{"id":36369,"date":"2023-05-09T09:30:03","date_gmt":"2023-05-09T07:30:03","guid":{"rendered":"https:\/\/plas.tv\/?p=36369"},"modified":"2023-05-08T09:32:05","modified_gmt":"2023-05-08T07:32:05","slug":"first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/plas.tv\/?p=36369","title":{"rendered":"First-quarter 2023 results"},"content":{"rendered":"<section class=\"content-block banner-introduction content-background-grey\">\n<div class=\"banner-introduction-wrapper\">\n<p>In an environment in the continuity of the end of last year, marked by continued low volumes, the Group achieved a solid financial performance in the first quarter, in line with its full-year guidance for 2023.<br \/>\nMoreover, Arkema obtained validation from the SBTi<sup>\u00a0(1)<\/sup>\u00a0organization for its 1.5\u00b0C decarbonization trajectory by 2030.<\/p>\n<\/div>\n<\/section>\n<section class=\"content-block content-center content-rich-text content-color-gradient accordion-content \">\n<div class=\"wrapper\">\n<div class=\"content-text\">\n<ul>\n<li><strong>Sales\u00a0<\/strong>of\u00a0<strong>\u20ac2.5\u00a0billion<\/strong>, down by 12.6% year-on-year:\n<ul>\n<li>Volumes down, impacted by continued weak demand in Europe, a slowdown observed in construction in the United States, and temporary destocking in batteries in China<\/li>\n<li>Overall resilience in prices, benefiting from the work to position the portfolio on higher value-added solutions<\/li>\n<li>Benefits of our sustainable innovation in high performance solutions such as bio-based and recyclable materials, 3D printing and more eco-friendly coatings<\/li>\n<\/ul>\n<\/li>\n<li><strong>EBITDA\u00a0<\/strong>of\u00a0<strong>\u20ac367\u00a0million<\/strong>\u00a0and\u00a0<strong>EBITDA margin<\/strong>\u00a0of\u00a0<strong>14.5%<\/strong>, down compared with the exceptionally high comparison base of Q1\u201922 (\u20ac619\u00a0million and 21.4%, respectively), which benefited from particularly favorable market conditions in PVDF and upstream acrylics<\/li>\n<li><strong>Adjusted net income<\/strong>\u00a0of\u00a0<strong>\u20ac162\u00a0million<\/strong>, representing \u20ac2.17 per share (\u20ac5.08 in Q1\u201922)<\/li>\n<li><strong>Recurring cash flow<\/strong>\u00a0of\u00a0<strong>negative \u20ac21\u00a0million<\/strong>\u00a0(positive \u20ac26\u00a0million in Q1\u201922), reflecting the usual seasonality of working capital in the first quarter<\/li>\n<li><strong>Net debt<\/strong>\u00a0stable at\u00a0<strong>\u20ac2,389\u00a0million<\/strong>\u00a0(\u20ac2,366\u00a0million at end-December 2022), including \u20ac700\u00a0million in hybrid bonds, representing\u00a0<strong>1.3x<\/strong>\u00a0last-twelve-months\u00a0<strong>EBITDA<\/strong><\/li>\n<li><strong>2023 guidance confirmed<\/strong>: in 2023, the Group aims to achieve EBITDA of around \u20ac1.5\u00a0billion to \u20ac1.6\u00a0billion and maintain a high EBITDA to cash conversion rate of over 40%<\/li>\n<li><strong>Commitment for the climate on the 1.5\u00b0C trajectory by 2030 strengthened<\/strong>\u00a0by the Group in light of the progress achieved in its carbon trajectory, and\u00a0<strong>validated by SBTi<\/strong>. Arkema now aims to reduce its greenhouse gas emissions by 48.5% for Scopes\u00a01+2 and by 54% for Scope\u00a03 by 2030 versus 2019<\/li>\n<\/ul>\n<p><em><sub><sup>(1)<\/sup>\u00a0Science Based Targets initiative (SBTi): partnership between CDP (Carbon Disclosure Project), United Nations Global Compact, WRI (World Resources Institute) and WWF (World Wide Fund for Nature)<\/sub><\/em><\/div>\n<\/div>\n<\/section>\n<section class=\"content-block content-left content-rich-text content-color-gradient accordion-content content-background-grey\">\n<div class=\"wrapper\">\n<div class=\"content-text\">Following Arkema\u2019s Board of Directors\u2019 meeting, held on 4 May 2023 to review the Group\u2019s consolidated financial information for the first quarter of 2023,\u00a0<strong>Chairman and CEO Thierry Le H\u00e9naff said<\/strong>:<\/p>\n<p><em>\u201cThe quarter\u2019s performance was achieved, as expected, in a general context of weaker demand, more particularly in Europe and in the construction market. The visibility expressed by our customers remains limited despite some more positive initial signals observed in Asia. In this economic environment that remains difficult, the Group achieved, thanks to its positioning and agility, solid results in the first quarter, and confirms its EBITDA and cash flow forecast for the year. Arkema will moreover remain attentive to strictly managing its costs and working capital.<\/p>\n<p>The beginning of 2023 was also marked by two key milestones in the implementation of Arkema\u2019s ambition in sustainable solutions: the launch of the final phase in the start-up of the bio-based polymer plant in Singapore, and SBTi validation for our 1.5\u00b0C carbon trajectory by 2030. In addition, several major industrial projects are progressing as planned and will soon contribute to the Group\u2019s growth in Specialty Materials.\u201d<\/em><\/div>\n<\/div>\n<aside>\n<figure><img decoding=\"async\" src=\"https:\/\/www.arkema.com\/files\/live\/sites\/shared_arkema\/files\/images\/Corporate%20topics\/Group\/Governance\/Executive%20committee\/thierry-le-henaff-5.jpg\" alt=\"\" \/><\/figure>\n<\/aside>\n<\/section>\n<section id=\"outlook-for-2023\" class=\"content-block content-title  content-left content-color-gradient\">\n<div class=\"content-wrapper\">\n<h2>Outlook\u00a0<strong>for 2023<\/strong><\/h2>\n<\/div>\n<\/section>\n<section class=\"content-block content-center content-rich-text content-color-gradient accordion-content \">\n<div class=\"wrapper\">\n<div class=\"content-text\">At the beginning of the second quarter, the macroeconomic context remains marked by a lack of visibility and continued low volumes. The outlook should be contrasted by region for the coming months, Europe remaining weak, the United States down but holding up better overall and Asia improving slightly from a low level. Raw material costs are sequentially showing signs of easing tightness but broadly remain at elevated levels in Europe and the United States, and energy prices are declining while remaining relatively high in Europe.<\/p>\n<p>In this context, the Group will continue to work on two levels: firstly, tightly managing its operations with in particular a strong emphasis on cost control, the optimization of working capital and the environmental performance of its sites. Then, the implementation of its projects to develop sustainable solutions by continuing the dynamic of growth-driven industrial investments and the acceleration of targeted innovation in new energies, 3D printing, bio-based and recyclable materials, and new mobility.<\/p>\n<p>This year, the Group will benefit in particular from the start-up and ramp-up of its main expansion projects, which should contribute \u20ac50 million to \u20ac70 million to the Group&#8217;s EBITDA in 2023, mainly in the second part of the year.<\/p>\n<p>Moreover, Arkema reaffirms its full-year guidance, and in 2023 aims to achieve EBITDA of around \u20ac1.5\u00a0billion to \u20ac1.6\u00a0billion while maintaining a high EBITDA to cash conversion rate of over 40%.<\/p>\n<p>Further details concerning the Group\u2019s first-quarter 2023 results are provided in the \u201cFirst-quarter 2023 results and outlook\u201d presentation and the \u201cFactsheet\u201d, both available\u00a0<a href=\"http:\/\/www.arkema.com\/global\/en\/investor-relations\/\">on Arkema\u2019s website.<\/a><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>In an environment in the continuity of the end of last year, marked by continued low volumes, the Group achieved a solid&#8230;<\/p>\n","protected":false},"author":2,"featured_media":36370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,16],"tags":[],"series":[],"class_list":["post-36369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plas-tv-meldungen-auf-der-startseite-unterhalb-slider","category-plast-tv-textmeldungen"],"_links":{"self":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/36369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36369"}],"version-history":[{"count":1,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/36369\/revisions"}],"predecessor-version":[{"id":36371,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/36369\/revisions\/36371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/media\/36370"}],"wp:attachment":[{"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36369"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fseries&post=36369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}