“We achieved significant improvements in our environmental performance”
The business environment remained very tough due to severe energy shortages, devastating floods and security concerns. As a result, volumes were negatively affected in most businesses. However, we were still able to increase revenue by 8 percent over the previous year, mainly through better price management in all businesses and strong volume growth in our Life Sciences activities.
Customer intimacy, product quality and innovation and supply chain efficiencies – along with a strong market footprint – helped to grow our underlying margins, particularly in the Coatings, Life Sciences, Soda Ash and Chemicals businesses. However, the additional cost of approximately €7 million incurred for using expensive alternative fuel in place of natural gas due to supply shortages dragged down both margins and EBITDA.
Thanks to our continued commitment to sustainability we achieved significant improvements in our environmental performance. One of the most notable initiatives was the launch of a coke briquetting project at our Soda Ash business. Designed to reduce waste, it involves converting coke dust into usable briquettes. We also reduced water intake through a number of water reuse projects and improved farm economics through the introduction of new products in our Life Sciences business. Our safety performance remains one of the best in the Business Area, with one of our manufacturing sites completing 15 million man hours and another 15 years without a lost time incident.
Our employee engagement score for 2011 was the highest across the Business Area. This indicated a step change in employee engagement levels across all of our businesses in Pakistan. Extensive training was conducted to ensure that the employee engagement agenda is properly embedded throughout the organization.
Waqar A Malik
Revenue in € millions