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As we move into 2024, we are focused on what is in our control. First, a continued focus on growing market share in the UK, France and Poland with delivery of our strategic growth initiatives. Second, driving productivity gains to offset wage inflation. And finally, delivering on our free cash flow and shareholder returns targets. We expect to see some product cost price inflation, albeit at a significantly lower level, and expect rational retail pricing and
competitive price indices at all our banners.
In the quarter ended September 30, 2023:
During the nine months ended September 30, 2023, consolidated revenue of the Nippon Paint Group increased by 10.8% from the same period of the previous year to ¥1,085,878 million. Growth was mainly attributable to the normalization of economic activities in the decorative paints business in China, which is a core business of the Nippon Paint Group, following the lifting of lockdowns and other pandemic restrictions.
Consolidated operating profit increased by 60.8% to ¥131,625 million. This growth was primarily attributed to the improvement in gross profit margin, driven by the positive impact of the flow-through of price increases and the absence of credit loss provision in China, which was recorded in the same period in the previous year. Consolidated profit before tax also increased by 59.5% to ¥127,042 million. Furthermore, profit attributable to owners of parent increased by 70.8% to ¥93,444 million.
Kaneka Group’s business performance for 1H was as follows. Consolidated net sales were ¥370,116 million (down 2.8% year-on-year), operating income was ¥12,606 million (down 39.4% year-on-year), ordinary income was ¥12,741 million (down 43.4% yearon-year), and net income attributable to owners of parent was ¥8,897 million (down 46.3% year-onyear). Under the severe demand environment, the second quarter (July 1 to September 30, 2023, “2Q”) showed recovery, with earnings at the above or same level of the first quarter (April 1 to June 30,
2023, “1Q”) in all business segments. While overseas demands in Material Solutions Unit (SU), E & I Technology, and Performance Fibers remained slow, Health Care SU and Nutrition SU solidly contributed to profits. Portfolio transformation has been progressing steadily. Net profit has continued to improve since the previous 3Q (October 1 to December 31, 2022).
The Brenntag Group generated sales of EUR 4,088.3 million in the third quarter of 2023, a year-on-year decline of 19.8%. On a constant currency basis, sales fell by 15.4%. The decline was due mainly to lower sales prices, but also to falling volumes.
The Brenntag Group’s operating gross profit came to EUR 1,000.6 million in the third quarter of 2023, a year-on-year decline of 9.5%. On a constant currency basis, operating gross profit was down by 4.3% on the prior-year figure. Both divisions recorded volume-related declines in earnings in particular.
The Brenntag Group achieved operating EBITDA of EUR 380.9 million in the third quarter of 2023, a year-on-year decline of 17.1%, or 11.5% on a constant currency basis.
In the third quarter of 2023, Henkel recorded Group sales of around 5.4 billion euros and achieved organic sales growth of 2.8 percent. This growth was driven by continued strong pricing in view of significantly higher raw material prices compared to the prior year. Volume development was negative but showed a noticeable improvement compared to the second quarter. Nominally, sales were -9.0 percent below the prior-year quarter, mainly due to the exit from the business activities in Russia in the second quarter and to negative foreign exchange effects.
Sales in the first nine months of 2023 reached 16,366 million euros, representing a nominal decrease of -3.1 percent. Organically, Henkel recorded very strong sales growth of 4.1 percent, driven by a double-digit increase in pricing.
Organic sales growth in the third quarter was driven by the Europe, North America, Latin America and IMEA regions. In contrast, organic sales development in the Asia-Pacific region was negative, mainly due to the strained market environment prevailing in China.
Revenues amounted to €706.6 million in the third quarter, an increase of 3.3% with respect to the same period of 2022. The performance was impacted by a negative exchange effect, net of which growth would have reached 8.1%.
The positive dynamics of the second and third quarters helped to bring revenues to €1,997.8 million in the nine-month reporting period and limit the decrease to 6.1% (-4.2% at constant exchange rates).
EBITDA before non-recurring income (expenses)/stock option costs came to €105.0 million (14.9% of revenues) in the third quarter of 2023, showing strong acceleration compared to the same period of 2022 (€62.9 million, 9.2% of revenues), and to €265.1 million (13.3% of revenues) in the first nine months of 2023 which was again higher both numerically and as a percentage of revenues compared to the same period of 2022 (€212.0 million or 10.0% of revenue).
Revenues rose 3.3% in the third quarter of 2023 to €706.6 million (+8.1% at constant exchange rates). This recovery, combined with the positive dynamics already seen in the second quarter, made it possible to record revenues of €1,997.8 million in the nine-month reporting period, a drop of 6.1% against the comparison period (-4.2% at constant exchange rates) which attests to the Group’s ability to react in a complex environment
Sales in 3Q 2023 were -10.7% lower at $16.6 billion as compared to $18.6 billion in 2Q 2023 and lower than $19.0 billion for 3Q 2022. As compared to 2Q 2023, sales were impacted by lower average steel selling prices (-7.5%) and lower steel shipment volumes (as discussed above). Sales in 3Q 2023 were -12.4% lower as compared to 3Q 2022 primarily due to lower average steel selling prices (-12.5%).
There were no exceptional items for 3Q 2023 and 2Q 2023. Exceptional items for 3Q 2022 of $0.4 billion included $0.5 billion of non-cash inventory related charges to reflect the net realizable value of inventory under IFRS with declining market prices in Europe and partially offset by a $0.1 billion purchase gain on the acquisition of a Hot Briquetted Iron (‘HBI’) plant in Texas.
Arkema achieved a solid EBITDA margin and high cash generation in an ongoing context of low
volumes reflecting the current economic environment.
Sales of €2.3 billion, down by 17.2% at constant currency compared with Q3’22:
EBITDA at €386 million, down compared with the prior year’s high comparison base (€495 million in Q3’22), and EBITDA margin holding up well at 16.6% (16.7% in Q3’22), reflecting the strength of the Group’s positioning and the initiatives taken to adapt to the economic climate
Adjusted net income of €177 million (€260 million in Q3’22), representing €2.38 per share
The 10.6% negative price effect reflects the expected normalization of market conditions in PVDF and upstream acrylics, as well as lower raw materials prices. The scope effect was neutral on sales, with small acquisitions in Adhesive Solutions and Coating Solutions offset by the divestment of Febex. The currency effect was more pronounced at negative 4.5%, primarily reflecting the strength of the euro against the US dollar and the Chinese yuan.
Sales of the LANXESS Group amounted to €1,601 million, down by €584 million or 26.7% from the previous year’s figure. This sales development was particularly influenced by inventory reduction among our customers; Sales were also negatively affected by lower selling prices. Overall, lower volumes resulted in a sales decline of 14.0% and lower selling prices reduced sales by 9.3%. In addition, shifts in exchange rates had a negative effect and reduced sales by 3.4% in total.
The operating result before depreciation, amortization, write- downs and reversals (EBITDA) pre exceptionals amounted to €119 million in the third quarter of 2023, lower than the prior- year quarter. In the previous year, EBITDA pre exceptionals amounted to €240 million. The weaker demand and the associated reduction in sales volumes and higher idle costs led to an earnings decline, especially in the Specialty Additives and Advanced Intermediates segments.
● 488 commercial aircraft delivered in 9m 2023
● Revenues € 42.6 billion; EBIT Adjusted € 3.6 billion
● EBIT (reported) € 2.7 billion; EPS (reported) € 2.96
● Free cash flow before M&A and customer financing € 1.0 billion
● Charges on certain satellite development programmes
● Guidance maintained
Consolidated revenues increased 12 percent year-on-year to € 42.6 billion (9m 2022: € 38.1 billion). A total of 488 commercial aircraft were delivered (9m 2022: 437 aircraft), comprising 41 A220s, 391 A320 Family, 20 A330s and 36 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 18 percent, mainly reflecting the higher number of deliveries. Airbus Helicopters’ deliveries increased slightly to 197 units (9m 2022: 193 units) with revenues rising 3 percent, reflecting the overall performance across programmes and services. Revenues at Airbus Defence and Space decreased 6 percent, mainly driven by a backloaded A400M delivery profile and updated Estimates at Completion of certain satellite development programmes. A total of 4 A400M military airlifters were
delivered (9m 2022: 7 aircraft).
Price increase on track, 9M landed c.7%, leading to
Gross margin recovery of +0.7pp quarter on quarter
Selecta Group, a Swiss-based Foodtech leader with a world-class distrbibution network in Europe, announces its results for the third quarter of 2023:
● Strong Adjusted EBITDA2 of €62.6 million, 10.7% increase versus last year and Adjusted EBITDA margin of 21.4%, 2.4pp increase versus last year mainly driven by profitability enhancement projects
● Reported EBITDA of €54.3 million, 34.8% increase versus last year and Reported EBITDA margin of 18.5%, 5.0pp increase versus last year demonstrates successful transformation
● As a result of our profitability focus and initiatives Group sales3 have slowed down to €292.5 million, -1.5% versus last year whilst our Sales per machine per day of €12.3, increased 13.8% versus last year
● Free cash Flow of €17.7 million contributed to robust Liquidity4 position of €125.9 million
Global demand for barrier coatings for packaging is expected to reach a market valuation of US$ 11.1 billion by the end of the year 2023, accelerating at a CAGR of 10% over the forecast period (2023 to 2033). By the end of the said assessment period, a valuation of US$ 28.8 billion is expected. The barrier coatings for the packaging market is relatively niche and is experiencing utmost and rapid growth, owing to the increasing demand for high-quality packaging materials, especially in the food and beverage industry. Furthermore, the growing awareness about the importance of food safety, rising consumer demand for packaged and convenient food products, and advancements in packaging technology is impacting the growth of the market.
North America, followed by Europe, is the major market for Barrier Coatings for Packaging Market, owing to the increasing popularity and growing awareness of outstanding packaging solutions. The US is the largest Barrier Coatings for Packaging Market in the region, followed by Canada, owing to the presence of leading packaging companies, a high standard of living, and an increasing demand for packaged food products. Apart from North America, Asia-Pacific is the largest market for Barrier Coatings for Packaging Market, due to the growing number of consumers seeking packaging options that are not bad for their health and environment. Furthermore, the rapidly growing food and beverage industry, increasing disposable incomes, and the presence of a large consumer base in the Asia Pacific region is pushing the market growth.
Key producers are working on manufacturing Barrier Coatings for Packaging Market in order to gain a greater market share. Some of these companies include DuPont, Berry Global, Ampacet Corporation, Toray Industries, Inc., Solvay SA, ExxonMobil Chemical Company, and The Dow Chemical Company, among others.
Our volumes increased by 26 percent compared to the previous year, while net sales increased by 13 percent. Net sales were positively affected by effects from organic growth, currency and acquisitions, while lower raw material prices counteracted. We see increased competition, driven by the economy, in certain product areas such as PETG and MWPC. At the same time, we continue to strengthen our offer within special products, which is made clear by an increased share of sales of OPC. We have successfully started the sale of PMMA products to infrastructure projects in the Nordics, which is an important step towards further broadening our product and customer portfolio.
During the third quarter of 2023, the operating profit amounted to SEK 28.0 million, which represents a significant increase compared to the same period last year. We have defended our margins in a market with falling prices and the gross margin strengthened further this quarter to 23.4 percent. A favorable product mix and efficient material use are reflected in the improved profitability
After the first nine months of the current financial year, the BayWa Group reported a foreseeable decrease in revenues of 9.4% year on year to around €18.2 billion. A clear drop in sales prices for raw materials and agricultural inputs were the main reason for the drop in revenues.
The BayWa Group’s total assets stood at €12,897.1 million as at the end of the third quarter of 2023 and were therefore slightly lower than at the end of the financial year 2022, when they came to €12,976.4 million. This decline was mainly due to two effects that ran contrary to one another: Inventories fell by €274.8 million to €4,482.0 million, predominantly as a result of project sales in the Renewable Energies Segment, and current assets from derivatives were also down on the end of the financial year 2022, falling by €185.0 million to €426.2 million. On the other hand, non-current assets climbed by €304.5 million to €4,695.4 million due primarily to the increase in energy infrastructure under construction in the IPP (Independent Power Producer) business entity as part of the Renewable Energies Segment of €240.2 million to €3,298.3 million. Total assets declined by €841.3 million compared to 30 September 2022.
Evonik was significantly impacted by the difficult economic conditions in the third quarter as well. Global demand remained weak overall. As a result, volumes were lower than in the prior-year quarter. Selling prices declined, partly because the reduction in raw material costs during the year was passed on to customers.
The weak business trend triggered further impairment testing of assets as of September 30, 2023. Together with the impairment losses recognized as of June 30, 2023, this led to total impairment losses of €452 million in the first nine months of 2023. These are mainly recognized in the cost of production. The adjustments include €443 million in the category impairment losses/reversal of impairment losses.
The Evonik Group’s sales fell 23 percent to €3,771 million in the third quarter of 2023. We registered an organic decline in sales of 11 percent due to lower volumes and the erosion of selling prices. Further factors were negative exchange rate movements and the disposal of the TAA derivatives business at year-end 2022 and the Lülsdorf site as of June 30, 2023.
Adjusted EBITDA contracted by 21 percent year-on-year to €485 million in the third quarter. This was mainly attributable to the reduction in volumes, the resulting lower capacity utilization, and declining prices. The adjusted EBITDA margin increased slightly from 12.6 percent in the prior-year period to 12.9 percent.
Net sales, operating profit and ordinary profit for 1H were record-high. In addition to the tailwinds of foreign exchange and raw material prices, this is a result of the below efforts.
Next is the operating results by segment.
Sales and profit increased due to improvements in unit volume and mix/price etc.
Sales and profits increased. The operating margin for the July-September quarter was particularly high at 10.4%.
Sales and profits declined due to a slowdown in the North American market.
Anticipated to experience a growth of 4.6% during the forecast period, the Paper Packaging Materials Market is driven by an increased demand for environmentally friendly packaging and the rapid expansion of the frozen food industries. The packaging sector has faced significant challenges amid the COVID-19 pandemic, particularly due to the impact of national lockdowns. While the pandemic has adversely affected the supply side of paper packaging, a substantial surge in end-user demand has considerably boosted the growth of the paper packaging materials market.
Additionally, the demand for flexible packaging, including Kraft paper, greaseproof paper, and parchment paper, contributes significantly to the market’s expansion. Flexible packaging holds a market share of US$ 42.65 billion in 2022 and is projected to reach US$ 56.25 billion by 2029. Manufacturers globally are investing in research and development activities to capitalize on technological advancements in the paper recycling process.
What are Paper Packaging Materials Market Dynamics?
The dynamics of the Paper Packaging Materials Market are influenced by various factors that shape its growth trajectory. The increasing demand for eco-friendly packaging solutions, driven by growing environmental awareness and government regulations promoting recyclable options, plays a pivotal role in the market dynamics. The COVID-19 pandemic has posed challenges to the packaging sector, impacting the supply side but concurrently witnessing a surge in end-user demand, particularly in the context of the rapid development of frozen food industries. Flexible packaging, including Kraft paper, greaseproof paper, and parchment paper, holds a significant market share and is poised for substantial growth, reaching US$ 56.25 billion by 2029.
Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported third quarter 2023 GAAP diluted earnings per share of $8.70 and adjusted earnings per share of $2.50. The Company generated net sales of $2.7 billion in the quarter, a decrease of 3 percent from the prior quarter, reflecting a sequential decrease in pricing of 3 percent partially offset by a sequential increase in volume of 1 percent. Celanese reported third quarter consolidated operating profit of $842 million, adjusted EBIT of $451 million, and operating EBITDA of $624 million, at margins of 31, 17, and 23 percent, respectively. The Company has delivered sequential increases in these profitability metrics across each of the last three quarters.
Celanese took actions to reduce costs, align production and inventory levels with demand, and maximize cash generation in response to unfavorable demand and competitive dynamics. As a result, the Company:
• Reduced inventory balances by $177 million in the third quarter with inventory reductions across Engineered Materials and the Acetyl Chain of 7 percent and 6 percent, respectively;
• Generated third quarter operating cash flow of $403 million and free cash flow of $268 million; and
• Reduced net debt by $758 million in the third quarter, including a $697 million sequential decrease in debt and a
$61 million sequential increase in cash.
Group sales came in at €10,342 million in the third quarter of 2023 (Q3 2022: €11,281 million; reported: –8.3%), and were therefore in line with the prior-year period on a currency- and portfolio-adjusted basis (Fx & portfolio adj.; –0.2%). There was a negative currency effect of €742 million (Q3 2022: positive currency effect of €940 million). Sales in Germany amounted to €512 million (Q3 2022: €576 million).
Group EBITDA before special items decreased by 31.3% to €1,685 million. This figure included a negative currency effect of €31 million (Q3 2022: €78 million). Crop Science registered a decline in EBITDA before special items that was mainly due to the fall in prices for our glyphosate-based products.
After a financial result of minus €703 million (Q3 2022: minus €598 million), income before income taxes amounted to minus €4,297 million (Q3 2022: €601 million). The deterioration of the financial result was largely due to higher interest expense as a result of rising interest rates. After income tax expense of €280 million (Q3 2022: €49 million) and accounting for noncontrolling interest, net income amounted to minus €4,569 million (Q3 2022: €546 million).