- 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 |
2,846 |
3,057 |
–6.9% |
Novecare |
1,789 |
2,000 |
–11% |
Technology Solutions |
632 |
643 |
–1.7% |
Aroma Performance |
425 |
414 |
+2.8% |
EBITDA |
490 |
533 |
–8.1% |
EBITDA margin |
17.2% |
17.4% |
–0.2pp |
EBIT |
322 |
381 |
–15% |
EBIT margin |
11.3% |
12.5% |
–1.1% |
Capex in continuing operations |
(155) |
(158) |
+1.5% |
Cash conversion |
68.3% |
70.4% |
–2.1pp |
CFROI |
5.9% |
6.8% |
–0.9pp |
Research & innovation |
(94) |
(97) |
+2.7% |
Research & innovation intensity |
3.3% |
3.2% |
+0.1pp |
Net sales evolution
FY yoy net sales bridge (in € million)
Full year net sales were down -6.9% and -10% organically[7]. Prices were slightly up, and volumes declined -11% primarily linked to the challenging shale oil & gas conditions in North America and softer activity in mining in the second half. Aroma Performance sales were up on volumes, notably in natural vanillin, and prices.
Full year underlying EBITDA was down -8.1% and -12% organically[7]. The significant volume declines were mitigated by price increases and cost containment measures, particularly in Novecare, leading to stable EBITDA margin of 17%.
[7] 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