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Clariant AG

Investor Presentation • Nov 4, 2008

856_ip_2008-11-04_ddfdbb9f-530d-4a7c-a30f-44db7467ed4f.pdf

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Nine Months / Third Quarter 2008 Results November 4, 2008 Hariolf Kottmann, CEO, & Patrick Jany, CFO

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Nine months 2008 – highlights

  • Solid performance as a result of higher sales prices and lower costs
  • Price increases of 6% compensate for a 15% increase in raw material costs
  • Disappointing cash flow development due to high inventories
  • Solid debt maturity profile and liquidity position
  • Full-year guidance confirmed:
  • –operating margin before exceptionals 6.5% – 6.8%, above 2007
  • –continuing strong operating cash flow
  • Accelerated restructuring to address underlying challenges

Solid result, addressing challenges ahead

Nine months 2008 – financials

Financial Results Third Quarter

Patrick Jany, CFO

Strong sales price increases offset lower volumes

Third quarter 2008 versus Third quarter 2007

Gross margin improving

Delta gross margin Raw material costs increase

  • Price increases of 9% compensate for a 22% increase in raw material costs
  • Sales, general and administration costs fall to 19.3% of sales from 21.1% in Q3/07
  • Operating income margin before exceptionals rises to 8.5% from 5.8% in Q3/07
  • Net positive impact of inventory revaluation on gross income and EBIT of approximately CHF 30 million
  • Currency-related negative impact on operating income of CHF -11 million, compared to CHF -36 million in Q1/08 and CHF -23 million in Q2/08

Cash flow and financial result

Operating cash flowin CHF million

  • Cash flow negatively impacted by high inventories
  • –inventories build-up in anticipation of tight supply situations
  • –revaluation of inventory due to rising raw material prices

Financial result in CHF million

-12 -43

Q3/08 Q3/07

266147

  • Improvement entirely due to foreign exchange gains of CHF 13 million vs. loss of CHF 19 million in Q3/07
  • Net debt down to CHF 1 432 million from CHF 1 476 million by the end of Q2/08

Business Review

Patrick Jany, CFO

Textile, Leather & Paper Chemicals

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  • Double-digit volume decreases in Textiles and Leather
  • Weak automotive and upholstery demand in Leather
  • Unprecedented sales price increases in all three segments
  • Strong cost reductions to support operating margin
  • Closure of Selby and Horsforth sites according to plan

Pigments & Additives

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  • Profitable growth, but signs of weakness in Plastics and Base Products
  • Strength in emerging markets; Europe and the US weak
  • Coatings suffered from weakening automotive and paints demand in Europe and North America
  • Higher sales prices offset rising raw materials costs
  • Operating margin improved due to implementation of restructuring measures and focus on cost leadership

Masterbatches

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  • Solid performance supported by cost reductions in a weaker demand environment
  • Rapidly slowing automotive, construction and textile markets impacted in Europe and North America
  • Strong growth in Latin America and the Middle East
  • Price initiatives offset much higher raw material costs
  • Rite Systems / Ricon Colors acquisition contributing positively to result

Functional Chemicals

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  • Volumes resilient against economic downturn so far
  • Positive trend continued in all regions
  • Diversified portfolio to support robust sales growth, notably in Oil Services and Crop Protection businesses
  • Continuing margin improvements year-on-year on the back of strong sales price increases
  • Personal Care developed very favorably

Outlook

Patrick Jany, CFO

Clariant′s answer to today′s challenges

Debt maturity profile on September 30, 2008

in CHF million

* total committedand uncommitted facilities at headquarters > CHF 1 billion ** including short-term deposits (90-365 days)

Short-term outlook on Q4/2008

Environment

  • Economic downturn has reached Clariant's customer segments
  • Industrial consumers rapidly adapting to weakening demand
  • Sharp slowdown in global GDP growth
  • Raw material costs peaked in Q3/08, energy costs continuing to rise

Clariant

  • Seasonal weakness intensified by general weakness in demand
  • Focus on cash flow generation, cost reduction and price increases
  • Negative impact of around CHF 10 to15 million on operating income from an ethylene cracker maintenance shutdown

Outlook for 2008 confirmed

  • Improving operating margin before exceptional items compared to 2007, between 6.5% and 6.8%
  • Continuing strong cash flow generation

Calendar of upcoming corporate events

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Nine Months / Third Quarter 2008 Results

Backup Slides

Nine months 2008 – key financial group figures

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* organic growth: volume and price effects excluding the impact of changes in foreign currency exchange rates and acquisitions/divestments

** the presentation of the cash flow statement was changed to provide additional relevant information. Comparative information was reclassified accordingly

Nine Months / Third Quarter 2008 Results

Sales and EBITDA margins by divisions – nine months 2008

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*before exceptional items

Nine Months / Third Quarter 2008 Results

Regional sales growth – nine months 2008

Sales growth in local currencies 4%5%

  • Sales up 5% in local currencies
  • Prices up 6%, volume down 1%
  • Negative FX impact equivalent to –7% of sales, mainly from weak USD

Cash flow – nine months 2008

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e
n		 2
1
2		 2
7
4
O
h
t
e
r		 7
2		 1
4
3
O
i
h
f
l
b
f
k
i
i
l
h
t
t
p
e
r
a
n
g
c
a
s
o
w
e
o
r
e
w
o
r
n
g
c
a
p
a
c
a
n
g
e
s		 4
5
4		 4
3
9
C
h
i
k
i
i
l
d
i
i
t
a
n
g
e
s
n
w
o
r
n
g
c
a
p
a
a
n
p
r
o
v
s
o
n
s		 2
8
0
-		 1
1
9
-
O
i
h
f
l
t
p
e
r
a
n
g
c
a
s
o
w		 1
7
4		 3
2
0
C
i
l
d
i
t
t
a
p
a
e
x
p
e
n
u
r
e		 5
1
-		 1
5
5
-
h
f
l
i
t
P
t
P
t
&
E
t
e
r
e
o
r
o
p
e
r
y,
a
n
q
u
p
m
e
n
:		 1
7
7
-		 2
1
1
-
h
f
C
h
i
f
i
i
l
t
t
t
e
r
e
o
a
n
g
e
s
n
c
u
r
r
e
n
n
a
n
c
a
a
s
s
e
s
:		 1
2
6		 5
6
A
i
i
t
i
d
i
t
t
d
t
h
c
q
u
s
o
n
s,
v
e
s
m
e
n
s
a
n
o
e
r		 7
6
-		 2
5
C
h
f
l
b
f
f
i
i
a
s
o
w
e
o
r
e
n
a
n
c
n
g		 4
7		 1
9
0

* the presentation of the cash flow statement was changed to provide additional relevant information. Comparative information was reclassified accordingly

Financial result – nine months 2008

N
i
h
t
2
0
0
8
n
e
m
o
n
s
2
0
0
8		 2
0
0
7
C
H
F
i
l
l
i
m
o
n		 C
H
F
i
l
l
i
m
o
n
i
I
t
t
n
e
r
e
s
n
c
o
m
e		 1
1		 1
9
I
t
t
n
e
r
e
s
e
x
p
e
n
s
e
s		 6
4
-		 8
3
-
O
h
f
i
i
l
i
t
&
e
r
n
a
n
c
a
n
c
o
m
e
e
x
p
e
n
s
e
s		 1
0
-		 9
-
i
l
N
t
t
t
t
e
n
e
r
e
s
r
e
s
u		 6
3
-		 7
3
-
C
l
t,
t
u
r
r
e
n
c
y
r
e
s
u
n
e		 3
5
-		 1
1
T
t
l
f
i
i
l
l
t
o
a
n
a
n
c
a
r
e
s
u		 9
8
-		 6
2
-

Textile, Leather & Paper Chemicals – nine months results

i
h
N
2
0
0
8
t
n
e
m
o
n
s
2
0
0
8		 2
0
0
7		 C
h
a		 n
g
e
C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 %
C
H
F		 %
L
C
S
l
a
e
s		 9
1
5
1		 9
1
7
7		 1
1
-		 3
-
E
B
I
T
D
A
b
f
i
l
t
e
o
r
e
e
x
c
e
p
o
n
a
s		 1
4
1		 8.
9		 1
6
5		 9.
3		 1
5
-		 7
-
O
i
i
b
f
i
l
t
t
p
e
r
a
n
g
n
c
o
m
e
e
o
r
e
e
x
c
e
p
o
n
a
s		 9
2		 5.
8		 1
1
1		 6.
2		 1
7
-		 7
-
O
i
i
t
p
e
r
a
n
g
n
c
o
m
e		 5
8		 3.
6		 1
5		 0.
8		 2
8
7		 3
4
9
  • Double-digit volume decreases in Textiles and Leather
  • Weak automotive and upholstery demand in Leather
  • Unprecedented sales price increases in all three segments
  • Strong cost reductions to support operating margin
  • Closure of Selby and Horsforth sites according to plan

Pigments & Additives – nine months results

i
h
N
t
2
0
0
8
n
e
m
o
n
s
2
0
0
8		 2
0
0
7		 C
h
a		 n
g
e
C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 %
C
H
F		 %
L
C
S
l
a
e
s		 1
5
7
8		 1
5
8
6		 1
-		 6
E
B
I
T
D
A
b
f
i
l
t
e
o
r
e
e
x
c
e
p
o
n
a
s		 2
4
7		 1
5.
7		 2
1
1		 1
3.
3		 1
7		 2
4
O
i
i
b
f
i
l
t
t
p
e
r
a
n
g
n
c
o
m
e
e
o
r
e
e
x
c
e
p
o
n
a
s		 8
9
1		 2.
1
0		 1
5
1		 9.
5		 2
5		 3
4
O
i
i
t
p
e
r
a
n
g
n
c
o
m
e		 1
6
7		 1
0.
6		 1
2
5		 7.
9		 3
4		 4
1
  • Profitable growth, but signs of weakness in Plastics and Base Products
  • Strength in emerging markets; Europe and the US weak
  • Coatings suffered from weakening automotive and paints demand in Europe and North America
  • Higher sales prices offset rising raw materials costs
  • Operating margin improved due to implementation of restructuring measures and focus on cost leadership

Masterbatches – nine months results

N
i
h
2
0
0
8
t
n
e
m
o
n
s
2
0
0
8		 2
0
0
7		 C
h
a		 n
g
e
C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 %
C
H
F		 %
L
C
S
l
a
e
s		 1
0
2
0		 1
0
6
5		 4
-		 2
b
f
i
l
E
B
I
T
D
A
t
e
o
r
e
e
c
e
p
o
n
a
s
x		 1
1
4		 1
1.
2		 1
2
1		 1
1.
4		 6
-		 1
O
i
i
b
f
i
l
t
t
p
e
r
a
n
g
n
c
o
m
e
e
o
r
e
e
c
e
p
o
n
a
s
x		 8
9		 8.
7		 9
6		 9.
0		 7
-		 1
-
O
i
i
t
p
e
r
a
n
g
n
c
o
m
e		 7
6		 7.
5		 7
7		 7.
2		 1
-		 6
  • Solid performance supported by cost reductions in a weaker demand environment
  • Rapidly slowing automotive, construction and textile markets impacted in Europe and North America
  • Strong growth in Latin America and the Middle East
  • Price initiatives offset much higher raw material costs
  • Rite Systems / Ricon Colors acquisition contributing positively to result

Functional Chemicals – nine months results

i
h
N
t
2
0
0
8
n
e
m
o
n
s
2
0
0
8		 2
0
0
7		 C
h
a
n
g
e
C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 C
H
F
i
l
l
i
m
o
n		 %
f
l
o
s
a
e
s		 %
C
H
F		 %
L
C
S
l
a
e
s		 2
1
3
8		 2
0
1
7		 6 1
2
E
B
I
T
D
A
b
f
i
l
t
e
o
r
e
e
x
c
e
p
o
n
a
s		 2
3
6		 1
1.
0		 1
8
4		 9.
1		 2
8		 3
6
O
i
i
b
f
i
l
t
t
p
e
r
a
n
g
n
c
o
m
e
e
o
r
e
e
x
c
e
p
o
n
a
s		 8
1
5		 8.
7		 3
3
1		 6.
6		 3
9		 8
4
O
i
i
t
p
e
r
a
n
g
n
c
o
m
e		 1
7
7		 8.
3		 1
3
4		 6.
6		 3
2		 4
1
  • Volumes resilient against economic downturn so far
  • Positive trend continued in all regions
  • Diversified portfolio to support robust sales growth, notably in Oil Services and Crop Protection businesses
  • Continuing margin improvements year-on-year on the back of strong sales price increases
  • Personal Care developed very favorably

Third quarter 2008 – key financial group figures

h
i
d
T
t
2
0
0
8
r
q
u
a
r
e
r
2
0
0
8		 2
0
0
7
C
i
l
l
i
H
F
m
o
n		 %
f
l
o
s
a
e
s		 C
i
l
l
i
H
F
m
o
n		 %
f
l
o
s
a
e
s
S
l
a
e
s		 2
0
9
4		 2
1
1
1
(
)
L
l
h
L
C
t
o
c
a
c
u
r
r
e
n
c
y
g
r
o
w		 5
%
O
i
h
*
t
t
r
g
a
n
c
g
r
o
w
r
a
e
-		 5
%
/
A
i
i
t
i
D
i
t
t
c
q
u
s
o
n
s
v
e
s
m
e
n
s
-		 0
%
C
i
r
r
e
n
c
e
s
u		 %
6
-
G
f
i
t
r
o
s
s
p
r
o		 6
1
5		 2
9.
%
4		 6
1
1		 2
8.
9
%
E
B
I
T
D
A
b
f
i
l
t
e
o
r
e
e
x
c
e
p
o
n
a
s		 2
4
2		 1
1.
6
%		 1
8
8		 8.
9
%
E
B
I
T
D
A		 1
9
8		 9.
5
%		 1
3
2		 6.
3
%
O
i
i
b
f
i
l
t
t
p
e
r
a
n
g
n
c
o
m
e
e
o
r
e
e
x
c
e
p
o
n
a
s		 1
7
8		 %
8.
5		 1
2
3		 %
5.
8
O
i
i
t
p
e
r
a
n
g
n
c
o
m
e		 1
1
9		 %
5.
7		 5 %
0.
2
N
i
f
i
i
i
t
t
t
e
n
c
o
m
e
r
o
m
c
o
n
n
n
g
o
p
e
r
a
o
n
s
u		 9
7		 3.
8
%		 4
5
-		 2.
%
1
-
(
)
O
i
h
f
l
l
i
**
t
t
t
t
p
e
r
a
n
g
c
a
s
o
w
o
a
o
p
e
r
a
o
n
s		 1
4
7		 2
6
6
D
i
i
d
i
t
t
s
c
o
n
n
u
e
o
p
e
r
a
o
n
s
S
l
a
e
s		 0 0
l
f
d
i
i
d
i
N
t
t
t
e
o
s
s
r
o
m
s
c
o
n
n
u
e
o
p
e
r
a
o
n
s		 1
-		 6
-

* organic growth: volume and price effects excluding the impact of changes in foreign currency exchange rates and acquisitions/divestments

** the presentation of the cash flow statement was changed to provide additional relevant information. Comparative information was reclassified accordingly

Nine Months / Third Quarter 2008 Results

Sales and EBITDA margins by divisions – third quarter 2008

T
h
i
d
8
t
2
0
0
r
q
a
r
e
r
u
S
l
a
e
s		 E
B
I
T
D
A
M
i
i
%
*
a
r
g
n
n
C
H
F
i
l
l
i
m
o
n		 %
L
C		 2
0
0
8		 2
0
0
7
i
l
h
C
h
i
l
T
t
L
t
&
P
e
x
e,
e
a
e
r
a
p
e
r
e
m
c
a
s		 5
2
1		 %
3
-		 8.
3		 7.
9
P
i
A
d
d
i
i
t
&
t
g
m
e
n
s
e
s
v		 5
1
0		 %
3		 8
1
7.		 1
3.
9
M
b
h
t
t
a
s
e
r
a
c
e
s		 3
3
8		 6
%		 1
0.
9		 1
0.
8
F
i
l
C
h
i
l
t
u
n
c
o
n
a
e
m
c
a
s		 7
2
5		 1
5
%		 1
1.
6		 7.
9
T
l
G
t
o
a
r
o
u
p		 2
0
9
4		 5
%		 1
1.
6		 8.
9

* before exceptional items

Nine Months / Third Quarter 2008 Results

Cash flow – third quarter 2008

h
i
d
T
2
0
0
8
t
r
q
u
a
r
e
r
*
2
0
0
8
2
0
0
7
C
H
F
i
l
l
i
m
o
n		 C
H
F
i
l
l
i
m
o
n
N
i
t
e
n
c
o
m
e		 7
8		 5
1
-
i
i
i
i
i
i
D
t
t
t
&
t
e
p
r
e
c
a
o
n,
a
m
o
r
z
a
o
n
m
p
a
r
m
e
n		 7
9		 1
2
7
O
h
t
e
r		 6 2
5
O
i
h
f
l
b
f
k
i
i
l
h
t
t
p
e
r
a
n
g
c
a
s
o
w
e
o
r
e
w
o
r
n
g
c
a
p
a
c
a
n
g
e
s		 1
6
3		 1
0
1
C
h
i
k
i
i
l
d
i
i
t
a
n
g
e
s
n
o
r
n
g
c
a
p
a
a
n
p
r
o
s
o
n
s
w
v		 1
6
-		 1
6
5
O
i
h
f
l
t
p
e
r
a
n
g
c
a
s
o
w		 1
4
7		 2
6
6
C
i
l
d
i
t
t
a
p
a
e
x
p
e
n
u
r
e		 6
9
-		 1
0
0
h
f
P
P
l
E
i
t
t
t
&
t
e
r
e
o
r
o
p
e
r
y,
a
n
q
u
p
m
e
n
:		 0
7
-		 9
7
-
h
f
C
h
i
f
i
i
l
t
t
t
e
r
e
o
a
n
g
e
s
n
c
u
r
r
e
n
n
a
n
c
a
a
s
s
e
s
:		 1 1
7
9
i
i
i
d
i
l
d
h
A
t
t
c
q
s
o
n
s,
s
p
o
s
a
s
a
n
o
e
r
u		 4
4
-		 2
3
C
h
f
l
b
f
f
i
i
a
s
o
e
o
r
e
n
a
n
c
n
g
w		 3
4		 3
8
9

* the presentation of the cash flow statement was changed to provide additional relevant information. Comparative information was reclassified accordingly

Financial result – third quarter 2008

h
i
d
T
2
0
0
8
t
r
q
u
a
r
e
r
2
0
0
8		 2
0
0
7
C
H
F
i
l
l
i
m
o
n		 C
H
F
i
l
l
i
m
o
n
I
i
t
t
n
e
r
e
s
n
c
o
m
e		 3 8
I
t
t
n
e
r
e
s
e
x
p
e
n
s
e
s		 2
4
-		 2
9
-
O
h
f
i
i
l
i
t
&
e
r
n
a
n
c
a
n
c
o
m
e
e
x
p
e
n
s
e
s		 4
-		 3
-
N
i
l
t
t
t
t
e
n
e
r
e
s
r
e
s
u		 2
5
-		 2
4
-
C
l
t,
t
r
r
e
n
c
r
e
s
n
e
u
y
u		 1
3		 1
9
-
T
l
f
i
i
l
l
t
t
o
a
n
a
n
c
a
r
e
s
u		 1
2
-		 4
3
-

Sales and cost structure first half-year 2008

Global sales distribution in %

Global cost distribution in %

These distributions represent an approximation to total cash in- and outflows and are closely linked to transaction exposures

Nine Months / Third Quarter 2008 Results

Continuing operations

Nine Months / Third Quarter 2008 Results

Top 5 products in percentage of total raw material costs

R
k
i
a
n
n
g		 P
d
t
r
o
u
c
1 h
l
O
i
d
E
t
&
y
e
n
e
x
e
-
2 P
l
h
l
t
o
e
e
n
e
y
y
3 i
l
V
t
t
n
y
a
c
e
a
e
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Businesses and market segments

Disclaimer

This presentation contains certain statements that are neither reported financial results nor other historical information. This presentation 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.

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