Imcd N.v. · EURONEXT:IMCD
Imcd — FY2016 Earnings Presentation
20 slides from Imcd's earnings presentation, Mar 8, 2017
Slide 1: Conference Call Annual Results 2016
CONFERENCE CALL ANNUAL RESULTS 2016 IMCD N.V. 8 MARCH 2017
Slide 2: Disclaimer
Disclaimer Disclaimer This presentation may contain forward looking statements. These statements are based on current expectations, estimates and projections of IMCD’s management and information currently available to the company. IMCD cautions that such statements contain elements of risk and uncer
Slide 3: Presenting team
Presenting team Piet van der Slikke, CEO Hans Kooijmans, CFO • Led the formation of • Joined IMCD in 1996 IMCD since 1995 • Co-led formation of IMCD • Designed and executed IMCD’s strategy • 20 years of industry experience • 21 years of industry experience 3
Slide 4: Agenda
Agenda • Company profile • Highlights 2016 • Financials 2016 • Outlook • Q&A 4
Slide 5: Company profile
Company profile IMCD is a market-leader in the sales, marketing and distribution of speciality chemicals and food ingredients. Its result-driven professionals provide market-focused solutions to suppliers and customers across EMEA, Asia-Pacific and Americas, offering a range of comprehensive product
Slide 6: Agenda
Agenda • Company profile • Highlights 2016 • Financials 2016 • Outlook • Q&A 6
Slide 7: Highlights 2016
Highlights Highlights 2016 Revenue growth of 12% to EUR 1,715 million (+14% on a constant currency Revenue basis) Gross profit growth of 15% to EUR 381.6 million (+18% on a constant currency Gross profit basis) Operating Operating EBITA increased by 15% to EUR 147.8 million (+18% on a constant EBITA
Slide 8: Agenda
Agenda • Company profile • Highlights 2016 • Financials 2016 • Outlook • Q&A 8
Slide 9: Income statement
Financials 2016 Income statement fx adj. EUR million 2016 2015 change change change Revenue 1,714.5 1,529.8 184.7 12% 14% Gross profit 381.6 332.8 48.8 15% 18% Gross profit in % of revenue 22.3% 21.8% 0.5% Operating EBITDA 152.1 131.8 Operating EBITDA in % of revenue 8.9% 8.6% Operating EBITA¹ 147.8
Slide 10: Income statement by segment
Financials 2016 Income statement Asia Holding EUR million EMEA Americas Total Pacific companies Revenue 2016 1,053.6 316.9 344.0 1,714.5 2015 1,036.1 310.5 183.2 1,529.8 ∆ reported 2% 2% 88% 12% ∆ constant currency 4% 3% 89% 14% Gross profit 2016 248.8 63.9 68.9 381.6 2015 239.6 58.1 35.0 332.8 ∆ co
Slide 11: Financials 2016
Financials 2016 EUR million 2016 2015 change change Operating EBITA 147.8 128.3 19.5 15% Net finance costs (12.8) (13.3) Income tax expenses (32.4) (27.8) Net result before amortísation/non recurring 102.6 87.2 15.4 18% items Amortisation of intangible assets (32.0) (26.4) Impairment loss (6.2) (8.4
Slide 12: Net finance costs
Financials 2016 Net finance costs EUR million 2016 2015 change Interest costs financing structure (10.4) (8.9) (1.5) Changes in deferred considerations 0.0 2.4 (2.4) Value changes in interest hedge contracts 0.3 (1.1) 1.4 Amortisation of finance costs (1.6) (1.5) (0.1) Interest costs re employee ben
Slide 13: Cash EPS - proposed dividend
Financials 2016 Cash EPS - proposed dividend EUR million 2016 2015 change change Result for the year 73.0 61.8 11.1 18% Amortisation of intangible assets 38.2 34.8 Tax credits related to amortisation (5.9) (4.0) Cash earnings 105.3 92.6 12.6 14% Weighted average number of share (x mln) 52.5 51.6 Cas
Slide 14: Balance Sheet
Financials 2016 Balance Sheet EUR million 31 December 2016 31 December 2015 change Property, plant and equipment 21 18 3 Intangible assets 908 907 0 Other fin. assets/def tax assets 30 26 4 Working capital 248 228 21 Provisions/employee benefits (11) (12) 0 Deferred tax liabilities (76) (76) 1 Capit
Slide 15: Working capital
Financials 2016 Working capital EUR million 31 December 2016 31 December 2015 change Inventories 204 184 20 in days of revenue * 43 40 3 Trade and other receivables 265 241 23 in days of revenue * 56 52 3 Trade payables (171) (147) (23) in days of revenue * (36) (32) (4) Other payables (50) (50) 1 i
Slide 16: Net debt and covenants
Financials 2016 Net debt EUR million 2016 2015 change Loans and borrowings long term 382.7 408.5 (25.8) Loans and borrowings short term 71.4 85.6 (14.2) Cash and cash equivalents (56.5) (56.6) 0.0 Net Debt 397.6 437.5 (39.9) 1 Net Debt / Operating EBITDA ratio 2.6 2.9 (0.3) Covenants December 2016 B
Slide 17: Free cash flow
Financials 2016 Free cash flow EUR million 2016 2015 change Operating EBITA 147.8 128.3 19.5 Depreciation 4.3 3.5 0.8 Operating EBITDA 152.1 131.8 20.3 Share based payments 1.4 0.7 Capex (5.2) (3.2) (2.0) ∆ Working capital1 (7.9) (10.0) 2.1 Free cash flow 140.4 119.3 21.1 2 Cash conversion ratio 92.
Slide 18: Agenda
Agenda • Company profile • Highlights 2016 • Financials 2016 • Outlook • Q&A 18
Slide 19: Outlook
Outlook Outlook IMCD operates in different, often fragmented market segments in multiple geographic regions, connecting many customers and suppliers across a very diverse product range. In general, results are impacted by macroeconomic conditions and developments in specific industries. Furthermore,
Slide 20: Agenda
Agenda • Company profile • Highlights 2016 • Financials 2016 • Outlook • Q&A 20