• Solvay third quarter and nine months 2022 results

    来源: Nasdaq GlobeNewswire / 03 11月 2022 01:02:42   America/Chicago

                                                                    November 3, 2022 at 7 a.m. CET

    Solvay third quarter and nine months 2022 results
    Record Q3 Sales and EBITDA driven by higher prices and sustained demand

    Highlights

    • Record Net Sales in the third quarter of 2022 were up +29.5% organically versus Q3 2021, driven by higher prices, while overall volumes were essentially flat versus the prior year. All regions delivered double-digit organic growth in the quarter. Nine month 2022 sales were also up +29.5% organically thanks to pricing and volume growth versus the nine-month period 2021.
    • Record Underlying EBITDA at €917 million in Q3 2022 was up +39.8% organically versus Q3 2021, driven by higher pricing which overcame the significant inflationary costs in the quarter. Nine months 2022 EBITDA was +31.9% organically above the prior-year nine months.
    • Record EBITDA margin at 25.4% is +2.1 percentage points higher than Q3 2021 thanks to the sustained progress on pricing which offset the impact from rising raw materials, energy and logistics costs.
    • Underlying Net Profit at €509 million in Q3 2022, 86.1% higher than Q3 2021.
    • Free Cash Flow increased to €452 million in Q3 2022 (bringing the nine-month 2022 total to €924 million), and was positive for the 14th consecutive quarter. The FCF conversion ratio (LTM) was 36.8%.
    • ROCE reached an all-time high at 15.4% versus 11.4% at the end of 2021.
    • Further strengthening of the balance sheet with underlying net debt slightly down to €3.8 billion, reaching a historic low leverage of 1.2x.
    • Interim dividend of €1.54 gross per share validated by the Board of Directors, to be paid on January 18, 2023.
        Third quarter   Nine months
    Underlying (in € million)   2022 2021 % yoy % organic   2022 2021 % yoy % organic
    Net sales   3,609 2,573 +40.3% +29.5%   10,141 7,402 +37.0% +29.5%
    EBITDA   917 599 +53.2% +39.8%   2,493 1,784 +39.7% +31.9%
    EBITDA margin   25.4% 23.3% +2.1pp -   24.6% 24.1% +0.5pp -
    FCF1   452 276 +63.8% -   924 692 +33.5% -
    FCF conversion ratio (LTM)   36.8% 39.5% -2.6pp -   36.8% 39.5% -2.6pp -
    ROCE (LTM)   15.4% 10.6% +4.8pp -   15.4% 10.6% +4.8pp -

    Ilham Kadri, CEO

    “I am so incredibly proud of our people for delivering another quarter of outstanding performance. We again set new records in Sales, EBITDA, and ROCE, which is a clear demonstration of the hard work by our teams and real transformation that has occurred in the past three and a half years. We remain focused on bringing new innovations to the market that deliver measurable value to our customers, and we are prioritizing investments in strategic growth areas. Today’s announcement is another example of our commitment to serve the growing electrification trend by expanding manufacturing of high performance polymers for batteries in North America. I could not be more pleased with these accomplishments and excited about our bright future as we progress with our plan to separate into two independent, strong companies.”

    2022 Outlook

    On October 24, the company upgraded its full year 2022 EBITDA estimate to grow organically by around 28%. Today the company increased its Free Cash Flow estimate from around €750 million to around €1 billion for the year, including capital investments which may reach €1 billion.

    Register to the webcast scheduled at 14:00 CET here   - Link to financial report - Link to financial calendar

    1 Free cash flow is free cash flow to Solvay shareholders from continuing operations

     

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