04.05.2016
Evonik Industries AG DE000EVNK013
DGAP-News: Evonik Industries AG: A solid first quarter - Outlook for 2016 confirmed
DGAP-News: Evonik Industries AG / Key word(s): Quarter Results
Evonik Industries AG: A solid first quarter - Outlook for 2016 confirmed
04.05.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Embargoed until: May 4, 2016, 7 a.m.
May 4, 2016
Key Financial Data:
January 1 to March 31, 2016 / Q1 2016
A solid first quarter-Outlook for 2016 confirmed
- Adjusted net income EUR254 million
- Adjusted EBITDA EUR565 million
- Adjusted EBITDA margin at a very good level of 18.2 percent
- Sales EUR3.1 billion
Essen. Evonik did well in the first quarter in challenging business
conditions. "Following an exceptionally strong performance in 2015, our
earnings are now back in line with the good level of the preceding years.
Our business is still doing well and our products are in demand in the
market," said Klaus Engel, Chairman of the Executive Board of Evonik
Industries.
The Resource Efficiency segment posted a pleasing development: While sales
were steady it was able to raise earnings. In the Nutrition & Care segment,
lower volumes and declining world market prices resulted in a drop in both
sales and earnings. Lower selling prices, mainly as a result of a reduction
in raw material costs, also held back the development of the Performance
Materials segment.
Overall, the Evonik Group's sales contracted by 9 percent to EUR3,106
million (Q1 2015: EUR3,425 million). While demand for Evonik products was
stable overall, selling prices declined by 7 percentage points.
Adjusted EBITDA was EUR565 million, 13 percent lower than in the
exceptionally strong prior-year period (Q1 2015: EUR650 million). The
adjusted EBITDA margin remained very good at 18.2 percent, compared with
19.0 percent in the prior-year period. Adjusted EBIT fell 20 percent to
EUR389 million. Adjusted net income was EUR254 million in the first
quarter, down 21 percent from EUR320 million in the first quarter of 2015.
Net income declined 6 percent to EUR240 million (Q1 2015: EUR256 million).
Capital expenditures for property, plant and equipment were EUR160 million
in the first quarter of 2016, 15 percent below the prior-year level of
EUR189 million. In the first quarter of 2016, the free cash flow was EUR161
million, compared with EUR179 million in the prior-year period.
Outlook confirmed
Evonik's expectations for global economic conditions are unchanged: Overall
the company anticipates slightly lower momentum in the global economy, with
a year-on-year growth rate of 2.5 percent in 2016.
In these conditions, Evonik is confirming its outlook for the full year:
Following a very successful year in 2015, the company expects to report
slightly lower sales in 2016 and adjusted EBITDA of between EUR2.0 billion
and EUR2.2 billion.
Segment performance
In the first quarter of 2016, the Nutrition & Care segment's sales fell 15
percent to EUR1,047 million. Alongside lower volumes, the main reason for
this was the decline in world market prices. Adjusted EBITDA was EUR293
million, which was below the very high prior-year level of EUR353 million.
The adjusted EBITDA margin remains at an excellent level of 28.0 percent.
Driven by good global demand, the Resource Efficiency segment registered
pleasing volume growth, but selling prices declined slightly overall. Sales
were virtually unchanged year-on-year at EUR1,120 million. Adjusted EBITDA
improved 5 percent to EUR256 million. The adjusted EBITDA margin increased
from 21.7 percent to a very good level of 22.9 percent.
Sales declined 9 percent to EUR772 million in the Performance Materials
segment. This was due to the continued decline in raw material prices,
which led to a further reduction in selling prices. By contrast, volumes
increased substantially. Adjusted EBITDA was 11 percent lower at EUR64
million. The adjusted EBITDA margin was 8.3 percent, down slightly from 8.5
percent in the first quarter of 2015.
Evonik Group: Excerpt from the income statement
(in EUR million) Q1 2016 Q1 2015 Change
in %
Sales 3,106 3,425 -9
Adjusted EBITDA 565 650 -13
Adjusted EBIT 389 485 -20
Adjustments -13 -37
Financial result -34 -63
Income before income taxes, continuing 342 385 -11
operations
Income taxes -98 -115
Income after taxes, continuing operations 244 270 -10
Income after taxes, discontinued operations - -11
Income after taxes 244 259 -6
thereof attributable to non-controlling 4 3
interests
Net income 240 256 -6
Adjusted net income 254 320 -21
Prior-year figures restated
Segment performance
Sales Adj.
EBITDA
Q1 2016 Q1 2015 Change Q1 2016 Q1 2015 Change
in in in in in %
EUR EUR in % EUR EUR
million million million million
Nutrition & Care 1,047 1,229 -15 293 353 -17
Resource 1,120 1,124 - 256 244 5
Efficiency
Performance 772 851 -9 64 72 -11
Materials
Services 166 207 -20 35 46 -24
Other operations 1 14 -83 -65
Group 3,106 3,425 -9 565 650 -13
Prior-year figures restated
Employees by segment
March 31, 2016 Dec. 31, 2015
Nutrition & Care 7,347 7,165
Resource Efficiency 8,652 8,662
Performance Materials 4,384 4,380
Services 12,710 12,668
Other operations 507 701
Group 33,600 33,576
Company information
Evonik, the creative industrial group from Germany, is one of the world
leaders in specialty chemicals. Profitable growth and a sustained increase
in the value of the company form the heart of Evonik's corporate strategy.
Its activities focus on the key megatrends health, nutrition, resource
efficiency and globalization. Evonik benefits specifically from its
innovative prowess and integrated technology platforms.
Evonik is active in over 100 countries around the world. In fiscal 2015
more than 33,500 employees generated sales of around EUR13.5 billion and an
operating profit (adjusted EBITDA) of about EUR2.47 billion.
Disclaimer
In so far as forecasts or expectations are expressed in this Investor
Relations News or where our statements concern the future, these forecasts,
expectations or statements may involve known or unknown risks and
uncertainties. Actual results or developments may vary, depending on
changes in the operating environment. Neither Evonik Industries AG nor its
group companies assume an obligation to update the forecasts, expectations
or statements contained in this release.
Contact:
Tim Lange
Head of Investor Relations
+49 201 177-3150
[email protected]
Evonik Industries AG
Rellinghauser Straße 1-11
45128 Essen
Germany
Phone +49 201 177-01
Telefax +49 201 177-3475
www.evonik.com
Supervisory Board
Dr. Werner Müller, Chairman
Executive Board
Dr. Klaus Engel, Chairman
Dr. Ralph Sven Kaufmann
Christian Kullmann
Thomas Wessel
Ute Wolf
Registered office Essen
Registered court
Essen local court
Commercial registry B 19474
VAT ID no. DE 811160003
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04.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Evonik Industries AG
Rellinghauser Straße 1-11
45128 Essen
Germany
Phone: +49 (0) 201 177-01
Fax: +49 (0) 201 177-3475
E-mail: [email protected]
Internet: www.evonik.com
ISIN: DE000EVNK013, XS0911405784
WKN: EVNK01, A1TM7T
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Hamburg, Hanover, Munich,
Stuttgart; Terminbörse EUREX; Luxemburg
End of News DGAP News Service
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