Indian News Maker Business,Business News,Press Release LANXESS sales up 36.1 percent to EUR 1.999 billion in Q2 2022
LANXESS sales up 36.1 percent to EUR 1.999 billion in Q2 2022
August 23, 2022August 23, 2022 dsprimedsprime 2 Comments 7:59 pm
EBITDA pre exceptionals up 14.5 percent YoY at EUR 253 million
Mumbai, August 23: In a challenging environment with increased raw material and energy costs and difficult logistics conditions, LANXESS increased its earnings again: EBITDA pre exceptionals was EUR 253 million in the second quarter of 2022, 14.5 percent higher than the prior-year quarter's figure of EUR 221 million.
Group sales of EUR 1.999 billion were a considerable 36.1 percent higher than the prior-year quarter's EUR 1.469 billion. The higher selling prices, in particular, had a positive effect. Net income from continuing operations amounted to EUR 48 million in the second quarter, slightly above the previous year's figure of EUR 47 million.
"Despite the challenging environment, we remain firmly on the right track. The good results of the second quarter show that our strategic development is bearing fruit. By acquiring Emerald Kalama Chemical, we have significantly strengthened the Consumer Protection segment and have become even more stable," says Matthias Zachert, Chairman of the Board of Management of LANXESS AG. "In the second half of the year, a rougher wind will blow in the global economy, but we are prepared for this."
The Specialty Additives and Consumer Protection segments grew strongly. Businesses with consumer protection products benefited significantly from the contribution of the new Flavors & Fragrances business unit. This unit comprises the specialty chemicals for the consumer goods sector from U.S. company Emerald Kalama Chemical acquired in 2021.
Since the Group announced its contribution of the High-Performance Materials (HPM) business unit to a joint venture with the private equity investor Advent International in May 2022, the unit has been retroactively recognized as "discontinued operations" as of January 1, 2022. Sales and operating earnings – and the corresponding prior-year figures – were restated.
For the full year 2022, the Group has confirmed and specified its guidance of significant growth: LANXESS anticipates EBITDA pre exceptionals of EUR 900 million to EUR 1 billion. Compared with the adjusted comparative prior-year level of around EUR 800 million, this would equate to an increase of 25 percent.
Strategic development advanced
The planned joint venture with Advent International is a further advancement of LANXESS' strategic development. Alongside the LANXESS HPM business unit, the joint venture for high-performance engineering polymers is also set to include the DSM engineering materials (DEM) business of the Dutch group Royal DSM. After the conclusion planned for the first half of 2023, LANXESS will receive a payment of at least EUR 1.1 billion and a share of up to 40 percent in the future joint venture.
Meanwhile, LANXESS continues to strengthen the Consumer Protection segment: As of July 1, 2022, LANXESS completed the acquisition of the Microbial Control business from U.S. group International Flavors & Fragrances Inc. (IFF). LANXESS has thus become one of the world's largest suppliers of microbial control products.
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