Earnings Release • Feb 11, 2016
Earnings Release
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Imerys' Board of Directors, meeting on February 11, 2016, examined the definitive financial statements for 2015. These will be submitted for approval at the Shareholders' General Meeting to be held on May 4, 2016.
| Consolidated results (€ millions) | 2014 | 2015 | % current change |
|---|---|---|---|
| Revenue | 3,688.2 | 4,086.7 | + 10.8% |
| Current operating income (2) | 494.6 | 538.1 | + 8.8% |
| Operating margin | 13.4% | 13.2% | - 0.2 point |
| Net income from current operations, Group's share (3) |
316.3 | 341.5 | + 8.0% |
| Net income, Group's share | 271.6 | 68.4 | n.a. |
| Financing | |||
| Paid capital expenditure | 241.5 | 271.6 | + 12.5% |
| Current free operating cash flow (4) | 244.1 | 342.5 | + 40.3% |
| Shareholders' equity | 2,470.5 | 2,671.8 | + 8.1% |
| Net financial debt | 869.9 | 1 480.4 | + 70.2% |
| Data per share (euros) | |||
| Net income from current operations, Group's | €4.15 | €4.31 | + 3.7% |
| share (3) (5) | €1.65 | €1.75 | + 6.1% |
| Proposed dividend | |||
| Headcount as at 31 December | 14,900 | 16,130 | + 8.3% |
Chairman & CEO Gilles Michel commented:
"Growth in net income from current operations is in line with the target set for 2015. This result, achieved in difficult overall market conditions, attests once again to the quality of the Group's fundamentals and to its teams' responsiveness. In an environment that remains uncertain in the early part of this year, the Group will continue to implement its action plans to protect/improve its operating performance. Furthermore, it will also benefit from the full-year contribution of S&B, with which synergies will continue to ramp up, and the first positive contributions of the other recent acquisitions. In accordance with its development strategy and high cash generation, the Group will continue to invest, in a controlled manner, in innovation and the extension of its activity portfolio."
1 "on a comparable basis" means "at comparable Group structure and exchange rates". See glossary at the end of the present release.
2 Operating income before other operating revenue and expenses. See glossary at the end of the present release.
3 Group's share of net income before other operating revenue and expenses net.
4 Current free operating cash flow: EBITDA after deduction of notional tax, changes in working capital requirement and paid capital expenditure. 5 The weighted average number of outstanding shares was 79,275,846 in 2015 compared with 76,134,904 in 2014.
On February 26, 2015, Imerys completed the acquisition of S&B. A global player and European leader in bentonite (binders for foundry, sealing solutions, additives for drilling and functional additives), S&B is also the world leader in continuous casting fluxes for steel and in wollastonite (functional additives for polymers and paints). It also provides perlite-based solutions used in building materials and horticulture. This acquisition, which was accretive on Imerys' net income from current operations per share in 2015, should create value from 2018, with total annual synergies estimated at over €25 million, half of which will be achieved in 2016.
Other external growth operations were completed in 2015:
In the context of a sharp downtown on the ceramic proppants market in the United States, the Group recorded a non-cash impairment charge on the Oilfield Solutions division corresponding to a net loss of value of €209 million. The prospects of an upturn in this activity in the short term, which still seemed possible early in the year, have become more remote since the second half. These non-recurrent items do not undermine the Group's sound balance sheet.
No significant events have occurred between the end of the period and the date of the Board of Directors meeting.
Imerys can draw on real strengths to face a highly uncertain macroeconomic environment. The Group will not only benefit from S&B's full-year contribution, but also from the continued momentum of innovation projects and new developments. In addition, Imerys will continue to manage its costs with discipline and adjust its industrial assets to market trends.
At its meeting on February 11, 2016, Imerys' Board of Directors approved the draft resolutions to be submitted to the Shareholders' General Meeting on May 4.
With respect to changes in the composition of the Board, these resolutions provide for, in particular:
At this meeting, the Board noted that Mrs. Fatine Layt, Mr. Robert Peugeot and Mr. Amaury de Seze, whose terms of office were nearing expiry, had not requested their renewal. The Board, who thanked them all warmly for their outstanding contribution to the work of the Board and its Committees throughout the past years, paid tribute in particular to Amaury de Seze as Vice-Chairman and proposed Mr. Paul Desmarais III to succeed him in that capacity.
The new composition of the Board reflects its wish for a more international profile, greater gender balance (40% female members following the General Meeting) and a more diverse set of skills among its members.
The Board of Directors will propose the payment of a €1.75 dividend per share to the Shareholders' General Meeting of May 4, 2016. This corresponds to a + 6.1% increase compared with the dividend paid in 2015, i.e. a total distributed amount of €139 million, which represents 40.6% of net income from current operations. This proposal reflects the Board's confidence in the Group's development potential. The dividend should be paid out from May 12, 2016.
| Revenue (€ millions) |
Change in Revenue (% previous year) |
Comparable change in Revenue (% previous year) |
Of which Volume effect |
Of which Price/Mix effect |
|
|---|---|---|---|---|---|
| 2013 | 3,697.6 | - 4.8% | - 1.3% | - 2.5% | + 1.2% |
| 2014 | 3,688.2 | - 0.3% | + 3.2% | + 1.7% | + 1.5% |
| 2015 | 4,086.7 | + 10.8% | - 4.6% | - 5.9% | + 1.3% |
| Non-audited quarterly data |
2014 Revenue (€ millions) |
2015 Revenue (€ millions) |
Change in Revenue (% previous year) |
Comparable change (% previous year) |
Of which Volume effect |
Of which Price/Mix effect |
|---|---|---|---|---|---|---|
| st quarter 1 |
904.1 | 973.6 | + 7.7% | - 4.5% | - 5.9% | + 1.3% |
| nd quarter 2 |
933.8 | 1,083.7 | + 16.1% | - 3.3% | - 4.8% | + 1.5% |
| rd quarter 3 |
943.8 | 1,027.2 | + 8.8% | - 5.6% | - 6.5% | + 0.9% |
| th quarter 4 |
906.5 | 1,002.2 | + 10.6% | - 5.1% | - 6.2% | + 1.1% |
Integration of S&B and positive impact of exchange rates
Revenue in 2015 totaled €4,086.7 million, a + 10.8% increase on a current basis from 2014. This growth results from:
• a positive net Group structure effect of + €350.3 million (+ 9.5%) mainly comprised of the consolidation since March 1, 2015 of S&B and, to a lesser extent, the acquisitions made in the Kaolin, Carbonates, Roofing and Monolithic Refractories divisions;
• a positive exchange rate effect of + €218.2 million (+ 5.9%), relating to the euro's depreciation against the US dollar in particular.
At comparable Group structure and exchange rates, revenue decreased - 4.6% in 2015 compared with 2014 and - 5.3% in the second half, due to the persistent weakness of some markets and geographic zones, as well as a particularly unfavorable basis of comparison in ceramic proppants (gradual ramp-up of production during the previous year). Excluding ceramic proppants, comparable change in revenue is - 2.7% in the second half and - 2.5% for full-year 2015.
In this difficult environment, revenue from new products increased + 8.5% to €490 million, i.e. a + 29.9% rise excluding ceramic proppants, which contributed €21 million in 2015 vs. €90 million in 2014. The price/mix effect remained firm at + 1.3% for the whole Group for 2015 (+ €46.0 million).
| Non-audited quarterly data (€ millions) |
2014 | 2015 | % change |
|---|---|---|---|
| st quarter 1 |
117.3 | 123.2 | + 5.0% |
| Operating margin | 13.0% | 12.7% | - 0.3 point |
| nd quarter 2 |
130.4 | 150.8 | + 15.7% |
| Operating margin | 14.0% | 13.9% | - 0.1 point |
| rd quarter 3 |
127.0 | 135.0 | + 6.3% |
| Operating margin | 13.5% | 13.1% | - 0.4 point |
| th quarter 4 |
119.8 | 129.1 | + 7.7% |
| Operating margin | 13.2% | 12.9% | - 0.3 point |
| Year | 494.6 | 538.1 | + 8.8% |
| Operating margin | 13.4% | 13.2% | - 0.2 point |
Current operating income, at €538.1 million in 2015, grew + 8.8% compared with 2014. It includes a favorable exchange rate effect of + €41.1 million, reflecting in particular the euro's depreciation against the dollar, and a + €47.7 million Group structure effect that includes S&B's contribution.
The slump in sales volumes (- €95.9 million) is partly offset by group structure and exchange rates effects. Current operating income also benefits from a favorable trend in the activity mix and the effectiveness of management measures:
The Group's operating margin remains firm at 13.2% (13.4% in 2014).
Net income from current operations rose + 8.0% to €341.5 million (€316.3 million in 2014). It includes the following items:
Net income from current operations per share increased + 3.7% to €4.31. It takes into account a + 4.1% increase in the weighted average number of outstanding shares, following the issue of new shares with respect to the acquisition of S&B.
Other operating income and expenses, net of tax, total - €273.1 million (vs. - €44.7 million one year earlier). They include the following items:
After taking into account other operating income and expenses, net of tax, the Group's share of net income amounted to €68.4 million in 2015 (€271.6 million in 2014).
| (€ millions) | 2014 | 2015 |
|---|---|---|
| EBITDA | 673.8 | 745.4 |
| Change in operating working capital requirement (WCR) | (48.9) | 21.8 |
| Paid capital expenditure | (241.5) | (271.6) |
| Current notional tax | (144.6) | (156.7) |
| Current free operating cash flow* | 244.1 | 342.5 |
| Paid financial expense (net of tax) | (21.0) | (31.8) |
| Other WCR items | 4.4 | 27.7 |
| Current free cash flow | 227.5 | 338.4 |
| * including subsidies, value of divested assets and miscellaneous | 5.3 | 3.6 |
The Group's operating working capital requirement, stated as a percentage of annualized sales in the last quarter, amounted to 23.5% in 2015.
Paid capital expenditure totaled €271.6 million in 2015. The booked amount (€274.2 million) represents 122% of depreciation expense (vs. 115% in 2014). Development capital expenditure continued selectively, totaling €78.4 million (€82.2 million in 2014), to support the Group's growth potential. Details of the main projects are given under each business group.
Consequently, Imerys generated substantially higher current free operating cash flow in 2015, at €342.5 million (€244.1 million in 2014).
| (€ millions) | December 31, 2014 | December 31, 2015 |
|---|---|---|
| Paid dividends | (125.3) | (132.6) |
| Net debt, end of period | 869.9 | 1,480.4 |
| Average net debt of the period | 922.3 | 1,467.0 |
| Shareholders' equity | 2,470.5 | 2,671.8 |
| EBITDA | 673.8 | 745.4 |
| Net debt / shareholders' equity | 35.2% | 55.4% |
| Net debt / EBITDA | 1.3x | 2.0x |
The Group's net financial debt grew + €610.5 million to €1,480.4 million as of December 31, 2015, mainly due to the acquisition of S&B, which was completed at the end of February 2015 and paid partly in cash, partly in stock, the payment of dividends for an amount of €132.6 million and purchases of the Group's own shares under its buyback program. These transactions concerned 1.5% of the Company's capital, i.e. €74 million.
Imerys therefore has €2.9 billion in total financial resources as of December 31, 2015. After deduction of gross financial debt, available non-cash resources total €1 billion with an average maturity of 4.6 years.
Imerys' financial ratios remain sound with gearing at 55% and net financial debt at 2.0 times EBITDA.
On November 20, 2015, Moody's confirmed its rating for Imerys' unsecured senior debt, at Baa-2 since 2011 with a stable outlook. The short-term rating was also confirmed at P-2, also with a stable outlook.
(31% of consolidated revenue 2015)
| Non-audited quarterly data (€ millions) |
2014 | 2015 | Current change | Comparable change |
|---|---|---|---|---|
| st quarter revenue 1 |
303.2 | 312.5 | + 3.1% | - 4.7% |
| nd quarter revenue 2 |
321.1 | 323.5 | + 0.8% | - 3.5% |
| rd quarter revenue 3 |
338.9 | 314.1 | - 7.3% | - 9.7% |
| th quarter revenue 4 |
315.5 | 303.0 | - 4.0% | - 8.1% |
| Full-year revenue | 1,278.6 | 1,253.1 | - 2.0% | - 6.6% |
| Current operating income | 149.5 | 119.7 | - 19.9% | - 21.0% |
| Operating margin | 11.7% | 9.6% | - 2.1 points | |
| Booked capital expenditure | 84.5 | 85.5 | + 1.2% | |
| % depreciation expense | 147% | 170% |
The Energy Solutions & Specialties business group's revenue totaled €1,253.1 million in 2015, a - 2.0% decrease on a current basis. This change factors in a positive exchange rate effect of + €59.2 million (+ 4.6%) and reflects a sharp downturn in the Oilfields Solutions division because of the fall in the US ceramic proppants market, with an unfavorable basis of comparison in the second half. On a comparable basis, the business group's sales therefore decreased - 6.6% but were stable excluding ceramic proppants.
The Carbonates division's sales continued to benefit from the development of specialty applications for consumer goods and construction, particularly in the United States (plastic films, polymers, paint, etc.). Solvay's precipitated calcium carbonate activities were consolidated from October 30.
In the Monolithic Refractories division, which serves high-temperature industries (steel, metallurgy, power generation, incineration, casting, cement, petrochemicals etc.), demand held out well in Europe on industrial markets but declined on steel markets.
The Graphite & Carbone division's sales for electronics and automotive markets (lithium-ion batteries) were buoyant in 2015.
In the Oilfield Solutions division, demand for ceramic proppants for non-conventional oilfields flumped further in the 4th quarter, against a backdrop of falling oil prices since late 2014. This division's negative impact on the Group's current operating income totaled - €27 million for the year as a whole. In 2016, assuming unchanged market conditions, this figure should not be higher than for 2015.
Current operating income decreased - 19.9% to €119.7 million (- €29.8 million) and improved slightly (+ 0.3%) excluding ceramic proppants. It includes an exchange rate of + €2.8 million. Current operating income reflects the decrease in volumes, a positive price/mix effect and lower fixed costs and general expenses due to the adjustments to the fall in demand for ceramic proppants.
Taking these factors into account, the business group's operating margin decreased - 2.1 points to 9.6%.
Capital expenditure in 2015 includes two new production units in India: a new ground calcium carbonate (GCC) production line for the high value-added board packaging market and Calderys' third plant, to meet growth in monolithic refractory products in India and the Middle East. Another major capital project was a new carbonates production unit for food plastic film in Sylacauga, California.
Under its innovation programs, Imerys developed FiberLeanTM, a patented and innovative manufacturing technology for micronized cellulose ("MFC") composite with great potential in multiple industries. The Food and Drug Administration (FDA) recently authorized its use as a food contact substance. The first commercial applications are in paper and packaging markets. Imerys signed two commercial contracts with leading paper groups in 2015, for which two on-site plants are under construction in the United States and India.
(26% of consolidated revenue 2015)
| Non-audited quarterly data (€ millions) |
2014 | 2015 | Current change |
Comparable change |
|---|---|---|---|---|
| st quarter revenue 1 |
159.0 | 218.9 | + 37.6% | + 2.8% |
| nd quarter revenue 2 |
165.8 | 306.2 | + 84.7% | + 3.6% |
| rd quarter revenue 3 |
167.8 | 284.5 | + 69.6% | - 0.1% |
| th quarter revenue 4 |
165.4 | 271.9 | + 64.4% | + 2.7% |
| Full-year revenue | 658.0 | 1 081.5 | + 64.4% | + 2.2% |
| Current operating income | 113.4 | 178.1 | + 57.0% | + 9.6% |
| Operating margin | 17.2% | 16.5% | - 0.7 point | |
| Booked capital expenditure | 42.9 | 64.9 | + 51.3% | |
| % depreciation expense | 125% | 111% |
The Filtration & Performance Additives business group's revenue totaled €1,081.5 million in 2015, including a + €350.5 million structure effect, mainly relating to the consolidation of S&B over 10 months, and a positive exchange rate impact of + €58.4 million. S&B's operational integration was completed in the 4th quarter and synergies are being implemented in accordance with the Group's expectations.
The business group's growth was vibrant in the 4th quarter and amounted to + 2.2% at constant structure and exchange rates for the year as a whole. Its activity was buoyed by the rapid development of new products. In addition, the sales of the Performance Minerals and Minerals for Filtration activities benefited from a vibrant automotive sector and a firm consumer goods market, respectively.
The Additives for Metallurgy division, resulting from the integration of S&B, held out well against the slump in steel production, particularly in Europe, thanks to the foundry sector, of which a large share of outlets are related to the automotive market.
The business group's current operating income, at €178.1 million, rose + 57.0%. It takes into account a significant structure impact (+ €45.7 million), including the first synergies relating to S&B, and favorable exchange effects (+ €8.1 million).
Under this new configuration, operating margin totaled 16.5%.
Capital expenditure programs continued in 2015, particularly with the aim of increasing production capacity in talc for automotive polymers at the Luzenac (France) and Timmins (Ontario, Canada) plants. The programs also include the setup of a new talc refining process for the automotive sector in Vermont (USA).
(28% of consolidated revenue 2015)
| Non-audited quarterly data (€ millions) |
2014 | 2015 | Current change |
Comparable change |
|---|---|---|---|---|
| st quarter revenue 1 |
289.5 | 291.0 | + 0.6% | - 6.3% |
| nd quarter revenue 2 |
292.5 | 301.4 | + 3.0% | - 1.7% |
| rd quarter revenue 3 |
295.1 | 285.8 | - 3.1% | - 4.4% |
| th quarter revenue 4 |
279.7 | 294.2 | + 5.2% | - 4.7% |
| Full-year revenue | 1,156.9 | 1,172.4 | + 1.3% | - 4.2% |
| Current operating income | 211.0 | 210.1 | - 0.4% | - 11.0% |
| Operating margin | 18.2% | 17.9% | - 0.3 point | |
| Booked capital expenditure | 69.5 | 78.2 | + 12.5% | |
| % depreciation expense | 82% | 92% |
The Ceramic Materials' business group's revenue totaled €1,172.4 million in 2015. The + 1.3% current increase compared with 2014 includes a + 4.9% exchange rate effect (+ €57.1 million) and a + 0.6% structure impact (+ €7.5 million), relating in particular to the acquisitions of BASF's paper hydrous kaolin (PHK) activity in the United States and of Matisco's metal accessories activities in the Roofing division. The - 4.2% comparable decrease in revenue mainly results from slack construction markets in France and the paper market's slump.
In 2015, the Roofing division carried out its activities on a French clay roof tile market that was - 7.0% lower than in 2014(6) . The division's sales decrease slowed down in the 4 th quarter while construction permits levelled out, showing a slight decrease on a rolling twelve-month basis to the end of November 2015. Furthermore, singlefamily housing sales, an advance indicator of roof tile sales, grew + 7.3% in the 3rd quarter of 2015 (7) .
In the Kaolin division, the Group continued its developments in specialty applications, particularly in the United States, while the North American paper market slumped significantly. The contribution of BASF's PHK activities partly offset lower sales for paper in the 4th quarter.
In the Ceramics division, the Group continues to benefit from its strategy of geographic repositioning in emerging countries and from its development in new segments. Sales were also firm in traditional markets (floor tiles, sanitaryware, tableware).
Current operating income decreased slightly by - 0.4% to €210.1 million in 2015 and includes a + €20.1 million exchange rate effect. It reflects the decrease in volumes, partly offset by the product price/mix and tight control of general expenses.
In this context, the business group's operating margin remained sound at 17.9% in 2015.
Capital expenditure includes production capacity extension in kaolin for the ceramics industry to serve growth in Southeast Asia.
6 Source: French Roof Tiles & Bricks Federation (FFTB) – December 2015 newsflash 2015
7 Source: French Sustainable Development Commission, November 2015
(15% of consolidated revenue 2015)
| Non-audited quarterly data (€ millions) |
2014 | 2015 | Current change |
Comparable change |
|---|---|---|---|---|
| st quarter revenue 1 |
163.3 | 165.3 | + 1.2% | - 7.4% |
| nd quarter revenue 2 |
165.6 | 165.0 | - 0.4% | - 10.4% |
| rd quarter revenue 3 |
154.2 | 156.0 | + 1.1% | - 3.4% |
| th quarter revenue 4 |
158.6 | 143.1 | - 9.7% | - 10.5% |
| Full-year revenue | 641.7 | 629.4 | - 1.9% | - 8.0% |
| Current operating income | 72.8 | 81.6 | + 12.1% | - 3.3% |
| Operating margin | 11.3% | 13.0% | + 1.7 point | |
| Booked capital expenditure | 41.0 | 42.7 | + 4.0% | |
| % depreciation expense | 134% | 143% |
The High Resistance Minerals business group, which mainly serves the high temperature (steel, casting, glass, aluminum, etc.) and abrasive product industries, posted revenue of €629.4 million in 2015, a - 1.9% decrease on a current basis from 2014. This change takes into account a €44.9 million positive exchange rate effect and a - €6.0 million structure impact, relating to the divestment of a minerals trading activity in the United States at the end of June 2015. The - 8.0% decrease in revenue on a comparable basis mainly results from the downturn on the refractories market and the refocusing on high value-added products.
The Refractory Minerals division coped with slack demand in the United States and in Asia, while sales held out well in Europe.
In the Fused Minerals division, demand was stable in Europe, unlike in Brazil and China where the Group completed its refocusing in higher value-added products.
At €81.6 million, the business group's current operating income recovered. It includes a + €10.2 million exchange rate effect and benefits from the business group's cost reduction and activity restructuring programs.
In this context, the business group's operating margin improved + 1.7 point to 13.0%.
The business group's main development capital expenditure involved a new production line in Austria for ultrafine alumina for high-performance applications in abrasives.
| April 29 (before market opening) | 1st quarter 2016 results |
|---|---|
| May 4 at 11:00am | Shareholders' General Meeting |
| July 27 (after market close) | 1st half 2016 results |
| October 28 (before market opening) | 3rd quarter 2016 results |
All above dates are tentative and may change. Updates are available on the Group's website at www.imerys.com, in the Investors & Analysts/Financial Agenda section.
_______________________________________________________________________________________________________________________________________
The press release is available from the Group's website www.imerys.com with access via the homepage in the "News" section.
The presentation for the 2015 results will be held on February 12, 2016 at 11am and streamed live on the Group's website.
_______________________________________________________________________________________________________________________________________
The world leader in mineral-based specialty solutions for industry, with €4.1 billion revenue and 16,130 employees in 2015, Imerys transforms a unique range of minerals to deliver essential functions (heat resistance, mechanical strength, conductivity, coverage, barrier effect, etc.) that are essential to its customers' products and manufacturing processes.
Whether mineral components, functional additives, process enablers or finished products, Imerys' solutions contribute to the quality of a great number of applications in consumer goods, industrial equipment or construction. Combining expertise, creativity and attentiveness to customers' needs, the Group's international teams constantly identify new applications and develop high value-added solutions under a determined approach to responsible development. These strengths enable Imerys to develop through a sound, profitable business model.
More comprehensive information about Imerys may be obtained from its website (www.imerys.com) under Regulated Information, particularly in its Registration Document filed with the Autorité des marchés financiers on March 19, 2015 under number D.15-0173 (also available from the Autorité des marchés financiers website, www.amf-france.org). Imerys draws the attention of investors to chapter 4, "Risk Factors and Internal Control", of its Registration Document.
Disclaimer: This document contains projections and other forward-looking statements. Investors are cautioned that such projections and forward-looking statements are subject to various risks and uncertainties (many of which are difficult to predict and generally beyond the control of Imerys) that could cause actual results and developments to differ materially from those expressed or implied.
_______________________________________________________________________________________________________________________________________
| Analyst/Investor relations: | Press contacts: |
|---|---|
| Vincent Gouley - + 33 (0)1 49 55 64 69 | Vincent Gouley - + 33 (0)1 49 55 64 69 |
| [email protected] | Philémon Tassel - + 33 (0)6 30 10 96 11 |
| Sarah Fornier - + 33 (0)7 87 40 83 50 |
APPENDIX
(non-audited quarterly data)
| Comparable quarterly change 2015 vs. 2014 |
Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 |
|---|---|---|---|---|
| - 4.5% | - 3.3% | - 5.6% | - 5.1% | |
| Comparable quarterly change 2014 vs. 2013 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 |
| + 5.0% | + 3.7% | + 3.9% | + 0.1% |
| Revenue by business group (€ millions) |
09/30/14 | 09/30/15 | Current change % |
Group structure % |
Exchange rates % |
Comp. change % |
|---|---|---|---|---|---|---|
| Energy Solutions & Specialties | 963.1 | 950.2 | - 1.3% | - 0.7% | + 5.4% | - 6.0% |
| Filtration & Performance Additives | 492.6 | 809.6 | + 64.3% | + 51.9% | + 10.4% | + 2.1% |
| Ceramic Materials | 877.1 | 878.1 | + 0.1% | - 0.9% | + 5.1% | - 4.1% |
| High Resistance Minerals | 483.1 | 486.2 | + 0.6% | - 0.5% | + 8.3% | - 7.2% |
| Holding & Eliminations | (34.2) | (39.6) | ||||
| Total | 2,781.7 | 3,084.5 | + 10.9% | + 8.6% | + 6.8% | - 4.4% |
| Revenue by business group (€ millions) |
Q4 2014 | Q4 2015 | Current change % |
Group structure % |
Exchange rates % |
Comp. change % |
|---|---|---|---|---|---|---|
| Energy Solutions & Specialties | 315.5 | 303.0 | - 4.0% | + 1.9% | + 2.3% | - 8.1% |
| Filtration & Performance Additives | 165.4 | 271.9 | + 64.4% | + 57.3% | + 4.4% | + 2.7% |
| Ceramic Materials | 279.7 | 294.2 | + 5.2% | + 5.4% | + 4.4% | - 4.7% |
| High Resistance Minerals | 158.6 | 143.1 | - 9.7% | - 2.3% | + 3.0% | - 10.5% |
| Holding & Eliminations | (12.7) | (10.2) | n.s. | n.s. | n.s. | n.s. |
| Total | 906.5 | 1,002.2 | + 10.6% | + 12.4% | + 3.3% | - 5.1% |
| Revenue by geographic destination ((€ millions) |
2015 revenue | % change 2015 vs 2014 (Current change) |
% consolidated revenue 2014 |
% consolidated revenue 2015 |
|---|---|---|---|---|
| Western Europe | 1,795.8 | + 9.1% | 45% | 44% |
| of which France | 464.3 | - 1.2% | 13% | 11% |
| USA / Canada | 1,000.3 | + 14.0% | 24% | 24% |
| Emerging countries | 1,091.3 | + 12.0% | 26% | 27% |
| Japan/ Australia | 199.3 | + 5.2% | 5% | 5% |
| Total | 4,086.7 | + 10.8% | 100% | 100% |
| Distribution of revenue by business group | 2014 | 2015 |
|---|---|---|
| Energy Solutions & Specialties | 35% | 31% |
| Filtration & Performance Additives | 18% | 26% |
| Ceramic Materials | 31% | 28% |
| High Resistance Minerals | 16% | 15% |
| (€ millions) | 9 months 2014 | 9 months 2015 | Change |
|---|---|---|---|
| Revenue | 2,781.7 | 3,084.5 | + 10.9% |
| EBITDA | 515.2 | 575.3 | + 11.7% |
| Currrent Operating Income | 374.7 | 409.0 | + 9.1% |
| Current financial expense | (38.1) | (39.5) | |
| Current taxes | (96.6) | (107.9) | |
| Minority interests | (0.9) | (1.7) | |
| Net income from current operations (1) | 239.1 | 259.9 | + 8.7% |
| Other operating income and expenses, net | (32.5) | (41.4) | |
| Net income (1) | 206.6 | 218.5 | + 5.8% |
(1) Group share.
| (€ millions) | Q4 2014 | Q4 2015 | Change |
|---|---|---|---|
| Revenue | 906.5 | 1 002.2 | + 10.6% |
| EBITDA | 158.6 | 170.1 | + 7.3% |
| Currrent Operating Income | 119.8 | 129.1 | + 7.8% |
| Current financial expense | (7.0) | (16.0) | |
| Current taxes | (34.8) | (32.6) | |
| Minority interests | (0.8) | 1.1 | |
| Net income from current operations (1) | 77.2 | 81.6 | + 5.7% |
| Other operating income and expenses, net | (12.2) | (231.7) | |
| Net income (1) | 65.0 | (150.1) | n.a. |
(1) Group share.
The term "on a comparable basis" means: "at comparable Group structure and exchange rates";
Restatement of the foreign exchange effect consists of calculating aggregates for the current year at the exchange rate of the previous year. The impact of exchange rate instruments qualifying as hedging instruments is taken into account in current data.
Restatement of entities leaving the consolidation scope consists of:
for entities leaving the consolidation scope in the current year, subtracting the departing entity's contributions from the aggregates of the previous year as from the first day of the month of divestment;
The Board of Directors met on February 11, 2016 to close the financial statements for 2015. Audit procedures have been carried out and the audit reports are being issued.
| (€ millions) | 2015 | 2014 |
|---|---|---|
| Revenue | 4,086.7 | 3,688.2 |
| Current income and expenses | (3,548.6) | (3,193.6) |
| Raw materials and consumables used | (1,299.5) | (1,199.4) |
| External expenses | (1,117.8) | (1,010.3) |
| Staff expenses | (877.7) | (746.4) |
| Taxes and duties | (51.9) | (47.3) |
| Amortization, depreciation and impairment losses | (225.5) | (209.5) |
| Other current income and expenses | 23.8 | 19.3 |
| Current operating income | 538.1 | 494.6 |
| Other operating income and expenses | (357.2) | (59.8) |
| Gain or loss from obtaining or losing control | (8.4) | 58.9 |
| Other non-recurring items | (348.8) | (118.7) |
| Operating income | 180.9 | 434.8 |
| Net financial debt expense | (49.1) | (40.2) |
| Income from securities | 9.5 | 6.8 |
| Gross financial debt expense | (58.6) | (47.0) |
| Other financial income and expenses | (6.4) | (4.9) |
| Other financial income | 241.8 | 122.9 |
| Other financial expenses | (248.2) | (127.8) |
| Financial income (loss) | (55.5) | (45.1) |
| Income taxes | (56.3) | (117.4) |
| Net income of assets held for sale | - | 1.0 |
| Net income | 69.1 | 273.3 |
| Net income, Group share(1) & (2) | 68.4 | 271.6 |
| Net income, share of non-controlling interests | 0.7 | 1.7 |
| (1) Net income per share | ||
| Basic net income per share (in €) | 0.86 | 3.57 |
| Diluted net income per share (in €) | 0.85 | 3.51 |
| (2) Net income from current operations, Group share | 341.5 | 316.3 |
| Basic net income from current operations per share (in €) | 4.31 | 4.15 |
| Diluted net income from current operations per share (in €) | 4.24 | 4.09 |
| Other operating income and expenses net of income taxes, Group share | (273.1) | (45.7) |
| Net income of assets held for sale | - | 1.0 |
| (€ millions) | 2015 | 2014 |
|---|---|---|
| Non-current assets | 4,189.1 | 3,341.5 |
| Goodwill | 1,631.3 | 1,106.8 |
| Intangible assets | 105.1 | 66.4 |
| Mining assets | 552.3 | 471.6 |
| Property, plant and equipment | 1,589.6 | 1,503.2 |
| Joint ventures and associates | 126.2 | 83.3 |
| Other financial assets | 31.6 | 26.0 |
| Other receivables | 33.5 | 37.8 |
| Derivative financial assets | 15.0 | 11.7 |
| Deferred tax assets | 104.5 | 34.7 |
| Current assets | 1,979.7 | 2,080.9 |
| Inventories | 738.3 | 670.0 |
| Trade receivables | 578.1 | 538.8 |
| Other receivables | 223.6 | 180.3 |
| Derivative financial assets | 5.0 | 6.1 |
| Other financial assets(1) | 19.6 | 29.3 |
| Cash and cash equivalents(1) | 415.1 | 656.4 |
| Consolidated assets | 6,168.8 | 5,422.4 |
| Equity, Group share | 2,644.1 | 2,444.4 |
| Capital | 159.2 | 151.8 |
| Premiums | 530.2 | 334.1 |
| Reserves | 1,886.3 | 1,686.9 |
| Net income, Group share | 68.4 | 271.6 |
| Equity, share of non-controlling interests | 27.8 | 26.1 |
| Equity | 2,671.9 | 2,470.5 |
| Non-current liabilities | 2,224.2 | 2,121.6 |
| Employee benefit liabilities | 322.9 | 306.5 |
| Other provisions | 304.2 | 258.4 |
| Loans and financial debts(1) | 1,500.0 | 1,494.3 |
| Other debts | 42.4 | 11.7 |
| Derivative financial liabilities | 1.9 | 7.6 |
| Deferred tax liabilities | 52.8 | 43.1 |
| Current liabilities | 1,272.7 | 830.3 |
| Other provisions | 19.2 | 24.3 |
| Trade payables | 441.0 | 411.9 |
| Income taxes payable | 50.4 | 3.0 |
| Other debts | 315.6 | 307.7 |
| Derivative financial liabilities | 19.2 | 14.6 |
| Loans and financial debts(1) | 423.8 | 66.9 |
| Bank overdrafts(1) | 3.5 | 1.9 |
| Consolidated equity and liabilities | 6,168.8 | 5,422.4 |
| (1) Positions included in the calculation of the net financial debt | 1,480.4 | 869.9 |
| (€ millions) | 2015 | 2014 |
|---|---|---|
| Cash flow from operating activities | 544.5 | 416.5 |
| Cash flow generated by current operations | 760.4 | 654.0 |
| Interests paid | (61.7) | (53.7) |
| Income taxes on current operating income and financial income (loss) | (105.8) | (150.9) |
| Dividends received from available-for-sale financial assets | 0.3 | (0.1) |
| Cash flow generated by other operating income and expenses | (48.7) | (32.8) |
| Cash flow from investing activities | (610.5) | (205.3) |
| Acquisitions of intangible assets and property, plant and equipment | (271.6) | (241.4) |
| Acquisitions of investments in consolidated entities after deduction of cash acquired | (351.0) | (67.5) |
| Transaction costs | (10.6) | 10.4 |
| Changes in estimate of the contingent remuneration of the seller | (0.2) | 7.4 |
| Acquisitions of available-for-sale financial assets | (0.4) | - |
| Disposals of intangible assets and property, plant and equipment | 7.2 | 7.9 |
| Disposals of investments in consolidated entities after deduction of cash disposed of | 6.7 | 70.9 |
| Net change in financial assets | 0.2 | 0.5 |
| Paid-in interests | 9.2 | 6.5 |
| Cash flow from financing activities | (154.4) | 92.2 |
| Capital increases and decreases in cash | (10.0) | (28.0) |
| Disposals (acquisitions) of treasury shares | (11.8) | (14.5) |
| Dividends paid to shareholders | (132.5) | (122.4) |
| Dividends paid to non-controlling interests | (0.1) | (2.8) |
| Acquisitions of investments in consolidated entities from non-controlling interests | - | (3.5) |
| Loan issues | 23.5 | 607.2 |
| Loan repayments | (342.8) | (307.7) |
| Net change in other debts | 319.3 | (36.1) |
| Cash flow from assets held for sale | - | 0.6 |
| Change in cash and cash equivalents | (220.4) | 304.0 |
| (€ millions) | 2015 | 2014 |
|---|---|---|
| Opening cash and cash equivalents | 654.5 | 340.2 |
| Change in cash and cash equivalents | (220.4) | 304.0 |
| Impact of changes due to exchange rate fluctuations | (22.5) | 10.3 |
| Closing cash and cash equivalents | 411.6 | 654.5 |
| Cash | 286.8 | 218.2 |
| Cash equivalents | 128.3 | 438.2 |
| Bank overdrafts | (3.5) | (1.9) |
| (€ millions) | 2015 | 2014 |
|---|---|---|
| Net income | 69.1 | 273.3 |
| Adjustments | 683.3 | 413.8 |
| Income taxes | 56.3 | 117.4 |
| Share in net income of joint ventures and associates | (8.1) | (4.6) |
| Dividends received from joint ventures and associates | 7.4 | 1.7 |
| Impairment losses on goodwill | 118.8 | 30.1 |
| Share in net income of associates out of the recurring business | 0.1 | 1.9 |
| Other operating income and expenses excluding impairment losses on goodwill | 238.3 | 27.8 |
| Net operating amortization and depreciation | 225.1 | 209.2 |
| Net operating impairment losses on assets | - | 4.8 |
| Net operating provisions | (9.4) | (20.5) |
| Dividends receivable from available-for-sale financial assets | (0.1) | - |
| Net interest income and expenses | 49.1 | 41.9 |
| Share-based payments expense | 7.3 | 9.5 |
| Change in fair value of hedge instruments | 2.2 | (1.8) |
| Income from current disposals of intangible assets and property, plant and equipment | (3.7) | (2.6) |
| Net income of assets held for sale | - | (1.0) |
| Change in the working capital requirement | 8.0 | (33.1) |
| Inventories | 6.1 | (56.3) |
| Trade accounts receivable, advances and down payments received | 41.2 | (15.0) |
| Trade accounts payable, advances and down payments paid | (25.5) | 22.6 |
| Other receivables and debts | (13.8) | 15.6 |
| Cash flow generated by current operations | 760.4 | 654.0 |
| (€ millions) | 2015 | 2014 |
|---|---|---|
| Other operating income and expenses | (357.2) | (59.8) |
| Adjustments | 308.5 | 27.0 |
| Transaction costs | 10.6 | (10.4) |
| Changes in estimate of the contingent remuneration of the seller | 0.2 | (7.4) |
| Income from disposals of consolidated investments and available-for-sale financial assets | (2.4) | (41.1) |
| Impairment losses on goodwill | 118.8 | 30.1 |
| Income from non-recurring disposals of intangible assets and property, plant and equipment | 0.1 | - |
| Other net operating amortization and depreciation | 153.0 | 6.5 |
| Other net operating provisions | 15.0 | 34.5 |
| Share in net income of associates out of the recurring business | 0.1 | 1.9 |
| Income taxes paid on other operating income and expenses | 13.1 | 12.9 |
| Cash flow generated by other operating income and expenses | (48.7) | (32.8) |
| (€ millions) | 2015 | 2014 |
|---|---|---|
| Current operating income | 538.1 | 494.6 |
| Operating amortization, depreciation and impairment losses | 225.5 | 209.5 |
| Net change in operating provisions | (17.5) | (27.5) |
| Share in net income of joint ventures and associates | (8.1) | (4.6) |
| Dividends received from joint ventures and associates | 7.4 | 1.8 |
| Operating cash flow before taxes (current EBITDA) | 745.4 | 673.8 |
| Notional taxes on current operating income | (156.7) | (144.6) |
| Current net operating cash flow | 588.7 | 529.2 |
| Paid capital expenditures | (271.6) | (241.5) |
| Intangible assets | (48.9) | (8.3) |
| Property, plant and equipment | (174.4) | (188.9) |
| Overburden mining assets | (50.9) | (42.8) |
| Debts on acquisitions | 2.6 | (1.5) |
| Carrying amount of current asset disposals | 3.6 | 5.3 |
| Change in the operational working capital requirement | 21.8 | (48.9) |
| Inventories | 6.1 | (56.4) |
| Trade accounts receivable, advances and down payments received | 41.2 | (15.0) |
| Trade accounts payable, advances and down payments paid | (25.5) | 22.5 |
| Current free operating cash flow | 342.5 | 244.1 |
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