Welcome to LANXESS Interim Report 2012!

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Group sales in the second quarter rose by €181 million, or 8.1%, to €2,424 million. We continued to successfully pursue our price-before-volume strategy, quickly passing along the substantial raw material price increases, especially in the Performance Polymers segment, to the market. A tangible currency effect of 6.1%, mainly due to the appreciation of the U.S. dollar, contributed to the higher sales figure. A positive portfolio effect of 2.5% ensued from recent acquisitions, especially that of the Keltan EPDM business. Adjusted for these currency and portfolio effects, which totaled 8.6%, sales were at about the previous year’s level (minus 0.5%) in light of prices and volumes. Selling prices rose by 4.2% year on year across the Group, while volumes declined by 4.7%.

Sales in the first six months of 2012 climbed by 11.5% to €4,812 million. After adjusting for positive currency and portfolio effects, the LANXESS Group posted operational sales growth of 2.4% for the half-year. This increase, too, was due to higher selling prices, which were up by 6.4%, mainly driven by raw material costs. Volumes decreased by 4.0% against a strong level of demand in the prior-year period. Acquisitions gave a portfolio effect of 4.8% for the half-year. The main factor in the positive currency effects, which raised sales by 4.3%, was the performance of the U.S. dollar.

Effects on Sales
% Q2 2012 H1 2012
Price 4.2 6.4
Volume (4.7) (4.0)
Currency 6.1 4.3
Portfolio 2.5 4.8
  8.1 11.5

The raw material prices relevant to our Performance Polymers segment rose sharply in both the quarter and the half, but the timely adjustment of our selling prices offset the effects of these higher costs and led to tangible sales growth. The Keltan EPDM business acquired in the previous year also made a positive contribution to sales. The decline in volumes was compensated by positive currency effects. With sales up by 11.4% for the quarter and 19.2% for the first half, Performance Polymers posted the strongest growth of all our reporting segments.

Sales in our Advanced Intermediates segment increased by 1.0% for the quarter and 2.1% for the half. The business situation in agrochemicals remained positive, but lower demand in other market segments caused volumes to decline against the previous year’s high level. Positive exchange rate effects and price adjustments made in response to higher raw material prices made up for the lower volumes.

Our Performance Chemicals segment also raised sales, with growth of 4.3% for the quarter and 2.3% for the half. Declining volumes in both the first and second quarters of 2012 were considerably more than offset by the recent acquisitions in our Rhein Chemie, Functional Chemicals and Material Protection Products business units and by positive currency effects. Price adjustments contributed to the rise in sales.

Sales by Segment
€ million Q2 2011 Q2 2012 Change % Proportion of Group sales % H1 2011 H1 2012 Change % Proportion of Group sales %
1,281 1,427 11.4 58.9 2,365 2,818 19.2 58.6
Advanced Intermediates 395 399 1.0 16.5 811 828 2.1 17.2
Performance Chemicals 561 585 4.3 24.1 1,117 1,143 2.3 23.7
Reconciliation 6 13 > 100 0.5 23 23 0.0 0.5
  2,243 2,424 8.1 100.0 4,316 4,812 11.5 100.0

LANXESS grew sales in nearly all of its regions, with increases well into double digits in some cases. Asia-Pacific and North America made particularly notable contributions to the growth in business. Sales in the Performance Polymers segment were the main factor in this success.


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