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In Decorative Paints, 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, mainly driven by price increases and the new Walmart contract in the US. Demand declined in Europe, whilst growth rates achieved in China and South East Asia outpaced market growth; however, the pace of market growth slowed down in these markets in the second half of the year.
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. -
Performance Coatings 2011 revenue was up 8 percent, supported by volumes (2 percent), acquisitions (2 percent), and price (5 percent), and adversely impacted by currencies (1 percent). Industrial Coatings showed the largest volume increase, driven by good performances in Packaging and Coil Coatings, while Wood Finishes and Adhesives had lower volumes due to weaker demand in the housing market.
In Q4, revenue ended up 7 percent over last year, supported by price (7 percent) and acquisitions (2 percent); volumes were lower compared to the previous year (2 percent). Signs of a reduction in the rate of raw material price increases were evident in Q4, although margins were still impacted by the increased prices. -
Specialty Chemicals had a solid performance during 2011. Revenue grew over last year on price increases, with limited overall volume growth due to the economic slowdown and growth being hampered in some business units due to capacity constraints. Volume growth was evident in market sectors for Surface Chemistry and Pulp and Paper Chemicals, where the demand remained strong.
Despite lower volumes in Q4 in some of the businesses, revenue increased by 2 percent on the back of price increases, although they were offset by a reduction in Ethylene Amines sales prices during the quarter. Sales volumes dipped below previous year as the economy slowed down and customers postponed orders to reduce inventory levels towards the end of the year.
|
4th quarter |
|
|
January - December |
| ||
|
2010 |
2011 |
Δ% |
in € millions |
2010 |
2011 |
Δ% |
|
1,139 |
1,204 |
6 |
Decorative Paints |
4,968 |
5,296 |
7 |
|
1,238 |
1,326 |
7 |
Performance Coatings |
4,786 |
5,170 |
8 |
|
1,259 |
1,285 |
2 |
Specialty Chemicals |
4,943 |
5,335 |
8 |
|
(16) |
(28) |
|
Other activities/eliminations |
(57) |
(104) |
|
|
3,620 |
3,787 |
5 |
|
14,640 |
15,697 |
7 |
Revenue development 2011
|
in % versus 2010 |
Volume |
Price/mix |
Acquisitions |
Exchange |
Total |
|
Decorative Paints |
5 |
3 |
– |
(1) |
7 |
|
Performance Coatings |
2 |
5 |
2 |
(1) |
8 |
|
Specialty Chemicals |
1 |
7 |
– |
– |
8 |
|
Total |
2 |
5 |
1 |
(1) |
7 |
Revenue development Q4 2011
|
in % versus Q4 2010 |
Volume |
Price/mix |
Acquisitions |
Exchange |
Total |
|
Decorative Paints |
2 |
4 |
1 |
(1) |
6 |
|
Performance Coatings |
(2) |
7 |
2 |
– |
7 |
|
Specialty Chemicals |
(4) |
5 |
– |
1 |
2 |
|
Total |
(2) |
6 |
1 |
– |
5 |
|
Volume development per quarter |
Q4 10 |
Q1 11 |
Q2 11 |
Q3 11 |
Q4 11 |
|
Decorative Paints |
1 |
9 |
6 |
4 |
2 |
|
Performance Coatings |
5 |
7 |
2 |
1 |
(2) |
|
Specialty Chemicals |
3 |
6 |
1 |
(1) |
(4) |
|
Total |
3 |
7 |
3 |
1 |
(2) |
|
Price/mix development per quarter |
Q4 10 |
Q1 11 |
Q2 11 |
Q3 11 |
Q4 11 |
|
Decorative Paints |
2 |
1 |
2 |
3 |
4 |
|
Performance Coatings |
3 |
2 |
3 |
7 |
7 |
|
Specialty Chemicals |
8 |
6 |
8 |
8 |
5 |
|
Total |
4 |
3 |
4 |
6 |
6 |