In 5 years from now, we aim that PCAS will have succeeded in increasing its sales by 50 %, with a stronger and more profitable portfolio of activities.

 

What is your view of the fiscal year in 2009?
Philippe Delwasse : Despite an economic shock of a scale never experienced in the history of the company, PCAS has succeeded in coming through this crisis without having compromised any of its advantages for the future.

 

Facing shrinking sales, which particularly affected its Fine Speciality Chemicals activities, PCAS knew how to react rapidly by taking necessary measures to adapt to the circumstances. The effects of these measures were felt from the end of the first half year.
In parallel, the economic situation started to improve during the summer.

 

Thus, after a first half year in deficit, the second half year reported a positive result, before tax, of 2.5M€.
This rapid recovery, achieved thanks to the involvement of all the group’s personnel, was far from being easy.

 

At the same time, PCAS did not abandon its efforts to build its future. In particular:
• The Group strengthened its presence on the American pharma market by creating the JV PCAS-Nanosyn.
• A base for the development of its « performance products » is currently ongoing in China.
• The creation of PCAS Biomatrix in Canada opens the door to new developments in the field of peptide synthesis.
On a financial level, expert handling of its investments and a tighter management of its working capital enabled the Group to meet all its commitments without problems. What is more, the financial situation was strengthened through a mid-term 4 M€ loan that had not been used as of 31st December, but which could be used during 2010 to finance new developments.

 

How is 2010 shaping up?
Ph.D : Despite the improvements noted in the second half year 2009, it is wise to remain very cautious with regards to 2010’s outlook. Our customers’ forecast remain unclear.
An important element in Pharmaceutical Synthesis is the signing of a new contract between VLG and Sanofi-Aventis, which replaces the current contract expiring in June.
This new contract involves a progressive rebalancing between VLG and Sanofi-Aventis, to the benefit of the latter, and despite the likely continued growth of the medicine in question, one should expect less of a contribution from VLG to the Group’s results.
In Fine Speciality Chemicals, sales should continue to improve in comparison with 2009 and the results should clearly grow.

 

The occupation rate at all our sites, after the measures taken in 2009, should be sufficiently high to enable margins to be once more optimised.
Overall, the fiscal year appears, excluding any exceptional factors, to be improving as compared to 2009.