Polycarbonates
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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 growth1 |
+3.7% |
+1.6% |
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+5.0% |
+3.0% |
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Sales |
939 |
924 |
–1.6 |
3,737 |
4,051 |
+8.4 |
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Change in sales |
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Volume |
+5.2% |
+4.2% |
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+7.1% |
+3.8% |
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Price |
+13.1% |
–2.3% |
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+8.0% |
+9.7% |
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Currency |
–5.6% |
+0.3% |
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–1.8% |
–3.4% |
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Portfolio |
0.0% |
–3.8% |
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0.0% |
–1.7% |
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Sales by region |
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EMLA |
315 |
301 |
–4.4 |
1,241 |
1,347 |
+8.5 |
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NAFTA |
206 |
200 |
–2.9 |
874 |
817 |
–6.5 |
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APAC |
418 |
423 |
+1.2 |
1,622 |
1,887 |
+16.3 |
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EBITDA |
213 |
133 |
–37.6 |
853 |
1,036 |
+21.5 |
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EBIT |
169 |
88 |
–47.9 |
672 |
861 |
+28.1 |
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Operating cash flows |
245 |
235 |
–4.1 |
476 |
654 |
+37.4 |
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Cash outflows for additions to property, plant, equipment and intangible assets |
74 |
70 |
–5.4 |
155 |
186 |
+20.0 |
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Free operating cash flow |
171 |
165 |
–3.5 |
321 |
468 |
+45.8 |
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In 2018 as a whole, core volumes in the Polycarbonates segment were up 3.0% over the prior-year period.
Sales in the Polycarbonates segment rose 8.4% to €4,051 million in fiscal 2018 (previous year: €3,737 million). The key driver here was the year-on-year increase in selling price levels throughout all regions, which boosted sales by 9.7%. Higher total volumes had a positive effect of 3.8% on sales, whereas exchange rate developments lowered sales by 3.4%. Moreover, the portfolio effect from the sale of the U.S. polycarbonate sheet business also reduced sales by 1.7%.
The EMLA region’s sales were up 8.5% to €1,347 million (previous year: €1,241 million). A significantly higher selling price level and moderate increase in total volumes had a positive impact on sales. The effect of exchange rate movements remained neutral. In the NAFTA region, sales dropped 6.5% to €817 million (previous year: €874 million), chiefly due to the aforementioned portfolio effect, which caused sales in the region to decline considerably. A substantial rise in average selling prices and stable total volumes sold combined to boost sales, whereas exchange rate changes had a slightly negative effect. The APAC region saw sales grow 16.3% to €1,887 million (previous year: €1,622 million). Much higher selling prices and total volumes offset the mildly negative currency effects.
Polycarbonates
Quarterly Sales
€ million
Polycarbonates
Quarterly EBITDA
€ million
EBITDA in the Polycarbonates segment grew 21.5% over the prior-year period, rising to €1,036 million in fiscal 2018 (previous year: €853 million). An overall positive margins trend and greater total volumes lifted earnings, as did the proceeds from the sale of the U.S. sheet business. Over the course of the fourth quarter of 2018, earnings were burdened by an increasingly challenging competitive environment.
EBIT rose by 28.1% to €861 million (previous year: €672 million).
Free operating cash flow rose 45.8% year over year to €468 million (previous year: €321 million), mostly as a result of the improvement in EBITDA. An overall greater availability of working capital also had a positive effect, whereas higher cash outflows for additions to property, plant and equipment had the opposite effect.