Chemicals
Q3 2021
Sales1 in the Chemicals segment increased considerably compared with the third quarter of 2020. Both divisions recorded significant sales growth, especially Petrochemicals.
|
Chemicals |
Petrochemicals |
Intermediates |
|---|---|---|---|
Volumes |
12% |
15% |
8% |
Prices |
95% |
114% |
60% |
Portfolio |
0% |
–1% |
0% |
Currencies |
0% |
–1% |
2% |
Sales |
107% |
127% |
70% |
Considerably higher price levels were a primary driver of sales performance. The rise in prices was largely due to strong demand alongside low product availability and higher raw materials prices. Prices rose in all business areas of both divisions. The Petrochemicals division raised them particularly for steam cracker products, styrene monomers and acrylic monomers. Prices in the Intermediates division were raised considerably, especially in the butanediol and derivatives business and in the acids and polyalcohols business.
Sales growth was supported by a considerable increase in volumes due to strong demand. Volumes in the Petrochemicals division grew mainly in steam cracker products and styrene monomers, while Intermediates increased volumes primarily in the acids and polyalcohols business and in the butanediol and derivatives business. The segment’s sales volume development in the prior-year quarter had been significantly weighed down by the impact of the coronavirus pandemic and the unplanned outage at the steam cracker in Port Arthur, Texas.
Income from operations (EBIT) before special items1 was considerably above the level of the prior-year quarter. This was mainly due to the significantly higher earnings contribution from Petrochemicals, resulting primarily from increased margins, higher volumes and improved income from shareholdings accounted for using the equity method. The Intermediates division also significantly increased EBIT before special items. The primary growth drivers were improved margins in the butanediol and derivatives business and increased income from shareholdings accounted for using the equity method.
The decline in special items in the third quarter of 2021 was due primarily to the special charges for impairments in the prior-year quarter.
1 For sales, “slight” represents a change of 1%–5%, while “considerable” applies to changes of 6% and higher. “At prior-year level” indicates no change (+/–0%). For earnings, “slight” means a change of 1–10%, while “considerable” is used for changes of 11% and higher. “At prior-year level” indicates no change (+/–0%).
|
Q3 |
January–September |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
2021 |
2020 |
+/– |
2021 |
2020 |
+/– |
||||
Sales to third parties |
3,693 |
1,783 |
107% |
9,848 |
5,924 |
66% |
||||
of which Petrochemicals |
2,648 |
1,169 |
127% |
7,052 |
3,981 |
77% |
||||
Intermediates |
1,045 |
614 |
70% |
2,796 |
1,943 |
44% |
||||
Income from operations before depreciation, amortization and special items |
1,042 |
258 |
304% |
2,947 |
865 |
241% |
||||
Income from operations before depreciation and amortization (EBITDA) |
1,040 |
249 |
318% |
2,986 |
845 |
253% |
||||
Depreciation and amortizationa |
190 |
753 |
–75% |
550 |
1,197 |
–54% |
||||
Income from operations (EBIT) |
850 |
–504 |
. |
2,436 |
–352 |
. |
||||
Special items |
− |
–550 |
− |
38 |
–570 |
. |
||||
EBIT before special items |
850 |
46 |
. |
2,398 |
218 |
. |
||||
Assets (September 30) |
9,646 |
7,860 |
23% |
9,646 |
7,860 |
23% |
||||
Investments including acquisitionsb |
248 |
169 |
47% |
619 |
682 |
–9% |
||||
Research and development expenses |
22 |
23 |
–4% |
73 |
72 |
1% |
||||
|
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