full-year results 2014 - de.marketscreener.com file3 . full-year results 2014 . targets achieved –...

18 February 2015

Full-Year Results 2014 18 FEBRUARY 2015

18 February 2015

Highlights

18 February 2015

CLARIANT CONTINUES TO DELIVER ON PROFITABLE GROWTH

Full-year 2014 – Strong growth and improved operating margins in an adverse environment

3 Full-Year Results 2014

Targets Achieved

– 5% sales growth in local currencies

– EBITDA margin above previous year in challenging environment

Further demonstrated operative strength

– Operating cash flow above previous year

– Net debt significantly reduced

– All Business Areas delivered strong underlying growth in adverse environment

18 February 2015

Key Figures Full-Year 2014

18 February 2015


Full-year 2014 – solid results achieved

+5% sales growth in local currencies, +1% in CHF Sales

EBITDA* growth of 6% in LC; 1% in CHF Margin rises to 14.2% from 14.1% EBITDA*

CHF 235 million on higher taxes from CHF 323 million Net income before tax: +10% to CHF 379 million from CHF 345 million

Net income

FY 2014 vs. FY 2013, all figures continuing operations

* Before exceptional items

CHF 0.40/share from CHF 0.36/share from capital contribution reserves Dividend proposal

18 February 2015

Steady growth in all Business Areas in a challenging business environment

Full-Year Results 2014 6

Full-year 2014 Sales Change EBITDA* margin

Business Area CHF m % LC FY 2014 FY 2013

Care Chemicals** 1 511 +1 17.1 16.8

Catalysis & Energy 729 +7 23.5 22.3

Natural Resources 1 297 +8 14.7 15.2

Plastics & Coatings 2 579 +6 14.0 14.1

Total Group continuing*** 6 116 +5 14.2 14.1

* before exceptional items, in % of sales ** excluding impact from Care Chemicals portfolio measures: +3% in l.c. *** including corporate costs

18 February 2015

Fourth Quarter 2014 Results

18 February 2015

Growth driven by pricing, masked by deconsolidation


Sales mix Q4 2014 Sales growth in local currencies

− Organic sales growth in LC driven by 2% higher prices

− Heterogeneous regional growth patterns. Strong double-digit growth in LATAM despite Brazil, good growth in Asia / Pacific with sales decline in China

− Europe further softened; Germany lower due to pruning of low margin products in Care Chemicals

Sales Q4 2014: CHF 1 586 m

Latin America 277 / +20%

Europe* 524 / −4%

North America 286 / +2% Asia / Pacific

389 / +4%

Middle East & Africa 110 / −9%

Germany* 192 / −5%

China 136 / −12%

Brazil 103 / 0%

all figures continuing operations

* excluding impact from Care Chemicals portfolio measures: Europe 0% / Germany +5%

Emerging Markets

Mature Markets

Volume 0%

Price 2%

Acq./Div. 0%

Currency -1%

18 February 2015

Gross margin improved compared to the prior-year period

− Sales prices +2% / raw material costs -1% year-on-year − Sales prices 0% / raw material costs -2% sequentially

EBITDA* and EBITDA* margin decreased slightly − EBITDA* decreased due to exceptional previous year high basis

in Natural Resources − Improved or stable EBITDA* margin in Care Chemicals,

Catalyst & Energy and Plastics & Coatings

Adj. EPS decreased to CHF 0.30/share from CHF 0.32/share in Q4 2013 − Net income from continuing operations improved to CHF 133 m from CHF 85 m − Higher net income mainly due to gain from land sale in India

Q4 EBITDA* rose, margin above previous year


28.2%

28.8% Gross margin

15.0% 14.6%

EBITDA* margin

0.32

0.30 Adjusted EPS CHF/share


Q4 2014 Q4 2013 * before exceptional items

235

232 EBITDA* CHF m

18 February 2015

Positive cash flow from operations

− Pronounced seasonal working capital reduction − NWC/sales ratio at 19.1% compared to 17.1% at the end of Q4 2013

Cash-out for restructuring decreased to CHF 24 million from CHF 35 million

− Cost incurred in smaller projects in the businesses and to streamline and optimize the service organization

Net debt at CHF 1 263 million compared to CHF 1 500 million at year-end 2013

− Net debt reduction through operating cash flow generation in the second half − Net debt level in-line with target of CHF 1.3 billion

Cash flow generation picked up in Q4. Net working capital clearly below 20%


Operating cash flow

CHF m

-35

-24 Restructuring cash-out CHF m

1500

1263 Net debt CHF m

all figures continuing operations Q4 2014 Q4 2013

261

321

18 February 2015

Business Area Performance

18 February 2015

Good local currency sales growth in all Business Areas. Catalysis on same record level as Q4 2013


Fourth Quarter 2014 Sales Change EBITDA* margin EBIT* margin

Business Area CHF m % CHF % LC Q4/14 Q4/13 Q4/14 Q4/13

Care Chemicals** 393 0 1 20.4 18.1 17.0 15.3

Catalysis & Energy 238 -3 0 24.8 24.9 18.9 18.0

Natural Resources 346 1 3 15.3 20.9 13.0 17.4

Plastics & Coatings 609 5 4 12.6 12.6 9.0 8.8

Continuing operations*** 1 586 1 2 14.6 15.0 10.0 10.0

* before exceptional items, in % of sales ** excluding impact from Care Chemicals portfolio measures: +6% in l.c. *** including corporate costs

18 February 2015

LC sales growth EBITDA* margin

Care Chemicals • Good underlying sales growth of 6% in local currencies, reported

sales were lower due to pruning of exposure to low-margin products

• Strong growth in Consumer Care, driven by double-digit growth in the Crop Solutions and high single-digit growth in Personal Care contributes to substantial improved EBITDA margin

• Successful launch of GlucoTain® an innovative new range of surfactants based on glucose and natural oils

+1% 20.4%

Catalysis & Energy • Sales growth of 7% in local currencies for FY 2014, Q4’14 tied the

record Q4 2013 despite the rebalancing of orders between the third and fourth quarters 2014

• EBITDA margin at same high level as last year

• Novel Heat Generating Material (HGM) concept increases the yield in on-purpose olefin production units by several percent

0% 24.8%


Care Chemicals and Catalysis & Energy, good underlying growth and strong EBITDA margins


18 February 2015

LC sales growth EBITDA* margin

Natural Resources • Underlying sales growth of 6% in local currencies, reported sales

were lower due to the divestment of Water Treatment

• Sales growth driven by strength in the Oil and Mining Services business as well as the Purification business

• Lower EBITDA margin compared to high base of Q4 2013

+3% 15.3%

Plastics & Coatings • Pigments good growth in LC sales in LATAM, NORAM and MEA

• Masterbatches sales grew due to Packaging and Auto. Europe slightly weaker during the quarter

• Additives good growth as demand for Flame Retardants continues to recover for electrical applications and electronics

+4% 12.6%


Natural Resources good growth, profitability below tough base; Plastics & Coatings continued growth


18 February 2015

Appreciation of Swiss franc basically a translation impact as transactional effects are fairly neutral

TRANSACTIONAL IMPACT OF CURRENCIES – Since 2011 Swiss franc cost base reduced by more

than 50% through to 4% of cost ~ CHF 250 million – Favorable effect of European manufacturing base – Remnant risk through volatile emerging market

currencies

NATURAL HEDGE FURTHER IMPROVED – 54% of investments in emerging markets and North

America to further improve the natural hedge, i.e: Polypropylene Catalyst facility in USA, Industrial Home Care expansion, USA. Bolt-on acquisitions in Asia etc.


18 February 2015

Outlook – Focus On Performance, Growth & Innovation

18 February 2015 17 Full-Year Results 2014

Priorities 2015 – moving along the profitable growth path with focus on performance, growth, innovation

Growth Innovation

Performance

2015

2015 KEY ELEMENTS PERFORMANCE – Continued cost reduction and efficiency

– Clariant Excellence – Implementing new ways of doing business

GROWTH – Exploit growth markets in Asia

– Seize opportunities in developed and other emerging markets

INNOVATION – Strengthen organization and processes

– Develop innovation pipeline

– Promote communication and cooperation

Target: Growth, higher EBITDA margin and improved cash flow

18 February 2015

KEY METRICS IMPROVED

− Cost discipline across the company

− Efficient delivery of business services

− Avoiding remnant costs from divestments

− Investments into innovation and capex projects

Performance – higher profitability expected from cost efficiency and growth investments


1 Intensify Lean Management

Operational Excellence Innovation Excellence

3 Accelerate Business Transformation

Commercial Excellence

2 Explore Growth

2015: GLOBAL BUSINESS SERVICES − Shared Service Centers in Mumbai and Lodz.

Take better advantage of company’s global footprint and identify more cost-efficient solutions

18 February 2015

Growth – selective adjustments of portfolio and investing into future growth markets


54% of investments in emerging markets and North America (36% in 2013) Emerging markets earn 47% of group sales (37% in 2005)

EXAMPLE INDIA

− After acquisition of Plastichemix Industries Clariant now #1 Masterbatches producer in India

− Expansion of Pigment production in India (Roha, Cuddalore)

− New regional headquarters in Mumbai opened in June including regional innovation center for over 100 employees

EXAMPLE NORTH AMERICA − Clariant’s historic underrepresentation creates

profitable growth opportunities across virtually all BU’s

− ~50% of 2015 NORAM sales will be from businesses owned less than 5 years

− Cutting-edge Polypropylene Catalyst production in Louisville (KY, USA)

− Expansion in Industrial Home Care in Clear Lake (USA)

18 February 2015

Innovation – active management of innovation portfolio drives growth and profitability


TARGET: 1-2% CONTRIBUTION FROM INNOVATION TO SALES GROWTH

− Sales at maturity: CHF 1.8 billion increase from CHF 540 million in 2012

− 300 active projects, thereof 63 prioritized as Class 1 projects (as of June 2014)

− 30 Class 1 projects will be launched until December 2015

NEW PRODUCT HIGHLIGHTS FROM CLARIANT − Glucamides: sugar-based surfactants, multi-

markets applications: Personal Care (Glucotain®); Industrial & Homecare (GlucoPure®); Crop Solutions (Synergen® GA)

− Heat Generating Material (HGM) concept developed with technology partner CB&I increases the yield in on-purpose olefin production units by several percent and reduces the carbon emissions by several 10 000 tons per year

− Polypropylene Catalyst – a new market opportunity for Clariant to be launched in 2016


Creating additional value through Sustainability – business benefits and Clariant’s approach

SUSTAINABILITY AT CLARIANT

»Clariant commits itself to ethical and sustainable operation and Development in all business activities according to Responsible Care® and Clariant’s own Code of Conduct. Clariant strives for a business culture of continuous improvement as well as for sustainable competitiveness and top performance in consideration of Clariant’s ethical standards.«

− Essential to achieve company targets

− Support profitable growth

− Create added value for stakeholders

− Anticipate and mitigate risk

EXTERNAL RECOGNITION OF SUSTAINABILITY PERFORMANCE

GLOBAL VOLUNTARY INITIATIVES AND PROGRAMS

SUSTAINABILITY IN THE SUPPLY CHAIN

18 February 2015

Summary – Further progress in the transformation of Clariant


− 2014 - Clariant continued to deliver on targets despite slow-down in Europe and negative currency effects

− Further successful repositioning of portfolio in 2014; strong underlying growth in all Business Areas

− 2015 continued disciplined performance and cost management

− Future growth driven by

− Emerging and Growth Markets

− Innovations

− Sustainability

− 2015 focus on generating increased cash flow

− Proposed dividend increase: CHF 0.40/share from CHF 0.36/share

18 February 2015

Macroeconomic view

− Clariant expects an ongoing challenging environment characterized by an increased volatility in commodity prices and currencies

− The combined effect of the appreciation of the Swiss franc with the weakening of the euro will impact Clariant’s sales and profitability in absolute terms but will be fairly neutral in terms of relative margins

− In the emerging markets the economic environment is expected to remain favorable but at a lower level and with increased volatility; moderate growth expected in the United States, however, growth in Europe is expected to remain weak

Outlook 2015 – heterogeneous macroeconomic environment


18 February 2015

2015 – Clariant will further progress in local currency and profitability

− Clariant will focus on profitably growing the four Business Areas and on cost efficiency

– For full-year 2015, Clariant expects low to mid-single digit sales growth in local currencies, an EBITDA margin before exceptional items above full-year 2014 and an increased cash flow generation

… and beyond

− 2015 will mark a further progress towards our mid-term target of becoming a leading company for specialty chemicals, achieving a position in the top tier of the industry. This corresponds to an EBITDA margin before exceptional items range of 16% to 19% and a return on invested capital (ROIC) above peer group average


Outlook 2015 – further progress in sales and profitability

18 February 2015

Back-up Slides

18 February 2015

Clariant’s products and services are grouped into four Business Areas


Natural Resources BA Natural Resources, comprising BUs Oil & Mining Services and Functional Minerals, is characterized by high growth and low cyclicality as well as strong megatrend orientation. Main drivers are the rising demand for high-value added specialty chemicals used in the oil, mining, food and packaging industries, and increased consumption of oil, gas and base metals, driven by the fast-growing economies.

Plastics & Coatings BA Plastics & Coatings comprises the BUs Additives, Pigments and Masterbatches. The BA has a large exposure to Europe and, as such, is subject to lower growth and to economic cycles. Main drivers are the increasing use of plastics with tailor-made properties in applications such as mobile phones, cars, construction, as well as the rising consumption of plastics in line with increased wealth.

Care Chemicals Business Area (BA) Care Chemicals comprises the Industrial & Consumer Specialties (ICS) Business Unit, food additives as well as the future Industrial Biotechnology business. It demonstrates a clear focus on highly attractive, high margin, and low cyclicality segments. The BA follows a lifestyle-driven megatrend and strengthens Clariant’s image of being a supplier of green and sustainable products.

Catalysis & Energy Business Area Catalysis & Energy develops, manufactures, and sells a wide range of catalyst products for the chemical, fuel and automotive industries, as well as producing materials for electric vehicles and energy storage systems. The BA is the smallest within Clariant but is highly profitable with high growth rates and low cyclicality.

18 February 2015

Selective investments – projects coming on stream in the next 1-2 years

Focused investments on growth areas based on step-change innovations to avoid overcapacities

Discover Innovation - Capital Markets and Media Days 2014 27

PROJECT BUSINESS LOCATION INVESTMENT (M CHF)

ON STREAM

Polypropylene Catalyst production Catalysts Louisville (KY), USA > 100 2015

Glucamide production Consumer Care Gendorf, Germany 25-50 2015

Industrial Home Care expansion Ind. & Cons. Spec. Clear Lake, USA 25-50 2015

Licocene Performance Polymer Additives Höchst, Germany < 25 2016

Industrial Home Care expansion Ind. & Cons. Spec. Dayabay, China < 25 2016

High Performance Pigments Pigments Zhenjiang, China 25-50 2016

Additives project Additives Zhenjiang, China 25-50 2016

18 February 2015

Sales growth driven by volumes – headwinds from FX in the first nine months


Sales mix FY 2014 Sales growth in local currencies

Latin America 984 / +18%

Europe* 2 232 / -2 %

North America 1 006 / +3% Asia / Pacific

1 433 / +9%

Middle East & Africa 461 / +7%

Germany* 809 / −5%

China 519 / +9%

Brazil 405 / +4%


* excluding impact from Care Chemicals portfolio measures: Europe +0% / Germany +0%

Emerging Markets

Mature Markets

Sales FY 2014: CHF 6 116 m

Volume 4%

Price 1% Acq./Div.

0%

Currency -4%


Key financials – full year

Full-year results (continuing operations) 2014 2013

CHF m % of sales CHF m % of sales Sales 6 116 100% 6 076 100%

Local currency growth (LC) 5% - Organic growth rate* 5% - Acquisitions/Divestments 0%

Currencies -4%

Gross profit 1 772 29.0% 1 744 28.7%

EBITDA before exceptionals 867 14.2% 858 14.1% EBITDA 923 15.1% 797 13.1%

Operating income before exceptionals 585 9.6% 574 9.4% Operating income 525 8.6% 470 7.7%

Net result from continuing operations 235 3.8% 323 5.3%

Net income** 217 5

Operating cash flow 334 301

Sales from discontinued operations 98 1 457

Net result from discontinued operations -18 -318

* Organic growth: volume and price effects excluding the impact of changes in foreign currency exchange rates and acquisitions/divestments ** Total Group, including discontinued operations


Cash flow – full year

Full-year results 2014 2013

CHF m CHF m

Net income 217 5 Depreciation, amortization and impairment 398 405 Other 57 318 Payments for restructuring -89 -133 Operating cash flow before working capital changes 583 595 Changes in working capital and provisions -249 -294 Operating cash flow 334 301 Cash flow from investing activities 31 100

thereof: property, plant and equipment -310 -292 thereof: changes in current financial assets and near cash assets -28 126 thereof: acquisitions, disposals and other 369 266

Cash flow before financing 365 401


Financial result – full year

Full-year results 2014 2013

CHF m CHF m Interest income 11 11 Other financial income 3 3 Total financial income 14 14 Interest expenses -129 -154 thereof: interest on non-current provisions -6 -4

thereof: interest on post-employment benefit obligations -23 -31

Other financial expenses -8 -10 Total financial expenses -137 -164 Currency result, net -25 -6 Total financial costs -162 -170 thereof reported under discontinued operations 2 31

Total financial costs (continuing operations) -160 -139


Sales and EBITDA margins by Business Area – full year

Full year results Business Area

Sales EBITDA* EBITDA margin*

CHF m % LC % of Group FY/14 FY/13

Care Chemicals 1 511 1 26 17.1 16.8

Catalysis & Energy 729 7 17 23.5 22.3

Natural Resources 1 297 8 20 14.7 15.2

Plastics & Coatings 2 579 6 37 14.0 14.1

Total continuing 6 116 5 100 14.2 14.1

EBITDA Sales in % of Group

Care Chemicals

25%

Catalysis & Energy

12%

Natural Resources

21%

Plastics & Coatings

42%

Care Chemicals

26%

Catalysis & Energy

17% Natural

Resources 20%

Plastics & Coatings

37%

* before exceptional items

18 February 2015

Sales in CHF m

2014 Change (LC) 2013

729 713


Business Area performance – full year

Sales in CHF m

2014 Change (LC) 2013

1 511

1 561

Sales in CHF m

2014 Change (LC) 2013

1 297

1 281

EBITDA bef. exc. in CHF m

2014 Change (LC) 2013

259 17.1%

263 16.8%


2014 Change (LC) 2013

191 14.7%

195 15.2%

Care Chemicals

Natural Resources


2014 Change (LC) 2013

171 23.5%

159 22.3%

Catalysis & Energy

+1% +13%

Sales in CHF m

2014 Change (LC) 2013

2 579

2 521


2014 Change (LC) 2013

360 14.0%

356 14.1%

Plastics & Coatings

+3%

+6% +5% +8%

+7%

+5%


Key financials – fourth quarter

Fourth quarter results 2014 2013

CHF m % of sales CHF m % of sales Sales 1 586 100% 1 563 100%

Local currency growth (LC) 2% - Organic growth rate* 2% - Acquisitions/Divestments 0%

Currencies -1%

Gross profit 456 28.8% 441 28.2%

EBITDA before exceptionals 232 14.6% 235 15.0% EBITDA 336 21.2% 207 13.2%

Operating income before exceptionals 159 10.0% 157 10.0% Operating income 234 14.8% 93 6.0%

Net result from continuing operations 133 8.4% 85 5.4%

Net income1 132 80

Operating cash flow 321 261

Sales from discontinued operations 0 142

Net result from discontinued operations -1 -5

* Organic growth: volume and price effects excluding the impact of changes in foreign currency exchange rates and acquisitions/divestments 1 Total Group, including discontinued operations


Cash flow – fourth quarter


CHF m CHF m

Net income 132 80 Depreciation, amortization and impairment 102 114 Other -110 -25 Payments for restructuring -24 -35 Operating cash flow before working capital changes 100 134 Changes in working capital and provisions 221 127 Operating cash flow 321 261 Cash flow from investing activities 14 -83

thereof: property, plant and equipment -135 -85 thereof: changes in current financial assets and near cash assets 11 -70 thereof: acquisitions, disposals and other 138 72

Cash flow before financing 335 178


Financial result – fourth quarter


CHF m CHF m Interest income 2 3 Other financial income 1 1 Total financial income 3 4 Interest expenses -31 -33 thereof: interest on non-current provisions -3 -1

thereof: interest on post-employment benefit obligations -5 -5

Other financial expenses -3 -3 Total financial expenses -34 -36 Currency result, net -9 -9 Total financial costs -43 -45 thereof reported under discontinued operations 0 6 Total financial costs (continuing operations) -43 -39


Sales and EBITDA margins by Business Area – fourth quarter

Fourth quarter results Business Area

Sales EBITDA* EBITDA margin*

CHF m % LC % of Group Q4/14 Q4/13

Care Chemicals 393 1 30 20.4 18.1

Catalysis & Energy 238 0 22 24.8 24.9

Natural Resources 346 3 20 15.3 20.9

Plastics & Coatings 609 4 28 12.6 12.6

Total continuing 1 586 2 100 14.6 15.0

EBITDA Sales in % of Group

Care Chemicals

25%

Catalysis & Energy

15%

Natural Resources

22%

Plastics & Coatings

38%

Care Chemicals

30%

Catalysis & Energy

22%

Natural Resources

20%

Plastics & Coatings

28%

* before exceptional items

18 February 2015

Sales in CHF m

2014 Change (LC)

Q4 2013

238 245


Business Area performance – fourth quarter

Sales in CHF m

2014 Change (LC)

Q4 2013

393

393

Sales in CHF m

2014 Change (LC)

Q4 2013

346

344


2014 Change (LC)

Q4 2013

80 20.4%

71 18.1%


2014 Change (LC)

Q4 2013

53 15.3%

72 20.9%

Care Chemicals

Natural Resources


2014 Change (LC)

Q4 2013

59 24.8%

61 24.9%

Catalysis & Energy

+1% 0%

Sales in CHF m

2014 Change (LC)

Q4 2013

609

581


2014 Change (LC)

Q4 2013

77 12.6%

73 12.6%

Plastics & Coatings

+15%

+4% +6% +3%

0%

-26%

18 February 2015

Debt maturity profile as of 31 December 2014


Liquidity

928

200 99 249 284 174 160

599

148

16 16

12

212

1 5

1

1 12

2

0

100

200

300

400

500

600

700

800

900

Cash* 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Derivatives

Uncommitted & other loans / NWC facilities

Long term loans

Certificate of Indebtedness

EUR Bond

CHF Bond

Cash*

Maturities of Financial Debt in CHF million

* Including near cash assets and financial instruments with positive fair values


Sales and cost structure*

EUR 41%

USD 38%

CHF 0% JPY

3%

Emerging markets 18%

EUR 46%

USD 32%

CHF 4%

JPY 3%

Emerging markets 15%

Global cost distribution in % Global sales distribution in %

*These distributions represent an approximation to total cash in- and out-flows and are closely linked to transaction exposures for FY 2014; Including discontinued operations.

18 February 2015

70%

11%

19%


Top 20 chemicals in percentage of total raw material costs*

Top 5 Chemicals 1 Ethylene 2 Ethylene oxide 3 Propylenglycol 4 Polyethylene 5 Titanium dioxide

Approx. 45 chemicals account for 50% of material costs

Top 6-20

Top 5

Other

*As of 31 December 2014

Top 6-20 Chemicals 6 Propylene oxide 7 Phthalocyanine copper salt 8 Palladium 9 Tallow fatty acid

10 Acetic acid 11 Naphtha 12 Sodium hydroxide 13 Carbon Black

14 Dichlorobenzidine dihydrochloride

15 Bentonite 16 Alkyl benzene 17 Fatty alcohol 18 Ferric oxide 19 Polypropylene 20 Alkyldimethyl amines

18 February 2015

Calendar of upcoming corporate events

31 March 2015 Annual General Meeting, Basel

29 April 2015 First Quarter 2015 Results Conference Call

30 July 2015 Half Year 2015 Results Conference Call

29 October 2015 Nine Months 2015 Results Conference Call


18 February 2015

IR contacts

43

Dr. Siegfried Schwirzer Deputy Head Investor Relations Phone +41 61 469 67 49 Mobile +41 79 718 45 98 E-mail [email protected]

Marco Ferraro Investor Relations Officer Phone +41 61 469 64 11 Mobile +41 79 931 03 98 E-mail [email protected]

Edith Schwab Phone +41 61 469 67 48 E-mail [email protected]

Mirjam Grieder Phone +41 61 469 67 66 E-mail [email protected]

Full-Year Results 2014

mailto:[email protected]




18 February 2015

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18 February 2015

This presentation contains certain statements that are neither reported financial results nor other historical information. This presentation also includes forward-looking statements.

Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the Company's ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.


Disclaimer

full-year results 2014 - de.marketscreener.com file3 . full-year results 2014 . targets achieved –...

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