-
Sales increased by 9 % in
local currency to CHF 3.132 billion
-
EBITDA before exceptional items
rose significantly by 9 %
-
EBITDA margin before
exceptional items increased to 15.4 %
-
Operating cash flow was
CHF 116 million
-
Net income grew by 20 % to
CHF 153 million
-
2017 outlook
confirmed
|
|
|
"Clariant delivered excellent
top-line growth and further expansion in profitability in the first
half of the year," said CEO Hariolf Kottmann. "Our good business
performance was primarily achieved by the recovery in Catalysis and
the ongoing impact of the differentiated steering in Plastics &
Coatings. For 2017, we are confident that we will achieve our
targets, i.e. growth in local currency, progression in operating
cash flow, absolute EBITDA and EBITDA margin before exceptional
items in spite of a temporarily weaker cash flow in the first
half."
Key Financial Data
|
Second quarter |
First half year |
in CHF million |
2017 |
2016 |
% CHF |
% LC |
2017 |
2016 |
% CHF |
% LC |
Sales |
1 530 |
1 421 |
8 |
8 |
3 132 |
2 899 |
8 |
9 |
EBITDA before
exceptional items |
232 |
215 |
8 |
7 |
482 |
444 |
9 |
9 |
-
margin |
15.2 % |
15.1 % |
|
|
15.4 % |
15.3 % |
|
|
EBIT before
exceptional items |
|
|
|
|
344 |
316 |
9 |
9 |
- margin |
|
|
|
|
11.0 % |
10.9 % |
|
|
EBIT |
|
|
|
|
274 |
267 |
3 |
3 |
Net
income |
|
|
|
|
153 |
128 |
|
|
Operating cash
flow |
|
|
|
|
116 |
208 |
|
|
Number of
employees |
|
|
|
|
18 180 |
17 442* |
|
|
* as of 31 December 2016
First Half 2017 -
Significantly higher sales and continued improvement in absolute
EBITDA
Muttenz, July 27, 2017 - Clariant,
a world leader in specialty chemicals, today announced first half
2017 sales of CHF 3.132 billion compared to
CHF 2.899 billion in 2016. This corresponds to 9 %
growth in local currency driven by double-digit expansion in
Catalysis and Natural Resources. Organic growth amounted to
5 %, driven by higher volumes.
Growth was most pronounced in
Europe, Asia and North America. Sales in Europe rose by 8 %
while the 11 % advance in Asia was supported by the strong
sales development in China. Sales in North America increased by
14 %. Latin American sales were 3 % lower against a
strong comparable base and also reflect the macroeconomic
environment which remains challenging.
Care Chemicals and Catalysis both
reported strong expansion. Sales in Care Chemicals rose by 8 %
in local currency helped in particular by the Industrial
Application business. Catalysis sales improved by 11 %,
supported by organic growth of 6 %.
Natural Resources sales soared by
19 %, lifted mainly by the Kel-Tech and X-Chem acquisitions in
North America in 2016. Underlying sales in Natural Resources
improved likewise, driven by the solid growth in Functional
Minerals. In Plastics & Coatings, sales grew by
4 % with continuing strong sales expansion in Additives as
well as in China.
EBITDA before exceptional items
increased by 9 % in Swiss francs and reached
CHF 482 million, compared to CHF 444 million in
the previous year. The absolute profitability improvement was
mainly attributable to the positive developments in Catalysis and
Plastics & Coatings.
The corresponding 15.4 %
EBITDA margin before exceptional items increased due to the
continued realisation of benefits from the differentiated steering
in Plastics & Coatings and the improvement in Catalysis partly
supported by the full consolidation of the Süd-Chemie India Pvt
Ltd. joint venture.
Net income soared by 20 % in
Swiss francs to CHF 153 million from
CHF 128 million in the previous year. This expansion was
supported by the improvement in absolute EBITDA before exceptional
items as well as lower finance costs.
Operating cash flow decreased to
CHF 116 million against a strong comparable base of
CHF 208 million in the previous year. Good growth
dynamics in June and the expected favourable demand in the coming
quarters led to higher net working capital. This factor together
with changes in other current assets and liabilities offset the
positive influence of the EBITDA improvement.
Net debt increased slightly to
CHF 1.584 billion from CHF 1.540 billion
recorded at year-end 2016. This development reflects the usual
seasonal increase seen in the first half of the year.
Second Quarter 2017 - Further
progress in sales and profitability
In the second quarter of 2017,
sales rose by 8 % in local currency to
CHF 1.530 billion. Underlying sales growth excluding
acquisition effects and the full consolidation of the Süd-Chemie
India Pvt Ltd. joint venture was 4 % in local currency. This
progress was driven by higher volumes.
On a regional level, sales growth
was led by North America at 18 % in local currency. Excluding
acquisitions, sales in North America developed slightly positively.
In Asia, sales in local currency grew by 10 % with a
continuing strong development in China. Sales in Europe grew by
5 % and in the Middle East & Africa by
16 % in local currency. Latin America was impacted by the weak
economic environment and declined by 2 % against a strong
comparable base.
Sales in Care Chemicals grew by
8 % in local currency driven by higher volumes. Catalysis
sales grew by a strong 20 %, 11 % of which was organic.
Natural Resources sales soared by 22 % with organic growth of
5 %. Plastics & Coatings improved by 1 %
despite a strong comparable base as the robust Additives sales
offset a flattish development in Pigments.
EBITDA before exceptional items
rose by 8 % in Swiss francs to CHF 232 million
primarily lifted by the strong contribution from Catalysis and
Plastic & Coatings, which could more than offset the
temporarily lower margins in Care Chemicals and Natural Resources.
As a result, the EBITDA margin before exceptional items on Group
level increased further to 15.2 % from 15.1 % in the
previous year.
Outlook 2017 -
Continued progression in profitability and operating cash flow
generation
Clariant expects the uncertain
environment, characterised by a high volatility in commodity
prices, currencies as well as political uncertainties, to continue.
In emerging markets, we anticipate the economic environment to
remain challenging and volatile; we expect moderate growth in the
United States, while growth in Europe is expected to remain
stable.
For 2017, in spite of a continued
challenging economic environment, 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 63 73
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 |
H1 2017 Financial Review
H1 2017 Press Release EN