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  • 53.6 %
    Share capital 31/03/2017
  • 3,410 EUR M
    Value of the stake 31/03/2017
  • 69.7 %
    Voting rights 31/03/2017
  • 6
    Number of representatives in statutory bodies 31/03/2017
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

Performance in 2016

Imerys’ turnover grew by 1.9% in 2016 thanks to the contribution from recent acquisitions, partially offset by an unfavourable exchange rate effect (- 0.5%). In organic terms, turnover fell by 1.4%, as a result of declining volumes in a mixed economic environment. The operating margin increased to 14.0%, the result of a favourable exchange rate effect, operational excellence programmes and synergies relating to the integration of S&B. Adjusted net income increased by 6.0% to EUR 362 million in 2016 (compared with EUR 342 million in 2015). After taking into account other operating income and expenses, net of tax, the net income, group’s share, amounted to EUR 293 million in 2016 (EUR 68 million in 2015). The cash-flow generation enabled the group to finance its organic growth and to pay a dividend of EUR 1.87 per share. Net debt decreased to EUR 1,367 million and the net financial debt/EBITDA ratio also fell to 1.7x.

Outlook

The 2016 results reflect the relative improvement in the environment observed at year-end, but which is yet to be confirmed in 2017. The group will expand in the coming months with the recent acquisitions and will continue to benefit from its excellence programmes. In this context, Imerys remains well positioned to create long-term value, the approach on which the contemplated acquisition of Kerneos is based.

Governance

Boards of Directors (6/17*) Strategy Committee (4/7*) Audit Committee (1/3*) Appointments Committee (2/5*) Remuneration Committee (2/5*)
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* Number of GBL's representatives in statutory bodies in relation to the total number of members