dollars an increase o 43 o er the irst hal

The second hal was pro idential or the leader o the physical trading o raw, Switzerland Glencore. Indeed, it allowed to absorb the damage o the ruinous all o prices o natural resources in the irst months o the year. Its net result between July and December appeared to 1.6 billion U.S. dollars, an increase o 43 o er the irst hal . At the same time, net sales rose by more than 34, to $ 61 billion. "In 2009, we recorded strong progress o the pro itability o er the quarters." "And especially through the acti ities o the industrial operations which ha e seen their low point in the irst quarter and ha e since bene ited rom rising metals prices," says the company. An additional reason or Glencore to exalt his original model company that brings together industrial assets and marketing acti ities strongly di ersi ied both in terms o products and geographic reach. "The di ersi ication o products and the mix o acti ities is used to support sustainability and the impact resistance o the group in the long term", summarizes the irm o I an Glansenberg.

Likely merger with Xstrata

The iability o this model is likely to be at the heart o the discussions on the opportunity to merge Glencore and mining giant Xstrata which the trader is the shareholder o re erence with 35 o the capital. Glencore says in e ect that its marketing acti ity has pro ed more resilient to the raw materials cycle that its industrial assets, pro iding in 2009 gross income (sales be ore taxes less cost o sales) relati ely constant rom one quarter to another, rom approximately $ 600 million.

The acti ities o production, howe er, shone in the ourth quarter with a result more than our times higher than that o the irst, thanks to increases in prices in the coal, copper, and zinc. The gradual return to normal o mineral resources markets, ound end o 2009, is expected to continue this year, predicted the Swiss trading giant. But the price olatility persists, tempering it, recalling the release o mixed economic indicators and the slow pace o economic reco ery in some parts o the globe.

In addition to the e ort to preser e pro itability, the other large site o Glencore in 2009 has been the strengthening o its balance sheet, a ected by a net debt at the end o 2008 o $ 11.5 billion. In this ield, ad ances ha e been made: net debt decreased by $ 10.2 billion 1.3 billion, and the ratio o net debt ell to 37.9 at December 31, against 43 percent a year earlier.

To an introduction on the stock exchange

In the a termath, Glencore has success ully completed se eral operations o re inancing in 2009 which will enable it to address the next two years without signi icant repayment deadlines. In December, the dealer also issued $ 2 billion o con ertible bond o ersubscribed by in estors quali ied including BlackRock or Nathaniel Rothschild. This operation was alued at $ 35 billion Glencore. It re lects the will o the company to ensure a wider and direct access to the capital markets. The transaction may lead to an introduction on the stock market (London is the most probable) or other "e ents liquidated" but not speci ied, said Glencore. "Set e ent" the most likely would, course, that o a union between equals with Xstrata be ore arri ing at maturity o the con ertibility into shares bonds issued.

The only point to monitor in the balance sheet is that a ailable cash, emerged to $ 3.8 billion at year end, well abo e the ceiling that the group is ixed ($3 billion) in net withdrawal rom the le el o the end o 2008 ($5.3 billion). To do not destabilize its inances, Glencore has expressed willingness to issue in 3 to 6 months o new debt in euros including product titles, at least $ 1 billion, will be de oted entirely to the redemption in Colombian coal mines o Prodeco Xstrata. Redemption that will cost him between 2.5 and 2.7 billion dollars in total. our banks were selected or pilot operation: the rench Credit Agricole CIB and Société Générale CIB, Deutsche Bank and JP Morgan. Glencore table on ratings o "Baa1" with negati e Outlook by Moody's and "bbb-" with stable Outlook by S & P.