MUTTENZ, Switzerland – Clariant has 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. The mid-term EBITDA margin target for 2015 was confirmed.
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. In view of the developments in the last few weeks, the initial assumptions on exchange rates as well as on economic growth rates for 2011 are no longer valid. Therefore, the previous full-year 2011 guidance needed to be adapted to the changed conditions. Sales are expected at CHF 7.0-7.2 bn, while the EBITDA margin before exceptional items should reach between 12.8 percent and 13.2 percent, still above the 12.7 percent reported in the last business year.
CEO Hariolf Kottmann commented, “We confirm our mid-term target of an EBITDA before exceptionals of above 17 percent for 2015. 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.”