- Sales grew by 7 % in local
currency to CHF 3.389 billion
- EBITDA before exceptional items
expanded significantly by 9 %
- EBITDA margin before exceptional
items improved to 15.5 %
- Net income increased by
38 % to CHF 211 million
- Operating cash flow at CHF 102
million
- 2018 outlook confirmed
"In the
first half of the year, Clariant delivered strong growth in sales,
EBITDA and most notably net income", stated CEO Hariolf Kottmann.
"Our adherence to Clariant's five pillar strategy has resulted in
the steady progress we have seen over the last years. We continue
to focus on innovation and sustainability for portfolio
advancement, leading to further progress in growth and
profitability. For 2018, I am confident that we will achieve our
targets".
Key Financial Data
|
Second Quarter |
First Half-Year |
in CHF Million |
2018 |
2017 |
% CHF |
% LC |
2018 |
2017 |
% CHF |
% LC |
Sales |
1 667 |
1 530 |
9 |
7 |
3 389 |
3 132 |
8 |
7 |
EBITDA before
exceptional items |
256 |
232 |
10 |
|
524 |
482 |
9 |
|
-
margin |
15.4 % |
15.2 % |
|
|
15.5 % |
15.4 % |
|
|
EBIT before
exceptional items |
|
|
|
|
362 |
344 |
|
|
- margin |
|
|
|
|
10.7 % |
11.0 % |
|
|
EBIT |
|
|
|
|
331 |
274 |
|
|
Net
income |
|
|
|
|
211 |
153 |
|
|
Operating cash
flow |
|
|
|
|
102 |
116 |
|
|
Number of
employees |
|
|
|
|
17 868 |
18 135* |
|
|
* as of 31 December
2017
First Half 2018 - Strong growth
progression
Muttenz, July 25, 2018 - Clariant, a world leader in specialty
chemicals, today announced first half 2018 sales of
CHF 3.389 billion compared to CHF 3.132 billion
in the first half of 2017. This corresponds to 7 % growth in
local currency and 8 % in Swiss francs. Sales growth was
supported by organic growth contributions from all Business Areas,
in particular Catalysis and Care Chemicals.
Most of
the regions contributed to the good sales growth. Sales in Asia
advanced by an excellent 12 % in local currency. This
improvement was due to a particularly strong sales expansion in
China. In Latin America, sales grew 12 % reflecting the
recovery of the macroeconomic environment in this region. Sales in
North America were up by 7 % and 3 % in Europe.
Care
Chemicals and Catalysis both reported continued excellent sales
developments. Sales in Care Chemicals rose by 9 % in local
currency driven by both Consumer Care and Industrial Applications.
Catalysis sales climbed by a considerable 22 % in local
currency with a remarkable organic sales growth of 15 %.
Sales
in Natural Resources increased by 4 % in local currency due to
an improving demand from the oil market.
Plastics & Coatings reported 3 % local currency
growth against a strong comparable base with all three Business
Units adding to the development.
EBITDA
before exceptional items rose by 9 % and reached
CHF 524 million compared to CHF 482 million in
the previous year mainly supported by the performance in Care
Chemicals, Catalysis and Plastics & Coatings.
The
corresponding EBITDA margin before exceptional items improved to
15.5 % primarily due to the profitability improvement in Care
Chemicals.
Net
income increased by 38 % in to CHF 211 million from
CHF 153 million in the previous year. The higher EBITDA
and significantly lower exceptional items supported this
development.
Operating cash flow was CHF 102 million. This is a
decrease from the CHF 116 million in the previous year. A
one-off tax settlement in Germany essentially offset the
significant improvement in cash flow from operating activities.
Net
debt increased to CHF 1.707 billion from
CHF 1.539 billion recorded at year end 2017 reflecting
the usual seasonal increase seen in the first half of the year.
Second Quarter 2018 - Higher sales and EBITDA
improvement
In the
second quarter of 2018, sales rose by 7 % in local currency to
CHF 1.667 billion. All Business Areas contributed to the
strong organic growth, however the positive developments in Care
Chemicals and Catalysis were particularly noteworthy.
Almost
all geographic regions added to the growth. Sales in Asia grew by
10 % in local currency with a continuing strong development in
both China and India. Sales in Latin America progressed by
13 % and in North America by 9 %. In Europe, sales
advanced by a robust 5 %. Only
Middle East & Africa, the smallest region,
reported lower sales with a decrease of 10 %.
Sales
in Care Chemicals rose by 10 % in local currency and in
Catalysis by a strong 11 %. In Natural Resources, sales
increased by 6 % supported by both Business Units
Oil & Mining Services and Functional Minerals. Sales
in Plastics & Coatings grew by 4 % supported by continued
growth in all three Business Units.
EBITDA
before exceptional items rose by 10 % to
CHF 256 million primarily lifted by the strong
contribution from Care Chemicals and Plastics & Coatings. The
corresponding EBITDA margin before exceptional items on Group level
increased to 15.4 % from 15.2 % in the previous year.
Outlook - Continued progression in growth,
profitability improvement and operating cash flow
generation
Clariant expects the good economic environment in mature markets,
which represent a high comparable base, to continue. Emerging
markets are expected to be supportive with Latin America showing
signs of a recovery.
For
2018, Clariant is confident to be able to achieve growth in local
currency, as well as progression in operating cash flow, absolute
EBITDA and EBITDA margin before exceptional items.
Clariant confirms its mid-term target of reaching 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 |
Jochen Dubiel
Phone +41 61 469 63 63
jochen.dubiel@clariant.com |
Anja Pomrehn
Phone +41 61 469 67 45
anja.pomrehn@clariant.com |
Thijs Bouwens
Phone +41 61 469 63 63
thijs.bouwens@clariant.com |
Maria Ivek
Phone +41 61 469 63 73
maria.ivek@clariant.com |
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|
This media release contains
certain statements that are neither reported financial results nor
other historical information. This document also includes
forward-looking statements. Because these forward-looking
statements are subject to risks and uncertainties, actual future
results may differ materially from those expressed in or implied by
the statements. Many of these risks and uncertainties relate to
factors that are beyond Clariant's ability to control or estimate
precisely, such as future market conditions, currency fluctuations,
the behavior of other market participates, the actions of
governmental regulators and other risk factors such as: the timing
and strength of new product offerings; pricing strategies of
competitors; the Company's ability to continue to receive adequate
products from its vendors on acceptable terms, or at all, and to
continue to obtain sufficient financing to meet its liquidity
needs; and changes in the political, social and regulatory
framework in which the Company operates or in economic or
technological trends or conditions, including currency
fluctuations, inflation and consumer confidence, on a global,
regional or national basis. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this document. Clariant does not undertake
any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of these materials. |
www.clariant.com
Clariant is a globally leading specialty chemicals company, based
in Muttenz near Basel/Switzerland. On 31 December 2017 the company
employed a total workforce of 18 135. In the financial year
2017, Clariant recorded sales of CHF 6.377 billion for its
continuing businesses. The company reports in four Business Areas:
Care Chemicals, Catalysis, Natural Resources, and Plastics &
Coatings. Clariant's corporate strategy is based on five pillars:
focus on innovation through R&D, add value with sustainability,
reposition portfolio, intensify growth, and increase
profitability. |
H1 2018 Press Release EN
H1 2018 Financial Review