Rotterdam, The Netherlands (16 August 2019) - IMCD N.V. ("IMCD" or "Company"), a leading distributor of speciality chemicals and food ingredients, today announces its first half year 2019 results.
Highlights
•Gross profit growth of 19% to EUR 312.0 million (+18% on a constant currency basis)
•Operating EBITA increase of 17% to EUR 123.1 million (+17% on a constant currency basis)
•Net result before amortisation and non-recurring items increase of 14% to EUR 84.8 million (+14% on a constant currency basis)
•Cash earnings per share increased by 22% to EUR 1.60 (first half of 2018: EUR 1.31)

Piet van der Slikke, CEO: 'The results of the first six months were satisfactory with good growth of EBITA (+17%) and cash earnings per share (+22%). Free cash flow was 50% higher than the same period last year. Notwithstanding these good results, IMCD also experienced a much more challenging macro-economic environment in the second quarter which impacted growth, in particular in EMEA but the Americas saw slower growth as well. Current market conditions are volatile and uncertain. Despite this we expect operating EBITA growth for 2019.'

Key figures EUR million
Jan. 1 - June 30, 2019 Jan. 1 - June 30, 2018 Change Change Fx adj. change
Revenue 1,398.1 1,151.8 246.3 21% 20%
Gross profit 312.0 263.1 48.9 19% 18%
Gross profit in % of revenue 22.3% 22.8% (0.5%)
Operating EBITA1 123.1 105.2 17.9 17% 17%
Operating EBITA in % of revenue 8.8% 9.1% (0.3%)
Conversion margin2 39.5% 40.0% (0.5%)
Net result before amortisation/non-recurring items 84.8 74.2 10.6 14% 14%
Free cash flow3 80.9 54.0 26.9 50%
Cash conversion margin4 60.5% 50.2% 10.3%
Earnings per share (weighted) 1.23 1.02 0.21 21% 20%
Cash earnings per share (weighted)5 1.60 1.31 0.29 22% 22%
Number of full time employees end of period 2,822 2,280 542 24%

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, less lease payments, 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)

In the first half of 2019 revenue growth was 44% compared to the same period of 2018 (+39% on a constant currency basis). Gross profit increased by 41% to EUR 99.4 million in 2019, compared to EUR 70.5 million in the first half of 2018. Gross profit margin was 19.5%, compared to 20.0% in the first half of 2018.
Operating EBITA increased by 49% from EUR 28.1 million in the first half of 2018 to EUR 42.0 million in 2019 (42% on a constant currency basis).
The first half of 2019 figures include the positive impact of the acquisition of E.T. Horn (US) completed in July 2018.

Asia Pacific EUR million
Jan. 1 - June 30, 2019 Jan. 1 - June 30, 2018 Change Change Fx adj. change
Revenue 192.5 164.2 28.3 17% 17%
Gross profit 39.2 34.5 4.7 14% 13%
Gross profit in % of revenue 20.3% 21.0% (0.7%)
Operating EBITA 17.4 15.7 1.7 11% 11%
Operating EBITA in % of revenue 9.0% 9.6% (0.6%)
Conversion margin 44.4% 45.6% (1.2%)

In the first half of 2019, revenue was EUR 192.5 million, an increase of 17% compared to the same period of 2018 (17% on a constant currency basis). Gross profit increased by 14% to EUR 39.2 million, with a gross profit in % of revenue of 20.3% (21.0% in the first half of 2018).
Operating EBITA increased by 11% from EUR 15.7 million in the first half of 2018 to EUR 17.4 million in 2019.
In the first half of 2019, operating EBITA in % of revenue was 9.0% compared to 9.6% in the same period of last year.

The first half year 2019 results include the effect of the acquisition of Aroma Chemical Agencies (India) Pvt.
Ltd. and Alchemie Agencies Pvt. Ltd, completed in November 2018. On 29 March 2019, IMCD divested its, non-core, flavour and fragrance manufacturing activities in Australia. In 2018 these activities generated a revenue of EUR 3.6 million.

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tijd 09.06
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