Performance Materials
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1st quarter 2021 |
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1st quarter 2022 |
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Change |
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€ million |
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€ million |
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% |
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Sales (external) |
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1,740 |
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2,388 |
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37.2 |
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Intersegment sales |
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483 |
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657 |
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36.0 |
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Sales (total) |
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2,223 |
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3,045 |
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37.0 |
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Change in sales (external) |
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Volume |
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–2.3% |
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5.5% |
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Price |
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32.9% |
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26.4% |
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Currency |
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–4.8% |
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5.3% |
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Portfolio |
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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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890 |
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1,142 |
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28.3 |
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NA |
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334 |
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604 |
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80.8 |
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APAC |
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516 |
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642 |
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24.4 |
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EBITDA2 |
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630 |
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620 |
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–1.6 |
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EBIT2 |
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489 |
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475 |
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–2.9 |
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Cash flows from operating activities |
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337 |
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206 |
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–38.9 |
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Cash outflows for additions to property, plant, equipment and intangible assets |
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78 |
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94 |
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20.5 |
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Free operating cash flow |
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259 |
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112 |
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–56.8 |
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Sales in the Performance Materials segment were up 37.2% to €2,388 million in the first quarter of 2022 (previous year: €1,740 million). Driven by a still advantageous competitive situation, average selling prices increased sales by 26.4%. The change in total volumes sold improved sales by 5.5%, and exchange rate movements had a positive effect on sales of 5.3%.
In the EMLA region, sales grew by 28.3% over the prior-year quarter to €1,142 million (previous year: €890 million) on account of a strong increase in the selling price levels. The growth in total volumes sold gave sales a slight boost. Exchange rate movements had no notable effect on sales. In the NA region, sales were up 80.8% to €604 million (previous year: €334 million). Higher average selling prices had a substantially positive effect on sales. The change in total volumes sold and in exchange rates increased sales significantly. Sales in the APAC region rose by 24.4% to €642 million (previous year: €516 million). An increase in the selling price level, the exchange rate movements, and higher total volumes sold each had a significant positive effect on the region’s sales.
In the first quarter of 2022, EBITDA in Performance Materials decreased by 1.6% from the prior-year quarter, amounting to €620 million (previous year: €630 million). This was attributable mainly to a decline in margins, because higher selling prices were unable to fully offset the effect of increased raw material and energy prices.
EBIT decreased by 2.9% to €475 million (previous year: €489 million) in the first quarter of 2022.
Free operating cash flow was down by 56.8% to €112 million in the first quarter of 2022 (previous year: €259 million), chiefly as a result of the increase in cash tied up in working capital.