-
Sales increased by 9 % in
local currency to CHF 6.377 billion
-
EBITDA before exceptional items
improved significantly by 10 % in Swiss francs to
CHF 974 million
-
EBITDA margin before
exceptional items increased to 15.3 %
-
Operating cash flow was
CHF 428 million
-
Net income climbed by 15 %
to CHF 302 million
-
Proposed dividend increase of
11 % to CHF 0.50 per share
-
Outlook: continued progression
in profitability and operating cash flow generation
|
|
"Clariant delivered exemplary
top-line growth and absolute EBITDA improvement in 2017," said CEO
Hariolf Kottmann. "The results are particularly encouraging as all
Business Areas contributed to this expansion. Clariant continues to
consistently and successfully deliver on its strategy and is well
on track to achieve its goals. We are making progress based mainly
on our innovation and sustainability positioning. For 2018, we are
confident that we will further grow in local currency, operating
cash flow and profitability."
Key Financial Data
|
Fourth Quarter |
Full Year |
in CHF million |
2017 |
2016 |
% CHF |
% LC |
2017 |
2016 |
% CHF |
% LC |
Sales |
1 679 |
1 548 |
8 |
6 |
6 377 |
5 847 |
9 |
9 |
EBITDA before
exceptional items |
257 |
235 |
9 |
5 |
974 |
887 |
10 |
9 |
-
margin |
15.3 % |
15.2 % |
|
|
15.3 % |
15.2 % |
|
|
EBIT before
exceptional items |
|
|
|
|
673 |
622 |
8 |
7 |
- margin |
|
|
|
|
10.6 % |
10.6 % |
|
|
EBIT |
|
|
|
|
496 |
512 |
-3 |
-4 |
Net
income |
|
|
|
|
302 |
263 |
|
|
Operating cash
flow |
|
|
|
|
428 |
646 |
|
|
Number of
employees* |
|
|
|
|
18 135 |
17 442 |
|
|
* as of 31 December
Full Year 2017 -
Significant increase in sales and continued improvement in absolute
EBITDA
Muttenz, February 14, 2018 -
Clariant, a world leader in specialty chemicals, today announced
full year 2017 sales of CHF 6.377 billion compared to
CHF 5.847 billion in 2016. This corresponds to 9 %
growth in local currency driven by double-digit gains in Catalysis
and Natural Resources. The strong organic growth amounted to
6 %, driven by higher volume contributions by all Business
Areas.
For the full year, sales growth in
local currency was strongest in Asia, the Middle East & Africa
and Europe. Sales in Asia rose by 12 %, lifted by a remarkable
sales development in China, Southeast Asia and Japan. Sales growth
in the Middle East & Africa was 15 % and in Europe
7 %. Sales in North America also increased by 11 % mainly
driven by acquisitions. Latin American sales were flat, however,
showing signs of improvement in the second half of the year in an
ongoing challenging macroeconomic environment.
The improved sales performance for
the full year resulted from growth in all Business Areas. Both Care
Chemicals and Catalysis reported particularly strong expansion.
Sales in Care Chemicals rose by 8 % in local currency
supported by vigorous Consumer Care and Industrial Applications
businesses. Catalysis sales improved by an excellent 13 % with
positive contributions from all Business Lines.
Natural Resources sales
accelerated by 14 %, mainly lifted by the Kel-Tech and X-Chem
acquisitions in North America. Organic sales in Natural Resources
grew by 3 %, driven by the solid growth in Functional Minerals
and the beginning recovery of the Oil & Mining
Services business. In Plastics & Coatings, sales rose
by 5 % with sales expansion in all three Business Units and
particular strength in China.
EBITDA before exceptional items
rose by 10 % in Swiss francs and reached
CHF 974 million, compared to CHF 887 million in
the previous year. The absolute profitability improvement was
attributable to the positive developments in all Business
Areas.
The corresponding EBITDA margin
before exceptional items advanced to 15.3 %.
Net income climbed by 15 % in
Swiss francs to CHF 302 million from
CHF 263 million in the previous year. This increase was
supported by the improvement in absolute EBITDA before exceptional
items as well as lower finance costs which could offset the one-off
costs and higher tax expenses.
Operating cash flow declined to
CHF 428 million due to temporarily higher cash out for
one-off costs and higher net working capital as a result of brisk
demand late in the fourth quarter of 2017 and the anticipated
strong demand in the first quarter of 2018, especially in
Catalysis.
Net debt remained stable at
CHF 1.539 billion versus CHF 1.540 billion
recorded at year-end 2016.
The continued improvement in
performance allows the Board of Directors to propose a dividend of
CHF 0.50 per share to the Annual General Meeting. This sum
reflects an increase of 11 % compared to the previous year.
This distribution is proposed to be made from the capital
contribution reserve which is exempt from Swiss withholding
tax.
Fourth Quarter 2017 - Further
expansion in sales and profitability
In the fourth quarter of 2017,
sales rose by 6 % in local currency to
CHF 1.679 billion. This expansion resulted from sales
improvements in all Business Areas. Organic sales growth was
5 % in local currency.
Almost all regions contributed to
the growth. In Asia, sales in local currency grew by 10 % with
a continuous strong development in China. Sales in Europe increased
by 6 % in local currency and in the
Middle East & Africa by 11 % in local
currency. In the Americas, the picture was mixed. Though North
America was slightly negative, Latin America showed a notable
recovery and rose by a solid 7 % in local currency.
Sales in Care Chemicals climbed by
7 % in local currency mainly as a result of higher volumes
which were supported by some pricing improvements. Catalysis sales
moved up by 1 % due to forward product shifts from the fourth
to the third quarter. Natural Resources sales increased by 5 %
in local currency with positive contributions from both Functional
Minerals and the Oil & Mining Services businesses.
Plastics & Coatings sales accelerated by a good
8 % with all three Business Units contributing to the
growth.
EBITDA before exceptional items
climbed by 9 % in Swiss francs to CHF 257 million
from CHF 235 million in the previous year driven by the
improvement in Care Chemicals and Natural Resources as well as by a
continuing solid contribution from Plastics & Coatings. As a
result, the EBITDA margin before exceptional items on Group level
increased further to 15.3 % from 15.2 % in the previous
year.
Outlook -
Continued progression in growth, profitability improvement and
operating cash flow generation
Clariant expects the good economic
environment in mature markets, which represent a high comparable
base, to continue. Emerging markets are expected to be supportive
with Latin America showing signs of a recovery.
For 2018, Clariant is confident to
be able to achieve growth in local currency, as well as progression
in operating cash flow, absolute EBITDA and EBITDA margin before
exceptional items.
Clariant confirms its mid-term
target of reaching a position in the top tier of the specialty
chemicals industry. This corresponds to an EBITDA margin before
exceptional items in the range of 16 % to 19 % and a
return on invested capital (ROIC) above the peer group average.
Corporate Media Relations |
Investor Relations |
Jochen Dubiel
Phone +41 61 469 63 63
jochen.dubiel@clariant.com |
Anja Pomrehn
Phone +41 61 469 67 45
anja.pomrehn@clariant.com |
Thijs Bouwens
Phone +41 61 469 63 63
thijs.bouwens@clariant.com |
Maria Ivek
Phone +41 61 469 63 73
maria.ivek@clariant.com |
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FY 2017 Financial Review
FY 2017 Press Release EN
Sunliquid Presentation EN