Board of Directors' review 2013 Board of Directors' review 2013

Board of Directors' review

Revenue in 2013 was EUR 2,229 million (2012: EUR 2,241 million). Organic revenue growth was 3% driven by higher sales volumes. Operative EBIT increased 6% to EUR 164.2 million (155.5) with a margin of 7.4% (6.9%) driven by higher sales volumes and fixed cost savings related to "Fit for Growth" restructuring program. The reported earnings per share were reduced to EUR -0.21 (0.12) mainly due to a write-down of EUR 23 million related to the divestment of the shares of Kemira’s JV Sachtleben, lower income from associated companies and higher taxes. Operative earnings per share decreased to EUR 0.70 (0.77) mainly due to the lower income from associated companies. The Board of Directors proposes a cash dividend of EUR 0.53 per share (0.53), equaling a total of EUR 81 million (81).

   KEY FIGURES AND RATIOS (FIGURES FOR 2012 WERE RESTATED ON MARCH 25, 2013) 
EUR million Jan–Dec 2013  Jan–Dec 2012 
 Revenue  2,229.1  2,240.9
 Operative EBITDA  251.9  249.4
 Operative EBITDA, %  11.3   11.1
 EBITDA  141.9  179.9
 EBITDA, %  6.4   8.0
 Operative EBIT  164.2  155.5
 Operative EBIT, %  7.4   6.9
 EBIT  42.6  33.1
EBIT, % 1.9 1.5
Share of profit or loss of associates -1.1 11.2
Financing income and expenses -39.0 -15.7
Profit before tax 2.5 28.6
Net profit -25.9 22.4
Earnings per share, EUR -0.21 0.12
Operative earnings per share, EUR 0.70 0.77
Capital employed* 1,366.5 1,673.0
ROCE* 3.0 2.6
Capital expenditure 197.5 134.1
Cash flow after investing activities 195.7 71.8
Equity ratio, % at period-end 51 51
Gearing, % at period-end 41 42
Personnel at period-end 4,453 4,857
*12-month rolling average (ROCE, % based on the reported EBIT)

Please also see Definitions of key figures. Comparative 2012 figures are provided in parentheses for some financial results, where appropriate. Operating profit, excluding non-recurring items, is referred to as Operative EBIT. Operating profit is referred to as EBIT.