The aforementioned development of income and expenses led to a 7.2% increase in the reported operating result (EBIT) to € 653 million (2012: € 610 million). Without the depreciation and amortization included in EBIT, EBITDA rose by 4.3% to € 766 million (2012: € 735 million). Adjusted for one-time effects, EBITDA pre one-time items rose by 5.1% to € 780 million (2012: € 742 million). Despite negative foreign exchange effects, the division’s profitability, i.e. the EBITDA pre margin, rose to 47.5% of sales (2012: 44.3% of sales). This profitability increase of more than three percentage points was primarily attributable to changes in the product mix of the Liquid Crystals business unit; it was also the result of cost structure improvements in the Pigments & Cosmetics business unit achieved through efficiency measures under the “Fit for 2018” transformation and growth program.
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Performance Materials | Reconciliation EBIT to EBITDA pre one-time items |
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€ million |
2013 |
2012 |
Change in % |
|
Operating result (EBIT) |
653.3 |
609.7 |
7.2 |
|
Depreciation/Amortization/Reversals of impairments |
112.5 |
124.9 |
–9.9 |
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EBITDA |
765.8 |
734.6 |
4.3 |
|
One-time items |
13.9 |
7.3 |
90.4 |
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EBITDA pre one-time items |
779.7 |
741.9 |
5.1 |
The development of EBITDA pre one-time items in the individual quarters in comparison with 2012 is presented in the following table :
Performance Materials | EBITDA pre one-time items and change by quarter 1
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