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Performance Polymers

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Performance Polymers
                     
  Q3 2012 Q3 2013 Change 9M 2012 9M 2013 Change
  € million Margin
 %
€ million Margin
 %
% € million Margin
 %
€ million Margin
 %
%
Sales 1,192   1,092   (8.4) 4,010   3,404   (15.1)
EBITDA pre exceptionals 152 12.8 84 7.7 (44.7) 664 16.6 290 8.5 (56.3)
EBITDA 151 12.7 76 7.0 (49.7) 661 16.5 282 8.3 (57.3)
Operating result (EBIT)
pre exceptionals
99 8.3 21 1.9 (78.8) 513 12.8 102 3.0 (80.1)
Operating result (EBIT) 98 8.2 13 1.2 (86.7) 510 12.7 94 2.8 (81.6)
Cash outflows for capital expenditures 1) 93   86   (7.5) 241   229   (5.0)
Depreciation and amortization 53   63   18.9 151   188   24.5
Employees as of September 30
(previous year: as of Dec. 31)
5,348   5,433   1.6 5,348   5,433   1.6
1) intangible assets and property, plant and equipment

Following a weak first half, business development in our Performance Polymers segment continued to lag behind the prior year in the third quarter of 2013. Sales decreased by 8.4% to €1,092 million. A persistently difficult market environment and lower prices for raw materials, especially the key raw material butadiene, led to a 19.1% decrease in selling prices. Volumes, however, were a significant 14.0% ahead of the prior-year quarter. A positive portfolio effect of 0.3% from Bond-Laminates GmbH, Brilon, Germany, which was acquired in September 2012, was more than offset by negative currency effects of 3.6%.

Decreases in market prices affected all of the segment’s business units, while volumes were mostly higher. In addition, selling price adjustments driven by raw material price changes had an adverse impact on sales. Volumes were higher in the Butyl Rubber business unit, partly in light of the capacity added by the completion of the butyl rubber facility in Singapore. The Performance Butadiene Rubbers business unit, which, like Butyl Rubber, has close links to the tire industry and thus to the replacement tire and original equipment manufacturer markets, noted a drop in selling prices that was driven by raw material prices. In the High Performance Materials business unit, higher volumes more than compensated for the lower selling prices. Opposing currency and portfolio effects had no significant effect on aggregate. Our Keltan Elastomers and High Performance Elastomers business units also recorded higher volumes and lower selling prices compared to the same period a year ago. Segment sales developed positively in the Asia-Pacific region, but fell in the other regions.

EBITDA pre exceptionals in the Performance Polymers segment fell by €68 million to €84 million in the third quarter. Although volumes rose in all of the business units against a weak prior-year quarter, this effect was more than offset by a drop in selling prices. Earnings were also affected by inventory devaluation, our targeted destocking and shifts in exchange rates. The segment’s EBITDA margin decreased as a result, from 12.8% to 7.7% for the quarter.

The €8 million of exceptional charges in segment EBITDA related mainly to measures associated with the “Advance” program.

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