March 14th, 2022
Nouryon reported full-year 2021 results with revenue of $4.9 billion, an increase of 17 percent year over year, driven by volume growth and pricing actions. Excluding impacts from foreign exchange and acquisitions, revenue grew 13 percent. Adjusted EBITDA increased 10 percent year over year, despite significant cost headwinds from raw materials, energy, and logistics. Volume was the primary driver of adjusted EBITDA growth, with additional contributions from pricing, cost improvement initiatives and foreign exchange, offset partially by cost pressures.
“Nouryon’s 2021 full-year financial performance reflects the strength of our priority end-markets, as well as our ability to supply a record volume of products to our customers in the face of numerous logistics challenges in global supply chains,” said Charlie Shaver, Nouryon Chairman and CEO. “We accelerated our pricing actions in the fourth quarter, with pricing up 11 percent versus the prior year period, to help support the strong adjusted EBITDA growth for the full year.”
Selected financial data (in USD millions)
| 2020 | 2021 | Change | |
| Revenue | 4,207 | 4,917 | 17% |
| Adjusted EBITDA1 | 984 | 1,081 | 10% |
| Adjusted EBITDA margin3 (%) | 23.4% | 22.0% |
In the Performance Formulations segment, revenue grew 21 percent to over $3.4 billion, and adjusted EBITDA increased 15 percent to $755 million. Revenue growth was particularly strong in several end-markets, including agriculture and food, cleaning goods, oil and gas, packaging, pharmaceuticals, and clothing and apparel. Segment adjusted EBITDA margins in Performance Formulations were 21.9 percent.
Revenue in the Technology Solutions segment increased 8 percent to nearly $1.5 billion, driven by strong growth in APAC and EMEA, along with a ramp up of production in two new plants in China. Segment adjusted EBITDA decreased by 3 percent to $326 million, due to higher costs for raw materials and energy. Technology Solutions segment adjusted EBITDA margins were 22.3 percent.
In 2021, Nouryon earned an EcoVadis Gold rating for its sustainability achievements, having achieved a score that placed it in the top 3 percent of companies rated by EcoVadis, the world’s largest provider of business sustainability ratings.
Nouryon also completed the spin-out of its base chemicals business, Nobian, into a separate company remaining under the ownership of Nouryon’s equity owners, The Carlyle Group and GIC, in July 2021.
Full-Year 2021 Highlights
Revenue of $4.9 billion, an increase of 17 percent versus 2020
Adjusted EBITDA1 of $1.1 billion, up 10 percent versus the prior year
Free cash flow2 of $781 million, a 4 percent increase year over year
For more information, visit https://www.nouryon.com/
