July 29, 2021 at 7 a.m. CEST
Solvay 2021 first half results
Solvay raises full year guidance following double-digit sales and EBITDA growth in Q2 2021
Highlights
Second quarter | First half | |||||||||||
Underlying (in € million) | 2021 | 2020 | 2019 | % org 21/20 | % org 21/19 | 2021 | 2020 | 2019 | % org 21/20 | % org 21/19 | ||
Net sales | 2,456 | 2,175 | 2,654 | +20.4% | -1.4% | 4,829 | 4,649 | 5,225 | +10.5% | -2.3% | ||
EBITDA | 602 | 439 | 624 | +47.4% | +3.3% | 1,185 | 1,008 | 1,195 | +26.5% | +5.0% | ||
EBITDA margin | 24.5% | 20.2% | 23.5% | - | - | 24.5% | 21.7% | 22.9% | - | - | ||
FCF | 135 | 233 | 123 | - | - | 417 | 435 | 33 | - | - | ||
FCF conversion ratio (LTM) | 46.1% | 49.0% | 28.2% | - | - | 46.1% | 49.0% | 28.2% | - | - |
CEO Quote
“I’m proud of our team’s determination to take full advantage of the robust demand environment as we drive strong top line growth, with June volumes surpassing 2019 levels. Our structural cost actions and pricing initiatives sustained our leading margins in the quarter. Further, our disciplined approach to cash management is contributing to continued deleveraging. As we look ahead, we remain focused on mitigating the inflationary environment, and on reinvesting in our key growth areas including batteries and electronics, which will drive superior growth across the mid-term.”
20211 Outlook
Full year underlying EBITDA estimate is increased from €2.0 to €2.2 billion previously to €2.2 to €2.3 billion. Free Cash Flow estimate is increased from €650 million previously to around €750 million.
1 Barring additional deterioration related to another wave of Covid-19 in the second half.
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