DowDuPont gibt Ergebnisse des vierten Quartals und des Gesamtjahres 2018 bekannt

• 4Q18 GAAP EPS aus fortgeführten Geschäften von 0,21 USD; Bereinigtes EPS steigt um 6% auf 0,88 USD
• 4Q18 GAAP Nettogewinn aus fortgeführten Geschäften von 513 Mio. USD; Operatives EBITDA unverändert bei 3,9 Mrd. USD
• GJ18 GAAP EPS aus fortgeführten Geschäften von 1,65 USD; Bereinigtes EPS steigt auf Pro-Forma-Basis um 21% auf 4,11 USD.
• GJ18 GAAP Nettogewinn aus fortgeführten Geschäften von 4,0 Mrd. USD; Operatives EBITDA auf Pro-Forma-Basis um 13% auf 18,3 Mrd. USD erhöht 

Highlights des vierten Quartals

• Der GAAP-Gewinn pro Aktie aus fortgeführten Geschäften belief sich auf insgesamt 0,21 US-Dollar. Der bereinigte Gewinn1 pro Aktie stieg um 6 Prozent auf 0,88 US-Dollar gegenüber dem Vorjahreszeitraum mit 0,83 US-Dollar. Der bereinigte Gewinn pro Aktie schließt wesentliche Posten im Quartal aus, die sich auf Nettokosten von insgesamt 0,56 US-Dollar pro Aktie und 0,11 US-Dollar pro Aktie für die Abschreibung immaterieller Vermögenswerte durch DuPont belaufen.
• Der Nettoumsatz lag mit 20,1 Milliarden US-Dollar auf Vorjahresniveau, da Preis- und Mengensteigerungen durch Währungseffekte ausgeglichen wurden.
• Das Volumen stieg gegenüber dem Vorjahreszeitraum um 1 Prozent. Zuwächse wurden in der Region Asien-Pazifik mit einem Plus von 8 Prozent und in Lateinamerika mit einem Plus von 9 Prozent erzielt, was die Volumenrückgänge in den USA und Kanada mit minus 3 Prozent und in EMEA mit minus 1 Prozent mehr als ausglich.
• Das Volumen stieg um 4 Prozent auf Pro-Forma-Basis, mit Gewinnen in den meisten Regionen, angeführt von zweistelligen Zuwächsen in der Region Asien-Pazifik. · Die lokalen Preise stiegen um 1 Prozent, wobei in den meisten Regionen Zuwächse zu verzeichnen waren. Währungsbedingt sank der Umsatz um 2 Prozent.
• Das GAAP-Nettoergebnis aus fortzuführenden Geschäftsbereichen belief sich auf insgesamt 513 Millionen US-Dollar. Das operative EBITDA1 lag mit 3,9 Milliarden USD auf Vorjahresniveau, da Kostensynergien und lokale Preissteigerungen durch Margenverluste in der Materials Science Division, geringere Eigenkapitalerträge und einen Gegenwind aus der Währungsumrechnung ausgeglichen wurden.
• DowDuPont erzielte im Quartal Kostensynergieeinsparungen von mehr als 500 Millionen US-Dollar. Insgesamt hat DowDuPont seit dem Abschluss der Fusion über 1,8 Milliarden US-Dollar an Einsparungen erzielt.
• Der Cashflow aus der Geschäftstätigkeit im Quartal betrug 5,1 Milliarden US-Dollar gegenüber 1,8 Milliarden US-Dollar im Vorjahreszeitraum. Bereinigt um die Bilanzierungs- und Ausweisänderung bei der Forderungsverbriefung stieg der Cashflow aus laufender Geschäftstätigkeit um 0,9 Mrd. US-Dollar gegenüber dem Vorjahr.
• Das Unternehmen führte im Quartal 2,3 Milliarden US-Dollar durch Dividenden (0,9 Milliarden US-Dollar) und Aktienrückkäufe (1,4 Milliarden US-Dollar) an die Aktionäre zurück. DowDuPont beabsichtigt, die verbleibenden offenen Aktienrückkäufe im ersten Quartal 2019 abzuschließen. Seit dem Abschluss der Fusion hat das Unternehmen fast 10 Milliarden US-Dollar an die Aktionäre zurückgeführt. 

Zitat des CEO

„In unserem ersten vollen Jahr als fusioniertes Unternehmen haben wir konstant gute Ergebnisse erzielt. Der Pro-Forma-Umsatz stieg um 8 Prozent, mit Zuwächsen in allen Regionen. Wir erzielten eine Steigerung des operativen EBITDA um 13 Prozent. Wir haben unsere Erwartung an Kostensynergien um 20 Prozent auf 3,6 Milliarden US-Dollar erhöht und führen gleichzeitig in signifikantem Umfang Kapital an die Aktionäre zurück“, sagte Ed Breen, Chief Executive Officer von DowDuPont.

„Wir bleiben auf Kurs für die Abspaltung der neuen Dow-Gruppe am 1. April, gefolgt von der Abspaltung von Corteva von der neuen DuPont-Gruppe am 1. Juni. Wir freuen uns über die Gründung dieser drei globalen Unternehmen, die jeweils als Branchenführer mit der richtigen Kapitalstruktur auftreten und nun besser positioniert sind, um Kunden zu bedienen, in ihren Endmärkten zu konkurrieren und sich auf ihre Innovationsprioritäten zu konzentrieren. Wir haben auch starke Führungsteams eingerichtet, die sich einzig darauf konzentrieren Wettbewerbsvorteile zu nutzen sowie ihre erheblichen Wachstumsmöglichkeiten und Kostensynergien auszuschöpfen, um jetzt und langfristig Werte zu schaffen."

Highlights für das Gesamtjahr 2018

• Der GAAP-Gewinn pro Aktie aus fortgeführten Geschäften belief sich auf insgesamt 1,65 US-Dollar. Der bereinigte Gewinn pro Aktie betrug 4,11 US-Dollar und lag damit 21 Prozent über dem Pro-Forma-Ergebnis des Vorjahreszeitraums. Der bereinigte Gewinn pro Aktie schließt wesentliche Posten in Höhe von insgesamt 2,02 US-Dollar pro Aktie aus sowie 0,44 US-Dollar pro Aktie für die Abschreibung immaterieller Vermögenswerte durch DuPont.
• Der Nettoumsatz nach GAAP stieg um 38 Prozent. Der Nettoumsatz stieg im Vergleich zu den Pro-Forma-Ergebnissen des Vorjahreszeitraums um 8 Prozent auf 86,0 Milliarden US-Dollar, mit Zuwächsen in allen Regionen.
• Das Volumen wuchs auf Pro-Forma-Basis um 4 Prozent, mit Zuwächsen in den meisten Regionen, angeführt von einem zweistelligen Wachstum in der Region Asien-Pazifik.
• Die lokalen Preise stiegen auf Pro-Forma-Basis um 3 Prozent, mit Zuwächsen in allen Regionen. Währungsbedingt stieg der Umsatz um 1 Prozent.
• Der GAAP-Nettogewinn aus fortgeführten Geschäften belief sich auf insgesamt 4,0 Milliarden US-Dollar. Das operative EBITDA stieg im Vergleich zu den Pro-Forma-Ergebnissen des Vorjahreszeitraums um 13 Prozent auf 18,3 Milliarden US-Dollar, da Kostensynergien, lokale Preissteigerungen, Volumenwachstum, einschließlich des Vorteils neuer Kapazitätserweiterungen, niedrigere Pensions- und OPEB-Kosten sowie höhere Aktienerträge die höheren Rohstoffkosten mehr als ausgleichen konnten.
• DowDuPont erzielte im Jahresvergleich Kostensynergien in Höhe von 1,6 Milliarden US-Dollar und übertraf damit sein erhöhtes Ziel von 1,5 Milliarden US-Dollar.
• Der Cashflow aus der Geschäftstätigkeit betrug 4,7 Milliarden US-Dollar und beinhaltete diskretionäre Pensionsbeiträge von rund 2,2 Milliarden US-Dollar. Ohne diese diskretionären Beiträge hätte der Cashflow aus der Geschäftstätigkeit 6,9 Milliarden US-Dollar betragen. 

Ausblick

"Wir gehen davon aus, dass sich das globale Wirtschaftswachstum 2019 mit einem etwas geringeren Tempo als 2018 fortsetzen wird", sagte Howard Ungerleider, Chief Financial Officer bei DowDuPont. „Wir werden makroökonomische und geopolitische Entwicklungen wie laufende Handelsgespräche und die wirtschaftliche Entwicklung Chinas weiterhin genau beobachten. Vor diesem Hintergrund konzentrieren wir uns weiterhin auf Maßnahmen, welche wir beeinflussen können – Wachstumsinvestitionen und Synergien bei Kosteneinsparungen zu nutzen, Maßnahmen zur Produktivitätssteigerung umzusetzen sowie in unseren Meilensteinen zum Spin voranzuschreiten.“

Conference Call

Das Unternehmen hat den Inhalt dieser Mitteilung am Donnerstag, den 31. Januar 2019, in einem Conference Call diskutiert. Die Präsentation aus dem Conference Call sowie eine Aufzeichnung des englischsprachigen Webcasts sind auf der Investoren-Website des Unternehmens unter www.dow-dupont.com verfügbar.

Über DowDuPont™

DowDuPont (NYSE: DWDP) ist die Dachgesellschaft (Holding) der Unternehmen The Dow Chemical Company und DuPont. Das Ziel von DowDuPont ist die Gründung von drei starken, unabhängigen und börsennotierten Unternehmen in den Bereichen Agriculture, Materials Science und Specialty Products. Als führende Unternehmen in ihren jeweiligen Branchen erfüllen diese die Anforderungen ihrer Kunden durch wirksame und wissenschaftlich fundierte Innovationen und tragen zu Lösungen für globale Herausforderungen bei. Weitere Informationen finden Sie unter www.dow-dupont.com.

Kontakt:

Investors:

Jennifer Driscoll
jen.driscoll@dupont.com
+1 302-774-4994

Neal Sheorey
nrsheorey@dow.com
+1 989-636-6347

(1) Adjusted earnings per share, Pro forma adjusted earnings per share, Operating EBITDA and Pro forma operating EBITDA are non-GAAP measures. See page 9 for further discussion. Third quarter 2017 information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X.

(2) Pension/OPEB (other post-employment benefit plans) costs include all components of net periodic benefit cost from continuing operations.

Cautionary Statement About Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” and similar expressions and variations or negatives of these words.

On December 11, 2015, The Dow Chemical Company (“Dow”) and E. I. du Pont de Nemours and Company (“DuPont”) entered into an Agreement and Plan of Merger, as amended on March 31, 2017, (the “Merger Agreement”) under which the companies would combine in an all-stock merger of equals transaction (the “Merger”). Effective August 31, 2017, the Merger was completed and each of Dow and DuPont became subsidiaries of DowDuPont (Dow and DuPont, and their respective subsidiaries, collectively referred to as the "Subsidiaries").

Forward-looking statements by their nature address matters that are, to varying degrees, uncertain, including the intended separation, subject to approval of the Company’s Board of Directors and customary closing conditions of DowDuPont’s agriculture, materials science and specialty products businesses in one or more tax-efficient transactions on anticipated terms (the “Intended Business Separations”). Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the Company’s control. Some of the important factors that could cause DowDuPont’s, Dow’s or DuPont’s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) costs to achieve and achieving the successful integration of the respective agriculture, materials science and specialty products businesses of Dow and DuPont, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, productivity actions, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined operations; (ii) costs to achieve and achievement of the anticipated synergies by the combined agriculture, materials science and specialty products businesses; (iii) risks associated with the Intended Business Separations, including conditions which could delay, prevent or otherwise adversely affect the proposed transactions, including possible issues or delays in obtaining required regulatory approvals or clearances related to the Intended Business Separations, associated costs, disruptions in the financial markets or other potential barriers; (iv) disruptions or business uncertainty, including from the Intended Business Separations, could adversely impact DowDuPont’s business (either directly or as conducted by and through Dow or DuPont), or financial performance and its ability to retain and hire key personnel; (v) uncertainty as to the long-term value of DowDuPont common stock; and (vi) risks to DowDuPont’s, Dow’s and DuPont’s business, operations and results of operations from: the availability of and fluctuations in the cost of feedstocks and energy; balance of supply and demand and the impact of balance on prices; failure to develop and market new products and optimally manage product life cycles; ability, cost and impact on business operations, including the supply chain, of responding to changes in market acceptance, rules, regulations and policies and failure to respond to such changes; outcome of significant litigation, environmental matters and other commitments and contingencies; failure to appropriately manage process safety and product stewardship issues; global economic and capital market conditions, including the continued availability of capital and financing, as well as inflation, interest and currency exchange rates; changes in political conditions, including trade disputes and retaliatory actions; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could result in a significant operational event for the Company, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce the Company’s intellectual property rights; failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of the aforementioned factors. These risks are and will be more fully discussed in the current, quarterly and annual reports filed with the U. S. Securities and Exchange Commission by DowDuPont. While the list of factors presented here is, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DowDuPont’s, Dow’s or DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. None of DowDuPont, Dow or DuPont assumes any obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” (Part I, Item 1A) of DowDuPont’s 2017 annual report on Form 10-K.

Discussion of segment revenue, operating EBITDA and price/volume metrics on a divisional basis for Agriculture is based on the results of the Agriculture segment; for Materials Science is based on the combined results of the Performance Materials & Coatings, Industrial & Infrastructure, and Packaging & Specialty Plastics segments; and for Specialty Products is based on the combined results of the Electronics & Imaging, Nutrition & Biosciences, Transportation & Advanced Polymers, and Safety & Construction segments. The segment disclosures have been presented in this manner for informational purposes only and should not be viewed as an indication of each division’s current or future operating results on a standalone basis assuming completion of the Intended Business Separations.

The Dow Diamond, DuPont Oval logo, DuPont™, the DowDuPont logo and all products, unless otherwise noted, denoted with ™, ℠ or ® are trademarks, service marks or registered trademarks of The Dow Chemical Company, E. I. du Pont de Nemours and Company, DowDuPont Inc. or their affiliates.

Merger of Equals

Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (the "Merger Agreement"), The Dow Chemical Company ("Dow") and E. I. du Pont de Nemours & Company ("DuPont") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont" or the "Company") and, as a result, Dow and DuPont became subsidiaries of DowDuPont Inc. (the "Merger"). Dow was determined to be the accounting acquirer in the Merger and, as a result, the historical financial statements of Dow, prepared under U.S. generally accepted accounting principles ("U.S. GAAP"), for the periods prior to the Merger are considered to be the historical financial statements of DowDuPont.

Unaudited Pro Forma Financial Information

In order to provide the most meaningful comparison of results of operations and results by segment, supplemental unaudited pro forma financial information has been included in the following financial schedules. The unaudited pro forma financial information is based on the historical consolidated financial statements and accompanying notes of both Dow and DuPont and has been prepared to illustrate the effects of the Merger, assuming the Merger had been consummated on January 1, 2016. For the three and six months ended June 30, 2017, pro forma adjustments have been made for (1) the preliminary purchase accounting impact, (2) accounting policy alignment, (3) the elimination of the effect of events that are directly attributable to the Merger Agreement (e.g., one-time transaction costs), (4) the elimination of the impact of transactions between Dow and DuPont, and (5) the elimination of the effect of consummated divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger.

The unaudited pro forma financial information was based on and should be read in conjunction with the separate historical financial statements and accompanying notes contained in each of the Dow and DuPont Quarterly Reports on Form 10-Q for the quarter ended June 30, 2017. The pro forma financial information was prepared in accordance with Article 11 of Regulation S-X. The results for the three and six months ended June 30, 2018, are presented on a U.S. GAAP basis. The unaudited pro forma financial information has been presented for informational purposes only and is not necessarily indicative of what DowDuPont's results of operations actually would have been had the Merger been completed as of January 1, 2016, nor is it indicative of the future operating results of DowDuPont. The unaudited pro forma information does not reflect restructuring or integration activities or other costs following the Merger that may be incurred to achieve cost or growth synergies of DowDuPont. For further information on the unaudited pro forma financial information, please refer to the Company's Current Report on Form 8-K dated October 26, 2017.

Non-GAAP Financial Measures

This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures include the Company's pro forma consolidated results and pro forma earnings per share on an adjusted basis. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. DowDuPont's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this release are defined below. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 15. DowDuPont does not provide forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses, potential future asset impairments and purchase accounting fair value adjustments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.

Adjusted earnings per share is defined as "Earnings per common share from continuing operations - diluted" excluding the after-tax impact of significant items and the after-tax impact of amortization expense associated with DuPont's intangible assets. Pro forma adjusted earnings per share is defined as "Pro Forma earnings per common share from continuing operations - diluted" excluding the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont's intangible assets. Although amortization of DuPont's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets.

Operating EBITDA is defined as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items. Pro forma operating EBITDA is defined as pro forma earnings (i.e., "Pro Forma income from continuing operations before income taxes") before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items.

Discussion of segment revenue, operating EBITDA and price/volume metrics on a divisional basis for Agriculture is based on the results of the Agriculture segment; for Materials Science is based on the combined results of the Performance Materials & Coatings segment, the Industrial Intermediates & Infrastructure segment and the Packaging & Specialty Plastics segment; and for Specialty Products is based on the combined results of the Electronics & Imaging segment, the Nutrition & Biosciences segment, the Transportation & Advanced Polymers segment and the Safety & Construction segment. The Corporate segment is not included in the division metrics. The segment disclosures have been presented in this manner for informational purposes only and should not be viewed as an indication of each division’s current or future operating results on a standalone basis assuming completion of the Intended Business Separations.