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Earnings situation shaped by organic and external growth, efficiency increases, and currency translation chargesAfter the dynamic growth of 2010, Clariant was still able to post a solid performance in 2011 despite differing demand in the individual Business Units. The individual Business Units reported very different levels of demand for their products in 2011. The high level of demand in most industries brought about a capacity utilization of approximately 70 percent in 2011, as in 2010. Significant savings were realized as the result of the efficiency improvements successfully implemented in prior years a€“ Project Clariant and Clariant Excellence. The more cyclical Business Units a€“ Masterbatches, Leather Services, Textile Chemicals, Paper Specialties, and Pigments a€“ experienced weaker year on year demand, even in local currencies.
In the case of Clariant Excellence the savings totaled more than CHF 100 million compared with CHF 50 million in 2010. The motion will be subject to approval by the 17th Annual General Meeting on 27 March 2012.
Due to the positive economic environment, especially in the first half of the year, the Clariant Group realized significant improvements in local currencies. Nonetheless, these positive factors were not sufficient to compensate for negative currency and volume effects. In addition, the consolidation of the newly acquired businesses of SA?d-Chemie translated into appreciable external growth.


Thanks to their strong growth, the emerging markets generated additional momentum in the industrialized countries, although the latter grew at a significantly lower rate.
The EMEA (Europe, Middle East & Africa) region also reported positive results, selling 16 percent more than in the previous year. Due to sluggish global economic growth, raw material prices stabilized in the course of the year but were still 13 percent higher than in 2010. Profitability was further improved by the efficiency improvements initiated in the previous periods.Sales in local currencies increased by 16 percent a€“ organic growth at 2 percentGroup sales totaled CHF 7 370 million in 2011, slightly above the figure reported for 2010.
The higher raw material costs were completely absorbed, as planned, by an increase in sales prices. Overall, around 46 percent of Group sales were generated in the emerging and developing markets, which are expected to have the strongest growth rates in the future. The regional sales distribution of businesses acquired from SA?d-Chemie also had a positive impact in this regard.
In absolute figures, this corresponds to a change to CHF 1 176 million from CHF 1 177 million. The lower rise in sales in Swiss francs is the result of the substantial appreciation of the Swiss franc against the major world currencies. This figure includes significant one-time project costs for the integration of acquired Business Units. While sales volumes decreased below the prior-year level by the end of the year after a sharp rise in the first half, increases in selling prices had a positive effect on sales revenue.


The focus on innovations in conjunction with the Innovation Excellence initiative and the integration of SA?d-Chemie led to a CHF 41 million increase in research and development costs to CHF 176 million. Given these changes and the impact of highly negative currency trends totaling CHF 41 million, the operating result (EBITDA) before exceptional items increased slightly by 8.2 percent to CHF 975 million, compared with CHF 901 million in 2010. It was driven primarily by the recently acquired activities of SA?d-Chemie AG, which contributed CHF 948 million in sales during the eight months of consolidation. Restructuring costs and impairments were substantially reduced and amounted to CHF 161 million in 2011, down from CHF 331 million the year before.
Adjusted for this factor and for negative currency effects, Clariant would have posted an organic sales increase of 2 percent in local currencies. This reflects the sharply reduced costs for optimization of the global production network (Project GANO) and measures to integrate SA?d-Chemie.The financial result was adversely affected by the higher level of indebtedness resulting from the SA?d-Chemie acquisition. On balance the result was a decrease in the net financial result to CHF a€“ 173 million from CHF a€“ 123 million. Operating income before exceptional items at CHF 717 million is above the previous year (CHF 696 million) but was reduced by currency effects totaling CHF 170 million.



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