Solutions & Specialties
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4th quarter 2022 |
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4th quarter 2023 |
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Change |
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2022 |
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2023 |
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Change |
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Sales (external) |
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€1,975 million |
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€1,703 million |
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–13.8% |
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€8,558 million |
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€7,267 million |
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–15.1% |
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Intersegment sales |
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€7 million |
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€6 million |
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–14.3% |
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€35 million |
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€27 million |
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–22.9% |
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Sales (total) |
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€1,982 million |
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€1,709 million |
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–13.8% |
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€8,593 million |
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€7,294 million |
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–15.1% |
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Change in sales (external) |
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Volume |
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–8.9% |
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–0.3% |
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–6.3% |
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–6.2% |
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Price |
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3.3% |
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–10.2% |
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9.4% |
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–6.4% |
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Currency |
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4.1% |
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–3.3% |
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6.0% |
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–2.5% |
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Portfolio |
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0.0% |
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0.0% |
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4.2% |
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0.0% |
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Sales by region (external) |
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EMLA |
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€676 million |
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€586 million |
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–13.3% |
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€3,198 million |
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€2,730 million |
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–14.6% |
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NA |
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€533 million |
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€427 million |
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–19.9% |
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€2,140 million |
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€1,860 million |
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–13.1% |
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APAC |
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€766 million |
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€690 million |
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–9.9% |
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€3,220 million |
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€2,677 million |
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–16.9% |
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EBITDA1 |
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€108 million |
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€185 million |
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71.3% |
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€825 million |
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€817 million |
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–1.0% |
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EBIT1 |
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(€37 million) |
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€107 million |
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. |
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€461 million |
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€497 million |
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7.8% |
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Cash flows from operating activities |
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€514 million |
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€374 million |
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–27.2% |
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€472 million |
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€821 million |
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73.9% |
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Cash outflows for additions to property, plant, equipment and intangible assets |
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€99 million |
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€110 million |
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11.1% |
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€277 million |
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€270 million |
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–2.5% |
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Free operating cash flow |
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€415 million |
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€264 million |
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–36.4% |
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€195 million |
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€551 million |
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182.6% |
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Sales in the Solutions & Specialties segment were down 15.1% to €7,267 million in fiscal 2023 (previous year: €8,558 million). The main drivers of this trend were a 6.4% drop in average selling prices and a decrease in volumes sold, with a sales reducing effect of 6.2%; both are mainly attributable to weak demand worldwide. At the same time, exchange rate movements had a negative impact of 2.5% on sales.
Sales in the EMLA region were down by 14.6% to €2,730 million (previous year: €3,198 million), driven by a significant drop in volumes sold and a slight decline in the selling price level. Exchange rate movements had no notable effect on sales. The NA region’s sales decreased 13.1% to €1,860 million (previous year: €2,140 million), due especially to a lower selling price level and a decline in volumes sold, both of which had a significant reducing effect on sales. Here, too, exchange rate movements had no notable effect on sales. The APAC region’s sales went down 16.9% to €2,677 million (previous year: €3,220 million), due primarily to lower selling prices and changes in exchange rates, both of which had a significant reducing effect on sales. The volumes sold also had a slightly negative effect on sales.
Solutions & Specialties Quarterly sales
€ million
Solutions & Specialties Quarterly EBITDA
€ million
The Solutions & Specialties segment’s EBITDA was down 1.0% to €817 million in fiscal 2023 (previous year: €825 million). Lower volumes sold, higher provisions for short-term variable compensation, and changes in exchange rates in particular had the effect of reducing earnings. In contrast, the margins had a beneficial impact on EBITDA, since lower raw material and energy prices more than offset the decline in the selling price level. In addition, lower fixed costs and the sale of the additive manufacturing business to Stratasys, a U.S.-Israeli manufacturer of 3D printers and 3D production systems, had a positive effect on EBITDA.
EBIT rose by 7.8% to €497 million (previous year: €461 million), mainly because of lower impairment losses of €43 million (previous year: €76 million), which more than offset the decline in EBITDA.
Free operating cash flow increased by 182.6% year over year to €551 million (previous year: €195 million). The change in working capital had a particularly positive impact on free operating cash flow, as funds tied up in the previous year contrast with funds freed up in the fiscal year under review. The main reasons were the payment of short-term variable compensation for fiscal 2021 in the previous year as well as changes in inventories. No short-term variable compensation was paid for fiscal 2022.