Arkema has posted sales figures of E1.16 billion, as compared to E1.5 billion in the second quarter of 2008, a decline of 22.7%. EBITDA stood at E70 million, as compared to E158 million in Q2, 2008. The company also reported recurring operating income of E2 million and included depreciation of E68 million, E7 million up over Q2, 2008.
The company’s non-recurring items accounted for E94 million, and primarily included costs related to the restructuring plans announced in the second quarter of 2009 in North America, and in the methacrylates activity in Europe. The net income (Group share) was E114 million, as against E60 million in Q2, 2008.
In the vinyl products segment, sales stood at E266 million, 33% down on the second quarter of 2008. Industrial Chemicals posted sales of E543 million, as against E682 million in Q2, 2008, reflecting weak demand.
Performance Products segment sales stood at E355 million in the second quarter of 2009, 17% down over Q2, 2008 (E430 million).
Thierry Le Henaff, chairman and CEO of Arkema, said: “Arkema’s teams were very quick to gauge the scale of the current crisis, and, since the end of last year, have been deploying quickly and successfully the necessary efforts to adapt to the situation by giving priority to generating cash and reducing fixed costs. Three figures in particular reflect the work achieved in the first six months of 2009: E135m free cash flow despite a 23% drop in volumes, net debt representing 23% of shareholders’ equity, and a reduction of around 10% in fixed costs. We are very pleased with what we have achieved, as this is helping Arkema face the crisis with confidence.”