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Clariant delivers solid Q4 underlying EBITDA margin.
Clariant announced fourth quarter 2023 sales of CHF 1.062 billion, down 10% organically in local currency and 14% including scope in local currency (20% in Swiss francs) versus Q4 2022.
Pricing decreased by 4% year-on-year and volumes by 6%. Changes in scope had a net negative impact of 4% due to the divestments of the North American Land Oil and Quats businesses, partially offset by the acquisition of the U.S. Attapulgite business. The net impact from hyperinflation in Argentina and Türkiye was – 1%.
On a sequential basis, sales in Q4 2023 increased by 4% in local currency compared to Q3 2023. Volumes improved by 5% organically at the Group level, compensating for slightly lower pricing. Adsorbents & Additives sales decreased by 11% in local currency due to continued challenges in key end markets for Additives.
Group EBITDA decreased by 31% to CHF 106 million, and the corresponding 10% margin was below the 11.6% reported in the fourth quarter of 2022. Underlying profitability, as reflected by EBITDA before exceptional items, decreased sequentially by 4% to CHF 158 million, representing an underlying margin of 14.9% compared to 15.3% in the prior year.
Full Year 2023 Group Discussion
In the full year 2023, sales were CHF 4.377 billion, down 7% organically in local currency and 10% including scope in local currency (16% in Swiss francs). Pricing was stable for the year while volumes decreased by 7%. Changes in scope had a net negative impact of 3% with the divestments of the North America Land Oil and Quats businesses, partially offset by the acquisition of the US Attapulgite business. Hyperinflation countries had a net – 1% impact.
Care Chemicals sales decreased by 9% organically and 15% including scope in local currency in the full year 2023 versus a strong 2022 comparison base, as the prolonged destocking cycle impacted demand in key end markets, particularly in the first half of the year. In Catalysts, sales grew by 9% in local currency due to strong growth in Propylene and Syngas & Fuels. Adsorbents & Additives sales decreased by 13% in local currency due to weaker end market demand for Additives, against a strong full year 2022.
In the full year 2023, sales decreased in all geographic regions. Both Europe, Middle East, and Africa and the Americas decreased by 12% in local currency (2% and 5% related to scope, respectively). Sales in Asia-Pacific declined by 6% (1% related to scope).
Group EBITDA decreased by 25% to CHF 607 million, as profitability was negatively impacted by lower volumes and CHF 103 million of operational losses and costs related to the decision to shut down the sunliquid bioethanol production in Podari, Romania, and to downsize related activities of the Business Segment Biofuels & Derivatives in Germany (Straubing, Planegg, and Munich).
Other negative factors included the CHF 11 million fair value adjustment of the Heubach Group participation in the first quarter and restructuring charges of CHF 64 million (of which CHF 42 million related to sunliquid). Overall EBITDA margin decreased to 13.9% from 15.6% in 2022. Group EBIT for the full year 2023 increased to CHF 282 million from CHF 72 million in the previous year.
In the full year 2023, the total group net result was CHF 179 million versus CHF 116 million in the previous year. The result improved due to lower impairment charges and taxes, while discontinued operations showed a negative result of CHF 34 million related to a loss on disposal.
Net cash generated from operating activities for the total group amounted to CHF 421 million versus CHF 502 million in the full year 2022 as a result of lower earnings, which were not fully offset by an improvement in Net Working Capital. Free cash flow of CHF 216 million, compared to CHF 293 million in 2022, resulted in a free cash flow conversion rate of 36% for full year 2023, flat versus a year ago.
Clariant’s Scope 1 and 2 total greenhouse gas emissions fell to 0.54 million tons in 2023, a decline of 13% from 0.62 million tons in the full year 2022. The total indirect greenhouse gas emissions for purchased goods and services (Scope 3.1) decreased by 12%, from 2.58 million tons in the full year 2022 to 2.28 million tons in 2023.
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