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  • 53.60 %
    Share capital 30/09/2017
  • 3,276 EUR M
    Value of the stake 30/09/2017
  • 67.3 %
    Voting rights 30/09/2017
  • 6
    Number of representatives in statutory bodies 30/06/2017
Investment Year 1987 Investment history

Imerys extracts, transforms, develops and combines a unique range of minerals to provide functionalities that are vital to its customers’ products and production processes. These specialities have a very wide range of uses and are becoming more common on growing markets.


Investment case

  • Business Model resilience.
    Geographic and customer’s final markets diversity.
  • Imerys is the leader in its sector: #1 or #2 in almost all of its markets.
  • High added value functional solutions providing the key properties for its customers’ products.
    Low exposure to fluctuations in commodities prices.
    Low risk of substitution due in particular to the customer’s low share in total costs.
  • Solid cash-flow generation making it possible to support external growth.

Half-year results 2017

  • Revenue grew organically by 1.8% and by 4.3% at comparable exchange rates (external growth of 2.5%). Taking into account the positive currency effect (1.6%), revenue increased by 5.9% to EUR 2,220 millions.
  • Current operating income grew by 6.7% to EUR 313 million after perimeter changes and the currency effect. The margin has grown by 10 bps to 14.1%.
  • Net income from current operations (group’s share) increased by 3.2% and the net result (group’s share) by 8.9%.
  • Compared with 31 December 2016, net debt rose to EUR 1,509 million due primarily to the dividend payment.

Outlook for 2017

In a constant market and currency environment, Imerys foresees above 7% year-on-year growth in net income from current operations in 2017. The group will benefit from the integration of its recent acquisitions, in particular Kerneos, and from its development strategy as well as its operational excellence and innovation programmes in order to achieve those objectives.


Boards of Directors (6/17*) Strategy Committee (4/8*) Audit Committee (1/3*) Appointments Committee (2/5*) Remuneration Committee (2/6*)
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* Number of GBL's representatives in statutory bodies in relation to the total number of members