3RD QUARTER 2009
- Europe: Significantly lower sales; earnings decline primarily due to the lower contribution from Oil & Gas
- North America: drop in sales; earnings rise due to higher margins in Intermediates and Performance Polymers, as well as cost reduction measures
- Asia Pacific: sales relatively stable; earnings significantly higher than in the third quarter of 2008 due to lower fixed costs
- South America, Africa, Middle East: sales and earnings only slightly lower than in the third quarter of 2008
Sales in Europe were 23% lower in the third quarter of 2009 than in the same quarter of 2008. Earnings declined by €438 million to €822 million. Sales decreased in almost all segments. Only Performance Products recorded higher sales thanks to the acquisition of Ciba. The main reason for the decline in earnings in the region was the lower contribution to earnings from Oil & Gas, primarily due to the fall in oil prices.
Sales in North America dropped by 28% in dollar terms and by 25% in euro terms. Earnings, however, rose by €45 million to €107 million. Chemicals, Plastics and Functional Solutions posted lower sales. The increase in earnings in the region was primarily due to improved margins in Intermediates and Performance Polymers, as well as cost reduction measures; in addition, third-quarter earnings in 2008 were negatively affected by the impact of hurricanes.
Sales by companies in Asia Pacific declined by 6% in local currency terms and by 2% in euro terms. Higher sales in Performance Products as a result of the Ciba acquisition largely offset declines in Chemicals and Functional Solutions. Earnings in the region rose by €77 million to €206 million, among other things as a result of improved margins in Performance Polymers and cost reduction measures.
In South America, Africa, Middle East, sales were only 1% lower in local currency terms and 2% lower in euro terms than in the same period of 2008. Increased sales in Performance Products as a result of the Ciba acquisition compensated for the decrease in Functional Solutions. Earnings declined by €4 million to €113 million, primarily due to lower earnings in the Agricultural Solutions segment.
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Overview of regions (million €) |
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Sales |
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Sales |
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EBIT | ||||||
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2009 |
2008 |
Change |
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2009 |
2008 |
Change |
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2009 |
2008 |
Change |
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3rd Quarter |
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Europe |
7,343 |
9,484 |
(23) |
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6,958 |
8,875 |
(22) |
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822 |
1,260 |
(35) |
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Thereof Germany |
5,077 |
6,524 |
(22) |
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2,446 |
3,139 |
(22) |
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576 |
1,017 |
(43) |
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North America |
2,283 |
3,058 |
(25) |
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2,262 |
3,133 |
(28) |
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107 |
62 |
73 |
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Asia Pacific |
2,276 |
2,319 |
(2) |
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2,429 |
2,482 |
(2) |
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206 |
129 |
60 |
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South America, Africa, Middle East |
896 |
911 |
(2) |
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1,149 |
1,282 |
(10) |
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113 |
117 |
(3) |
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12,798 |
15,772 |
(19) |
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12,798 |
15,772 |
(19) |
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1,248 |
1,568 |
(20) |
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January – September |
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Europe |
22,646 |
29,445 |
(23) |
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21,351 |
27,854 |
(23) |
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2,315 |
4,976 |
(53) |
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Thereof Germany |
16,173 |
20,625 |
(22) |
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8,035 |
10,319 |
(22) |
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1,449 |
3,813 |
(62) |
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North America |
6,984 |
9,342 |
(25) |
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7,042 |
9,359 |
(25) |
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363 |
505 |
(28) |
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Asia Pacific |
5,751 |
6,908 |
(17) |
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6,258 |
7,434 |
(16) |
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452 |
583 |
(22) |
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South America, Africa, Middle East |
2,138 |
2,303 |
(7) |
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2,868 |
3,351 |
(14) |
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243 |
266 |
(9) |
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37,519 |
47,998 |
(22) |
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37,519 |
47,998 |
(22) |
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3,373 |
6,330 |
(47) |
