Chemicals 1st Quarter 2018 Sales in the Chemicals segment slightly exceeded the figure for the prior-year quarter. This was largely due to higher prices in the Monomers and Intermediates divisions as well as volumes growth in the Petrochemicals division. Sales were however significantly weighed down by currency effects, mainly relating to the U.S. dollar. We considerably increased income from operations (EBIT) before special items compared with the first quarter of 2017 as a result of higher margins and volumes. Factors influencing sales, Chemicals1st quarter 2018 Petrochemicals The Petrochemicals division posted considerable year-on-year sales growth. This was driven by strong demand in Europe, which we were able to meet since the supply of raw materials through the North Harbor was no longer restricted, enabling higher plant capacity utilization in Ludwigshafen, Germany. Sales were dampened by negative currency effects. EBIT before special items was down considerably on the strong prior-year figure, primarily due to lower margins. Significantly lower steam cracker margins in all regions contrasted with higher margins for acrylic monomers, plasticizers and oxo alcohols, particularly in Europe. Monomers We recorded slight sales growth in the Monomers division compared with the first quarter of 2017. This was attributable to higher prices, especially for isocyanates and polyamides. By contrast, currency effects had a negative impact on sales. Sales volumes also declined significantly as a result of plant shutdowns. EBIT before special items rose considerably. This was mainly due to higher margins, in particular for isocyanates. Intermediates In the Intermediates division, sales rose slightly as against the prior-year quarter on the back of higher prices and volumes. We achieved higher prices, particularly for butanediol and derivatives as well as acids and polyalcohols. Volumes rose in Asia and Europe, while our delivery capabilities in North America were negatively impacted by weather-related plant shutdowns at the beginning of 2018, especially in the butanediol value chain. Sales were dampened by currency effects and the sale of the Evans City site in Pennsylvania in 2017. EBIT before special items rose considerably due to improved margins. (XLS:) Download Segment data Chemicals (million €) 1st quarter 2018 2017 Change in % 1 Amortization of intangible assets and depreciation of property, plant and equipment (including impairments and reversals of impairments) 2 Additions to intangible assets and property, plant and equipment Sales to third parties 4,286 4,105 4 of which Petrochemicals 1,779 1,654 8 Monomers 1,723 1,699 1 Intermediates 784 752 4 Income from operations before depreciation and amortization (EBITDA) 1,386 1,239 12 Amortization and depreciation1 260 265 (2) Income from operations (EBIT) 1,126 974 16 Special items (8) 16 . EBIT before special items 1,134 958 18 Assets (March 31) 13,141 13,468 (2) Investments including acquisitions2 191 183 4 Research and development expenses 31 29 7 back forward
