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Performance Polymers

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Performance Polymers
                     
  Q2 2012 Q2 2013 Change H1 2012 H1 2013 Change
  € million Margin
 %
€ million Margin
 %
% € million Margin
 %
€ million Margin
 %
%
Sales 1,427   1,178   (17.4) 2,818   2,312   (18.0)
EBITDA pre exceptionals 257 18.0 94 8.0 (63.4) 512 18.2 206 8.9 (59.8)
EBITDA 256 17.9 94 8.0 (63.3) 510 18.1 206 8.9 (59.6)
Operating result (EBIT) pre exceptionals 207 14.5 29 2.5 (86.0) 414 14.7 81 3.5 (80.4)
Operating result (EBIT) 206 14.4 29 2.5 (85.9) 412 14.6 81 3.5 (80.3)
Cash outflows for capital expenditures 1) 85   85   0.0 148   143   (3.4)
Depreciation and amortization 50   65   30.0 98   125   27.6
Employees as of June 30
(previous year: as of Dec. 31)
5,348   5,474   2.4 5,348   5,474   2.4
1) intangible assets and property, plant and equipment

Business development in our Performance Polymers segment in the second quarter remained well below the high level of the prior-year period. Sales decreased by 17.4% year on year, to €1,178 million. The continued decline in raw material prices and selling price adjustments diminished sales by 15.9%. Volumes decreased by a slight 0.9% against an already weaker prior-year level. A positive portfolio effect of 0.4% from Bond-Laminates GmbH, which was acquired in 2012, could not fully offset the adverse currency shifts of 1.0%.

The demand trends in this segment’s individual business units varied in the second quarter of 2013. Volumes in the Butyl Rubber and Performance Butadiene Rubbers business units, which have close ties to tire production and thus to the replacement tire and original equipment manufacturer markets, receded against the prior-year quarter. This was due to persistently weak demand from the automobile and tire industries, especially in Europe. Negative price effects also had an impact. By contrast, the High Performance Materials business unit, which generates a substantial share of its sales with customers from the automotive and electrical/electronics industries, recorded higher volumes. Lower raw material prices led to selling price adjustments in the Keltan Elastomers business unit, and a slight decrease in volumes additionally depressed sales. The High Performance Elastomers business unit also registered a negative price effect. Business as a whole receded in all regions.

EBITDA pre exceptionals in the Performance Polymers segment fell by a substantial €163 million to €94 million. The lower selling prices in all business units could not be fully offset by the lower raw material costs. Capacity utilization was below the level of the prior-year quarter, due especially to the decline in demand and to scheduled production shutdowns. In addition, the new butyl rubber plant in Singapore is not yet in full utilization which reduced earnings in the form of idle capacity costs. The EBITDA margin came in at 8.0% for the second quarter, against 18.0% a year ago.

Segment sales in the first half fell back by a substantial 18.0% to €2,312 million. Price adjustments made in response to lower raw material costs resulted in a sales decline of 13.3%. Volumes were down 4.2% on the prior-year period. A slightly positive portfolio effect of 0.3% was more than offset by an adverse exchange rate effect of 0.8%.

The segment achieved EBITDA pre exceptionals of €206 million in the first half of 2013, compared with €512 million in the same period a year ago. Its EBITDA margin came in at 8.9% for the half-year, against 18.2% a year ago.

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