Rotterdam, The Netherlands (16 November 2016) - IMCD N.V. (“IMCD” or “Company”), a leading
distributor of speciality chemicals and food ingredients, today announces its first nine months 2016 results.
Highlights
• Gross profit growth of 15% to EUR 286.9 million (+19% on a constant currency basis)
• Operating EBITA increase of 17% to EUR 112.8 million (+21% on a constant currency basis)
• Net result before amortisation and non-recurring items increase of 25% to EUR 79.2 million (+28% on a constant currency basis)
• Cash earnings per share increased by 23% to EUR 1.48
• Acquisition of the business of Chemicals and Solvents (EA) Ltd. in Kenya, completed on 1 September 2016, expanding the existing operations in Africa
Piet van der Slikke, CEO: "We are pleased with the results in the first nine months of 2016. Overall we were able to show solid growth, despite challenging macro-economic circumstances and a considerable negative Fx
impact."
Key figures
EUR million
Jan. 1 - Sept. 30 2016 Jan. 1 - Sept. 30 2015 Change Change Fx adj. change
Revenue 1,305.8 1,139.4 166.4 15% 18%
Gross profit 286.9 249.4 37.4 15% 19%
Gross profit in % of revenue 22.0% 21.9% 0.1%
Operating EBITA1 112.8 96.3 16.5 17% 21%
Operating EBITA in % of revenue 8.6% 8.5% 0.1%
Conversion margin2 39.3% 38.6% 0.7%
Net result before amortisation / non recurring
items 79.2 63.6 15.7 25% 28%
Free cash flow3 104.0 80.8 23.2 29%
Cash conversion margin4 89.7% 81.8% 7.9%
Earnings per share (weighted) 1.08 0.90 0.18 20% 25%
Cash earnings per share (weighted)5 1.48 1.20 0.28 23% 27%
Number of full time employees end of period 1,848 1,685 163 10%
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
In the first nine months of 2016, revenue was EUR 1,305.8 million, an increase of 15% compared to the same
period in 2015. All regions contributed to the increase. On a constant currency basis, the increase in revenue
was 18%, consisting of organic growth (4%) and the first time inclusion of acquired companies (14%).
Gross profit
Gross profit, defined as revenue less cost of materials and inbound logistics, increased from EUR 249.4 million
to EUR 286.9 million, an increase of 15% compared to the first nine months of 2015. On a constant currency
basis, the gross profit growth was 19%, consisting of organic growth of 5% and the first time inclusion of
acquisitions of 14%.
Gross profit in % of revenue increased from 21.9% in the first nine months of 2015 to 22.0% in 2016. This
increase 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
In the first nine months of 2016 operating EBITA amounted to EUR 112.8 million, an increase of 17%
compared to the first nine months of 2015. On a constant currency basis the increase is 21%.
The growth in operating EBITA was 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
from 8.5% in the first nine months of 2015 to 8.6% in 2016.
The conversion margin, defined as operating EBITA as a percentage of gross profit, improved by 0.7% from
38.6% in the first nine months of 2015 to 39.3% in 2016.

Cash flow and capital expenditure
Compared to the first nine months of 2015, free cash flow increased by 29%, from EUR 80.8 million to EUR
104.0 million. The cash conversion margin, defined as free cash flow as a percentage of operating EBITDA,
was 89.7% compared to 81.8% in the first nine months of 2015. The improvement of the free cash flow and
cash conversion margin in 2016 were driven by a combination of higher operating EBITDA and lower working capital investments.
The investment in working capital (sum of inventories, trade and other receivables minus trade and other
payables) in the first nine months of 2016 was EUR 8.9 million compared to EUR 16.1 million in the first nine
months of 2015.
Capital expenditure was EUR 4.1 million in 2016 compared to EUR 2.4 million in the first nine months of 2015
and mainly relates to improvements of the ICT infrastructure and office furniture and equipment.

Net debt
As at 30 September 2016, net debt was EUR 404.3 million compared to EUR 437.5 million at year end 2015.
The leverage ratio (net debt/operating EBITDA ratio including full year impact of acquisitions) at the end of September 2016 was 2.7 (31 December 2015: 2.9). Calculated on the basis of the definitions used in the IMCD
loan documentation, the leverage ratio at the end of September 2016 was 2.4 times EBITDA (31 December 2015: 2.5).

By the end of October 2016 an amendment to IMCD's EUR 500 million syndicated banking facilities was agreed. The amendment comprises an extension of the term of the existing credit facilities by one year and a
reallocation of part of the term facilities and incremental facilities into revolving facilities, resulting in a term
facility of EUR 200 million (previously EUR 350 million) and a revolving facility of EUR 300 million (previously EUR 150 million). In addition, the amended terms include a fixed leverage covenant of 3.5 with an acquisition
spike, whereby the leverage may be increased to 4.0 (two times) during the remaining life of the facilities.
Following the amendment of the banking facilities, a debt capital market issuance ("Schuldscheindarlehen") of EUR 100 million and USD 90 million with a tenor of 5 and 7 years was closed. The proceeds of this debt
capital market issuance are used to repay revolving facilities.
The renewed debt structure provides further flexibility with appropriate leverage ratio's

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