"Arkema has regained its pre-crisis"

LE FIGARO. – How do you analyze the performance of Arkema?

Thierry LE HENAFF. – Our EBITDA in the second quarter is by far the best performance we've ever done. This shows the transformation of the company, whose effects had been masked by the crisis. Our net income in the quarter was equal to that recorded on all our best year in 2007. Arkema has turned a corner. We change category. After a sharp rebound in the first quarter, we have found in the second quarter activity level relatively close to its pre-crisis. Our turnover has increased by 27% at constant, a rate comparable to the leaders of the chemical industry.

What are the springs of your performance?

The chemical industry reflects developments in the global economy. We followed four strategic since 2005.Improving our competitiveness first. Late 2010, we have reduced our fixed costs by up to 10% of turnover, or 600 million euros in savings. Then, we placed more on Asia. We benefit from growth in China, where we have invested 300 million euros in a few years. Our goal is to achieve over 10% of our sales in this country in 2014, against 6% today. Third axis of our strategy, we have developed innovations in sustainable development and high performance materials. We draw therefore from the growing interest in photovoltaics, polymers used in automotive, new energy, lithium-ion batteries … Last Axis: the acquisitions to improve our business portfolio.We made a number of acquisitions in crisis, price crisis.

Is the crisis behind it?

Yes. 2007 and 2008 were years of historically high for the chemical sector. We got back on activity levels of 2005 and 2006, with the exception of the construction sector, for which we must remain attentive. We are generally confident about the rest of the year. There is still no recovery in the construction, some 15 of our trades eventually go less well, such as cars, but we will see an improvement on others, such as oil and gas.

Your French operations are profitable?

France is the country where we are least profitable. We have suffered greatly in 2009. This year is better, but there is still a gap compared to other countries. There is still work to do to improve our competitiveness.We must nevertheless note that we are making 50-60% of our investment in France.

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