Imerys, Transform to perform
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Key figures

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Finance

Key figures

From capital goods (machine tools, aerospace, etc.), consumer durables (automotive, household appliances, etc.), fast moving consumer goods (food, health, electronics, etc.) and packaging, construction and renovation of buildings: in 2013, end markets served by Imerys’ specialty minerals have been particularly dynamic in the US (construction and consumer durables sectors) while the year was marked by gradual stabilization of the economic environment in Europe. The growth rate was more moderate in emerging countries. Finally, in 2013, the euro appreciated against most other currencies (Japanese yen, Indian rupee, Brazilian real, South African rand and US dollar, especially in the second half of 2013).



Imerys achieved its guidance and slightly increased its net income from current operations and high cash flow generation.. Imerys continued to implement its development strategy and launched the first stages of the 2012-2016 plan: step up of Research & Development programs and selective capital expenditure.


This section presents Imerys' 2013 key figures and comments changes compared with the previous year:

2012 data has been reprocessed following the application, as of January 1, 2013, of the revised IAS 19 standard (Note 3.1 to the 2012 Registration Document) for the sake of data comparability.


  • Sales

    Sales2013fiva

    2013 revenue totaled €3,697.6 million, down - 4.8% compared to 2012. It takes into account a highly negative foreign exchange rate impact of - €115.9 million (- 3.0%) and the net effect of changes in Group structure (- 0.5%) (divestment of the Imerys Structure activity, - €52.2 million and the positive effect of the acquisitions (+ €30.8 million). On a comparable basis, 2013 revenue (- 1.3 % vs. 2012) benefited from a more favorable basis of comparison in the second half. Over the year, sales volumes were down - €95.3 million (- 2.5%). The product price/mix effect, positive in each of the business groups, was up by + 1.2%, sustained by innovation: in 2013, products launched over the last five years generated revenue of over €330 million (+ 33% vs. 2012) and now account for 9% of the Group's consolidated revenue.

    (1) 2010 results have been restated following the change in accounting method related to the recognition of employee benefits, applied on January 1, 2011 and detailed in annual results's press release 2011.

  • Current Operating Income*

    ROC2013fiva

    Current operating income totaled €477.0 million (- 2.3%) in 2013. It reflects an unfavorable foreign exchange effect of - 0.7% and - 0.3% Group structure effect (divestment of Imerys Structure). On a comparable basis, current operating income fell slightly by - 1.2% and reflects the relative improvement in the economic climate during 2nd half. The Group made net savings of + €27.5 million on fixed costs and general expenses, in particular, by rationalizing industrial assets (grouping capacities together, limited number of permanent site closures and temporary production stoppages). However, Imerys continued to implement its strategic growth plan by means of increased R&D and innovation. Oilfield Solutions teams were significantly expanded at the end of the year with the industrial and commercial launch of the new US proppant facility (PyraMax). Taking those items into account, the operating margin improved by + 0.3 point in 2013, to 12.9% (up from 12.6% in 2012).

    * Operating income before other operating revenue and expenses

  • Net Income from Current Operations (Group's share)**

    RCN2013fiva

    With net income from current operations up + 1.2% at €304.2 million in 2013 (from €300.7 million in 2012), Imerys achieved its target (published in mid-2013) of generating, in 2013, a net income from current operations close to that of 2012. Net income from current operations comprises a financial income up + €16.4 million thanks to the decrease of net financial and the drop in interest rates. The tax charge is - €118.0 million (- €116.6 million in 2012), i.e. an effective tax rate of 27.8%, unchanged from 2012. In 2013, the impact of new French tax contributions was counterbalanced by changes in the geographical mix of activities.

    ** Net income before other operating revenue and expenses, net.

  • Current Free Operating Cash Flow and Capital Expenditure***

    CFLOCINV2013fiva

    At 21.8% of annualized sales for the last quarter(2), operating working capital requirement improved significantly, benefiting from lower inventories at year-end. Paid capital expenditure paid out stood at €253.1 million in 2013. The booked amount (€250.3 million) represents 121% of depreciation expense (vs. 124% in 2012). Development capital expenditure continued on a selective basis and amounted to €106.3 million (€115.6 million in 2012), to support the Group's potential for growth. Details of the main projects are given for each business group. Consequently, Imerys maintained a solid current free operating cash flow at €306.4 million in 2013 (€289.4 million in 2012). (2) Continuation of factoring contract signed on July 23, 2009 under which transferred receivables are deconsolidated, with the risks and benefits related to receivables transferred to the factor bank. €46.3 million in receivables was factored as at December 31, 2013.

    *** EBITDA minus taxes on current operating income

  • Shareholders' equity and net debt

    FPEND2013fiva

    After the payment of €119.2 million in dividends, the purchase of PyraMax Ceramics, LLC (€178.9 million paid out in 2013), the three acquisitions made via Calderys and the sale of Imerys Structure, net financial debt was stable over the period (€885.4 million at December 31, 2013 against €874.8 million a year earlier). The Group's growth was, therefore, self-financed. Imerys' financial debt ratios remain sound: net debt represents 39.0% of equity and 1.4x EBITDA. In November 2013, Imerys completed a €300 million bond issue maturing in November 2020, with an annual coupon of 2.5 %. The issue was more than 5 times oversubscribed. This bond issue enabled Imerys to extend its average debt maturity and to refinance its upcoming bond maturity (April 2014) ahead of time, whilst still benefiting from very favorable market conditions. On December 31, 2013, Imerys' total available financial resources stood at €1.4 billion with an average maturity of 3.9 years. Moody’s confirmed the long-term credit rating (unsecured senior debt) assigned to Imerys in 2011, “Baa-2” with a stable outlook. The short-term rating “P-2”, also with a stable outlook, was also reaffirmed. Imerys can therefore rely on a sound financial situation for the continued implementation of its development plan.


Imerys is present in 47 countries with more than 240 industrial sites.

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