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IMCD reports 9% EBITA growth in the first three months of 2017

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Algemeen advies 10/05/2017 07:05
Rotterdam, The Netherlands (10 May 2017) - IMCD N.V. (“IMCD” or “Company”), a leading distributor of speciality chemicals and food ingredients, today announces its first three months 2017 results.
Highlights
• Gross profit growth of 11% to EUR 106.4 million (+9% on a constant currency basis)
• Operating EBITA increase of 9% to EUR 42.7 million (+8% on a constant currency basis)
• Net result before amortisation and non-recurring items increase of 11% to EUR 29.4 million (+8% on a constant currency basis)
• Cash earnings per share increased by 12% to EUR 0.56

Piet van der Slikke, CEO: "The year started very well with an EBITA growth of 9%, strong free cash flow and an increase of cash earnings per share of 12%. In particular EMEA outperformed with 14% EBITA growth. The results in Asia-Pacific were in line with expectations whereas the Americas were disappointing, mainly
because Brazil underperformed versus a strong Q1 2016. Overall, we are optimistic and expect another year of growth of our results."

Key figures
zijn niet over te nemen

Revenue
In the first three months of 2017, revenue was EUR 469.7 million, an increase of 8% compared to the same period in 2016. All regions contributed to the increase. On a constant currency basis, the increase in revenu was 5%, consisting of organic growth (3%) and the first time inclusion of acquired companies (2%).

Gross profit
Gross profit, defined as revenue less cost of materials and inbound logistics, increased from EUR 96.0 million to EUR 106.4 million in 2017, an increase of 11% compared to the first three months of 2016. On a constant currency basis, the gross profit growth was 9%, consisting of organic growth of 6% and growth as a result of the first time inclusion of acquisitions of 3%.
Gross profit in % of revenue increased from 22.0% in the first three months of 2016 to 22.7% in 2017. This increase is the result of the first time inclusion of acquired companies, local market circumstances, currency exchange rate movements and the usual fluctuations in the product mix.

Operating EBITA
In the first three months of 2017 operating EBITA was EUR 42.7 million, an increase of 9% compared to the first three months of 2016. On a constant currency basis the increase is 8%.
The growth in operating EBITA was a combination of organic growth, the first time inclusion of acquired
companies and a positive impact of currency exchange differences. The operating EBITA in % of revenu increased from 9.0% in the first three months of 2016 to 9.1% in 2017.
The conversion margin, defined as operating EBITA as a percentage of gross profit, decreased by 0.7%-point from 40.8% in the first three months of 2016 to 40.1% in 2017.
Cash flow and capital expenditure Compared to the first three months of 2016, free cash flow increased by 33%, from EUR 32.7 million to EUR 43.3 million. The cash conversion margin, defined as free cash flow as a percentage of operating EBITDA, was 98.6% compared to 81.5% in the first three months of 2016. The improvement of the free cash flow and cash conversion margin in 2017 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 three months of 2017 was EUR 0.5 million compared to EUR 7.0 million in the first three months of 2016.
Capital expenditure was EUR 0.6 million in 2017 compared to EUR 0.8 million in the first three months of 2016
and mainly relates to investments in the ICT infrastructure, office furniture and equipment.

Net debt
As at 31 March 2017, net debt was EUR 361.1 million compared to EUR 397.6 million at year end 2016. The leverage ratio (net debt/operating EBITDA ratio including full year impact of acquisitions) as at the end of March 2017 was 2.3 (31 December 2016: 2.6). Calculated on the basis of the definitions used in the IMCD loan documentation, the leverage ratio at the end of March 2017 was 2.3 (31 December 2016: 2.3) which is well below the required maximum of 3.5.

zie meer op
http://hugin.info/164110/R/2103133/797708.pdf

tijd 09.11
IMCD EUR 50,92 +12ct vol. 3.363

IMCD - Resolutions Annual General Meeting 10 May 2017
ROTTERDAM, The Netherlands (10 May, 2017) - At the Annual General Meeting of IMCD N.V. (IMCD) held on 10 May 2017 all resolutions on the agenda were passed. The financial statements for the year 2016 were adopted and the dividend proposal of EUR 0.55 per share in cash was approved.

The dividend calendar is as follows:

12 May 2017 Ex-dividend date
15 May 2017 Record date
16 May 2017 Payment date
Details of the Annual General Meeting are available at IMCD's corporate website www.imcdgroup.com/investors



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