Performance Materials
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Change |
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2021 |
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2022 |
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Change |
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Sales (external) |
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€2,259 million |
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€1,916 million |
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–15.2% |
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€8,142 million |
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€9,095 million |
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11.7% |
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Intersegment sales1 |
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€696 million |
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€644 million |
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–7.5% |
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€2,608 million |
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€2,967 million |
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13.8% |
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Sales (total) |
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€2,955 million |
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€2,560 million |
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–13.4% |
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€10,750 million |
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€12,062 million |
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12.2% |
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Change in sales (external) |
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Volume |
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0.5% |
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–17.5% |
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1.6% |
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–5.0% |
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Price |
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37.6% |
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–1.3% |
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48.1% |
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10.9% |
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Currency |
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3.6% |
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3.6% |
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–0.8% |
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5.8% |
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Portfolio |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
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Sales by region (external) |
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EMLA |
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€1,039 million |
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€785 million |
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–24.4% |
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€3,878 million |
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€4,152 million |
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7.1% |
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NA |
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€582 million |
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€516 million |
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–11.3% |
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€1,926 million |
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€2,447 million |
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27.1% |
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APAC |
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€638 million |
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€615 million |
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–3.6% |
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€2,338 million |
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€2,496 million |
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6.8% |
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EBITDA2 |
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€590 million |
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(€89 million) |
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. |
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€2,572 million |
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€951 million |
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–63.0% |
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EBIT2 |
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€445 million |
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(€600 million) |
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. |
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€2,003 million |
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(€28 million) |
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. |
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Cash flows from operating activities3 |
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€665 million |
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€563 million |
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–15.3% |
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€1,875 million |
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€1,091 million |
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–41.8% |
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Cash outflows for additions to property, plant, equipment and intangible assets |
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€168 million |
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€187 million |
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11.3% |
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€488 million |
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€547 million |
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12.1% |
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Free operating cash flow3 |
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€497 million |
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€376 million |
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–24.3% |
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€1,387 million |
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€544 million |
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–60.8% |
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Sales in the Performance Materials segment were up 11.7% to €9,095 million in fiscal 2022 (previous year: €8,142 million). Contributing factors were both the higher selling price level, which added 10.9%, and changes in exchange rates, which accounted for an increase of 5.8%. In contrast, a decline in volumes sold, mainly because of a downturn in demand, reduced sales by 5.0%.
The EMLA region’s sales increased by 7.1% to €4,152 million (previous year: €3,878 million), driven by higher average selling prices, which led to a significant increase in sales. A decline in volumes sold, in contrast, resulted in a considerable decrease in sales. Exchange rate movements had no notable effect on sales. Sales in the NA region were up 27.1% to €2,447 million (previous year: €1,926 million). Changes in exchange rates and a higher selling price level both had a significant positive effect on sales. The trend in volumes sold had a neutral effect on sales overall. In the APAC region, sales climbed by 6.8% to €2,496 million (previous year: €2,338 million). Exchange rate movements drove up sales considerably. At the same time, the expansion of volumes sold had a slight positive effect on sales. This was offset by a decline in average selling prices, which reduced sales slightly.
Performance Materials
Quarterly sales
€ million
Performance Materials
Quarterly EBITDA
€ million
EBITDA in the Performance Materials segment fell by 63.0% over the prior-year period to €951 million (previous year: €2,572 million). This was primarily driven by a decline in margins, since higher selling prices offset increased raw material and energy prices only to a small extent. This change was primarily attributable to the energy crisis, which is affecting Europe in particular. At the same time, the drop in volumes sold also reduced earnings. In contrast, lower provisions for short-term variable compensation and exchange rate movements both boosted earnings.
EBIT declined to €–28 million (previous year: €2,003 million), tracking mainly a reduction in EBITDA. Moreover, impairment losses of €387 million, recognized primarily as a result of impairment tests, weighed on the EBIT of Performance Materials in the year under review.
Free operating cash flow was down 60.8% to €544 million (previous year: €1,387 million), due mainly to lower EBITDA. The change in working capital, by contrast, had a positive effect on free operating cash flow, where cash tied up in the previous year is set against cash freed up in the year under review, mainly stemming from inventories and trade accounts receivable.