Q3 2010 Analyst Presentation
Q3 2010 Analyst Presentation
Q3 2010 Analyst Presentation
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Solid cash flow generation driven by<br />
operating result<br />
Operating cash flow in CHF mn<br />
9M <strong>2010</strong> / <strong>Q3</strong> <strong>2010</strong>, <strong>Analyst</strong>s <strong>Presentation</strong>, 3 November <strong>2010</strong> (Copyright Clariant. All rights reserved.)<br />
<strong>Q3</strong>/10<br />
Cash flow before changes in working capital rose to CHF 116 million in <strong>Q3</strong> <strong>2010</strong><br />
compared to CHF 78 million in <strong>Q3</strong> 2009 as operating income improved<br />
Cash flow also driven by lower impact from inventories build-up compared to H1 <strong>2010</strong><br />
and continuation of strict net working capital management<br />
NWC in % of sales down to 19.7% as of end <strong>Q3</strong> <strong>2010</strong> from 23.2% as of <strong>Q3</strong> 2009<br />
Restructuring and impairment costs of CHF 45 million, cash-out CHF 37 million<br />
Ramp-up of capex to CHF 55 million vs. CHF 26 million in the year-ago period, driven<br />
by investments in China and relocation of production within the context of GANO<br />
173<br />
<strong>Q3</strong>/09<br />
193<br />
Financial results third quarter<br />
Slide 9 / 55
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