IMCD reports 17% EBITA growth in 2015

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Algemeen advies 16/03/2016 07:03
Rotterdam, The Netherlands (16 March 2016) - IMCD N.V. ("IMCD" or "Company"), a leading distributor of speciality chemicals and food ingredients, today announces the full year 2015 results.
Highlights
· Revenue growth of 13% to EUR 1,530 million (+11% on a constant currency basis)
· Gross profit growth of 16% to EUR 332.8 million (+14% on a constant currency basis)
· Operating EBITA increased by 17% to EUR 128.3 million (+15% on a constant currency basis)
· Net result before amortisation and non-recurring items of EUR 87.2 million (2014: EUR 54.3 million)
· Cash earnings per share increased by 26% to EUR 1.79
· Dividend proposal of EUR 0.44 in cash per share

Piet van der Slikke, CEO, commented: "The results 2015 show a consistent strong performance, despite difficult market conditions. The diligent execution of our business model and the continuous focus on margin improvement resulted in further growth. Through our selective acquisitions we were able to expand our strategic and geographic market coverage and with MF Cachat we acquired a solid and growing platform for further expansion in the attractive US market. In 2016 we will continue to build on the strong foundations of our business with the aim to achieve another year of growth."

Key figures
EUR million 2015 2014 Change Change Fx adj. change
Revenue 1,529.8 1,358.3 171.5 13% 11%
Gross profit 332.8 287.6 45.2 16% 14%
Gross profit in % of revenue 21.8% 21.2% 0.6%
Operating EBITA1 128.3 110.0 18.3 17% 15%
Operating EBITA in % of revenue 8.4% 8.1% 0.3%
Conversion margin2 38.5% 38.2% 0.3%
Net result before amortisation / non recurring
items 87.2 54.3 32.9 61% 58%
Free cash flow3 119.3 94.6 24.7 26%
Cash conversion margin4 90.5% 83.9% 6.6%
Net debt / Operating EBITDA ratio5 2.9 2.4 0.5 23%
Earnings per share (weighted) 1.20 0.79 0.41 52%
Cash earnings per share (weighted)6 1.79 1.42 0.37 26%
Proposed dividend per share 0.44 0.20 0.24 120%
Number of full time employees end of period 1,746 1,512 234 15%
1 Result from operating activities before amortisation of intangibles and non-recurring items
2 Operating EBITA in percentage of Gross profit
3 Operating EBITDA plus/less changes in working capital less capital expenditures
4 Free cash flow in percentage of Operating EBITDA
5
Including full year impact of acquisitions 2015
6 Result for the year before amortisation (net of tax)

Revenue
Revenue increased from EUR 1,358 million to EUR 1,530 million, an increase of 13% compared to 2014. This increase was the balance of organic growth (1%), the first time inclusion of acquired companies (11%) and a
positive contribution of foreign exchange differences (1%).
Organic revenue growth was the outcome of modest macroeconomic circumstances, rationalisations in the product portfolio that more or less offset the positive impact of adding new supplier relations, expanding
relations with existing suppliers and an increase of customer penetration by adding new customers and selling more products to existing customers. Acquisitions completed in 2014 and acquisitions made in 2015 had a
positive impact on revenue of EUR 145 million.

Gross profit
Gross profit, defined as revenue less cost of materials and inbound logistics, increased from EUR 287.6 million
in 2014 to EUR 332.8 million in 2015, an increase of 16%. This increase was the balance of organic growth (5.2%), the first time inclusion of acquired companies (9.1%) and a positive contribution of foreign exchange differences (1.4%).
Gross profit in % of revenue increased from 21.2% in 2014 to 21.8% in 2015. This increase is the result of
further optimisation of the product portfolio, the first time inclusion of acquired companies, local market circumstances, currency changes and the usual fluctuations in the product mix.
The gross profit in % of revenue improved in all regions whereby gross profit margins showed the normal level
of differences in margins per region, margins per product and margins per product market combinations.

Operating EBITA
Operating EBITA, increased by 17% to EUR 128.3 million compared to EUR 110.0 million in 2014 (+15% on a constant currency basis).
In 2014 operating EBITA included the outcome of changes in Dutch pension legislation. Under IAS19 past service obligations in the Netherlands were reduced by EUR 2.7 million. This non-cash release of EUR 2.7 million was included in the 2014 operational EBITA. Excluding this 2014 one off item, the operating EBITA growth in 2015 was EUR 21 million (20%).
The growth in operating EBITA was a combination of organic growth, the first time inclusion of acquired
companies and a positive impact of exchange differences (EUR 1.8 million). The operating EBITA in % of revenue increased from 8.1% in 2014 (7.9% excluding the IAS 19 pension adjustment) to 8.4% in 2015. All segments increased their EBITA margin in 2015 compared to 2014.
Furthermore, the conversion margin, operating EBITA as a percentage of gross profit, improved by 0.3% from 38.2% in 2014 to 38.5% in 2015. Excluding the 2014 IAS 19 pension adjustment the conversion margin
improved 1.2% (from 37.3% to 38.5%).

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.
IMCD’s consistent strategy and resilient business model has led to successful expansion over the years and IMCD remains focused on achieving earnings growth by optimising its services and further strengthening its
market positions. IMCD sees interesting opportunities to increase its global footprint and expand the product portfolio organically and by acquisitions.


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