- Index
- 14 NOTE B14 Advanced Materials
- 15 NOTE B15 Advanced Formulations
- 16 NOTE B16 Performance Chemicals
- 17 NOTE B17 Corporate & Business Services
in € million |
FY 2019 |
FY 2018 PF |
% yoy |
Net sales |
4,512 |
4,385 |
+2.9% |
Specialty Polymers |
1,927 |
2,009 |
–4.1% |
Composite Materials |
1,272 |
1,082 |
+18% |
Special Chem |
864 |
852 |
+1.4% |
Silica |
449 |
442 |
+1.5% |
EBITDA |
1,143 |
1,225 |
–6.7% |
EBITDA margin |
25.3% |
27.9% |
–2.6pp |
EBIT |
801 |
897 |
–11% |
EBIT margin |
17.8% |
20.5% |
–2.7% |
Capex in continuing operations |
(375) |
(379) |
+1.0% |
Cash conversion |
67.2% |
69.1% |
–1.9pp |
CFROI |
8.9% |
9.9% |
–1.1pp |
Research & innovation |
(157) |
(171) |
+8.5% |
Research & innovation intensity |
3.5% |
3.9% |
–0.4pp |
Net sales evolution
FY yoy net sales bridge (in €million)
Full year net sales increased by +2.9% overall and by +0.3% organically[6]. Lower volumes in Specialty Polymers’ automotive and electronics markets were offset by double-digit growth in Composite Material’s for aerospace. Prices were up across the segment.
Full year underlying EBITDA was down -6.7% and -9.3% organically[6]. Higher prices, as well as cost containment and productivity measures only partly offset the higher cost base, resulting primarily from destocking and the effect of expanded production capabilities in Composite Materials. The one-time pension-related synergy benefit of €19 million, booked in the second quarter of 2018, had a -1.5% impact on the 2019 full year EBITDA. The EBITDA margin was down -2.6pp at 25%.
[6] Organic growth excludes forex conversion and scope effects, as well as the effect from the implementation of IFRS 16. Reported growth compares to the published 2018 pro forma figures, adjusted for the implementation of IFRS 16.