Board of Directors’ Review 2012
Revenue in 2012 increased 2% to EUR 2,240.9 million (2011: EUR 2,207.2 million) supported by favorable currency exchange. Revenues in local currencies and excluding acquisitions remained stable. Operative EBIT decreased 2% to EUR 154.1 million (157.3) with a margin of 6.9% (7.1%).
Earnings per share were reduced to EUR 0.11 (0.89). Non-recurring items, related to the Fit for Growth restructuring program, to the divestment of Kemira’s food and pharmaceuticals businesses and to the streamlining of Kemira’s operations had EUR 0.66 negative impact on the EPS. Operative earnings per share decreased 13% to EUR 0.77 (0.89) mainly due to lower net profits of the specialty TiO2 producer JV Sachtleben, of which Kemira owns 39%. The result of JV Sachtleben was negatively impacted by higher raw material cost and a significant slowdown in titanium dioxide demand. The Board of Directors proposes a cash dividend of EUR 0.53 per share, equaling a total of EUR 81 million.
|KEY FIGURES AND RATIOS|
|EUR million||Jan–Dec 2012||Jan–Dec 2011|
|Operative EBIT, %||6.9||7.1|
|Share of profit or loss of associates||11.2||31.0|
|Financing income and expenses||-15.7||-20.9|
|Profit before tax||27.2||168,4|
|Operative EPS, EUR||0.77||0,89|
|Cash flow after investing activities||71.8||115.3|
|Equity ratio, % at period-end||53||51|
|Gearing, % at period-end||40||38|
|Personnel at period-end||4,857||5,006|
|* 12-month rolling average (ROCE, % based on the reported EBIT).|
Definitions of key figures are available at www.kemira.com. Comparative 2011 figures are provided in parentheses for some financial results, where appropriate. Operating profit, excluding non-recurring items, is referred to as Operative EBIT. Operating profit is referred to as EBIT.