Close to 40% is in the high growth areas. This would mean the 60% is an important – very important. We are very proud to have leading positions and strong brands in Europe and North America and we’ll continue to invest in it, but you could say we are wherever the action is or the action could be, and that is very important world changing so rapidly.Now, let’s talk about where we are with our agenda, our strategy agenda first. When we acquired ICI in 2007, we set a set of strategic ambitions. Now, we said we want to leading in value creation and that should be illustrated by outgrowing our markets, an EBITDA of 14% by the end of 2011 and a significant investment of working capital, about 0.5% per year on average. That’s not enough. We also want to be a leader in sustainability and that should be illustrated by having on average over the full – over the different years a top three position as Dow Jones Sustainability Indexes. We want to improve safety in our company, move to a recordable injury rate of 2. And also make a step change in how we develop our people. We have a concept of the talent factory in our company. Now, we do not incentivize our people only on the financials, we also incentivize them around the sustainability area because that’s what we feel is necessary to create a right balance between the short term and the longer term value creation. Where are we with this agenda? Well, we have been delivering much faster on our agenda than we initially anticipated. First of all, talking about EBITDA margin, we proudly announced in our Q2 results that we have delivered one year and a half in advance on our EBITDA margin target. Not only did we surpass that target this quarter, that we surpassed over the first half year, but also if you take a trailing average of four quarters, so including some pretty tough quarters last year, we have achieved a 14% target.
How have we achieved this? By focusing on margin management, using the scale of our company on the raw materials side but also investing heavily in the skills of our people on the pricing side, building our brands, make our brands more relevant is also being very important. Of course, delivering on the ICI synergies and additional restructuring measures as the economic crisis hit us beginning of last year. But it’s a tick in a box.Then talking about the ICI integration, we promised around 340 million of synergies, structural cost savings. That will be achieved in 2010. Still something to do this year, but we were very, very much on track. We’ll be done by the end of this year. Probably just as important if you look at the quality of the integration process, the footprint rationalization particularly in Europe of the whole supply chain is a very advanced change – a very advanced stage and even more important, if you look at the key people that we wanted to retain, it’s close to 95% of the retention of key people compared to the moment that we started. Now, further, there was another piece of work as a consequence of the ICI integration, which was the divestment of bits [ph] of National Starch and as you have seen in the second quarter we successfully signed a deal with CPI. They will acquire the last element of National Starch. We expect that deal to close in the second part of the year. Another tick in the box. Read the rest of this transcript for free on seekingalpha.com