- Sales growth in both operating divisions
- Higher sales prices in several business areas
- Decline in earnings due to lower contribution from TDI business
3rd Quarter 2011
Sales in the Plastics segment improved compared with the previous third quarter. Significant price increases in several business areas compensated for negative currency effects. Volumes were slightly above the very high level of the third quarter of 2010; capacity utilization rates at our plants were good (volumes 2%, prices 10%, currencies –4%). The lower contribution from the TDI business led to a decline in income from operations before special items compared with the very good third quarter of 2010.
Performance Polymers
Sales in the Performance Polymers division grew in comparison with the previous third quarter. Higher prices supported sales growth; however, currency effects had a negative influence on sales development. Demand for our products improved in all business areas. Capacity utilization rates at our plants continued to be good. With higher margins and increased volumes in some areas, especially intermediates and engineering plastics, we were able to surpass the earnings level of the strong third quarter of 2010.
Polyurethanes
Sales in the Polyurethanes division increased year-on-year, mainly as a result of higher prices. Almost all business areas developed positively, particularly specialties and system houses; however, better availability on the market led to a decrease in TDI prices. Demand from the automotive industry grew, while sales volumes weakened for our products for the construction industry. Due to lower contributions from the TDI business, we were unable to match the very good earnings level of the previous third quarter.
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Segment data Plastics (million €) |
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|
3rd Quarter |
|
January – September | ||||
|---|---|---|---|---|---|---|---|
|
|
2011 |
2010 |
Change in % |
|
2011 |
2010 |
Change in % |
|
Sales to third parties |
2,801 |
2,598 |
8 |
|
8,417 |
7,379 |
14 |
|
Thereof Performance Polymers |
1,321 |
1,140 |
16 |
|
3,960 |
3,301 |
20 |
|
Polyurethanes |
1,480 |
1,458 |
2 |
|
4,457 |
4,078 |
9 |
|
Income from operations before depreciation and amortization (EBITDA) |
418 |
479 |
(13) |
|
1,398 |
1,321 |
6 |
|
Income from operations (EBIT) before special items |
317 |
371 |
(15) |
|
1,093 |
999 |
9 |
|
Income from operations (EBIT) |
315 |
371 |
(15) |
|
1,091 |
998 |
9 |
|
Assets |
5,413 |
5,112 |
6 |
|
5,413 |
5,112 |
6 |
|
Research expenses |
39 |
34 |
15 |
|
112 |
106 |
6 |
|
Additions to property, plant and equipment and intangible assets |
74 |
57 |
30 |
|
165 |
153 |
8 |
