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Germany-based Cosco said it expected earnings before interest, tax, depreciation and amortization (EBITDA) to fall 53 per cent in 2019 as fourth-quarter 2018 profits fell.
2018 Financial Highlights:
. EBITDA is expected to fall to EUR 1.5 billion to EUR 2 billion this year due to increased competitive pressures, while EBITDA for 2018 is EUR 3.2 billion, of which EUR 440 million is expected to be realized in the first three months of this year.
said volumes rose 1.7 per cent year-on-year during the period, but sales fell by more than 7 per cent in a more challenging market environment
china
.
: Increased competition led to lower profitability and higher one-time costs, including the impact of long-term low Rhine water levels and efficiency restructuring costs, compared to the strong fourth quarter of 2017.
thomas Toepfer, chief financial officer of Cosco, said financial results for 2017-2018 were "exceptionally" high margins.
operating profit fell year-on-year, with polyurethane profit down almost 95 per cent in the quarter as profit margins fell.
. Operating profit for polycarbonate decreased by 47.9% yoY in the fourth quarter of 2018 and operating profit for coatings, adhesives and solvents (CAS) decreased by 30.4% YoY due to higher raw material prices and more difficult operating conditions.
share buyback of 1.5 billion euros was completed in the current quarter and plans to acquire up to 10 per cent of the equity, which will be presented at the company's annual general meeting on April 12.
Thomas Toepfer said: "2018 has been a successful year for Cosco, although after a strong start we have not reached the record level of 2017. "
2019 outlook
sales growth is expected to remain in the mid-to-low single digits in 2019, but earnings are expected to decline."
350 million euros a year in efficiency costs by 2021.
focus on diversification to better protect the company from cyclical fluctuations. Currently, 50 per cent of the company's sales come from its "flexible" business.
"We have launched important strategic initiatives in 2018 to actively drive the growth path," said Chief Executive Officer Markus Steilemann. "This includes investing in specific business units with above-average demand potential to focus more on efficiency."
