Financial Summary. Key Figures

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1 Profitable Growth under Way Annual Report 2011

2 Profitable Growth under Way Annual Report 2011 CLA_GB11_Umschlag_E_jsc.indd :22 Financial Summary Key Figures CHF m CHF m Sales EBITDA before exceptionals EBITDA margin before exceptionals (%) Net income Basic earnings per share Operating cash flow Investment in property, plant and equipment Research & development costs Total assets Total equity Equity ratio (%) Net financial debt Gearing 1 ratio (%) 58 7 Employees Net financial debt to equity Sales by Business Unit Sales by Region CHF m Total 2011: Industrial & Consumer Specialties % Masterbatches % Pigments % Textile Chemicals % Oil & Mining Services % Leather Services % Performance Chemicals % Functional Materials % Catalysis & Energy % CHF m Total 2011: Europe % Middle East & Africa % North America % Latin America % Asia/Pacific % 1 Performance Chemicals includes the Business Units Additives, Detergents & Intermediates, Emulsions, Paper Specialties. 2 May December 2011 Clariant Annual Report 2011 Cover photo The cover photo was taken at St. Jakob-Park in Basel, home of the 14-time Swiss football champions, FC Basel. Stadium seats can be made with products from three of Clariant s Business Units: Additives, Masterbatches and Pigments. Their products provide, amongst other things, vibrant color; block light with their UV stabilizers; repel dust with their antistatics; and fight fire with their flame retardants.

3 Business Units in 2011 Additives Key Figures 2011 See Performance Chemicals. Emulsions Key Figures 2011 See Performance Chemicals. The Additives Business Unit is an important supplier of products with functional effects for plastics, coatings, and printing inks. The product range includes flame retardants, waxes, and polymer additives for effects in plastics, varnishes, and other applications. Catalysis & Energy Key Figures Sales (CHF m) 491 EBITDA before exceptional items (CHF m) 107 Employees Catalysis & Energy has been part of the Clariant Group since the acquisition of Süd-Chemie in This Business Unit holds a leading position as a producer of catalysts for the chemical, petrochemical, polymer, refinery, and auto motive industries. It also supplies products into environmental markets and sells energy storage materials such as for lithium-ion batteries. Detergents & Intermediates Key Figures 2011 See Performance Chemicals. Detergents & Intermediates is one of the most important producers of key raw materials for detergents and household cleaners. It is also an important supplier of chemical intermediates used specifically for producing agrochemicals and pharmaceuticals. The Emulsions Business Unit is one of the leading suppliers of latex/polymer dispersions for paints, coatings, adhesives, sealants, and for the textile, leather, and paper industries. These water-based and therefore environmentally compatible products give colors luminosity and durability. Functional Materials Key Figures Sales (CHF m) 456 EBITDA before exceptional items (CHF m) 59 Employees Functional Materials has been part of the Clariant Group since the acquisition of Süd-Chemie in This Business Unit is among the market leaders in specialty products and solutions for improving product and efficiency characteristics in various industries including adsorbents, solutions for protective packaging, and water treatment. Industrial & Consumer Specialties Key Figures 2011 Sales (CHF m) EBITDA before exceptional items (CHF m) 251 Employees The Industrial & Consumer Specialties Business Unit has the highest sales volume in the Clariant Group and is one of the largest providers of specialty chemicals and application solutions for consumer care and industrial markets such as the agricultural, metalworking, machine-building, and aircraft industries. Its EcoTain label exemplifies its uncompromising pursuit of the principle of environmental sustainability. 1 May December 2011

4 Leather Services Key Figures 2011 Sales (CHF m) 265 EBITDA before exceptional items (CHF m) 26 Employees 595 Leather Services is a leading producer of chemicals and services to the leather industry. The Business Unit offers chemical and technical solutions for the complete leather production process, from beamhouse to finishing. Masterbatches Key Figures 2011 Sales (CHF m) EBITDA before exceptional items (CHF m) 129 Employees Clariant Masterbatches is a leading manufacturer of dye and additive concentrates and technical composites for the plastics industry, and supplies the packaging, consumer goods, medical, textile, and automotive industries. Paper Specialties Key Figures 2011 See Performance Chemicals. Paper Specialties is one of the largest manufacturers of products for optical brightness, color, coating, and thickness of paper and thus helps improve the optical and functional properties of all types of papers and board with its focused product offering. Pigments Key Figures 2011 Sales (CHF m) 973 EBITDA before exceptional items (CHF m) 210 Employees The Pigments Business Unit is a leading global provider of organic pigments, pigment preparations, and dyes, which are used for coatings, printing, plastics, and other special applications. These include high-performance pigments and dyes for ink jet and laser printers. Oil & Mining Services Key Figures 2011 Sales (CHF m) 620 EBITDA before exceptional items (CHF m) 72 Employees The Oil & Mining Services Business Unit is one of the most significant providers of products and services to the oil, refinery, and mining industries. The broad and diverse product range includes chemical solutions for deep water exploration to refining which help to reduce costs and improve production efficiency. or Performance Chemicals Key Figures 2011 Sales (CHF m) EBITDA before exceptional items (CHF m) 177 Employees Textile Chemicals Key Figures 2011 Sales (CHF m) 675 EBITDA before exceptional items (CHF m) 34 Employees Clariant s Textile Chemicals Business Unit supplies specialty chemicals for the pretreatment, dyeing, printing, and finishing of textiles and improves the properties of garments and other textiles such as high fashion fabrics, home textiles, and special technical fabrics. Performance Chemicals includes the Business Units, Additives, Detergents & Intermediates, Emulsions, and Paper Specialties.

5 1 Index Letter to Shareholders Page 02 Profitable growth under way Page 08 Financial Review Page Results of operations, financial position, and net assets 19 Segment analysis 26 Extract of cash flow statement 31 Outlook 33 The Executive Committee Drivers for profitable growth Page Portfolio Management 42 Global Positioning 46 Innovation, Research & Development 52 Sustainability at Clariant 60 Clariant Excellence Corporate Governance Page 70 Compensation Report Page 86 Consolidated Financial Statements of the Clariant Group Page Consolidated balance sheets 100 Consolidated income statements 100 Consolidated statements of comprehensive income 101 Consolidated statements of changes in equity 102 Consolidated statements of cash flows 103 Notes to the consolidated financial statements 158 Report of the statutory auditor Financial Statements of Clariant Ltd, Muttenz 160 Clariant Ltd balance sheets 161 Clariant Ltd income statements 162 Notes to the financial statements of Clariant Ltd 170 Appropriation of available earnings 171 Report of the statutory auditor 172 Forward-looking statements Review of Trends 159 Five-year Group overview

6 2 Clariant Annual Report 2011 Letter to Shareholders Dear Shareholders, 2011 was an important year for Clariant in terms of our transformation from restructuring to sustainable profitable growth. Following the sometimes painful but necessary cutbacks in 2009 and 2010, when we were forced to overcome additional obstacles created by the financial crisis, we posted a successful performance in 2010, aided by a strong economic tailwind. We have made further progress in Despite the fact that the global financial crisis cooled industrial demand significantly in the second half of the year, Clariant reported another excellent year with sales increases of 16 percent in local currencies or 4 percent in Swiss francs and the best profitability in ten years. The strong growth was driven by price increases and by Süd-Chemie sales, which were consolidated for the eightmonth period following the acquisition of the company in April Overall group sales reached CHF 7.37 billion and EBITDA margin before exceptional items increased to 13.2 percent versus 12.7 percent in Profitable growth under way We will continue to gradually and systematically implement the efforts we began three years ago. We created the foundation for profitable growth in Phase 1 by executing the cash-generating, cost-cutting, and complexity-reducing measures as part of the Project Clariant program. At the end of 2009, Clariant entered Phase 2 with the launch of Clariant Excellence, the company-wide initiative that focuses on continuous improvement and value enhancement. We are now in the process of changing the philosophy that governs our day-to-day business activities and integrating a culture of continuous improvement into all business units based on Operational Excellence, Commercial Excellence, Innovation Excellence, and People Excellence. After benefits at a total of CHF 63 million in 2009 and 2010, the company has been able to achieve further benefits of more than CHF 100 million in 2011 through a large number of projects at all levels saw the focus shift for the first time to strengthening our Innovation Excellence and taking the first steps in People Excellence. We will continue these efforts in 2012 in order to achieve new savings of more than CHF 60 million each year through Clariant Excellence. Further cost reductions totaling CHF 60 million are expected by mid-2013 after completion of the production network optimization under the Global Asset Network Optimization (GANO) program as part of Project Clariant. We entered Phase 3 of our strategy plan in 2011: Its goal being to sustainably increase value based on long-term profitable growth. The emphasis is on continually improving profitability in all business units, focusing on innovation, expanding our already strong competitive position in the growth markets of Asia and Latin America, and optimizing our company portfolio.

7 Letter to Shareholders 3 Acquisition of Süd-Chemie a great opportunity for Clariant The takeover of Süd-Chemie in 2011 is of great significance in the transformation of the company. Through this transaction, we acquired two attractive high-margin businesses. Our newly acquired segments Functional Materials and Catalysis & Energy posted EBITDA returns of just under 13 and approximately 22 percent, respectively, in In view of the ongoing economically turbulent times, it is remarkable that Süd-Chemie was able to generate a very stable margin even during the last global recession of Süd-Chemie also has an excellent track record in future technologies and innovations. Overall, Clariant has increased Group sales and earnings by about one fifth through this acquisition. The integration of Süd-Chemie is progressing as planned. We project that integration-related synergies and Clariant Excellence initiatives from the integration will lead to an additional rise in EBITDA of CHF 90 to 115 million by Solid balance sheet structure Even after this major acquisition, Clariant has a solid balance sheet structure that will enable us, to effectively increase our own investments in the future of the company in the coming years. The willingness of the capital market to participate in the financing package that Clariant put together in the course of the takeover was crucial in this regard. This was not a foregone conclusion since the deal involved a total financing volume of about CHF 2.5 billion. We strengthened our equity base through a capital increase that raised the equity ratio to 33.3 percent, slightly above the previous year s 30.5 percent level. We also refinanced all our commitments with long-term financing at attractive conditions. We will work hard in 2012 and in subsequent years to reduce our net financial debt rapidly and substantially. Our vision for 2015 Clariant has set ambitious goals for the years through to 2015 in expectation of a moderate upward trend in the global economy and stable exchange rates. By implementing the measures from the strategy initiatives Project Clariant and Clariant Excellence, we aim to improve the profitability of the company and all business units. We will also increase investments in the Group s technology and innovation, as well as expand the innovation pipeline significantly by implementing Innovation Excellence. The focus will be on broader expansion into the fast-growing emerging market regions. The company will in particular increase its market share in China, India, and Brazil. The profitability of the current portfolio will be analyzed on a continuous basis. We will also make targeted acquisitions in the future to strengthen the product pipeline and the company s regional presence, but we will also consider divestments. By implementing these basic strategic goals for 2015, Clariant aims to increase Group sales to more than CHF 10 billion. The EBITDA margin before exceptional items is projected to rise to above 17 percent, and Return On Invested Capital (ROIC) is expected to be higher than the industry average.

8 4 Clariant Annual Report 2011 A challenging 2012 The fiscal year 2012 will play a major role in these developments. An accurate forecast for this year is difficult to make, given the high level of economic uncertainty. We will monitor the conditions very closely and respond rapidly, where necessary. Should the expectations of most economic experts prove correct namely, that the world economy, driven by impetus from the emerging markets, will return to solid growth in the course of the year then Clariant is also confident that it will be able to increase sales and earnings for We are confident we will improve the performance of the company after a slow start in 2012, given the current economic slowdown. The integration of Süd-Chemie has increased the percentage of the Group s less cyclical activities markedly to about 50 percent. This makes us stronger and more able to resist economic fluctuations. A bitter note in 2011 was the performance of the Clariant share price, which was disappointing for us. After a sharp rise in 2010, the stock market still categorizes us as a highly cyclical company. We must address this issue in proving the sustainability of our performance. We will continue focussing our efforts to increase the value of the Clariant Group. We would like to thank our shareholders for their trust, especially in these difficult times. We would also like to express our gratitude to all employees of the Clariant Group around the world for their excellent work and high level of commitment. They have played a key role in getting our company back on track to success will be another year full of challenges. We are well equipped and will step up our efforts to make Clariant a specialty chemicals company that is a global leader in innovation, productivity, and competitiveness. Yours sincerely, Jürg Witmer Chairman, Board of Directors Hariolf Kottmann Chief Executive Officer

9 Letter to Shareholders 5 Jürg Witmer Chairman, Board of Directors Hariolf Kottmann Chief Executive Officer

10 6 Clariant Annual Report 2011

11 7 Yolanda Garcia, R&D Department Special Dyes Using 92 percent less water and remarkably little energy to achieve a higher standard of quality in a vast array of colors. Environmentally minded and fashion aware: Thanks to Advanced Denim s Pad/ Sizing-Ox dyeing process, an innovative solution of the Textile Chemicals Business Unit, dyeing jeans has become far more environmentally compatible.

12 8 Clariant Annual Report 2011 Profitable growth under way Clariant was able to sustain the 2010 performance and to reap further rewards from the restructuring measures of recent years in However, increases in profitability and organic and external growth were slowed by a gloomy economic environment objectives achieved despite difficult environment Clariant has made significant progress in 2011 in consistently pursuing its strategic goal of sustainable profitable growth as it expanded its EBITDA margin before exceptional items from 12.7 percent in 2010 to 13.2 percent in After adjustment for negative currency effects, Group sales were up by 16 percent and EBITDA before exceptional items rose by 8 percent year on year. The significant cooling in industrial demand in the second half of the year due to the global financial crisis should, of course, be taken into account here. A crucial factor in this regard is that the company was able not only to safeguard the achievements of the tough restructuring process of 2009 to 2010 but also to expand them at almost all levels and in all Business Units. The efforts of the past few years have increasingly started to pay off. Savings resulting from optimization of the production network through Global Asset Network Optimization (GANO), for example, totaled about CHF 60 million up to Operating margin development since 2000 Disciplined and fast strategy execution is starting to be reflected in margin progress 1 % EBIT margin before exceptional items This shows that none of the companies in the Clariant Group is resting on its laurels; rather, all are working systematically to realize the long-term goal of sustainable profitable Group-wide growth. After all, the targets for the fiscal year 2015 are high: Group sales are expected to increase to more than CHF 10 billion, assuming moderate economic growth and stable currencies, while the EBITDA margin (before exceptional items) is projected to climb to above 17 percent.

13 Profitable growth under way 9 A positive factor in the year just ended was that Clariant was able to pass on significantly higher raw material costs in their entirety. Clariant also made good on its promise to strengthen its portfolio and future potential through external growth by acquiring Süd- Chemie in April. The key operating data for the Süd-Chemie transaction demonstrate that this acquisition will have a very positive effect on Clariant. The two newly acquired businesses, Functional Materials and Catalysis & Energy, posted in 2011 EBITDA returns of just under 13 and approximately 22 percent, respectively, which is already a very good sign. Clariant will benefit fully from this acquisition in 2012 since Süd-Chemie will then be consolidated for the first time on a full-year basis. Clariant also projects that integration-related synergies and Functional Excellence initiatives from integration will lead to additional growth in EBITDA of CHF 90 to 115 million by The first significant effects are expected to emerge as early as the new fiscal year. Focus on management of net working capital Clariant has also taken important steps in 2011 with regard to its balance sheet. It was possible to finance the Süd-Chemie takeover on the capital markets in a very short time, even given the total investment volume of about CHF 2.5 billion. This involved raising equity through a capital increase as well as bringing in outside capital. In this case, the maturity pattern of the loans was markedly improved by utilizing various financing instruments, such as issuing bonds or certificates of indebtedness, which also resulted in favorable conditions for Clariant in an extremely volatile environment. The investor confidence indicated by this underlines the fact that the capital markets have fully acknowledged the company s successes. Nonetheless, there is still work to be done. Although the equity ratio was solid at 33.3 percent at the end of 2011 and the gearing ratio of 58 percent was also respectable, Clariant will work hard in the coming years to reduce net financial debt, which has risen to CHF 1.7 billion as a result of the acquisition. Five-year comparison: Trend in ratio of net working capital to sales % Efforts to establish stable cash generation also focus on the area of working capital management. The 19.6 percent ratio of net working capital to sales as of 31 December 2011 met the Group s target of 20 percent. Return on invested capital (ROIC), another important Group indicator, was affected in 2011 by the consequences of the major acquisition of Süd-Chemie. The value at year-end of 13.1 percent was thus significantly below the previous record level of 18.1 percent from 2010, however still above long-term industry average. Strategic Review On a clearly defined growth path as planned The transformation process launched in 2008 is progressing as planned. This will take the Clariant Group from the restructuring initiatives of the past few years to a new level as a specialty chemicals company that is a global leader in innovation, productivity and competitiveness with sustainable profitable growth. The company is following a clearly defined three-phase strategy to this end.

14 10 Clariant Annual Report 2011 Restructuring phase largely completed Phase 1 of the strategic realignment of the Clariant Group was carried out primarily in 2009 and 2010 and involved implementing an extensive restructuring program. Under the Project Clariant heading, a large number of steps were taken, focusing on cash generation, cost cutting and making Group structures leaner. Solid success has been achieved, as indicated by the trend in the key company indicators: Cash generation: The ratio of net working capital to sales was reduced to 19.6 percent by the end of 2011, down from 23.8 percent at the end of The internal long-term group target for this value was set at below 20 percent. Cost cutting (excl. acquisition of Süd-Chemie): The total number of employees in the Clariant Group was reduced by about 20 percent. As part of Global Asset Network Optimization (GANO), the closure of 20 sites worldwide was announced and is scheduled to be fully implemented by mid Finalization of these measures will lead to further reductions in costs totaling CHF 60 million by mid Reduction of complexity: The number of Business Units was streamlined, and the global service organization was consolidated at eight locations. A decision was made to realign Research and Development (R&D) with new research headquarters in Frankfurt and branches in core regions. This has already been implemented for the most part. Clariant on the road to sustaining profitable growth Restructuring Cash generation Cost cutting Complexity reduction Complete Implementation of restructuring Result: Establish a solid base for profitable growth Continuous improvement Clariant Excellence program Operational Excellence Commercial Excellence People Excellence Innovation Excellence Continue program/ Sustain achievements Result: Sustainable productivity improvement Profitable growth Improve profitability of existing portfolio R&D and Innovation Growth in emerging markets Strengthen portfolio by selective acquisitions Result: Growth of profitable business portfolio Cost focus Portfolio focus

15 Profitable growth under way 11 The restructuring phase is largely complete, although some of the announced efficiency improvements will take until 2012 to implement. Clariant Excellence a culture of continuous improvement At the end of 2009, Clariant signaled the start of Phase 2 by launching the company-wide Clariant Excellence initiative. With LeanSigma processes at its core, Clariant Excellence is designed to enhance competitiveness by improving efficiency and creating value. The company is creating a culture of continuous improvement based on four pillars of Operational, Commercial, People, and Innovation Excellence. Clariant has also put in place internal control mechanisms to maintain what has already been achieved. More than employees were designated as belts, i.e., project managers or project staff, trained specifically for tasks in connection with the Excellence Program, and entrusted with its implementation within the Group. Süd-Chemie employees will also be included in this process from After saving a total of CHF 63 million in 2009 and 2010, the company has been able to achieve further benefits of more than CHF 100 million in 2011 through a large number of projects at all levels. In 2011, the focus was for the first time on strengthening our Innovation Excellence and taking the first steps in People Excellence. The stated goal is to make Clariant a global innovation leader and to be able to rely on a well trained and coordinated team of employees. to improve the operating margin by an additional one to two percentage points. Finally, Clariant also launched the Clariant Supply Chain System (CSS) initiative in early 2011 to enhance customer service, cash and working capital along the entire value chain. Clariant Excellence Innovation Excellence: Promoting new ideas and solutions for profitable growth Operational Excellence: Striving for optimum efficiency across all of our operating processes LeanSigma Commercial Excellence: Empowering sales and marketing to offer the best customer service and value People Excellence: Enabling our people to achieve a culture of continuous improvement The sustainable value enhancement phase has begun We entered Phase 3 of our strategy plan in 2011: sustainably increasing value based on long-term profitable growth. The focus is on four strategic pillars: Ongoing improvement in the profitability in all Business Units Focus on innovation Expansion and exploitation of Clariant s strong competitive position in the Asian and Latin American growth markets Optimization of the company portfolio. In 2012 and the coming years, we will continue these efforts in order to achieve new savings of more than CHF 60 million each year through Clariant Excellence. These figures are specifically supported by a number of initiatives that have already been launched: For example, the Clariant Production System (CPS) was introduced in 2010 to achieve optimum productivity and financial performance in the production units of all Business Units. The goal is to achieve productivity increases ranging between 8 and 10 percent. The Clariant Commercial System (CCS) was also established in This is an initiative to optimize sales and marketing processes and is designed

16 12 Clariant Annual Report 2011 Christian Steib, Technical Marketing Manager Soccer is one of the most beautiful games in the world. And for most boys probably the universe. In its Additives Business Unit, Clariant has developed licocene, a polymer that has revolutionized the manufacture of artificial turf. The turf is fully recyclable and extremely hard wearing. Clariant donated the first artificial pitch with this technology in Germany to the Feuerbach children s center in Stuttgart in 2011.

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18 14 Clariant Annual Report 2011 Financial Review Given the challenging economic conditions the results achieved in 2011 are a good performance and reflect the sustainable profitability increase achieved by Clariant. Business performance review 2011 Summary statement for business year 2011 For Clariant 2011 was marked by the acquisition of Süd-Chemie AG, the slowdown in economic growth over the course of the year, and highly negative currency effects. Group sales totaled CHF million, slightly higher compared to After adjustment for acquisitions (particularly Süd-Chemie) and negative currency effects, the company has achieved an organic growth of 2 percent. Profitability as a percentage of the operating result (EBITDA) before exceptional items improved to 13.2 percent from 12.7 percent. These good results were achieved on the back of the success of the Project Clariant and Clariant Excellence initiatives that were launched in Clariant reached its goal of setting the company on a profitable growth path. It will continue to pursue this strategy systematically based on the sound operational and financial foundation already established in order to attain the ambitious objectives for 2015, which include increasing the EBITDA margin before exceptional items to about 17 percent, provided that there is a stable economic environment. Clariant will take further important steps in this direction in 2012, although there are still uncertainties regarding precise forecasts due to the effects of the global financial crisis on the world economy. General conditions Global economic growth slows significantly at end of 2011 According to data from the International Monetary Fund (IMF), the global economy grew 4 percent in 2011, but was unable to sustain the dynamic growth of Moreover, economic growth weakened significantly in the second half of the year. The development of the global economy was driven primarily by the emerging markets, while the industrial nations lost momentum. The gross domestic product of the emerging countries rose 6.4 percent in 2011, whereas the IMF reported growth of only 1.6 percent for the industrialized world. In the wake of the euro crisis, Europe (+ 1.6 percent) is wrestling with the unresolved problems of the debt-ridden southern European states. Impetus for growth was also lacking in the US economy (+ 1.5 percent) due to a high government deficit. The emerging markets were exposed to much lower economic risks. Although experiencing inflationary tendencies the emerging economies in Asia, in particular, continue to grow at a high rate. China s economy experienced 9.5 percent growth in 2011, according to IMF figures, while India advanced by 7.8 percent. The economies of the two other BRIC countries Russia (+ 4.3 percent) and Brazil (+ 3.8 percent) also posted robust expansion. The massive revaluation of the Swiss francs against major currencies was stopped with the intervention of the Swiss National Bank, which set a floor of the value of the Swiss franc at an exchange rate of at least CHF 1.20 per Euro. On a year on year comparison however the Swiss currency has appreciated significantly compared with most local currencies that are crucial for Clariant. Chemical industry in 2011: Positive year with weaker finish The chemical industry as a whole and specialty chemicals in particular also exhibited positive growth trends, driven by a still positive economic environment. Global chemical production increased by

19 Financial Review 15 Clariant was able to further improve its result and has established a sound financial foundation. Patrick Jany, Chief Financial Officer about the same magnitude, proportionately, as the global economy. Impetus for growth came primarily from the EMEA (Europe, Middle East & Africa) region, North America, and Asia. Growth was based in large part on the extremely dynamic development in some areas in the first six months of the year. In the second half of the year, however, the slowdown in industrial production across all regions triggered by economic conditions manifested itself in declining demand. Europe was affected and experienced stagnating growth as of the third quarter after a definite uptrend at the beginning of the year. Momentum in the emerging Asian markets also slowed. By the end of the year, Japan s chemical industry reported definite signs of recovery after the sharp downturn caused in the aftermath of the tsunami in March. The price levels for both raw materials and finished products also rose significantly, but stabilized after a peak in the mid of In the second half of 2011 a significant de-stocking could be observed in several industries (Leather, Plastics, Coatings). Because of the slowdown in industrial production, which was more pronounced toward year-end, the last six months of the year were characterized by stagnation in annualized chemical production. Changes in the reporting structure On 16 February 2011 Clariant AG announced a series of transactions, pursuant to which it acquired the specialty chemical company Süd-Chemie AG at an aggregate enterprise value of approximately CHF 2.5 billion. Süd-Chemie AG was acquired partially in exchange for cash and partially in exchange for newly issued Clariant shares. The last step in the acquisition of Süd-Chemie AG was concluded with the squeeze-out of the remaining Süd-Chemie AG minority shareholders, the successful completion of which was announced on 1 December Clariant now controls 100 percent of the shares in Süd-Chemie AG. Since 1 May 2011, the sales and results of Süd-Chemie s Catalyst business and its Adsorbent & Additive unit have been included in the Clariant Group s consolidated financial statements. On 1 July 2011 these businesses were renamed Catalysis & Energy (catalysts) and Functional Materials (adsorbents and additives). Clariant therefore has twelve instead of ten Business Units, and Clariant s external reporting structure now includes nine segments instead of the seven that existed in Results of operations, financial position, and net assets Analysis of sales, margins, and costs Key figures CHF m Change in % Sales Gross profit on sales EBITDA before exceptional items Margin (%) EBIT before exceptional items Margin (%) EBIT Financial result Income before taxes Net income Basic earnings per share Earnings situation shaped by organic and external growth, efficiency increases, and currency translation charges After the dynamic growth of 2010, Clariant was still able to post a solid performance in 2011 despite differing demand in the individual Business Units. It is important to emphasize that the less cyclical Business Units Catalysis & Energy, Functional Materials, Oil & Mining Services, Industrial & Consumer Specialties, and Additives reported much stronger growth than Masterbatches, Pigments, Textile Chemicals, Leather Services and Paper Specialties, areas in which business is cyclical in nature. The last three segments were also negatively impacted by structural

20 16 Clariant Annual Report 2011 problems. Due to the positive economic environment, especially in the first half of the year, the Clariant Group realized significant improvements in local currencies. In addition, the consolidation of the newly acquired businesses of Süd-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. Profitability was further improved by the efficiency improvements initiated in the previous periods. Sales in local currencies increased by 16 percent organic growth at 2 percent Group sales totaled CHF million in 2011, slightly above the figure reported for This represents a 4 percent increase over the previous year. In local currencies, much stronger Group sales growth of 16 percent has been achieved. The lower rise in sales in Swiss francs is the result of the substantial appreciation of the Swiss franc against the major world currencies. 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. This made it possible to fully compensate the rise in raw material prices. External growth also played a very important role. It was driven primarily by the recently acquired activities of Süd-Chemie AG, which contributed CHF 948 million in sales during the eight months of consolidation. Adjusted for this factor and for negative currency effects, Clariant would have posted an organic sales increase of 2 percent in local currencies. The individual Business Units reported very different levels of demand for their products in The less cyclical Business Units Catalysis & Energy, Functional Materials, Oil & Mining Services, Industrial & Consumer Specialties, and Additives posted dynamic growth in local currencies in the low double-digit range. The more cyclical Business Units Masterbatches, Leather Services, Textile Chemicals, Paper Specialties, and Pigments experienced weaker year on year demand, even in local currencies. In Swiss francs there was a downward trend in all Business Units except for Oil & Mining Services. Group sales Five-year overview CHF m Sales by Reporting Segment CHF m Industrial & Consumer Specialties Masterbatches Pigments Textile Chemicals Oil & Mining Services Leather Services Performance Chemicals Functional Materials Catalysis & Energy May December

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