (Brussels)
                                Conference ID for dial-in numbers below : 94949140#

UK (Toll-Free)                                                08000 517099
US (Toll-Free)                                                (1) 866 345 5 250
Japan (Toll-Free)                                             0053 1160556
Belgium (Toll-Free)                                           0800 72499
Switzerland (Toll-Free)                                       0800 001873
Germany (Toll-Free)                                           0800 1816420
France (Toll-Free)                                            0805 110 277
Other countries (Standard International)                      +32 (0)2 401 95 01

                       Please connect 5 to 10 minutes before the scheduled start time to register.


For further information please contact:

RHJ International
Arnaud Denis
Investor Relations Director
Tel: +32 2 643 60 13
E-mail: adenis@rhji.com


Because of the limited relevance of RHJI’s consolidated financial statements resulting from the
diversified nature of its portfolio of assets, a report on the financial results of the main individual
segments in the portfolio is presented in section 2 of this release. The consolidated interim
financial statements of the Company were prepared in accordance with International Financial
Reporting Standards (“IFRS”).


                                                                                                     2
1.             Portfolio as of June 30, 2011
The Company’s portfolio consists of five investments in financial services and a legacy portfolio
of 4 industrial investments representing 65.4% and 34.6%, respectively, of a total book value of
EUR 494.3 million, excluding cash. Including cash and cash equivalents of EUR 172.6 million,
the Company’s investments amounted to EUR 697.5 million.

Evolution of Book Value1
                                                                                       December 31,         Additions    Disposals      Fair value       Impairment     June 30,
(In EUR millions)                                                      Ownership          2010                                         adjustments                        2011
Investments in financial services
    Arecon                                                                   60% 2                5.8                -             -                 -             -          5.8
    Kleinwort Benson Group                                                    100%              291.3             2.0              -                 -             -        293.3
    Quirin                                                                   27.8%               19.3                -             -                 -             -         19.3
    Ripplewood (General Partner interest)                                    13.0%                4.5                -             -                 -             -          4.5
    Other                                                                                         2.3                -         (1.1)                 -         (1.0)          0.2
                                                                                                323.2             2.0          (1.1)                 -         (1.0)        323.1
Investments in legacy industrial portfolio
    Asahi Tec                                                             62.6% 3               111.2                -             -                 -             -        111.2
    Phoenix Seagaia Resort                                                   100%                    -               -             -                 -             -          0.0
    Shaklee                                                                 42.7%                51.4                -             -                 -             -         51.4
    SigmaXYZ                                                                21.8%                 8.6                -             -                 -             -          8.6
                                                                                                171.2                -             -                 -             -        171.2
Total investments                                                                               494.4             2.0          (1.1)                 -         (1.0)        494.3
Pro forma cash and cash equivalents
    Cash and cash equivalents 4                                                                  63.5          109.1               -                 -              -       172.6
    Assets held for sale (Niles)                                             77.9%              137.0               -        (135.0)                 -          (2.0)         0.0
                                                                                                200.5          109.1         (135.0)                 -         (2.0)        172.6
Loans                                                                                            48.0                -         (2.8)                 -        (14.7)         30.5
Total portfolio                                                                                 742.9          111.1         (138.9)                 -        (17.7)        697.5
Book value per share (in EUR)                                                                     8.7            1.3           (1.6)                 -         (0.2)          8.2
1    On a non-consolidated basis
2    Reflecting ownership increase from 50% to 60%, following a transfer of shares effective May 31, 2011
3    Including the conversion of Class A Preferred shares of Asahi Tec in July and August 2011
4    Including net cash held at management subsidiaries, deposits > 3 months and investment securities



Investments and disposals

The evolution of the Company’s investments during the six months ended June 30, 2011 can be
summarised as follows:

      •        On June 30, 2011, completion of the sale of the 77.9% ownership in Niles to Valeo for
               cash consideration of EUR 135 million. The final purchase price will be determined post
               closing based on actual June end net debt and working capital.

      •        Write-down of EUR 14.7 million on certain loans advanced to Honsel and its
               subsidiaries, following the settlement agreement announced on August 3, 2011. Under
               the terms of the settlement agreement and following repayment of certain amounts since
               the start of the insolvency proceedings, RHJI will ultimately recover around EUR 20.5
               million out of an aggregate EUR 35.1 million which was outstanding at the time of
               Honsel’s filing for insolvency on October 25, 2010.

      •        Repurchase of 1,437,365 own shares for EUR 8.6 million.




                                                                                                                                                                                   3
2.               Business review for the six months ended June 30, 2011.
The Company’s consolidated interim financial results include Kleinwort Benson for 6 months
ended June 30, 2011, in addition to the financial results of the industrial investments, which were
earmarked for disposal as part of the Company’s strategy to develop into a group with an
exclusive focus on banking and financial services.

As a result of the change in the Company’s financial year end, the consolidated statement of
comprehensive income for the six months ended June 30, 2011 has been compared with the six
months ended September 30, 2010. For purposes however of the business review presented
below, the segments’ condensed consolidated income statements for the six months ended June
30, 2011 have been compared to the six months ended June 30, 2010, on the basis that this
provides a more relevant basis of comparison in terms of presenting business performance.

The financial information presented below is derived from the individual companies’
consolidated interim financial statements prepared in accordance with International Financial
Reporting Standards (“IFRS”) and presented in their respective currency. Translation of financial
information into Euros, being the Company's presentation currency, has been done in accordance
with IAS 21 based on the following exchange rates:

                                                                                                              GBP/EUR   JPY/EUR   CHF/EUR            USD/EUR
June 30, 2011
Closing exchange rate (assets and liabilities)                                                                 1.11     0.0086     0.83               0.69
Average exchange rate (income and expenses)                                                                    1.15     0.0087     0.79               0.71


June 30, 2010
Closing exchange rate (assets and liabilities)                                                                 1.16     0.0090     0.73               0.81
Average exchange rate (income and expenses)                                                                    1.20     0.0082     0.69               0.75




2.1.             Financial Services
Key Figures
Condensed consolidated income statement and assets as of and for the six months ended
(In EUR millions)
                                                                                                                                      June 30,        June 30,
                                                                                                                                                             1
                                                                                                                                        2011           2010
Operating income                                                                                                                              56.4             47.6
Operating costs                                                                                                                             (58.8)            (68.9)
Share in profit (loss) of equity accounted investees                                                                                         (0.3)             (0.9)
Operating loss before tax                                                                                                                    (2.7)            (22.2)
Tax                                                                                                                                           0.1                 -
Operating loss after tax                                                                                                                     (2.6)            (22.2)

                                    2
Assets under Management                                                                                                                     10,766            9,062
1    Proforma unaudited consolidated financial information prepared for comparative purposes
2    Excluding assets under management at Quirin at June 30, 2011 and at Quirin and Arecon at June 30, 2010
     including deposits and investing activities arising from client discretionary and advisory mandates




The financial services segment includes financial results from (a) banking activities of Kleinwort
Benson Bank and Kleinwort Benson Channel Islands (together “Kleinwort Benson”), (b) asset
                                                                                                                                                                 4
management through Kleinwort Benson Investors and Arecon, and (c) merchant banking
activities throughout the Company. Arecon is consolidated for the first time following the
acquisition of shares under a separation agreement with certain employees, increasing RHJI’s
ownership from 50% to 60%. Arecon is an independent asset manager specialising in the
management of absolute return portfolios for pension funds, trusts, private clients and strategic
liquidity and had Assets under Management (“AuM”) of EUR 1.4 billion at June 30, 2011. Total
AuM mainly increased as a result of the consolidation of Arecon and the acquisition of COG.

On July 7, 2011, RHJI, through Kleinwort Benson Group, announced negotiations with Deutsche
Bank to acquire BHF-Bank, one of Germany’s strong banking brands with a long tradition in
Private Banking, Asset Management, Financial Markets and Corporate Banking. The transaction
is subject to regulatory approval. Kleinwort Benson Group plans to finance the acquisition with
its own funds and with the support of co-investors.


Kleinwort Benson business review
Condensed consolidated income statement for the six months ended
(In millions)                                                                                            GBP                           EUR
                                                                                              June 30,       June 30,       June 30,       June 30,
                                                                                                                  1                              1
                                                                                                2011          2010            2011          2010
Operating income                                                                                     37.6           33.9           43.2            40.7
Operating expenses                                                                                  (38.1)         (51.4)         (43.8)         (61.7)
Operating profit (loss) before income tax                                                            (0.5)         (17.5)          (0.6)         (21.0)
Tax                                                                                                     -             -               -             -
Operating profit (loss) after income tax                                                             (0.5)         (17.5)          (0.6)         (21.0)

Assets under Management                                                                            5,503           4,597         6,108           5,346
1   Proforma unaudited consolidated financial information prepared for comparative purposes




Kleinwort Benson recorded an operating loss of GBP 0.5 million in the six months ended June
30, 2011, compared to a loss of GBP 17.5 million for the comparable period of 2010. Total AuM,
which includes deposits and investing activities, increased to GBP 5.5 billion on June 30, 2011
from GBP 4.7 billion on December 31, 2010.

The increase in AuM was principally driven by the acquisition of Close Offshore Group
(“COG”). Kleinwort Benson acquired COG on June 1, 2011 for a consideration of GBP 26.7
million. The acquisition was financed entirely through Kleinwort Benson’s own capital resources.
The acquisition comprises COG’s private banking, fund administration, fund management, trust
and asset management businesses across Guernsey, Jersey and the Isle of Man. As at June 30,
2011, COG’s AuM amounted to GBP 1.0 billion.

Operating income increased by GBP 3.7 million or 11% compared to the first half of 2010, with
GBP 1.9 million of the growth attributable to COG. Excluding COG, like for like operating
income increased by GBP 1.8 million or 5%.

The effects of efficiency programmes initiated in 2010 have continued to show positive results.
Operating expenses fell by GBP 13.3 million, or 26% compared to the first half of 2010, and by
GBP 15.7 million, or 31% on a like for like basis excluding COG. Underlying headcount numbers
also reduced 14% year on year, with further annualised restructuring cost benefits still to come
through in the second half of 2011.

Included within operating expenses to June 2011 was a one-off net gain of GBP 8.9 million
relating to the acquisition of COG, reflecting the fact that the acquisition price included a
discount to the fair value of the assets acquired. In addition, a restructuring expense of GBP 6.1

                                                                                                                                                    5
million, principally relating to the acquisition of COG was recognised.                                                                            GBP 6.9 million
restructuring costs were recognised in the period to June 30, 2010.

The reduction in the underlying cost base created capacity for investment of GBP 4.5 million in
new business initiatives. In addition, Kleinwort Benson took on the staff and clients of Karrig
Strategic Capital in April 2011. The team will form the core of the new Kleinwort Benson Private
Investment Office providing services to ultra high net worth individuals and families.

Further investments in the business are planned including the recruitment of a number of top level
senior private bankers, starting in August 2011.

Maintaining a strong and conservatively managed capital base remains a key principle of
Kleinwort Benson and RHJI, underpinning a low-risk highly client-centric business model.
Notwithstanding the investment made in acquiring COG during the period, Kleinwort Benson
still exceeded strongly its minimum capital requirements with a Tier 1 ratio of over 20% at June
30, 2011. Kleinwort Benson maintains a strong level of liquidity through the nature of its deposit
base and a significant portfolio of marketable securities. The mortgage loan book continued to
perform well with provisions for bad and doubtful debts representing less than 0.3% of the total
loan book at June 30, 2011.

Over the medium-term, Kleinwort Benson expects to see the continued effects of improving
operating efficiency and re-focusing its business.


Kleinwort Benson Investors business review

Condensed consolidated income statement for the six months ended
(In EUR millions)
                                                                                                                                                   June 30,      June 30,
                                                                                                                                                     2011        2010 1
Operating income                                                                                                                                          6.3           6.9
Operating costs                                                                                                                                          (6.5)         (7.2)
Operating profit (loss) before tax                                                                                                                       (0.2)         (0.3)
Tax                                                                                                                                                         -             -
Operating profit (loss) after tax                                                                                                                        (0.2)         (0.3)

Assets under Management                                                                                                                               3,257          3,716
1   Proforma unaudited consolidated financial information for the continuing operations of acquired businesses prepared for comparative purposes



Kleinwort Benson Investors recorded operating income of EUR 6.3 million for the six months
ending June, 2011, a decrease of over 9% compared to the same period last year. The reduction in
income resulted in an operating loss of EUR 0.2 million for the period. AuM, which were EUR
3.7 billion on June 30, 2010 and on December 31, 2010, reduced to EUR 3.3 billion as at June 30,
2011. The reduction in AuM, largely related to low margin business, was due to (a) client
outflows of EUR 0.3 billion, mainly attributable to wholesale outflows in Europe and pension
fund de-risking and consolidation in the local Irish market, and (b) market movements of EUR
0.1 billion. The level of business development activity has increased significantly throughout
2011 and investments were made in expanded distribution in Europe and Asia. Some material
new business wins during the first six months of the year will be funded later in 2011.




                                                                                                                                                                            6
2.2.            Legacy Portfolio

2.2.1. Consolidated subsidiaries
                                    year-end in 2010, the consolidated subsidiaries have not
While RHJI changed its financial year
                   end
changed their year-end and have prepared financial statements for the six months ended June 30,
2011 for the sole purpose of preparing the Company’s consolidated financial statements.
                                                       six
Comparative key numbers presented below for the six months ended June 30, 2010 were
extracted from unaudited pro forma financial statements which were only prepared for indicative
comparative purposes.

ASAHI TEC CORPORATION




Headquarters: Japan
Industry: Automotive components - Cast auto parts segment
Tokyo stock exchange ticker: 5606.T
Total shares outstanding: 676,032,723
RHJI ownership as of June 30, 2011 1: 62.6% (423,308,394 shares)
Contribution price per share in March 2005: JPY 250
Closing price
  December 31, 2010 : JPY 33
  June 30, 2011: JPY 27
1 Including the conversion of Class A Preferred shares of Asahi Tec in July and August 2011


Key Figures
Condensed consolidated income statement for six months ended
(In millions)                                                                                  JPY                             EUR
                                                                                    June 30,       June 30,         June 30,       June 30,
                                                                                      2011           2010             2011           2010
Revenue                                                                                 34,134          37,915           297.0           310.6
Gross profit                                                                             3,749           5,639             32.6           46.2
Gross margin                                                                            11.0 %          14.9 %          11.0 %          14.9 %
EBITDA                                                                                   2,049           4,636             17.8           38.0
EBITDA margin                                                                             6.0 %         12.2 %            6.0 %         12.2 %
Operating profit                                                                           287           2,536              2.5           20.8
Profit for the period                                                                      984           1,229              8.6           10.1

Consolidated cash and cash equivalents and loans and borrowings as of
(In millions)                                                                                    JPY                          EUR
                                                                                    June 30,        December 31,    June 30,      December 31,
                                                                                      2011              2010          2011            2010
Cash and cash equivalents                                                                3,370              3,622          29.0            33.3
Loans and borrowings                                                                    12,540             14,084        107.8           129.6



Improving outlook on recovery from earthquake disaster

                                                                      201
Asahi Tec’s consolidated revenue for the six months ended June 30, 2011 amounted to JPY
                     %
34,134 million, a 10% decrease from JPY 37,915 million during the same period a year earlier.
        he                                                           d
While the early part of 2011 confirmed the recovery of customer demand and steadily increasing
                                                                                  Ear
sales, production volumes were severely reduced following the Great Eastern Japan Earthquake.
                                                                                                                                             7
Asahi Tec’s manufacturing facilities did not suffer material damage, but the supply chain was
disrupted and customer production interrupted. The decrease of sales further resulted from the
sale of Asahi Tec’s fully-owned subsidiary, Asahi Tec Environmental Solutions Corporation.

The decreased consolidated revenue combined with an increase in raw material prices and the
disrupted utilization of manufacturing capacity following the earthquake, resulted in an operating
profit of JPY 287 million during the six months ended June 30, 2011, compared to an operating
profit of JPY 2,536 million during the six months ended June 30, 2010.

However, indications of a faster than anticipated recovery of the automotive industry after the
severe disruption caused by the earthquake, have encouraged Asahi Tec’s management to review
the financial projections. Based on forecasts for the fiscal year ending March 31, 2012, prepared
under J-GAAP, Asahi Tec’s management projects revenue and net income of JPY 77,000 million
and JPY 1,500 million, respectively, compared to JPY 73,022 million and JPY 155 million for the
fiscal year ended March 31, 2011, and to JPY 74,000 million and JPY 50 million per the previous
forecast.

Successful refinancing of senior and subordinated credit facilities

On February 22, 2011, Asahi Tec successfully refinanced its senior and subordinated credit
facilities. The total new facility consists of senior loan credit facilities of JPY 11 billion, maturing
in September 2015 and a subordinated credit facility of JPY 4 billion maturing in March 2016.
The facilities are subject to various covenants and bear variable interest rates, depending on the
overall gross leverage.

The last quarterly installment on the loan granted by the Company in February of 2008 to Asahi
Tec’s former subsidiary Metaldyne was repaid as scheduled on May 15, 2011.

In July and August, 2011, RHJI converted 14,629,000 of its 22,858,000 Class A Preferred Shares
of Asahi Tec into 151,623,333 common shares of Asahi Tec. RHJI now holds 404,553,078
common shares (out of 653,210,407), 8,229,000 Class A Preferred Shares (out of 12,296,000) and
10,526,316 Class B Preferred Shares (out of 10,526,316). RHJI’s aggregate voting rights have
increased from 54.5% to currently 62.6%.




                                                                                                      8
PHOENIX SEAGAIA RESORT K.K.




Headquarters: Japan
Industry: Hospitality segment
Privately held
RHJI ownership as of June 30, 2011: 100.0 %

Key Figures
Condensed consolidated income statement for the six months ended
(In millions)                                                                       JPY                          EUR
                                                                        June 30,        June 30,       June 30,        June 30,
                                                                          2011            2010           2011            2010
Revenue                                                                      4,183            5,276           36.4            43.2
Gross profit                                                                    321             954            2.8              7.8
Gross margin                                                                  7.7 %          18.1 %          7.7 %          18.1 %
EBITDA                                                                         (114)            592           (1.0)             4.9
EBITDA margin                                                                (2.7)%          11.2 %         (2.7)%          11.2 %
Operating profit (loss)                                                        (556)            282           (4.8)             2.3
Profit (loss) for the period                                                   (519)            557           (4.5)             4.6


Consolidated cash and cash equivalents and loans and borrowings as of

(In millions)                                                                        JPY                          EUR
                                                                        June 30,        December 31,   June 30,     December 31,
                                                                          2011              2010         2011           2010
Cash and cash equivalents                                                      222               354           1.9            3.3
Loans and borrowings                                                         5,701             5,537          49.0           51.0



Indirect impact of the Great Eastern Japan earthquake

                                                                            Earthquake
Although not having been directly affected by the Great Eastern Japan Earthquake, Phoenix
                            South
Seagaia Resort, located in South-East Japan, suffered multiple cancellations of hotel bookings as
                                                           ccupancy
a result of limited travelling following the earthquake. Occupancy levels which were already
under pressure after a volcanic eruption in January 2011 became even further depressed in the
aftermath of the earthquake.

                      ccupancy
The resort’s overall occupancy dropped from 37% during the six months ended June 30, 2010 to
    %                                           2011
34.1% during the six months ended June 30, 2011. Consequently, revenue fell by 20.7% to JPY
4,183 million during the first half of 2011, causing negative EBITDA of JPY 114 million.
                                                included
Revenue for the first half of the previous year included JPY 175 million from the Kitago property
which was sold in March 2010.

Net debt at June 30, 2011 amounted to JPY 5,479 million, compared to JPY 5,158 million at
December 31, 2010, and included JPY 5,001 million of senior indebtedness which is repayable in
full in September 2011, and for which RHJI guarantees the final interest payment estimated at
                .
JPY 54 million. The Company also granted a JPY 1,000 million revolving credit facility to
                                                                t          2011
Phoenix Seagaia Resort of which JPY 700 million was drawn at June 30, 2011, enabling Phoenix
Seagaia Resort to honor the last quarterly repayments of it senior debt in March and June, which
were also guaranteed by RHJI.

Because of the consequences of the various natural disasters on its financial results, Phoenix
Seagaia Resort was not in compliance with the financial covenants under its senior credit
                                                                                                                                 9
agreement at March 31, 2011. Phoenix Seagaia Resort is currently exploring a refinancing of its
senior debt. However, in the event that Phoenix Seagaia Resort does not succeed in such
refinancing of its debt, it would be in default of its obligations under its senior credit agreement,
which would cast significant doubt on its ability to operate as a going concern. The investment in
Phoenix Seagaia Resort was already written-off at December 31, 2010.




                                                                                                  10
2.2.2. Investments in Associates

SHAKLEE GLOBAL GROUP, INC.




Headquarters: Japan
Industry: Consumer products - Nutrition products segment
Jasdaq stock exchange ticker: 8205.Q
Total shares outstanding: 25,920,000
RHJI ownership as of June 30, 2011: 42.7 % (10,531,000 shares)
Contribution price per share in March 2005: JPY 1,269
Closing price
   December 31, 2010 : JPY 436
   June 30, 2011 : JPY 434




Key Figures 1
Condensed consolidated income statement for the six months ended
(In millions)                                                                      JPY                            EUR
                                                                        June 30,       June 30,         June 30,        June 30,
                                                                          2011           2010             2011            2010
Revenue                                                                     11,168          11,616             97.2            95.2
Operating profit                                                             1,502           1,796             13.1            14.7
EBITDA                                                                       2,038           2,739             17.7            22.4
EBITDA margin                                                               18.2 %          23.6 %          18.2 %           23.6 %
Profit for the period                                                          780             440              6.8              3.6


Consolidated cash and cash equivalents and loans and borrowings as of
(In millions)                                                                        JPY                           EUR
                                                                        June 30,        December 31,    June 30,     December 31,
                                                                          2011              2010          2011           2010
Cash and cash equivalents                                                    7,602              6,870          65.4           63.2
Loans and borrowings                                                        13,249             16,315        113.9          150.2
1   Publicly available financial information prepared under J-GAAP.




                                                                                                                               11
SIGMAXYZ INC.




Headquarters: Japan
Industry: Information and Communication Technology (ICT) consulting services
Privately held
RHJI ownership as of June 30, 2011: 21.8 % (980 shares)
Total shares outstanding: 4,500
Acquisition price per share: JPY 1,000,000



Key Figures
Condensed consolidated income statement for the six months ended
(In millions)                                                                      JPY                            EUR
                                                                        June 30,         June 30,       June 30,        June 30,
                                                                          2011             2010           2011            2010
Revenue                                                                      3,206             1,951           27.9            16.0
Operating income (loss)                                                          80             (660)           0.7            (5.4)
EBITDA                                                                         144              (563)           1.3            (4.6)
EBITDA margin                                                                 4.5 %          (28.9)%          4.5 %         (28.9)%
Income (Loss) for the period                                                     78             (666)           0.7            (5.5)


Consolidated cash and cash equivalents and loans and borrowings as of
(In millions)                                                                      JPY                            EUR
                                                                        June 30,      December 31,      June 30,      December 31,
                                                                          2011            2010            2011            2010
Cash and cash equivalents                                                       78                -            0.7                -
Loans and borrowings                                                           200             429             1.7             3.9




                                                                                                                               12
3.             Condensed consolidated financial statements for the six months
               ended June 30, 2011 1
Result of operations
Consolidated statement of comprehensive income for the six months period ended
(In EUR millions)
                                                                                                                                                        June 30,      September 30,
                                                                                                                                                          2011           2010 2
Income statement
    Financial services
       Interest income                                                                                                                                       15.6               7.8
       Interest expense                                                                                                                                      (4.9)             (3.0)
       Net interest income                                                                                                                                   10.7               4.8

        Commission and fee income                                                                                                                            43.1             18.6
        Commission and expense                                                                                                                               (2.9)            (1.1)
        Net commission and fee income                                                                                                                        40.1             17.5

        Other income and expense from financial services investments                                                                                          5.6              2.1

        Net operating income from financial services                                                                                                         56.4             24.4
     Industrial investments
        Revenue                                                                                                                                             333.4            374.4
        Cost of sales                                                                                                                                      (298.0)          (329.7)
        Gross profit from industrial investments                                                                                                             35.4             44.7

     Selling, general and administrative expenses                                                                                                          (118.8)           (90.9)
     Research and development expenses                                                                                                                        (0.4)            (0.5)
     Amortization of intangible assets                                                                                                                        (0.9)            (1.9)
     Negative Goodwill                                                                                                                                       12.4                 -
     Impairment of property, plant and equipment and intangible assets                                                                                         0.1             (0.1)
     Impairment of financial assets                                                                                                                              -             (1.7)
     Other income and expense from industrial investments                                                                                                   (11.5)              0.5
     Loss from operations                                                                                                                                   (27.3)           (25.5)
     Finance income                                                                                                                                            2.1            46.7
     Finance costs                                                                                                                                            (7.7)          (16.9)
     Net finance income                                                                                                                                      (5.6)            29.8

    Share of profit of equity accounted investees (net of income tax)                                                                                         7.0               1.7
    Profit (loss) before income tax                                                                                                                         (25.9)              6.0
    Income tax benefit (expense)                                                                                                                              6.3              (1.1)
    Profit from discontinued operations (net of income tax)                                                                                                  77.8           (138.0)
Profit (loss) for the period                                                                                                                                 58.2           (133.1)

Other comprehensive income
    Foreign currency translation differences for foreign operations, before tax                                                                             (24.7)             3.9
    Cash flow hedges                                                                                                                                             -             0.3
    Fair value reserve of financial assets available-for-sale
       Net change in fair value, before tax                                                                                                                   0.2              (0.2)
       Net amount transferred to profit or loss, before tax                                                                                                       -               -
       Actuarial gains                                                                                                                                            -               -
    Income tax relating to components of comprehensive income                                                                                                     -               -
    Discontinued operations (net of income tax)                                                                                                               (0.3)             2.6
Other comprehensive income for the period (net of income tax)                                                                                               (24.8)              6.6
Total comprehensive income for the period                                                                                                                    33.4           (126.5)

Profit (loss) for the period attributable to:
  Owners of the Company                                                                                                                                      53.3             (78.1)
  Non-controlling interests                                                                                                                                   4.9             (55.0)
Profit (loss) for the period                                                                                                                                 58.2           (133.1)

Total comprehensive income for the period attributable to:
  Owners of the Company                                                                                                                                      34.2             (77.7)
  Non-controlling interests                                                                                                                                   (0.8)           (48.8)
Total comprehensive income for the period                                                                                                                    33.4           (126.5)
Weighted average number of shares, net of treasury shares (in millions)                                                                                      84.1             84.7
Earnings per share (in EUR)
    Basic and diluted                                                                                                                                          0.7             (0.9)
    Basic and diluted from continuing operations                                                                                                              (0.2)            (0.1)

1    The presentation format of the Condensed Consolidated Financial Statements has been changed to reflect the Company's financial services business
2    Restated to present Honsel and Niles as discontinued operations.

                                                                                                                                                                                       13
The Company changed its fiscal year-end from March 31 to December 31 in 2010 and therefore
compares results from operations for the six months ended June 30, 2011 with the six months
ended September 2010. It should be noted that Kleinwort Benson was only included for three
months in the Company’s consolidated financial statements for the six months ended September
30, 2010 following the completion of the acquisition on July 1, 2010.

Results from operations for the six months ended September 30, 2010 were restated to reflect the
sale of Niles and the filing for insolvency of Honsel, both of which were presented as
discontinued operations.

Net operating income from financial services of EUR 56.4 million is mainly attributable to
Kleinwort Benson as described in section 2 above. Compared to the six months ended September
30, 2010, the net operating income for the six months ended June 30, 2011 included Kleinwort
Benson Investors and COG, acquired on October 1, 2010 and June 1, 2011, respectively. Finally,
the Company increased its stake in Arecon from 50% to 60% following the acquisition of shares
under a separation agreement with certain employees, and therefore consolidated the financial
results of Arecon for the first time. Arecon contributed to the net operating income from financial
services with EUR 0.8 million.

Revenue from industrial investments for the six months ended June 30, 2011 related to Asahi Tec
and Phoenix Seagaia, and amounted to EUR 333.4 million, a decrease of 11% compared to EUR
374.4 million for the six months ended September 30, 2010. The decrease reflected the effects of
the Great Eastern Japan Earthquake on both subsidiaries.

Gross profit from industrial investments for the six months ended June 30, 2011 amounted to
EUR 35.4 million. Decreasing sales caused the gross margin to decrease from 11.9% for the six
months ended September 30, 2010 to 10.6% for the six months ended June 30, 2011.

Selling, general and administrative expenses amounted to EUR 118.8 million for the six months
ended June 30, 2011, compared to EUR 90.9 million during the six months ended September 30,
2010. The increase primarily resulted from (a) the consolidation of Kleinwort Benson for six
months, compared to only three months at September 30, 2010, (b) the expansion of Kleinwort
Benson following the acquisition of COG, and (c) the consolidation of Kleinwort Benson
Investors and Arecon. Selling, general and administrative expenses for the six months ended June
30, 2011 included EUR 13.2 million of RHJI’s operating expenses, of which EUR 2 million
related to non-cash depreciation and share-based payment expenses.

Loss from operations for the six months ended June 30, 2011 amounted to EUR 27.3 million,
compared to EUR 25.5 million for the six months ended September 30, 2010, which only
included Kleinwort Benson for three months.

Net finance expense of EUR 5.6 million for the six months ended June 30, 2011 mainly included
(a) net interest expense from industrial subsidiaries of EUR 4.5 million and (b) net foreign
currency exchange losses of EUR 1 million. The net financing income of EUR 29.8 million for
the six months ended September 30, 2010, was largely the result of a gain of EUR 34.3 million
associated with the conversion of Asahi Tec’s Preferred Shares Series C.

Income tax benefit for the six months ended June 30, 2011 of EUR 6.3 million mainly reflected
the recognition by Asahi Tec of deferred taxes on current and previous losses.

                                                                                                14
Discontinued operations of EUR 77.8 million for the six months ended June 30, 2011, mainly
related to Niles and Honsel. The sale of Niles resulted in a gain of EUR 92.2 million, mainly
reflecting (a) operating profit, net of tax of EUR 4.2 million for the period of 6 months up and
until the sale, and (b) the reversal of EUR 88 million of previously recognized operating and
impairment losses beyond the sales price of around EUR 135 million.

The result on discontinued operations also included the write-down of EUR 14.7 million on
certain loans advanced to RHJI’s insolvent subsidiary, Honsel AG and its subsidiaries, following
the settlement agreement announced on August 3, 2011. Under the terms of the settlement
agreement and following repayment of certain amounts since the start of the insolvency
proceedings, RHJI will ultimately recover around EUR 20.5 million out of an aggregate EUR
35.1 million which was outstanding at the time of Honsel AG’s filing for insolvency on October
25, 2010.

The settlement agreement results from the completion of the sale of Honsel AG’s business which
was announced on August 1, 2011. On May 5, 2011, Honsel AG announced that a committee of
creditors, appointed as part of the insolvency proceedings, had agreed to a sale of the business to
Canadian metal products maker Martinrea and financial investor Anchorage. The settlement
agreement provides for the settlement and partial repayment of the balances owed under all
facilities made available to Honsel AG and its subsidiaries by RHJI, with any unpaid amounts of
those balances being waived as part of the settlement, except for a factoring agreement with
Tafime, SL, Honsel’s Spanish subsidiary, under which RHJI will continue to purchase
receivables up to an aggregate outstanding balance of EUR 2 million for a period of one month
after completion of the sale of the Honsel AG business. Tafime, SL will repurchase any
outstanding receivables under this factoring facility upon its termination.

Profit for the six months ended June 30, 2011 of EUR 58.2 million, was positively affected by the
gain on the sale of Niles.

Liquidity and financial position

Condensed consolidated statement of financial position as of
(In EUR millions)
                                                                                  June 30,      December 31,
                                                                                    2011            2010
Cash and cash equivalents                                                               236.6           131.1
Derivative assets held for risk management                                                1.3             0.6
Loans and receivables due from banks and customers                                    1,290.8         1,122.7
Investment securities                                                                   932.4           626.9
Investments in equity accounted investees                                               112.8           109.3
Inventories                                                                              61.5            64.2
Current tax assets                                                                        3.5             2.8
Accrued income, trade receivables and other assets                                      179.9           202.9
Property, plant and equipment                                                           295.9           309.5
Intangible assets                                                                        65.1            57.0
Deferred tax assets                                                                      25.7            20.4
Assets classified as held for sale                                                          -           378.5
Total assets                                                                          3,205.5         3,025.9
Equity attributable to equity holders of the Company                                    678.8           643.0
Non-controlling interests                                                                76.4           100.5
Derivative liabilities held for risk management                                           1.4             1.6
Bank overdrafts                                                                          10.4             0.3
Loans and deposits from banks and customers                                           2,150.9         1,673.6
Finance lease liabilities                                                                 5.3             6.9
Deferred tax liabilities                                                                  6.6             7.1
Employee benefits                                                                        46.9            52.4
Provisions                                                                               37.2            36.5
Tax liabilities                                                                           4.7             7.1
Accrued expenses, trade payables and other liabilities                                  186.9           174.7
Liabilities held for sale                                                                   -           322.2
Total equity and liabilities                                                          3,205.5         3,025.9


                                                                                                         15
The Company’s total assets increased from EUR 3,025.9 million at December 31, 2010 to EUR
3,205.5 million at June 30, 2011. The increase mainly results from the acquisition by Kleinwort
Benson of COG. Kleinwort Benson’s Group's total assets at June 30, 2011 of EUR 2,476.4
million included loans and advances to banks and customers of EUR 1,157 million and
marketable securities of EUR 913.3 million, and were mainly funded by a stable base of customer
deposits of EUR 2,012.3 million and banking deposits of only EUR 105.9 million.

Total consolidated financial indebtedness of the Company’s industrial investments amounted to
EUR 156.2 million, compared to EUR 189.6 million at December 31, 2010. The decrease is
almost entirely attributable to Asahi Tec, which refinanced its debt on February 22, 2011.

The total consolidated equity, attributable to the owners of the Company, increased from EUR
643 million at December 31, 2010 to EUR 678.8 million at June 30, 2011. The increase resulted
from the profit of EUR 53.3 million for the six months ended June 30, 2011, partly offset by an
increased reserve for treasury shares of EUR 8.6 million and foreign exchange translation losses.
Condensed consolidated cash flow statement for the six months period ended
(In EUR millions)
                                                                                        June 30, 2011                     September 30, 2010 1
                                                                             Continuing     Disconti-    Total    Continuing      Disconti-       Total
                                                                             operations         nued              operations          nued
                                                                                          operations                            operations
Cash from operating activities                                                    (4.6)        (21.1)    (26.1)      (447.9)            5.6      (442.3)
Cash from investing activities                                                   341.0         (38.8)    302.1        628.3            (3.7)      624.6
Cash from financing activities                                                   (33.0)           7.4    (25.1)        (13.6)         11.4         (2.2)
Net variance in cash and cash equivalents                                        303.4         (52.5)    250.9        166.8           13.3        180.1
Cash and cash equivalents at the beginning of the period                         593.8          54.1     647.9        457.8           31.4        489.2
Effect of exchange rate fluctuation on cash held                                 (25.8)          (1.6)   (27.4)         (9.8)               -      (9.8)
Cash and cash equivalents at the end of the period                               871.4              -    871.4        614.8           44.7        659.5
 of which cash and balances with banks                                           236.6              -    236.6        126.8           44.7        171.5
 of which loans and advances to credit institutions                              634.9              -    634.9        488.6                -      488.6
 of which bank overdrafts                                                         (0.1)             -     (0.1)         (0.5)             -        (0.5)
1 Restated to present Honsel and Niles as discontinued operations.




Consolidated cash flow from investing activities for the six months ended June 30, 2011,
included:
(a) EUR 500 million cash acquired, net of the purchase price paid for COG;
(b) proceeds from the sale of Niles of EUR 135 million;
(c) net disposal of investment in securities of EUR 274 million; and
(d) net capital expenditures of EUR 18.5 million.

Cash flow from financing activities of operations for the six months ended June 30, 2011, mainly
related to:
(a) the net repayment of debt by Asahi Tec and Phoenix Seagaia Resort for EUR 15.4 million;
(b) the repayment of a seller’s note of EUR 8.6 million issued in connection with the acquisition
of Shaklee;
(c) the repurchase of 1,437,365 RHJI shares for EUR 8.6 million.

Statement of KPMG, the Company’s Auditor

KPMG Réviseurs d’Entreprises represented by Olivier Macq has reviewed the condensed
consolidated interim financial statements of RHJ International SA as of and for the six-month
period ended June 30, 2011. Their review was conducted in accordance with International
Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by


                                                                                                                                                   16
the Independent Auditor of the Entity” and their unqualified review report dated August 30, 2011
is attached to this interim financial information.

The Half-Year Report for the six months ended June 30, 2011, including the condensed
consolidated interim financial statements, is available on the Company’s corporate website:
www.rhji.com.



About RHJ International:

RHJ International (Euronext: RHJI) is a limited liability company incorporated under the laws of
Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. RHJI is
transforming itself from a diversified industrial holding company into an active and dynamic
financial services group.

For further information visit: www.rhji.com.


This press release contains certain forward-looking statements concerning the Company's operations, economic
performance and financial condition. Such forward-looking statements are based on management’s current
expectations, estimates and projections and are subject to a number of assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements expressed or implied by such forward-
looking statements. The Company has no obligation to publicly update or release any revisions to these forward-
looking statements to reflect events or circumstances after the date of this press release.




                                                                                                                 17

				
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