Anthony Locicero, Associate editor03.09.21
Nouryon said it increased its profit in its full-year 2020 financial results with a continued commitment to customers and disciplined cost management.
“I am pleased with our 2020 results as they reflect our responsiveness to customer needs and a strategic investment in high-growth and resilient end markets,” Nouryon Chairman and CEO Charlie Shaver said. “The strength of our portfolio is evident in the diversity of our customer base and the global nature of our businesses. That strength is supported by the cost discipline of our team, and our ability to bring innovative, new and sustainable solutions to market in a timely way."
Full-year 2020 revenue decreased by 4% due to lower prices and volumes, while adjusted EBITDA increased by 3% to €1,162 million. The company’s strong cash position also enabled it to voluntarily repay €100 million of its Euro term loan.
|
Selected financial data (in € millions) |
|||
|
|
2019 |
2020 |
Change |
|
Revenue |
5,082 |
4,700 |
(4%)1 |
|
Adjusted EBITDA2 |
1,128 |
1,162 |
3% |
|
EBITDA margin (%) |
22.2% |
24.7% |
|
Shaver said the company’s targeted transformation activities are continuing to yield positive results.
For example, its acquisition of the carboxymethyl cellulose (CMC) business of J.M. Huber Corporation in 2020 allowed Nouryon to significantly broaden its portfolio of products in CMC, a sustainable, bio-based water-soluble polymer that is used in a broad range of end markets from home and personal care, to buildings, food and pharmaceuticals.
Building on its 2020 EcoVadis Silver rating achievement, Nouryon committed to enhanced sustainability targets, specifically to reduce its carbon emissions by 25% and increase its share of low-carbon and renewable energy to 60% by 2025.
The company also launched new sustainable products in 2020 to support its customers to achieve their targets too, including anti-viral paint coatings, biodegradable crop protection ingredients, and products for cool roof coatings that reduce the need for air conditioning.
