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Advanced Intermediates

Advanced Intermediates
  Q1 2011 Q1 2012 Change
  € million Margin % € million Margin % %
Sales 416   429   3.1
EBITDA pre exceptionals 75 18.0 70 16.3 (6.7)
EBITDA 75 18.0 70 16.3 (6.7)
Operating result (EBIT) pre exceptionals 59 14.2 54 12.6 (8.5)
Operating result (EBIT) 59 14.2 54 12.6 (8.5)
Cash outflows for capital expenditures1) 13   15   15.4
Depreciation and amortization 16   16   0.0
Employees as of March 31 (previous year: as of Dec. 31) 2,883   2,882   0.0
1) Intangible assets and property, plant and equipment

Sales in the Advanced Intermediates segment rose by 3.1% in the first quarter of 2012 to €429 million. Higher raw material prices were offset by price adjustments, giving a price effect of 3.1%. Volumes decreased by 1.2% against the strong prior-year period, while positive currency effects also amounted to 1.2%.

The demand for agrochemicals remained strong in the first quarter of 2012, benefiting both business units in this segment. In the Saltigo business unit this resulted in a positive volume effect that more than offset a drop in volumes for pharmaceutical precursors. In the Advanced Industrial Intermediates business unit, volumes receded slightly against the very strong first quarter of the previous year. The demand for products from the integrated aromatics production network for agrochemicals rose, while that for products for the construction and coatings industries declined. Higher prices for raw materials, including ammonia and toluene, were offset by selling price adjustments. North America was the growth engine in this segment, posting the largest increase in business in absolute terms.

EBITDA pre exceptionals in the Advanced Intermediates segment came to €70 million, against €75 million in the prior-year quarter. This was due to the decrease in volumes compared to the high level of the same period a year ago. Higher raw material costs were passed along to the market in full. Shifts in exchange rates had no material impact on earnings. The EBITDA margin was solid at 16.3%, compared with 18.0% in the year-earlier quarter.