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Evonik Industries is off to a solid start to 2020 despite a slowdown in economic growth caused by the global spread of the coronavirus
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The first quarter was less affected by the new crown epidemic
The first quarter was less affected by the new crown epidemic"We started early and continued to take measures to maximize the health of our employees while maintaining normal operations," said Chairman Cullman
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Despite logistical and production challenges, all of Evonik's supply chain remains intact thanks to its global network
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All production sites adhere to strict hygiene standards
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Adjusted EBITDA declined in the first quarter of 2020 due to lower volumes and selling prices
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Group adjusted net income fell 27 percent to 181 million euros, and adjusted earnings per share fell from 0.
53 euros to 0.
39 euros
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In the first quarter, the impact of the COVID-19 pandemic on Evonik's sales and earnings was minor
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Lower full-year sales forecast
Lower full-year sales forecastWith this in mind, Evonik is adjusting its full-year 2020 forecast
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Business segment performance
Business segment performanceResource Efficiency: Sales in the first quarter of 2020 were 1.
44 billion euros, flat year-on-year
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The segment benefited from the completion of the first consolidation of accounts by PeroxyChem, a US producer of hydrogen peroxide and peracetic acid acquired in early February
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Active oxide products are generally well developed, including traditional applications as well as specialty products such as disinfectants
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Crosslinker products are also doing well
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The economic slowdown in Asia and the decline in demand from the automotive and coatings industries due to the Covid-19 pandemic have affected the development of each business
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In particular, sales of coatings additives, silica for the tire industry and high-performance polymers declined slightly
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Adjusted EBITDA for this segment increased by 4 percent to EUR 344 million
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Nutrition and Consumer Chemicals: Sales in the first quarter fell slightly by 1 percent to 1.
13 billion euros
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Demand for essential amino acids in the Animal Nutrition business line increased significantly and sales grew at almost stable selling prices
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The pharmaceutical and health business line also performed well in pharmaceuticals and food raw materials, with sales increasing
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In contrast, sales in the Baby Care business line declined significantly, adversely affected by increased competition from superabsorbents .
Adjusted EBITDA for the segment fell 3 percent to 174 million euros .
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Adjusted EBITDA for the segment fell 3 percent to 174 million euros
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Functional Materials: Sales in the first quarter fell by 9 percent to 472 million euros
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Sales in the Functional Intermediates business line declined due to weak demand, particularly in the automotive and petroleum industries
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The sharp drop in oil prices also had a negative impact on business
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The alcoholate products of the Functional Solutions business line achieved satisfactory results
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Adjusted EBITDA for the segment fell 57 percent to 23 million euros due to write-downs caused by the slump in oil prices
.
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Sales in the Functional Intermediates business line declined due to weak demand, particularly in the automotive and petroleum industries
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The sharp drop in oil prices also had a negative impact on business
.
The alcoholate products of the Functional Solutions business line achieved satisfactory results
.
Adjusted EBITDA for the segment fell 57 percent to 23 million euros due to write-downs caused by the slump in oil prices
.
