IMCD reports 26% EBITA growth in the first half of 2016

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Algemeen advies 23/08/2016 07:12
Highlights
· Gross profit growth of 20% to EUR 194.0 million (+25% on a constant currency basis)
· Operating EBITA increase of 26% to EUR 78.3 million (+31% on a constant currency basis)
· Net result before amortisation and non-recurring items increase of 28% to EUR 54.0 million (+31% on a constant currency basis)
· Cash earnings per share increased by 25% to EUR 1.01
· Acquisition of Mutchler, completed on 1 July 2016, expanding the US operations into the pharmaceutical market

Piet van der Slikke, CEO: 'We are satisfied with our results in the first half of 2016. Our business has shown growth both as a result of the acquisitions in the US and Brazil in 2015 and organically. The recent acquisition of Mutchler in the US and Puerto Rico is an important further step in the execution of our US strategy and our global strategy in pharmaceuticals. In an increasingly uncertain macro-economic environment we continue to focus on executing our strategy and on operational excellence.'

Key figures
EUR millionJan. 1 - June 30,2016Jan. 1 - June 30, 2015 Change Change
Fx adj. change
Revenue 884.8 728.9 155.9 21% 26%
Gross profit 194.0 161.3 32.7 20% 25%
Gross profit in % of revenue 21.9% 22.1% (0.2%)
Operating EBITA1 78.3 62.1 16.2 26% 31%
Operating EBITA in % of revenue 8.8% 8.5% 0.3%
Conversion margin2 40.3% 38.5% 1.9%
Net result before amortisation / non recurring items 54.0 42.2 11.8 28% 31%
Free cash flow3 63.3 42.9 20.4 48%
Cash conversion margin4 78.9% 67.4% 11.5%
Earnings per share (weighted) 0.75 0.64 0.11 17% 20%
Cash earnings per share (weighted)5 1.01 0.81 0.20 25% 28%
Number of full time employees end of period 1,773 1,678 95 6%

1 Result from operating activities before amortisation of intangibles and non-recurring items
2 Operating EBITA in percentage of Gross profit
3 Operating EBITDA excluding non cash share based payment expenses, plus/less changes in working capital less capital expenditures
4 Free cash flow in percentage of Operating EBITDA
5 Result for the year before amortisation (net of tax)

Revenue
Revenue increased from EUR 728.9 million to EUR 884.8 million, an increase of 21% compared to the first half of 2015. All regions contributed to the increase. On a constant currency basis, the increase in revenue is 26%, consisting of organic growth (+4%) and the first time inclusion of acquired companies (+22%).

Gross profit
Gross profit, defined as revenue less costs of materials and inbound logistics, increased by 20% from EUR 161.3 million in the first half year of 2015 to EUR 194.0 million in the same period 2016. On a constant currency basis, the gross profit growth was 25%, consisting of organic growth of 6% and the first time inclusion of acquired companies of 19%.
Gross profit in % of revenue decreased from 22.1% in the first six months of 2015 to 21.9% in 2016. This decrease is the result of the first time inclusion of acquired companies, local market circumstances, currency changes and the usual fluctuations in the product mix.

Operating EBITA
Operating EBITA increased by 26% from EUR 62.1 million in the first half of 2015 to EUR 78.3 million in the same period 2016. On a constant currency basis the increase is 31%.
The growth in operating EBITA is a combination of organic growth, the first time inclusion of acquired companies and a negative impact of exchange differences. The operating EBITA in % of revenue increased by 0.3% from 8.5% in the first half of 2015 to 8.8% in 2016.
The conversion margin, defined as operating EBITA as a percentage of gross profit, increased from 38.5% in the first half of 2015 to 40.3% in 2016.

Cash flow and capital expenditure
Free cash flow was EUR 63.3 million compared to EUR 42.9 million in the first half of 2015, an increase of EUR 20.4 million. The cash conversion margin, defined as free cash flow as a percentage of operating EBITDA, was 78.9% compared to 67.4% in the first half of 2015. 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 2016 was EUR 14.5 million compared to EUR 19.4 million in the first half of 2015.
Capital expenditure in the first half of 2016 was EUR 3.1 million compared to EUR 1.3 million in the same period of 2015.

Net debt
As at 30 June 2016, net debt was EUR 418.3 million compared to EUR 437.5 million as at 31 December 2015.
The leverage ratio (net debt/operating EBITDA ratio including the full year impact of acquisitions) at the end of June 2016, was 2.8 (31 December 2015: 2.9). The leverage ratio at the end of June 2016, calculated on the
basis of definitions used in the IMCD loan documentation, was 2.4 times EBITDA.

zie meer op
http://hugin.info/164110/R/2036587/758708.pdf

tijd 09.44
IMCD EUR 38,77 -8ct vol. 9.392



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