Oxea: Record Earnings in 2011
Oxea, Oberhausen, Germany, a global supplier of Oxo intermediates and Oxo Derivatives, announced record results in 2011. Net sales of EUR 1,479 million were up by 8% and Adjusted EBITDA amounted to EUR 206 million reflecting an increase of 16% from the corresponding period of the prior year. Strong cash generation during the year significantly improved Oxea’s financial profile and further reduced net debt to approx. 1.7x Adjusted EBITDA from 2.2x in 2010.
After a strong first half year of 2011 with record performance in both revenues and EBITDA and a robust third quarter, Oxea’s fourth quarter performance was affected by the continued softening of the world economy and destocking activities along the value chain in the entire industry.
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