In a report released early last week on Slovay’s Q3 financial results, fluctuations were the norm in all the sectors the company delves into. As expected and probably caused by the company’s pharmaceutical arm sale to a US company profits in the Pharmaceutical sector increased. Group sales at the end of September 2009 (€6.29 million) were down by 13% compared to last year. The development by Sector was contrasted: Pharmaceuticals: +5%, Chemicals: 11%, Plastics: 26%. Demand improved in the third quarter in some activities in the Chemicals and Plastics Sectors; the overall level, however, remained decidedly lower than last year, taking into account the negative effects of the global economic crisis since the last quarter of 2008. Sales for the third quarter were down by 10% compared to the same period of last year and amounted to €2,24 million. Group operating result (€592 million) was down by 30% compared to the first nine months 2008. In the third quarter, it amounted to €285 million, greatly improved from the second quarter and in line with the third quarter of last year (-2%). Operating result in the Pharmaceuticals Sector at the end of September 2009 (€410 million) was up by 10% compared to last year. In the third quarter (€204 million), it was up significantly (+63%) compared to last year. The operating result from our industrial activities continued to be affected by the difficult economic environment. The Chemicals Sector held up well despite low demand and pressure on some prices, especially caustic soda. It posted a REBIT of €178 million at the end of September 2009, down by 14%. In Plastics, at the end of September 2009, REBIT was €46 million. In the third quarter (€39 million), it improved compared to the 2 preceding quarters. The Group’s operating margin (REBIT on sales) was 9.4% at the end of September 2009 compared to 11.6% at the end of September 2008. The decrease was limited through strict cost controls and continued structural changes (adapting production and reducing headcount). At constant scope and EUR/USD exchange rate, the Group reduced fixed production costs and commercial and administrative costs in total for about €140 million compared to nine months 2008. Headcount continued to decrease (at a constant scope by about 1,200 people for the first nine months of the year). The net income of the Group (€354 million) decreased by 17% compared to nine months 2008. REBITDA2 was €962 million, down by 19% compared to the end of September 2008; it was stable in the third quarter. In the context of the current crisis, priority continues to be given to generation of cash and maintenance of a sound financial situation. Aside from cost-reduction measures, this priority generated a significant decrease in working capital needs (by €759 million) and investment expenditures (by 43%, in line with reduction goals) compared to the end of September 2008.