{"id":37098,"date":"2023-07-31T08:05:11","date_gmt":"2023-07-31T06:05:11","guid":{"rendered":"https:\/\/plas.tv\/?p=37098"},"modified":"2023-07-28T08:06:08","modified_gmt":"2023-07-28T06:06:08","slug":"second-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/plas.tv\/?p=37098","title":{"rendered":"Second-quarter 2023 results"},"content":{"rendered":"<section class=\"content-block banner-introduction content-background-grey\">\n<div class=\"banner-introduction-wrapper\">\n<p>In an economic environment that was in line with that of recent quarters and marked by weak demand in most end markets, Arkema\u2019s margin held up well, benefiting from the Group\u2019s repositioning toward Specialty Materials. Arkema furthermore confirms its guidance for 2023.<\/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>\u20ac2.4\u00a0billion<\/strong>, down by 23% compared with the particularly high level of Q2\u201922:\n<ul>\n<li>Volumes down significantly, impacted by overall weak demand in most end markets and continued destocking. The automotive, battery and energy markets nevertheless remained well oriented<\/li>\n<li>Price effect positive in most product lines but negative at the Group level given, as in the first quarter, the normalization of PVDF and upstream acrylics<\/li>\n<li>Positive momentum in high performance solutions driven by sustainability trends, which are at the heart of the Group\u2019s strategy<\/li>\n<\/ul>\n<\/li>\n<li><strong>EBITDA\u00a0<\/strong>of\u00a0<strong>\u20ac417\u00a0million<\/strong>, down compared with the exceptionally high performance of Q2\u201922 (\u20ac705\u00a0million). EBITDA margin reached a very good level at 17.1%, demonstrating the quality of the product portfolio and dynamic price and mix management<\/li>\n<li><strong>Adjusted net income<\/strong>\u00a0of\u00a0<strong>\u20ac207\u00a0million<\/strong>, representing \u20ac2.77 per share (\u20ac5.99 in Q2\u201922)<\/li>\n<li><strong>Recurring cash flow<\/strong>\u00a0of\u00a0<strong>\u20ac145\u00a0million<\/strong>, reflecting the robust results and including the seasonality of working capital<\/li>\n<li><strong>Net debt<\/strong>\u00a0including hybrid bonds up slightly to\u00a0<strong>\u20ac2,645\u00a0million<\/strong>, integrating the dividend payment and representing\u00a0<strong>1.7x<\/strong>\u00a0last-twelve-months\u00a0<strong>EBITDA<\/strong><\/li>\n<li>Strengthening of the Group\u2019s specialty profile with the announcement on 28\u00a0June of the proposed acquisition of a\u00a0<strong>controlling stake in PI Advanced Materials<\/strong>\u00a0<sup>(1)<\/sup>, a global leader in ultra-high performance polyimide films based in South Korea<\/li>\n<li><strong>2023 guidance confirmed<\/strong>, with Arkema aiming to achieve EBITDA of around \u20ac1.5\u00a0billion to \u20ac1.6\u00a0billion<\/li>\n<\/ul>\n<p><sup><em>(1) This operation is subject to the approval of Chinese and Korean anti-trust authorities<\/em><\/sup><\/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 27\u00a0July 2023 to approve the Group\u2019s consolidated financial statements for the first half of 2023,\u00a0<strong>Chairman and CEO Thierry Le H\u00e9naff said:<\/strong><\/p>\n<p><em>\u201cIn the second quarter, in an environment marked by a low level of activity in the continuity of the first quarter, Arkema\u2019s performance was solid, reflecting the Group\u2019s excellent positioning in high performance niche markets, as well as tight management of our operations. The teams delivered high-quality work, enabling us to confirm our annual targets in a macroeconomic context with low visibility that is showing little signs of improvement.<\/p>\n<p>In addition, with the proposed acquisition of 54% of PI Advanced Materials announced in late June, Arkema has taken another major step towards its ambition of becoming a world leader in Specialty Materials. This unique opportunity, which will offer the Group significant synergies thanks to strong geographical and technological complementarities, will enable us to accelerate our growth in the highly attractive electronics and battery markets.<\/p>\n<p>Our Capital Markets Day, to be held in Paris on 27\u00a0September, will provide an opportunity to discuss Arkema\u2019s innovation strategy and medium-term ambition in greater detail.\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\">In a macroeconomic environment which is in line with that of the first six months of the year, volumes remain sharply lower than last year with reduced visibility at the start of the second half. The price of certain raw materials and energy continues to decrease.<\/p>\n<p>In this context, the Group will strive to continue tightly managing its operations, in particular by controlling fixed costs and optimizing working capital. It will also continue its innovation drive in high-growth areas linked to sustainability, and ramp up recently started growth capital expenditure projects.<\/p>\n<p>In this environment, in light of its first-half results and based on the projected momentum in the second half, Arkema confirms its full-year guidance and aims to achieve in 2023 EBITDA of around \u20ac1.5\u00a0billion to \u20ac1.6\u00a0billion. Furthermore, the Group expects a high EBITDA to cash conversion rate over the year, consistent with its medium-term target of at least 40%.<\/p>\n<p>Further details concerning the Group\u2019s second-quarter 2023 results are provided in the \u201cSecond-quarter 2023 results and outlook\u201d presentation and the \u201cFactsheet\u201d, both available on Arkema\u2019s website at:\u00a0<a href=\"http:\/\/www.arkema.com\/global\/en\/investor-relations\/\">www.arkema.com\/global\/en\/investor-relations\/<\/a><\/div>\n<\/div>\n<\/section>\n<section class=\"content-block content-center content-rich-text content-color-gradient accordion-content content-background-grey\">\n<div class=\"wrapper\">\n<div class=\"content-text\">\n<h3><strong>Financial\u00a0<\/strong>calendar<\/h3>\n<p><strong>27 September 2023:<\/strong>\u00a02023 Capital Markets Day<\/p>\n<p><strong>9\u00a0November 2023:<\/strong>\u00a0Publication of third-quarter 2023 results<\/p>\n<p><strong>29\u00a0February 2024:<\/strong>\u00a0Publication of full-year 2023 results<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>In an economic environment that was in line with that of recent quarters and marked by weak demand in most end&#8230;<\/p>\n","protected":false},"author":2,"featured_media":31667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,16],"tags":[],"series":[],"class_list":["post-37098","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\/37098","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=37098"}],"version-history":[{"count":1,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/37098\/revisions"}],"predecessor-version":[{"id":37099,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/37098\/revisions\/37099"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/media\/31667"}],"wp:attachment":[{"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37098"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fseries&post=37098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}