03 June 2010 16:27 [Source: ICIS news]
“The change in the euro really has no impact in terms of cash or basic economics,” Robert Zatta told analysts at a webcast investor conference in ?xml:namespace>
“From a transactional standpoint, we have been able to balance out exposure between dollars and euros,” he added.
However, there was a translation effect on Rockwood’s reported results, with each one-cent change translating into a $2.5m (€2.1m) change in earnings before interest, tax, depreciation and amortisation (EBITDA), on an annualised basis, he said.
Similarly, a one-cent change in the euro had a one-cent change on Rockwood’s earnings per share, he said.
Rockwood CEO Seifi Ghasemi added that although about half of Rockwood’s sales were in
Rather, he said, most of Rockwood’s products were sold to manufacturers in
“The European economy going at zero percent, or negative, is not a worry for us,” he said.
Ghasemi also noted that Rockwood, with its focus on inorganic chemicals, had only very limited exposure to the fluctuations in oil prices.
($1 = €0.82)Read Paul Hodges’ Chemicals and the Economy blog
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