in € million

 

FY 2018

 

FY 2017

 

% yoy

Net sales

 

2,808

 

2,766

 

+1.5%

Soda Ash & Derivatives

 

1,562

 

1,629

 

(4.1)%

Peroxides

 

654

 

600

 

+8.9%

Coatis

 

509

 

410

 

+24%

Functional Polymers

 

82

 

126

 

(35)%

EBITDA

 

729

 

749

 

(2.7)%

EBITDA margin

 

26.0%

 

27.1%

 

(1.1)pp

EBIT

 

552

 

566

 

(2.4)%

EBIT margin

 

19.7%

 

20.4%

 

(0.8)%

Capex from continuing operations

 

(149)

 

(152)

 

+1.8%

Cash conversion

 

79.5%

 

79.7%

 

(0.2)pp

CFROI

 

8.3%

 

8.4%

 

(0.1)pp

Research & innovation

 

(27)

 

(29)

 

+6.5%

Research & innovation intensity

 

1.0%

 

1.0%

 

(0.1)pp

Net sales evolution
FY yoy net sales bridge (in €million)

Performance Chemicals – Net sales evolution (bar chart)

Net sales in the segment were +1.5% higher driven by price and volume increases, which more than offset forex conversion. Organically sales grew by +6.0% in the year, with the second half stronger than the first half.

Demand remained solid in Soda Ash & Derivatives throughout the year. Soda ash volumes were slightly down, mainly due to logistic issues at the start of the year. Average soda ash prices were slightly lower year on year as expected, but improved in the second half. Bicarbonate volumes grew, mainly for flue gas treatment in the U.S.

Peroxides delivered strong volume growth globally, complemented by higher prices in Asia. The contribution from the HPPO plants supported the growth.

Record results for the Coatis business, with double-digit sales growth driven by higher volumes and prices. Both domestic demand in Latin America and exports improved, benefiting from Brazilian real depreciation.

Functional Polymers volumes were stable overall.

Underlying EBITDA dropped -2.7% due to forex conversion. Organically it rose +1.6% thanks to volume growth in Peroxides and Coatis and a higher contribution of the PVC joint venture in Russia and the peroxide joint venture in Latin America. Net pricing was stable, as the anticipated margin squeeze in soda ash was offset by the pricing power in Peroxides and Coatis. Overall, the performance of the segment was better than anticipated, resulting in overall EBITDA margin narrowing -1.1 percentage point to 26% for the year.