Rhodia's Third Quarter 2005 Results: EBITDA increases by 13% confirming Rhodia's operational recovery
2005年11月9日 - 11:27PM
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Rhodia (NYSE:RHA): -- Net sales(a) stable like for like at 1,238
million euros, versus 1,249 million euros in the third-quarter
2004. This reflects the Rhodia Group's (NYSE:RHA) pricing power in
a context of slightly lower volumes in comparison with the strong
third quarter 2004. -- 13% increase in like for like recurring
EBITDA(b) versus the third-quarter 2004 despite the impact of
natural disasters. This increase results from an assertive strategy
to raise prices, from our restructuring plans and efficient cost
control. -- Effective cash management drives the reduction in
consolidated net debt by 113 million euros from June 30, 2005. --
Continuous refocusing of the Group's portfolio. -- Greenhouse gas
emission reduction projects in South Korea and Brazil are in the
final UNFCCC (UN) approval phase. -0- *T Summary income statement
for third-quarter 2005 (unaudited) In millions of euros, under IFRS
Q3 2004 Q3 2004 Historical Restated(c) Q3 2005
----------------------------------------------------------------------
Net sales (a) 1,213 1,249 1,238
----------------------------------------------------------------------
Recurring EBITDA (b) 94 92 104
----------------------------------------------------------------------
Recurring EBITDA margin 7.7% 7.4% 8.4%
----------------------------------------------------------------------
Operating income/(loss) (32) (32) 2
----------------------------------------------------------------------
Net income /(loss) (45) - (122)
----------------------------------------------------------------------
The 2004 and 2005 results of businesses sold or in a process of
being sold (mainly sulfuric acid and phosphate operations in Rieme
and the Latex business) have been reclassified as "discontinued
operations". *T "Rhodia's operational recovery is now well
underway," says Chief Executive Officer Jean-Pierre Clamadieu. "Our
assertive strategy of raising prices and our fixed-cost reduction
plans are continuing to deliver benefits and enabling us to improve
our margins. For the first 9 months of the year, the recurring
EBITDA increased like-for-like by 18% versus the same period in
2004. "We can confirm that 2005 will see a substantial increase in
our recurring EBITDA compared with 2004, with improved fundamentals
and a largely refocused business portfolio." -0- *T (a) Excluding
services and other revenues (b) Before restructuring costs,
amortizations and other gains and losses (c) At constant scope and
currency conversion *T -- Improved operating performance In a
quarter traditionally impacted by seasonal swings, net sales(a)
held firm at 1,238 million euros like-for-like, versus 1,249
million euros in third-quarter 2004. Business levels remained
generally firm over the period, despite a slight 3.4% decline in
volumes in comparison with an especially strong third-quarter 2004.
For the fifth straight quarter, the Group enjoyed the positive
impact of the price increases applied across all businesses (up
4.9%), which more than offset higher raw materials costs. With
gross savings of 27 million euros (before inflation) for the
quarter, the Group is on track to meet its objective of reducing
fixed costs by 114 million euros in 2005. Recurring EBITDA(b) rose
by 13% to 104 million euros like for like for the period. The
impact of Hurricane Katrina and the flooding of the Emmenbrucke
site in Switzerland are estimated at 10 million euros for the
period, with a similar impact expected in the last quarter of this
year. The recurring EBITDA margin improved to 8.4% in the third
quarter, from 7.4% for the same quarter in 2004. Operating income
amounted to 2 million euros, versus an operating loss of 32 million
euros in third-quarter 2004, primarily reflecting a reduction in
restructuring costs. Net financial expenses amounted to 78 million
euros, versus 41 million euros in the prior-year period. It
included 59 million euros in interest expense and 9 million euros
in unrealized foreign exchange losses (versus 18 million euros in
unrealized exchange gains in third-quarter 2004). Net Income
amounted to a loss of 122 million euros, versus a loss of 45
million euros in third-quarter 2004. Discontinued operations
contributed a loss of 39 million euros, compared to income of 53
million euros a year earlier due to capital gains on disposals. --
Net debt reduced by 113 million euros thanks to efficient cash
management Capital expenditure totaled 77 million euros in the
third quarter. The Working capital requirements were reduced by 120
million euros during the quarter and the ratio of working capital
requirement to net sales continued to improve, decreasing to 13.9%
from 16.6% in third-quarter 2004. Free cash flow(c) amounted to 101
million euros for the quarter. Consolidated net debt totaled 2,533
million euros, a 113 million euros decrease on June 30, 2005. --
Continued focusing of the business portfolio A number of
divestments were announced in the third quarter, including the sale
of the sulfuric acid and phosphates manufacturing units in Rieme
and of the latex business. Rhodia has signed a new letter of intent
covering the sale to the RadiciGroup of its interest in the
European textile fibers subsidiary Nylstar, equally owned with
Snia. This transaction should be finalized in the coming months. In
addition, progress is being made in finding a long-term solution
for the pharmaceuticals business. -- A major step forward in the
reduction of greenhouse gas emissions In the third quarter, two
projects launched under the Kyoto Protocol's Clean Development
Mechanism to reduce greenhouse gas emissions at the Onsan (South
Korea) and Paulinia (Brazil) plants were approved by those
countries' governments. These decisive steps in the approval
process have allowed the Group to file these two projects with the
United Nations Framework Convention on Climate Change, which is
responsible for granting final approval and issuing Carbon
Emissions Receipts (CER). The approval of these projects would
allow Rhodia to trade on the emissions credit market 11 to 13
million tonnes of CERs per year, starting in 2007. -0- *T (a)
Excluding services and other revenues (b) Before restructuring
costs, amortizations and other gains and losses (c) Defined as "net
cash provided by operating activities" minus "additions to
property-plant and equipment" and minus "other capital investments"
*T -- Outlook Rhodia confirms its 2006 objectives, under IFRS: -0-
*T -- A recurring EBITDA margin of at least 13%, -- A return to
profit in 2006, -- A ratio of consolidated net debt to EBITDA of
less than 3.5. *T This press release and a detailed presentation of
the third-quarter results will be available at as of 7:00 am.
www.rhodia.com Rhodia is a global specialty chemicals company
recognized for its strong technology positions in applications
chemistry, specialty materials & services and fine chemicals.
Partnering with major players in the automotive, electronics,
fibers, pharmaceuticals, agrochemicals, consumer care, tires and
paints & coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs. Rhodia subscribes to the principles of
Sustainable Development communicating its commitments and
performance openly with stakeholders. Rhodia generated net sales of
5.3 billion euros in 2004 and employs around 20,000 people
worldwide. Rhodia is listed on the Paris and New York stock
exchanges. Cautionary Note Regarding Forward-Looking Statements
Certain of the statements contained in this press release that are
not historical facts, are statements of future expectations and
other forward-looking statements. These statements are based on our
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause our actual
results, performance or events to differ materially from those
anticipated by such statements. Factors that could cause such
differences in our actual results include: -- changes in the
competitive and regulatory framework in which we operate, in
particular increased competition in the specialty chemicals
industry; -- changes in raw material prices, in particular the
price of oil and oil derivatives; -- changes in interest rates and
currency exchange rates in currencies other than the euro,
principally in U.S. dollars, Brazilian reals and U.S.
dollar-influenced currencies; -- our ability to successfully
conclude divestitures and restructuring transactions on a timely
basis and terms that are commercially acceptable; -- our ability to
introduce new products and to continue to develop our production
process; -- customers and market concentration; -- risks and
uncertainties attendant to doing business in numerous countries
that may be exposed to, or may have recently experienced, economic
or governmental instability; -- changes in economic or
technological trends; -- potential environmental claims, costs,
liabilities or other obligations; -- If we are unsuccessful in
obtaining tradable credits (CDM certificates) under the Clean
Development Mechanism as established by the Kyoto Protocol; we note
that the CDM processes and markets are new and are subject to
risks, some of which may not yet be known; -- And general
competitive and market factors on a global, regional and/or
national basis. Additional factors that might cause our future
actual results to differ materially from our recent results or
those projected in the forward-looking statements are set forth in
"Item 3. Key Information--Risk Factors" included in our Form 20-F
filed with the United States Securities and Exchange Commission
(SEC) on May 5, 2005, as updated in our submissions to the SEC from
time to time. We assume no obligation to update the forward-looking
statements or such risk factors. -0- *T 3rd Quarter, 2005
CONSOLIDATED INCOME STATEMENT ----------------------------- (IFRS)
-------------------------------------- ------ -------- ------
-------- (Million Euros) Q3 YTD Q3 YTD 2004 30/09/04 2005 30/09/05
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- SALES 1,213 3,570 1,238 3,831
-------------------------------------- ------ -------- ------
-------- Services & Other Revenues 87 325 85 330
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- EBITDA (recurring) 94 344 104 410
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Restructuring Costs excluding depreciation -23 -96
-16 -44 -------------------------------------- ------ --------
------ -------- -------------------------------------- ------
-------- ------ -------- Other operating income and expenses 0 1 4
-12 -------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Operating Income -32 -45 2 -12
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Net Financial Expenses -41 213 -78 -289
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Income Tax -21 -60 -4 -41
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Equity earnings in affiliates 1 -1
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Discontinued operations 53 244 -39 -49
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Minority Interests -5 -7 -1
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- Net Income -45 -75 -122 -391
-------------------------------------- ------ -------- ------
-------- -------------------------------------- ------ --------
------ -------- EPS (euro)(a) -0.14 -0.20 -0.19 -0.62
-------------------------------------- ------ -------- ------
-------- (a) calculated on a 314,776,294 shares basis as of the
Sept. 30, 2004 and 627,582,158 shares as of the Sept. 30, 2005
SIMPLIFIED CONSOLIDATED BALANCE SHEET
------------------------------------- (IFRS) -------------
------------ 31 June 05 30 Sept. 05 ------------- ------------
(Million Euros) -------------------------------------------
------------- ------------ Long term Assets 2,923 2,856
------------------------------------------- -------------
------------ -------------------------------------------
------------- ------------ Net Current Assets 830 644
------------------------------------------- -------------
------------ -------------------------------------------
------------- ------------ Total Net Assets 3,753 3,500
------------------------------------------- -------------
------------ -------------------------------------------
------------- ------------ Shareholders' Equity(a) -685 -780
------------------------------------------- -------------
------------ -------------------------------------------
------------- ------------ Current & Long Term Liabilities
1,792 1,747 -------------------------------------------
------------- ------------
------------------------------------------- -------------
------------ Consolidated Net Debt 2,646 2,533
------------------------------------------- -------------
------------ -------------------------------------------
------------- ------------ Total Net Liabilities 3,753 3,500
------------------------------------------- -------------
------------ (a) Minority Interests included (Million Euros) Q3 Q3
2004 Q3 2004 2005 % --------------------------------- ------
----------- ------ ---------- Restated(a)
--------------------------------- RHODIA (consolidated) (A) (B)
(B)/(A)-1 --------------------------------- ------ -----------
------ ---------- Sales 1,213 1,249 1,238 -0.9 %
--------------------------------- ------ ----------- ------
---------- Services & other revenues 87 87 85
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) 94 92 104 13.1 %
--------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales 7.7 % 7.4 % 8.4 %
--------------------------------- ------ ----------- ------
---------- EBIT -32 -32 2 --------------------------------- ------
----------- ------ ---------- ---------------------------------
NOVECARE --------------------------------- ------ -----------
------ ---------- Sales 230 222 226 1.5 %
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) 23 22 -5.8 %
--------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales 10.2 % 9.5 %
--------------------------------- ------ ----------- ------
---------- --------------------------------- SILCEA
--------------------------------- ------ ----------- ------
---------- Sales 182 182 204 11.8 %
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) 14 24 73.7 %
--------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales 7.5 % 11.3 %
--------------------------------- ------ ----------- ------
---------- --------------------------------- COATIS
--------------------------------- ------ ----------- ------
---------- Sales 123 137 137 0.0 %
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) -5 -3 -42.4 %
--------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales -3.8 % -2.2 %
--------------------------------- ------ ----------- ------
---------- --------------------------------- POLYAMIDE
--------------------------------- ------ ----------- ------
---------- Sales 400 435 408 -6.2 %
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) 45 46 1.6 %
--------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales 10.4 % 11.3 %
--------------------------------- ------ ----------- ------
---------- --------------------------------- ACETOW
--------------------------------- ------ ----------- ------
---------- Sales 104 110 104 -5.9 %
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) 27 26 -4.7 %
--------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales 24.6 % 24.9 %
--------------------------------- ------ ----------- ------
---------- (a) Restated : same perimeter and exchange rate
(conversion) ECO SERVICES --------------------------------- ------
----------- ------ ---------- Sales 54 54 56 2.7 %
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) 17 18 3.1 %
--------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales 31.6 % 31.7 %
--------------------------------- ------ ----------- ------
---------- --------------------------------- ORGANICS
--------------------------------- ------ ----------- ------
---------- Sales 84 85 78 -8.6 % ---------------------------------
------ ----------- ------ ---------- EBITDA (recurring) -1 5 -495.8
% --------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales -1.5 % 6.3 %
--------------------------------- ------ ----------- ------
---------- --------------------------------- RPS
--------------------------------- ------ ----------- ------
---------- Sales 52 52 52 0.5 % ---------------------------------
------ ----------- ------ ---------- EBITDA (recurring) -7 -8 16.1
% --------------------------------- ------ ----------- ------
---------- EBITDA margin on Sales -12.6 % -14.5 %
--------------------------------- ------ ----------- ------
---------- --------------------------------- CORPORATE & DIVERS
--------------------------------- ------ ----------- ------
---------- Autres chiffres d'affaires net des eliminations des
chiffres d'affaires inter-entreprises -17 -27 -25 -10.8 %
--------------------------------- ------ ----------- ------
---------- EBITDA (recurring) -21 -26 20.4 %
--------------------------------- ------ ----------- ------
---------- *T
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