Clariant AG: Further improved business performance in Q3
(Thomson Reuters ONE) -
Clariant AG /
Clariant AG: Further improved business performance in Q3
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* Third quarter 2015 sales rose by 2 % in local currencies to
CHF 1.410 billion
* EBITDA margin before exceptional items improved to 14.7 % from 14.0 %
* Operating cash flow increased to CHF 131 million
* Net result from continuing operations augmented to CHF 60 million
* 2015 outlook confirmed
"Despite the increasing challenging economic environment, Clariant continued to
improve its business performance again in the third quarter of 2015. We achieved
a sales growth of 2 percent year-on-year in local currencies and a higher
operating profitability with an EBITDA margin of 14.7 percent driven by the
three higher growth Businesses Areas Care Chemicals, Catalysis and Natural
Resources. The results of the third quarter are in-line with our objectives for
the full year 2015," said CEO Hariolf Kottmann. "We are therefore confident to
achieve our growth, profitability and cash flow targets for the year, despite
the persisting mixed economic environment particularly in emerging markets and
very volatile currencies."
Key Financial Data
-------------------------------------------------------------------------------
Continuing operations: Third quarter Nine months
-------------------------------------------------------------------------------
in CHF million 2015 2014 % CHF % LC 2015 2014 % CHF % LC
Sales 1 410 1 507 -6 2 4 281 4 530 -5 2
EBITDA before exceptional 207 211 -2 8 624 635 -2 8
items
- margin 14.7 % 14.0 % 14.6 % 14.0 %
EBIT before exceptional 143 141 1 12 433 426 2 13
items
- margin 10.1 % 9.4 % 10.1 % 9.4 %
EBIT 120 122 -2 8 392 291 35 49
Net result from continuing 60 58 203 102
operations
-------------------------------------------------------------------------------
Net income(1) 68 59 211 85
Operating cash flow(1) 131 126 196 13
Number of employees(1) 17 296 17 003*
Discontinued operations
Sales - - - 98
Net result from 8 1 8 -17
discontinued operations
-------------------------------------------------------------------------------
(1 )Total group including discontinued operations
* as of 31 December 2014
Third quarter 2015 - further improved business performance
Muttenz, 29 October 2015 - Clariant, a world leader in specialty chemicals,
today announced third quarter 2015 sales of CHF 1.410 billion compared to
CHF 1.507 billion in the third quarter of 2014. This corresponds to a 2 % growth
in local currencies, with volumes up 1 % and prices up 1 %. Due to the strong
currency headwind of 8 %, sales decreased by 6 % in Swiss francs. This was due
to the ongoing strong volatility of currencies in the third quarter of 2015, in
particular of the Brazilian real.
After a good first half year, growth in the Americas continued to be strong in
the third quarter, with sales in local currencies up 20 % in Latin America and
2 % in North America. Europe was 1 % lower in local currencies impacted by a
weaker end-market demand.
Lower growth came from the regions Asia-Pacific and Middle East & Africa. Sales
in Asia-Pacific decreased by 3 % in local currencies and were affected by a weak
demand in China, which could not be compensated for the stronger demand of
smaller economies in Asia. In the Middle East & Africa region, sales were down
2 % year-on-year in local currencies.
The improved business performance stemmed primarily from the higher growth
Business Areas Care Chemicals, Catalysis and Natural Resources. In Care
Chemicals third quarter 2015 sales in local currencies were up 12 % after an
already strong start to the year, reaching CHF 348 million.
Sales in Catalysis rose by 1 % in local currencies to CHF 162 million. Sales
growth year-on-year was impacted by a weaker demand in China as well as by the
divestment of the Energy Storage business to Johnson Matthey in February 2015.
Despite the difficult market environment, sales in Natural Resources remained
stable in local currencies compared to a very strong third quarter 2014,
reaching sales of CHF 291 million.
In Plastics & Coatings, sales in local currencies declined slightly by 1 % to
CHF 609 million. Plastic & Coatings were impacted by a challenging environment
in Pigments as well as by weaknesses in Europe and China.
The gross margin of 31.6 % was above the previous year's level of 28.8 %,
benefiting from a positive mix effect and lower raw material costs.
The EBITDA before exceptional items from continuing operations rose 8 % in local
currencies and reached CHF 207 million, compared to CHF 211 million in the
previous year. The EBITDA margin was strengthened by 70 basis points to 14.7 %
above the previous year's level. The margin expansion came predominantly from
the Business Areas Care Chemicals, Catalysis, as well as Natural Resources,
which all significantly increased the EBITDA margins in the third quarter of
2015 compared to the previous year. In Plastic & Coatings margins decreased
marginally due to the challenging markets.
Exceptional items including restructuring, impairment, and transaction-related
costs increased to CHF 27 million from CHF 17 million in the third quarter of
2014.
Net income from continuing operations augmented to CHF 60 million compared to
CHF 58 million in the previous year as the lower tax charge did offset higher
finance cost.
Operating cash flow slightly rose to CHF 131 million versus CHF 126 million
year-on-year stemming from a sustainable net working capital management. Given
the advancement in the first nine months of 2015, Clariant expects to accomplish
a continued improvement for its full-year 2015 operating cash flow.
Net debt was CHF 1.398 billion compared to CHF 1.263 billion recorded at year-
end 2014. At the end of September, gearing was 56 % versus 46 % at the end of
2014.
Outlook 2015 confirmed
Despite the increasingly difficult environment in 2015, Clariant could
demonstrate its ability to sustainably improve its business performance by
continuously launching new innovative products and solutions particularly in its
higher margin Business Areas Care Chemicals, Catalysis and Natural Resources.
In spite of the increasingly challenging economic environment, Clariant is
confident to achieve its full-year 2015 target of low to mid-single digit sales
growth in local currencies, and both, an EBITDA margin before exceptional items
as well as an operating cash flow generation above full-year 2014.
Clariant expects the challenging environment, characterized by an increased
volatility in commodity prices and currencies, to continue. We anticipate the
economic environment in emerging markets to remain favorable, but at a lower
level and with increased volatility. In the United States Clariant assumes
moderate growth, while in Europe growth is expected to remain weak.
Clariant confirms its mid-term target to achieve a position in the top tier of
the specialty chemicals industry. This corresponds to an EBITDA margin before
exceptional items in the range of 16 % to 19 % and a return on invested capital
(ROIC) above the peer group average.
CORPORATE MEDIA RELATIONS INVESTOR RELATIONS
Kai Rolker Anja Pomrehn
Phone +41 61 469 63 63 Phone +41 61 469 67 45
kai.rolker(at)clariant.com anja.pomrehn(at)clariant.com
Claudia Kamensky Siegfried Schwirzer
Phone +41 61 469 63 63 Phone +41 61 469 67 49
claudia.kamensky(at)clariant.com siegfried.schwirzer(at)clariant.com
Marco Ferraro
Phone +41 61 469 64 11
marco.ferraro(at)clariant.com
Q3 2015 Press Release german:
http://www.clariant.com/Q3_2015_DE
Q3 2015 Press Release english:
http://www.clariant.com/Q3_2015_EN
Q3 2015 Financial Review:
http://www.clariant.com/Q3_2015_FinRev
This announcement is distributed by GlobeNewswire on behalf of
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Clariant AG via GlobeNewswire
[HUG#1962166]
Unternehmensinformation / Kurzprofil:
Datum: 29.10.2015 - 08:02 Uhr
Sprache: Deutsch
News-ID 430372
Anzahl Zeichen: 10056
contact information:
Town:
Muttenz 1
Kategorie:
Business News
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