2016-02-11 07:31:05 CET
2016-02-11 07:31:05 CET
REGULATED INFORMATION
Kemira Oyj - Financial Statement Release
Kemira Oyj's Financial Statements Bulletin 2015
Kemira Oyj
Stock Exchange Release
February 11, 2016 at 8.30 am (CET+1)
This is a summary of the Financial Statements Bulletin of 2015. The complete
Financial Statements Bulletin 2015 with tables is attached to this release and
available at www.kemira.com/investors.
Fourth quarter:
* Revenue increased 10% to EUR 600.2 million (547.1) driven by acquisitions
and favorable currencies.
* Operative EBITDA increased 4% to EUR 68.0 million (65.3) with a margin of
11.3% (11.9%).
Full year:
* Revenue increased 11% to EUR 2,373.1 million (2,136.7). Revenue in local
currencies, excluding acquisitions and divestments, decreased 1%.
* Operative EBITDA increased 14% to EUR 287.3 million (252.9) with a margin of
12.1% (11.8%).
* Earnings per share decreased to EUR 0.47 (0.59) partly due to higher
depreciation and amortization resulting from acquisitions, and non-recurring
items. Operative earnings per share were EUR 0.63 (0.63).
* The Board of Directors proposes a cash dividend of EUR 0.53 per share (0.53)
to the Annual General Meeting 2016, totaling EUR 81 million (81) equivalent
to 84% (84%) of the operative net profit.
* Outlook: Kemira continues to focus on profitable growth. Kemira expects its
revenue and operative EBITDA to increase in 2016 compared to 2015.
Kemira's President and CEO Jari Rosendal:
"Our fourth quarter revenue growth was driven by acquisitions. The integration
of acquired businesses is proceeding very well. In the Pulp & Paper segment,
operative EBITDA margin increased sequentially throughout the year. Solid
performance in the Municipal & Industrial segment continued. The drastic drop in
oil price continued to negatively impact the revenue and profitability of the
Oil & Mining segment.
In 2015, our revenue grew by 11% and operative EBITDA by 14% leading to an
improved margin of 12.1%, supported by acquisitions and favorable currency
exchange rates. I am pleased with the development of the net working capital
during the last quarters which contributed to the improvement in operating cash
flow.
In the Pulp & Paper segment, revenue in local currencies, excluding acquisitions
and divestments, grew by 2%. Good demand for pulp chemicals is expected to
continue resulting in capacity increases, such as our new chlorate plant in
Brazil, which is expected to start in the first half of the year. We are
planning to add bleaching chemical capacity also in the Nordics. In addition, we
have signed several new Total Chemistry Management deals, which will bring
additional revenue in 2016.
In the Municipal & Industrial segment revenue, growth continued and
profitability improved substantially, the operative EBITDA margin reaching
nearly 14% for the year. After the restructuring period in the previous years,
the segment is delivering well on its strategic objectives of steady growth and
cash flow generation.
The Oil & Mining segment continues to be twofold. The activity in the U.S. shale
operations remains slow negatively impacting the segment's financials. On the
other hand, the mining business remains steadier and the progress of new
applications in the field of Chemical Enhanced Oil Recovery (CEOR) is
encouraging.
I consider Kemira to be well-positioned to continue profitable growth with clear
strategic objectives. Despite substantial changes in the operating environment
in 2015, our strategy execution is on track and we continue to focus on
profitable growth in 2016."
KEY FIGURES AND RATIOS
Oct-Dec Oct-Dec Jan-Dec Jan-Dec
EUR million 2015 2014 2015 2014
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Revenue 600.2 547.1 2,373.1 2,136.7
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Operative EBITDA 68.0 65.3 287.3 252.9
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Operative EBITDA, % 11.3 11.9 12.1 11.8
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EBITDA 57.7 73.2 263.8 252.9
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EBITDA, % 9.6 13.4 11.1 11.8
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Operative EBIT 33.1 39.5 163.1 158.3
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Operative EBIT, % 5.5 7.2 6.9 7.4
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EBIT 17.8 45.4 132.6 152.6
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EBIT, % 3.0 8.3 5.6 7.1
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Financing income and expenses -5.8 -10.3 -30.8 -30.7
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Profit before tax 12.0 35.3 102.1 122.1
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Net profit 4.4 23.9 77.2 95.8
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Earnings per share, EUR 0.02 0.15 0.47 0.59
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Operative earnings per share, EUR 0.13 0.16 0.63 0.63
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Capital employed* 1,659.5 1,427.7 1,659.5 1,427.7
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Operative ROCE*, % 9.8 11.1 9.8 11.1
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ROCE*, % 8.0 10.7 8.0 10.7
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Cash flow from operating activities 112.6 25.0 247.6 74.2
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Capital expenditure excl. M&A 61.2 55.5 181.7 145.7
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Capital expenditure incl. M&A 63.2 54.9 305.1 145.1
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Cash flow after investing activities 49.8 -22.4 -53.8 75.2
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Equity ratio, % at period-end 46 51 46 51
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Equity per share, EUR 7.76 7.57 7.76 7.57
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Gearing, % at period-end 54 42 54 42
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Personnel at period-end 4,685 4,248 4,685 4,248
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*12-month rolling average (ROCE, % based on the EBIT)
Definitions of key figures are available at www.kemira.com > Investors >
Financial information. Comparative 2014 figures are provided in parentheses for
some financial results, where appropriate. Operative EBITDA, operative EBIT,
operative earnings per share and operative ROCE do not include non-recurring
items.
Dividend and dividend policy
On December 31, 2015, Kemira Oyj's distributable funds totaled EUR 684,913,318
of which net profit for the period was EUR 165,155,958. No material changes have
taken place in the company's financial position after the balance sheet date.
Kemira Oyj's Board of Directors proposes to the Annual General Meeting to be
held on March 21, 2016 that a dividend of EUR 0.53 per share totaling EUR 81
million shall be paid on the basis of the adopted balance sheet for the
financial year ended December 31, 2015.
Kemira's dividend policy aims to pay a stable and competitive dividend.
KEMIRA'S FINANCIAL TARGETS 2017 AND OUTLOOK FOR 2016
Kemira will continue to focus on improving its profitability and cash flow. The
company will also continue to invest in order to secure future growth to serve
selected water-intensive industries.
The company's financial targets for 2017 are:
* Revenue EUR 2.7 billion
* Operative EBITDA-% of revenue 15%
* Gearing level <60%.
The basis for growth is the expanding market for chemicals and Kemira's
expertise that helps customers in water-intensive industries to increase their
water, energy and raw material efficiency. The need to increase operational
efficiency in our customer industries creates opportunities for Kemira to
develop new products and services for both current and new customers. Research
and Development is a critical enabler of growth for Kemira, providing
differentiation capabilities in its relevant markets.
Outlook for 2016
Kemira continues to focus on profitable growth. Kemira expects its revenue and
operative EBITDA to increase in 2016 compared to 2015.
Kemira expects its capital expenditure, excluding acquisitions, to be around EUR
200 million 2016.
Helsinki, February 10, 2016
Kemira Oyj
Board of Directors
FINANCIAL CALENDAR 2016
Interim Report January-March 2016 April
26, 2016
Interim Report January-June 2016 July
21, 2016
Interim Report January-September 2016 October
25, 2016
Kemira Oyj's Annual Report 2015 will be published during the week starting on
February 22, 2016. The Annual General Meeting is scheduled for Monday, March
21, 2016 at 1.00 pm (CET+1). The Board of Directors of the company will convene
the meeting.
Kemira's Capital Markets Day will be held on September 15, 2016 in London.
Press and analyst conference and conference call
Kemira will arrange a press conference for analysts and the media starting at
10.30 am (8.30 am UK time) at Kemira House, Porkkalankatu 3, Helsinki. In the
conference, Kemira's President and CEO Jari Rosendal and CFO Petri Castrén will
present the results. The press conference will be held in English and will be
webcasted at www.kemira.com/investors. The presentation material and the
recording of the webcast will be available on the above mentioned company
website.
Conference call in connection to the press and analyst conference
You can also listen to the conference live over the phone and attend the Q&A
session via a conference call. In order to participate in the call, please dial
ten minutes before the conference begins:
FI +358 9 81710495
SE +46 8 56642702
UK +44 20 31940552
US +1 855 7161597
No PIN code requested.
For more information, please contact:
Kemira Oyj
Olli Turunen, Vice President, Investor Relations
Tel. +358 10 862 1255
Kemira is a global chemicals company serving customers in water-intensive
industries. We provide expertise, application know-how and chemicals that
improve our customers' water, energy and raw material efficiency. Our focus is
on pulp & paper, oil & gas, mining and water treatment. In 2015, Kemira had
annual revenue of EUR 2.4 billion and around 4,700 employees. Kemira shares are
listed on the Nasdaq Helsinki Ltd.
www.kemira.com
[HUG#1985257]
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