Surface Technologies
Q1 2022
In the Surface Technologies segment, sales were down considerably from the first quarter of 2021. Strong sales growth in the Coatings division was unable to offset the significant decline in the Catalysts division.
|
Surface Technologies |
Catalysts |
Coatings |
|---|---|---|---|
Volumes |
–14.3% |
–16.8% |
0.7% |
Prices |
–3.3% |
–5.3% |
8.6% |
Portfolio |
4.8% |
5.7% |
–0.5% |
Currencies |
4.6% |
4.7% |
3.8% |
Sales |
–8.2% |
–11.7% |
12.7% |
The sales decrease was primarily the result of much lower volumes in the Catalysts division. Here, sales volumes declined significantly, especially in precious metal trading and for mobile emissions catalysts. This was mainly attributable to weaker demand from the automotive industry. This could only be partially offset by volume growth in refinery and chemical catalysts. Volumes rose slightly in the Coatings division.
The Catalysts division’s sales were also reduced by significantly lower precious metal prices. Sales in precious metal trading were considerably below the prior-year quarter at €2,208 million (Q1 2021: €2,904 million). By contrast, the Coatings division raised prices significantly.
Positive portfolio effects in the Catalysts division following the acquisition of a majority shareholding in BASF Shanshan Battery Materials Co., Ltd. had an offsetting impact.
Currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, also had a slightly positive impact on sales.
In both divisions, income from operations (EBIT) before special items declined considerably compared with the prior-year quarter. The earnings decrease in the Catalysts division was mainly due to a significantly lower contribution from precious metal trading. The Coatings division’s EBIT before special items declined, primarily as a result of increased fixed costs as well as weaker margins on the back of higher raw materials prices.
|
|
2022 |
2021 |
+/– |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales to third parties |
|
5,457 |
5,947 |
–8.2% |
||||||||||
of which Catalysts |
|
4,514 |
5,110 |
–11.7% |
||||||||||
Coatings |
|
943 |
837 |
12.7% |
||||||||||
Income from operations before depreciation, amortization and special items |
|
401 |
470 |
–14.6% |
||||||||||
Income from operations before depreciation and amortization (EBITDA) |
|
395 |
466 |
–15.3% |
||||||||||
Depreciation and amortizationa |
|
135 |
110 |
22.4% |
||||||||||
Income from operations (EBIT) |
|
260 |
356 |
–27.0% |
||||||||||
Special items |
|
–7 |
–4 |
–67.7% |
||||||||||
EBIT before special items |
|
267 |
360 |
–26.0% |
||||||||||
Assets (March 31) |
|
15,528 |
13,349 |
16.3% |
||||||||||
Investments including acquisitionsb |
|
109 |
73 |
49.8% |
||||||||||
Research and development expenses |
|
95 |
67 |
41.3% |
||||||||||
|
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