Anthony Labrugnas has been the chief financial officer of Groupe Berkem, a France-based chemical group, for nearly 10 years. Berkem has been listed on the EuroNext since December 2021.
Global Finance: What has been the most challenging time of the 10 years you have been CFO at Groupe Berkem?
Anthony Labrugnas: The most challenging time as the financial head of Groupe Berkem was at the beginning, because of the company’s financial situation at that time. Back then, there was a significant level of debt, and the company’s profitability was not high enough. I had to find ways to refinance and find solutions to increase the Group’s capital, to bring in new cash flow. After that, it was easier to build a financial strategy and to achieve acquisitions and finance the capex. To give you a bit of background, we evolved from a small, Dordogne, France–based SME [small and midsize enterprise] to an international player with nearly 300 employees over the past decade, so a lot has changed in that respect. My job is to adapt to ever-changing environments.
GF: Groupe Berkem operates as a bio-based chemical group. Are there specific aspects of this business and industry for a CFO?
Labrugnas: Today, the financial system is very focused on the topic of corporate social responsibility, or CSR. If you are not strong on ESG [environmental, social, and governance] priorities, it will be very difficult to finance your company in the future. A company’s valuation is now fundamentally connected to its CSR, and not only in terms of profitability. It’s a way of growing differently, and luckily CSR is intimately linked to what we do as a manufacturer in the plant-based chemical industry, helping industrial companies replace everyday chemicals with bio-based, ecologically responsible solutions.
GF: What do you spend most of your energy and time on?
Labrugnas: This year is very rich for me, with many challenging operations to manage. One was the acquisition and integration of a new company in Spain, Berkem Ibérica. Another challenge was managing the withdrawal from the stock exchange market for Groupe Berkem. We also managed the multisite implementation of new enterprise resource planning for the group, as well as the latest acquisitions. Finally, there was the task of providing KPIs for the new organization of the group, where we merged all the companies into one and created four distinct business areas.
GF: What is your view on ESG?
Labrugnas: As I mentioned, ESG is key for the company at large and for all of my teams, regardless of where they are based. This is also part of Groupe Berkem’s DNA: Our core mission is to advance the environmental transition of companies producing chemicals used in everyday life. We are constantly integrating plant chemistry into each of the areas we are operating in from Construction and Materials, Hygiene & Protection, Health, Beauty & Nutrition to Industry.
GF: What is your view on the use of artificial intelligence in finance?
Labrugnas: I’m not very confident in the use of AI in finance. I think that AI can’t replace the human relationships that make our jobs interesting and challenging, nor can it replace the bonds that are so important between the banks, analysts and companies we interact with. These connections and relationships remain a must-have in finance, and they are key for me.
GF: Groupe Berkem has been listed on the Euronext since December 2021. How did your role change since the listing?
Labrugnas: Being listed requires much more effort on our part, to close our accounts with the auditors. We have also many more meetings with analysts and investors, so it can be very demanding and time-consuming in that respect. Being listed has also allowed me to improve my presentation skills, in terms of the way I present the group and the figures.