Lanxess’ FY figures look at first irritating and then at a second look disastrous. Top-line, we clearly missed the unexpected strong year-end sales party and on the earnings level the sun still shone at the pre one-offs level, but descending to the real world (one-offs were €-218m (€-50m)) the scenery looks wintery. Q4 was not a really successful quarter. Consensus was not met on the net earnings level.
