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Arkema Q1 sales remain stable at €1,523mn
May '14
Arkema announces first quarter results for 2014.
-€1,523 million sales, 0.7% up at constant exchange rate and scope of business
-Volumes 3.3% up
-2.6% price / product mix effect mostly in fluorogases
-€213 million EBITDA, down 9% (7% up excluding fluorogases)
-EBITDA 19% up in High Performance Materials supported by volume growth
-Confirmation of good resilience of Coating Solutions in a mixed environment
-In Industrial Specialties, beginning of the year impacted by more challenging market conditions than last year in fluorogases
-14.0% EBITDA margin
-€77 million net income Group share (Q1 2013: -€30 million)
-€1,007 million net debt stable compared to end March 2013
Sales stood at €1,523 million against €1,563 million in 1st quarter 2013. Volumes grew by 3.3% compared to 1st quarter 2013, sustained by more favourable market conditions than at the beginning of 2013 in High Performance Materials and by solid volumes in the Coating Solutions segment. The -2.6% price effect essentially reflects lower prices and an unfavourable product mix in fluorogases. 
The currency translation effect, mostly related to the weakening of the US dollar compared to the euro, amounted to -2.1%. The -1.2% scope of business effect reflects the deconsolidation of the coating resins companies in South Africa currently being divested and the change in the consolidation method for certain joint ventures.
EBITDA reached €213 million (€234 million in 1st quarter 2013) and EBITDA margin stood at 14%. A strong increase in volumes combined with productivity efforts and a strict control of fixed costs helped mitigate the impact, in fluorogases, of lower unit margins and an unfavorable product mix compared to the very high basis of comparison last year, as well as the strength of the euro compared to the US dollar. 
Excluding fluorogases, EBITDA grew by 7% in an economic environment that remains mixed. The level of activity in the United States was affected by the impact of a particularly harsh winter. Progress in Europe remained gradual and limited to certain markets such as automotive and decorative paints. Finally, growth in China remained moderate at the start of the year.
Click here to view full results.


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