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Clariant Improves Cash Flow, Increases Margins for Seventh Consecutive Year

Improved business performance stemmed primarily from business areas Care Chemicals, Catalysis and Natural Resources.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Clariant has announced full-year 2015 sales of CHF 5.807 billion compared to CHF 6.116 billion in 2014. This corresponds to a 3% growth in local currencies mainly driven by higher volumes. Due to the strong currency headwind, sales in Swiss francs decreased by 5%.
 
Growth in the Americas was good, with sales in local currencies up 19% in Latin America and 4% in North America. Europe was 1% lower in local currencies impacted by a weaker end-market demand.
 
Lower growth came from the regions Asia/Pacific and Middle East & Africa. Sales in Asia/Pacific decreased by 1% in local currencies and were affected by a weak demand in China, which could not be compensated by the stronger demand of smaller economies in Asia. In the Middle East & Africa region, sales were down 6% year-on-year in local currencies.
 
The improved business performance stemmed primarily from higher growth in the Business Areas Care Chemicals, Catalysis and Natural Resources. In Care Chemicals sales in local currencies were up 4%, reaching CHF 1.445 billion. Adjusted for the portfolio change, on a like-for-like basis, growth in local currency was 6% year-on-year.
 
Net income from continuing operations amounted to CHF 227 million comparable to CHF 235 million in the previous year. Operating cash flow rose significantly to CHF 502 million versus CHF 334 million year-on-year stemming from a sustainable net working capital management.
 
Net debt at CHF 1.312 billion was slightly higher compared to the CHF 1.263 billion recorded at year-end 2014.
 
In the fourth quarter of 2015, Clariant sales grew by 4% in local currency to CHF 1.526 billion. Due to the strong currency headwind, sales decreased by 4% in Swiss francs. Volumes were up 4% compared to the previous year period. In the fourth quarter, growth stemmed from the higher growth business areas, primarily Catalysis and Natural Resources.

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