|Q3 2013||Q3 2014||Change||9M 2013||9M 2014||Change|
|EBITDA pre exceptionals||72||13.2||76||13.5||5.6||190||11.7||230||13.7||21.1|
|Operating result (EBIT) pre exceptionals||51||9.3||55||9.8||7.8||126||7.7||166||9.9||31.7|
|Operating result (EBIT)||51||9.3||51||9.1||0.0||86||5.3||149||8.9||73.3|
|Cash outflows for capital expenditures||24||8||(66.7)||77||36||(53.2)|
|Depreciation and amortization||21||21||0.0||70||64||(8.6)|
|Employees as of Sep. 30
(previous year: as of Dec. 31)
Sales in the Performance Chemicals segment rose by 2.7% in the third quarter, to €561 million. While sales were increased particularly by the 2.0% expansion of volumes, selling prices were just 0.6% above the prior-year level. The net impact of exchange rate and portfolio effects was not significant.
Overall, the segment’s volumes and selling prices were above the level of the prior-year quarter, although the individual business units trended differently. The Leather and Inorganic Pigments business units benefited particularly from a growth in volumes. The Rubber Chemicals and Functional Chemicals business units, in particular, raised selling prices. While the Rhein Chemie business unit in particular was held back by the slightly negative development of exchange rates, the Functional Chemicals business unit benefited from a positive portfolio effect from the acquisition of the phosphorus chemicals business of Thermphos France S.A.R.L., Epierre, France, in the previous year. Business expanded in the Asia-Pacific, North America and EMEA (excluding Germany) regions, while sales declined in Germany and Latin America.
EBITDA pre exceptionals came in at €76 million, €4 million or 5.6% above the prior-year figure of €72 million. This increase resulted particularly from the positive volume development. Earnings were improved by a positive price effect, slight cost relief from lower raw material purchase prices and favorable exchange rate developments. A positive currency effect on the cost base outweighed the slightly negative effect on sales due to geographical variations in the currency effects. Earnings were held back by higher manufacturing costs. In particular, the Inorganic Pigments and Rhein Chemie business units registered an improvement in earnings. The EBITDA margin pre exceptionals of 13.5% was above the figure of 13.2% posted for the prior-year quarter.
The segment had exceptional items of €4 million in the third quarter, with the entire amount impacting EBITDA. They mainly resulted from measures within the “Let’s LANXESS again” program.