Cognis stays on growth path with first half-year results

In the second quarter of 2010, global specialty chemicals supplier Cognis continued its positive performance from the first quarter, and achieved the best half-year results in the company’s history. Sales rose by 16.3 % to EUR 1,514 million, due to a steady improvement in demand. Sales volumes increased by 12.6 %, reaching the level of the first half of 2008. All regions contributed to this positive development, with Asia-Pacific showing the most dynamic growth rates. Cognis achieved an operating result (Adjusted EBITDA) of EUR 281 million in the first half of 2010. This represents an increase of EUR 113 million (67.5 %) on the previous year. Return on sales (Adjusted EBITDA as a percentage of sales) reached 18.5 %. Earnings before interest and taxes (EBIT) increased by EUR 148 million to EUR 226 million, resulting in a return on sales of 14.9 %. The Business Unit Functional Products reported strong sales growth of 21.4 % to EUR 483 million (up 17.9 % on an organic basis). This was driven by strong demand in all market segments, including automotive, housing and mechanical engineering. Adjusted EBITDA was up by 83.9 % to EUR 82 million, driven by increased sales, a good product mix and better capacity utilization.