Coatings, Adhesives, Specialties
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4th quarter 2017 |
4th quarter 2018 |
Change |
2017 |
2018 |
Change |
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€ million |
€ million |
% |
€ million |
€ million |
% |
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Core volume growth2 |
–1.0% |
–1.8% |
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+1.5% |
+2.5% |
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Sales |
529 |
534 |
+0.9 |
2,327 |
2,361 |
+1.5 |
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Change in sales |
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Volume |
–2.1% |
+0.3% |
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+1.8% |
+3.5% |
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Price |
+3.1% |
0.0% |
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+1.3% |
+0.6% |
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Currency |
–4.3% |
+0.6% |
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–1.1% |
–2.6% |
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Portfolio |
0.0% |
0.0% |
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0.0% |
0.0% |
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Sales by region |
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EMLA |
241 |
240 |
–0.4 |
1,085 |
1,117 |
+2.9 |
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NAFTA |
111 |
129 |
+16.2 |
510 |
519 |
+1.8 |
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APAC |
177 |
165 |
–6.8 |
732 |
725 |
–1.0 |
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EBITDA |
80 |
63 |
–21.3 |
486 |
464 |
–4.5 |
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EBIT |
56 |
39 |
–30.4 |
396 |
371 |
–6.3 |
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Operating cash flows |
142 |
107 |
–24.6 |
336 |
309 |
–8.0 |
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Cash outflows for additions to property, plant, equipment and intangible assets |
37 |
36 |
–2.7 |
87 |
106 |
+21.8 |
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Free operating cash flow |
105 |
71 |
–32.4 |
249 |
203 |
–18.5 |
In 2018 as a whole, core volumes in Coatings, Adhesives, Specialties rose by 2.5% over the prior year.
Sales of Coatings, Adhesives, Specialties increased 1.5% to €2,361 million (previous year: €2,327 million). Total volumes lifted sales by 3.5%, while average selling prices had a positive effect of 0.6% on sales. Exchange rate movements reduced sales by 2.6%.
In the EMLA region, sales were up 2.9% to €1,117 million (previous year: €1,085 million) due to a slight increase in total volumes and modestly higher selling prices. The effect of exchange rate developments remained neutral. In the NAFTA region, sales grew 1.8% to €519 million (previous year: €510 million). Minor increases in total volumes and average selling prices more than compensated for slightly negative currency effects. Sales in the APAC region declined 1.0% to €725 million (previous year: €732 million). A sharp rise in total volumes sold only partially offset the somewhat lower selling price level and moderately negative developments in exchange rates.
1 All prior-year figures have been adjusted to reflect the transfer of the specialty elastomers business from the Polyurethanes segment to the Coatings, Adhesives, Specialties segment as of January 1, 2018.
EBITDA was down 4.5% from the previous year’s figure, dropping to €464 million (previous year: €486 million). Higher volumes were unable to fully offset the rise in raw material costs and negative currency effects.
EBIT declined 6.3% to €371 million (previous year: €396 million).
Free operating cash flow decreased 18.5% to €203 million (previous year: €249 million). This was chiefly due to lower EBITDA and an increase in cash tied up in working capital.