|
2012 |
|
2013 | ||||||||||
|
Q1 |
Q2 |
Q3 |
Q4 |
year |
in € millions |
Q1 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Revenue |
|
| ||||||||||
|
974 |
1,187 |
1,141 |
995 |
4,297 |
Decorative Paints |
925 | ||||||
|
1,369 |
1,472 |
1,467 |
1,394 |
5,702 |
Performance Coatings |
1,331 | ||||||
|
1,399 |
1,431 |
1,393 |
1,320 |
5,543 |
Specialty Chemicals |
1,244 | ||||||
|
(35) |
(46) |
(35) |
(36) |
(152) |
Other activities/eliminations |
(35) | ||||||
|
3,707 |
4,044 |
3,966 |
3,673 |
15,390 |
Total |
3,465 | ||||||
|
|
|
|
|
|
|
| ||||||
|
EBITDA |
|
| ||||||||||
|
68 |
155 |
97 |
(36) |
284 |
Decorative Paints |
88 | ||||||
|
159 |
204 |
163 |
147 |
673 |
Performance Coatings |
163 | ||||||
|
235 |
235 |
208 |
152 |
830 |
Specialty Chemicals |
174 | ||||||
|
(52) |
(40) |
(40) |
(58) |
(190) |
Other activities/eliminations |
(50) | ||||||
|
410 |
554 |
428 |
205 |
1,597 |
Total |
375 | ||||||
|
|
|
|
|
|
|
| ||||||
|
11.1 |
13.7 |
10.8 |
5.6 |
10.4 |
EBITDA margin (in %) |
10.8 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Depreciation |
|
| ||||||||||
|
(27) |
(26) |
(26) |
(27) |
(106) |
Decorative Paints |
(28) | ||||||
|
(23) |
(25) |
(23) |
(24) |
(95) |
Performance Coatings |
(25) | ||||||
|
(61) |
(63) |
(62) |
(65) |
(251) |
Specialty Chemicals |
(62) | ||||||
|
(3) |
(1) |
(4) |
(3) |
(11) |
Other activities/eliminations |
(4) | ||||||
|
(114) |
(115) |
(115) |
(119) |
(463) |
Total |
(119) | ||||||
|
|
|
|
|
|
|
| ||||||
|
Amortization |
|
| ||||||||||
|
(16) |
(17) |
(18) |
(19) |
(70) |
Decorative Paints |
(17) | ||||||
|
(9) |
(8) |
(10) |
(9) |
(36) |
Performance Coatings |
(9) | ||||||
|
(13) |
(15) |
(13) |
(14) |
(55) |
Specialty Chemicals |
(13) | ||||||
|
(1) |
– |
– |
– |
(1) |
Other activities/eliminations |
– | ||||||
|
(39) |
(40) |
(41) |
(42) |
(162) |
Total |
(39) | ||||||
|
|
|
|
|
|
|
| ||||||
|
EBIT |
|
| ||||||||||
|
25 |
112 |
53 |
(82) |
108 |
Decorative Paints |
43 | ||||||
|
127 |
171 |
130 |
114 |
542 |
Performance Coatings |
129 | ||||||
|
161 |
157 |
133 |
73 |
524 |
Specialty Chemicals |
99 | ||||||
|
(56) |
(41) |
(44) |
(61) |
(202) |
Other activities/eliminations |
(54) | ||||||
|
257 |
399 |
272 |
44 |
972 |
Total |
217 | ||||||
|
|
|
|
|
|
|
| ||||||
|
6.9 |
9.9 |
6.9 |
1.2 |
6.3 |
EBIT margin (in %) |
6.3 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Operating income |
|
| ||||||||||
|
25 |
112 |
(2,058) |
(91) |
(2,012) |
Decorative Paints |
43 | ||||||
|
127 |
171 |
130 |
114 |
542 |
Performance Coatings |
129 | ||||||
|
140 |
154 |
133 |
73 |
500 |
Specialty Chemicals |
99 | ||||||
|
(56) |
(49) |
(63) |
(60) |
(228) |
Other activities/eliminations |
(54) | ||||||
|
236 |
388 |
(1,858) |
36 |
(1,198) |
Total |
217 | ||||||
|
|
|
|
|
|
|
| ||||||
|
6.4 |
9.6 |
6.3 |
1.0 |
5.9 |
ROS% before impairment |
6.3 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Incidentals per Business Area |
|
| ||||||||||
|
– |
– |
(2,111) |
(9) |
(2,120) |
Decorative Paints |
– | ||||||
|
– |
– |
– |
– |
– |
Performance Coatings |
– | ||||||
|
(21) |
(3) |
– |
– |
(24) |
Specialty Chemicals |
– | ||||||
|
– |
(8) |
(19) |
1 |
(26) |
Other activities/eliminations |
– | ||||||
|
(21) |
(11) |
(2,130) |
(8) |
(2,170) |
Total |
– | ||||||
|
|
|
|
|
|
|
| ||||||
|
Incidentals included in operating income |
|
| ||||||||||
|
– |
– |
– |
– |
– |
Restructuring costs |
– | ||||||
|
– |
– |
(2,106) |
– |
(2,106) |
Impairment |
– | ||||||
|
(21) |
2 |
(1) |
– |
(20) |
Results related to major legal and environmental cases |
– | ||||||
|
– |
– |
(5) |
(25) |
(30) |
Results on acquisitions and divestments |
– | ||||||
|
– |
(13) |
(18) |
17 |
(14) |
Other incidental results |
– | ||||||
|
(21) |
(11) |
(2,130) |
(8) |
(2,170) |
Total |
– | ||||||
|
|
|
|
|
|
|
| ||||||
|
Reconciliation net financing expense |
|
| ||||||||||
|
15 |
17 |
16 |
11 |
59 |
Financing income |
9 | ||||||
|
(57) |
(65) |
(58) |
(59) |
(239) |
Financing expenses |
(56) | ||||||
|
(42) |
(48) |
(42) |
(48) |
(180) |
Net interest on net debt |
(47) | ||||||
|
|
|
|
|
|
|
| ||||||
|
Other interest movements |
|
| ||||||||||
|
(1) |
(1) |
– |
(1) |
(3) |
Financing expenses related to pensions |
(5) | ||||||
|
(3) |
(18) |
(9) |
1 |
(29) |
Interest on provisions |
(12) | ||||||
|
(4) |
– |
1 |
10 |
7 |
Other items |
1 | ||||||
|
(8) |
(19) |
(8) |
10 |
(25) |
Net other financing charges |
(16) | ||||||
|
(50) |
(67) |
(50) |
(38) |
(205) |
Net financing expenses |
(63) | ||||||
|
|
|
|
|
|
|
| ||||||
|
Quarterly net income analysis |
|
| ||||||||||
|
4 |
5 |
5 |
(1) |
13 |
Results from associates and joint ventures |
3 | ||||||
|
(14) |
(22) |
(9) |
(18) |
(63) |
Profit attributable to non-controlling interests |
(16) | ||||||
|
190 |
326 |
(1,903) |
(3) |
(1,390) |
Profit before tax |
157 | ||||||
|
(66) |
(89) |
(64) |
16 |
(203) |
Income tax |
(45) | ||||||
|
124 |
237 |
(1,967) |
13 |
(1,593) |
Profit for the period from continuing operations |
112 | ||||||
|
35 |
27 |
(3) |
533 |
(15) |
Effective tax rate (in %) |
29 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Earnings per share from continuing operations (in €) |
| |||||||||||
|
0.47 |
0.90 |
(8.29) |
(0.02) |
(6.98) |
Basic |
0.40 | ||||||
|
0.46 |
0.90 |
(8.29) |
(0.02) |
(6.98) |
Diluted |
0.40 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Earnings per share from discontinued operations (in €) |
| |||||||||||
|
(0.11) |
0.02 |
(1.65) |
(0.09) |
(1.84) |
Basic |
(0.03) | ||||||
|
(0.11) |
0.02 |
(1.65) |
(0.09) |
(1.84) |
Diluted |
(0.03) | ||||||
|
|
|
|
|
|
|
| ||||||
|
Earnings per share from total operations (in €) |
| |||||||||||
|
0.36 |
0.92 |
(9.94) |
(0.11) |
(8.82) |
Basic |
0.37 | ||||||
|
0.35 |
0.92 |
(9.94) |
(0.11) |
(8.82) |
Diluted |
0.37 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Number of shares (in millions) |
| |||||||||||
|
235.1 |
236.9 |
238.2 |
238.6 |
237.2 |
Weighted average number of shares |
239.4 | ||||||
|
235.6 |
238.2 |
238.2 |
239.0 |
239.0 |
Number of shares at end of quarter |
239.8 | ||||||
|
|
|
|
|
|
|
| ||||||
|
Adjusted earnings (in € millions) |
| |||||||||||
|
190 |
326 |
(1,903) |
(3) |
(1,390) |
Profit before tax from continuing operations |
157 | ||||||
|
21 |
11 |
2,130 |
8 |
2,170 |
Incidentals reported in operating income |
– | ||||||
|
39 |
40 |
41 |
42 |
162 |
Amortization of intangible assets |
39 | ||||||
|
(84) |
(103) |
(82) |
(5) |
(274) |
Adjusted income tax |
(57) | ||||||
|
(14) |
(22) |
(9) |
(18) |
(63) |
Non-controlling interests |
(16) | ||||||
|
152 |
252 |
177 |
24 |
605 |
Adjusted net income for continuing operations |
123 | ||||||
|
0.65 |
1.06 |
0.74 |
0.10 |
2.55 |
Adjusted earnings per share (in €) |
0.51 | ||||||
Tools:
