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Advanced Intermediates

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Advanced Intermediates
  Q2 2012 Q2 2013 Change H1 2012 H1 2013 Change
  € million Margin
€ million Margin
% € million Margin
€ million Margin
Sales 399   393   (1.5) 828   826   (0.2)
EBITDA pre exceptionals 79 19.8 74 18.8 (6.3) 149 18.0 145 17.6 (2.7)
EBITDA 79 19.8 78 19.8 (1.3) 149 18.0 149 18.0 0.0
Operating result (EBIT) pre exceptionals 62 15.5 55 14.0 (11.3) 116 14.0 109 13.2 (6.0)
Operating result (EBIT) 62 15.5 59 15.0 (4.8) 116 14.0 113 13.7 (2.6)
Cash outflows for capital expenditures 1) 17   23   35.3 32   42   31.3
Depreciation and amortization 17   19   11.8 33   36   9.1
Employees as of June 30
(previous year: as of Dec. 31)
2,841   2,861   0.7 2,841   2,861   0.7
1) intangible assets and property, plant and equipment

Sales in our Advanced Intermediates segment decreased slightly by 1.5% to €393 million in the second quarter of 2013. While selling price adjustments compensated for higher raw material prices, generating a positive price effect of 1.8%, volumes decreased by 2.3% from the prior-year quarter. Shifts in exchange rates gave a negative effect of 1.0%, which also depressed sales.

In the Advanced Industrial Intermediates business unit, higher prices for raw materials, especially benzene, were passed along to the market in the form of selling price adjustments. There was pleasing development in demand from the agrochemical industry and from the flavors and fragrances industry for products from the integrated aromatics production network. This could not fully offset weaker demand for products used in the automotive industry and the exit from less profitable businesses. Selling prices in the Saltigo business unit were above the level of the prior-year quarter. Weaker demand for pharmaceutical precursors generated an offsetting volume effect. Overall, the business volume matched the good prior-year level. While North America and EMEA (excluding Germany) recorded an increase in sales, the business volume receded in the other regions.

EBITDA pre exceptionals for the Advanced Intermediates segment was €5 million below the prior-year level, at €74 million. A positive net effect from the development of raw material costs and selling prices was outweighed, in particular, by higher production costs and lower volumes attributable to the weak demand from the automotive industry. There was also a negative currency effect. The EBITDA margin decreased from 19.8% to 18.8%.

The Advanced Intermediates segment generated half-year sales of €826 million, which was at the level of the previous year with a slight drop of 0.2%. This was largely due to a 3.1% increase in selling prices. Volumes were down by 2.6%, and there were adverse currency effects of 0.7%.

The segment achieved EBITDA pre exceptionals of €145 million in the first half of 2013, compared with €149 million in the same period a year ago. The EBITDA margin came in at 17.6%, against 18.0% in the first half of 2012.

The segment’s €4 million in exceptional income for both the second quarter and first half of 2013 stemmed from the reversal of provisions established for the realignment of the Saltigo business unit.