Polyurethanes
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3rd quarter 2017 |
3rd quarter 2018 |
Change |
1st nine months 2017 |
1st nine months 2018 |
Change |
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€ million |
€ million |
% |
€ million |
€ million |
% |
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Core volume growth2 |
+4.1% |
–2.0% |
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+2.4% |
+0.3% |
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Sales |
1,871 |
1,849 |
–1.2 |
5,510 |
5,765 |
+4.6 |
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Change in sales |
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Volume |
+2.6% |
+0.1% |
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+2.3% |
+0.2% |
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Price |
+31.0% |
–0.5% |
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+28.9% |
+8.6% |
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Currency |
–3.8% |
–0.8% |
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–0.4% |
–4.2% |
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Portfolio |
0.0% |
0.0% |
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0.0% |
0.0% |
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Sales by region |
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EMLA |
805 |
773 |
–4.0 |
2,360 |
2,504 |
+6.1 |
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NAFTA |
472 |
512 |
+8.5 |
1,426 |
1,473 |
+3.3 |
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APAC |
594 |
564 |
–5.1 |
1,724 |
1,788 |
+3.7 |
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EBITDA |
550 |
432 |
–21.5 |
1,567 |
1,652 |
+5.4 |
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EBIT |
460 |
346 |
–24.8 |
1,297 |
1,385 |
+6.8 |
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Operating cash flows |
511 |
453 |
–11.4 |
757 |
993 |
+31.2 |
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Cash outflows for additions to property, plant, equipment and intangible assets |
60 |
113 |
+88.3 |
150 |
243 |
+62.0 |
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Free operating cash flow |
451 |
340 |
–24.6 |
607 |
750 |
+23.6 |
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In the third quarter of 2018, core volumes in the Polyurethanes segment were down 2.0% from the prior-year quarter.
Sales in the Polyurethanes segment declined 1.2% to €1,849 million in the third quarter of 2018 (previous year: €1,871 million). Total volumes matched the level of the prior-year quarter, whereas the changes in average selling prices and exchange rate movements reduced sales by 0.5% and 0.8%, respectively.
In the EMLA region, sales slid 4.0% to €773 million (previous year: €805 million). Despite selling prices that were stable as compared with the prior-year quarter, the changes in total volumes and exchange rates caused a moderate decline in sales. In the NAFTA region, sales grew 8.5% to €512 million (previous year: €472 million). A significant increase in selling prices and slightly higher total volumes had a positive effect on sales. The effects of exchange rate changes remained neutral. Sales in the APAC region declined by 5.1% to €564 million (previous year: €594 million). Total volumes were somewhat higher, while selling prices saw a considerable decrease. Exchange rate developments reduced sales slightly.
The Polyurethanes segment’s EBITDA was down 21.5% in the third quarter of 2018 to €432 million (previous year: €550 million). The increase in raw material costs primarily contributed to the downward pressure on earnings, while average selling prices and volumes were stable.
EBIT declined 24.8% during the same period to €346 million (previous year: €460 million).
In the third quarter of 2018, free operating cash flow was €340 million, 24.6% below the previous year’s figure of €451 million, which was mainly a result of the decline in EBITDA.