In its preliminary fiscal 2011 figures, the Germany-based company said Ebitda for 2011 amounted to €.1bn, compared to €.19bn the year before. Ebit reached €00m, down from €65m.
“Our business developed well over the first nine months,” CEO Rudolf Staudigl said in a statement. “The decline in semiconductor and solar demand was stronger than we had expected and caused Q4 figures to come in below our estimates.”
Rising raw material and energy costs also affected earnings, as the company spent €60m on raw materials in 2011 than in 2010.
Sales totalled €.91bn 2011, up 3% from 2011. The slight rise stemmed from volume gains but a weak US dollar slowed sales growth.
