International. Evonik announced an increase in adjusted EBITDA to €742 million in the second quarter of 2018 (previous year: €640 million). All three chemical segments contributed excellent operating business development, as all three were able to increase their adjusted EBITDA as well as their EBITDA margin compared to the same quarter of the previous year.
Sales increased to €3.9 billion in the second quarter (previous year: €3.6 billion), largely due to higher sales volumes and higher selling prices. Adjusted net income was €354 million, which corresponds to adjusted earnings per share of €0.76. Adjusted EBITDA margin improved to 19.2%, up 1.5 percentage points from the same period a year earlier.
Evonik is on track in terms of free cash flow development. While free cash flow is typically negative in the second quarter due to variable compensation payments, it improved by €248 million and was positive by €56 million (previous year: - €192 million). This was mainly due to improved operating income.
"We are pleased to confirm the strong results we have previously published," said Christian Kullmann, Chairman of the Executive Board. "The implementation of strategic measures and increased cost awareness is increasingly reflected in our operational business development and significantly improved cash flow."
In the first half of 2018, Evonik generated sales of €7.5 billion and adjusted EBITDA of €1.4 billion. Compared to the first half of 2017, sales increased by 4% and adjusted EBITDA by 15%. Adjusted EBITDA margin increased from 17.0 to 18.8%. Free cash flow increased in the first half of the year to €140 million (previous year: - €135 million).
