The Perstorp Group's 2011 Annual & Social Responsibility Report is now available. The report summarizes a year characterized by swift changing global dynamics and a market in constant flux.
The Annual & Social Responsibility Report showcases the company's 2011 development by presenting Perstorp's business and strategy with a market segment focus as well as a comprehensive and detailed analysis of Perstorp's financial performance and corporate social responsibility.
During 2011 sales rose by 7% to SEK 11,297 m (10,600), despite a negative currency effect of -8%. Although the volume increase for the Group was moderate, certain products such as Penta and Formox achieved much higher growth levels. Prices rose by 14% to compensate for the rise in raw material costs.
Operating earnings before depreciation and amortization were SEK 1,497 m (1,668) adjusted for items affecting comparability. The strengthening Swedish krona led to a negative currency effect of SEK -170 m from the translation and transaction flows over the year. Fixed costs have been kept below last year's levels following a sharp discipline on spending and a positive consolidation effect from the strong Swedish krona.
Perstorp and Thailand's largest chemical producer PTT Global Chemical signed by the end of 2011 an agreement to form a joint venture dedicated to the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates; serving the polyurethane industry. The deal was closed by the end of May 2012.
Several strategic investments continued their progression during the year: the completion of the capacity expansion for caprolactones, the purchased US Penta business from Ashland Inc., the restart of investment in a new production plant for Valeraldehyde and its derivatives 2-PH and DPHP, and an expansion of the Group's Neo production with a new plant in China.
The complete Annual & Social Responsibility Report for 2011 is available in English.