- Sales decrease by €244 million to €6,093 million due mainly to lower prices
- Significant earnings decline due to competitive pressure in TDI business as well as startup costs for new plants
In 2015, sales to third parties in the Monomers division were down by €244 million to €6,093 million (volumes –1%, prices –10%, portfolio –1%, currencies 8%). This was predominantly a result of lower sales prices for polyamides and isocyanates due to lower raw material costs. The appreciation of currencies, especially the U.S. dollar, relative to the euro had a positive effect on sales.
Income from operations before special items declined considerably, largely influenced by lower margins for TDI. This came especially from slower growth in China and intense competitive pressure through newly expanded capacities on the market. Earnings were additionally weighed down by startup costs for new production plants.
In China, we began operations at the MDI complex in Chongqing and a polyamide-6 extrusion plant in Shanghai in 2015. The TDI production complex in Ludwigshafen, Germany, gradually began operations starting November 2015.