Solutions & Specialties
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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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1,529 |
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2,222 |
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45.3 |
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Intersegment sales |
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5 |
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9 |
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80.0 |
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Sales (total) |
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1,534 |
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2,231 |
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45.4 |
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Change in sales (external) |
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Volume |
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10.8% |
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–0.5% |
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Price |
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8.1% |
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19.4% |
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Currency |
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–4.9% |
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5.9% |
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Portfolio |
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0.0% |
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20.5% |
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Sales by region (external) |
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EMLA |
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583 |
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873 |
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49.7 |
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NA |
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308 |
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501 |
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62.7 |
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APAC |
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638 |
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848 |
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32.9 |
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EBITDA2 |
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181 |
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224 |
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23.8 |
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EBIT2 |
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138 |
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152 |
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10.1 |
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Cash flows from operating activities |
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43 |
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(101) |
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. |
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Cash outflows for additions to property, plant, equipment and intangible assets |
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32 |
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45 |
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40.6 |
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Free operating cash flow |
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11 |
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(146) |
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. |
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In the first quarter of 2022, sales in the Solutions & Specialties segment was up 45.3% to €2,222 million (previous year: €1,529 million). The portfolio effect resulting from the acquisition of RFM gave sales a 20.5% boost, while the rise in selling price levels due to a still advantageous competitive situation increased sales 19.4%. At the same time, exchange rate movements had a positive effect of 5.9%. Total volumes sold remained around the level of the prior-year quarter, reducing sales by 0.5%.
In the EMLA region, sales were up 49.7% to €873 million (previous year: €583 million). Key drivers here were the aforementioned portfolio effect and an increase in average selling prices, both of which substantially increased sales. In contrast, changes in total volumes sold had a slightly negative effect on sales. Exchange rate changes remained neutral overall with respect to sales. In the NA region, sales climbed by 62.7% to €501 million (previous year: €308 million). This was largely due to the increase in average selling prices and the aforementioned portfolio effect, both factors that increased sales substantially. At the same time, exchange rate movements had a significant positive effect on sales. Total volumes sold were up, which increased sales slightly. In the APAC region, sales grew by 32.9% to €848 million (previous year: €638 million). This was the result of an increase in average selling prices, the previously mentioned portfolio effect and exchange rate movements, each of which increased sales significantly. A decline in total volumes sold instead decreased sales slightly.
In the first quarter of 2022, EBITDA in Solutions & Specialties grew by 23.8% over the prior-year quarter to €224 million (previous year: €181 million), mostly on account of the acquisition of RFM. This stood in contrast to lower margins, which reduced earnings, since higher raw material and energy prices more than offset higher selling prices.
EBIT in the first quarter of 2022 was up by 10.1% to €152 million (previous year €138 million).
In the first quarter of 2022, free operating cash flow dropped to €–146 million (previous year: €11 million), mainly due to increased cash tied up in working capital year-over-year.