Business review

In the Chemicals segment, sales to third parties declined by €893 million to €16,994 million on account of lower prices and negative currency effects (volumes 0%, prices –3%, currencies –2%). Income from operations before special items rose by €11 million to €2,182 million. This was largely attributable to a considerable earnings increase in the Petrochemicals division, which more than compensated for the margin-related decline in the Monomers division. Income from operations in the segment fell by €87 million to €2,086 million. Special charges arose from the impairment of a plant.

We strive to slightly increase sales in 2014. In the Petrochemicals and Monomers divisions, we anticipate slight sales growth. Sales in the Intermediates division are likely to rise considerably. We expect higher sales volumes in the Monomers division, particularly for isocyanates, while the startup of new plants will contribute to sales growth in the Petrochemicals division. We forecast higher demand in the Intermediates division from the following key industries: automotive, crop protection and textile fibers. Overall, income from operations before special items is expected to be slightly below the 2013 level due to startup costs for several plants that will begin operations.

Sales – Chemicals (million €)
Chemicals – Sales (bar chart)Enlarge image
Sales by division
Chemicals – Sales by division (pie chart)Enlarge image
Factors influencing sales – Chemicals
 
Chemicals – Factors influencing sales (bar chart)Enlarge image
Income from operations before special items – Chemicals (million €)
Chemicals – Income from operations (bar chart)Enlarge image
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Segment data Chemicals (million €)

 

 

2013

2012

Change in %

Sales to third parties

 

16,994

17,887

(5)

Thereof Petrochemicals

 

7,785

8,260

(6)

Monomers

 

6,385

6,772

(6)

Intermediates

 

2,824

2,855

(1)

Intersegmental transfers

 

6,388

5,947

7

Sales including intersegmental transfers

 

23,382

23,834

(2)

Income from operations before depreciation and amortization (EBITDA)

2,956

3,021

(2)

EBITDA margin

%

17.4

16.9

Income from operations (EBIT) before special items

2,182

2,171

1

Income from operations (EBIT)

2,086

2,173

(4)

Income from operations (EBIT) after cost of capital

917

1,040

(12)

Assets

 

10,908

10,559

3

Research and development expenses

 

178

184

(3)

Additions to property, plant and equipment and intangible assets

 

1,958

1,324

48