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 uncertaintyStephan Lynen has decided to step down as Chief Financial Officer as of1 July 2022 , andBill Collins will be appointed as new CFO
MUTTENZ,
“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
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,
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,
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
As required by SER,
- 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 ofClariant 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 withSIX 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:
- SIX
- 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.
In order to process the results of the investigation as diligently and swiftly as possible,
With the investigation completed, Clariant’s Chief Financial Officer
“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
„I personally decided to step down and look for a new challenge, leaving behind a strong
His successor will be
recently 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
“I am delighted that Bill is joining us at
Despite the current macroeconomic uncertainty,
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 Phone +41 61 469 63 63 jochen.dubiel@clariant.com Phone +41 61 469 63 63 anne.maier@clariant.com Phone +41 61 469 63 63 ellese.golder@clariant.com | INVESTOR RELATIONS Andreas Schwarzwälder Phone +41 61 469 63 73 andreas.schwarzwaelder@clariant.com Maria Ivek Phone +41 61 469 63 73 maria.ivek@clariant.com Phone +41 61 469 63 73 alexander.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. www.clariant.com |
Attachments
- Clariant Media Release Conclusion of investigation 20220427 EN
- Clariant Media Release Conclusion of investigation 20220427 DE
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