Solid growth in Arkema's second-quarter results evidenced by
a strong EBITDA margin in a persistently challenging macroeconomic
environment.
Sales of €2.5 billion, up by 3.8%
year-on-year:
- Volumes up 4.7%, supported by improved momentum in certain
markets such as sports, batteries and energy, as well as in
industrial adhesives
- Negative 2.4% price effect, in line with the evolution of raw
material prices
EBITDA of €451 million, up 8.2% year-on-year, with
an EBITDA margin at 17.8% (17.1% in Q2'23):
- Good growth in most of the businesses - Adhesive Solutions,
High Performance Polymers, Fluorogases and the downstream of
Coating Solutions
- Performance Additives down compared with the prior year's high
comparison base and upstream acrylics still close to low cycle
conditions
Adjusted net income of €214 million, representing
€2.87 per share (€2.77 in Q2'23)
Recurring cash flow of €132 million (€145 million
in Q2’23), reflecting the tight management of working capital
Net debt of €3,270 million (€3,063 million at
end-March 2024), including hybrid bonds and representing
2.2x last-twelve-months EBITDA
Full-year 2024 guidance confirmed: the Group tightens its
2024 forecast range and aims to achieve a higher EBITDA
year-on-year, estimated at between €1.53 billion and €1.63 billion
(€1.5 billion in 2023).
Regulatory News:
Following Arkema's Board of Directors' meeting held on 31 July
2024 to approve the Group's condensed consolidated financial
statements for the first half of 2024, Chairman and CEO Thierry Le
Hénaff said:
"Arkema delivered a good financial performance in the second
quarter, highlighted by a strong EBITDA margin at 18% while the
economic environment remained challenging, in line with previous
quarters and with no clear signs of market recovery. Once again,
our teams mobilized to strictly manage costs and working capital,
and to successfully carry out our key industrial projects. Beyond
the figures, we are particularly pleased with the growth in
adhesives and in the Coating Solutions segment’s downstream
activities, as well as with the ramp-up of PIAM in Asia. We have
also made solid progress in the new polyamide 11 unit in
Singapore.
In the second half, our focus will remain on the completion or
ramp-up of our key projects and on the strict management of our
operations. The closing of the recent acquisition of Dow's flexible
packaging laminating adhesives business expected in the fourth
quarter will also constitute an important milestone for the Group.
At the end of the year, Arkema will have thus completed a unique
set of major attractive projects, most of them already fully
financed. Going into 2025, we will leverage those investments in
order to deliver significant earnings growth."
KEY FIGURES
in millions of euros
Q2'24 Q2'23 Change
H1'24 H1'23 Change Sales
2,536
2,442
+3.8%
4,877
4,966
-1.8%
EBITDA
451
417
+8.2%
801
784
+2.2% Specialty Materials
390
368
+6.0%
732
715
+2.4% Intermediates
84
69
+21.7%
123
118
+4.2% Corporate
-23
-20
-54
-49
EBITDA margin
17.8%
17.1%
16.4%
15.8%
Specialty Materials
17.2%
16.6%
16.5%
15.8%
Intermediates
33.1%
32.5%
29.9%
27.4%
Recurring operating income (REBIT)
302
285
+6.0%
504
519
-2.9%
REBIT margin
11.9%
11.7%
10.3%
10.5%
Adjusted net income
214
207
+3.4%
352
369
-4.6%
Adjusted net income per share (in €)
2.87
2.77
+3.6%
4.71
4.94
-4.7%
Recurring cash flow
132
145
-9.0%
72
124
-41.9%
Free cash flow
117
115
+1.7%
35
69
-49.3%
Net debt including hybrid bonds
3,270
2,645
3,270
2,645
€2,930m as of 31/12/2023
SECOND-QUARTER 2024 BUSINESS PERFORMANCE
At €2,536 million, the Group’s sales were up by
3.8% compared with second-quarter 2023. In light of the prior
year's baseline which was marked by destocking, volumes grew by
4.7% in a demand environment that remained subdued. They benefited
from improved momentum in certain markets such as batteries,
energy, consumer goods, sports and packaging, while the
construction market remains globally lackluster. The negative 2.4%
price effect reflects essentially the lower price of certain raw
materials and the 2.3% positive scope effect mainly corresponds to
the acquisition of PIAM in Advanced Materials. Limited at a
negative 0.8%, the currency effect is primarily linked to the
depreciation of the Argentine peso and Chinese yuan against the
euro.
With growth in each segment, Group EBITDA rose sharply by
8.2% to €451 million (€417 million in Q2'23), driven by
significant growth in the performance of industrial adhesives, High
Performance Polymers strengthened by PIAM's growing contribution,
Fluorogases and the downstream of Coating Solutions. Performance
Additives were down on the prior year's high comparison base,
impacted by several planned maintenance turnarounds in
Thiochemicals, while the upstream acrylics market remains close to
low cycle conditions. EBITDA is also beginning to benefit from the
ramp-up of the recent organic projects, to the tune of €15 million
over the quarter and €20 million over the first half of the year.
The Group's EBITDA margin grew and reached a very solid
level at 17.8% (17.1% in Q2'23), which highlights the
strength and resilience of the Group's portfolio of technologies
and solutions in a challenging economic context.
At €302 million, recurring operating income
(REBIT) was up 6.0% on the second quarter of 2023, including €149
million in recurring depreciation and amortization, up €17 million
year-on-year, mainly reflecting the consolidation of PIAM and the
start-up of new production units. REBIT margin in the second
quarter of 2024 thus amounted to 11.9% (11.7% in Q2’23).
Adjusted net income came to €214 million (€207
million in Q2’23), representing €2.87 per share, including a
tax rate, excluding exceptional items, of 22% of recurring
operating income.
CASH FLOW AND NET DEBT AT 30 JUNE 2024
At €132 million (€145 million in Q2'23), recurring
cash flow reflects the usual seasonality of business, as well
as higher capital expenditure in line with full-year guidance, with
recurring capital expenditure amounting to €170 million (€130
million in Q2'23). At end-June 2024, working capital remained well
controlled and represented 15.7% of annualized sales (16.9% at
end-June 2023).
Free cash flow amounted to €117 million (€115
million in Q2'23) and includes a non-recurring cash outflow of €15
million related in particular to start-up costs for the Singapore
platform.
The net cash outflow from portfolio management operations
of €20 million corresponds primarily to the acquisition of a
majority stake of nearly 78% in Proionic, and to costs associated
with the acquisition of Dow's flexible packaging laminating
adhesives business. In the prior year, portfolio management
operations generated a €69 million net cash outflow which
corresponded essentially to the acquisition of Polytec PT.
Net debt (including hybrid bonds) amounted to €3,270
million (€3,063 million at end-March 2024), including the
dividend payment of €3.50 per share for a total of €261 million.
The net debt to last-twelve-months EBITDA ratio stood at 2.2x.
SECOND QUARTER 2024 PERFORMANCE BY SEGMENT
ADHESIVE SOLUTIONS (28% OF TOTAL GROUP SALES)
in millions of euros
Q2'24 Q2'23 Change
Sales
706
692
+2.0% EBITDA
109
95
+14.7% EBITDA margin
15.4%
13.7%
Recurring operating income (REBIT)
88
75
+17.3% REBIT margin
12.5%
10.8%
At €706 million, sales of the Adhesive Solutions segment
increased 2.0% year-on-year. Volumes were up 5.1%, supported by
industrial adhesives, in particular in durable goods, packaging and
labeling, while the construction market stabilized at a low level
in a challenging market environment. The negative 2.9% price effect
reflects the lower price of certain raw materials, while the
currency effect was a negative 0.9%. The scope effect was limited
at a positive 0.7%, corresponding to the integration of Polytec PT
and Arc Building Products.
EBITDA was up sharply by 14.7% compared with
second-quarter 2023, reaching €109 million, with the
EBITDA margin improving by 170 bps to 15.4%. The
Adhesive Solutions segment thus maintained a good dynamic,
confirming all its potential. It benefited notably from the
integration of acquisitions and the development of related
synergies, the active management of its selling prices, cost
control, and the development of its high-performance solutions in
partnership with its customers. In the first half of the year, the
EBITDA margin of 15.4% crossed the 15% threshold for the first
time.
ADVANCED MATERIALS (36% OF TOTAL GROUP SALES)
in millions of euros
Q2'24 Q2'23 Change
Sales
918
912
+0.7% EBITDA
190
185
+2.7% EBITDA margin
20.7%
20.3%
Recurring operating income (REBIT)
103
117
-12.0%
REBIT margin
11.2%
12.8%
At €918 million, sales of the Advanced Materials
segment grew 0.7% year-on-year. Volumes were down 1.0%, reflecting
several planned maintenance turnarounds in Thiochemicals, but were
supported by positive momentum in High Performance Polymers in
Asia, notably in the battery, energy, medical and sports markets.
At negative 2.8%, the price effect reflects mainly the lower price
of certain raw materials. The positive 5.7% scope effect
corresponds to the integration of PIAM, and the currency effect
came in at a negative 1.2%.
At €190 million, the segment’s EBITDA was up 2.7%
year-on-year, supported by the progressive contribution of organic
projects, and the integration and ramp-up of PIAM. Performance
Additives were down on the prior year's high comparison base, in
line with the drop in volumes. In early June, the exceptional
flooding of the Danube led to a three-month shutdown of our German
organic peroxides facility for an impact on EBITDA estimated at
around €15 million, mainly in Q3’24. Moreover, the PA11 plant in
Singapore and the Nutrien HF site in the United States are now
operational and will start ramping up in the second half of the
year. The EBITDA margin rose by 40 bps in the quarter,
standing at a very good level at 20.7% (20.3% in Q2’23).
COATING SOLUTIONS (26% OF TOTAL GROUP SALES)
in millions of euros
Q2'24 Q2'23 Change
Sales
648
617
+5.0% EBITDA
91
88
+3.4% EBITDA margin
14.0%
14.3%
Recurring operating income (REBIT)
61
58
+5.2% REBIT margin
9.4%
9.4%
Coating Solutions sales came in at €648 million,
up 5.0% year-on-year, supported by a very strong 10.4% increase in
volumes relative to last year’s baseline marked by destocking. This
performance was driven by the segment’s downstream activities,
particularly in the industrial coatings market led by the
development of solutions focused on sustainability such as powders
and additives, and in the electronics and renewable energy markets.
Volumes were also up in upstream acrylics, notably in Europe. The
negative 5.9% price effect is attributable to the year-on-year
decrease of certain raw materials and less favorable market
conditions in upstream acrylics. The currency effect was a slightly
positive 0.5%.
Driven by the higher volumes in the segment's downstream
activities, EBITDA rose by 3.4% to €91 million (€88
million in Q2'23), benefiting from the contribution of Sartomer’s
organic project in China and from growth initiatives focused on
more sustainable and value-added solutions. In this environment,
the EBITDA margin stood at 14.0% (14.3% in
Q2'23).
INTERMEDIATES (10% OF TOTAL GROUP SALES)
in millions of euros
Q2'24 Q2'23 Change
Sales
254
212
+19.8% EBITDA
84
69
+21.7% EBITDA margin
33.1%
32.5%
Recurring operating income (REBIT)
74
57
+29.8% REBIT margin
29.1%
26.9%
At €254 million, sales in the Intermediates
segment were up 19.8% relative to second-quarter 2023, supported by
a positive 11.3% price effect reflecting mainly the good momentum
of refrigerant gases while market conditions for acrylics in China
remained challenging. Volumes increased by 9.9%, driven by higher
demand for the acrylics business in China. The currency effect was
a negative 1.4%.
Consequently, Intermediates EBITDA rose by 21.7% to
€84 million and the EBITDA margin remained at a very
good level at 33.1% (32.5% in Q2'23).
OUTLOOK FOR 2024
At the beginning of the third quarter, the macroeconomic context
remains in line with that of previous quarters, with no tangible
signs of a rebound in demand. In this environment, Arkema's teams
will continue to focus on the elements that are within their
control, in particular the strict management of operations and the
ramp-up of the major projects presented last September at the
Capital Markets Day. These projects are expected to contribute
around €60 million to EBITDA over the full year, of which €40
million is anticipated in the second half of the year.
In this context, Arkema confirms its full-year guidance and
tightens its range based on the results of the first six months.
The Group thus aims to achieve a higher EBITDA year-on-year in
2024, estimated at between €1.53 and €1.63 billion (€1.5 billion in
2023), depending on the evolution of macroeconomic conditions
(previously between €1.5 and €1.7 billion). Third-quarter EBITDA
should be slightly up compared with the prior year.
Finally, beyond the short-term priorities, the Group will
continue to implement its strategic roadmap, accelerating its
innovation efforts in partnership with its customers, and deploying
its portfolio of cutting-edge technologies to support the
development of solutions for a less carbon-intensive and more
sustainable world.
Further details concerning the Group's second-quarter 2024
results are provided in the "Second-quarter 2024 results and
outlook" presentation and the "Factsheet", both available on
Arkema's website at:
www.arkema.com/global/en/investor-relations/
REGULATORY INFORMATION
The half-year financial report for the six months ended 30 June
2024 is available on the Group’s website (www.arkema.com) under
Investors/Financials/Financial results.
FINANCIAL CALENDAR
6 November 2024: Publication of third-quarter 2024 results
27 February 2025: Publication of full-year results
DISCLAIMER
The information disclosed in this press release may contain
forward-looking statements with respect to the financial position,
results of operations, business and strategy of Arkema.
In a context of significant geopolitical tensions, where the
outlook for the global economy remains uncertain, the retained
assumptions and forward-looking statements could ultimately prove
inaccurate.
Such statements are based on management's current views and
assumptions that could ultimately prove inaccurate and are subject
to risk factors such as (but not limited to) changes in raw
material prices, currency fluctuations, the pace at which
cost-reduction projects are implemented, escalating geopolitical
tensions, and changes in general economic and financial conditions.
Arkema does not assume any liability to update such forward-looking
statements whether as a result of any new information or any
unexpected event or otherwise. Further information on factors which
could affect Arkema's financial results is provided in the
documents filed with the French Autorité des marchés
financiers.
Balance sheet, income statement and cash flow statement data, as
well as data relating to the statement of changes in shareholders'
equity and information by segment included in this press release
are extracted from the condensed half-yearly consolidated financial
statements for the period from 1 January to 30 June 2024, as
approved by Arkema's Board of Directors on 31 July 2024. Quarterly
financial information is not audited.
Information by segment is presented in accordance with Arkema's
internal reporting system used by management.
Details of the main alternative performance indicators used by
the Group are provided in the tables appended to this press
release. For the purpose of analyzing its results and defining its
targets, the Group also uses EBITDA margin, which corresponds to
EBITDA expressed as a percentage of sales, EBITDA equaling
recurring operating income (REBIT) plus recurring depreciation and
amortization of tangible and intangible assets, as well as REBIT
margin, which corresponds to recurring operating income (REBIT)
expressed as a percentage of sales.
For the purpose of tracking changes in its results, and
particularly its sales figures, the Group analyzes the following
effects (unaudited analyses):
scope effect: the impact of changes in
the Group's scope of consolidation, which arise from acquisitions
and divestments of entire businesses or as a result of the
first-time consolidation or deconsolidation of entities. Increases
or reductions in capacity are not included in the scope effect;
currency effect: the mechanical impact
of consolidating accounts denominated in currencies other than the
euro at different exchange rates from one period to another. The
currency effect is calculated by applying the foreign exchange
rates of the prior period to the figures for the period under
review;
price effect: the impact of changes in
average selling prices is estimated by comparing the weighted
average net unit selling price of a range of related products in
the period under review with their weighted average net unit
selling price in the prior period, multiplied, in both cases, by
the volumes sold in the period under review; and
volume effect: the impact of changes
in volumes is estimated by comparing the quantities delivered in
the period under review with the quantities delivered in the prior
period, multiplied, in both cases, by the weighted average net unit
selling price in the prior period.
Building on its unique set of expertise in materials science,
Arkema offers a portfolio of first-class technologies to
address ever-growing demand for new and sustainable materials. With
the ambition to become a pure player in Specialty Materials, the
Group is structured into three complementary, resilient and highly
innovative segments dedicated to Specialty Materials - Adhesive
Solutions, Advanced Materials, and Coating Solutions - accounting
for some 92% of Group sales in 2023, and a well-positioned and
competitive Intermediates segment. Arkema offers cutting-edge
technological solutions to meet the challenges of, among other
things, new energies, access to water, recycling, urbanization and
mobility, and fosters a permanent dialogue with all its
stakeholders. The Group reported sales of around €9.5 billion in
2023, and operates in some 55 countries with 21,100 employees
worldwide.
CONSOLIDATED INCOME STATEMENT 2nd quarter 2024
2nd quarter 2023 (In millions of euros)
Sales
2,536
2,442
Operating expenses
(1,965)
(1,900)
Research and development expenses
(68)
(66)
Selling and administrative expenses
(238)
(223)
Other income and expenses
(48)
(32)
Operating income
217
221
Equity in income of affiliates
(1)
(2)
Financial result
(15)
(16)
Income taxes
(52)
(51)
Net income
149
152
Attributable to non-controlling interests
4
0
Net income - Group share
145
152
Earnings per share (amount in euros)
1.94
2.03
Diluted earnings per share (amount in euros)
1.93
2.03
1st half 2024 1st half 2023 (In millions of euros)
Sales
4,877
4,966
Operating expenses
(3,838)
(3,922)
Research and development expenses
(137)
(136)
Selling and administrative expenses
(473)
(452)
Other income and expenses
(77)
(39)
Operating income
352
417
Equity in income of affiliates
(2)
(5)
Financial result
(33)
(35)
Income taxes
(88)
(92)
Net income
229
285
Attributable to non-controlling interests
5
1
Net income - Group share
224
284
Earnings per share (amount in euros)
2.93
3.73
Diluted earnings per share (amount in euros)
2.92
3.72
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2nd quarter 2024 2nd quarter 2023 (In millions of euros)
Net income
149
152
Hedging adjustments
12
(20)
Other items
0
-
Deferred taxes on hedging adjustments and other items
0
0
Change in translation adjustments
14
(53)
Other recyclable comprehensive income
26
(73)
Impact of remeasuring unconsolidated investments
(1)
-
Actuarial gains and losses
5
(3)
Deferred taxes on actuarial gains and losses
(1)
1
Other non-recyclable comprehensive income
3
(2)
Total income and expenses recognized directly in equity
29
(75)
Total comprehensive income
178
77
Attributable to non-controlling interest
(1)
(2)
Total comprehensive income - Group share
179
79
1st half 2024 1st half 2023 (In millions of euros)
Net income
229
285
Hedging adjustments
(3)
(38)
Other items
0
-
Deferred taxes on hedging adjustments and other items
0
2
Change in translation adjustments
71
(143)
Other recyclable comprehensive income
68
(179)
Impact of remeasuring unconsolidated investments
(1)
-
Actuarial gains and losses
18
(7)
Deferred taxes on actuarial gains and losses
(4)
1
Other non-recyclable comprehensive income
13
(6)
Total income and expenses recognized directly in equity
81
(185)
Total comprehensive income
310
100
Attributable to non-controlling interest
(6)
(1)
Total comprehensive income - Group share
316
101
INFORMATION BY SEGMENT 2nd
quarter 2024 (In millions of euros)
Adhesive Solutions
Advanced Materials Coating Solutions
Intermediates Corporate Total
Sales
706
918
648
254
10
2,536
EBITDA
109
190
91
84
(23)
451
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(21)
(87)
(30)
(10)
(1)
(149)
Recurring operating income (REBIT)
88
103
61
74
(24)
302
Depreciation and amortization related to the revaluation of
property, plant and equipment and intangible assets as part of the
allocation of the purchase price of businesses
(26)
(10)
(1)
-
-
(37)
Other income and expenses
(11)
(28)
0
(1)
(8)
(48)
Operating income
51
65
60
73
(32)
217
Equity in income of affiliates
-
(1)
-
-
-
(1)
Intangible assets and property, plant, and equipment
additions
16
113
28
4
9
170
Of which: recurring capital expenditure
16
113
28
4
9
170
2nd quarter 2023 (In millions of euros)
Adhesive
Solutions Advanced Materials Coating Solutions
Intermediates Corporate Total
Sales
692
912
617
212
9
2,442
EBITDA
95
185
88
69
(20)
417
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(20)
(68)
(30)
(12)
(2)
(132)
Recurring operating income (REBIT)
75
117
58
57
(22)
285
Depreciation and amortization related to the revaluation of
property, plant and equipment and intangible assets as part of the
allocation of the purchase price of businesses
(26)
(3)
(3)
-
-
(32)
Other income and expenses
(5)
(26)
0
0
(1)
(32)
Operating income
44
88
55
57
(23)
221
Equity in income of affiliates
-
(2)
-
-
-
(2)
Intangible assets and property, plant, and equipment
additions
18
85
25
5
2
135
Of which: recurring capital expenditure
18
80
25
5
2
130
INFORMATION BY SEGMENT
End of June 2024 (In millions
of euros)
Adhesive Solutions Advanced Materials
Coating Solutions Intermediates Corporate
Total Sales
1,386
1,796
1,263
412
20
4,877
EBITDA
214
352
166
123
(54)
801
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(44)
(169)
(61)
(20)
(3)
(297)
Recurring operating income (REBIT)
170
183
105
103
(57)
504
Depreciation and amortization related to the revaluation of
property, plant and equipment and intangible assets as part of the
allocation of the purchase price of businesses
(53)
(19)
(3)
-
-
(75)
Other income and expenses
(16)
(51)
0
(1)
(9)
(77)
Operating income
101
113
102
102
(66)
352
Equity in income of affiliates
-
(2)
-
-
-
(2)
Intangible assets and property, plant, and equipment
additions*
27
176
43
11
12
269
Of which: recurring capital expenditure*
27
176
43
11
12
269
*Includes a correction related to Q1’24 data resulting from
a transfer of figures between Coating Solutions and Intermediates
End of June 2023 (In millions
of euros)
Adhesive Solutions Advanced Materials
Coating Solutions Intermediates Corporate
Total Sales
1,390
1,849
1,278
430
19
4,966
EBITDA
188
345
182
118
(49)
784
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(41)
(135)
(61)
(25)
(3)
(265)
Recurring operating income (REBIT)
147
210
121
93
(52)
519
Depreciation and amortization related to the revaluation of
property, plant and equipment and intangible assets as part of the
allocation of the purchase price of businesses
(51)
(8)
(4)
-
-
(63)
Other income and expenses
(12)
(16)
(1)
0
(10)
(39)
Operating income
84
186
116
93
(62)
417
Equity in income of affiliates
-
(5)
-
-
-
(5)
Intangible assets and property, plant, and equipment
additions
33
137
39
8
7
224
Of which: recurring capital expenditure
33
125
39
8
7
212
CONSOLIDATED CASH FLOW STATEMENT
End of June 2024
End of June 2023 (In
millions of euros)
Operating cash flows Net
income
229
285
Depreciation, amortization and impairment of assets
382
334
Other provisions and deferred taxes
23
(26)
(Gains)/losses on sales of long-term assets
4
(28)
Undistributed affiliate equity earnings
3
5
Change in working capital
(279)
(164)
Other changes
18
11
Cash flow from operating activities
380
417
Investing cash flows Intangible assets and
property, plant, and equipment additions
(269)
(224)
Change in fixed asset payables
(50)
(124)
Acquisitions of operations, net of cash acquired
(29)
(65)
Increase in long-term loans
(55)
(33)
Total expenditures
(403)
(446)
Proceeds from sale of intangible assets and property, plant,
and equipment
3
7
Change in fixed asset receivables
(2)
-
Proceeds from sale of operations, net of cash transferred
-
32
Proceeds from sale of unconsolidated investments
-
-
Repayment of long-term loans
16
20
Total divestitures
17
59
Cash flow from investing activities
(386)
(387)
Financing cash flows Issuance (repayment) of
shares and paid-in surplus
-
0
Purchase of treasury shares
(14)
(23)
Issuance of hybrid bonds
399
-
Redemption of hybrid bonds
-
-
Dividends paid to parent company shareholders
(261)
(253)
Interest paid to bearers of subordinated perpetual notes
(5)
(5)
Dividends paid to non-controlling interests and buyout of minority
interests
(1)
(2)
Variation des dividendes à payer
-
-
Increase in long-term debt
3
396
Decrease in long-term debt
(750)
(42)
Increase / (Decrease) in short-term debt
685
(34)
Cash flow from financing activities
56
37
Net increase/(decrease) in cash and cash equivalents
50
67
Effect of exchange rates and changes in scope
(1)
7
Cash and cash equivalents at beginning of period
2,045
1,592
Cash and cash equivalents at end or the period
2,094
1,666
CONSOLIDATED BALANCE SHEET 30 June 2024 31
December 2023 (In millions of euros)
ASSETS Goodwill
3,061
3,040
Intangible assets, net
2,400
2,416
Property, plant and equipment, net
3,787
3,730
Equity affiliates: investments and loans
10
13
Other investments
56
52
Deferred tax assets
151
157
Other non-current assets
294
251
TOTAL NON-CURRENT ASSETS
9,759
9,659
Inventories
1,361
1,208
Accounts receivable
1,539
1,261
Other receivables and prepaid expenses
191
170
Income tax receivables
135
142
Other current financial assets
12
32
Cash and cash equivalents
2,094
2,045
Assets held for sale
-
-
TOTAL CURRENT ASSETS
5,332
4,858
TOTAL ASSETS
15,091
14,517
LIABILITIES AND SHAREHOLDERS' EQUITY
Share capital
750
750
Paid-in surplus and retained earnings
6,690
6,304
Treasury shares
(34)
(21)
Translation adjustments
252
170
SHAREHOLDERS' EQUITY - GROUP SHARE
7,658
7,203
Non-controlling interests
246
252
TOTAL SHAREHOLDERS' EQUITY
7,904
7,455
Deferred tax liabilities
454
436
Provisions for pensions and other employee benefits
379
397
Other provisions and non-current liabilities
445
416
Non-current debt
3,038
3,734
TOTAL NON-CURRENT LIABILITIES
4,316
4,983
Accounts payable
1,114
1,036
Other creditors and accrued liabilities
417
392
Income tax payables
87
83
Other current financial liabilities
27
27
Current debt
1,226
541
Liabilities related to assets held for sale
-
-
TOTAL CURRENT LIABILITIES
2,871
2,079
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
15,091
14,517
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS’ EQUITY Shares issued Treasury
shares Shareholders' equity - Group share
Non-controlling interests Shareholders' equity (In
millions of euros)
Number Amount Paid-in
surplus Hybrid bonds Retained earnings
Translation adjustments Number Amount At 1
January 2024
75,043,514
750
1,067
700
4,537
170
(228,901)
(21)
7,203
252
7,455
Cash dividend
-
-
-
-
(266)
-
-
-
(266)
(1)
(267)
Issuance of share capital
-
-
-
-
-
-
-
-
-
-
-
Capital decrease by cancellation of treasury shares
-
-
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
-
-
(150,070)
(14)
(14)
-
(14)
Cancellation of purchased treasury shares
-
-
-
-
-
-
-
-
-
-
-
Grants of treasury shares to employees
-
-
-
-
(1)
-
12,601
1
-
-
-
Sale of treasury shares
-
-
-
-
-
-
-
-
-
-
-
Share-based payments
-
-
-
-
16
-
-
-
16
-
16
Issuance of hybrid bonds
-
-
-
400
(1)
-
-
-
399
-
399
Redemption of hybrid bonds
-
-
-
-
-
-
-
-
-
-
-
Other
-
-
-
-
4
-
-
-
4
1
5
Transactions with shareholders
-
-
-
400
(248)
-
(137,469)
(13)
139
-
139
Net income
-
-
-
-
224
-
-
-
224
5
229
Total income and expense recognized directly through equity
-
-
-
-
10
82
-
-
92
(11)
81
Comprehensive income
-
-
-
-
234
82
-
-
316
(6)
310
At 30 June 2024
75,043,514
750
1,067
1,100
4,523
252
(366,370)
(34)
7,658
246
7,904
ALTERNATIVE PERFORMANCE INDICATORS To monitor and
analyse the financial performance of the Group and its activities,
the Group management uses alternative performance indicators. These
are financial indicators that are not defined by the IFRS. This
note presents a reconciliation of these indicators and the
aggregates from the consolidated financial statements under IFRS.
RECURRING OPERATING INCOME (REBIT) AND EBITDA
(In millions of euros)
End of June
2024 End of June
2023 OPERATING INCOME
352
417
217
221
- Depreciation and amortization related to the revaluation of
tangible and intangible assets as part of the allocation of the
purchase price of businesses
(75)
(63)
(37)
(32)
- Other income and expenses
(77)
(39)
(48)
(32)
RECURRING OPERATING INCOME (REBIT)
504
519
302
285
- Recurring depreciation and amortization of tangible and
intangible assets
(297)
(265)
(149)
(132)
EBITDA
801
784
451
417
Details of depreciation and
amortization of tangible and intangible assets:
(In millions of euros)
End of June
2024 End of June
2023 Depreciation and amortization of tangible
and intangible assets
(382)
(334)
(193)
(170)
Of which: Recurring depreciation and amortization of tangible and
intangible assets
(297)
(265)
(149)
(132)
Of which: Depreciation and amortization related to the revaluation
of assets as part of the allocation of the purchase price of
businesses
(75)
(63)
(37)
(32)
Of which: Impairment included in other income and expenses
(10)
(6)
(7)
(6)
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER
SHARE (In millions of euros)
End of June 2024 End
of June 2023 NET INCOME - GROUP SHARE
224
284
145
152
- Depreciation and amortization related to the revaluation of
tangible and intangible assets as part of the allocation of the
purchase price of businesses
(75)
(63)
(37)
(32)
- Other income and expenses
(77)
(39)
(48)
(32)
- Other income and expenses - Non-controlling interests
-
-
-
-
- Taxes on depreciation and amortization related to the revaluation
of assets as part of the allocation of the purchase price of
businesses
16
13
7
7
- Taxes on other income and expenses
12
8
11
4
- One-time tax effects
(4)
(4)
(2)
(2)
ADJUSTED NET INCOME
352
369
214
207
- Weighted average number of ordinary shares
74,748,618
74,716,206
-
-
- Weighted average number of potential ordinary shares
75,043,514
75,043,514
-
-
ADJUSTED EARNINGS PER SHARE (in euros)
4.71
4.94
2.87
2.77
DILUTED ADJUSTED EARNINGS PER SHARE (in euros)
4.69
4.92
2.85
2.76
RECURRING CAPITAL EXPENDITURE (In
millions of euros)
End of June
2024 End of June
2023 INTANGIBLE ASSETS AND PROPERTY, PLANT,
AND EQUIPMENT ADDITIONS
269
224
170
135
- Exceptional capital expenditure
-
12
-
5
- Investments relating to portfolio management operations
-
-
-
-
- Capital expenditure with no impact on net debt
-
-
-
-
RECURRING CAPITAL EXPENDITURE
269
212
170
130
CASH FLOWS (In millions of euros)
End of June 2024
End of June 2023 Cash
flow from operating activities
380
417
295
274
+ Cash flow from investing activities
(386)
(387)
(198)
(228)
NET CASH FLOW
(6)
30
97
46
- Net cash flow from portfolio management operations
(41)
(39)
(20)
(69)
FREE CASH FLOW
35
69
117
115
Exceptional capital expenditure
-
(12)
-
(5)
- Non-recurring cash flow
(37)
(43)
(15)
(25)
RECURRING CASH FLOW
72
124
132
145
- Recurring capital expenditure
(269)
(212)
(170)
(130)
OPERATING CASH FLOW
341
336
302
275
Operating Cash Flow corresponds to the recurring cash flow
before recurring capital expenditure The net cash flow from
portfolio management operations corresponds to the impact of
acquisition and divestment operations. Non-recurring cash flow
corresponds to cash flow from other income and expenses.
NET DEBT (In millions of euros)
End of June 2024 End
of December 2023 Non-current debt
3,038
3,734
+ Current debt
1,226
541
- Cash and cash equivalents
2,094
2,045
NET DEBT
2,170
2,230
+ Hybrid bonds
1,100
700
NET DEBT AND HYBRID BONDS
3,270
2,930
WORKING CAPITAL (In millions of euros)
End of June 2024
End of December 2023
Inventories
1,361
1,208
+ Accounts receivable
1,539
1,261
+ Other receivables including income taxes
326
312
+ Other current financial assets
12
32
- Accounts payable
1,114
1,036
- Other liabilities including income taxes
504
475
- Other current financial liabilities
27
27
WORKING CAPITAL
1,593
1,275
CAPITAL EMPLOYED (In millions of euros)
End of June 2024
End of December 2023
Goodwill, net
3,061
3,040
+ Intangible assets (excluding goodwill), and property, plant and
equipment, net
6,187
6,146
+ Investments in equity affiliates
10
13
+ Other investments and other non-current assets
350
303
+ Working capital
1,593
1,275
CAPITAL EMPLOYED
11,201
10,777
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731856479/en/
Investor relations: Béatrice Zilm +33 (0)1 49 00 75 58
beatrice.zilm@arkema.com Peter Farren +33 (0)1 49 00 73 12
peter.farren@arkema.com Mathieu Briatta +33 (0)1 49 00 72 07
mathieu.briatta@arkema.com Alexis Noël +33 (0)1 49 00 74 37
alexis.noel@arkema.com Media: Gilles Galinier +33 (0)1 49 00 70 07
gilles.galinier@arkema.com Anne Plaisance +33 (0)6 81 87 48 77
anne.plaisance@arkema.com
Alikem (TSX:AKE)
過去 株価チャート
から 7 2024 まで 8 2024
Alikem (TSX:AKE)
過去 株価チャート
から 8 2023 まで 8 2024