€20 billion in revenue

  • Made progress with achieving our €20 billion target in all three Business Areas
  • Introduced country organizations in high growth markets/regions (Brazil, India, China, Middle East) to support the achievement of specific, largely organic, growth targets
  • Signed a major new deal for bleaching chemicals in Brazil
  • Acquired:
    • Schramm Holding AG and the related SSCP business in Korea
    • Boxing Oleochemicals in China
Growth in absolute EBITDA, in a 13–15 percent margin range (Improvement actions in progress)

  • A combination of volume issues and a difficult raw material cost environment has created significant contribution margin and EBITDA margin pressure
  • Continuing to take aggressive pricing actions as a result of raw material cost pressures; expecting full impact in 2012
  • Started a performance improvement program to deliver €500 million EBITDA by 2014
  • Implemented country organizations in key markets/regions to support delivery of back office synergy (e.g. HR shared service organization North America)

Revenue growth versus 2010 in %
Revenue growth (bar chart)


EBITDA margin (bar chart)
Reduction in OWC of 0.5 p.a., towards a 12 percent target
(Facing headwinds)

  • Continued to make progress with regard to receivables and payables
  • A challenging year in terms of inventory management – slower volume growth in the second half of the year and prudent management of raw material availability meant that we did not make planned progress
  • Putting actions in place to regain momentum on inventories going forward
Stable to rising dividend

  • Intending to grow the 2011 total dividend by 4 percent to €1.45 per share
  • Shareholders are offered an option to obtain a stock dividend
Operating working capital as a % of revenue
Operating working capital improvement (bar chart)

Dividend paid in € per share

Dividend paid (bar chart)
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