Slide 1: Conference Call Full Year 2020 results
Page CONFERENCE CALL Full Year 2020 results IMCD N.V. 26 February 2021
Slide 2: Disclaimer
Page 2 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 uncertain
Slide 3: Presenting team
Page 3 Presenting team Piet van der Slikke, CEO Hans Kooijmans, CFO Led the formation of IMCD since 1995 Joined IMCD in 1996 Designed and executed IMCD’s strategy Co-led formation of IMCD 25 years of industry experience 24 years of industry experience
Slide 4: Agenda
Page 4 Agenda • Company profile • Highlights 2020 • Financials 2020 • Outlook • Q&A
Slide 5: Company profile
Page 5 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
Slide 6: Agenda: Highlights 2020
Page 6 Agenda • Company profile • Highlights 2020 • Financials 2020 • Outlook • Q&A
Slide 7: Highlights 2020
Page 7 Highlights 2020 GROSS PROFIT • Gross profit growth of 8% to EUR 647 million (+11% on a constant currency basis) OPERATING EBITA • Operating EBITA increase of 13% to EUR 254 million (+16% on a constant currency basis) NET RESULT • Net result before amortisation and non-recurring items of EUR 1
Slide 8: Highlights first nine months 2020
Page 8 Highlights first nine months 2020 M&A 2020 • Acquisition of 100% of the shares of Zifroni Chemical Suppliers Ltd. (Israel) in January • Acquisition of the pharmaceutical business of Develing International Trade (Shanghai) Co. Ltd in July • Strengthening of Brazilian Food & Nutrition business
Slide 9: Agenda: Financials 2020
Page 9 Agenda • Company profile • Highlights 2020 • Financials 2020 • Outlook • Q&A
Slide 10: Financials 2020: Income statement
Page 10 Financials 2020 Income statement fx adj. EUR million 2020 2019 change change change Revenue 2.775 2.690 85 3% 6% Gross profit 647 599 48 8% 11% Gross profit in % of revenue 23,3% 22,3% 1,0% Operating EBITDA 279 247 32 13% 16% Operating EBITDA in % of revenue 10,1% 9,2% Operating EBITA¹ 254 2
Slide 11: Financials 2020: Income statement by region
Page 11 Financials 2020 Income statement Holding EUR million EMEA Americas Asia Pacific companies Total Gross profit 2020 337 204 106 647 2019 325 194 80 599 ∆ reported 4% 6% 32% 8% ∆ constant currency 5% 11% 36% 11% Gross profit in % of revenue 2020 25,4% 21,6% 21,1% 23,3% 2019 24,7% 19,7% 20,5% 22
Slide 12: Financials 2020: Income statement (continued)
Page 12 Financials 2020 Income statement (continued) fx adj. EUR million 2020 2019 change change change Operating EBITA 254 225 29 13% 16% Recurring net finance costs (26) (27) 1 Recurring income tax expenses (49) (42) (7) Net result before amortisation and non-recurring items 178 156 22 14% 19% Amo
Slide 13: Financials 2020: Net finance costs
Page 13 Financials 2020 Net finance costs EUR million 2020 2019 change Interest costs financing structure (16,9) (19,7) 2,8 Interest exp. Lease liabilities (IFRS 16) (2,7) (2,7) - Amortisation of finance costs (0,6) (0,6) - Changes deferred considerations 2,0 (0,4) 2,4 Interest costs re employee ben
Slide 14: Financials 2020: Income tax expenses
Page 14 Financials 2020 Income tax expenses EUR million 2020 2019 change Regular income tax expenses (48,0) (43,0) (5,0) Adjustments for prior years (1,5) 0,2 (1,7) Reduction in tax rates (0,2) 0,4 (0,6) (De-) recognition tax losses 0,3 0,6 (0,3) Tax credits related to amortisation 4,6 2,6 2,0 Non-r
Slide 15: Financials 2020: Cash EPS - proposed dividend
Page 15 Financials 2020 Cash EPS - proposed dividend EUR million 2020 2019 change change Result for the year 121 108 13 12% Amortisation of intangible assets 57 44 Tax credits related to amortisation (5) (3) Cash earnings 173 149 23 16% Weighted average number of share (x milion) 53,7 52,4 Cash earn
Slide 16: Financials 2020: Balance Sheet
Page 16 Financials 2020 Balance Sheet EUR million 31 December 2020 31 December 2019 change Property, plant and equipment 27 29 (2) Right-of-use assets 68 61 7 Intangible assets 1.567 1.141 426 Other fin. assets/def tax assets 44 40 4 Working capital 443 436 7 Provisions/employee benefits (34) (28) (
Slide 17: Financials 2020: Working capital
Page 17 Financials 2020 Working capital EUR million 31 December 2020 31 December 2019 change Inventories 371 377 (6) in days of revenue * 46 49 (3) Trade and other receivables 464 435 30 in days of revenue * 58 56 1 Trade payables (292) (280) (12) in days of revenue * (36) (36) 0 Other payables (100
Slide 18: Financials 2020: Net debt
Page 18 Financials 2020 Net debt EUR million 2020 2019 change Loans and borrowings long term 587 566 22 Loans and borrowings short term 80 80 Short term financial liabilities 241 274 (33) Cash and cash equivalents (169) (104) (65) Net Debt 739 735 4 Net Debt / Operating EBITDA ratio 1 2,3 2,8 (0,5)
Slide 19: Financials 2020: Free cash flow
Page 19 Financials 2020 Free cash flow EUR million 2020 2019 change Operating EBITA 254 225 29 Depreciation 26 22 4 Operating EBITDA 279 247 32 Lease payments (26) (22) (4) Share based payments 5 3 2 Adjusted Operating EBITDA 258 228 30 Capex (7) (5) (1) ∆ Working capital 1 31 (1) 31 Free cash flow
Slide 20: Agenda: Outlook
Page 20 Agenda • Company profile • Highlights 2020 • Financials 2020 • Outlook • Q&A
Slide 21: Outlook
Page 21 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 22: Agenda: Q&A
Page 22 Agenda • Company profile • Highlights first 2020 • Financials 2020 • Outlook • Q&A