IMCD reports first half year Operating EBITA of EUR 56 million (+13% reported and +18% on a constant currency basis)

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Algemeen advies 13/08/2014 14:54
Highlights
· Revenue increased by 14% from EUR 614.4 million to EUR 702.4 million (+18% on a constant currency basis)
· Gross profit growth of 12% (+15% on a constant currency basis)
· Operating EBITA increased by 13% to EUR 56.0 million (+18% on a constant currency basis)
· IMCD shares listed on the Amsterdam Stock Exchange as per 27 June 2014
· Refinancing of credit facilities and loans finalized on 8 July 2014; net debt reduced by EUR 556.3 million to EUR 291.2 million

Piet van der Slikke, CEO, commented: “I am pleased to report a half year of significant progress for IMCD. In parallel to the successfully completed IPO process, we continued to focus on the business. We saw an increase in revenues across all our markets and are positive about the current performance and the outlook”.

Key figures
EUR million
First half year 2014 First half year 2013
Δ
Revenue 702.4 614.4 14%
Gross profit 147.2 131.4 12%
Gross profit in % of revenue 21.0% 21.4%
Operating EBITA¹ 56.0 49.4 13%
Operating EBITA margin² 8.0% 8.0%
Conversion ratio³ 38.1% 37.6%
Free cash flow

29.4 33.8 -13%
Cash conversion ratio

51.3% 67.0%
Net Profit before amortisation / non recurring items 15.1 12.4 22%
Number of full time employees end of period 1,458 1,307 12%
¹ Result from operating activities before amortization of intangibles and non- recurring items
² Operating EBITA in percentage of Revenue
³ Operating EBITA in percentage of Gross profit

Operating EBITDA plus/minus changes in working capital minus capital expenditures

Free cash flow in percentage of Operating EBITDA


Key figures Financial position
EUR million Pro Forma 2014¹
30 June 2014 30 June 2013 Δ
Working capital 179.2 179.6 150.7 19%
Net Debt 291.2 847.5 823.5 -65%
¹ Pro forma illustrates the effec t of the initial public offering of shares and subsequent restruc turing and refinanc ing of the c ompany’s indebtedness
Financial results in the first half year 2014.

Revenue
Revenue increased by EUR 87.9 million to EUR 702.4 million, an increase of 14%. On a constant currency basis revenue increase was 18% (EUR 107.6 million).

Gross profit
Gross profit increased by EUR 15.7 million to EUR 147.2 million, an increase of 12%. On a constant currency basis, gross profit increased by 15%. The gross profit margin decreased slightly from 21.4% to 21.0% due to product mix changes and the depreciation of certain non-Euro currencies resulting in competitive pressure in local markets.

Operating EBITA
Operating EBITA increased by 13% to EUR 56.0 million. On a constant currency basis, EBITA increased by EUR 8.7 million or 18%. The operating EBITA margin remained at 8.0%.
Cash flow and capital expenditure Working capital (sum of inventories, trade and other receivables minus trade and other payables) increased by EUR 28.9 million (19%) during the first half of this year. The increase was the result of an increase of sales and an usual higher working capital balance at mid-year due to seasonality.
Capital expenditure in the first half of 2014 was equal to the first half year of 2013: EUR 0.9 million.
Free cash flow was EUR 29.4 million compared to EUR 33.8 million in the first half year of 2013. The cash conversion ratio decreased from 67.0% to 51.3%, mainly as a result of investments in net working capital as a consequence of the higher business volumes.

Net debt
IMCD has operated prior to its listing on Euronext Amsterdam as a private company with a leverage structure which is different from what is market practice for a listed company.
Net debt was EUR 847.5 million at the end of June 2014, compared to EUR 823.5 million as per year-end 2013.
The movement in net debt mainly relate to a scheduled redemption of the senior bank facilities, withdrawal of new senior loan facilities, rolled-up interest on shareholder’s loans and movement in cash and cash equivalents and other short term bank facilities.

At July 2, 2014, shareholder loans of EUR 314.4 million were contributed to the company’s additional paid-in capital. With the proceeds of the initial public offering and the newly raised syndicated banking facilities, the company refinanced its existing indebtedness. The result of the refinancing is a reduction in net debt of EUR 556.3 million compared to June 30, 2014 leading to a pro forma net debt amount of EUR 291.2 million.

Outlook
Macroeconomic outlook for the most important regions IMCD is working in shows low to modest GDP growth.
The group is continuously working on expanding its product portfolio and the acceleration of these initiatives is important to realize growth. Projects are going on to integrate and optimize the businesses acquired in 2013.
Based on this, barring unforeseen circumstances, IMCD anticipates to grow the Operating EBITA for the year with at least 6%.



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