Oxea Reports Increased Revenues and Earnings in Fourth Quarter
LUXEMBOURG - Oxea, a global supplier of oxo intermediates and oxo derivatives, has reported a strong earnings increase for the fourth quarter of 2012. The increase in revenues and earnings is recognized across the entire product portfolio and all regions. On a full-year basis, revenues of EUR 1,459 million were only slightly below the previous year (-1.4 percent) despite a still-soft world economy and overall challenging macroeconomic conditions during 2012. EBITDA of EUR 193 million was 5.4 percent below the prior year, mainly due to a very strong first quarter of 2011 with high export margins and one-off gains from steep raw material price increases over the average cost value carried in inventories.
Net sales for the three months ended December 2012 were EUR 342.9 million, an increase of 4.4 percent compared with the corresponding period of the prior year. Overall, volumes were 2.6 percent higher compared with the fourth quarter of 2011. Oxo intermediates volumes were up by 1.7 percent, and Oxo derivatives volumes traded 5.9 percent higher. Of the company’s revenues for the three months ended December 31, 2012, EUR 158 million resulted from sales in Europe, EUR 115 million in North America, and EUR 69 million in the rest of the world, compared to EUR 141 million, EUR 109 million, and EUR 78 million, respectively, in the prior-year period.
Gross profit for the three months ended December 31, 2012, amounted to EUR 47.1 million compared with EUR 33.8 million in the fourth quarter of 2011, mainly due to higher sales and improved margins.