• €1,520 million sales, 3.3% down on 2Q’13 at constant business scope and exchange rate
• €206 million EBITDA (2Q’13 at €273 million)
- Continuing challenging market conditions in fluorogases
- Following a good 1st quarter, temporary unfavourable factors in polyamides and lower volumes than expected in acrylics
- Solid performance in the other product lines
• Good resilience of EBITDA margin at 13.6% in this temporary more challenging environment
• Further cost optimization plan of €50 million over next three years
• €1,106 million net debt, slightly down on end of June 2013
Quote of Thierry Le Hénaff
“The performance of 2nd quarter is below our expectations due to lower volumes than expected in acrylics as well as a number of specific elements in polyamides. It reflects neither the quality of Arkema’s business portfolio nor the projects currently underway, and masks the solid performance of the other product lines.
We remain fully convinced of the relevance of the Group’s long term strategy and of our ability to benefit over the next three years of our various ongoing projects. After a sharp growth in Arkema’s results in the six years following our stock market listing, 2013 and 2014 represent a transition phase marked by the launch of many growth projects and by more challenging market conditions notably in fluorogases. 2015 should already benefit from a significant pick-up in growth with the larger contribution of both organic projects and acquisitions, the first benefits of well-identified elements in fluorogases and Arkema’s positive prospects in the oil and gas market.
Following a thorough review of each business unit, we confirm our mid-term targets (€8bn sales and 16% EBITDA margin). However, their achievement, initially planned for 2016, is now set for 2017 to take into account a more progressive return to normalized conditions.”