Clariant Adjusts Earnings Due to Foreign Exchange Rates

Clariant adjusted its guidance for the full-year 2011 due to unfavorable foreign exchange rate developments and a softening of the global economy in the current business year, according to the company. 

The mid-term EBITDA margin target for 2015 was confirmed.

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The first two months of the second half-year have been marked by a continuing unfavorable development of foreign exchange rates and increasingly difficult economic conditions, negatively impacting Clariant’s operating business. While overall demand remained robust, a softening has become evident in some regions and end markets. Previous full-year 2011 guidance needed to be adapted to the changed conditions, according to the compaby. Sales are expected at CHF 7.0 – 7.2 bn while the EBITDA margin before exceptional items should reach between 12.8% and 13.2%, still above the 12.7% reported in the last business year.

 “We confirm our mid-term target of an EBITDA before exceptionals of above 17% for 2015,” said CEO Hariolf Kottmann in a statement. “This is based on an improvement in our competitive position resulting from the global asset network optimization program, further savings as well as a successful integration of Süd-Chemie, which will substantially contribute to the group’s performance in the coming years. The solid base and the sound financial position achieved in the last two years allow us to consequently implement our profitable growth strategy.”
 

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