Letters to shareholders

The 2008/2009 financial year unfolded against the backdrop of a global economic crisis including rising unemployment, volatile raw material prices, massive devaluations and a sharp fall in interest rates in efforts to reboost the economy. Despite this situation, the group is nevertheless in robust health, and has succeeded in further increasing its sales, its operating profit and its cash flow.

Although these results are subject to disparities between the various technologies, brands, channels or countries concerned, what is most important is that they clearly demonstrate the value of the group’s strategic decision to spread its risks.

The global crisis is severe and will probably go down in the history books. And yet the group is showing record growth in its sales and profitability! A paradox?

While this performance can be largely explained by the consolidation of Aliments Carrière in Canada , it reveals above all the relevance of its strategic choices and its high level of soundness in a hostile economic climate.