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Specialty Chemicals – Overview

  • Revenue increased 14 percent, with volumes up 15 percent
  • Broad demand improvement and favorable currency effects (7 percent) drive top line
  • EBITDA at €257 million, up 28 percent
  • EBITDA margin 20.4 percent (2009: 18.2 percent)
  • All units contribute to strong results, particularly Functional Chemicals and Surface Chemistry
  • Sale of National Starch to be completed in the second half of the year

The improvement in fundamental demand which emerged in late 2009 has continued through the second quarter. Revenue increased 14 percent including a positive currency effect of 7 percent and a negative divestment effect of 6 percent (PTA Pakistan). The favorable business development was visible in all businesses as demand recovery continued in the mature markets and strong growth returned in the higher growth economies. Our contribution margin was slightly below the 2009 level reflecting increased price and raw material cost pressure in the market. However, the volume driven incremental contribution margin was largely delivered to the bottom line as operating costs are under control. As a result, EBITDA was €257 million, 28 percent above last year. The EBITDA margin improved to 20.4 percent, up 2.2 percentage points from the previous year (2009: 18.2 percent).

Revenue development Q2 2010

Specialty Chemicals – Revenue development Q2 2010 (bar chart)
Specialty Chemicals – Brands (logos)
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