Imerys, Transform to perform

Key figures



Key figures

In 2015, Imerys achieved its target with + 8.0% growth in net income from current operations to €342 million. This result, achieved in difficult overall market conditions, attests to the quality of the Group’s fundamentals and to its management discipline. The Group’s operating margin was firm at 13.2%. Group structure effect that includes S&B’s contribution and favorable exchange rate effect offset the slump in sales volumes on a number of our markets. Current operating income was also supported by a favorable trend in the activity mix and the effectiveness of cost reduction programs. The financial soundness of the Group was strengthened by high generation of current free operating cash flow at 343 M€.

This section presents Imerys' 2015 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

    CA uk fin 2015

    Revenue in 2015 is up + 10.8% on a current basis from 2014. This growth results from a positive Group structure effect mainly comprised of the consolidation since March 1, 2015 of S&B and a positive exchange rate effect relating to the euro’s depreciation against the US dollar. At comparable Group structure and exchange rates, revenue decreased - 4.6% in 2015 compared with 2014, due to the persistent weakness of some markets and geographic zones, as well as a particularly unfavorable basis of comparison in ceramic. Excluding ceramic proppants, comparable change in revenue is - 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. The price/mix effect remained firm at + 1.3% for the whole Group for 2015.

  • Current Operating Income*

    ROC fin uk 2015

    Current operating income grew + 8.8% in 2015 compared with 2014. It includes a favorable exchange rate effect, reflecting in particular the euro’s depreciation against the dollar, and a Group structure effect that includes S&B’s contribution. These effects offset the slump in sales volumes. Current operating income also benefited from a favorable trend in the activity mix and the effectiveness of management measures: positive change in product price/mix, improvement in variable costs, supported in particular by the I-Cube operating excellence program, and decrease in fixed costs and general expenses. The Group’s operating margin remains firm at 13.2%.

    * Operating income before other operating revenue and expenses

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

    RC uk fin 2015

    Net income from current operations rose + 8.0% in 2015, according to Imerys’ target. 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.

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

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

    cash flow inv ind fin uk 2015

    Paid capital expenditure totaled €272 million in 2015. The booked amount (€274 million) represents 122% of depreciation expense (vs. 115% in 2014). Development capital expenditure continued selectively, totaling €78 million (€82 million in 2014), to support the Group’s growth potential. Consequently, Imerys generated substantially higher current free operating cash flow in 2015, at €342.5 million (€244.1 million in 2014).

    *** EBITDA minus taxes on current operating income

  • Shareholders' equity and net debt

    fond dette fin uk 2015

    The Group’s net financial debt grew + €611 million to €1,480 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 €133 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’ 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.

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

DDR 2016 UK
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