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Arkema sees major improvement in first quarter

21 May '08

2 min read

Arkema's Combined Ordinary and Extraordinary General Meeting, chaired by Thierry Le Hénaff, Chairman and Chief Executive Officer, was held on Tuesday May 20th at the Palais des Congrès in Paris, with around 650 people in attendance.

The shareholders, which accounted for 62% of the voting rights, adopted all the resolutions proposed at the meeting. In particular they approved the financial statements for 2007 as well as the distribution of a first dividend of € 0.75 per share payable on May 27th 2008.

At this Annual General Meeting Thierry Le Hénaff reviewed the Company's performance in 2007, which saw many new projects paving the way for the future.

Thierry Lemonnier, Arkema Chief Financial Officer, commented on the significant improvement in the financial results in 2007, which exceeded the stated objectives: EBITDA was up 26% to € 518 M, and net income virtually tripled to € 122 M. These excellent results are the fruit of internal growth and productivity initiatives launched since the stock market listing.

Presenting the outlook, considering the major improvement reported in the 2008 first quarter results, Thierry Le Hénaff confirmed the objective of a 10 % EBITDA margin in 2008, rising to 12% by 2010.

He underlined Arkema's progress potential over the long term, and concluded with the commitment of Arkema's personnel to continue to transform the Group into a competitive chemicals manufacturer creating major value.

Arkema

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