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Cognis Releases Nine-Month 2008 Results
November 25, 2008
1 Min Read
MONHEIM, Germany—Cognis announced its sales were up 12 percent for the first nine months of 2008. Additionally, the company closed the sales of its Pulcra Chemicals subsidiary and its 50 percent stake in the Cognis Oleochemicals joint venture, netting cash proceeds of approximately 130 million euros.
Among the highlights of the report:
Net sales up 7.3 percent to 2.304 billion euros (up 12 percent on an organic basis);
Higher sales across Care Chemicals, Nutrition & Health and Functional Products;
Rises in raw material, energy and transportation costs as well as unfavorable exchange rates partly compensated by selling price increases and optimized cost structures;
Operating result (Adjusted EBITDA) down 7 million euros to 264 million euros
Net profit before exceptional items of 4 million euros, net loss including exceptional items of 4 million euros.
Cognis CEO Antonio Trius commented: “The benefits of our wellness and sustainability driven growth strategy, the cost optimization programs and the refinancing we carried out in 2007 are clearly visible. The fourth quarter started of well with acceptable results in October and no negative sales development could be recorded in November so far. However, the current macroeconomic situation may consequently affect order patterns of our customers’ and therefore our results in December. Therefore, we expect the overall results of 2008 to be lower than in 2007. Due to our well-balanced product portfolio, combined with stringent cost management, we are confident that in 2009 our results will be at least on the same level as this year.”
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