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profit of €54 M (€91 M) and recurring EBITDA of €93 M (€127 M). Rhodia Novecare provides high-performance products and solutions to a wide range of industries including cosmetics, detergents, agrochemicals and oil, as well as industrial applications. In 4Q 2009, Novecare's Home & Personal Care segment remained resilient and the initial synergies resulting from the McIntyre integration [Focus on Surfactants, Apr 2009] were captured ahead of time. Its industrial segment experienced a marked recovery. The Oilfield chemicals business remained depressed and the Agrochemicals market saw only weak demand. These contrasted market situations were more than offset by satisfactory pricing power leading to some year-on-year profit improvement. On a full-year basis, Novecare reported a 22% drop in volumes compared to 2008 and posted a contrasted performance across its segments. Home & Personal Care demonstrated resilience throughout the year. However, the Oilfield chemicals business was depressed as a consequence of the slowdown in oil extraction. Agrochemicals, which performed well in the first half, finally suffered from weak demand linked to unfavourable climate conditions. With the end of customer de-stocking, industrial applications started to recover in 2H 2009. Looking ahead, the Home & Personal Care segment should benefit from the launch of innovative solutions as well as developments in Asia. Agrochemicals and industrial applications should recover to 2008 levels. Oilfield chemicals should also see some improvement while remaining below pre-crisis levels.
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