Regulatory News:
Arkema (Paris:AKE):
Excellent financial performance in 2021, reflecting
accelerating demand for innovative and sustainable materials, as
well as the Group’s reactivity in a demanding and volatile
operating context
- Group sales of €9.5 billion, up by 25.9%
compared with 2020 at constant scope and currency:
- Growth in volumes of +7.3%, driven notably by robust demand for
sustainable solutions with high technological content, particularly
in batteries, 3D printing, consumer goods and more environmentally
friendly paints
- Increase in selling prices of 18.6% over the year, reflecting
the Group’s initiatives to offset strong raw materials and energy
inflation, an improved product mix, as well as the tightness of
upstream acrylics
- EBITDA at historic high of €1,727 million, up by
46.1% compared with 2020, and EBITDA margin at
18.1%, in an environment marked by operational disruptions
and high raw materials and energy costs:
- Excellent performance of Specialty Materials, up strongly in
each of the segments, with EBITDA of €1,503 million (€1,018 million
in 2020) and EBITDA margin of 18.5%
- Increase in EBITDA of Intermediates (€316 million vs. €231
million in 2020), driven by favorable market conditions in acrylics
in Asia and despite the negative scope effect related to the PMMA
and Functional Polyolefins divestments
- Adjusted net income multiplied by 2.3 to €896
million, representing €11.88 per share (€5.11 in 2020)
- Recurring cash flow stable at €756 million (€762
million in 2020) and net debt down sharply to €1,177
million, including €700 million in hybrid bonds (net debt of
€1,910 million at end-2020), representing 0.7x 2021 EBITDA
- Proposed dividend of €3.0 per share (€2.5 in
2020)
Strengthening of the Specialty Materials platform in line
with the 2024 ambition
- Major steps taken to refocus on Specialty Materials, which
represent close to 90% of 2021 pro forma sales (1), with the
finalization of the PMMA divestment and the proposed acquisition of
Ashland’s performance adhesives business
- Numerous customer partnerships and targeted capacity increase
projects to support the Group’s sustainable growth strategy,
particularly in bio-based products, materials lightweighting, clean
mobility, new energies, electronics and more environmentally
friendly coatings
Confidence of the Group in the outlook for 2022
- Continued implementation of the Group’s strategy, in particular
with the closing of the Ashland performance adhesives acquisition,
the start-up at mid-year of the PA11 plant in Singapore and the
hydrofluoric acid plant in the United States, as well as the
strengthening of innovation and targeted investments to support our
organic growth
- In 2022, in a global environment that should remain volatile,
the Group aims, at constant scope (2), to achieve a Specialty
Materials’ EBITDA comparable to the record high of 2021
- 2024 targets fully supported by the level of performance in
2021 and the significant progress made in the execution of the
strategic roadmap
Following Arkema’s Board of Directors’ meeting, held on 23
February 2022 to approve the Group’s consolidated financial
statements for 2021, Chairman and CEO Thierry Le Hénaff said:
“I would particularly like to thank Arkema’s employees, who
through their commitment and initiatives, enabled the Group to
reach an excellent financial performance in 2021 in a demanding
operating context, and to successfully complete a number of
important organic growth and portfolio management projects.
Arkema’s growth was driven by increasingly strong demand for high
performance solutions that address challenges linked to sustainable
megatrends.
Moreover, our strategy goes hand in hand with demanding CSR
commitments which are rooted in the company’s values. After a year
marked by Arkema’s inclusion in the CAC 40 ESG index and by the
third place achieved in the ‘Chemicals’ category of the DJSI World
index, we are happy to have been certified as a Top Employer 2022
in four countries, which account for two-thirds of our employees
and recruitments worldwide.
2022 will mark another important step forward in our ambition to
become a pure Specialty Materials player. The acquisition of
Ashland’s adhesives business is expected to close shortly, and will
be followed by the start-up of our two major projects, namely, the
bio-based polyamide 11 plant in Singapore and the production of
hydrofluoric acid in the United States. Moreover, we have never
identified so many innovation opportunities in areas with high
technological content. Thanks to our geographic positioning, the
intimacy developed with our customers and our unique expertise
centered around materials science, I believe Arkema is very well
positioned to seize these opportunities.”
KEY FIGURES FOR 2021
in millions of euros
2021
2020
Change
Sales
9,519
7,884
+20.7%
EBITDA
1,727
1,182
+46.1%
Specialty Materials
1,503
1,018
+47.6%
Intermediates
316
231
+36.8%
Corporate
-92
-67
EBITDA margin
18.1%
15.0%
Specialty Materials
18.5%
15.8%
Intermediates
22.9%
16.2%
Recurring operating income (REBIT)
1,184
619
+91.3%
REBIT margin
12.4%
7.9%
Adjusted net income
896
391
+129.2%
Adjusted net income per share (in €)
11.88
5.11
+132.5%
Recurring cash flow
756
762
-0.8%
Free cash flow
479
651
-26.4%
Net debt including hybrid bonds
1,177
1,910
2021 BUSINESS PERFORMANCE
At €9,519 million, sales were up 20.7% compared
with the prior year, and up 25.9% at constant scope and currency.
In a market environment that recovered significantly after 2020, a
year marked by a health and economic crisis, volumes rose by 7.3%,
with the Group leveraging the acceleration of demand for high
performance, sustainable materials. Thus, Arkema benefited from its
cutting-edge innovation and its positioning on solutions that have
a high technological content or that are more environmentally
friendly in the battery, consumer goods, decorative paints,
electronics and 3D printing markets. Certain markets which are more
minor for Arkema like oil & gas and paper were down
year-on-year, as was the automotive sector, impacted by chip
shortages. The price effect came in at +18.6%, reflecting both the
adaptation of selling prices throughout the year in the face of
high raw materials, energy and logistics cost inflation, and much
more favorable market conditions in upstream acrylics relative to
the low level of 2020. The 4.1% negative scope effect relates to
the divestments of PMMA, finalized on 3 May 2021, and Functional
Polyolefins, completed in June 2020, which were partly offset by
acquisitions in Specialty Materials. The currency effect was
limited over the year (-1.1%).
The share of Specialty Materials increased to 85.5% of total
Group sales in 2021 (82% in 2020). Lastly, the evolution in the
geographic breakdown of sales reflects the growing importance of
Asia, as well as the impact of logistics disruptions and the
divestment of PMMA in the United States. Accordingly, North America
accounted for 31% of Group sales in 2021 versus 33% in 2020, Asia
and the rest of the world represented 33% versus 31% in 2020, and
Europe remained stable at 36%.
The Group’s EBITDA rose by 46.1% year-on-year to
€1,727 million – a historic high – despite a negative scope
effect of around €75 million, mainly related to divestments in
Intermediates. All segments reported a significant improvement in
their results, reflecting higher volumes in attractive markets, the
Group’s capacity to pass on higher raw materials and energy costs,
the shift in the product mix toward higher value-added solutions
and favorable market conditions in upstream acrylics.
In this predominantly favorable environment, the EBITDA
margin improved by more than 300 bps compared with 2020 to
reach its historic high at 18.1%.
Recurring operating income (REBIT) was up by more than
90% to €1,184 million, and the REBIT margin improved
by 450 bps to 12.4%. Recurring depreciation and amortization
amounted to €543 million, down €20 million year-on-year,
essentially due to the divestment of PMMA.
The financial result represented a net expense of €56
million, down €29 million compared with 2020. This year-on-year
change is primarily due to a more favorable interest rate on the
portion of the Group’s debt swapped into US dollars and, to a
lesser extent, to the refinancing, at favorable market conditions,
of the €480 million senior bond that matured in April 2020.
Excluding exceptional items, the Group’s tax rate amounted to
20% of REBIT in 2021. In 2022, the tax rate excluding exceptional
items is expected to amount to around 21% of REBIT.
Adjusted net income, at €896 million (or
€11.88 per share), more than doubled versus 2020.
CASH FLOWS AND NET DEBT AT 31 DECEMBER 2021
Coming in at €756 million in 2021, recurring cash
flow was stable year-on-year (€762 million in 2020), with the
Group’s improved operating performance in 2021 offset by the change
in working capital (€319 million outflow in 2021 in the context of
a strong business recovery and significant inflation in raw
materials, after a decrease in working capital in 2020 following
the pandemic). However, working capital remained well controlled at
12.7% of annual sales excluding the PMMA business (11.8% at
end-December 2020 and 13.8% at end-December 2019), and below its
normative level of around 14%. Recurring cash flow also includes
recurring capital expenditure of €506 million, or 5.3% of Group
sales.
The EBITDA to cash conversion rate, now calculated based on
recurring cash flow, was 43.8%, in line with the Group’s long-term
objective of 40%.
Free cash flow came to €479 million for the year
(€651 million in 2020), and was mainly impacted by the ramp-up of
exceptional capital expenditure corresponding to the bio-based
polyamides project in Asia and the hydrofluoric acid supply project
with Nutrien in the United States (€252 million in 2021 compared
with €140 million in 2020). For the year as a whole, recurring and
exceptional capital expenditure amounted to €758 million, in line
with the Group’s guidance of €750 million. In 2022, Arkema
estimates that recurring capital expenditure should come to around
5.5% of Group sales and that the ongoing exceptional capital
expenditure should come to an end with an amount of around €130
million.
Free cash flow in 2021 also included a non-recurring cash
outflow of €25 million, mainly corresponding to restructuring costs
and the consequences of winter storm Uri in the United States.
Net cash flow from portfolio management operations
amounted to €909 million in 2021. It mainly included
proceeds from the divestments of PMMA and the epoxides businesses,
as well as the bolt-on acquisitions of Poliplas, Edge Adhesives
Texas and Agiplast. In 2020, this figure came to €6 million and
notably included the divestment of the Functional Polyolefins
business.
Lastly, cash flow from financing activities represented a
net outflow of €652 million for the year. In particular,
this figure includes an outflow of €329 million corresponding to
the cost of share buybacks, notably those carried out under the
€300 million buyback program announced in May 2021 and completed on
24 November, payment of the 2020 dividend of €2.5 per share for a
total amount of €191 million, and €15 million in interest paid on
hybrid bonds.
Net debt including hybrid bonds fell sharply to stand at
€1,177 million versus €1,910 million at end-2020, and the
net debt (including hybrid bonds) to last-twelve-months EBITDA
ratio stood at 0.7x. Including the finalization of the acquisition
of Ashland’s adhesives, this ratio should remain below 2x annual
EBITDA in 2022.
In line with the policy of gradually increasing the dividend,
the Board of Directors has decided that, at the annual general
meeting of 19 May 2022, it will recommend a dividend payment of
€3.0 per share in respect of 2021 (vs. €2.5 per share in respect of
2020), to be paid entirely in cash. Shares will be traded
ex-dividend on 23 May 2022 and the dividend will be paid as from 25
May 2022.
CONTINUED PROGRESS IN CSR
To reinforce its sustainable offering commitment, the Group
started some years ago to assess its portfolio in light of
sustainability criteria and, in 2020, set itself the objective of
increasing to 65% the share of its sales that significantly
contribute to the United Nations Sustainable Development Goals
(SDGs) by 2030 (ImpACT+ objective (3)). At end-2021, the Group
increased the share of sales assessed to 85%, compared with 72% at
end-2020, and based on this new scope, the share of sales that
significantly contribute to the SDGs reached 51% (vs. 50% at
end-2020).
Moreover, in order to accelerate its transition toward a
circular economy, the Group intends to significantly strengthen the
life-cycle analysis of its products, which enables to assess their
environmental impact. Thus, the Group aims to increase to 50% the
share of sales assessed by a life-cycle analysis by end-2024 vs.
27% at end-2021.
In terms of climate and the environment, the Group achieved
further progress in its key indicators in 2021. In particular, its
greenhouse gas emissions (4) were down significantly, falling by
14% compared with 2020 and by 34% compared with the baseline year
of 2015. In a context of strongly rising production volumes, this
significant reduction reflects the pro-active steps taken by the
Group as part of its climate plan roll-out.
Regarding safety, the Group confirmed the previous year’s very
solid level with a TRIR (5) of 1.0, and moreover substantially
improved its PSER (6) to 3.1 in 2021, compared with 4.0 in 2020.
Arkema aims to further improve these results and targets to achieve
in 2030 a TRIR of 0.8 and a PSER of 2.0.
Moreover, in line with its commitment to equal opportunity and
in recognition of the contribution of diversity to company
performance, the Group is continuing to increase the share of women
in senior management and executive positions, with this figure
reaching 24% in 2021 (vs. 23% in 2020), and targets 26% in
2024.
Lastly, Arkema improved its ranking in the DJSI World index,
rising to 3rd place in the “Chemicals” category in 2021 compared
with 6th place in 2020, and in 2021 joined the new CAC 40® ESG
index, which lists the 40 companies that have demonstrated
environmental, social and governance (ESG) best practices. The
Group has thus been rewarded for its sustainability performance and
for integrating its CSR commitment into its development strategy,
which will create long-term value.
2021 PERFORMANCE BY SEGMENT
ADHESIVE SOLUTIONS (24% OF TOTAL GROUP SALES)
in millions of euros
2021
2020
Change
Sales
2,278
1,996
+14.1%
EBITDA
316
261
+21.1%
EBITDA margin
13.9%
13.1%
Recurring operating income (REBIT)
250
198
+26.3%
REBIT margin
11.0%
9.9%
Sales in the Adhesive Solutions segment totaled €2,278
million, up 14.1% compared with 2020. Volumes grew by 5.4%,
benefiting from robust demand in the construction and DIY market,
as well as the post-Covid business recovery in high performance
industrial applications, but they were impacted in the second half
of the year by shortages of several important raw materials. The
price effect, which grew constantly throughout the year, was a
positive 5.4% and reflects the Group’s ongoing actions to pass on
high inflation in raw materials. The 4.1% positive scope effect
corresponds to the integration of Fixatti, Ideal Work, Poliplas and
Edge Adhesives Texas and the currency effect was a negative
0.8%.
EBITDA for the segment rose by 21.1% compared with 2020
to €316 million, driven by positive sales momentum, the
shift in the product mix toward higher value-added applications and
the contribution of acquisitions, with the impact of higher raw
materials costs progressively offset by price increase initiatives.
In this context, the EBITDA margin expanded by 80 bps
compared with 2020 to 13.9%, in line with the guidance of
14% announced in early 2021, which constitutes a good performance,
particularly given the mechanical dilutive impact of price
increases on this ratio of around 100 bps for the year.
ADVANCED MATERIALS (32.5% OF TOTAL GROUP SALES)
in millions of euros
2021
2020
Change
Sales
3,087
2,527
+22.2%
EBITDA
662
496
+33.5%
EBITDA margin
21.4%
19.6%
Recurring operating income (REBIT)
408
245
+66.5%
REBIT margin
13.2%
9.7%
Sales in the Advanced Materials segment rose by a strong
22.2% compared with 2020 to €3,087 million. Volumes were up
by a significant 10.3% compared with the prior year, driven by High
Performance Polymers, which benefited from a strong dynamic in most
end markets, despite a decline in the automotive sector, and from
the acceleration in demand for high performance, sustainable
solutions, particularly in batteries, bio-based consumer goods,
sports and water filtration. Volume growth was more moderate in
Performance Additives, where demand remained lower in the oil &
gas and paper markets. The 12.8% increase in prices reflects both
the actions taken to increase selling prices in the context of
marked raw materials, energy and logistics cost inflation, and
product mix improvement toward high performance, higher value-added
solutions. The scope effect was a positive 0.2%, corresponding to
the integration of Agiplast, finalized on 1 June 2021, and the
currency effect was a negative 1.1%.
In this context, the segment’s EBITDA amounted to €662
million, up by 33.5% year-on-year, supported notably by the
excellent year of High Performance Polymers. The EBITDA
margin increased to 21.4%, compared with 19.6% in
2020.
COATING SOLUTIONS (29% OF TOTAL GROUP SALES)
in millions of euros
2021
2020
Change
Sales
2,746
1,911
+43.7%
EBITDA
525
261
+101.1%
EBITDA margin
19.1%
13.7%
Recurring operating income (REBIT)
407
142
+186.6%
REBIT margin
14.8%
7.4%
Sales in the Coating Solutions segment were up sharply by
43.7% to €2,746 million. Volumes grew by 8.1%, driven by
robust demand across all of the segment’s key markets, namely
decorative paints, 3D printing, industrial coatings, graphic arts
and electronics. The positive 37.6% price effect reflects the
necessary price increases implemented for downstream products to
offset very high raw materials and energy inflation, and the
significant tightness of upstream acrylics. The currency effect
reduced segment sales by 2.0%.
At €525 million, EBITDA doubled and the EBITDA
margin reached the high level of 19.1% (13.7% in 2020),
benefiting from the growth and product mix improvement linked to
strong demand for more environmentally friendly solutions such as
water-based and bio-based paints, powder coatings and UV-curable
resins, as well as more favorable conditions in upstream
acrylics.
INTERMEDIATES (14.5% OF TOTAL GROUP SALES)
in millions of euros
2021
2020
Change
Sales
1,378
1,425
-3.3%
EBITDA
316
231
+36.8%
EBITDA margin
22.9%
16.2%
Recurring operating income (REBIT)
219
109
+100.9%
REBIT margin
15.9%
7.6%
At €1,378 million, sales in the Intermediates
segment were down 3.3% compared with the prior year, impacted by a
negative scope effect of 29.1% corresponding to the PMMA divestment
finalized in May 2021 and the Functional Polyolefins divestment on
1 June 2020. The positive 22.1% price effect was attributable to
much more favorable market conditions for acrylics in Asia compared
to the low level of the previous years, and to a solid performance
in Fluorogases. Volumes rose by 3.6% over the year, driven by
higher demand post-Covid, but held back in the second half for
acrylics in Asia following Chinese authorities’ measures aimed at
limiting energy consumption.
In this context of a buoyant market, and despite a negative
scope effect of around €90 million, segment EBITDA increased
by 36.8% to €316 million and the EBITDA margin
improved to 22.9% (16.2% in 2020).
KEY FIGURES FOR FOURTH-QUARTER 2021
in millions of euros
Q4'21
Q4'20
Change
Sales
2,500
1,985
+25.9%
EBITDA
417
289
+44.3%
Specialty Materials
359
261
+37.5%
Adhesive Solutions
69
69
+0.0%
Advanced Materials
168
123
+36.6%
Coating Solutions
122
69
+76.8%
Intermediates
80
42
+90.5%
Corporate
-22
-14
EBITDA margin
16.7%
14.6%
Specialty Materials
16.5%
15.9%
Adhesive Solutions
11.9%
13.5%
Advanced Materials
19.2%
19.1%
Coating Solutions
16.8%
14.1%
Intermediates
25.6%
12.6%
Recurring operating income (REBIT)
273
144
+89.6%
REBIT margin
10.9%
7.3%
Adjusted net income
212
92
+130.4% Adjusted net income per share (in €)
2.86
1.20
+138.3%
Recurring cash flow
222
180
+23.3% Free cash flow
108
116
-6.9%
Group sales totaled €2,500 million, up 28.4% on
Q4’20 at constant scope and currency. Volumes were down slightly
(-0.5%), penalized notably by the lack of availability of numerous
important raw materials in the Adhesive Solutions segment and
weaker demand in Coating Solutions compared with the high
prior-year comparison base. The solid growth in Advanced Materials
offset lower volumes in those two segments. The 28.9% positive
price effect was primarily attributable to the Group’s price
increase policy to offset very strong raw materials, energy and
logistics cost inflation, and to the tightness of upstream
acrylics. The 5.9% negative scope effect reflects the divestment of
PMMA, which was partly offset by the integration of acquisitions in
Specialty Materials. The 3.4% positive currency effect was mainly
linked to the appreciation of the US dollar against the euro.
Group EBITDA rose by 44.3% to €417 million despite
a negative scope effect of more than €30 million, resulting mainly
from the divestment of PMMA. This good performance was supported by
the product mix improvement in Specialty Materials linked to the
acceleration of demand for solutions that have a high technological
content and are more environmentally friendly, as well as by the
favorable market conditions in upstream acrylics. In this generally
favorable environment, albeit disrupted by raw materials inflation
and shortages, the EBITDA margin rose to a fourth-quarter
record level of 16.7% (14.6% in Q4’20).
Sales in the Adhesive Solutions segment totaled €580
million, up 13.3% relative to fourth-quarter 2020. In a context
of continuing good demand, volumes were impacted by key raw
materials shortages from our suppliers and fell by 3.3% compared
with the high comparison base of Q4’20. These pressures should fade
away at the end of first-quarter 2022. The positive 11.5% price
effect reflects the Group’s ongoing initiatives to pass on the very
high raw materials inflation. The 2.8% positive scope effect
corresponds to the integration of Poliplas and Edge Adhesives Texas
and the currency effect was a positive 2.3%.
At €69 million, EBITDA for the segment was stable
compared with the excellent performance of fourth-quarter 2020. The
EBITDA margin came to 11.9% (13.5% for Q4’20),
impacted in particular by the strong mechanical dilutive effect of
price increases on this ratio.
In the continuity of third-quarter trends, sales in the
Advanced Materials segment rose by a sharp 35.7% compared with
Q4’20, coming in at €874 million. Driven by a favorable
environment across most of the segment’s key markets – with the
exception of the automotive and oil & gas sectors, which
remained down – volumes grew by 4.2%, also supported by a continued
very positive dynamic in batteries, bio-based materials, sports and
water filtration. The 28.1% positive price effect reflects price
increase initiatives and the product mix improvement in
technological, high performance solutions with high added value.
The Agiplast acquisition resulted in a 0.1% positive scope effect
and the currency effect was a positive 3.3%.
With EBITDA of €168 million, up 36.6% compared
with Q4’20, and an EBITDA margin of 19.2%, the
segment once again delivered an excellent performance in the
quarter.
At €725 million, sales in the Coating Solutions
segment were up sharply by 48.3% relative to fourth-quarter 2020.
In the context of a high prior-year comparison base, volumes were
down by 2.9%. Underlying demand remains nevertheless well-oriented
in the segment’s key markets. The 47.7% positive price effect was
attributable to ongoing pricing actions in downstream activities to
offset high raw materials inflation, as well as to the significant
tightness of upstream acrylics. The currency effect in the fourth
quarter was a positive 3.5%.
Driven by a positive product mix and favorable market conditions
in upstream acrylics, EBITDA grew strongly by 76.8% to
€122 million, and the EBITDA margin increased by 270
bps to 16.8%.
At €312 million, sales in the Intermediates
segment were down 6.6% relative to fourth-quarter 2020, impacted by
a 39.5% negative scope effect linked to the divestment of PMMA.
Volumes decreased by 2.4%, weighed down at the start of the quarter
by restrictions imposed in China to limit energy consumption. The
positive price effect of 29.9% reflects much better conditions for
the acrylics market in Asia compared with the low level of the
prior year and an improvement in Fluorogases. The currency effect
for the quarter was a positive 5.4%.
In this context, and despite the impact of the divestment of
PMMA, EBITDA rose sharply to €80 million (€42 million
in Q4’20) and the EBITDA margin came in at 25.6%
(12.6% in Q4’20).
SUBSEQUENT EVENTS
Following the completion on 24 November 2021 of the €300 million
share buyback program announced in May 2021, the Board of Directors
decided on 24 January 2022 to reduce Arkema’s share capital by
3.19%, by canceling 2,450,435 treasury shares acquired at a total
cost of €270 million. Following this operation, Arkema’s share
capital amounted to €742,860,410, divided into 74,286,041 shares
with a par value of €10.
Moreover, on 17 January 2022, Arkema announced plans to increase
its global production capacity for Pebax® elastomers by 25% through
an investment at its Serquigny plant in France to support its
customers’ strong growth, in particular in the sports and consumer
goods markets.
Lastly, on 26 January 2022, the Group increased its previously
announced 35% fluoropolymer production capacity increase at its
Changshu site in China to support strong demand in lithium-ion
batteries and in other important markets. Arkema is now targeting a
capacity increase of 50%, with no change in the expected start-up
date (end-2022).
OUTLOOK FOR 2022
In 2022, Arkema should benefit from a positive level of global
demand, with nuances in different regions and markets, and from its
leading positioning on innovative, high performance Specialty
Materials. In particular, the Group will leverage its innovation
dynamic in fields such as clean mobility, materials lightweighting,
natural resources management and living comfort & home
efficiency, as well as the start-up of production units in
high-growth regions.
At the start of the year, the environment remains volatile,
marked by uncertainty related to the health crisis, growing
geopolitical tensions and continued strong constraints in raw
materials and energy in the continuity of second-half 2021. In this
demanding context, while remaining attentive to demand trends, the
Group will continue to pass on higher costs in its selling prices
and ensure that it optimizes supply chain management.
In first-quarter 2022, Group EBITDA is expected to increase
strongly, driven by the growth in Advanced Materials and Coating
Solutions. The Adhesive Solutions segment will still remain
temporarily impacted by raw materials shortages, and its EBITDA is
expected to come in, at constant scope, somewhere between the
first-quarter 2020 and the record first-quarter 2021 levels.
Intermediates should achieve a solid start to the year.
For full-year 2022, Arkema is aiming to achieve, at constant
scope, Specialty Materials EBITDA comparable to the record high of
2021. Moreover, the scope effect at Group level will include the
contribution of Ashland’s performance adhesives, expected to close
in the first quarter, and the residual effect of the divestment of
PMMA.
In line with its strategy to become a pure Specialty Materials
player by 2024, the Group will continue its bolt-on acquisition
policy in 2022, as well as its review of the Intermediates segment.
Lastly, beyond the start-up, expected in the middle of the year, of
the two major industrial projects, namely the bio-based polyamides
plant in Singapore and the hydrofluoric acid plant in the United
States, Arkema will continue to strengthen its innovation and
capacities to support, in a targeted manner, customer demand in
fast-growing markets.
On the strength of its 2021 performance and the significant
progress made in the execution of its strategic roadmap, the Group
is fully reaffirming its confidence in its ability to achieve its
ambitious 2024 targets.
Further details concerning the Group’s 2021 results are provided
in the “Full year 2021 results and outlook” presentation and the
Factsheet, both available on Arkema’s website at:
www.arkema.com/global/en/investor-relations/
The consolidated financial statements at 31 December 2021 have
been audited, and an unqualified certification report has been
issued by the Company’s statutory auditors. These financial
statements and the statutory auditors’ report will be available in
late March in the Company’s Universal Registration Document, which
will be posted on Arkema’s website at:
www.arkema.com/global/en/investor-relations/
FINANCIAL CALENDAR
5 May 2022: Publication of first-quarter 2022 results 19 May
2022: Annual general meeting 29 July 2022: Publication of
second-quarter 2022 results 10 November 2022: Publication of
third-quarter 2022 results
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 the current context, where the Covid-19 pandemic persists
across the world, and the evolution of the situation as well as the
magnitude of its impacts on the global economy are highly
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, developments in the
Covid-19 situation, 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 statements at 31
December 2021 as approved by Arkema’s Board of Directors on 23
February 2022. 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):
- scope effect: the impact of changes in the Group’s scope
of consolidation, which arise from acquisitions and divestments of
entire businesses or as a result of the first-time consolidation or
deconsolidation of entities. Increases or reductions in capacity
are not included in the scope effect;
- currency effect: the mechanical impact of consolidating
accounts denominated in currencies other than the euro at different
exchange rates from one period to another. The currency effect is
calculated by applying the foreign exchange rates of the prior
period to the figures for the period under review;
- price effect: the impact of changes in average selling
prices is estimated by comparing the weighted average net unit
selling price of a range of related products in the period under
review with their weighted average net unit selling price in the
prior period, multiplied, in both cases, by the volumes sold in the
period under review;
- volume effect: the impact of changes in volumes is
estimated by comparing the quantities delivered in the period under
review with the quantities delivered in the prior period,
multiplied, in both cases, by the weighted average net unit selling
price in the prior period.
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 85.5% of Group sales in 2021, 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 €9.5
billion in 2021, and operates in some 55 countries with 20,200
employees worldwide.
A French société anonyme (limited company) with share capital of
€742,860,410 – Registered in Nanterre: RCS 445 074 685 Nanterre
Follow us on: Twitter.com/Arkema_group
Linkedin.com/company/arkema
____________________________ (1) Including the full year
contribution of all M&A operations announced in 2021 (2)
Excluding the acquisition of Ashland’s adhesives expected to close
in first-quarter 2022 (3) Corresponds to the share of sales that
contribute significantly to SDGs, set according to an approach that
complies with the established guidelines in this area by the World
Business Council for Sustainable Development (WBCSD) (4) In
absolute value terms for greenhouse gases (5) Total recordable
injury rate per million hours worked (6) Process safety event rate
per million hours worked, established according to the criteria of
the ICCA/CEFIC (International Council of Chemical
Associations/European Chemical Industry Council).
ARKEMA financial
statements
Consolidated financial information - At the
end of December 2021
Consolidated financial statements as of December 2020 and 2021
have been audited.
CONSOLIDATED INCOME STATEMENT
4th quarter
2021
4th quarter
2020
(In millions of euros)
Sales
2,500
1,985
Operating expenses
(1,969)
(1,607)
Research and development expenses
(65)
(64)
Selling and administrative expenses
(210)
(184)
Other income and expenses
(92)
(46)
Operating income
164
84
Equity in income of affiliates
(1)
(1)
Financial result
(13)
(17)
Income taxes
(42)
(22)
Net income
108
44
Attributable to non-controlling interests
(4)
1
Net income - Group share
112
43
Earnings per share (amount in euros)
1.58
0.38
Diluted earnings per share (amount in euros)
1.57
0.37
End of
December 2021
End of
December 2020
(In millions of euros)
Sales
9,519
7,884
Operating expenses
(7,376)
(6,336)
Research and development expenses
(243)
(241)
Selling and administrative expenses
(784)
(745)
Other income and expenses
617
38
Operating income
1,733
600
Equity in income of affiliates
(1)
(2)
Financial result
(56)
(85)
Income taxes
(369)
(178)
Net income
1,307
335
Attributable to non-controlling interests
(2)
3
Net income - Group share
1,309
332
Earnings per share (amount in euros)
17.15
3.98
Diluted earnings per share (amount in euros)
17.04
3.96
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
4th quarter
2021
4th quarter
2020
(In millions of euros)
Net
income
108
44
Hedging adjustments
7
3
Other items
2
-
Deferred taxes on hedging adjustments and other items
0
(2)
Change in translation adjustments
104
(84)
Other recyclable comprehensive income
113
(83)
Impact of remeasuring unconsolidated investments
(3)
-
Actuarial gains and losses
14
3
Deferred taxes on actuarial gains and losses
(1)
(1)
Other non-recyclable comprehensive income
10
2
Total income and expenses recognized directly in equity
123
(81)
Total comprehensive income
231
(37)
Attributable to non-controlling interest
(3)
-
Total comprehensive income - Group share
234
(37)
(In
millions of euros)
End of
December 2021
End of
December 2020
Net income
1,307
335
Hedging adjustments
(12)
28
Other items
2
-
Deferred taxes on hedging adjustments and other items
(1)
(5)
Change in translation adjustments
278
(212)
Other recyclable comprehensive income
267
(189)
Impact of remeasuring unconsolidated investments
(6)
-
Actuarial gains and losses
76
(47)
Deferred taxes on actuarial gains and losses
(15)
11
Other non-recyclable comprehensive income
55
(36)
Total income and expenses recognized directly in equity
322
(225)
Total comprehensive income
1,629
110
Attributable to non-controlling interest
1
1
Total comprehensive income - Group share
1,628
109
INFORMATION BY SEGMENT 4th
quarter 2021 (In millions of euros)
AdhesiveSolutions AdvancedMaterials
CoatingSolutions Intermediates Corporate
Total Sales
580
874
725
312
9
2,500
EBITDA
69
168
122
80
(22)
417
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(18)
(68)
(30)
(25)
(3)
(144)
Recurring operating income (REBIT)
51
100
92
55
(25)
273
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
(12)
(4)
(1)
-
-
(17)
Other income and expenses
(19)
(66)
-
(5)
(2)
(92)
Operating income
20
30
91
50
(27)
164
Equity in income of affiliates
-
(1)
-
-
-
(1)
Intangible assets and property, plant, and equipment
additions
34
174
55
29
10
302
Of which: recurring capital expenditure
34
108
54
24
10
230
4th quarter 2020
(In millions of euros)
AdhesiveSolutions
AdvancedMaterials CoatingSolutions
Intermediates Corporate Total
Sales
512
644
489
334
6
1,985
EBITDA
69
123
69
42
(14)
289
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(17)
(66)
(30)
(30)
(2)
(145)
Recurring operating income (REBIT)
52
57
39
12
(16)
144
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
(9)
(4)
(1)
-
-
(14)
Other income and expenses
(6)
(11)
0
(26)
(3)
(46)
Operating income
37
42
38
(14)
(19)
84
Equity in income of affiliates
-
(1)
-
-
-
(1)
Intangible assets and property, plant, and equipment
additions
17
124
40
65
5
251
Of which: recurring capital expenditure
17
102
37
37
5
198
INFORMATION BY SEGMENT End
of December 2021 (In millions of euros)
AdhesiveSolutions AdvancedMaterials
CoatingSolutions Intermediates Corporate
Total Sales
2,278
3,087
2,746
1,378
30
9,519
EBITDA
316
662
525
316
(92)
1,727
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(66)
(254)
(118)
(97)
(8)
(543)
Recurring operating income (REBIT)
250
408
407
219
(100)
1,184
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
(48)
(15)
(5)
-
-
(68)
Other income and expenses
(53)
(181)
(13)
875
(11)
617
Operating income
149
212
389
1,094
(111)
1,733
Equity in income of affiliates
-
0
-
(1)
-
(1)
Intangible assets and property, plant, and equipment
additions
77
441
102
121
22
763
Of which: recurring capital expenditure
77
249
97
61
22
506
End of December
2020 (In millions of euros)
AdhesiveSolutions
AdvancedMaterials CoatingSolutions
Intermediates Corporate Total
Sales
1,996
2,527
1,911
1,425
25
7,884
EBITDA
261
496
261
231
(67)
1,182
Recurring depreciation and amortization of property, plant and
equipment and intangible assets
(63)
(251)
(119)
(122)
(8)
(563)
Recurring operating income (REBIT)
198
245
142
109
(75)
619
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
(35)
(16)
(6)
-
-
(57)
Other income and expenses
(42)
(31)
(3)
157
(43)
38
Operating income
121
198
133
266
(118)
600
Equity in income of affiliates
-
(2)
-
0
-
(2)
Intangible assets and property, plant, and equipment
additions
69
271
88
161
16
605
Of which: recurring capital expenditure
69
204
83
88
16
460
CONSOLIDATED CASH FLOW STATEMENT
End of
December 2021
End of
December 2020
(In millions of euros)
Operating cash flows
Net income
1,307
335
Depreciation, amortization and impairment of assets
817
748
Other provisions and deferred taxes
58
41
(Gains)/losses on sales of long-term assets
(991)
(240)
Undistributed affiliate equity earnings
1
2
Change in working capital
(290)
201
Other changes
13
28
Cash flow from operating activities
915
1,115
Investing cash flows
Intangible assets and property, plant, and
equipment additions
(763)
(605)
Change in fixed asset payables
78
13
Acquisitions of operations, net of cash acquired
(40)
(226)
Increase in long-term loans
(36)
(39)
Total expenditures
(761)
(857)
Proceeds from sale of intangible assets and
property, plant, and equipment
18
6
Proceeds from sale of operations, net of cash transferred
1,161
326
Proceeds from sale of unconsolidated investments
8
-
Repayment of long-term loans
47
67
Total divestitures
1,234
399
Cash flow from investing activities
473
(458)
Financing cash flows
Issuance (repayment) of shares and paid-in
surplus
-
7
Purchase of treasury shares
(329)
(25)
Issuance of hybrid bonds
-
299
Redemption of hybrid bonds
-
(300)
Dividends paid to parent company shareholders
(191)
(168)
Interest paid to bearers of subordinated perpetual notes
(15)
(28)
Dividends paid to non-controlling interests
(4)
(7)
Increase in long-term debt
11
302
Decrease in long-term debt
(68)
(87)
Increase / (Decrease) in short-term debt
(56)
(528)
Cash flow from financing activities
(652)
(535)
Net increase/(decrease) in cash and cash
equivalents
736
122
Effect of exchange rates and changes in scope
(38)
58
Cash and cash equivalents at beginning of period
1,587
1,407
Cash and cash equivalents at end or the
period
2,285
1,587
CONSOLIDATED BALANCE SHEET
31
December 2021
31
December 2020
(In millions of euros)
ASSETS
Goodwill
1,925
1,933
Intangible assets, net
1,517
1,433
Property, plant and equipment, net
3,031
2,828
Equity affiliates: investments and loans
29
29
Other investments
52
57
Deferred tax assets
144
159
Other non-current assets
218
209
TOTAL NON-CURRENT ASSETS
6,916
6,648
Inventories
1,283
881
Accounts receivable
1,432
1,131
Other receivables and prepaid expenses
181
163
Income tax receivables
91
70
Other current financial assets
109
40
Cash and cash equivalents
2,285
1,587
Assets held for sale
4
191
TOTAL CURRENT ASSETS
5,385
4,063
TOTAL ASSETS
12,301
10,711
LIABILITIES AND
SHAREHOLDERS' EQUITY Share
capital
767
767
Paid-in surplus and retained earnings
5,598
4,458
Treasury shares
(305)
(6)
Translation adjustments
243
(32)
SHAREHOLDERS' EQUITY - GROUP SHARE
6,303
5,187
Non-controlling interests
47
48
TOTAL SHAREHOLDERS' EQUITY
6,350
5,235
Deferred tax liabilities
342
320
Provisions for pensions and other employee benefits
493
530
Other provisions and non-current liabilities
443
383
Non-current debt
2,680
2,663
TOTAL NON-CURRENT LIABILITIES
3,958
3,896
Accounts payable
1,274
987
Other creditors and accrued liabilities
430
339
Income tax payables
155
69
Other current financial liabilities
52
15
Current debt
82
134
Liabilities related to assets held for sale
-
36
TOTAL CURRENT LIABILITIES
1,993
1,580
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
12,301
10,711
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Shares 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 2021
76,736,476
767
1,272
700
2,486
(32)
(59,756)
(6)
5,187
48
5,235
Cash dividend
-
-
-
-
(206)
-
-
-
(206)
(4)
(210)
Issuance of share capital
-
-
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
-
-
(3,033,726)
(329)
(329)
-
(329)
Cancellation of purchased treasury shares
Grants of treasury shares to employees
-
-
-
-
(30)
-
313,929
30
-
-
-
Sale of treasury shares
Share-based payments
-
-
-
-
17
-
-
-
17
-
17
Issuance of hybrid bonds
-
-
-
-
-
-
-
-
-
-
-
Redemption of hybrid bonds
-
-
-
-
-
-
-
-
-
-
-
Other
-
-
-
-
6
-
-
-
6
2
8
Transactions with shareholders
-
-
-
-
(213)
-
(2,719,797)
(299)
(512)
(2)
(514)
Net income
-
-
-
-
1,309
-
-
-
1,309
(2)
1,307
Total income and expense recognized directly through equity
-
-
-
-
44
275
-
-
319
3
322
Comprehensive income
-
-
-
-
1,353
275
-
-
1,628
1
1,629
At 31 December 2021
76,736,476
767
1,272
700
3,626
243
(2,779,553)
(305)
6,303
47
6,350
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
December 2021
End of
December 2020
4th
quarter 2021
4th
quarter 2020
OPERATING INCOME
1,733
600
164
84
- Depreciation and amortization related to the revaluation of
tangible and intangible assets as part of the allocation of the
purchase price of businesses
(68)
(57)
(17)
(14)
- Other income and expenses
617
38
(92)
(46)
RECURRING OPERATING INCOME (REBIT)
1,184
619
273
144
- Recurring depreciation and amortization of tangible and
intangible assets
(543)
(563)
(144)
(145)
EBITDA
1,727
1,182
417
289
Details of depreciation and amortization
of tangible and intangible assets:
(In millions of euros)
End of
December 2021
End of
December 2020
4th
quarter 2021
4th
quarter 2020
Depreciation and amortization
of tangible and intangible assets
(817)
(748)
(246)
(172)
Of which: Recurring depreciation and amortization of tangible and
intangible assets
(543)
(563)
(144)
(145)
Of which: Depreciation and amortization related to the revaluation
of assets as part of the allocation of the purchase price of
businesses
(68)
(57)
(17)
(14)
Of which: Impairment included in other income and expenses
(206)
(128)
(85)
(13)
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(In millions of euros)
End of
December 2021
End of
December 2020
4th
quarter 2021
4th
quarter 2020
NET INCOME - GROUP SHARE
1,309
332
112
43
- Depreciation and amortization related to the revaluation of
tangible and intangible assets as part of the allocation of the
purchase price of businesses
(68)
(57)
(17)
(14)
- Other income and expenses
617
38
(92)
(46)
- 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
businesses
15
14
3
4
- Taxes on other income and expenses
(146)
(54)
16
7
- One-time tax effects
(5)
-
(10)
-
ADJUSTED NET INCOME
896
391
212
92
- Weighted average number of ordinary shares
76,409,368
76,457,875
- Weighted average number of potential ordinary
shares
75,859,550
76,702,124
ADJUSTED EARNINGS PER SHARE (in euros)
11.88
5.11
2.86
1.20
DILUTED ADJUSTED EARNINGS PER SHARE (in euros)
11.81
5.10
2.85
1.20
RECURRING CAPITAL EXPENDITURE
(In millions of euros)
End of
December 2021
End of
December 2020
4th
quarter 2021
4th
quarter 2020
INTANGIBLE ASSETS AND
PROPERTY, PLANT, AND EQUIPMENT ADDITIONS
763
605
302
251
- Exceptional capital expenditure
252
140
71
50
- Investments relating to portfolio management operations
-
-
-
-
- Capital expenditure with no impact on net debt
5
5
1
3
RECURRING CAPITAL EXPENDITURE
506
460
230
198
CASH FLOWS AND EBITDA TO CASH CONVERSION RATE
(In millions of euros)
End of
December 2021
End of
December 2020
4th
quarter 2021
4th
quarter 2020
Cash flow from operating
activities
915
1,115
308
298
+ Cash flow from investing activities
473
(458)
(177)
(318)
NET CASH FLOW
1,388
657
131
(20)
- Net cash flow from portfolio management operations
909
6
23
(136)
FREE CASH FLOW
479
651
108
116
Exceptional capital expenditure
(252)
(140)
(71)
(50)
- Non-recurring cash flow
(25)
29
(43)
(14)
RECURRING CASH FLOW
756
762
222
180
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. For the sake of comparability and to eliminate the
impact of non-recurring cash flow, a new metric – recurring cash
flow excluding exceptional items (exceptional capital expenditure
and non-recurring cash flow) – has been introduced and now serves
as the basis for calculating the EBITDA to cash conversion rate.
The EBITDA to cash conversion rate for 2020 has thus been adjusted
to reflect this new definition. (In millions of euros)
End of
December 2021
End of
December 2020
RECURRING CASH FLOW
756
762
EBITDA
1,727
1,182
EBITDA TO CASH CONVERSION RATE
43.8%
64.5%
NET DEBT (In millions of euros)
End of
December 2021
End of
December 2020
Non-current debt
2,680
2,663
+ Current debt
82
134
- Cash and cash equivalents
2,285
1,587
NET DEBT
477
1,210
+ Hybrid bonds
700
700
NET DEBT AND HYBRID BONDS
1,177
1,910
WORKING CAPITAL
(In millions of euros)
End of
December 2021
End of
December 2020
Inventories
1,283
881
+ Accounts receivable
1,432
1,131
+ Other receivables including income taxes
272
233
+ Other current financial assets
109
40
- Accounts payable
1,274
987
- Other liabilities including income taxes
585
408
- Other current financial liabilities
52
15
WORKING CAPITAL
1,185
875
CAPITAL EMPLOYED
(In millions of euros)
End of
December 2021
End of
December 2020
Goodwill, net
1,925
1,933
+ Intangible assets (excluding goodwill), and property, plant and
equipment, net
4,548
4,261
+ Investments in equity affiliates
29
29
+ Other investments and other non-current assets
270
266
+ Working capital
1,185
875
CAPITAL EMPLOYED
7,957
7,364
Elements of capital employed classified as assets held for sale
4
178
CAPITAUX EMPLOYES AJUSTES
7,961
7,542
RETURN ON CAPITAL
EMPLOYED (ROCE) (In millions of euros)
End of
December 2021
End of
December 2020
Recurring operating income (REBIT)
1,184
619
Adjusted capital employed
7,961
7,542
ROCE
14.9 %
8.2 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220223006225/en/
Investor relations 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 Gilles Galinier +33 (0)1 49 00 70 07
gilles.galinier@arkema.com Véronique Obrecht +33 (0)1 49 00 88 41
veronique.obrecht@arkema.com
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