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Performance Chemicals

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Performance Chemicals
                     
  Q3 2012 Q3 2013 Change 9M 2012 9M 2013 Change
  € million Margin
 %
€ million Margin
 %
% € million Margin
 %
€ million Margin
 %
%
Sales 555   546   (1.6) 1,698   1,627   (4.2)
EBITDA pre exceptionals 75 13.5 72 13.2 (4.0) 236 13.9 190 11.7 (19.5)
EBITDA 75 13.5 72 13.2 (4.0) 221 13.0 156 9.6 (29.4)
Operating result (EBIT)
pre exceptionals
54 9.7 51 9.3 (5.6) 173 10.2 126 7.7 (27.2)
Operating result (EBIT) 54 9.7 51 9.3 (5.6) 156 9.2 86 5.3 (44.9)
Cash outflows for capital expenditures 1) 29   24   (17.2) 61   77   26.2
Depreciation and amortization 21   21   0.0 65   70   7.7
Employees as of September 30
(previous year: as of Dec. 31)
6,031   5,938   (1.5) 6,031   5,938   (1.5)
1) intangible assets and property, plant and equipment

Third-quarter sales of the Performance Chemicals segment declined by 1.6% year on year to €546 million. Selling prices were virtually flat with the prior-year quarter, declining by 0.2%. Volumes rose by 2.9%, and a positive portfolio effect of 0.4% resulted from the recent acquisition in Singapore. Business was hampered by negative currency effects of 4.7%.

Volumes in this segment showed an overall increase from the prior-year quarter. However, developments varied across the individual business units. There was a clearly positive volume effect in the Rhein Chemie, Functional Chemicals, Liquid Purification Technologies and Material Protection Products business units. In the Liquid Purification Technologies business unit, the business with water treatment products posted particularly good growth. The Material Protection Products business unit recorded sales increases, including in the area of paints and coatings. The Rubber Chemicals business unit also showed volume growth along with higher selling prices. The Leather business unit, which experienced operational problems, and the Inorganic Pigments business unit recorded negative price and volume effects. The exchange rate effect was negative in all of the segment’s business units.

EBITDA pre exceptionals came in at €72 million, just €3 million or 4.0% below the year-earlier figure of €75 million. The selling price adjustments reflected lower raw material costs at the segment level. The positive volume effect was more than offset by various factors, especially higher selling costs and adverse exchange rate developments. The acquisition in Singapore had no material effect on earnings. The segment’s EBITDA margin of 13.2% nearly matched the 13.5% posted for the prior-year quarter.

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