We have the rugby ball we are able to mark

We have the rugby ball, we are able to mark. "Benoît Potier, CEO of Air Liquide, unveiled yesterday with many ambitious objectives 2011-2015 of the world leader in industrial and medical gases. According to him, the crisis has accelerated the economic dynamism of the emerging countries, and the group is armed to cross the test line, that is to take advantage. So he table on an average annual growth of its turnover from 8 to 10 over the period, there where that of the whole of the market should be instead of 7 to 8. These past five years, the Group has grown to slightly more than 5 per year. Signs of optimism:

Genuine cruise ship industry, sensitive to crisis economic but never cast, Air Liquide is often described as a father in the stock market value, having his leitmotif in strategic continuity. Society is in lives not less important mutation in a story more than a century. Until the early 2000s, Europe, the Japan and America - Benoît Potier calls "blue diagonal" - accounted for 80 to 90 of the activity. In five years, under the terms of the new strategic plan, Asia will have exceeded the Americas. The country of the rising sun represent more that one-third of revenues from Asia.

Strengthen the rate of return

In total, at this horizon, emerging countries should represent a third of revenues, compared to 16 in 2009. Tangible sign of this failover of the centre of gravity, 70 of the 12 billion euros in investments planned over the period 2011-2015 will be carried out outside the mature economies. "It is a profound change, with consequences in terms of recruitment and investment," says Benoît Potier.

Another made significant plan year-announced yesterday: the willingness to strengthen the rate of return on capital employed 1 to 2 points. He is currently a little less than 12. The objective is to bring in a range of 12 to 13. "We can make the strength of the balance of Air Liquide perennial", explained its CEO, who hopes that the financial memorandum the group will be strengthened. Rating agencies and investors should also welcome the willingness of Air Liquide to continue his savings. They rose from EUR 90 million in 2005 to 335 million in 2009. On 2011-2015, are 200 million per year cost reductions that are covered. By applying the same revenues, since 40 of this amount must come from industrial processes 40 of the purchases and the rest of the overhead. Not question to set a target of operating margin rate (and even less profit) in the medium term. "The operating margin should continue to increase, but it is not an objective in itself." "In the end, the real justice of the peace, it is the return on capital employed," insists Benoît Potier.

Although ambitious, detailed targets yesterday have not brought the action in the stock market, where the group is already at its highest historical level. The title was closed to 95,88 euros ( 0.88). He won 23 percent since January 1, while the CAC 40 has remained stable.