Source : EuropeanMarkets
Klaus Engel, Chairman of the Executive Board of Evonik Industries AG commented :
"Evonik remains successful. Our business is continuing to develop at a high level in the second half of the year. It is also pleasing to report that all three chemical segments were able to increase their earnings year-on-year in the third quarter. Building on that and on our belief in our performance, we are looking ahead with confidence."
Highlights first nine months of the year 2015
At Group level, both sales and adjusted EBITDA continued the strong performance seen in the first two quarters of the year. Global demand for Evonik's products was again good. However, volumes were slightly lower than in the third quarter of 2014 as a consequence of routine plant maintenance. There was a considerable increase in selling prices in the Nutrition & Care segment, whereas prices in the Performance Materials segment declined, mainly because of the drop in the oil price. Overall, selling prices were higher than in the previous quarter.
Driven by higher prices and positive currency effects, sales increased by 4 percent to €3,365 million in the third quarter, and by 6 percent to €10,309 million in the first nine months, supported by higher volumes. The Group's adjusted EBITDA climbed 31 percent to €653 million in the third quarter and therefore remained at the high level reported for the previous quarters. In the first nine months, adjusted EBITDA rose
37 percent to €1,964 million. This was attributable to the ongoing good volume trend, partly as a result of new capacities, and to higher selling prices. Further positive factors were slightly lower raw material costs and currency effects. The adjusted EBITDA margin of 19.4 percent in the third quarter stood out in the chemicals sector. Between January and September the adjusted EBITDA margin rose to 19.1 percent, up from 14.8 percent in the prior-year period. Adjusted net income increased 36 percent to
€296 million in the third quarter and 56 percent to €923 million in the first nine months. The strong business performance so far this year has had a favorable impact on the cash flow from operating activities.
At €1,329 million at the end of the first nine months it was already well above the cash flow of €1,066 million reported for 2014 as a whole.
Outlook for the year confirmed
In view of the continued strong business performance, Evonik is confirming its expectations for the full year. Given the strong development of the operating business, in mid-year the company raised its guidance to sales of around €13.5 billion (2014: €12.9 billion) and adjusted EBITDA of around €2.4 billion (2014: €1.9 billion).
Source : Press Release Evonik Industries AG, Essen (Germany), November 04, 2015
