Kemira announce results for second quarter 2007 - has the giant succeeded in its ambitious acqusition plans?

Kemira announced their 2Q07 resuls yesterday and the following are the highlights for the pulp and paper chemicals business:

Revenue +1% (Apr-Jun): EUR 260.1 mio (v 257.9 in 2006)
Revenue +10% (Jan-Jun): EUR 515.4 mio (v 467.4 in 2006)

EBITDA (Apr-Jun): 13.4% (v 12.4% in 2006)
EBITDA (Jan-Jun): 13.7% (v 14.7% in 2006)

ROCE (Apr-Jun): 11.2% (v 11.1% in 2006)
ROCE (Jan-Jun): 11.2% (11.1% in 2006)

Comments made in the press release were:

• The revenue growth of 10% in the first 6 months of 2007 was largely due to the inclusion of the LanXess paper chemical acquisition. The second quarter growth was 1% (+7% organic growth in local currencies).
  
• Operating profit was improved by, "The moderate development of raw material prices, efficient cost management and healthy demand ... for pulp an paper chemicals ..... and progress in integrating acquired companies."
  
• Operating profit was lowered by the Korean hydrogen peroxide divestment in 2006.
• EUR 4.9 mio investment in calcium sulphate expansion was made.
• Uruguay project proceeding to plan (start up 2H07).
• Chlorine dioxide plant to be built in Argentina (start up 1H08)
  

The press release, detailed reports and presentations can be forund on the Kemira web site.