Clariant concludes investigation with preliminary continuing
operations EBITDA margin of 15.5 % for 2020, increasing the
original result by 50 basis points and of 16.2 % for 2021
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
- Restatement of 2020 financial statements required,
implying a continuing operations EBITDA margin of
15.5 % (preliminary, unaudited)
vs. 15.0 % previously reported
- 2021 continuing operations EBITDA margin of
16.2 % (preliminary, unaudited)
in line with previous guidance
- No impact on sales, cash and cash equivalents
previously reported in 2020 and 2021
- Clariant to present its audited Full
Year 2021 and restated 2020 results by latest 30
May 2022
- SIX Exchange Regulation (SER) approved extension for
Clariant to publish its Integrated Report 2021, including restated
2020 figures, by no later than 15 June
2022
- Annual General Meeting (AGM) scheduled
for latest 30 June 2022
- Q1 2022 results will be
published by
latest 30 June
2022
- Clariant expects compelling sales growth in Q1 2022 as
a result of strong global demand driven by higher volumes and
pricing, despite current macroeconomic uncertainty
- Stephan Lynen has decided to step down as Chief
Financial Officer as of 1 July 2022, and Bill Collins will be
appointed as new CFO
MUTTENZ, APRIL 27, 2022
Clariant, a focused, sustainable, and innovative specialty
chemical company, today announced that the investigation of
accounting issues related to provisions and accruals (as disclosed
by Clariant on 14 February 2022) conducted by independent advisors
and external counsel (Deloitte and Gibson, Dunn & Crutcher),
has been concluded. After reviewing the results of the
investigation, the Board of Directors has determined the need for a
restatement of the 2020 financial statements and corrections to the
quarterly reporting of key financial data for 2020 and 2021.
“We appreciate that our employees brought this matter to our
attention, and I am glad that we have now concluded the
investigation and can leave this matter behind us. As part of our
purpose-led strategy, it remains our utmost priority at Clariant to
continue to strengthen a culture built on the highest ethical
standards. Following a thorough investigation, we have closely
reviewed its results and are committed to further strengthening our
controls and processes,” said Conrad Keijzer, Clariant’s Chief
Executive Officer.
Restatement summary
Continuing
operations (preliminary, unaudited) |
Full Year 2020 |
|
Full Year 2021 vs 2020 restated |
in CHF
million |
restated |
reported |
Delta |
Delta % |
|
2021 |
2020 |
% CHF |
% LC |
Sales |
3 860 |
3 860 |
0 |
0 |
|
4 372 |
3 860 |
13 |
15 |
EBITDA |
597 |
578 |
19 |
3 |
|
708 |
597 |
19 |
|
EBITDA margin |
15.5 % |
15.0 % |
50 bps |
|
|
16.2 % |
15.5 % |
|
|
Note: preliminary figures which are subject to the processing of
the financial restatement bookings in Clariant’s accounting systems
and hence minor deviations might occur, e.g., due to rounding and
exchange rate differences |
The identified deviations from previously reported figures
resulting from the restatement of the 2020 financial statements are
due to over- or understated provisions or accruals. The preliminary
corrected 2020 figures result in a continuing operations EBITDA of
CHF 597 million compared to the previously reported
CHF 578 million and a corresponding EBITDA margin of
15.5 % compared to the previously reported 15.0 %. The
preliminary figures 2020 and 2021 are subject to the processing of
the financial restatement bookings in Clariant’s accounting systems
and completion of the external audit, hence minor deviations might
occur.
Based on preliminary, unaudited figures, Clariant currently
expects a Full Year 2021 continuing operations EBITDA of CHF
708 million and a corresponding EBITDA margin of 16.2 %,
in line with the guidance confirmed on 14 February 2022.
The results of the investigation have no impact on the sales,
cash and cash equivalents figures reported in 2020 and 2021.
As a result of the investigation findings, Clariant has started
to implement necessary remedial actions including immediate action
to address internal controls over financial reporting (ICOFR),
booking procedures, trainings, and individual suspensions. Other
measures are currently being defined and developed.
The preliminary assessment of the impact of the investigation
findings on quarterly results, subject to processing and final
audit, for the financial years 2020 and 2021 is provided in
Appendix I.
On 26 April 2022, SIX Exchange Regulation (SER) granted Clariant
a requested extension for the publication of the Full Year 2021
financial results and the Integrated Report 2021, until
15 June 2022. The extension allows Clariant to proceed with
the processing of all required 2020 financial restatement bookings
in Clariant’s accounting system, the correction of quarterly and
half year figures for 2020, as well as the completion and auditing
of the Full Year 2021 results, including the correction of the
quarterly and half year figures for 2021.
As required by SER, Clariant hereby reprints
para. I of SER’s respective decision (English version):
- The exemption from obligations for the maintaining of the
listing and an extension of the deadline to publish the 2021 annual
report and to file such report with SIX Exchange Regulation AG
until 15 June 2022 at the latest is granted with the following
reservation (lit. a) and under the following conditions (lit. b):
- SIX Exchange Regulation AG reserves the right to potentially
suspend trading of the registered shares of Clariant in case its
2021 annual report is not published in accordance with the
provisions on ad hoc publicity (Art. 53 of the Listing Rules [LR]
in connection with the Directive on Ad hoc Publicity [DAH]) and not
filed with SIX Exchange Regulation AG until Wednesday, 15 June
2022, 11.59 pm, at the latest.
- Clariant is required to publish a notice in accordance with the
provisions on ad hoc publicity (art. 53 LR in connection with the
DAH) concerning this decision until Wednesday, 27 April 2022,
7.30 am, at the latest. The notice must contain:
- the unaltered reproduction of the wording of para. I. of this
decision, placed in a prominent position;
- the reasons for the delay of the publication of its 2021 annual
report and of the filing such report with SIX Exchange Regulation
AG;
- the unaudited key figures such as net revenues, EBITDA, EBIT,
profit/loss, balance sheet total, equity etc. with respect to the
annual results 2021.
PwC has indicated that it will include a qualification on
provisions and accruals related to the Internal Control System
existence in its audit opinion on the 2021 consolidated financial
statements based on its audit procedures.
Clariant expects to publish its audited Full Year 2021 results
including a restated Full Year 2020 by no later than 30 May 2022.
The Annual General Meeting 2022 is scheduled for latest 30 June
2022.
In order to process the results of the investigation as
diligently and swiftly as possible, Clariant has decided to
postpone its First Quarter 2022 trading statement. This will
be published by latest 30 June 2022.
With the investigation completed, Clariant’s Chief Financial
Officer Stephan Lynen has decided to step down by 1 July 2022 to
allow for a fresh start.
“Today, we announced the completion of the investigation, strong
preliminary results for 2021 as well as the reporting timeline. We
are grateful to Stephan for his contributions in various leadership
positions, ensuring the conclusion of this investigation and
granting a smooth transition,” said Peter Steiner, Chairman of the
Audit Committee.
„I personally decided to step down and look for a new challenge,
leaving behind a strong Clariant. I wish my colleagues, my
successor as well as shareholders and stakeholders a successful
future,” said Stephan Lynen.
His successor will be Bill Collins, who will join Clariant on 1
July 2022 from ENGIE where he mostrecently served as the North
American Chief Executive Officer as well as Chief Financial
Officer. Bill has a strong track record in driving performance and
large-scale transformation in complex global businesses including
AkzoNobel, Eaton Corporation, and Schneider Electric. He joined
ENGIE in 2018 first serving as Group Deputy CFO in Paris.
“I am delighted that Bill is joining us at Clariant. He is a
highly regarded finance leader in the industry, and his expertise
will be invaluable in leading the finance organization and
contributing to our performance-driven culture. As an American who
has lived and worked in the U.S., France, Japan, the Netherlands
and Switzerland, Bill brings further diversity to Clariant´s
leadership team. I would also like to thank Stephan for his
dedicated collaboration,” said Conrad Keijzer.
Despite the current macroeconomic uncertainty, Clariant had a
good start into 2022 and expects to see compelling sales growth in
Q1 2022 as a result of strong global demand, driven by higher
volumes and pricing. Clariant expects these developments to largely
offset variable cost increases and supply chain uncertainties,
which will have a positive impact on Clariant’s profitability.
Given continuing macroeconomic uncertainty, Clariant cannot comment
on the 2022 outlook at this point but remains committed to its
medium-term financial targets.
Appendix I
Continuing operations (preliminary, unaudited) |
Full Year 2020 |
|
|
|
Q1 2020 |
|
|
|
|
Q2 2020 |
|
|
|
|
Q3 2020 |
|
|
|
|
Q4 2020 |
|
|
|
in CHF
million |
corrected |
reported |
Delta |
Delta % |
|
corrected |
reported |
Delta |
Delta % |
|
corrected |
reported |
Delta |
Delta % |
|
corrected |
reported |
Delta |
Delta % |
|
Sales |
1 019 |
1 019 |
0 |
0 |
|
926 |
926 |
0 |
0 |
|
893 |
893 |
0 |
0 |
|
1 022 |
1 022 |
0 |
0 |
|
EBITDA |
158 |
157 |
1 |
1 |
|
143 |
135 |
8 |
6 |
|
131 |
127 |
4 |
3 |
|
165 |
159 |
6 |
4 |
|
EBITDA margin |
15.5 % |
15.4 % |
10 bps |
|
|
15.4 % |
14.6 % |
80 bps |
|
|
14.7 % |
14.2 % |
50 bps |
|
|
16.2 % |
15.6 % |
60 bps |
|
|
Continuing operations (preliminary, unaudited) |
Full
Year 2021 |
|
|
|
|
Q1 2021 |
|
|
|
|
Q2 2021 |
|
|
|
|
Q3 2021 |
|
|
|
|
Q4 2021 |
|
|
|
|
in CHF
million |
corrected |
reported |
Delta |
Delta % |
|
corrected |
reported |
Delta |
Delta % |
|
corrected |
reported |
Delta |
Delta % |
|
|
reported |
|
|
Sales |
1 002 |
1 002 |
0 |
0 |
|
1 032 |
1 032 |
0 |
0 |
|
1 096 |
1 096 |
0 |
0 |
|
|
1 242 |
|
|
|
|
EBITDA |
173 |
164 |
9 |
6 |
|
163 |
173 |
-10 |
-6 |
|
170 |
180 |
-10 |
-6 |
|
|
203 |
|
|
|
|
EBITDA margin |
17.3 % |
16.4 % |
90 bps |
|
|
15.8 % |
16.8 % |
-100 bps |
|
|
15.5 % |
16.4 % |
-90 bps |
|
|
|
16.3 % |
|
|
|
|
Note: preliminary figures which are subject to
the processing of the financial restatement bookings in Clariant’s
accounting systems and hence minor deviations might occur due to
e.g., rounding and exchange rate differences
CORPORATE
MEDIA RELATIONS Jochen DubielPhone
+41 61 469 63 63jochen.dubiel@clariant.com Anne
MaierPhone +41 61 469 63 63anne.maier@clariant.com
Ellese GolderPhone +41 61 469 63
63ellese.golder@clariant.com |
INVESTOR
RELATIONS Andreas Schwarzwälder
Phone +41 61 469 63 73andreas.schwarzwaelder@clariant.com
Maria IvekPhone +41 61 469 63
73maria.ivek@clariant.com Alexander
KambPhone +41 61 469 63 73alexander.kamb@clariant.com |
Follow us on Twitter, Facebook, LinkedIn, Instagram. This
media release contains certain statements that are neither reported
financial results nor other historical information. This document
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. www.clariant.com
Clariant is a focused, sustainable and innovative specialty
chemical company based in Muttenz, near Basel/Switzerland. On 31
December 2020, the company employed a total workforce of 13 235. In
the financial year 2020, Clariant recorded sales of CHF 3.860
billion for its continuing businesses. The company reports in three
business areas: Care Chemicals, Catalysis and Natural Resources.
Clariant’s corporate strategy is led by the overarching purpose of
‘Greater chemistry – between people and planet’ and reflects the
importance of connecting customer focus, innovation,
sustainability, and people. |
- Clariant Media Release Conclusion of investigation 20220427
EN
- Clariant Media Release Conclusion of investigation 20220427
DE
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