First Quarter 2012 results
First Quarter 2012 results
First Quarter 2012 results
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Decent margins in challenging environment<br />
Gross margin<br />
EBITDA margin before exceptionals<br />
� Lower gross margin year-on-year due to unfavorable volume/mix effect and lower<br />
absorption of production costs<br />
� Positive margin contribution from dynamics of sales prices vs. raw material costs<br />
� Sequential recovery in gross margin from underlying 26.0%* in Q4 2011<br />
� SG&A costs at 18.1% in Q1 <strong>2012</strong> compared to 15.0% in Q1 2011, resulting from<br />
one-time gains in Q1 2011 and the seasonality of catalysts business with lower sales<br />
in the first half-year compared to the second half-year<br />
* excluding an additional charge of CHF 43 mn as a result of the sale of Süd-Chemie inventories revalued to fair value less cost to sell<br />
Q1 <strong>2012</strong>, Analysts Presentation, 03 May <strong>2012</strong> (Copyright Clariant. All rights reserved.)<br />
Q1/12<br />
28.2%<br />
12.1%<br />
Q1/11<br />
29.8%<br />
16.1%<br />
Financial <strong>results</strong> first quarter Slide 7 / 35
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