Leadership positions in several intermediate and specialty chemicals markets, which contribute a large share of profits. Supportive profitability, given returns on capital, as well as EBITDA levels and margins. Increasing global presence and contribution from high-growth countries. Sensitivity of profits to industry conditions and some demand-sensitive end markets. Capital intensity and long lead time to add capacity. Long track record of conservative financial policies, including a 40% net debt-to-equity limit. Strong credit metrics. Strong liquidity. Moderate off-balance-sheet liabilities. Operating cash flow swings depending on industry conditions. The stable outlook reflects Arkema S.A.'s achievement of strong EBITDA in 2013-2014 of about €0.9 billion-€1.0 billion under Standard&Poor's Ratings Services' base case, with potential downside deviations depending on macroeconomic conditions. We
