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Sales at Henkel grow by 12% in Q3

Nov '08
In the third quarter of 2008, Henkel increased total sales by 12.0 percent to 3,760 million euros. This considerable rise is attributable to good organic growth and the acquisition of the National Starch businesses. After adjusting for foreign exchange, sales even rose by 15.8 percent.

In organic terms, or adjusted for foreign exchange and acquisitions/divestments, sales increased by 3.5 percent, with all business sec-tors contributing. The organic improvement in sales in the growth regions was again in the double-digit percentage range while performance in the mature markets was sluggish.

Operating profit (EBIT) was primarily impacted once again in the quarter under re-view by restructuring charges. These totaled 181 million euros compared to 9 million euros in the same quarter of the previous year, and are particularly attributable to the global efficiency enhancement program and the integration of the National Starch businesses.

As a result, EBIT declined to 191 million euros. Conversely operating profit, adjusted for restructuring costs and one-time gains and charges (“adjusted EBIT”), rose from 368 million euros to 391 million euros (+6.3 percent).

EBIT margin was 5.1 percent, while the adjusted EBIT margin decreased from 11.0 percent to 10.4 percent. This is due primarily to the heavy impact of raw material price increases on the Laundry & Home Care and Adhesive Technologies business sectors. Investment result, mainly attributable to Henkel's stake in Ecolab, rose by 2 million euros to 24 million euros while net interest expense increased by 28 million euros from -44 million euros to -72 million euros.

This is largely the result of higher net debt arising from payment of the purchase price for the National Starch businesses. The financial result consequently decreased from -22 million euros to -48 million euros. The tax rate amounted to 25.2 percent.

Due to lower EBIT and the increase in the negative financial result, net earnings for the quarter decreased to 107 million euros. After minority interests totaling 6 million euros, net earnings for the quarter amounted to 101 million euros.

At 251 million euros, adjusted quarterly net earnings after minority interests were 2.4 percent above the prior-year level. Earnings per preferred share decreased to 0.23 euros while the adjusted figure increased by 3.5 percent to 0.59 euros.


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