Catalysts improvement on track, Care Chemicals and Additives impacted by macroeconomic challenges – Clariant achieved strong Operating Cash Flow
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
- Q2 2023 sales decreased by 7 % in local currency, down 17 % in Swiss francs to CHF 1.084 billion
- Q2 2023 reported EBITDA margin at 16.1 % from 16.6 % in Q2 2022
- H1 2023 sales decreased by 3 % in local currency, down 11 % in Swiss francs to CHF 2.284 billion
- H1 2023 reported EBITDA margin at 15.0 % from 17.0 % in H1 2022
- H1 2023 Operating Cash Flow at CHF 78 million compared to CHF - 17 million in H1 2022
- Full Year 2023 Outlook: Full year sales between CHF 4.55 – 4.65 billion and reported EBITDA expected between CHF 650 – 700 million (14.3 % – 15.1 % reported EBITDA margin)
"As indicated in early July, the challenging economic conditions affected the specialty chemicals sector and also impacted Clariant’s first-half year results. Our customers continued to bring their inventories down, and demand was weak in Care Chemicals and Additives, which impacted our profitability. We are pleased with our continued improvements in the Catalysts business, and we achieved further progress in reducing the negative sunliquid® impact on our results in the second quarter. Our stronger results in Catalysts partially offset the weaker trading results in the other business units. We implemented additional actions to align our cost base to a low volume environment, thereby increasing our 2025 targeted savings by CHF 10 million to a revised goal of CHF 170 million. We also continued our strong focus on cash, resulting in an improved operating cash flow by almost CHF 100 million compared to last year," said Conrad Keijzer, Chief Executive Officer of Clariant.
Clariant published its Second Quarter / First Half Year Results 2023 on 28 July 2023.
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