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LANXESS AG perfomance shows turnaround
11
Mar '08
Specialty chemicals company LANXESS AG significantly improved its earnings in 2007. EBITDA pre exceptionals rose by 6.5 percent to EUR 719 million, close to the top end of the earnings guidance range of EUR 700 to EUR 720 million.

The EBITDA margin pre exceptionals moved ahead to 10.9 percent, compared to 9.7 percent in the previous year. “This positive earnings performance shows that LANXESS has definitively achieved the turnaround.

Last year we came even closer to the profitability level of our competitors,” said LANXESS AG Board of Management Chairman Axel C. Heitmann, presenting the Group's 2007 results in Düsseldorf.

Sales for 2007 came in at EUR 6.61 billion, down 4.8 percent from the prior-year figure of EUR 6.94 billion. After adjusting for currency and portfolio effects of 9.8 percent, however, sales growth was 5.0 percent.

The decline in sales resulted partly from the divestment of the Lustran Polymers business unit. The same applies to the drop in Group net income from EUR 197 million in 2006 to EUR 112 million last year, which was due primarily to the exceptional charges related to this divestment.

“We withdrew from this highly cyclical business at exactly the right time,” commented Heitmann. “Lustran Polymers was heavily dependent on petrochemical raw materials, the prices of which were highly volatile.

LANXESS can now present itself as a flexible and very solid specialty chemicals group at the core of the chemical industry with considerably increased earning power.” Net financial debt declined further from EUR 511 million to EUR 460 million.

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