Rotterdam, The Netherlands (14 August 2015) - IMCD N.V. ("IMCD" or "Company"), a leading distributor of specialty chemicals and food ingredients, today announces the first half year 2015 results.

Highlights
· Gross profit growth of 10% to EUR 161.3 million (+6% on a constant currency basis)
· Operating EBITA increase of 11% to EUR 62.1 million (+7% on a constant currency basis)
· Net result EUR 42.2 million before amortisation and non-recurring items (first half of 2014: EUR 15.1 million)
· Cash EPS EUR 0.81
· Acquisition of MF Cachat, completed on 23 June 2015, provides a significant platform for further growth in the United States

Piet van der Slikke, CEO, commented: 'I am satisfied with our first half year results. We have been able to further improve gross profit and operating EBITA, our most important KPI's, despite modest growth dynamics in the markets in which we operate. We are very pleased with the recent acquisition of MF Cachat in the US which is an important step to further expand and enhance our business model.'

Key figures
EUR million Jan. 1 - June 30 2015 Jan. 1 - June 30 2014 change change fx adj. change
Revenue 728.9 702.4 26.5 4 % 0 %
Gross profit 161.3 147.2 14.2 10% 6 %
Gross profit in % of revenue 22.1% 21.0% 1.2%
Operating EBITA¹ 62.1 56.0 6.0 11% 7 %
Operating EBITA in % of revenue 8.5% 8.0% 0.5%
Conversion margin2 38.5% 38.1% 0.4%
Net Result before amortisation / non recurring items 42.2 15.1 27.1 180% 161%
Free cash flow3 42.9 29.4 13.5 46%
Cash conversion margin4 67.4% 51.3% 16.1%
Earnings per share (weighted) 0.64
Cash earnings per share (weighted)5 0.81
Number of full time employees end of period 1,678 1,458 219 15%
¹ Result from operating activities before amortization of intangibles and non-recurring items
2Operating EBITA in percentage of Gross profit
3 Operating EBITDA plus/less changes in working capital less capital expenditures
4Free cash flow in percentage of Operating EBITDA
5 Earnings before amortisation net of taks

Revenue
Revenue increased from EUR 702.4 million to EUR 728.9 million, an increase of 4% compared to the first half of 2014. All regions contributed to the increase. The first time inclusion of acquired companies, in particular Danasia, Philippines (since September 2014), Kushalchand, India (since April 2015) and MF Cachat, United States (since 23 June 2015) had a positive contribution of approximately EUR 15 million to revenue. On a constant currency basis revenue remained stable.

Gross profit
Gross profit (revenue less costs of materials and inbound logistics), one of the key performance indicators, increased by 10% to EUR 161.3 million (+6% on a constant currency basis). The gross profit in % of revenu improved in all regions resulting in an overall increase to 22.1% in the first half of 2015 (21.0% in the first half of 2014). This increase was the result of further optimisation of the product portfolio, local market circumstances and the usual fluctuations in the product mix.

Operating EBITA
In the first half of 2015 the operating EBITA amounted to EUR 62.1 million, an increase of 11% compared to the first half of 2014 (+7% on a constant currency basis). Most of this growth was organic and realised in an economic environment with modest growth. Operating EBITA in % of revenue increased to 8.5% compared to 8.0% in the first half of 2014.

Cash flow and capital expenditure
Free cash flow was EUR 42.9 million compared to EUR 29.4 million in the first half of 2014, an increase of EUR 13.5 million. The asset light business model and cash generative nature of the business resulted in a cash conversion margin of 67.4% compared to 51.3% in the first half of 2014. The higher operating EBITDA combined with lower working capital investments were the main drivers of this improvement.
The investment in working capital (sum of inventories, trade and other receivables minus trade and other payables) in the first half of 2015 was EUR 19.4 million compared to EUR 27.0 million in the first half of 2014.
Capital expenditure in the first half of 2015 was EUR 1.3 million compared to EUR 0.9 million in the same period of 2014.

Net debt
Net debt was EUR 433.4 million on 30 June 2015, compared to EUR 257.8 million as per 31 December 2014.
The increase in net debt is predominantly the balance of positive and healthy cash flows from operating activities and the net proceeds from the issuance of new shares, set off by cash outflows as a result of acquisition purchase prices paid and a dividend payment of EUR 10 million. Furthermore, net debt increased with approximately EUR 53 million due to the increase of deferred contingent considerations related to acquisitions made.
The acquisition of MF Cachat was financed with cash on the balance sheet, existing credit lines, the net proceeds of the issuance of new shares of EUR 84.2 million (2.6 million new shares at a price of EUR 32.79) and a new term loan of EUR 30 million.
The reported leverage ratio at the end of June 2015, including the last full year result of MF Cachat, was 3.0 times EBITDA (2.3 times at the end of December 2014).
Calculated on the basis of the definitions used in the IMCD loan documentation, the leverage ratio at the end of June 2015 was 2.5 times EBITDA (2.2 times at the end of December 2014).

Early July IMCD agreed with its banking syndicate to amend and extend the existing loan facilities. The term loans were increased from EUR 330 million to EUR 350 million and the revolving credit facility lines from EUR 100 million to EUR 150 million, whereby overall interest margins were reduced. Furthermore, the maturity of these loans was extended with one year until 2020 and the flexibility to finance further growth, in particular with regard to the financing of future acquisitions, improved.

Outlook
IMCD operates in different, often fragmented market segments in multiple geographic regions, connecting many customers and suppliers across a very diverse product range. In general, results are impacted by macroeconomic conditions and developments in specific industries. Furthermore results can be influenced from period to period by, amongst others, the ability to maintain and expand commercial relationships, the ability to introduce new products and start new customer and supplier relations and the timing, scope and impact of acquisitions.
Based on the performance in the first half of 2015 and the strong fundamentals of the business, excluding the contribution of the acquired companies, IMCD expects continuing EBITA growth in 2015.


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