๐ ๐๐ซ๐ ๐๐๐ง๐ข๐ฌ๐ฌ๐
โข Revenue: โฌ17.2B (+16%, consensus: โฌ16.5B)
โข EBITDA before special items: โฌ2.4B (consensus: โฌ2.1B, prior year: โฌ1.6B)
โข EBIT before special items: โฌ1.5B (consensus: โฌ1.1B, prior year: โฌ0.7B)
โข Net income: โฌ4.1B (consensus: โฌ2.4B, prior year: โฌ79M)
โข Free cash flow: -โฌ0.2B (vs. +โฌ0.5B)
โ
๐ฏ ๐๐ฎ๐ฌ๐๐ฅ๐ข๐๐ค
โข EBITDA before special items now expected to be โฌ6.9Bโโฌ7.7B (previously: โฌ6.2Bโโฌ7.0B)
โข Free cash flow still expected to be โฌ1.5Bโโฌ2.3B
โ
๐ Key Points
โข Earnings significantly exceed analyst consensus
โข Higher prices and sales volumes drive revenue growth
โข Gain on disposal from the Coatings transaction contributes significantly to consolidated earnings
โข Free cash flow impacted by higher capital tied up due to increased raw material prices
