FINANCIERE DE TUBIZE –MIDYEAR FINANCIAL REPORT 2011

Half-year 2011 current result after tax, increased by 3.60 %.

The Board of Directors of Financière de Tubize has prepared the statutory and consolidated financial statements at 30 June 2011, presented in accordance with the IFRS standards and submitted to a limited audit review.

The Board of Directors published the half-year financial results 2011 statutory results and consolidated accounts of the Financière de Tubize.

I.NON-CONSOLIDATED FIGURES

1. INCOME STATEMENT	30/06/2011	Notes (1)	30/06/2010

Operating charges	176,085		178,114
Financial Income	65,111,775		63,746,979
Income from financial assets	65,042,600	1	63,715,200
Income from current assets	69,175		31,779
Other financial income	6,889,285	2	7,541,576

Tax	0.00		0.00

Operating profit	58,046,405		56,027,289

Gains on disposal of fixed assets	0.00	3	0.00

Profit for the period	58,046,405		56,027,289

Information per shares
Operating result	1.3012		1.2560
Net result after tax	1.3012		1.2560
Number of shares representing the capital	44,608,831		44,608,831

1. Notes from 1 to 10: notes attached to financial statements 2011

The ordinary profit after tax for the half-year 2011 amounts to € 58,046,405 compared to € 56,027,289 in 2010. This result mainly represents the increased UCB dividend 65,042,600 € compared to 63,715,200 in 2010 and reduced by less interests loan charges.

2. BALANCE		30/06/2011	Notes	31/12/2010

Activa

Tangible fixed assets		999		1,998
Financial fixed assets participating interests	66,370,000 UCB shares held	1,580,240,206	4	1,580,240,206
Amounts receivables		600,000	5	600,000
Other investments in deposits		500,000	6	650,00
Cash at bank and in hand		248,334		107,598
Deferred charges and accrued income		7,829		6,566

Total assets		1,581,597,368		1,581,606,368

Liabilities

Equity		1,291,026,767	7	1,232,980,362
Capital		235,000,000		235,000,000
Share premium account		1,224,992		1,224,992
Reserves		975,227,353		975,227,353
Accumulated profit		79,574,421		21,528,016
Financial debt		282,000,000		323,000,000
Amounts payable		23,533	8	13,976
Other debts		846,519	9	22,159,859
Deferred charges and accrued income		7,700,549	10	3,452,171

Total liabilities		1,581,597,368		1,581,606,368

3. Notes attached to the financial statements	2011		2010

1. Income from investment The UCB dividend totals 0.98 gross per share on 66,370,000 as against 0.96 in 2010 for the same number of shares..	65,042,600	1	63,715,200
2. Financial expenses The financial charges, in retreat, are mainly the interests on remaining debts first half 2011.	6,889,285	2	7,541,576
3.Gains on disposal of fixed assets Financière de Tubize did not carry out any sale or purchase trading on UCB shares over the first half of 2011.	0	3	0
4.Financial fixed assets ( 66,370,000 UCB shares held( The average accounting value of UCB investment (36.20 %) is 23.81 € per share. The stock value of UCB on 30/6/2011 is 30.985 € per share	1,580,240,206	4	1,580,240,206
5. Amounts receivables Nominal amount of the UCB bond – number of warrants : six hundred thousand euros represented by thirty thousand bond units, each with one thousand warrants attached.	600,000	5	600,000
6. Other investments in deposits Cash as result of UCB dividend. Funds are on deposit at a rate of 1.1 %.	500,000	6	650,000
7. Equity Equity reflects the half-yearly result.	1,291,026,767	7	1,232,980,361
8., Debt Debts are partial repaid on 30 June. Debt expiring within 12 months amount to 25 millions €.	282,000,000	8	323,000,000
9. Other debt This item reflects principally the amount payable of the Financière de Tubize dividend.	846,519	9	22,159,858
10. Accrued liabilities Accrued liabilities show interests proratas.	7,700,549	10	3,452,171

II. CONSOLIDATED ACCOUNTS

Consolidated Income statement (Thousands of EUR)	30/06/2010	30/06/2011

Operating profit	-146	-107
Outley on no debt	-8,141	-7,540
Equity-method profit	54,114	72,136
Tax	-961	-1,409
Net profit	44,866	63,080
Net profit per share (EUR)	1.01	1.41

The quota of the result of group UCB put in equivalence protests to 72,136 KEUR at June 30, 2011 against 54,114 KEUR at June 30, 2010. The consolidated accounts established in conformity with IAS 34 are published on the website www.financiere-tubize.be.

Declarations

1. Financial statements

No modifications have been made to the accounting principles with respect to those used to draw up the previous consolidated accounts for the year ended 31 December 2010. There were no significant events to report after the closing date.

The financial statements of Financière de Tubize are influenced by the profits of UCB, either at statutory level by the dividends paid out, or through equity-method consolidation used to account for the profits of UCB. Moreover, the financial statements of Financière de Tubize have no seasonal or geographic features. There are thus no comments to be made in this area.

The future flows of dividends expected from UCB should help deal with loan repayments due.

The larger UCB dividend paid out in May and lower loan outlay ought to increase Financière deTubize ‘s ordinary statutory profits at 31 December 2011 with respect to 2010. In terms of consolidation, the net profits earned by the Financière de Tubize Group depend on the UCB equity-method contribution.

2. Transactions between related parties

In the first six months of 2011 Financière de Tubize received a dividend of 65 million EUR on its holding in UCB. There were no other transactions between related parties that significantly affected the company’s financial position or its profits.

3. Auditor's report on the half-yearly report

We have performed a limited review of the accompanying consolidated balance sheet, income statement, cash flow statement, statement of changes in equity (jointly the “interim financial information”) of FINANCIÈRE DE TUBIZE SA (“the company”) and subsidiaries and jointly the group for the six months period ended 30 June 2011.
The Board of Directors of the company is responsible for the preparation and fair presentation of this interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review. The interim financial information has been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the European Union.

Our limited review was conducted in accordance with the recommended auditing standards on limited reviews applicable in Belgium, as issued by the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”. A limited review consists of making inquiries of group management and applying analytical and other review procedures to the interim financial information and underlying financial data. A limited review is substantially less in scope than an audit performed in accordance with the auditing standards on consolidated annual accounts as issued by the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”. Accordingly, we do not express an audit opinion.

Based on our limited review, nothing has come to our attention that causes us to believe that the interim financial information for the six months period ended 30 June 2011 is not prepared, in all material respects, in accordance with IAS 34 - Interim Financial Reporting as adopted by the EU.

Brussels, July 28, 2011

MAZARS - Certified Public Auditors SCCRL, Statutory auditor, represented by Philippe GOSSART

4. Declaration by the parties responsible

Mr. François Tesch, Chairman of the Board of Directors, declares on behalf of the Board that to their knowledge:

a) the condensed financial statements, drawn up in accordance with the accounting standards applicable, show a true and fair image of the equity, financial position and profits of Financière de Tubize and Group Financière de Tubize ;

b) the intermediate directors’ report contains a faithful account of major events and transactions between related parties over the first six months of the year, and their impact on the condensed financial statements, and a description of the main risks and uncertainties for the remaining months of the year.

Board meetings calendar

The dates of Board meetings in 2011 will be 28 July 2011;
The dates of Board meetings in 2012 will be 22 March 2012, 31 July 2012, the Ordinary General Meeting of Shareholders will be held on 25 April 2012. Interim statements on the second half of the period in accordance with Royal Decree 2007.
Contact: www.financiere-tubize.be

SUMMARIZED FINANCIAL RESULTS IFRS

Financial Statements Financière de Tubize at June 30, 2011 were approved by the Board of Directors on July 28, 2011. The financial data are expressed – unless otherwise specified - in thousands of euros (KEUR)

1. CONSOLIDATED STATEMENT OF GLOBAL RESULT
	Notes	30/06/2010	30/06/2011
Other operating income		32	69
Interest		32	69
Dividend		0	0
Other operating income		0	0
Operating costs ( - )		-178	-176
Personnel costs		-68	-81
Other operating costs		-109	-94
Depreciation		-1	-1
Operating result		-146	-107
Financial charges		-8,141	-7,540
Debt charges		-7,999	-7,421
Other financial charges		-142	-119
Financial instrument on the right value	10	0	0
Share in the net result of associates accounted for using the equity method	3	54,114	72,136
Result before tax		45,827	64,489
Tax charges (income) on the profit	8	-961	-1,409
Result after tax		44,866	63,080

Result for the period		44,866	63,080
From minor interests		0	0
From parent company shareholders		44,866	63,080

Other elements of the global result(Share of the company under the equity method)
Translation adjustments		110,151	-46,999
Assets held for sale		2,326	631
Cash flow hedge		-28,763	-5,206

Global result		128,580	21,918

Profit for the period attributable to shareholders of the parent company		44,866	63,080
Result per share	1	1.0058	1.4141
Global result for the period attributable to shareholders of the parent company		128,580	21,918

2. CONSOLIDATED STATEMENT OF THE FINANCIAL SITUATION
	Notes	31/12/2010	30/06/2011
ACTIVA
Non-current assets	3	1,784,141	1,842,921
Investments in associates accounted for using the equity method		1,783,539	1,842,320
Other financial assets	4	600	600
Financial coverage instrument	10	0	0
Other tangible assets		2	1
Current assets		764	756
Cash and cash equivalents	5	757	748
Other current assets		7	8
TOTAL ASSETS		1,784,905	1,843,677


LIABILITIES
TOTAL SHAREHOLDERS' EQUITY	6	1,443,932	1,537,676
Share capital		235,000	235,000
Premiums		1,225	1,225
Reserves		1,207,707	1,301,451
LIABILITIES		340,973	306,001
Non-current liabilities		306,759	272,430
Bank loans long term	7-10	284,795	249,446
Financial coverage instrument	10	8,416	8,027
Deferred tax liabilities	8	13,548	14,957
Current liabilities		34,214	33,571
Bank loans short term	7-10	30,000	25,000
Trade payables and other creditors	9	762	870
Other current liabilities	9	3,452	7,701
TOTAL LIABILITIES		1,784,905	1,843,677

3. STATEMENT OF VARIATION IN SHAREHOLDER'S EQUITY
	Equity and share premium	Deferred results	Reserves on own shares	Other reserves	Translation adjustments	Financials assets held for sale	Cash flow hedge	Net investment coverage	Reserves

Balance 1/01/2010	236,225	1,253,485	-45,324	83,876	-189,871	-56	-1,212	19,945	1,120,843

Result of the period		44,866							44,866
Translation adjustments					110,151				110,151
Financials assets held for sale						2,326			2,326
Cash flow hedge							-28,763		-28,763
Other elements of the global result		0	0	0	110,151	2,326	-28,763		83,714
Dividends		- 21,412							- 21,412
Others		827		17,635					18,462
Own shares			31						31
Balance 30/6/2010	236,225	1,277,766	- 45,293	101,511	-79,720	2,270	-29,975	19,945	1,246,504

Balance 1/01/2011	236,225	1,256,869	-45,289	101,511	-124,599	297	-1,028	19,945	1,207,706

Result of the period		63,080							63,080
Translation adjustments					-46,999				-46,999
Financials assets held for sale						631			631
Cash flow hedge							5,206		5,206
Other elements of the global result		63,080	0	0	-46,999	631	5,206		21,918
Dividends		- 21,412							- 21,412
Payments founded on shares		3,180							3,180
Others		1,121							1,121
Perpetual subordinated bond UCB				104,276					104,276
Own shares			-15,338						-15,338
Balance 30/6/2011	236,225	1,302,838	- 60,627	205,787	-171,598	928	4,178	19,945	1,301,451

	Notes	30/06/2010	30/06/2011
4. CASH FLOW STATEMENT
Net result		44,866	63,080
Net interest charges		7,368	6,701
Share in associated companies	3	-54,114	-72,136
Cash flow beforevariation of the working capital		-1,880	-2,355
Variation of the accounts receivable and payable		3,792	4,356
Depreciation		1	1
Other non monetary elements	10	599	651
Deferred taxation		961	1,409
Cash flow from operating activities		3,473	4,062
Dividends received		63,715	65,043
Acquisition participation		0	0
Interest received		32	69
Cash flow from investment activities		63,747	65,112
Cash acquired
Financing perceive (loan)		2,000	2,000
Debt repayment		-42,000	-43,000
Interest		-7,400	-6,771
Dividends paid	2	-21,412	-21,412
Cash flow from financing activities		-68,812	-69,183
Netto cash flow		-1,592	-9
Cash position at the beginning of the year		2,798	758
Cash situation at the end of the half financial year		1,206	749

5. NOTES, APPENDIX TO THE SUMMARIZED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of accounting

Financière de Tubize is a public limited company under Belgian law listed on Euronext Brussels whose main activity is the holding of a 36.2 % stake in UCB SA, a biopharmaceutical company also listed on Euronext.

The consolidated financial statements have been prepared in accordance with IAS 34 as adopted in the European Union.

The basis for preparation the interim accounts and the evaluation rules described in the last annual report were not modified. No significant events since last closing.

2. Consolidation

The Board believes that Financière de Tubize has a significant impact on UCB SA, the participation in UCB has been recognized in the consolidated accounts of Financière de Tubize using the equity method. This method takes into account the share of Financière de Tubize S.A. in the accounts of the UCB Group, established at 30 June of the year, in accordance with the IFRS valuation rules.

Goodwill represents the difference between the acquisition cost and the Group's share of the fair value of identifiable assets, liabilities and contingent liabilities of a subsidiary or an associate at the date of acquisition.

3. Segment information

Given the nature of the holding company, there is no need to present information by industry sector or geographical location. This information with regards to the activities of UCB is available in UCB's financial statements.

4. Losses in value and depreciation of assets

On each balance sheet date, Financière de Tubize reviews the book value of the investments in order to assess whether there are signs showing that an asset has lost value. If there are such signs, the recoverable value of the asset is estimated in order to determine the extent of the decrease in value applicable.

The goodwill is subject to an annual loss of value test. The goodwill relating to an associated company is recognised according to the equity method.

5. Financial instruments

The company is not subject to significant risks on its financial instruments to the extent that :

UCB is an associated company valued by the equity method and does not therefore constitute a financial asset covered by standard IFRS 7.
The other financial assets (receivables and liquidity positions) represent an insignificant amount on which the credit risk is low.
The financial debts are at a fixed interest rate or floating interest rate and hedged by interest rate swaps (IRS).

The financial derivatives (IRS) were only taken out for hedging purposes and their characteristics are geared adequately to the underlying. If necessary, the non effective part of the financial instruments of cover is taken in results.

- Bank loans

Bank loans and overdrafts are accounted for at their net values. Financial charges, including premiums payable on settlement or repayment are accounted for over the period for which they are made available (cost written down by the actual interest rate method).

Penalties paid within the restructuring of a loan which does not constitute a substantial modification of the terms of the loan (the current value of the new cash flows at the initial interest rate does not differ by more than 10 % with respect to the actual value of the initial cash flows) are recognised in the balance sheet under “financial debt” and used as a component of the effective interest rate for the loan over its remaining life.

Liquidity risk is moderate insofar as loan repayments are spread out to 2017, and the expected cash flows in dividends cover the contract due dates set out in point 7. Financière de Tubize also has a solid financial structure, and can deploy equity if need be.

- Liquidity position and near cash

The liquidity position and near cash include cash and sight deposits, short term investments (less than 3 months) and very liquid investments which are readily convertible in a known amount of liquidity and which are subject to a negligible risk of change in value.

6. Deferred taxation

Taxation is based on the result for the year and includes the taxation for the year and deferred taxation. The taxation is included in the profit and loss account except if it relates to items directly accounted for in the shareholders equity, in which case it is also entered in the shareholders equity.

7. Recording of income

Income is recognised when it is probable that it will be acquired and that its amount can be valued in a reliable way.

Dividends are recorded in the P&L at the time when they are declared by the company distributing them. Interest income is recorded in the profit and loss account prorata temporis, taking into account the effective interest rate for the investment.

8. Significant estimates and judgments in the application of accounting methods

In due consideration of the structure of the group and its activities, and beyond the estimates and judgments of UCB, the main judgment of the Financière de Tubize Board of Directors concerns the recoverable value of the UCB holding through an annual value loss test. At 30 June 2011, on the basis of both quantitative and qualitative considerations, the Board feels that the recoverable value of the equity-method UCB holding exceeds the carrying amount.

9. Selectives Notes

(1) Net income per share

Net income per share and diluted net income per share are identical. Financière de Tubize had 44,608,831 shares at the end of both June 2011.

	31/12/2010	30/06/2010	30/06/2011
Number of shares issued end of the period	44,608,831	44,608,831	44,608,831
Average number of shares for the IFRS results per share calculation	44,608,831	44,608,831	44,608,831
Average number of shares for the diluted IFRS results per share calculation	44,608,831	44,608,831	44,608,831

(2) Dividends distributed

Dividends distributed during the period amounted to KEUR 21,412. This is the declared dividend for the year 2010 paid in 2011.

(3) Equity accounted investments

Financière de Tubize's stake in UCB amounts to 36.2 % (excluding treasury shares held by UCB).

KEUR	30/06/2010	31/12/2010	30/06/2011
Value as of 1/1/2011	1,720,274	1,720,274	1,783,539
Result	54,114	37,231	72,136
Distribution	-63,715	-63,715	-65,043
Translation difference		65,272	-46,999
Perpetual bonds UCB			104,278
Other adjustments	111,105	24,477	-5,590
Value as of 30/6/2011	1,821,778	1,783,539	1,842,321

On June 2011, Financière de Tubize's share of the net result of UCB Group, excluding third parties, amounted to KEUR 72,136 (On June 2010 : KEUR 54,114) .

Financière de Tubize's share of the result of discontinued activities of the UCB Group amounted to KEUR 450 as of 30 June 2011, against KEUR 448 at June 30, 2010.

The value of stake in equivalence of includes a goodwill of 122.2 millions EUR. The value of stake in equivalence is influenced by the undistributed results(profits), the variations of the distances from currency exchange and by the posting in stockholders' equities(own capital) following the standards IFRS of a subordinate perpetual loan emitted in March, 2011.

The market value of the participation put in equivalence on base of the course(price) from stock exchange(grant) in June 30th, 2011 amounts to 2,056 millions EUR. On base of quantitative and qualitative elements, the Board of directors is of opinion that the recoverable value of the participation UCB put in equivalence is superior to the book value.

(4) Other non-current financial assets

In 2008 UCB issued a new loan of KEUR 600 (2008-2013), fully subscribed by Financière de Tubize, represented by 30,000 bonds, each with 1,000 warrants. Each warrant entitles the holder to subscribe for one UCB SA share at a price equal to the average of the last 30 trading days. This price must be settled at subscription and totals of the issue price and the quarter of the countable par.

Exercise of the warrants is subject to the conditions described in UCB's annual report. The interest rate on bonds is the 1 year Euribor + 25 bp (annually adjustable rate). Taking into account the terms of issue, the market value does not differ significantly from the carrying amount.

(5) Cash and cash equivalents

Cash consists of current accounts (KEUR 248) and deposit accounts maturing within one month (KEUR 500).

(6) Equity

Information about the capital and securities is included in the annexes to the statutory accounts remain the same.

Financière de Tubize's capital amounts to KEUR 235,000 represented by 44,608,831 shares without par value. There are no other securities which do or do not represent the authorized capital, no rights to subscribe to them.

The consolidated equity at June 30, 2011 amount to KEUR 1,537,676.

(7) Financial liabilities

Financière de Tubize's debt amounts to KEUR 282,000. Those are spread out as follows : (in nominal value) :

	Total	2011	2012	2013	2014	2015	2016	2017
Floating interest rate (with IRS)	195.000		10.000	35.000	40.000	30.000	30.000	50.000
Floating interest rate not covered	2.000							2,000
Fixed interest rate	85.000		25.000					60.000
	282,000	0.000	35.000	35.000	40.000	30.000	30.000	112.000

In June 2011 the company repaid a floating-rate loan of 13 million EUR and a 30 million EUR tranche of a fixed-rate loan. A new 2 million EUR short-term drawdown was carried out on a line of credit, with due date 15 May 2012.

The difference with the balance sheet value of financial debts (274,446 KEUR) corresponds to the part of the compensations of re-use paid in 2009 (9,592 KEUR) and which is taken care as constituent of the effective interest rate of the loan until its term (651 KEUR for the first semester 2011 and 2,039 KEUR in total).
The banking loans are either fixed rate (85,000 KEUR) or floating rates (197,000 KEUR).

Two loans at floating rates for a total of 195,000 KEUR are accompanied by swaps of interest rate, concluded with a financial institution, converting these loans in loans to fixed rate until their respective terms. It emerges that all the banking loans of the company are for rates fixed contractually, understood between 2.54 % to 4.96 % and are repayable between 2012 and 2017. These loans are secured by on 9,939,718 UCB as of
30 June 2011.

(8) Deferred tax liabilities

Deferred taxes are calculated on the retained earnings of UCB SA.

(9) Other current liabilities

Apart from some operating liabilities and dividends payable with respect to prior years (KEUR 870), other current liabilities primarily relate to interest accrued and not yet due on the loan (KEUR 7,701).

(10) Financial Instruments

	31/12/2010		30/06/2011
	Net book value	Fair value	Net book value	Fair value
ASSETS
Loans and receivables (including liquidity position and near cash)	757	757	748	748
Financial assets available for sale	0	0	0	0
Derivatives	0	0	0	0
LIABILITIES
Financial debt valued at written down cost (nominal value)	323,000	329,367	282,000	286,492
Financial debt valued at written down cost (adjustment effective rate)	8,205	8,205	-7,554	-7,554
Derivatives	8,416	8,416	8,027	8,027

For the loans and the debts, the net book value is a good estimate of the just value.

For the financial liabilities estimated at the paid off cost, the just value of the debts at fixed rate was calculated according to the method DCF (" discounted cash flow ").

The just value is exclusively based on prices quoted on active markets or on observable financial data (flows cash, interest rate) (just value at the level 1 and 2).

Financial derivatives (IRS) are used exclusively for (cash flow) hedging purposes, and their characteristics are an exact copy of the hedged items. Changes in the fair value of interest rate swaps qualifying as cash flow hedging instruments were posted to equity (+389 KEUR for the first semester 2011).

(11) Rights and off-balance-sheet commitments

Real guarantees given by the company on its own assets: pledging of 9,939,718 UCB (13,437,668 UCB shares as of 31 December 2010) securities to various banks with a market value of EUR 236 millions at 30 June 2011.

(12) List of consolidated companies

UCB (Group) (Allée de la Recherche 60 - 1070 Brussels – BCE 0403053608) : equity method.