CSM: announces share repurchase program

Amsterdam / NL. (csm) Dutch food group CSM NV announces to repurchase ordinary shares up to a maximum value of 100 million Euro to further optimize its capital structure. For the execution of its share repurchase program CSM has entered into an agreement with Rabobank. The program will start on September 17 and end on December 31 at the latest. For the time being, the shares repurchased will be held as Treasury stock. CSM will report the progress of the share buyback program after the close of trading on September 21 and subsequently every week. The number of shares that Rabobank will acquire on Euronext Amsterdam on a daily basis will in principle not exceed 25 percent (excluding block trades) of the average daily volume of CSM shares traded on Euronext Amsterdam during the month of September. Koos Kramer, CFO of CSM: «The results for the first half of 2007 showed a net debt decrease by 186 million Euro to 406 million Euro, resulting in a net debt / EBITDA ratio – our main financing parameter – of 1,5; amply below our target limit of 3,0. The strong balance sheet combined with the current stock market developments create an opportunity to engage in a share buy-back program».
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