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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alikem Limited | TSX:AKE | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.86 | 7.50 | 7.50 | 0 | 01:00:00 |
Regulatory News:
Arkema (Paris:AKE) achieved a solid EBITDA margin and high cash generation in an ongoing context of low volumes reflecting the current economic environment.
Following Arkema’s Board of Directors’ meeting held on 8 November 2023 to review the Group’s consolidated financial information for the third quarter of 2023, Chairman and CEO Thierry Le Hénaff said:
“In line with the first half of the year, demand continued to be weak this quarter. Arkema’s performance nevertheless remained solid, supported by the quality of its portfolio of technologies serving sustainable megatrends and by the strengthening of cost initiatives. In an uncertain context marked by heightened geopolitical tensions, we continue to strictly manage our operations and to adapt thanks to the agility and commitment of our teams.
Moreover, Arkema is fully mobilized to prepare for the future. At the Capital Markets Day held in Paris on 27 September, we detailed our longer-term strategy and set ambitious financial targets for 2028. Arkema will focus its investments on high-growth areas, centered on innovative, high performance materials for a more sustainable world. Thanks to the technologies it has acquired or developed in recent years, and the expertise it has built up in markets with superior growth potential such as batteries, advanced electronics and sustainable consumer goods, the Group is now ready to embark on this new stage in its development, mainly focused on organic growth. Several important projects, which started up this year or which will shortly be completed, will contribute to the Group’s growth in 2024.
As a key component of our strategy, we will also pursue our climate actions, and in particular the reduction of our CO2 emissions, bolstered by the SBTi’s validation of our 1.5°C trajectory by 2030, and in order to pave the way for Net-Zero by 2050.”
KEY FIGURES
in millions of euros
Q3'23
Q3'22
Change
Sales
2,326
2,972
-21.7%
EBITDA
386
495
-22.0%
Specialty Materials
346
458
-24.5%
Intermediates
55
59
-6.8%
Corporate
-15
-22
EBITDA margin
16.6%
16.7%
Specialty Materials
16.4%
16.9%
Intermediates
26.7%
24.0%
Recurring operating income (REBIT)
246
356
-30.9%
REBIT margin
10.6%
12.0%
Adjusted net income
177
260
-31.9%
Adjusted net income per share (in €)
2.38
3.52
-32.4%
Recurring cash flow
312
434
Free cash flow
273
397
Net debt including hybrid bonds
2,419
2,615
€2,366m as of 31/12/2022
THIRD-QUARTER 2023 BUSINESS PERFORMANCE
At €2,326 million, Group sales were down by 21.7% relative to the particularly elevated level of third-quarter 2022. Volumes declined by 6.6%, impacted as in recent quarters by continued weak demand in Europe and North America in most end markets, which overshadowed the good performance of certain sectors such as automotive and energy. In Asia, volumes rose slightly in a market struggling to gain impetus, supported in particular by the positive momentum in batteries. The 10.6% negative price effect reflects the expected normalization of market conditions in PVDF and upstream acrylics, as well as lower raw materials prices. The scope effect was neutral on sales, with small acquisitions in Adhesive Solutions and Coating Solutions offset by the divestment of Febex. The currency effect was more pronounced at negative 4.5%, primarily reflecting the strength of the euro against the US dollar and the Chinese yuan.
EBITDA came to €386 million (€495 million in Q3’22), reflecting contrasting trends between product lines and regions. Adhesive Solutions and Performance Additives were up year-on-year. The decline of EBITDA in High Performance Polymers was mainly linked to the high comparison base of the prior year, which benefited from exceptional profits in PVDF, and the decline in Coating Solutions to less favorable market conditions in upstream acrylics. In addition, strict price management in a context of easing tightness in raw materials, as well as cost-cutting initiatives implemented within the Group, mitigated the impact of the general decline in volumes linked to the macroeconomic environment. Despite this much less buoyant context than in 2022, the EBITDA margin remained solid and comparable to the prior-year’s at 16.6% (16.7% in Q3’22).
The recurring operating income (REBIT) of €246 million (€356 million in Q3’22) included €140 million in recurring depreciation and amortization, stable compared with Q3’22. REBIT margin thus amounted to 10.6% (12.0% in Q3’22).
Adjusted net income came to €177 million (€260 million in Q3’22), representing €2.38 per share. Excluding exceptional items, the tax rate amounted to approximately 21% of recurring operating income in the first nine months of the year.
CASH FLOW AND NET DEBT AT 30 SEPTEMBER 2023
The Group generated high recurring cash flow of €312 million in third-quarter 2023 (€434 million in Q3’22). This figure includes a cash inflow of €138 million from the change in working capital, which reflects the reduced level of business activity and lower raw materials costs. At end-September 2023, working capital represented 16.3% of annualized sales (15.5% at end-September 2022). Recurring cash flow also included recurring capital expenditure of €137 million (€131 million in Q3’22).
Free cash flow amounted to €273 million (€397 million in Q3’22) and included exceptional capital expenditure of €5 million (€21 million in Q3’22).
Net debt including hybrid bonds came to €2,419 million (€2,645 million at end-June 2023), and the net debt to last-twelve-months EBITDA ratio stood at 1.7x.
THIRD-QUARTER 2023 PERFORMANCE BY SEGMENT
ADHESIVE SOLUTIONS (29% OF TOTAL GROUP SALES)
in millions of euros
Q3'23
Q3'22
Change
Sales
682
757
-9.9%
EBITDA
98
90
+8.9%EBITDA margin
14.4%
11.9%
Recurring operating income (REBIT)
77
69
+11.6%REBIT margin
11.3%
9.1%
Sales in the Adhesive Solutions segment amounted to €682 million, down by 9.9% year-on-year, impacted mainly by a 5.2% negative currency effect. Volumes decreased by 3.4% compared with the prior year’s baseline, which had already been impacted in Europe by the start of destocking. Demand remained weak in most end markets, particularly in Europe and the United States. Volumes were up in Asia, supported by slightly more dynamic activity overall. The price effect in the segment was a negative 1.8% in a context of lower raw materials prices, while the scope effect, corresponding to the integration of Polytec PT, was limited at a positive 0.5%.
At €98 million, EBITDA was up by 8.9% compared with third-quarter 2022, benefiting from strict price management, operational excellence and cost control initiatives, as well as an improved product mix toward high value-added solutions. In this ongoing context of low volumes, the EBITDA margin improved by 250 bps to 14.4% (11.9% in Q3’22), reaching a level more aligned with the targeted medium-term progression.
ADVANCED MATERIALS (37% OF TOTAL GROUP SALES)
in millions of euros Q3'23 Q3'22 Change Sales856
1,131
-24.3%
EBITDA172
237
-27.4%
EBITDA margin20.1%
21.0%
Recurring operating income (REBIT)100
167
-40.1%
REBIT margin11.7%
14.8%
Sales in the Advanced Materials segment totaled €856 million, down by 24.3% compared with third-quarter 2022. Performance was impacted by a price effect of negative 13.9%, mainly reflecting the normalization of PVDF in batteries in China. Volumes were down by 5.3% overall, declining in Performance Additives, where they were impacted in particular by subdued demand in Europe, but rising in High Performance Polymers, driven by the automotive and energy markets, as well as by new developments in areas linked to sustainable megatrends such as sustainable lifestyle, electric mobility and water filtration. The scope effect was a negative 1.0%, linked to the divestment of Febex, and the currency effect was a negative 4.1%.
Segment EBITDA came to €172 million, a significant decrease compared with third-quarter 2022 (€237 million in Q3’22), which had benefited from a temporary period of highly favorable market conditions in PVDF. Performance Additives’ EBITDA rose significantly despite the decrease in volumes, thus confirming the quality of the portfolio and the positive momentum in niche applications driven by sustainable megatrends, particularly renewable energies. In this context, the EBITDA margin held up well at 20.1% (21.0% in Q3’22).
COATING SOLUTIONS (25% OF TOTAL GROUP SALES)
in millions of euros
Q3'23
Q3'22
Change
Sales
572
825
-30.7%
EBITDA
76
131
-42.0%
EBITDA margin
13.3%
15.9%
Recurring operating income (REBIT)
43
99
-56.6%
REBIT margin
7.5%
12.0%
Sales in the Coating Solutions segment totaled €572 million, down by a sharp 30.7% year-on-year (€825 million in Q3’22), including an 18.4% negative price effect related in particular to less favorable market conditions in upstream acrylics and to lower raw materials prices. Segment volumes rose in Asia, but fell by 9.5% overall, impacted by weak demand. The scope effect was a positive 0.7%, reflecting the integration of Polimeros Especiales, and the currency effect was a negative 3.5%.
At €76 million, the segment’s EBITDA was lower than in the prior year (€131 million in Q3’22), impacted mainly by less favorable market conditions in acrylic monomers. EBITDA for downstream product lines held up better despite the decline in volumes, supported by an improved product mix toward higher value-added solutions and dynamic price management in a context of lower raw materials prices. In this significantly more challenging environment, the decline in the EBITDA margin was limited thanks to initiatives undertaken by the segment’s teams and the integration of the acrylics value chain, reaching 13.3% (15.9% in Q3’22).
INTERMEDIATES (9% OF TOTAL GROUP SALES)
in millions of euros
Q3'23
Q3'22
Change
Sales
206
246
-16.3%
EBITDA
55
59
-6.8%
EBITDA margin
26.7%
24.0%
Recurring operating income (REBIT)
42
44
-4.5%
REBIT margin
20.4%
17.9%
Sales in the Intermediates segment declined by 16.3% year-on-year to €206 million (€246 million in Q3’22). The 12.6% fall in volumes was mainly due to weak demand for acrylics in Asia. The price effect was a slightly positive 3.7%, reflecting solid momentum in refrigerant gases in the United States and Europe. The currency effect was a negative 7.4%, with the segment impacted by a stronger euro against the Chinese yuan.
EBITDA held up well at €55 million, down by 6.8% year-on-year, and the EBITDA margin remained at a very good level at 26.7% (24.0% in Q3’22).
THIRD-QUARTER 2023 HIGHLIGHTS
At the Capital Markets Day on 27 September 2023, Arkema presented the new stage of its development and unveiled its 2028 ambition. Building on its achievements since the April 2020 strategy update, the Group now aims to accelerate its organic sales growth in the medium term, by capitalizing on its recent or future industrial investments in high value-added technological solutions serving fast-growing market segments supported by sustainable megatrends.
By 2028, Arkema thus aims to achieve sales of around €12 billion with an elevated EBITDA margin of around 18%.
The Group will also capitalize on the recent validation by SBTi of its 1.5°C trajectory by 2030 to further strengthen its decarbonization initiatives, paving the way for Net-Zero by 2050.
On 27 September 2023, the Group also unveiled three industrial projects aligned with its new 2028 ambition:
OUTLOOK FOR 2023
The economic environment remains challenging as the year draws to a close, in line with the level seen since the beginning of the year, and is marked by low volumes in most end markets and uncertainties in all three regions, as well as by heightened geopolitical tensions.
In this context, the Group will continue to work on the elements under its control, in particular managing costs, optimizing working capital and rolling out ongoing technological developments with its customers and partners. Beyond that, Arkema will ensure the successful completion of several key projects that will contribute to the growth in 2024, including the ramp-up of the bio-based plant in Singapore, HF supply in the United States, the development of Sartomer® photocure resins in China, and the finalization in the United States of the HFO-1233zd project for batteries and building insulation.
Based on the results of the first nine months and the momentum expected in the fourth quarter, and as indicated last September at the Capital Markets Day, Arkema confirms its EBITDA forecast of around €1.5 billion in 2023, supported in particular by the resilience of several product lines and ongoing cost-saving initiatives. The Group is also aiming for a high EBITDA to cash conversion of around 40%.
Further details concerning the Group’s third-quarter 2023 results are provided in the “Third-quarter 2023 results and highlights” presentation and the “Factsheet”, both available on Arkema’s website at: www.arkema.com/global/en/investor-relations/
FINANCIAL CALENDAR
29 February 2024: Publication of full-year 2023 results 7 May 2024: Publication of first-quarter 2024 results 15 May 2024: Annual general meeting
DISCLAIMER
The information disclosed in this press release may contain forward-looking statements with respect to the financial position, results of operations, business and strategy of Arkema.
In a context of significant geopolitical tensions, where the outlook for the global economy remains uncertain, the retained assumptions and forward-looking statements could ultimately prove inaccurate.
Such statements are based on management’s current views and assumptions that could ultimately prove inaccurate and are subject to risk factors such as (but not limited to) changes in raw materials prices, currency fluctuations, the pace at which cost-reduction projects are implemented, rising geopolitical tensions, and changes in general economic and financial conditions. Arkema does not assume any liability to update such forward-looking statements whether as a result of any new information or any unexpected event or otherwise. Further information on factors which could affect Arkema’s financial results is provided in the documents filed with the French Autorité des marchés financiers.
Balance sheet, income statement and cash flow statement data, as well as data relating to the statement of changes in shareholders’ equity and information by segment included in this press release are extracted from the consolidated financial information at 30 September 2023 as reviewed by Arkema’s Board of Directors on 8 November 2023. Quarterly financial information is not audited.
Information by segment is presented in accordance with Arkema’s internal reporting system used by management.
Details of the main alternative performance indicators used by the Group are provided in the tables appended to this press release. For the purpose of analyzing its results and defining its targets, the Group also uses EBITDA margin, which corresponds to EBITDA expressed as a percentage of sales, EBITDA equaling recurring operating income (REBIT) plus recurring depreciation and amortization of tangible and intangible assets, as well as REBIT margin, which corresponds to recurring operating income (REBIT) expressed as a percentage of sales.
For the purpose of tracking changes in its results, and particularly its sales figures, the Group analyzes the following effects (unaudited analyses):
Building on its unique set of expertise in materials science, Arkema offers a portfolio of first-class technologies to address ever-growing demand for new and sustainable materials. With the ambition to become in 2024 a pure player in Specialty Materials, the Group is structured into 3 complementary, resilient and highly innovative segments dedicated to Specialty Materials -Adhesive Solutions, Advanced Materials, and Coating Solutions- accounting for some 91% of Group sales in 2022, and a well-positioned and competitive Intermediates segment. Arkema offers cutting-edge technological solutions to meet the challenges of, among other things, new energies, access to water, recycling, urbanization and mobility, and fosters a permanent dialogue with all its stakeholders. The Group reported sales of around €11.5 billion in 2022, and operates in some 55 countries with 21,100 employees worldwide.
A French société anonyme (limited company) with share capital of €750,435,140 Registered in Nanterre: RCS 445 074 685 Nanterre
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ARKEMA financial statements
Consolidated financial information at the end of September 2023
Consolidated financial statements as end of December 2022 have been audited.
CONSOLIDATED INCOME STATEMENT
3rd quarter 2023
3rd quarter 2022
(In millions of euros) Sales2,326
2,972
Operating expenses(1,835)
(2,356)
Research and development expenses(68)
(66)
Selling and administrative expenses(209)
(214)
Other income and expenses(32)
(15)
Operating income182
321
Equity in income of affiliates(2)
(3)
Financial result(9)
(17)
Income taxes(54)
(76)
Net income117
225
Attributable to non-controlling interests3
1
Net income - Group share114
224
Earnings per share (amount in euros)1.39
2.88
Diluted earnings per share (amount in euros)1.37
2.86
End of September 2023
End of September 2022
(In millions of euros) Sales7,292
9,043
Operating expenses(5,757)
(6,841)
Research and development expenses(204)
(199)
Selling and administrative expenses(661)
(649)
Other income and expenses(71)
(85)
Operating income599
1,269
Equity in income of affiliates(7)
(4)
Financial result(44)
(31)
Income taxes(146)
(277)
Net income402
957
Attributable to non-controlling interests4
3
Net income - Group share398
954
Earnings per share (amount in euros)5.12
12.68
Diluted earnings per share (amount in euros)5.09
12.62
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME3rd quarter 2023
3rd quarter 2022
(In millions of euros) Net income117
225
Hedging adjustments(13)
3
Other items0
—
Deferred taxes on hedging adjustments and other items0
0
Change in translation adjustments109
240
Other recyclable comprehensive income96
243
Impact of remeasuring unconsolidated investments0
—
Actuarial gains and losses26
52
Deferred taxes on actuarial gains and losses(5)
(10)
Other non-recyclable comprehensive income21
42
Total income and expenses recognized directly in equity117
285
Total comprehensive income234
510
Attributable to non-controlling interest3
2
Total comprehensive income - Group share231
508
End of September 2023
End of September 2022
(In millions of euros) Net income402
957
Hedging adjustments(51)
19
Other items0
—
Deferred taxes on hedging adjustments and other items2
(3)
Change in translation adjustments(34)
567
Other recyclable comprehensive income(83)
583
Impact of remeasuring unconsolidated investments0
(1)
Actuarial gains and losses19
167
Deferred taxes on actuarial gains and losses(4)
(29)
Other non-recyclable comprehensive income15
137
Total income and expenses recognized directly in equity(68)
720
Total comprehensive income334
1,677
Attributable to non-controlling interest2
5
Total comprehensive income - Group share332
1,672
INFORMATION BY SEGMENT3rd quarter 2023
(In millions of euros)
Adhesive
Solutions
Advanced
Materials
Coating
Solutions
Intermediates
Corporate
Total
Sales682
856
572
206
10
2,326
EBITDA98
172
76
55
(15)
386
Recurring depreciation and amortization of property, plant and equipment and intangible assets(21)
(72)
(33)
(13)
(1)
(140)
Recurring operating income (REBIT)77
100
43
42
(16)
246
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses(26)
(5)
(1)
—
—
(32)
Other income and expenses(10)
(21)
0
(1)
0
(32)
Operating income41
74
42
41
(16)
182
Equity in income of affiliates—
(2)
—
—
—
(2)
Intangible assets and property, plant, and equipment additions15
93
23
7
4
142
Of which: recurring capital expenditure15
88
23
7
4
137
3rd quarter 2022
(In millions of euros)
Adhesive
Solutions
Advanced
Materials
Coating
Solutions
Intermediates
Corporate
Total
Sales757
1,131
825
246
13
2,972
EBITDA90
237
131
59
(22)
495
Recurring depreciation and amortization of property, plant and equipment and intangible assets(21)
(70)
(32)
(15)
(1)
(139)
Recurring operating income (REBIT)69
167
99
44
(23)
356
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses(14)
(5)
(1)
—
—
(20)
Other income and expenses(13)
(9)
1
25
(19)
(15)
Operating income42
153
99
69
(42)
321
Equity in income of affiliates—
(3)
—
0
—
(3)
Intangible assets and property, plant, and equipment additions21
94
29
4
4
152
Of which: recurring capital expenditure21
73
29
4
4
131
INFORMATION BY SEGMENTEnd of September 2023
(In millions of euros)Adhesive
Solutions
Advanced
Materials
Coating
Solutions
Intermediates
Corporate
Total
Sales2,072
2,705
1,850
636
29
7,292
EBITDA286
517
258
173
(64)
1,170
Recurring depreciation and amortization of property, plant and equipment and intangible assets(62)
(207)
(94)
(38)
(4)
(405)
Recurring operating income (REBIT)224
310
164
135
(68)
765
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses(77)
(13)
(5)
—
—
(95)
Other income and expenses(22)
(37)
(1)
(1)
(10)
(71)
Operating income125
260
158
134
(78)
599
Equity in income of affiliates—
(7)
—
—
—
(7)
Intangible assets and property, plant, and equipment additions48
230
62
15
11
366
Of which: recurring capital expenditure48
213
62
15
11
349
End of September 2022
(In millions of euros)Adhesive
Solutions
Advanced
Materials
Coating
Solutions
Intermediates
Corporate
Total
Sales2,206
3,319
2,647
839
32
9,043
EBITDA291
793
530
282
(77)
1,819
Recurring depreciation and amortization of property, plant and equipment and intangible assets(57)
(204)
(95)
(45)
(4)
(405)
Recurring operating income (REBIT)234
589
435
237
(81)
1,414
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses(42)
(14)
(4)
—
—
(60)
Other income and expenses(45)
(31)
1
23
(33)
(85)
Operating income147
544
432
260
(114)
1,269
Equity in income of affiliates—
(4)
—
0
—
(4)
Intangible assets and property, plant, and equipment additions48
254
68
9
10
389
Of which: recurring capital expenditure48
167
68
9
10
302
CONSOLIDATED CASH FLOW STATEMENT
End of September 2023
End of September 2022
(In millions of euros) Operating cash flows Net income402
957
Depreciation, amortization and impairment of assets512
492
Other provisions and deferred taxes(70)
(36)
(Gains)/losses on sales of long-term assets(29)
(31)
Undistributed affiliate equity earnings7
4
Change in working capital(27)
(384)
Other changes15
37
Cash flow from operating activities810
1,039
Investing cash flows Intangible assets and property, plant, and equipment additions(366)
(389)
Change in fixed asset payables(131)
(99)
Acquisitions of operations, net of cash acquired(66)
(1,614)
Increase in long-term loans(45)
(49)
Total expenditures(608)
(2,151)
Proceeds from sale of intangible assets and property, plant, and equipment8
6
Proceeds from sale of operations, net of cash transferred32
20
Repayment of long-term loans56
43
Total divestitures96
69
Cash flow from investing activities(512)
(2,082)
Financing cash flows Issuance (repayment) of shares and paid-in surplus0
—
Purchase of treasury shares(32)
(11)
Dividends paid to parent company shareholders(253)
(222)
Interest paid to bearers of subordinated perpetual notes(16)
(16)
Dividends paid to non-controlling interests and buyout of minority interests(3)
(2)
Increase in long-term debt397
5
Decrease in long-term debt(63)
(62)
Increase / (Decrease) in short-term debt(31)
384
Cash flow from financing activities(1)
76
Net increase/(decrease) in cash and cash equivalents297
(967)
Effect of exchange rates and changes in scope11
(38)
Cash and cash equivalents at beginning of period1,592
2,285
Cash and cash equivalents at end or the period1,900
1,280
CONSOLIDATED BALANCE SHEET
30 September 2023
31 December 2022
(In millions of euros)ASSETS
Goodwill2,709
2,655
Intangible assets, net2,099
2,178
Property, plant and equipment, net3,434
3,429
Equity affiliates: investments and loans16
24
Other investments52
52
Deferred tax assets165
166
Other non-current assets235
245
TOTAL NON-CURRENT ASSETS8,710
8,749
Inventories1,347
1,399
Accounts receivable1,396
1,360
Other receivables and prepaid expenses198
202
Income tax receivables103
130
Other current financial assets13
57
Cash and cash equivalents1,900
1,592
Assets held for sale—
22
TOTAL CURRENT ASSETS4,957
4,762
TOTAL ASSETS13,667
13,511
LIABILITIES AND SHAREHOLDERS' EQUITY
Share capital750
750
Paid-in surplus and retained earnings6,332
6,218
Treasury shares(52)
(20)
Translation adjustments320
352
SHAREHOLDERS' EQUITY - GROUP SHARE7,350
7,300
Non-controlling interests41
39
TOTAL SHAREHOLDERS' EQUITY7,391
7,339
Deferred tax liabilities345
362
Provisions for pensions and other employee benefits357
382
Other provisions and non-current liabilities415
458
Non-current debt2,955
2,560
TOTAL NON-CURRENT LIABILITIES4,072
3,762
Accounts payable946
1,149
Other creditors and accrued liabilities464
437
Income tax payables89
109
Other current financial liabilities41
13
Current debt664
698
Liabilities related to assets held for sale—
4
TOTAL CURRENT LIABILITIES2,204
2,410
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY13,667
13,511
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITYShares issued
Treasury shares
Shareholders'
equity - Group
share
Non-controlling
interests
Shareholders'
equity
(In millions of euros)Number
Amount
Paid-in
surplus
Hybrid
bonds
Retained
earnings
Translation
adjustments
Number
Amount
At 1 January 202375,043,514
750
1,067
700
4,451
352
(231,087)
(20)
7,300
39
7,339
Cash dividend-
-
-
-
(269)
-
-
-
(269)
(2)
(271)
Issuance of share capital-
-
-
-
-
-
-
-
-
-
-
Capital decrease by cancellation of treasury shares-
-
-
-
-
-
-
-
-
-
-
Purchase of treasury shares-
-
-
-
-
-
(357,726)
(32)
(32)
-
(32)
Cancellation of purchased treasury shares-
-
-
-
-
-
-
-
-
-
-
Grants of treasury shares to employees-
-
-
-
0
-
1,235
0
0
-
0
Sale of treasury shares-
-
-
-
-
-
-
-
-
-
-
Share-based payments-
-
-
-
19
-
-
-
19
-
19
Issuance of hybrid bonds-
-
-
-
-
-
-
-
-
-
-
Redemption of hybrid bonds-
-
-
-
-
-
-
-
-
-
-
Other-
-
-
-
0
-
-
-
-
2
2
Transactions with shareholders-
-
-
-
(250)
-
(356,491)
(32)
(282)
—
(282)
Net income-
-
-
-
398
-
-
-
398
4
402
Total income and expense recognized directly through equity-
-
-
-
(34)
(32)
-
-
(66)
(2)
(68)
Comprehensive income-
-
-
-
364
(32)
-
-
332
2
334
At 30 September 202375,043,514
750
1,067
700
4,565
320
(587,578)
(52)
7,350
41
7,391
ALTERNATIVE PERFORMANCE INDICATORS
To monitor and analyse the financial performance of the Group and its activities, the Group management uses alternative performance indicators. These are financial indicators that are not defined by the IFRS. This note presents a reconciliation of these indicators and the aggregates from the consolidated financial statements under IFRS.
RECURRING OPERATING INCOME (REBIT) AND EBITDA
(In millions of euros)End of September 2023
End of September 2022
3rd quarter 2023
3rd quarter 2022
OPERATING INCOME599
1,269
182
321
- Depreciation and amortization related to the revaluation of tangible and intangible assets as part of the allocation of the purchase price of businesses(95)
(60)
(32)
(20)
- Other income and expenses(71)
(85)
(32)
(15)
RECURRING OPERATING INCOME (REBIT)765
1,414
246
356
- Recurring depreciation and amortization of tangible and intangible assets(405)
(405)
(140)
(139)
EBITDA1,170
1,819
386
495
Details of depreciation and amortization of tangible and intangible assets: (In millions of euros)End of September 2023
End of September 2022
3rd quarter 2023
3rd quarter 2022
Depreciation and amortization of tangible and intangible assets(512)
(492)
(178)
(166)
Of which: Recurring depreciation and amortization of tangible and intangible assets(405)
(405)
(140)
(139)
Of which: Depreciation and amortization related to the revaluation of assets as part of the allocation of the purchase price of businesses(95)
(60)
(32)
(20)
Of which: Impairment included in other income and expenses(12)
(27)
(6)
(7)
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(In millions of euros)End of September 2023
End of September 2022
3rd quarter 2023
3rd quarter 2022
NET INCOME - GROUP SHARE398
954
114
224
- Depreciation and amortization related to the revaluation of tangible and intangible assets as part of the allocation of the purchase price of businesses(95)
(60)
(32)
(20)
- Other income and expenses(71)
(85)
(32)
(15)
- Other income and expenses - Non-controlling interests—
—
—
—
- Taxes on depreciation and amortization related to the revaluation of assets as part of the allocation of the purchase price of businesses23
12
10
4
- Taxes on other income and expenses14
5
6
(2)
- One-time tax effects(19)
3
(15)
(3)
ADJUSTED NET INCOME546
1,079
177
260
Weighted average number of ordinary shares74,636,305
73,947,397
—
—
Weighted average number of potential ordinary shares75,043,514
74,333,266
—
—
ADJUSTED EARNINGS PER SHARE (in euros)7.32
14.59
2.38
3.52
DILUTED ADJUSTED EARNINGS PER SHARE (in euros)7.28
14.52
2.36
3.50
RECURRING CAPITAL EXPENDITURE
(In millions of euros)End of September 2023
End of September 2022
3rd quarter 2023
3rd quarter 2022
INTANGIBLE ASSETS AND PROPERTY, PLANT, AND EQUIPMENT ADDITIONS366
389
142
152
- Exceptional capital expenditure17
87
5
21
- Investments relating to portfolio management operations—
—
—
—
- Capital expenditure with no impact on net debt—
0
0
0
RECURRING CAPITAL EXPENDITURE349
302
137
131
CASH FLOWS
(In millions of euros)End of September 2023
End of September 2022
3rd quarter 2023
3rd quarter 2022
Cash flow from operating activities810
1,039
393
508
+ Cash flow from investing activities(512)
(2,082)
(125)
(232)
NET CASH FLOW298
(1,043)
268
276
- Net cash flow from portfolio management operations(44)
(1,628)
(5)
(121)
FREE CASH FLOW342
585
273
397
Exceptional capital expenditure(17)
(87)
(5)
(21)
- Non-recurring cash flow(77)
(23)
(34)
(16)
RECURRING CASH FLOW436
695
312
434
The net cash flow from portfolio management operations corresponds to the impact of acquisition and divestment operations. Non-recurring cash flow corresponds to cash flow from other income and expenses.NET DEBT
(In millions of euros)End of September 2023
End of December 2022
Non-current debt2,955
2,560
+ Current debt664
698
- Cash and cash equivalents1,900
1,592
NET DEBT1,719
1,666
+ Hybrid bonds700
700
NET DEBT AND HYBRID BONDS2,419
2,366
WORKING CAPITAL
(In millions of euros)End of September 2023
End of December 2022
Inventories1,347
1,399
+ Accounts receivable1,396
1,360
+ Other receivables including income taxes301
332
+ Other current financial assets13
57
- Accounts payable946
1,149
- Other liabilities including income taxes553
546
- Other current financial liabilities41
13
WORKING CAPITAL1,517
1,440
CAPITAL EMPLOYED
(In millions of euros)End of September 2023
End of December 2022
Goodwill, net2,709
2,655
+ Intangible assets (excluding goodwill), and property, plant and equipment, net5,533
5,607
+ Investments in equity affiliates16
24
+ Other investments and other non-current assets287
297
+ Working capital1,517
1,440
CAPITAL EMPLOYED10,062
10,023
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108771552/en/
Investor relations contacts Béatrice Zilm +33 (0)1 49 00 75 58 beatrice.zilm@arkema.com Peter Farren +33 (0)1 49 00 73 12 peter.farren@arkema.com Mathieu Briatta +33 (0)1 49 00 72 07 mathieu.briatta@arkema.com Caroline Chung +33 (0)1 49 00 74 37 caroline.chung@arkema.com
Media contacts Gilles Galinier +33 (0)1 49 00 70 07 gilles.galinier@arkema.com Anne Plaisance +33 (0)6 81 87 48 77 anne.plaisance@arkema.com
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