Annual Report 2008 English [PDF, 2.69 MB] - Tessenderlo Group

annual report 2008
Message from the
chairman
Gérard Marchand
Chairman
10
In 2008, the group encountered variations
in the prices of its primary raw materials
on a scale that had never seen before. The
spectacular increases in the first half of the
year reached historical records during the
summer. After that prices declined until
the end of the year, to return by the start of
2009 to more normal price levels.
This exceptional context was constantly
taken into account in the management
decisions of the group, which was therefore
able not only to bear these increases, but
even to raise its margins.
The group thus recorded excellent results
for 2008. Its revenue increased by around
15 % and its recurring operating result by
57 %.
In practice, the improvement came entirely
from the Chemicals business, and more
particularly from products intended for
the agricultural sector. Demand in this
sector has remained very high, borne by
the growth in the food needs of the world
population.
The group, one-third of whose activity is
focused on these markets, historically in
Europe but now also in the United States,
therefore benefited from this excellent
economic climate.
The PVC & Alkalis activities recorded less
impressive performances than those for
2007, even if the sustained demand for
alkali products significantly offset the
impact of the decline in PVC.