Chemicals
Q3 2022
Sales1 in the Chemicals segment rose slightly compared with the prior-year quarter. This was attributable to sales growth in the Petrochemicals division. By contrast, sales declined slightly in the Intermediates division.
|
Chemicals |
Petrochemicals |
Intermediates |
|---|---|---|---|
Volumes |
–12.4% |
–10.7% |
–16.7% |
Prices |
8.7% |
8.5% |
9.2% |
Portfolio |
–0.1% |
–0.1% |
–0.1% |
Currencies |
6.6% |
6.7% |
6.1% |
Sales |
2.7% |
4.4% |
–1.5% |
Sales growth in the segment was primarily driven by significantly higher prices, especially in Europe, due to increased prices for raw materials and energy.
Positive currency effects, especially from the U.S. dollar, also contributed to the sales increase.
This was partially offset by lower volumes due to weaker demand. The decline in demand was mainly attributable to the impact of extraordinarily high raw materials and energy prices in Europe and developments in China. Sales volumes in both divisions decreased considerably in this market environment, especially for steam cracker products and along the propylene value chain in the Petrochemicals division and mainly in the butanediol and derivatives business in the Intermediates division.
The segment’s income from operations (EBIT) before special items1 was considerably below the exceptionally strong prior-year figure. In both divisions, this was primarily due to lower margins, higher fixed costs and lower income from equity-accounted shareholdings. The lower margins were largely attributable to weaker demand. In both divisions, the increase in fixed costs was driven by energy prices and currency effects.
1 For sales, “slight” represents a change of 0.1%–5.0%, while “considerable” applies to changes of 5.1% and higher. “At prior-year level” indicates no change (+/–0.0%). For earnings, “slight” means a change of 0.1%–10.0%, while “considerable” is used for changes of 10.1% and higher. “At prior-year level” indicates no change (+/–0.0%).
|
Q3 |
January–September |
||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2022 |
2021 |
+/– |
2022 |
2021 |
+/– |
||||||||||||||
Sales to third parties |
3,793 |
3,693 |
2.7% |
12,145 |
9,848 |
23.3% |
||||||||||||||
of which Petrochemicals |
2,764 |
2,648 |
4.4% |
8,670 |
7,052 |
22.9% |
||||||||||||||
Intermediates |
1,029 |
1,045 |
–1.5% |
3,476 |
2,796 |
24.3% |
||||||||||||||
Income from operations before depreciation, amortization and special itemsa |
527 |
1,070 |
–50.7% |
2,625 |
3,031 |
–13.4% |
||||||||||||||
Income from operations before depreciation and amortization (EBITDA)a |
526 |
1,068 |
–50.8% |
2,620 |
3,070 |
–14.7% |
||||||||||||||
Depreciation and amortizationb |
203 |
190 |
7.1% |
590 |
550 |
7.3% |
||||||||||||||
Income from operations (EBIT)a |
322 |
877 |
–63.2% |
2,031 |
2,520 |
–19.4% |
||||||||||||||
Special items |
–1 |
− |
− |
–5 |
38 |
. |
||||||||||||||
EBIT before special itemsa |
323 |
878 |
–63.2% |
2,035 |
2,482 |
–18.0% |
||||||||||||||
Assets (September 30)a |
11,493 |
9,738 |
18.0% |
11,493 |
9,738 |
18.0% |
||||||||||||||
Investments including acquisitionsc |
412 |
248 |
66.1% |
954 |
619 |
54.1% |
||||||||||||||
Research and development expenses |
21 |
22 |
–2.6% |
71 |
73 |
–2.5% |
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