Arkema said Thursday that adjusted net income and sales fell in 2019 due to a challenging macro environment.

The French chemicals company said adjusted net income for the full year came in at 625 million euros ($678.8 million) from EUR725 million in 2018.

Sales fell to EUR8.74 billion from EUR8.82 billion the previous year due to a less favorable macroeconomic and geopolitical environment, it said. In the fourth quarter, sales fell 7% on year to EUR2.05 billion.

Earnings before interest, tax, depreciation and amortization decreased 1.2% on the year to EUR1.46 billion. The Ebitda margin was stable on year at 16.7%.

We experienced a more difficult economic climate in 2019, marked by downturns in some markets, such as the automotive and electronics sectors, as well as a general lack of visibility, said Chief Executive Thierry Le Henaff.

The company said it expects the economic environment to remain volatile in 2020 and to achieve Ebitda growth comparable to 2019 levels, excluding the impact of the coronavirus epidemic. It estimates an impact of around EUR20 million to Ebitda at the end of February due to uncertainties related to the coronavirus.

Arkema said it is scheduled to host a capital markets day on April 2, during which it will present its long-term strategy. Bloomberg recently reported that the company is considering asset disposals, as it faces pressure from activist investor Elliott Management Corp.

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