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Advanced Intermediates

Overview of Key Data
           
  2011 2012 Change
           
  € million Margin % € million Margin % %
           
Sales 1,545   1,674   8.3
EBITDA pre exceptionals 264 17.1 305 18.2 15.5
EBITDA 245 15.9 311 18.6 26.9
Operating result (EBIT) pre exceptionals 198 12.8 238 14.2 20.2
Operating result (EBIT) 175 11.3 244 14.6 39.4
Cash outflows for capital expenditures1) 107   92   (14.0)
Depreciation and amortization 70   67   (4.3)
Employees as of Dec. 31 2,883   2,841   (1.5)
1) Intangible assets and property, plant and equipment

Sales in our Advanced Intermediates segment grew by €129 million, or 8.3%, to €1,674 million in 2012. Price increases implemented to compensate for higher raw material prices yielded a 3.9% price effect. Volumes rose by 2.2% due to improved demand. Exchange rates had a positive effect on sales of 2.2%.

Demand for agrochemicals provided the main impetus in the reporting period. Both of the segment’s business units profited from this development. The Advanced Industrial Intermediates business unit posted year-on-year volume growth, especially with products from the aromatics network for the agrochemical industry. In addition, the market accepted our new production capacities for menthol. In relative terms, growth was strongest in Latin America, while the highest absolute growth was seen in Germany.

EBITDA and EBITDA Margin Pre Exceptionals
EBITDA and EBITDA Margin Pre Exceptionals

EBITDA pre exceptionals in the Advanced Intermediates segment increased by €41 million, or 15.5%, to €305 million. Higher raw material prices, especially for petroleum derivatives like toluene and benzene, were offset at segment level with corresponding selling price adjustments. Solid demand in the agricultural sector led to a positive volume effect in both business units. Product mix effects and production process optimization compensated for rising energy costs, yielding a positive earnings effect overall. The favorable exchange rates also had a slightly positive effect. The EBITDA margin pre exceptionals increased as a result, from 17.1% to 18.2%.

Exceptional income of €6 million in 2012 related to the adjustment of a provision set up for a proactive and market-oriented realignment of the Saltigo business unit. This realignment was initiated in the prior year with the goal of gradually converting infrastructure and resources from the pharmaceuticals area for use by the growing agrochemicals business.

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Key Figure Analyser