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Performance Chemicals

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  Q3 2011 Q3 2012 Change 9M 2011 9M 2012 Change
                     
  € million Margin % € million Margin % % € million Margin % € million Margin % %
                     
Sales 523   555   6.1 1,640   1,698   3.5
EBITDA pre exceptionals 75 14.3 75 13.5 0.0 260 15.9 236 13.9 (9.2)
EBITDA 75 14.3 75 13.5 0.0 260 15.9 221 13.0 (15.0)
Operating result (EBIT) pre exceptionals 55 10.5 54 9.7 (1.8) 203 12.4 173 10.2 (14.8)
Operating result (EBIT) 55 10.5 54 9.7 (1.8) 203 12.4 156 9.2 (23.2)
Cash outflows for capital expenditures1) 31   29   (6.5) 59   61   3.4
Depreciation and amortization 20   21   5.0 57   65   14.0
Employees as of September 30
(previous year: as of Dec. 31)
5,819   6,030   3.6 5,819   6,030   3.6
1) Intangible assets and property, plant and equipment

Sales in the Performance Chemicals segment advanced by 6.1% to €555 million in the quarter under review. Selling prices were adjusted by 1.5% in view of lower procurement prices. Volumes held steady at just 0.2% below the previous year’s level. A portfolio effect of 2.5% from the recent acquisitions in North America and favorable exchange rate effects of 5.3% factored heavily into the sales growth.

Volumes remained stable compared to the prior-year quarter, but development varied from one business unit to another. Lower demand and inventory reductions by customers in the tire and automotive industries led to lower volumes in the Rhein Chemie and Rubber Chemicals business units. The Inorganic Pigments business unit registered a small increase in demand from the Asian construction industry and raised volumes slightly, with selling prices at the previous year’s level. The Leather business unit suffered from lower chrome ore prices and instability of the CO2 supply at the site in Newcastle, South Africa. In the Material Protection Products business unit, lower volumes were more than offset by higher selling prices and a positive portfolio effect.

EBITDA pre exceptionals in the Performance Chemicals segment equaled the prior-year period at €75 million. Lower raw material costs led to an adjustment in selling prices at the segment level. Volumes were at the level of the prior-year period due to the stable demand. Capacity utilization decreased on account of maintenance shutdowns, and this adversely affected earnings. By contrast, earnings were improved by exchange rate developments and the portfolio effect from the acquired businesses. The segment’s EBITDA margin came in at 13.5%, against 14.3% in the same quarter a year ago.

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