Adjusted EBITDA increased by 40% to €661 million in the second quarter, and by 40% to €1,311 million in the first six months. This was principally due to the sustained good volume trend, partly as a result of the new capacity, and to higher selling prices and slightly lower raw material costs.
The adjusted EBITDA margin rose to a good level of 18.9% in the first six months (H1 2014: 14.5%). Adjusted net income, which reflects the development of operating earnings, increased by 70% to €307 million in the second quarter, and by 67% to €627 million in the first six months.
“Evonik has posted another strong quarterly result,” said Klaus Engel, chairman of the Executive Board of Evonik Industries AG. “The successful business trend continued in the second quarter. It is especially pleasing to report that all three chemical segments improved their results further compared with the already very good first quarter.”
In view of the continued strong business trend, Evonik has raised its outlook for fiscal 2015 again. The company now expects to report sales of around €13.5 billion (2014: €12.9 billion) and adjusted EBITDA of around €2.4 billion (2014: €1,882 million). At the start of the fiscal year, it had assumed a slight increase in sales and earnings. Following the successful first quarter, Evonik raised its guidance for adjusted EBITDA to at least €2.2 billion.
In the Performance Materials segment, sales dropped 4% to €938 million in the second quarter. This was principally caused by persistently low selling prices. The reduction was checked by an upturn in volumes and positive currency effects. Adjusted EBITDA was €82 million, almost unchanged from the prior-year period (€83 million), partly due to lower raw material costs. The adjusted EBITDA margin was 8.7%, up from 8.5% in the second quarter of 2014.