Imerys Announces Sharp Improvement in 2010 Results
PARIS, February 15, 2011 /PRNewswire-FirstCall/ -- - Organic Growth(1) in Sales + 15% - Operating Margin Target Achieved: 12.5% - Net Income From Current Operations Doubled to 240 MEUR - Current Free Operating Cash Flow Over 300 MEUR - + 20% Growth in Dividend Proposed at Shareholders' General Meeting: EUR1.20 per Share
On Tuesday, February 15, 2011, the Board of Directors of Imerys, meeting under the chairmanship of Aimery Langlois-Meurinne, examined the definitive financial statements for 2010 as presented by CEO Gerard Buffiere . The statements will be submitted for approval at the General Meeting on April 28, 2011.
Consolidated results (EUR millions) 2010 2009 % current change Sales 3 346.7 2 773.7 + 20.7% Current operating income(2) 419.0 248.9 + 68.4% Operating margin 12.5% 9.0% + 3.5 points Net income from current operations, 240.3 119.3 + 101.6% Group share(3) Net income, Group share 240.8 41.3 n.s. Financing Current free operating cash flow(4) 303.1 450.3 - 32.7% Booked capital expenditure 169.1 118.7 + 42.5% Shareholders' equity 2 196.4 1 855.8 + 18.4% Net financial debt 872.8 964.3 - 9.5% Data per share (euros) Net income from current operations, Group share (3)(5) EUR3.19 EUR1.66 + 92.6% Proposed dividend EUR1.20 EUR1.00 + 20.0% (1) At comparable Group structure and exchange rates. (2) Operating income, before other operating revenue and expenses. (3) Group share of net income before other operating revenue and expenses. (4) Current free operating cash flow: EBITDA deducted from notional notional tax, changes in working capital requirement and paid capital expenditure. (5) The average weighted number of outstanding shares (adjusted following the rights issue of June 2nd, 2009) was 75,405,857 vs. 72,054,523 in 2009.
Gerard Buffiere commented, "In 2010 Imerys' markets grew sharply. However, part of that growth results from our customers' inventory rebuilding, especially activities serving industrial equipment markets. Our operating indicators reflect that upturn with current operating income and margin returning to 2008 levels. We have resumed our external growth policy, as seen in our acquisition of the Brazilian company Para Pigmentos S.A. in July 2010. The Group's financial health will enable it to take advantage of the opportunities that arise. The Board of Directors is showing that confidence in the future by proposing a dividend of EUR1.20 per share at the next General Meeting, in line with the Group's historical distribution policy."
In 2010, Imerys' markets evolved favorably but remain significantly below pre-crisis volumes (approx. - 15%). The euro weakened in relation to the dollar for part of 2010. The Group benefited from this, not only through the translation of dollar sales into euros but also through the improved competitiveness of its customers (industrial equipment manufacturers and paper makers, etc.).
Steel production increased significantly, thanks to the dynamism of emerging zones. Trends were positive in the United States and, to a lesser extent, Europe.
Global production of printing and writing paper rose + 6% in 2010 compared with the previous year.
Demand remains stable overall in fast-moving consumer goods (beverages, edible oils, personal care products, etc.).
Construction picked up only slightly in Europe, although positive advance indicators (housing sales, building permits) are being published in France. In the United States, the sector has remained at a very low level for the past 18 months.
EVENTS AFTER DECEMBER 31, 2010
The annual consolidated financial statements as of December 31, 2010 were closed by the Board of Directors at its meeting on February 15, 2011. No significant event after the end of the period is to be reported.
The Group's economic environment in 2011 can currently be analyzed as follows:
- The construction market in France should improve gradually if, as can be expected, building permits reflect housing starts, from the second half of the year; - The US situation is more uncertain: single-family housing construction is likely to remain very low even if industrial activity trends appear healthier overall, as steel output suggests; - European markets other than construction could evolve favorably if the euro remains competitive in relation to the dollar; - Emerging countries are likely to continue growing; - Cost inflation and currency volatility risks exist.
In that context, unless a major macro-economic event occurs, Imerys should continue its growth, helped by the development efforts made in recent years. That growth will nevertheless be assessed in relation to 2010, which benefited from inventory rebuilding, a significant, non-recurring event. Moreover, the Group has the financial resources to seize the value-creating opportunities that arise.
Showing its confidence in the Group's prospects, at the Shareholders' General Meeting on April 28, 2011, the Board of Directors will propose a + 20% increase in dividends to EUR1.20 per share. The dividend would be paid out from May 11, 2011 for a total amount of approximately EUR90.6 million, which represents 37.7% of the Group's share of net income from current operations.
DETAILED COMMENTARY ON THE GROUP'S RESULTS SALES Sales Change in sales Comparable of of which (% previous change in which Price/Mix (EUR millions) year) sales(1) Volume effect (% previous effect year) 2010 3 346.7 + 20.7% + 15.0% + 13.1% + 1.9% 2009 2 773.7 - 19.6% - 19.9% - 23.8% + 3.9% 2010 2009 sales Change in Comparable of of which sales sales change(1) which Price/Mix (EUR (% (% Volume effect (EUR millions) previous previous effect millions) year) year) 1st quarter(2) 751.6 694.3 + 8.2% + 9.5% + 7.6% + 1.9% 2nd quarter(2) 871.4 679.7 + 28.2% + 22.7% + 20.8% + 1.9% 3rd quarter(2) 892.2 703.7 + 26.8% + 16.7% + 14.5% + 2.2% 4th quarter(2) 831.5 696.1 + 19.5% + 11.1% + 9.4% + 1.7% - Firm business all year long - Significant growth in sales volumes: up + 13% - Highly favorable exchange rate effect in second half
Sales for financial 2010 totaled EUR3,346.7 million, up + 20.7% from 2009. This increase factors in:
- A Group structure effect of + EUR23.9 million, chiefly resulting from the acquisition of the Brazilian company Para Pigmentos S.A (PPSA), consolidated from August 1, 2010, and the divestment of Planchers Fabre (France, May 2009), - A foreign exchange effect of + EUR134.0 million, which intensified in the 2nd half due to the euro's depreciation against other currencies on average, in 2010 compared with 2009.
At comparable Group structure and exchange rates, the increase in sales (+ 15.0% vs. 2009) reflects the overall upturn in sales volumes (+ 13.1%) in all four business groups. The upturn was sharper for those that had been most affected by the crisis and inventory reductions in 2009. The price/mix component rose + 1.9% over the year.
The sharp rise in 4th quarter sales (+ 19.5%) should not be extrapolated into early 2011 as it includes a significant currency translation effect (+ 5.9%).
At comparable Group structure and exchange rates, 4th quarter sales are slightly lower than in the second and third quarters, reflecting the end of restocking as well as adverse weather for Building Materials activities in particular.
Sales by geographic destination 2010 sales % change % consolidated (EUR millions) vs. 2009 sales 2010 Western Europe 1 601.2 + 11.6% 48% of which France 561.4 + 0.0 % 17% United States / Canada 685.4 + 25.5% 21% Japan / Australia 169.3 + 28.2% 5% Emerging countries 890.8 + 34.9% 26% Total 3 346.7 + 20.7% 100%
Every geographic zone benefited from the upturn in business. Sales growth in North America reflects the firmness of the US dollar against the euro in particular. In emerging countries, sales grew sharply in China, Brazil and India, with recent industrial investments a major driving force.
CURRENT OPERATING INCOME(3)(4) (EUR millions) 2010 2009 % change % comparable change(5) 1er quarter 84.1 44.4 + 89.4% + 101.4% Operating margin 11.2% 6.4% 2nd quarter 123.2 65.6 + 87.8% + 90.0% Operating margin 14.1% 9.6% 3rd quarter 115.1 69.8 + 65.0% + 63.7% Operating margin 12.9% 9.9% 4th quarter 96.6 69.1 + 39.8% + 35.3% Operating margin 11.6% 9.9% Year 419.0 248.9 + 68.4% + 69.5% Operating margin 12.5% 9.0% - Good contribution from volumes - More than half the savings made in 2009 carried over into 2010
Beyond the limited effects of Group structure and foreign exchange (- EUR3.0 million and + EUR0.2 million, respectively) at comparable Group structure and exchange rates, current operating income increased by + EUR172.9 million compared with 2009. It takes into account the substantial contribution of sales volumes (+ EUR161.4 million). The product price/mix effect was favorable (+ EUR27.0 million) and the Group recorded an overall decrease in variable costs (- EUR22.3 million), particularly energy bills. Fixed production costs and general expenses remained under control (+ EUR74.3 million). More than half the savings achieved in 2009 (EUR157.8 million) were carried over into 2010, in line with the upturn in volumes (labor costs, maintenance).
In the 4th quarter of 2010, the operating margin (11.6%) was impacted by adverse weather conditions in France, the United Kingdom and the United States, which disrupted operating conditions and weighed on the activity mix (drop in construction-related segments in particular).
At 12.5%, the Group's operating margin gained 3.5 points in 2010 compared with 2009.
NET INCOME FROM CURRENT OPERATIONS(6)
Up + 101.6% to EUR240.3 million, net income from current operations reflects:
- The sharp rise in current operating income; - The improvement in current financial income to - EUR74.7 million (- EUR83.4 million in 2009) that includes, in particular: - Interest expense of - EUR57.3 million (vs. - EUR69.1 million in 2009), reflecting the decrease in average debt from the same period the previous year; - A foreign exchange loss of - EUR4.4 million (- EUR5.8 million in 2009); - Unwinding of long-term provisions (- EUR3.4 million) and net financial expense with respect to pensions (- EUR2.8 million); - Other financial income/expense (- EUR6.8 million), including a - EUR6.4 million charge on financial instruments. - A tax charge of - EUR99.5 million (- EUR46.2 million in 2009), i.e. an effective tax rate of 28.9%, compared with 27.9% in 2009.
The + EUR199.5 million increase in net income, Group share to EUR240.8 million takes into account other income and expense, net of tax (+ EUR0.5 million), including in particular the following items, net of tax:
- Badwill on the acquisition of PPSA, net of acquisition costs (expenses, restructuring) for a total of EUR40.2 million; - Non-recurring financial income resulting from the recording in the 1st half of 2010 of a non-recurring foreign exchange gain of + EUR6.7 million, following the restructuring of the financing of the Group's US subsidiaries (i.e. + EUR10.2 million before tax); - Provisions for restructuring and asset depreciation for a total amount of - EUR30.7 million (corresponding in particular to the closure of the Imerys Kiln Furniture site in Spain; in China, withdrawal from Vermiculite activities and depreciation of mining rights); - Depreciation expense for site remediation for - EUR14.2 million: the review of the environmental situations of the Group's industrial sites, carried out in 2010, led to the booking of additional long-term provisions. CASH FLOW (EUR millions) 2010 2009 EBITDA 621.0 416.6 Change in operating working capital (45.7) 235.3 Paid capital expenditure (154.9) (138.4) Free current operating cash flow* 303.1 450.3 Paid financial expense (net of tax) (46.6) (50.4) Other working capital items 17.7 42.1 Current free cash flow 274.2 442.0 * including subsidies, value of divested assets and miscellaneous 3.7 6.3 - Management of working capital requirement - Free current operating cash flow over 300 MEUR
Operating working capital requirement rose + EUR45.7 million, in line with the increase in sales (+ 20.7%). Working capital, therefore, represents 21.8% of 4th quarter sales on an annual basis. Excluding the effect of receivables factoring for EUR71 million(7) , as on December 31, 2010 that ratio works out at 23.8% (vs. 24.9% as on December 31, 2009).
Booked capital expenditure totaled EUR169.1 million, compared with EUR118.7 million in 2009. This represents 79% of depreciation expense (vs. 65% in 2009) and was mainly intended for industrial facility maintenance and industrial tools and overburden operations.
FINANCIAL STRUCTURE EUR millions December 31, June 30, December 31, 2010 2010 2009 Paid dividends (76.3) (76.0) (63.6) Net debt 872.8 990.1 964.3 Shareholders' equity 2,196.4 2,140.5 1,855.8 EBITDA 621.0 319.2 416.6 Net debt / shareholders' equity 39.7% 46.3% 52.0% Net debt / EBITDA 1.4x 1.9x 2.3x
Consolidated net financial debt, at EUR872.8 million, was reduced by approximately EUR92 million in 2010. This change takes into account the following items:
- High current free cash flow at EUR274.2 million; - Payment, on May 11, 2010, of EUR75.5 million in dividends, plus EUR0.8 million in dividends paid to minority shareholders in subsidiaries; - The acquisition of Para Pigmentos S.A. (PPSA)(8) and mining rights in Para state (Brazil), for a total amount of EUR54.1 million.
As on December 31, 2010, Imerys' total financial resources are almost EUR2.2 billion, with no significant repayments due until late 2012. The average maturity of financial resources is 3.8 years.
COMMENTARY BY BUSINESS GROUP Minerals for Ceramics, Refractories, Abrasives & Foundry (32% of consolidated sales) (EUR millions) 2010 2009 Current Comparable change change(9) Sales 1 105.0 794.5 + 39.1% + 35.2% Current operating income(10) 134.6 44.0 + 206.4% + 213.3% Operating margin 12.2% 5.5% Booked capital expenditure 63.0 46.0 + 37.0% - Firm activity on most end markets - 2nd and 3rd quarter sales driven by heavy inventory rebuilding
Minerals for Refractories and Abrasives (steel, automotive, industrial equipment) and Graphite (mobile energy, etc.) markets were heavily affected by the global economic crisis in 2009. In 2010, they benefited from the clear upturn in end demand and an inventory rebuilding effect that lasted until the end of the 3rd quarter.
To meet the increase in global demand for high quality refractory minerals, development capital expenditure resumed in andalusite (refractory mineral for steel, aluminum, cement and glass production). The business group opened a new conversion unit close to its reserve in China. Production capacities were extended in South Africa.
The upturn in demand was more moderate on Minerals for Ceramics markets, with construction in developed countries growing only slightly. However, business is developing in new segments (electro-porcelain, glass fiber) and extending into emerging economies.
Sales, at EUR1,105.0 million for financial 2010, rose + 39.1% from financial 2009 (which was down - 31.5% from 2008). An analysis of the variance shows:
- A Group structure effect for - EUR0.9 million, - Substantial exchange rate impact at + EUR31.9 million.
Driven by the sharp rise in volumes, sales also increased due to higher relative growth in value-added products.
With a threefold increase from 2009, current operating income, at EUR134.6 million, includes a + EUR0.1 million Group structure effect and a - EUR3.2 million foreign exchange impact.
At comparable Group structure and exchange rates, the rise in sales volumes had a very positive effect despite an increase in fixed production costs. The product price/mix evolved favorably and variable costs were down slightly from the previous year.
Performance & Filtration Minerals (17% of consolidated sales) (EUR millions) 2010 2009 Current Comparable change change(11) Sales 594.7 500.7 + 18.8% + 11.7% Current operating income(12) 64.8 26.9 + 141.1% + 117.3% Operating margin 10.9% 5.4% Booked capital expenditure 26.8 10.7 + 150.5% - Contrasting underlying markets with significant inventory rebuilding - Improved productivity in the United States
In 2010, most of the business group's end markets reported an improvement in demand and some inventory rebuilding by customers and distributors. Growth was higher in fast-moving consumer goods (beverages, edible oils, personal care products, etc.) and specialty products for industry (plastics, rubber, filtration, catalyst, etc.). However, while the construction sector grew slowly in Europe, no improvement could be seen in the United States.
The industrial optimization plan for the Minerals for Filtration activity in the United States, particularly the renovation of the Lompoc (California), diatomite plant, enabled the business group to serve demand effectively in 2010. Mining operations returned to normal.
Sales totaled EUR594.7 million for 2010 (+ 18.8%). This increase includes a foreign exchange impact of + EUR35.5 million and a Group structure effect of - EUR0.3 million. At comparable structure and exchange rates, the rise in sales reflects the significant upturn in volumes, partly resulting from inventory rebuilding.
At EUR64.8 million, current operating income rose + EUR37.9 million. It factors in a favorable foreign exchange effect of + EUR6.4 million. At comparable structure and exchange rates, the increase was + EUR31.5 million. The sharp upturn in volumes came with a correlated increase in fixed production costs and general expenses. Income also reflects the decrease in variable costs and the firm price/mix component.
Pigments for Paper (23% of consolidated sakes) (EUR millions) 2010 2009 Current Comparable change change(11) Sales 767.1 631.9 + 21.4% + 9.8% Current operating income(12) 76.0 41.6 + 82.8% + 101.0% Operating margin 9.9% 6.6% Booked capital expenditure 60.6 32.5 + 86.5% - Sharp upturn in paper production in mature countries - Start-up of new units in China and India, acquisition of PPSA in Brazil
Global production of printing and writing paper, which had slumped heavily in 2009, gradually recovered in 2010 (+ 6.1%) with printers and distributors rebuilding their paper inventories.
Demand was robust in emerging countries (+ 5.7%) and picked up strongly in mature countries (+ 6.5%). Moreover, European papermakers benefited from better competitiveness thanks to the euro's depreciation against the dollar. The European paper sector carries on consolidating.
The business group continued its strategic development in 2010. The Yueyang precipitated calcium carbonate (PCC) plant (Hunan province, China), commissioned in the 2nd quarter under a joint venture, is now fully operational.
In the 2nd half of the year, the business group also acquired the Brazilian company Para Pigmentos S.A. (PPSA) and mining rights in Para state. This enabled Imerys to increase its reserves of kaolin for paper and packaging and enhance its industrial and logistical assets (pipeline and port terminal). Integration has been progressing according to the acquisition plan since August 1.
Sales, at EUR767.1 million in 2010, rose + 21.4%., particularly taking into account:
- A highly favorable foreign exchange effect of + EUR42.0 million, - A + EUR31.4 million structure effect (acquisition of PPSA, Brazil, consolidated from August 1, 2010)
At comparable structure and exchange rates, sales growth mainly reflects the substantial rise in volumes, resulting from:
- The dollar's depreciation against the euro, which benefited European paper producers. - The success of new products intended for the packaging segment (extra-flat kaolins in the 'Barrisurf(TM)' and 'E-Type(TM)' ranges). - The opening of new production capacities in India and China.
Current operating income totaled EUR76.0 million in 2010 (+ EUR34.4 million), including a - EUR5.3 million foreign exchange impact and a - EUR2.2 million structure effect. At comparable structure and exchange rates, the business group's operating performance benefited from higher sales volumes and from productivity efforts. Trends in the price/mix component and variable costs were also healthy.
Materials and Monolithics (28% of consolidated sales) (EUR millions) 2010 2009 Current Comparable change change(13) Sales 922.6 875.6 + 5.4% + 3.1% Current operating income(14) 187.5 168.0 + 11.6% + 10.7% Operating margin 20.3% 19.2% Booked capital expenditure 14.0 27.3 - 48.7% - Healthy advanced indicators for new housing in France - Adverse weather conditions in 1st quarter and in December - Firm activity in Monolithic Refractories
In France, the improvement in building permits observed for several quarters was not reflected in new housing starts until late 2010 with a + 1.7% rise(15) for the year.
Renovation was heavily hit by unfavorable weather in January, February and December and fell slightly over the year.
In that context, the clay products market recorded a - 2%(16) decrease in roofing components from the previous year. In the structure segment, however, growth was strong (+ 11%(16)) thanks to the ongoing substitution of clay for concrete.
Monolithic Refractories markets benefited from the upturn in steelmaking and, more generally, industrial activity, which remained firm throughout the year. The cement, incineration and petrochemicals segments, which held out better in 2009, grew slightly. New furnace construction projects remain few.
In 2010, capital expenditure was limited to maintenance, industrial assets having been upgraded in recent years. Furthermore, the Cuntis (Spain), Kiln Furniture plant was closed.
Up + 5.4% from 2009, the business group's 2010 sales (EUR922.6 million) takes into account:
- Structure effect of - EUR6.4 million (divestment of Planchers Fabre - France, May 2009); - Foreign exchange impact of + EUR26.4 million.
At comparable structure and exchange rates, firm business in Monolithic Refractories offsets lower sales volumes in Building Materials.
Current operating income was EUR187.5 million (up + EUR19.5 million from 2009). It includes a - EUR0.8 million structure effect and a + EUR2.3 million foreign exchange impact. At comparable structure and exchange rates, strict cost management offsets the lower relative contribution of Building Materials.
As announced on June 9, 2010, Mr. Gilles Michel joined the Imerys group at the end of September 2010. He was appointed Director and Deputy Chief Executive Officer on November 3, 2010. Following the Shareholders' General Meeting of April 28, 2011, subject to confirmatory approval of his appointment as Director, the Board of Directors intends to change the Company's governance structure. The duties of Chairman and Chief Executive Officer would be assigned to Mr. Gilles Michel . The Board of Directors decided to propose at the General Meeting to renew the directorships of Mr. Aimery Langlois-Meurinne and Mr. Gerard Buffiere . In line with the recommendations of the French Securities Commission (Autorite des Marches Financiers), and according to the best practice of French listed companies, the Board would offer Mr. Langlois-Meurinne the position of Deputy Chairman as Referent Director (Administrateur Referent)".
At the next Shareholders' General Meeting, the Board of Directors will also propose the renewal of terms of office of Mr. Aldo Cardoso , Mr. Maximilien de Limburg Stirum and Mr. Jacques Veyrat as Directors and the appointment of Mrs. Arielle Malard de Rothschild as a new Director for the purposes, in particular, of increasing the proportion of women on the Board following the appointment of Mrs. Fatine Layt in 2010.
The press release is available from the Group's website http://www.imerys.com, with access via the homepage in the "Press releases" section.
Imerys is holding a presentation meeting at 6:30pm today at Maison des Arts & Metiers (9 bis avenue d'Iena, 75116 Paris, France) at which the financial 2010 results will be commented on. This conference will be webcasted live on the Group's website http://www.imerys.com.
Financial communication agenda - 1st quarter 2011 results and Shareholders' General Meeting: April 28, 2011; - 1st half 2011 results: July 29, 2011; - 3rd quarter 2011 results: November 3, 2011.
These dates are given for guidance only and may be updated on the Group's website at http://www.imerys.com in the section Investors & Analysts / Financial Agenda.
The world leader in adding value to minerals, Imerys is active in 47 countries through more than 240 industrial and commercial sites. The Group achieved more than EUR3.3 billion in sales in 2010. Imerys develops solutions that improve its customers' product performance and manufacturing efficiency, thanks to minerals it mines and processes from reserves with rare qualities. The Group's products have a great many applications in everyday life, including construction, personal care, paper, paint, plastic, ceramics, telecommunications, beverage, filtration, etc.
More comprehensive information about Imerys may be obtained from its Internet website (http://www.imerys.com) under Regulated Information, particularly in its Registration Document filed with Autorite des marches financiers on April 1, 2010 under number D.10-0205 (also available from the Autorite des marches financiers website, http://www.amf-france.org). Imerys draws the attention of investors to chapter 4, "Risk Factors", of its Registration Document.
Warning on projections and forward-looking statements: This document contains projections and other forward-looking statements. Investors are cautioned that such projections and forward-looking statements are subject to various risks and uncertainties (many of which are difficult to predict and generally beyond the control of Imerys) that could cause actual results and developments to differ materially from those expressed or implied.
--------------------------------- (1) At comparable Group structure and exchange rates. (2) Non-audited quarterly data. (3) Operating income, before other operating revenue and expenses. (4) Non-audited quarterly data. (5) At comparable Group structure and exchange rates. (6) Net income (loss), Group share, before other operating income and expense, net. (7) 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. EUR83 million in receivables were factored as on December 31, 2009. (8) Acquisition of 100% of the shares of the company in 2010. (9) At comparable Group structure and exchange rates. (10) Operating income, before other operating revenue and expenses. (11) At comparable structure and exchange rates. (12) Operating income, before other operating revenue and expenses. (13) At comparable structure and exchange rates. (14) Operating income, before other operating revenue and expenses. (15) Source: New single-family housing starts - French Ministry of Ecology, Sustainable Development, Transports and Housing. (16) Source: FFTB (French roof tiles & bricks federation) - provisional data. 2010 RESULTS Appendix(1) 1. Consolidated sales breakdown Change in consolidated sales % % % % current structure foreign comparable change effect exchange change(2) effect Imerys Group + 20.7% + 0.8% + 4.9% + 15.0% Comparable quarterly change(2) Q1 '10 Q2 '10 Q3 '10 Q4 '10 2010 vs. 2009 + 9.5% + 22.7% + 16.7% + 11.1% 2009 vs. 2008 (reminder) Q1 '09 Q2 '09 Q3 '09 Q4 '09 - 23.8% - 26.0% - 20.9% - 7.6% Quarterly Q4 Q4 Current Compar 2010 2009 Current Compar change by 2010 2009 change -able change -able business change(2) change group (2) Minerals for Ceramics, Refractories, Abrasives & Foundry 279.6 215.6 + 29.7% + 26.3% 1 105.0 794.5 + 39.1% + 35.2% Performance & Filtration Minerals 138.3 122.0 + 13.3% + 4.0% 594.7 500.7 + 18.8% + 11.7% Pigments for Paper 201.4 160.1 + 25.7% + 5.4% 767.1 631.9 + 21.4% + 9.8% Materials & Monolithics 221.2 211.4 + 4.6% + 1.3% 922.6 875.6 + 5.4% + 3.1% Total sales after holdings & eliminations 831.5 696.1 + 19.5% + 11.1% 3 346.7 2 773.7 + 20.7% + 15.0% Quarterly change Q1 10 Q2 10 H1 10 Q3 10 Q4 10 H2 10 2010 Imerys Group - + 8.2% + 28.2% + 18.1% + 26.8% + 19.5% + 23.1% + 20.7% Current change Imerys Group - + 9.5% + 22.7% + 16.0% + 16.8% + 11.1% + 13.9% + 15.0% Comparable change of which: Minerals for Ceramics, Refractories, Abrasives & Foundry + 28.6% + 48.2% + 38.4% + 38.7% + 26.3% + 32.2% + 35.2% Performance & Filtration Minerals + 19.9% + 17.2% + 18.5% + 6.4% + 4.0% + 5.2% + 11.7% Pigments for Paper + 7.1% + 17.2% + 12.0% + 9.8% + 5.4% + 7.6% + 9.8% Materials & Monolithics - 8.4% + 10.2% + 0.6% + 9.7% + 1.3% + 5.6% + 3.1% Sales by business group 2010 2009 Minerals for Ceramics, Refractories, Abrasives & Foundry 32% 28% Performance & Filtration Minerals 17% 18% Pigments for Paper 23% 23% Materials & Monolithics 28% 31% Total 100% 100% Sales by geographic destination (EUR millions) 2010 sales % Current % % change consolidated consolidated 2010 vs. 2009 sales 2010 sales 2009 Western Europe 1 601.2 + 11.6% 48% 52% USA / Canada 685.4 + 25.5% 21% 19% Japan / Australia 169.3 + 28.2% 5% 5% Emerging 890.8 + 34.9% 26% 24% countries Total 3 346.7 + 20.7% 100% 100% 2. Key figures (EUR millions) Q4 2010 Q4 2009 Change H2 2010 H2 2009 Change Sales 831.5 696.1 + 19.5% 1 723.7 1 399.7 + 23.1% Current operating income (3) 96.6 69.1 + 39.8% 211.7 138.9 + 52.5% Current financial income (expense) (22.8) (24.3) (42.5) (38.5) Current taxes (21.6) (12.4) (48.7) (27.5) Minority interests (0.7) (0.4) (2.2) (0.3) Net income from current operations(4) 51.4 32.0 + 60.8% 118.3 72.6 + 63.0% Other operating revenue and expenses, net 3.1 (24.4) 3.4 (43.0) Net income (loss)(4) 54.5 7.6 n.a. 121.7 29.6 n.a. (1) Non-audited quarterly information. (2) At comparable Group structure and exchange rates. (3) Operating income before other operating revenue and expenses. (4) Group share.
APPENDIX Imerys - Summary financial statements as on December 31, 2010
The Board of Directors met on February 15, 2011 to close the 2010 financial statements. Audit procedures were carried out and audit reports are being issued.
CONSOLIDATED INCOME STATEMENT (EUR millions) 2010 2009 Revenue 3,346.7 2,773.7 Current revenue and expenses (2,927.7) (2,524.8) Raw materials and consumables used (1,178.6) (1,026.1) External expenses (849.5) (674.9) Staff expenses (635.6) (587.1) Taxes and duties (41.6) (42.6) Amortization, depreciation and impairment losses (213.0) (181.4) Other current revenue and expenses (15.1) (12.6) Share in net income of associates 5.7 (0.1) Current operating income 419.0 248.9 Other operating revenue and expenses (12.4) (87.1) Gain or loss from obtaining or losing control 40.9 4.3 Other non-recurring items (53.3) (91.4) Operating income 406.6 161.8 Net financial debt expense (57.3) (69.1) Income from securities 2.7 2.2 Gross financial debt expense (60.0) (71.3) Other financial revenue and expenses (7.2) (14.3) Other financial revenue 212.1 121.1 Other financial expenses (219.3) (135.4) Financial income (loss)(1) (64.5) (83.4) Income taxes (96.8) (37.1) Net income 245.3 41.3 Net income, Group share(2) 240.8 41.3 Net income, share of non-controlling interests 4.5 - (1) A foreign exchange gain of + EUR10.2 million realized in the 1st half of 2010 as a consequence of a restructuring of financings of businesses in US Dollar presents a non-recurring and significant character. This foreign exchange gain is classified in "Other net operating revenue and expenses, Group share" so as to stress its non-recurring and significant character. The current financial income (loss) included in the "Net income from current operations, Group share" (that measures the recurring performance of the Group) thus amounts to - EUR74.7 million. (2) Net income per share (in EUR) 2010 2009 Basic net income per share 3.19 0.57 Diluted net income per share 3.19 0.57 Imerys - Summary financial statements as on December 31, 2010 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR millions) 2010 2009 Non-current assets 2,936.9 2,740.5 Goodwill 950.4 897.5 Intangible assets 34.6 43.8 Mining assets 453.5 377.2 Property, plant and equipment 1,287.6 1,224.1 Investments in associates 54.4 50.0 Available-for-sale financial assets 7.4 7.5 Other financial assets 33.7 23.2 Other receivables 45.0 43.7 Derivative financial assets 24.8 17.6 Deferred tax assets 45.5 55.9 Current assets 1,489.9 1,190.8 Inventories 545.1 440.5 Trade receivables 446.5 364.4 Other receivables 128.0 110.7 Derivative financial assets 12.2 5.0 Marketable securities and other financial assets 6.0 5.6 Cash and cash equivalents 352.1 264.6 Consolidated assets 4,426.8 3,931.3 Equity, Group share 2,169.5 1,836.9 Capital 151.0 150.8 Premiums 338.4 339.4 Reserves 1,439.3 1,305.4 Net income, Group share 240.8 41.3 Equity, share of non-controlling interests 26.9 18.9 Equity 2,196.4 1,855.8 Non-current liabilities 1,408.4 1,388.9 Provisions for employee benefits 94.7 103.9 Other provisions 189.6 157.7 Loans and financial debts 1,016.8 1,037.7 Other debts 10.2 9.5 Derivative financial liabilities 15.3 16.5 Deferred tax liabilities 81.8 63.6 Current liabilities 822.0 686.6 Other provisions 14.4 18.6 Trade payables 317.1 260.7 Income taxes payable 25.1 20.6 Other debts 239.8 185.7 Derivative financial liabilities 1.4 2.9 Loans and financial debts 219.5 186.0 Bank overdrafts 4.7 12.1 Consolidated equity and liabilities 4,426.8 3,931.3 Imerys - Summary financial statements as on December 31, 2010 CONSOLIDATED STATEMENT OF CASH FLOWS (EUR millions) 2010 2009 Cash flow from operating activities 406.4 520.5 Cash flow generated by current operations 567.4 657.3 Interests paid (62.7) (67.2) Income taxes on current operating income and financial income (loss) (82.6) (26.1) Dividends received from available-for-sale financial assets 0.1 0.4 Cash flow generated by other operating revenue and expenses (15.8) (43.9) Cash flow from investing activities (210.2) (115.5) Acquisitions of intangible assets and property, plant and equipment (154.9) (138.4) Acquisitions of investments in consolidated entities after deduction of cash acquired (69.2) (10.9) Acquisitions of available-for-sale financial assets 0.4 - Disposals of intangible assets and property, plant and equipment 8.6 18.8 Disposals of investments in consolidated entities after deduction of cash disposed of 1.8 14.2 Disposals of available-for-sale financial assets - 0.1 Net change in financial assets 1.0 (1.2) Paid-in interests 2.1 1.9 Cash flow from financing activities (118.0) (365.7) Capital increases 8.5 249.0 Capital decreases (7.1) - Disposals (acquisitions) of treasury shares (5.9) - Dividends paid to shareholders (75.5) (62.8) Dividends paid to non-controlling interests (0.8) (0.8) Loan issues 67.0 8.2 Loan repayments (32.0) (402.4) Net change in other debts (72.2) (156.9) Change in cash and cash equivalents 78.2 39.3 (EUR millions) 2010 2009 Opening cash and cash equivalents 252.6 211.2 Change in cash and cash equivalents 78.2 39.3 Impact of changes due to changes in perimeter (0.1) (2.3) Impact of changes due to exchange rate fluctuations 17.5 4.5 Impact of changes in accounting policies (0.8) (0.1) Closing cash and cash equivalents 347.4 252.6 Cash and cash equivalents 352.1 264.6 Bank overdrafts (4.7) (12.1) Analyst/Investor relations: Pascale Arnaud - +33-(0)1-49-55-63-91 email@example.com Press contacts: Pascale Arnaud - +33-(0)1-49-55-63-91 Matthieu Roquet-Montegon - +33(0)6-16-92-80-65
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