Coatings, Adhesives, Specialties

Coatings, Adhesives, Specialties Key Data1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th quarter 2017

 

4th quarter 2018

 

Change

 

2017

 

2018

 

Change

 

 

€ million

 

€ million

 

%

 

€ million

 

€ million

 

%

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.

2 Reference values calculated based on the definition of the core business effective March 31, 2018

Core volume growth2

 

–1.0%

 

–1.8%

 

 

 

+1.5%

 

+2.5%

 

 

Sales

 

529

 

534

 

+0.9

 

2,327

 

2,361

 

+1.5

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–2.1%

 

+0.3%

 

 

 

+1.8%

 

+3.5%

 

 

Price

 

+3.1%

 

0.0%

 

 

 

+1.3%

 

+0.6%

 

 

Currency

 

–4.3%

 

+0.6%

 

 

 

–1.1%

 

–2.6%

 

 

Portfolio

 

0.0%

 

0.0%

 

 

 

0.0%

 

0.0%

 

 

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

241

 

240

 

–0.4

 

1,085

 

1,117

 

+2.9

NAFTA

 

111

 

129

 

+16.2

 

510

 

519

 

+1.8

APAC

 

177

 

165

 

–6.8

 

732

 

725

 

–1.0

EBITDA

 

80

 

63

 

–21.3

 

486

 

464

 

–4.5

EBIT

 

56

 

39

 

–30.4

 

396

 

371

 

–6.3

Operating cash flows

 

142

 

107

 

–24.6

 

336

 

309

 

–8.0

Cash outflows for additions to property, plant, equipment and intangible assets

 

37

 

36

 

–2.7

 

87

 

106

 

+21.8

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.

Coatings, Adhesives, Specialties
Quarterly Sales1

€ million

Coatings, Adhesives, Specialties Quarterly Sales (bar chart)

Coatings, Adhesives, Specialties
Quarterly EBITDA1

€ million

Coatings, Adhesives, Specialties Quarterly EBITDA (bar chart)

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.

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.

declined 6.3% to €371 million (previous year: €396 million).

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.

EBITDA/earnings before interest, taxes, depreciation and amortization
EBIT plus depreciation and amortization of property, plant, equipment, and intangible assets
EBIT/earnings before interest and taxes
Income after income taxes plus financial result and income tax expense
FOCF/free operating cash flow
Operating cash flows (pursuant to IAS 7) less cash outflows for additions to property, plant, equipment and intangible assets