Imcd N.v. · EURONEXT:IMCD
Imcd — FY2015 Earnings Presentation
20 slides from Imcd's earnings presentation, Mar 16, 2016
Slide 1: Conference Call Annual Results 2015
CONFERENCE CALL ANNUAL RESULTS 2015 IMCD N.V. 16 MARCH 2016
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 • 19 years of industry experience • 20 years of industry experience 3
Slide 4: Agenda
Agenda • Company profile • Highlights 2015 • Financials 2015 • Outlook • Q&A 4
Slide 5: Company profile
Company profile IMCD is a market-leader in the sales, marketing and distribution of specialty chemicals and food ingredients. Its dedicated local experts provide market-focused solutions to suppliers and customers across Europe, Africa, Asia-Pacific and Americas, offering a range of comprehensive pr
Slide 6: Agenda
Agenda • Company profile • Highlights 2015 • Financials 2015 • Outlook • Q&A 6
Slide 7: Highlights 2015
Highlights Highlights 2015 Revenue growth of 13% to EUR 1,530 million (+11% on a constant currency basis) Revenue Gross profit growth of 16% to EUR 333 million (+14% on a constant currency Gross profit basis) Operating Operating EBITA increased by 17% to EUR 128.3 million (+15% on a constant EBITA c
Slide 8: Agenda
Agenda • Company profile • Highlights 2015 • Financials 2015 • Outlook • Q&A 8
Slide 9: Income statement
Financials 2015 Income statement fx adj. EUR million 2015 2014 change change change Revenue 1,529.8 1,358.3 171.5 13% 11% Gross profit 332.8 287.5 45.3 16% 14% Gross profit in % of revenue 21.8% 21.2% 0.6% Third party costs 48.7 46.3 Third party costs in % of revenue 3.2% 3.4% Operating EBITDA 131.8
Slide 10: Income statement by region
Financials 2015 Income statement Other Asia Holding Europe Emerging US Total EUR million Pacific companies markets Revenue 2015 968.9 310.5 118.8 131.6 1,529.8 2014 957.8 283.9 116.6 1,358.3 ∆ reported 1% 9% 2% 13% ∆ constant currency (1%) 6% 9% 11% Gross profit 2015 222.9 58.1 28.2 23.6 332.8 2014
Slide 11: Financials 2015
Financials 2015 EUR million 2015 2014 change change Operating EBITA 128.3 110.0 18.3 17% Net finance costs (13.3) (36.3) Income tax expenses (27.8) (19.3) Net result before amortísation/non recurring 87.2 54.3 32.9 61% items Amortisation of intangible assets (26.4) (20.5) Impairment loss (8.4) - Tax
Slide 12: Net finance costs
Financials 2015 Net finance costs EUR million 2015 2014 change Net finance costs (13.3) (36.3) 23.0 Interest costs pre IPO financing structure - (27.7) Changes in deferred considerations 2.4 2.0 Value changes in interest hedge contracts (1.1) (0.4) Amortisation of finance costs (1.5) (3.7) Interest
Slide 13: Cash EPS - proposed dividend
Financials 2015 Cash EPS - proposed dividend EUR million 2015 2014 change change Result for the year 61.8 19.9 41.9 211% Amortisation of intangible assets 34.8 20.5 Tax credits related to amortisation (4.0) (4.7) Cash earnings 92.6 35.7 56.9 159% Weighted average number of share (x mln) 51.6 25.1 Ca
Slide 14: Balance Sheet
Financials 2015 Balance Sheet EUR million 31 December 2015 31 December 2014 change Property, plant and equipment 18 18 1 Intangible assets 907 665 242 Other fin. assets/def tax assets 26 18 8 Working capital 228 180 48 Provisions/employee benefits (12) (11) (1) Deferred tax liabilities (76) (72) (4)
Slide 15: Working capital
Financials 2015 Working capital EUR million 31 December 2015 31 December 2014 change Inventories 184 153 32 in days of revenue * 40 41 (1) Trade and other receivables 241 204 37 in days of revenue * 52 55 (3) Trade payables (147) (135) (13) in days of revenue * (32) (36) 4 Other payables (50) (43) (
Slide 16: Net debt and covenants
Financials 2015 Net debt EUR million 2015 2014 change Loans and borrowings long term 408.5 302.3 106.2 Loans and borrowings short term 85.6 24.3 61.3 Cash and cash equivalents (56.6) (60.0) 3.4 Net Debt 437.5 266.6 170.9 1 Net Debt / Operating EBITDA ratio 2.9 2.4 0.5 Covenants December 2015 Bank co
Slide 17: Free cash flow
Financials 2015 Free cash flow EUR million 2015 2014 change Operating EBITA 128.3 110.0 18.3 Depreciation 3.5 2.8 0.7 Operating EBITDA 131.8 112.7 19.1 Share based payments 0.7 - Capex (3.2) (3.1) (0.1) ∆ Working capital1 (10.0) (15.0) 5.0 Free cash flow 119.3 94.6 24.7 2 Cash conversion ratio 90.5%
Slide 18: Agenda
Agenda • Company profile • Highlights 2015 • Financials 2015 • 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 2015 • Financials 2015 • Outlook • Q&A 20