Coatings, Adhesives, Specialties

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Coatings, Adhesives, Specialties Key Data

 

  

 

  

 

  

 

 

  

1st quarter 20181

  

1st quarter 2019

  

Change

 

  

€ million

  

€ million

  

%

1

Reference information was not restated; see “Changes in Accounting as a Result of the Initial Application of IFRS 16.”

2

Reference values calculated on the basis of the definition of the core business effective March 31, 2019

Core volume growth2

  

–1.3%

  

–0.1%

  

 

Sales

  

592

  

627

  

+5.9

Change in sales

  

 

  

 

  

 

Volume

  

–2.2%

  

+1.1%

  

 

Price

  

+1.0%

  

+1.7%

  

 

Currency

  

–5.9%

  

+3.1%

  

 

Portfolio

  

0.0%

  

0.0%

  

 

Sales by region

  

 

  

 

  

 

EMLA

  

298

  

294

  

–1.3

NAFTA

  

122

  

144

  

+18.0

APAC

  

172

  

189

  

+9.9

EBITDA

  

136

  

146

  

+7.4

EBIT

  

113

  

118

  

+4.4

Operating cash flows

  

17

  

12

  

–29.4

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

  

19

  

24

  

+26.3

Free operating cash flow

  

(2)

  

(12)

  

>500

In the first quarter of 2019, core volumes in the Coatings, Adhesives, Specialties segment remained stable compared with the prior-year quarter.

The Coatings, Adhesives, Specialties segment's sales rose by 5.9% to €627 million (previous year: €592 million) in the first quarter of 2019. Total volumes sold and the increase in selling prices on average had positive effects on sales in the amount of 1.1% and 1.7%, respectively. The exchange rate trend also impacted sales, which improved by 3.1%.

In the EMLA region, sales were down by 1.3% to €294 million (previous year: €298 million). A light uptick in average selling prices could only partly offset the small drop in total volumes sold. The effect of exchange rate developments remained neutral. In the NAFTA region, sales rose by 18.0% to €144 million (previous year: €122 million). A slight increase in total volumes sold and a slight rise in average selling prices contributed positively to this sales growth. In addition, exchange rate fluctuations had the effect of boosting sales considerably. Sales in the APAC region grew by 9.9% to €189 million (previous year: €172 million). The trend in total volumes sold had a significantly positive effect on sales, although lower selling prices had a slightly negative impact on sales. Sales saw a small increase resulting from the effect of exchange rate movements.

EBITDA in the Coatings, Adhesives, Specialties segment in the first quarter of 2019 increased by 7.4% compared with the prior-year quarter, reaching €146 million (previous year: €136 million). The positive effect of higher volumes and increased margins contributed to this growth.

In the same period, EBIT climbed by 4.4% to €118 million (previous year: €113 million).

Free operating cash flow declined to minus €12 million in the first quarter of 2019 (previous year: minus €2 million). The increase in EBITDA stood in contrast to overall higher cash tied up in working capital and greater cash outflows for additions to property, plant, equipment and intangible assets.