[Operator Instructions] The first question comes from Christian Faitz from Kepler Cheuvreux. Clariant, a focused, sustainable, and innovative specialty chemical company, today announces that it has completed the acquisition of BASF's U.S. based Attapulgite business assets for USD 60 million in cash. In Europe in some of the markets, particularly the industrial markets we start to see, in fact negative volumes on a year-on-year basis. The total group net result was CHF 386 million versus CHF 157 million in the previous year. Your final question, as far as a pickup license sales. The foundry business also increased sales at a low single-digit rate, again, exceeding the absolute levels achieved in the second quarter of 2019 prior to the COVID-19 pandemic. And then, I really would like to understand, what the Care Chemicals how we should understand the Care Chemicals business. First, on Catalysts and raw material developments and how this works itself through into our margins. Your second question on the enzymes. To your second question, in terms of costs, we are preparing additional actions in terms of bringing down our costs, particularly with a focus on Europe where we expect this effect to be the strongest. The next question comes from Chaudhry Mubasher from Citi. Share information. No, no, thats clear. The initial. Please go ahead, sir. We expect these measures to have a positive impact in the second half of 2022. Looking at our robust second quarter development by business area, let's start with Care Chemicals on Slide 9. And then just looking at your guidance for the third quarter for Catalysis, I think strong EBITDA margin increased versus prior year's level. I wanted to see if you can provide any details or quantify how much of your -- you've realized in the first 9 months of incremental EBITDA from efficiencies and market growth, please. Can you help us understand what you see from a quarter-on-quarter perspective on the underlying EBITDA in Q4 versus Q3? So also, in the second quarter strong volumes, strong demand in America, no signs of volume slowdown, yes and also still a very strong order book. But we are seeing it coming through to some extent. Additionally, -- higher sales and cost savings contributed positively to our margin expansion. Our Catalysis sales increased by 8% in local currency with strong sales in specialty catalysts compensating for continued weak sales in petrochemicals. Journalists & Bloggers. And you rightfully make the point. I've got two add-on questions regarding slower momentum. News Center. And just if you could just talk about the third quarter, how you started the quarter as you see in the month of July so far and just in general, some comments on what you're seeing on demand would be very helpful. We will now open the line for questions. What we announced halfway in the year was a delayering where we basically took out the layer of the executive committee in the company, where we reduced the number of business units from 5 to 3 and where these business units are now directly reporting to myself. Okay. Yes. With this increase, we have now fully recovered our year-on-year raw materials, energy, and logistics cost inflation. But what is actually going to stay is this element of the business in China. Could you shed more light on what was the logic of this divestment and also why the multiples have been low? I would like to recognize that we also achieved a further sequential pricing increase of 3% in the third quarter versus the second quarter of 2022. You remember, our presentation at the Capital Markets Day last year, you remember, the new growth strategy that we put together earlier in the year last year for Care Chemicals and that we have been executing on already. Clariant is committed to continuously create value for its shareholders by executing on its purpose-led strategy, built on Clariants high-growth, high-margin, specialty portfolio. So overall, yes, it's something that we are watching closely with regard to the hit on inventory devaluation relative to the decline in raw materials, but it's something we are expecting to be able to manage through. I mean just as we saw a positive revaluation as raw materials increase, but the overall shape of the curve on raw material suggests that it will not be a significant amount in terms of the inventory devaluation. From a sequential perspective, we anticipate that the third quarter EBITDA margin will be lower than in the second quarter of 2022. info@ir.henkel.com Download Business Card Add to my collection. The absolute EBITDA from continuing operations increased by 30% to CHF 436 million as the group improved profitability on the back of notable sales expansion. Our EBITDA was actually very strong in the first half of this year. for all our stakeholders.". +49-211-798-2863. The next question comes from Chetan Udeshi from JPMorgan. Please go ahead. In terms of efficiency programs through September, weve probably delivered about CHF10 million in additional efficiency gains this year with regard to cost efficiencies. Traditionally, our Russian business had very accretive margin levels. First question is really on Care Chemicals. Can you please confirm this? The Care Chemicals business area produces ingredients for laundry detergents, fabric softeners, disinfectants and dishwashing detergents, as well as plasticizers . Sure. Acquisitions and divestitures. Your line is very bad. Hi, Conrad, hi, Bill. Don't forget that we made two accretive acquisitions here, Indian glycols, which are the bio-based surfactants -- surfactants based on bioethanol. Additives posted the strongest sales within the Natural Resources business area in Q2, thanks to robust demand in all key regions and across all main end markets, including the electrical, electronics, automotive and construction sectors. 2.2. Yes, sure. EARTH also won the Best Refining Technology category of the Hydrocarbon Processing Awards 2022, a program that honors the downstream energy segment, leading innovation. So ladies and gentlemen, this then, concludes today's conference call. However, logistics challenges persisted. Yes. We are confident that the execution of our A few questions. Can you tell us the margin excluding those exceptional items? If you have an ad-blocker enabled you may be blocked from proceeding. Conrad, sorry, can I just steal a tiny third question? Certainly, Conrad. Yes, Bill, if you could take the question from . If you look at the first half, we have seen a fair amount of volatility in metal pricing. The 18% price increase implemented in the third quarter, again, fully offset the impact of 24% higher year-on-year raw material cost, 60% year-on-year energy cost and 6% higher year-on-year logistics costs. Once again, thank you for joining and goodbye. But for us it is about delivering shareholder value for all of our shareholders. Sorry, Jaideep, we lost the connection for a while. So that actually provided some degree of uplift. Clariant AG Investor Alert. Our team remains committed to taking the next steps to meet our 2025 targets, which we. This is especially the case in China where this is also visible even in our inventory builds, we are actually building to order and we do expect a firm pickup in the second half. Or is it going to take longer than 12 months to go back to the 22% to 25% margin range? We also will actively manage this through our own destocking, our own reduction in inventory levels as we see our customers basically do the same. Mr. Conrad Keijzer has been Chief Executive Officer at Clariant AG since January 01, 2021. We are pleased to confirm that we are on track to deliver the targeted savings announced at our Capital Markets Day in November 2021. Let's now move on to cover the first half year financials on slide 12. Clariant is a true specialty chemicals leader with an attractive innovation pipeline linked to customer-driven sustainability requirements. Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved. Joining me today, as usual, is Conrad Keijzer, Clariant's CEO; and Bill Collins, Clariant's CFO. Thank you, for opportunity to ask question. Moving to the discussion of our third quarter development by business area, I will start with Care Chemicals on Slide 11. So what you see is that actually two-thirds of the business now is consumer-facing and what you see is that the share of business within Care Chemicals of the consumer applications is actually significantly up in relation to the industrial segments. Solid performance and an increasingly challenging environment. Significant shareholdings of 3% or more of total share capital. And because actually, this is a mid double-digit million number, we felt it was appropriate to already guide for that right now. This is an offtake contract for all of the volume. As a final housekeeping comment, please note that the figures discussed today refer to continuing operations unless specifically noted otherwise. This actually was primarily a distribution and resale business with some services to it. So is it the unfavorable product mix energy road map and then ramp-up costs. If you look more broadly, globally what we see is actually a mixed picture. I will take the first question on the North America Oil Land business, and Bill can provide some color as far as inventory devaluation risk in the coming quarter. It is very much about outgrowing our peers in the most attractive segments. And then the second question is, I appreciate that you have good visibility on your order book. Please go ahead. So the 16.2% that we did last year, we are going to end up higher than that. Clariant AG is a Switzerland-based producer of specialty chemicals. We increased our Care Chemicals sales by 24% in local currency in the third quarter via double-digit growth in consumer care and industrial applications. Thank you Rob. And everything that we're talking about here today actually further solidifies our ability to achieve those. Now with that, there is indeed the loss of positions. Sorry, accidently hit mute. Continuing with Catalysis on Slide 12. This is in addition to the approximately CHF 60 million cost savings already generated in 2020 and 2021. Then, at the prompt, dial 866-330-MDYS (866-330-6397). You may also click here for additional information: www.faruqilaw.com/CLZNY. Thanks very much for these questions. So if I could [indiscernible] a guess on the fourth quarter volume performance, I mean, it sounded like it could be less than 27%, but probably more like -- more than 10% on accounts of the continued ramp-up of the China plant, is that fair? Too many layers between myself and a sales representative visiting customers. How much did we realize? In the second half of the year, we expect to report continued sales growth based on higher prices, but weaker volumes, in part due to the higher comparison base, but also because of the sequential weakening of demand that was already visible towards the end of the second quarter. Let me conclude by providing some comments about our exposure to potential shortages in the supply of gas in Europe. Typical lead times for orders, six to nine months sometimes even 12 or up to 18 months. The net operating cash flow declined to negative CHF 17 million in the first half of 2022, as a result of the inventory buildup needed to meet higher demand levels, supply chain uncertainty and higher raw material prices. Oil and Mining Services sales expanded in double-digit percentage range in the third quarter. And that's basically the setup. Can you hear me now? And therefore, we expect to continue to benefit from our innovation driven specialty portfolio and the contributions and synergies generated by our bolt-on acquisitions. our purpose: Greater chemistry - between people and planet, on our strategy, creating sustainable solutions, Reduction in scope 3, cat.1 emission by 2030.
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