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Bluestar’s Overseas Listed Companies Deliver Good Performance
Source: ChemChina Date: 2021-02-19

Facing the complex global market environment in 2020, Bluestar’s overseas listed enterprises coordinated anti-epidemic efforts with production and operation, made more innovations and benefits, seized market opportunities, and continuously created good results. Adisseo France saw its growth in its annual revenue and net profit attributable to shareholders. Elkem Norway generated steady earnings both at home and internationally in the fourth quarter, so as to gain new momentum for the high-quality development in 2021.

Adisseo: the annual revenue and net profit attributable to shareholders grow rapidly

While ensuring safe production, Adisseo has continued to be in full steam in implementing its global business continuity plan. In 2020, it achieved its revenue of 11.9 billion yuan and net profit attributable to shareholders of 1.4 billion yuan in 2020, up 7% and 36% year-on-year, respectively. The excellent performance was largely attributed to continued strong sales growth in liquid methionine and specialty products. The outstanding vitamins business was due to active profit management and cost optimization initiatives. In 2020, the total recordable incident rate (TRIR), the annual safety performance indicator, was 0.40, reaching the best level ever. The company continues to increase its investments and make a range of breakthroughs in key projects: the establishment of Adisseo R&D Center (China) in Nanjing marked that Adisseo has marched towards a stage of in-depth development in its R&D capabilities and market presence in China and other parts of Asia. The groundbreaking of the first large-scale production unit for innovative FeedKind protein products in Chongqing opened a new chapter for Adisseo’s aquafeed additives business in Asia. Adisseo announced its acquisition of FRAmelco Group, which would enable Adisseo to achieve rapid growth in the sector of “nutrition for health.” Adisseo’s innovation capabilities have been extended into Latin America through an investment in an agricultural venture capital fund managed by SP Ventures.

“While the market will remain volatile and uncertain in 2021, Adisseo will continue to implement its principle of putting safety first, respond quickly to changes and invest in its development. We are confident in the growth prospects of our business,” said Jean-Marc Dublanc, CEO of Adisseo.

Elkem: another success in a turbulent market

Despite the global market hit by the pandemic, Elkem achieved earnings growth in the fourth quarter on the back of a solid business model, with total operating revenue of NOK 7.129 billion and EBITDA of NOK 938 million, up 28% and 81% year-on-year, respectively. In the fourth quarter of 2020, Elkem accelerated its specialization strategy with the proposed acquisition of the organo-functional silicones (OFS) plant in France as well as the investment in producing low viscosity (LV) silicone oil at Elkem Xinghuo Silicones. As Elkem has optimized its structure, Lanzhou Silicon was merged into Elkem’s silicone division, which has improved operational efficiency. Promoting energy-saving and emission-reduction projects and adhering to the philosophy of sustainable development: “northern charge,” a large-scale graphite plant project, has provided raw materials to produce lithium-ion batteries, with over 90% of CO2 and 50% of energy consumption cut thanks to the advanced green hydropower technology. Launching the hydrogen recovery project, Elkem, partnering with SINTEF, an independent research institute, has built a new green value chain. It has delivered an outstanding performance in environmental, social and corporate governance (ESG), winning grade A in the CDP corporate sustainability rating. The results of the efficiency improvement program has been made, with annualized gains of NOK 201 million achieved by the end of the fourth quarter.

Michael Koenig, CEO of Elkem, said, “We will always put health and safety first, maintain our outstanding competitive edge, move forward along a path of sustainable development and aggressively deliver profitable growth.”
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