March 12 2015

IMCD reports strong Results for 2014

IMCD shows Revenue and Profit Growth for 2014

Specialty chemicals distributor IMCD N.V. (Rotterdam, The Netherlands) published the group’s annual results for 2014 yesterday. Revenue increased EUR 1’358 mn, up 10% from the EUR 1’233mn in 2013.
The company said that 6.3% are the result of “a further strengthening of the product portfolio by adding new supplier relations, expanding relations with existing suppliers and an increase of customer penetration by adding new customers and selling more products to existing customers”, while acquisitions completed during the 2013/14 added 4.9% and exchange rate differences had a negative effect of 1.1%. Europe contributed 70.5% to the revenue and Asia-Pacific 20.9%. The remaining 8.6% are generated in Brazil, South Africa and Turkey, three countries which the company calls “Other Emerging Markets” in the reporting.

Gross profit, defined as revenue less cost of materials and inbound logistics, was EUR 287.6 mn (equivalent to a gross margin of 21.2%), an increase of 10% on the EUR 261.3 mn reported for 2013. This is in line with total revenue growth.
Operating EBITA increased by 14% to EUR 110.0 mn (equivalent to 8.1% margin), up from EUR 96.6 mn in 2013 (7.8% margin). IMCD calculates EBITA from the results from operating activities before amortisation of intangible assets and non-recurring items, This rise includes the outcome of the annual pension calculation based on IAS 19 reporting requirements. Excluding the adjustment the 2014 operating EBITA increased by 11% to EUR 107.3 mn, IMCD said. The company attributes the growth in operating EBITA to a combination of organic growth, the full year impact acquisitions completed in 2013 (6 transactions) and small acquisitions in 2014 (2 transactions).
The net result increased from a net loss of EUR 5.4 mn in 2013 to a net profit of EUR 19.9 mn in 2014, driven by the growth of operating EBITA and “a substantial reduction of the net finance costs in the second half of 2014 following the capital restructuring after the IPO” last June. Net debt was reduced to EUR 257.8 mn as per 31. December 2014, down from EUR 823.5 mn at year-end 2013.

IMCD plans to propose a dividend of EUR 0.20 per share to the Annual General Meeting of Shareholders, which is scheduled to take place at the end of April.

Source: IMCD press release, for the full text see

HGE – DCG / 12.03.2015

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