Evonik Q3 2023

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.

 

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