Regulatory News:
Arkema (Paris:AKE):
- Significant 39% increase of
sales versus 2Q’14 at €2,106 million
including Bostik’s contribution of 27% and volumes up by
2.1%1
- Excellent rise in EBITDA to
€320 million, 52% up on 2Q’14
(€210 million)
- Significant increase of the EBITDA
without Bostik, up by 28%
- Good and promising performance of
Bostik for its start within Arkema
- Solid contribution of new Thiochemicals
plant in Malaysia
- Marked improvement in EBITDA
margin to 15.2% (13.8% in 2Q’14)
- Adjusted net income of
€1.65 per share, +51% up on 2Q’14
- Good cash flow generation
- +€105 million free cash
flow2 (-€17 million in 2Q’14)
- €1,773 million net debt down
compared to end of March 2015 (€1,888 million)
The Board of Directors of Arkema met on 30 July 2015 to close
the condensed consolidated accounts of Arkema for 1st half 2015. At
the end of the meeting, Thierry Le Hénaff, Chairman and CEO of
Arkema, stated:
“The Group delivered a very good second quarter. Excluding
Bostik, EBITDA increased strongly compared to last year. Bostik
reported a significant growth of its financial performance, thus
confirming its promising start within Arkema. The new Thiochemicals
platform in Malaysia is ramping up, and fluorogases have begun to
recover. Only acrylics upstream performance was down, in the
continuity of the start to the year in low cycle conditions. These
elements supported the Group’s performance and cash generation in a
global economic environment which offered limited support and
remained mixed from one region to another. These results highlight
the quality of Arkema’s business portfolio, the relevance of the
strategic decisions made in recent years, and the strong commitment
of the teams to successfully pursue the Group’s development.”
1 Excluding impact of the shutdown of the Chauny activities in
France effective 1st quarter 2014.2 Cash flow from operations and
investments excluding the impact of portfolio management.
KEY FIGURES 2Q 2015
(In millions of euros)
2Q 2014* 2Q 2015
Variation Sales 1,520
2,106 +38.6% EBITDA 210
320 +52.4% EBITDA margin
13.8% 15.2% High Performance Materials
Industrial Specialties
Coating Solutions
17.8%
14.6%
12.1%
16.4%
18.7%
12.0%
Recurring operating income 130 208
+ 60.0% Non-recurring items (22) (66)
n.a.
Adjusted net income 72 120
+66.7% Net income – Group share 50 133
+166.0% Adjusted net income per share** (in €) 1.09
1.65 +51.4%
* 2nd quarter 2014 figures have been restated to reflect the new
reporting structure presented at the Capital Markets Day held on 29
June 2015 and in accordance with IFRIC 21 standard “Levies”. The
quarterly figures by segment restated for 2014 and for 1st quarter
2015 are given in the appendices to this press release.
** For 2nd quarter 2014, the adjusted net income per share was
adjusted to take account of the share capital increase with
preferential subscription rights finalized in December 2014.
SECOND QUARTER 2015 PERFORMANCE
Sales reached €2,106 million, 38.6% up on 2nd
quarter 2014 with a +29.5% business scope effect related to the
acquisition of Bostik and the purchase of a stake in Sunke in
Acrylics in China. The currency effect was positive at +10.2%
mostly due to the strengthening of the US dollar versus the euro.
Volumes, up by 2.1%3, reflected a marked increase of demand in June
after two mixed months. These effects helped largely offset a -3.1%
decrease in prices mainly in Coating Solutions.
At €320 million against €210 million in 2nd
quarter 2014, EBITDA grew sharply (+52%). All product lines
were up over last year, except for acrylic monomers which remain in
low cycle conditions, as expected. This increase in EBITDA reflects
the contribution of Bostik, better results in fluorogases and
polyamides, and the ramp-up of the new Thiochemicals platform in
Malaysia. The positive currency exchange effect (translation)
continued to support the Group’s performance by €30 million
over the quarter. EBITDA margin grew to 15.2% from
13.8% in 2nd quarter 2014 despite the acrylics cycle and the
mechanically dilutive effect of Bostik’s integration.
In line with EBITDA improvement, recurring operating
income grew to €208 million from €130 million
in 2nd quarter 2014. It includes €112 million depreciation and
amortization, up on last year (€80 million) as a result of the
acquisition of Bostik, the purchase of a stake in Sunke, the impact
of currencies, and the start-up of new production plants.
Non-recurring items amounted to -€66 million,
including -€52 million resulting from Bostik purchase price
allocation which correspond to the step-up of inventories at market
price for -€36 million as well as -€16 million additional
depreciation and amortization booked as a result of the revaluation
at fair value of tangible and intangible fixed assets. The other
non-recurring items mostly correspond to restructuring
expenses.
3 Excluding the impact of the closure of the Chauny activities
in France effective 1st quarter 2014.
Financial result stood at -€25 million
against -€16 million in 2nd quarter 2014 as a result of a
higher cost of debt relating to the financing of Bostik acquisition
as well as a €3 million unrealized currency loss on the
financing in US dollars of the investments made in Thiochemicals in
Malaysia.
Following the recognition of €60 million deferred tax
assets in France and the reversal of €16 million provisions for
deferred tax liabilities recognized as part of the Bostik purchase
price allocation, the Group recorded a +€12 million
tax income over 2nd quarter 2015. This amount also includes a
€1 million tax due on the 2014 dividend paid in cash.
Excluding these items, the tax rate would stand at 30.3% of
recurring operating income, reflecting the share of the Group’s
results generated in the United States.
Net income Group share reached
€133 million against €50 million in 2nd
quarter 2014. It includes €5 million equity in income of
affiliates resulting primarily from the Group’s 14% stake in CJ Bio
Malaysia Sdn. Bhd. Excluding the after-tax impact of non-recurring
items, adjusted net income stood at
€120 million, i.e. €1.65 per share.
SEGMENT PERFORMANCE IN 2ND QUARTER 2015
HIGH PERFORMANCE MATERIALS
Sales reached €907 million, up by
+112.4% on 2nd quarter 2014, supported by Bostik’s contribution
(€418 million sales) and a +9.1% currency effect. Volumes rose
by +2.7% over 2nd quarter 2014 that was affected by the Mont major
maintenance turnaround (France) in polyamides. Price effect was
positive at +0.6%.
At €149 million, EBITDA doubled
compared to 2nd quarter 2014 (€76 million). This very
significant improvement was mainly due to Bostik’s contribution, a
good performance of specialty molecular sieves for petrochemicals,
and an improvement in the polyamide 12 performance. Over the first
six months of the year (including five months inside Arkema),
Bostik achieved €89 million EBITDA, up 15% on 1st half 2014
and an EBITDA margin close to 11%. This significant increase is the
result of the successful implementation of the development strategy
and of a positive currency effect. The teams continue to actively
implement synergies between the two groups, although their benefit
remained limited at this stage.
EBITDA margin reached 16.4%. Excluding the
mechanically dilutive effect of the integration of Bostik, it would
be close to 20%, significantly up on last year.
INDUSTRIAL SPECIALTIES
Sales reached €684 million against
€583 million in 2nd quarter 2014. The currency effect was
favorable at +11.2%. Volumes grew by +2.3%, supported by the
ramp-up of the new Thiochemicals plant in Malaysia which offset the
slight decline in PMMA volumes. The +2.9% price increase reflects
the improvement in the price of certain fluorogases as well as a
continuing favorable environment in MMA.
EBITDA improved by 50.6% to
€128 million compared to 2nd quarter 2014
(€85 million). The segment’s four main product lines reported
a good performance. The gradual improvement in the fluorogas
results continued thanks to an increase in the price of some gases
and the benefit of productivity initiatives. Thiochemicals achieved
an excellent performance with a significant contribution of the new
Kerteh platform (Malaysia) which benefited from sustained demand in
Asia in the animal feed market. This ramp up, a touch faster than
initially planned, should continue for the remainder of 2015. PMMA
results remained at very good levels.
Thanks to these improvements, the segment’s EBITDA margin
strongly improved compared to last year, and stood at 18.7%,
driven by the more favorable seasonality of 2nd quarter.
COATING SOLUTIONS
At €509 million, sales were slightly
up on last year (€505 million). The currency effect was
favorable at +10.1%, and the acquisition of a stake in Sunke in
China resulted in a +3.4% business scope effect. Volumes improved
slightly by +0.6%, reflecting an ongoing soft demand in decorative
paints and in construction in Europe. These effects offset a 13.3%
drop in prices reflecting the acrylics cycle and lower raw material
costs.
EBITDA was stable at €61 million. The
positive impact of currencies and the solid performance of
downstream activities supported by new developments at Coatex and
actions to improve profitability in coating resins compensated
lower unit margins in acrylic monomers. In this activity, margins
were at low-cycle levels, in the continuity of the 1st quarter
2015, and should remain so over 2015. Given current market
conditions in Asia, the contribution of Sunke in the quarter was
quite limited. This market situation should persist for the
remainder of the year.
EBITDA margin held up well at 12.0%.
KEY FIGURES 1ST HALF 2015
(In millions of euros)
1H 2014* 1H 2015
Variation Sales 3,043
3,977 +30.7% EBITDA 411
557 +35.5% EBITDA margin
13.5% 14.0% High Performance Materials
Industrial Specialties
Coating Solutions
18.6%
13.4%
12.0%
15.8%
16.9%
11.3%
Recurring operating income 253 341
+34.8% Non-recurring items (32) (82)
n.a.
Adjusted net income 148 177
+19.6% Net income – Group share 116 175
+50.9% Adjusted net income per share (in €)** 2.26
2.43 +7.5%
* 1st half 2014 figures have been restated to reflect the new
reporting structure presented at the Capital Markets Day held on 29
June 2015 and in accordance with the IFRIC 21 standard
“Levies”.
** For 1st half 2014, the adjusted net income per share was
adjusted to take account of the share capital increase with
preferential subscription rights finalized in December 2014.
CASH FLOW AND NET DEBT AT 30 JUNE 2015
In 2nd quarter 2015, Arkema generated +€105 million free
cash flow4, significantly up on 2nd quarter 2014
(-€17 million). This included a very limited increase in
working capital of €2 million (variation excluding
+€44 million non-recurring items which primarily included a
€36 million non-cash flow related to the inventory step-up
carried out as part of Bostik purchase price allocation). It also
includes capital expenditure (excluding capital expenditure related
to portfolio management operations) amounting to
€86 million.
Excluding -€11 million non-recurring items (corresponding
mostly to restructuring charges) and the impact of portfolio
management operations, Arkema generated +€116 million
recurring cash flow in 2nd quarter 2015.
Over 1st half 2015, free cash flow stood at +€51 million
against -€100 million in 1st half 2014.
As regards the Group’s capital expenditure (including Bostik),
the €450 million guidance for 2015 was made on the basis of a
1.25 euro / US dollar exchange rate for budget purposes. It will
require adjusting depending on the variation in exchange rate. A
10-cent variation in this rate would result in a variation of close
to €15 million in total capital expenditure.
4 Cash flow from operations and investments excluding the impact
of portfolio management.
Net debt amounted to €1,773 million against
€154 million at 31 December 2014. It was slightly down
compared to end March 2015 (€1,888 million). This does not
include the payment of the balance due in cash for the dividend to
the shareholders who did not exercise the option for the payment in
shares. This amount of €47 million will be cashed-out in 3rd
quarter 2015. Gearing stood at 45.9% at end of June 2015.
2015 OUTLOOK
Arkema enters the second half of the year with confidence, while
remaining cautious on the future development of the global economic
environment. Market conditions should remain volatile and
contrasted with different dynamics depending on geographic regions
and end-markets. Trends in foreign exchange rates, primarily US
dollar versus euro, should remain favorable compared to last year,
albeit with a more limited benefit in second half of the year than
in the first half. In acrylic monomers, unit margins should remain
at low-cycle levels until year-end.
Over 2015, the Group will benefit from the contribution of
Bostik over eleven months as well as the ramp-up of its
Thiochemicals platform in Malaysia. The contribution from Sunke
should remain well below expectations given current market
conditions in acrylics in Asia. The Group should continue to
benefit from its plan to gradually improve its fluorogas business
and from its operational excellence initiatives to offset part of
the inflation on fixed costs.
Based on these drivers, assuming a continuity in current market
conditions, and given the usual seasonality of the second half of
the year, Arkema expects an EBITDA slightly above €1 billion
(including Bostik contribution) in 2015.
The 2Q 2015 results are detailed in the presentation “Second
quarter 2015 results” available on the website:
www.finance.arkema.com.
The half-year 2015 financial report will be posted to the
Company’s website in the coming days.
FINANCIAL CALENDAR
10 November 2015 3rd quarter 2015 results
A global chemical company and France’s leading chemicals
producer, Arkema is building the future of the chemical industry
every day. Deploying a responsible, innovation-based approach, we
produce state-of-the-art specialty chemicals that provide customers
with practical solutions to such challenges as climate change,
access to drinking water, the future of energy, fossil fuel
preservation and the need for lighter materials. With operations in
close to 50 countries, some 19,000 employees and research centers
in North America, France and Asia, Arkema generates pro forma
annual revenue of some €7.5 billion, and holds leadership positions
in all its markets with a portfolio of internationally recognized
brands.
Disclaimer
The information disclosed in this press release may contain
forward-looking statements with respect to the financial
conditions, results of operations, business and strategy of Arkema.
Such statements are based on management’s current views and
assumptions that could ultimately prove inaccurate and are subject
to risk factors such as, among others, changes in raw materials
prices, currency fluctuations, implementation pace of
cost-reduction projects and changes in general economic and
business conditions. Arkema does not assume any liability to update
such forward-looking statements whether as a result of any new
information or any unexpected event or otherwise. Further
information on factors which could affect Arkema’s financial
results is provided in the documents filed with the French Autorité
des marchés financiers.
Balance sheet, income statement, cash flow statement, statement
of changes in shareholders’ equity and information by business
segment included in this press release are extracted from the
consolidated financial statements at 30 June 2015 closed by the
Board of Directors of Arkema SA on 30 July 2015.
Quarterly financial information is not audited.
Business segment information is presented in accordance with
Arkema’s internal reporting system used by the management.
The main performance indicators used are described below. The
“Other income and expenses” performance indicator has been modified
to incorporate a new category specifically related to the impacts
of asset revaluation as part of allocation of the acquisition price
for Bostik.
- Operating income: this includes
all income and expenses of continuing operations other than
financial result, equity in income of affiliates and income
taxes;
- Other income and expenses: these
correspond to a limited number of well-identified non-recurring
items of income and expense of a particularly material nature that
the Group presents separately in its income statement in order to
facilitate understanding of its recurring operational performance.
These items of income and expense notably include:
- Impairment losses in respect of
property, plant and equipment and intangible assets,
- Gains or losses on sale of assets,
acquisition costs, negative goodwill on acquisitions on favorable
terms and the valuation difference on inventories between their
fair value at the acquisition date and their production cost,
- Large restructuring and environmental
expenses which would hamper the interpretation of recurring
operating income (including substantial modifications to employee
benefit plans and the effect of onerous contracts),
- Expenses related to litigation and
claims or major damages, whose nature is not directly related to
ordinary operations;
- Depreciation and amortization related
to revaluation of identified tangible and intangible assets for the
allocation of the acquisition price for Bostik.
- Recurring operating income: this
is calculated as the difference between operating income and other
income and expenses as previously defined;
- Adjusted net income: this
corresponds to “Net income – Group share” adjusted for the “Group
share” of the following items:
- Other income and expenses, after taking
account of the tax impact of these items,
- Income and expenses from taxation of an
exceptional nature, the amount of which is deemed significant,
- Net income of discontinued
operations;
- EBITDA: this corresponds to
recurring operating income increased by depreciation and
amortization;
- Working capital: this
corresponds to the difference between inventories, accounts
receivable, other receivables and prepaid expenses, income tax
receivables and other current financial assets on the one hand and
accounts payable, other creditors and accrued liabilities, income
tax liabilities and other current financial liabilities on the
other hand. These items are classified in current assets and
liabilities in the consolidated balance sheet;
- Capital employed: this is
calculated by aggregating the net carrying amounts of intangible
assets, property, plant and equipment, equity affiliate investments
and loans, other investments, other non-current assets (excluding
deferred tax assets) and working capital;
- Recurring investments: these
correspond to tangible and intangible investments which exclude a
small number of investments of an exceptional nature that the Group
presents separately in order to facilitate the analysis of cash
generation in its financial communication. These investments
characterized by their size or their nature are presented either as
non-recurring investments or in acquisitions and divestments;
- Net debt: this is the difference
between current and non-current debt and cash and cash
equivalents.
ARKEMA Financial
Statements
Consolidated financial statements - At the
end of June 2015
CONSOLIDATED INCOME STATEMENT
2nd
quarter 2015
End of June
2015
2nd
quarter 2014
End of June
2014
(In millions of euros) (non audited) (audited) (non audited)
(audited)
Sales 2,106 3,977
1,520 3,043 Operating expenses (1,678) (3,209)
(1,245) (2,502) Research and development expenses (52) (103) (39)
(77) Selling and administrative expenses (168) (324)
(106) (211)
Recurring operating income
208 341 130 253
Other income and expenses (66) (82) (22)
(32)
Operating income 142
259 108 221 Equity in income of
affiliates 5 5 - - Financial result (25) (54) (16) (29) Income
taxes 12 (36) (41) (75)
Net
income* 134 174 51
117 Of which non-controlling interests 1
(1) 1 1
Net income - Group share
133 175 50 116
Earnings per share (amount in euros)** 1.82 2.40 0.77 1.77 Diluted
earnings per share (amount in euros)** 1.82 2.39 0.77 1.76
Depreciation and amortization (112) (216) (80) (158)
EBITDA
320 557 210 411 Adjusted net
income 120 177 72 148 Adjusted net
income per share (amount in euros)** 1.65 2.43 1.09 2.26 Diluted
adjusted net income per share (amount in euros)** 1.64 2.42 1.09
2.24 * 2014 net income has been restated of the impact of
IFRIC 21. ** Elements for the calculation of earnings per share and
adjusted earnings per share for first-half 2014 have been restated:
- in application of IFRIC 21 "Levies"; - and to reflect the
dilution factor resulting from the capital increase of 15 December
2014 and the dividend distribution approved at the shareholders'
general meeting of 2 June 2015
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
2nd
quarter 2015
End of June
2015
2nd
quarter 2014
End of June
2014
(In millions of euros) (non audited) (audited) (non audited)
(audited)
Net income* 134 174
51 117 Hedging adjustments 18 5 4 (3)
Other items - 1 - Deffered taxes on hedging adjustments and other
items - 1 - Change in translation adjustments (79)
117 20 12
Other recyclable comprehensive
income (61) 124 24
9 Actuarial gains and losses 41 41 (41) (41) Deffered
taxes on actuarial gains and losses (10) (10)
7 7
Other non-recyclable comprehensive income
31 31 (34) (34)
Total income and expenses recognized directly in equity
(30) 155 (10)
(25) Comprehensive income 104
329 41 92 Of which:
non-controlling interest (1) 1 1 1
Comprehensive income - Group share 105
328 40 91 * 2014 net
income has been restated of the impact of IFRIC 21.
CONSOLIDATED
BALANCE SHEET
30 June
2015
31 December
2014
(In millions of euros) (audited) (audited)
ASSETS Intangible assets, net 2,485 1,094 Property,
plant and equipment, net 2,640 2,272 Equity affiliates :
investments and loans 23 18 Other investments 31 33 Deferred tax
assets 196 76 Other non-current assets 210 190
TOTAL
NON-CURRENT ASSETS 5,585 3,683
Inventories 1,193 977 Accounts receivable 1,356 839 Other
receivables and prepaid expenses 178 137 Income taxes recoverable
32 27 Other current financial assets 12 2 Cash and cash equivalents
350 1,149
TOTAL CURRENT ASSETS 3,121
3,131 TOTAL ASSETS
8,706 6,814 LIABILITIES AND
SHAREHOLDERS' EQUITY Share capital 743 728 Paid-in
surplus and retained earnings 2,779 2,626 Treasury shares - (3)
Translation adjustments 293 178
SHAREHOLDERS' EQUITY -
GROUP SHARE 3,815 3,529
Non-controlling interests 46 44
TOTAL
SHAREHOLDERS' EQUITY 3,861 3,573
Deferred tax liabilities 327 57 Provisions for pensions and
other employee benefits 613 456 Other provisions and non-current
liabilities 439 401 Non-current debt 1,889 1,196
TOTAL
NON-CURRENT LIABILITIES 3,268 2,110
Accounts payable 858 704 Other creditors and accrued
liabilities 406 274 Income taxes payable 62 33 Other current
financial liabilities 17 13 Current debt 234 107
TOTAL
CURRENT LIABILITIES 1,577 1,131
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 8,706 6,814 CONSOLIDATED CASH FLOW
STATEMENT
End of June
2015
End of June
2014
(In millions of euros) (audited) (audited)
Cash flow - operating activities Net income*
174 117 Depreciation, amortization and impairment of assets 237 164
Provisions, valuation allowances and deferred taxes (85) (38)
(Gains)/losses on sales of assets (5) 5 Undistributed affiliate
equity earnings (4) 5 Change in working capital* (67) (84) Other
changes 4 5
Cash flow from
operating activities 254 174
Cash flow - investing activities Intangible assets
and property, plant, and equipment additions (151) (203) Change in
fixed asset payables (76) (52) Acquisitions of operations, net of
cash acquired (1,298) (1) Increase in long-term loans (22) (30)
Total expenditures (1,547) (286)
Proceeds from sale of intangible assets and property, plant and
equipment 6 4 Change in fixed asset receivables - - Proceeds from
sale of operations, net of cash sold - - Proceeds from sale of
unconsolidated investments - 5 Repayment of long-term loans 10 6
Total divestitures 16 15
Cash flow from investing activities
(1,531) (271) Cash flow -
financing activities Issuance (repayment) of shares and
other equity 92 38 Issuance of hybrid bonds - Purchase of treasury
shares (4) - Dividends paid to parent company shareholders (135)
(117) Dividends paid to minority shareholders (2) (3) Change in
dividends to be paid 47 Increase/ decrease in long-term debt 450
(5) Increase/ decrease in short-term borrowings and bank overdrafts
36 (20)
Cash flow from
financing activities 484 (107)
Net increase/(decrease) in cash and cash equivalents (793)
(204) Effect of exchange rates and changes in scope (6) (4)
Cash and cash equivalents at beginning of period 1,149 377
Cash and cash equivalents at end of
period 350 169 * 2014 net
income and change in working capital have been restated of the
impact of IFRIC 21.
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS’ EQUITY
(audited)
Shares issued
Treasury shares Shareholders' equity - Group
share Non-controlling interests
Shareholders' equity (In millions of euros)
Number Amount Paid-in surplus
Hybrid bonds Retained earnings
Translation adjustments Number
Amount At
January 1, 2015 72,822,695 728
1,093 689 844
178 (55,014) (3)
3,529 44 3,573 Cash dividend
(135) (135) (2) (137) Issuance of share capital
1,538,028 15 77 92 - 92 Purchase of treasury shares (70,641) (4)
(4) - (4) Grants of treasury shares to employees (7) 124,538 7 - -
Share-based payments 3 3 3 Other
2
2 3 5
Transactions with
shareholders 1,538,028 15
77 - (137)
53,897 3 (42) 1
(41) Net income 175 175 (1) 174 Total income and
expense recognized directly through equity 38
115 153 2
155
Comprehensive income
213 115
328 1
329 At June 30, 2015 74,360,723
743 1,170 689 920
293 (1,117) -
3,815 46 3,861 INFORMATION BY
BUSINESS SEGMENT (non audited)
1st quarter 2015 (In millions of euros)
High Performance Materials Industrial Specialties
Coating Solutions Corporate Total
Non-Group sales 742 626 496 7
1,871 Inter segment
sales 3 31 16 -
Total sales 745
657 512 7
EBITDA 111 93 53
(20) 237 Depreciation and amortization
(35) (41) (28) - (104)
Recurring operating income 76 52
25 (20) 133 Other income
and expenses (6) (2) (7) (1) (16)
Operating income
70 50 18 (21)
117 Equity in income of affiliates - - - - -
Intangible assets and property, plant and equipment
additions 23 33 6 2 64
1st quarter 2014* (In millions of
euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate
Total Non-Group sales 451 571 495 6
1,523 Inter segment sales 3 32 19 -
Total sales
454 603 514
6 EBITDA 87
70 59 (15) 201
Depreciation and amortization (24) (33) (21)
- (78)
Recurring operating income
63 37 38 (15)
123 Other income and expenses - (2) (3) (5) (10)
Operating income 63 35
35 (20) 113 Equity in income of
affiliates - - - - -
Intangible assets and property,
plant and equipment additions 14 62 13
1 90 * Restatement of new reporting structure
2015 and of the 2014 net income due to the impact of IFRIC 21.
INFORMATION BY BUSINESS SEGMENT (non audited)
2nd quarter 2015 (In
millions of euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate
Total Non-Group sales 907 684 509 6
2,106 Inter segment sales 4 33 19 -
Total sales
911 717 528
6 EBITDA 149
128 61 (18) 320
Depreciation and amortization (38) (44) (29)
(1) (112)
Recurring operating income
111 84 32 (19)
208 Other income and expenses (55) (6) (5) - (66)
Operating income 56 78
27 (19) 142 Equity in income of
affiliates - 5 - - 5
Intangible assets and property,
plant and equipment additions 27 49 10
1 87 2nd quarter 2014*
(In millions of euros)
High Performance Materials
Industrial Specialties Coating Solutions
Corporate Total Non-Group sales 427 583
505 5
1,520 Inter segment sales 4 29 22 -
Total sales
431 612 527
5 EBITDA 76
85 61 (12) 210
Depreciation and amortization (24) (33) (22)
(1) (80)
Recurring operating income
52 52 39 (13)
130 Other income and expenses - (9) (11) (2) (22)
Operating income 52 43
28 (15) 108 Equity in income of
affiliates - - - - -
Intangible assets and property,
plant and equipment additions 27 68 18
- 113 * Restatement of new reporting structure
2015 and of the 2014 net income due to the impact of IFRIC 21.
INFORMATION BY BUSINESS SEGMENT (audited)
End of June 2015 (In millions of euros)
High Performance Materials Industrial Specialties
Coating Solutions Corporate Total
Non-Group sales 1,649 1,310 1,005 13
3,977 Inter
segment sales 7 64 35 -
Total sales 1,656
1,374 1,040 13
EBITDA 260 221
114 (38) 557 Depreciation and
amortization (73) (85) (57) (1)
(216)
Recurring operating income 187
136 57 (39) 341
Other income and expenses (61) (8) (12) (1) (82)
Operating
income 126 128 45
(40) 259 Equity in income of affiliates
- 5 - - 5
Intangible assets and property, plant and
equipment additions 50 82 16 3
151 End of June 2014* (In millions of euros)
High Performance Materials Industrial Specialties
Coating Solutions Corporate Total
Non-Group sales 878 1,154 1,000 11
3,043 Inter
segment sales 7 61 41 -
Total sales 885
1,215 1,041 11
EBITDA 163 155 120
(27) 411 Depreciation and amortization
(48) (66) (43) (1) (158)
Recurring operating income 115
89 77 (28) 253
Other income and expenses - (11) (14) (7) (32)
Operating
income 115 78 63
(35) 221 Equity in income of affiliates
- - - - -
Intangible assets and property, plant and
equipment additions 41 130 31 1
203 * Restatement of new reporting structure 2015 and
of the 2014 net income due to the impact of IFRIC 21.
INFORMATION BY BUSINESS SEGMENT
Restated by IFRIC 21 and new reporting structure 2015
1st quarter 2014
(In
millions of euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate Total
Group Non-Group sales 451 571 495 6
1,523
Inter segment sales 3 32 19 -
- Total sales
454 603 514 6
- EBITDA 87 70
59 (15) 201 Depreciation
and amortization (24) (33) (21) -
(78) Recurring
operating income 63 37
38 (15) 123 Other income and
expenses - (2) (3) (5) (10)
Operating income
63 35 35 (20)
113 Equity in income of affiliates - - - -
-
Intangible assets and property, plant and equipment
additions 14 62 13 1 90
2nd quarter 2014
(In
millions of euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate Total
Group Non-Group sales 427 583 505 5
1,520
Inter segment sales 4 29 22 -
- Total sales
431 612 527 5
- EBITDA 76 85
61 (12) 210 Depreciation
and amortization (24) (33) (22) (1)
(80) Recurring
operating income 52 52
39 (13) 130 Other income and
expenses - (9) (11) (2) (22)
Operating income
52 43 28 (15)
108 Equity in income of affiliates - - - -
-
Intangible assets and property, plant and equipment
additions 27 68 18 - 113
3nd quarter 2014
(In
millions of euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate Total
Group Non-Group sales 432 552 489 5
1,478
Inter segment sales 2 28 17 -
Total sales 434
580 506 5
EBITDA 84 82 51
(10) 207 Depreciation and amortization
(25) (40) (22) - (87)
Recurring operating income
59 42 29 (10)
120 Other income and expenses (6) (33) 3 (7) (43)
Operating income 53 9
32 (17) 77 Equity in income of
affiliates - - - -
- Intangible assets and
property, plant and equipment additions 25 57
24 1 107
4th quarter 2014
(In millions of euros)
High Performance
Materials Industrial Specialties Coating
Solutions Corporate Total Group
Non-Group sales 420 563 441 7
1,431 Inter segment sales 6 24
18 -
Total sales 426 587
459 7 EBITDA
67 75 32 (8)
166 Depreciation and amortization (28) (37) (26) (1)
(92)
Recurring operating income 39
38 6 (9) 74 Other
income and expenses (1) (3) (2) (2) (8)
Operating income
38 35 4
(11) 66 Equity in income of affiliates 1 - - -
1 Intangible assets and property, plant and
equipment additions 46 81 31 2
160
INFORMATION BY BUSINESS SEGMENT
Restated by IFRIC 21 and new product
breakdown 2015
End of December 2014
(In millions of euros)
High Performance Materials
Industrial Specialties Coating Solutions
Corporate Total Group Non-Group sales
1,730 2,269 1,930 23
5,952 Inter segment sales 15 113 77 -
Total sales 1,745 2,382
2,007 23 EBITDA
314 312 203 (45)
784 Depreciation and amortization (101) (143) (91)
(2) (337)
Recurring operating income 213
169 112 (47)
447 Other income and expenses (7) (47) (13) (16) (83)
Operating income 206 122
99 (63) 364 Equity in income of
affiliates 1 - - - 1
Intangible assets and property,
plant and equipment additions 112 268 86
4 470
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150730006626/en/
ArkemaInvestor Relations:Sophie Fouillat, +33 1 49 00 86
37sophie.fouillat@arkema.comorFrançois Ruas, +33 1 49 00 72
07francois.ruas@arkema.comorPress Relations:Gilles Galinier,
+33 1 49 00 70 07gilles.galinier@arkema.comorSophie Suc, +33 6 22
02 24 64sophie.suc@arkema.com
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