Oxea GmbH

EANS-News: Oxea GmbH
Oxea reports increased revenues and earnings in Q4

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quarterly report

Luxembourg (euro adhoc) - Highlights Q4 2012:
* Net sales were EUR343 million versus EUR328 million in the prior year period
* Gross profit was EUR47 million versus EUR34 million in the prior year period
* Operating profit was EUR43 million versus EUR32 million in the prior year
period (+34%)
* Net income was EUR14 million versus EUR9 million in the prior year period
* EBITDA was EUR50 million versus EUR38 million in the prior year period (+32%)
* Adjusted EBITDA was EUR44 million versus EUR35 million in the prior year
period (+26%)

Oxea, a leading global supplier of Oxo Intermediates and Oxo Derivatives, today
announced for the fourth quarter of 2012 a strong earnings increase compared
with the fourth quarter of 2011. The increase in revenues and earnings can be
recognized across the entire product portfolio and all regions. On a full year
basis, revenues of EUR1,459 million were only slightly below the previous year
(-1.4%) despite a still soft world economy and overall challenging macroeconomic
conditions during 2012. EBITDA of EUR193 million was 5.4% below prior year
mainly due to a very strong first quarter of 2011 with high export margins and
one-off gains from steep raw material price increases over the average cost
value carried in inventories. 
In 2012, Oxea again generated strong free cash flows, mainly due to a further
significant improvement of Trade Working Capital. Cash provided by operating
activities of EUR144 million was used to execute the outstanding two redemption
options on the Senior Secured Notes of EUR47 million and to fund the record
investment level of EUR96 million. The investments were largely driven by the
implementation of the strategic growth projects, leading to a further shift
within the product portfolio towards high margin downstream derivatives. The
second production facility for specialty esters in Oberhausen was mechanically
completed at the end of October and started operations in November 2012. The
third production unit for carboxylic acids in Oberhausen is currently being
finalized and is expected to be completed in April 2013. Both investments will
render a significant contribution to Oxea's earnings in the near future.

|                             | Three months ended |  Twelve months ended|
|                             | December 31        |December 31          |
|In EUR million - Unaudited   |2012      |2011     |2012      |2011      |
|Net sales                    |342.9     |328.4    |1,458.9   |  1,479.3 |
|Gross profit                 |47.1      |33.8     |188.4     |205.4     |
|SG&A                         |(8.9)     |(10.0)   |(37.3)    |(37.6)    |
|R&D                          |(1.8)     |(1.8)    |(6.9)     |(6.4)     |
|Other operating              |6.9       |9.7      |23.7      |18.2      |
|income/expense               |          |         |          |          |
|Operating profit             |43.2      |31.7     |168.0     |179.5     |
|Net income                   |14.4      |8.7      |69.8      |77.0      |
|EBITDA                       |49.6      |38.3     |193.1     |204.2     |
|Adjusted EBITDA              |43.7      |35.5     |180.0     |206.2     |

Net sales

Net sales for the three months ended December, 2012 were EUR342.9 million, an
increase of 4.4% compared with the corresponding period of the prior year.
Overall, volumes were 2.6% higher compared with Q4 2011. Oxo Intermediates
volumes were up by 1.7% and Oxo Derivatives volumes traded 5.9% higher. Of our
revenues for the three months ended December 31, 2012, EUR158 million resulted
from sales in Europe, EUR115 million in North America, and EUR69million in the
rest of the world compared to EUR141 million, EUR109 million, and EUR78million,
respectively, in the prior year period.

Gross profit
Gross profit for the three months ended December 31, 2012 amounted to
EUR47.1million compared with EUR33.8 million in Q4 2011, mainly due to higher
sales and improved margins.

Selling, general & administration expense (SG&A)
SG&A expense for the three months ended December 31, 2012 amounted to
EUR8.9million compared with EUR10.0 million in the corresponding period of the
prior year, mainly due to lower consulting fees.

Other operating income/(expense)
Net other operating income for the three months ended December 31, 2012 amounted
to EUR6.9 million compared with a net other operating income of EUR9.7 million
in the corresponding period of the prior year. The decrease is primarily
attributable to lower insurance income.

Operating profit
Operating profit for the three months ended December 31, 2012 was EUR43.2
million compared with EUR31.7 million in the corresponding prior year period,
primarily as a result of higher gross profit and lower SG&A expense as explained

Financial result 
Net financial expense was EUR14.2 million compared with EUR15.0 million in Q4
2011 mainly due to the bond redemptions executed in 2012.

Net income
Net income was EUR14.4 million compared with EUR8.7 million in the corresponding
period of the prior year due to a higher operating profit and lower net
financial expense.

EBITDA at EUR49.6 million compared with EUR38.3 million in the corresponding
period of the prior year was mainly driven by a higher gross profit partly
compensated by lower other income. The latter has been partly normalized leading
to an Adjusted EBITDA of EUR43.7m in Q4 2012.

Cash flow
As mentioned above, the company continued to generate positive free cash flow.
During 2012, Oxea generated EUR144.0 million in cash from operating activities
compared with EUR193.3 million in the corresponding period of the prior year,
which included a one-off item of EUR53.2 million from the initial sale of
receivables under the ABS program. Cash used in investing activities was EUR95.8
million compared with EUR36.2 million in the corresponding period of the prior
year due to higher spending for growth projects. 

Cash used in financing activities was EUR145.0 million compared to EUR130.7
million in the corresponding period of the prior year. This included the
optional bond redemption of EUR47.1 million (2011: EUR26.7 million) and a
payment to shareholders in the amount of EUR50.0 million (2011: EUR55.0

Oxea is a global manufacturer of Oxo Intermediates and Derivatives such as
alcohols, polyols, carboxylic acids, specialty esters and amines. These products
are sold in the merchant market (where sales are to third party customers) and
used for the production of high-quality coatings, lubricants, cosmetic and
pharmaceutical products, flavourings and fragrances, printing inks and plastics.
In 2012, Oxea generated revenue of about EUR1.5 billion with its 1,406 employees
in Europe, the Americas and Asia.

Please note: 

This press release contains financial information regarding the businesses and
assets of OXEA S.à r.l. (the "Company") and its consolidated subsidiaries (the
"Group"). Such financial information has not been audited, reviewed or verified
by any independent accounting firm. The inclusion of such financial information
in this press release or any related presentation should not be regarded as a
representation or warranty by the Company, any of its respective affiliates,
advisors or representatives or any other person as to the accuracy or
completeness of such information's portrayal of the financial condition or
results of operations by the Group.

This press release and related presentations (including on our website) may
contain information, data and predictions about our markets and our competitive
position. While we believe this data to be reliable, it has not been
independently verified, and we make no representation or warranty as to the
accuracy or completeness of such information set forth in this document.
Additionally, industry publications and reports from which such information,
data or predictions may be obtained generally state that the information
contained therein has been obtained from sources believed to be reliable but
that the accuracy and completeness of such information is not guaranteed and in
some instances state that they do not assume liability for such information. We
cannot therefore assure you of the accuracy and completeness of such information
and we have not independently verified such information. In addition, we have
made statements in this document regarding our industry and position in the
industry based on our experience and our own investigation of market conditions.
We cannot assure you that the assumptions underlying these statements are
accurate or correctly reflect the state and development of, or our position in,
the industry, and none of our internal surveys or information has been verified
by any independent sources.

Certain statements in this document are forward-looking. By their nature,
forward-looking statements involve known and unknown risks and uncertainties
because they relate to events and depend on circumstances that may or may not
occur in the future. Forward-looking statements are not guarantees of future
performance. These factors include, among others: the cyclical and highly
variable nature of our business and its sensitivity to changes in supply and
demand; adverse and uncertain global economic conditions; the highly variable
nature of raw materials costs and any loss of key suppliers or supply shortages
or disruptions; the competitive nature of our industry; the ability to comply
with current or future laws and regulations relating to environmental, health
and safety matters as well as the safety of our products, related costs of
maintaining compliance and addressing liabilities as well as risks relating to
compliance with antitrust and tax laws; our reliance on a limited number of
suppliers for certain of our key raw materials; operational risks, including the
risk of environmental contamination and potential product liability claims;
operational interruptions at our facilities due to events that are outside of
our control such as severe weather conditions, unscheduled downtimes, terrorist
attacks, natural disasters or other events that may interrupt or damage our
operations or the impact of scheduled outages on our results of operations; the
risk that our insurance coverage may not be sufficient to cover all risks; risks
relating to the global nature of our operations, including, among others,
fluctuations in exchange rates; the loss of major customers or key customers for
certain of our products; the loss of key personnel; risks relating to
acquisitions and dispositions, including any impairment risks with respect to
historical acquisitions, our ability to successfully integrate acquired
businesses, and unexpected liabilities relating to such acquisitions or
contingent liabilities in connection with such dispositions; the requirement to
make further contributions to our pension schemes; the failure to protect our
intellectual property rights; limitations on our ability to adjust the quality
of certain products that we manufacture; and potential conflicts of interests
with our principal shareholder.

These and other factors could adversely affect the outcome and financial effects
of the plans and events described herein. Forward-looking statements contained
in this document regarding past trends or activities should not be taken as a
representation that such trends or activities will continue in the future. New
risks can emerge from time to time, and it is not possible for us to predict all
such risks, nor can we assess the impact of all such risks on our business or
the extent to which any risks, or combination of risks and other factors, may
cause actual results to differ materially from those contained in any
forward-looking statements. Neither the Company nor the Group undertakes any
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. You should not place
undue reliance on forward-looking statements, which speak only as of the date of
this document.

EBITDA is defined as net income for the year before financial result, income
taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA
adjusted to remove the effects of certain non-cash and non-recurring expenses
and charges. EBITDA and Adjusted EBITDA are supplemental measures of our
performance and liquidity that are not required by or presented in accordance
with IFRS. EBITDA and Adjusted EBITDA are not measurements of our financial
performance or liquidity under IFRS and should not be considered as an
alternative to profit for the period presented, results from operating
activities or any other performance measures derived in accordance with IFRS or
as an alternative to cash flow from operating activities as a measure of our
liquidity. We believe EBITDA and Adjusted EBITDA facilitate operating
performance comparisons from period to period and company to company by
eliminating potential differences caused by variations in capital structures
(affecting interest expense), tax positions (such as the impact on periods or
companies of change in effective tax rates or net operating losses) and the age
and book value and amortization of tangible and intangible assets (which have an
effect on related depreciation expense). We also present EBITDA and Adjusted
EBITDA because we believe it these are frequently used by securities analysts,
investors and other interested parties in the evaluation of similar issuers, the
majority of which present EBITDA and Adjusted EBITDA when reporting their
results. Finally, we present EBITDA and Adjusted EBITDA as measures of our
ability to service our debt.

Further inquiry note:
Bernhard Spetsmann
Managing Director (Finance, IT)

Birgit Reichel

end of announcement                               euro adhoc 

company:     Oxea GmbH
             Otto-Roelen-Straße 3
             D-46147 Oberhausen
phone:       +49(0)208 693 3112
FAX:         +49(0)208 693 3101
mail:     birgit.reichel@oxea-chemicals.com
WWW:      http://www.oxea-chemicals.com
sector:      Chemicals
ISIN:        XS0523636594
stockmarkets: Open Market: Frankfurt 
language:   English



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