This excerpt taken from the ICI 6-K filed Aug 10, 2006.
Sales for the first half were 1% ahead of 2005 on a comparable basis. Growth in Europe and the Americas was partially offset by weaker trading conditions in Asia. Glycerine prices were lower than 2005, and with higher raw material costs, gross margin percentages were below last year. Costs below gross margin continued to benefit from the restructuring programme and good overall cost control, but nevertheless trading profit was 22% below last year on a comparable basis.
Including the favourable effects from foreign exchange translation, sales were 3% ahead of last year and trading profit was 24% lower, both on an as reported basis.
This excerpt taken from the ICI 20-F filed Mar 31, 2006.
Uniqemas reported sales of £631m were in line with 2004, but, excluding foreign exchange translation effects, were 1% lower on a constant currency basis, with growth in Asia and Latin America offset by lower sales in Europe. The geographic split of sales by customer location for Uniqema in 2005 was: Europe 49%, North America 30%, Asia 15%, Latin America and Rest of World 6%. Overall gross margin percentages were slightly lower than in 2004 with glycerine margins falling progressively through the year. However, control of costs below gross margin was maintained, supplemented by benefits from the restructuring programme. Operating profit before special items increased to £22m in 2005 (2004 £20m).
This excerpt taken from the ICI 6-K filed Mar 14, 2006.
In February 2006, ICI announced that it was evaluating its options with regard to Uniqema. ICI believes that Uniqema is a market leading oleochemicals and derivatives business with a good product portfolio and a strong management team. The restructuring programme announced in 2003 has generated significant savings, resulting in improved profitability. The Uniqema team has identified a range of further restructuring opportunities that could further improve overall profitability, but which would require significant additional investment. In this context, and in the light of other investment opportunities available to ICI across the Group, in particular in those areas where there is the prospect of greater strategic and financial returns, ICI is evaluating its options with a view to divesting the business, subject to a deal realising value for shareholders.