Full Year 2020 Arkema SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jaideep Mukesh Pandya - On Field Investment Research LLP - Analyst : And firstly, on polyamide 11 and 12. If I can just ask, there is quite a lot of capacity coming in polyamide 12 between you, Evonik and Wanhua also is going to enter the market in 12 in 2022, I suppose. So Thierry, if you can just give us your confidence on both these products and how you are so confident in terms of polyamide 11. You've given us a lot of color on this. But just in terms of your customers, how much preorders -- or rather, which are the different end markets that you've developed applications for polyamide 11 versus polyamide 12, just to sort of give us a bit more information around this topic. And the second question is around Nutrien, the CapEx projects you are doing with them. I'm just trying to understand the -- how this is going to benefit Arkema long term given if you're going to look for strategic options for 75% of your fluorogas exposure, how is it that backward integration in spar is going to help you in that regard? And then just final question really. You gave us a strategic update not so long ago. If I just look at the sort of midterm sales of EUR 10 billion to EUR 11 billion, even if I'm giving you aggressive organic growth, I'm still missing about $1 billion to $1.5 billion of sales. So do you think that the intensity of midsized bolt-ons will increase in the Arkema story in 2021 and 2022?

Question: Jaideep Mukesh Pandya - On Field Investment Research LLP - Analyst : Just to follow up on polyamide 12. Does that concern you that Wanhua is entering the market and there could be a period of oversupply? Or you think there's enough demand in polyamide 12 as well for all of you to survive because of a strong customer push -- or pull rather?