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Full-year revenue growth was 7 percent with volumes up 5 percent, price increases 3 percent and adverse impact of currencies of 1 percent. Revenue in Asia and the Americas showed double-digit growth in 2011 in constant currencies, mainly driven by price increases, volume growth in Asia and the new Walmart contract in the US. Growth rates achieved in China and South East Asia outpaced market growth; however, the pace of market growth slowed down in the second half of the year. Volumes in Europe were positive for the year, however demand declined in the second half of the year. Continuous investment in brands, distribution and people, as well as expansion into mid-tier segments in high growth markets, is progressing. A change in the management structure in Europe and North America will allow for better leveraging of economies of scale and will lead to further cost reductions. EBITDA was 20 percent behind last year (19 percent in constant currencies), mainly driven by increases in raw material prices (specifically TiO2 ) and unfavorable product mix effects including down trading. The EBITDA margin was 8.3 percent in 2011. Q4 revenue development followed a similar regional pattern to the rest of 2011. Revenue increased 6 percent (7 percent in constant currencies), primarily driven by the US, Latin America, China and India, while South East Asia was negatively impacted by the flooding in Thailand and slower market developments in Vietnam and Malaysia. Margins were negatively impacted by the increased costs of raw materials and stock write-offs in the US (€17 million), resulting in an EBITDA margin in Q4 of 0.9 percent. Revenue development 2011
Revenue development Q4 2011 |
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