Conference call on 2014 half year results 13 August 2014

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1 Conference call on 2014 half year results 13 August 2014 IMCD IMCD Group N.V.

2 Disclaimer Forward looking statements This half year report contains forward looking statements. These statements are based on current expectations, estimates and projections of IMCD s management and information currently available to the company. These forecasts are not certain and contain elements of risk that are difficult to predict and therefore IMCD s management does not guarantee that its expectations will be realized. 1

3 Presenting team Piet van der Slikke, CEO Hans Kooijmans, CFO Led the formation of the IMCD Group since 1995 Designed and executed IMCD s strategy 19 years of industry experience Shareholder since 2001 Joined IMCD in 1996 Co-led formation of the Group 18 years of industry experience Shareholder since

4 Agenda Company profile Highlights first half year 2014 Financials first half year 2014 Outlook Q&A 3

5 Company profile IMCD N.V. is a global leader in marketing, sales and distribution of specialty chemicals and food ingredients. Headquarted in Rotterdam, The Netherlands, IMCD is active in over 30 countries. IMCD represents world-class suppliers who are offered a fully integrated marketing, sales and distribution channel in Europe, Latin America, Asia-Pacific and Africa. The Group has a global workforce of approximately 1,500 people. 4

6 Highlights first half year 2014 Revenue +14% from EUR million to EUR million (+18% on a constant currency basis); all markets contributed to revenue growth Gross Profit +12% (+15% on a constant currency basis) Operating EBITA +13% to EUR 56.0 million (+18% on a constant currency basis) Listing IMCD shares listed on the Amsterdam Stock Exchange market as per 27 June 2014 Net debt Refinancing of credit facilities and loans finalized on 8 July 2014; Net debt reduced by EUR million to EUR million 5

7 Strong revenue growth with stable margins Income statement EUR million First half year 2014 First half year 2013 Operational Forex Total Full year 2013 Revenue % -3.8% 14.3% 1,233.4 Gross profit % -3.5% 12.0% Gross profit in % of revenue 21.0% 21.4% 21.2% Third party costs Third party costs in % of revenue 3.5% 3.6% 3.5% Operating EBITDA Operating EBITDA margin 8.2% 8.2% 8.0% Operating EBITA¹ % -4.9% 13.5% 96.6 Operating EBITA margin² 8.0% 8.0% 7.8% Conversion ratio³ 38.1% 37.6% 37.0% ¹ Result from operating activities before amortization of intangibles and non-recurring items ² Operating EBITA in percentage of Revenue ³ Operating EBITA in percentage of Gross profit 6

8 Strong revenue growth with stable margins Income statement (continued) EUR million First half year 2014 First half year 2013 Operational Forex Total Full year 2013 Operating EBITA¹ % -4.9% 13.5% 96.6 Amortisation of intangible assets Non recurring items Net finance costs Result before income tax Income tax expenses Result for the period ¹ Result from operating activities before amortization of intangibles and non-recurring items 7

9 Revenue growth across all markets Income statement EUR million Europe Asia Pacific Other Emerging markets Holding companies Total Revenue growth First half First half reported 9% 19% 78% 14% constant currency 8% 37% 118% 18% Gross profit (margin) First half Gross profit in % of revenue 22.1% 16.6% 21.4% 21.0% First half of Gross profit in % of revenue 21.7% 19.7% 23.5% 21.4% margin % 0.4% -3.1% -2.2% -0.4% Operating EBITA growth First half First half reported 22% -18% 59% 27% 13% constant currency 22% -5% 95% 28% 18% Operating EBITA margin First half % 7.8% 8.1% 8.0% First half % 11.2% 9.1% 8.0% 1.0% -3.4% -1.0% 0.0% 8

10 Balance sheet EUR million Pro forma 1 After IPO & Refinancing 30 June December 2013 pro forma June Dec Property, plant and equipment % Intangible assets Other fin. assets/def tax assets Working capital % Provisions/employee benefits Deferred tax liabilities Capital employed % Equity Loans and borrowings minus cash % Total financing % 1 Pro forma illustrates the effect of the Ipo of shares and subsequent restructuring and refinancing of the company's indebtedness 9

11 Balance sheet EUR million 30 June March December 2013 June Dec Inventories % in days of revenue Trade and other receivables % in days of revenue Trade payables % in days of revenue Other payables % in days of revenue Total working capital % 10

12 Balance sheet EUR million Equity Net Debt 1 Total financing 30 June IPO and subsequent restructuring: Issue of shares minus related costs Conversion shareholder loan Redemption bank/shareholder loans New senior bank loan (Write off capitalized financing) costs Pro forma after IPO and refinancing Loans and borrow ings, Other short term financial liabilities minus Cash and cash equivalents 11

13 Financials first half year 2014 Free cash flow EUR million First half year 2014 First half year 2013 Full year 2013 Operating EBITA Depreciation Operating EBITDA Capex Working capital Free cash flow Cash conversion ratio % 67.0% 81.3% ¹ Inventories, Trade and other receivables and Trade and other payables 2 Free cash flow in percentage of Operating EBITDA 12

14 Outlook Macro-economic outlook for the most important regions IMCD is working in shows low to modest GDP growth. The group is continuously working on expanding its product portfolio and the acceleration of these initiatives is important to realize growth. Projects are going on to integrate and optimize the businesses acquired in Based on this, barring unforeseen circumstances, IMCD anticipates to grow the Operating EBITA for the year with at least 6%. 13

15 Thank you for your attention and we are happy to answer your questions 14

16 Appendix Appendix contents Income statement Q2 Income statement segments Q2 Free cash flow Q2 15

17 Appendix financials Q Income statement EUR million Q Q Operational Forex Total Revenue % -3.3% 13.5% Gross profit % -2.9% 10.7% Gross profit in % of revenue 20.8% 21.3% Third party costs Third party costs in % of revenue 3.5% 3.6% Operating EBITDA Operating EBITDA margin 8.0% 8.1% Operating EBITA¹ % -4.1% 12.9% Operating EBITA margin² 7.9% 7.9% Conversion ratio³ 37.8% 37.1% ¹ Result from operating activities before amortization of intangibles and non-recurring items ² Operating EBITA in percentage of Revenue ³ Operating EBITA in percentage of Gross profit 16

18 Appendix financials Q Income statement (continued) EUR million Q Q Operational Forex Total Operating EBITA¹ % -4.1% 12.9% Amortisation of intangible assets Non recurring items Net finance costs Result before income tax Income tax expenses Result for the period ¹ Result from operating activities before amortization of intangibles and non-recurring items 17

19 Appendix financials Q Income statement EUR million Europe Asia Pacific Other Emerging markets Holding companies Total Revenue growth Second quarter Second quarter reported 9% 15% 72% 13% constant currency 8% 31% 103% 17% Gross profit (margin) Second quarter Gross profit in % of revenue 22.0% 16.9% 20.2% 20.8% Second quarter Gross profit in % of revenue 21.8% 19.0% 23.5% 21.3% margin % 0.2% -2.1% -3.2% -0.5% Operating EBITA growth Second quarter Second quarter reported 21% -13% 40% 25% 13% constant currency 20% -2% 69% 26% 17% Operating EBITA margin Second quarter % 7.8% 7.3% 7.9% Second quarter % 10.4% 9.0% 7.9% reported 0.9% -2.6% -1.7% 0.0% 18

20 Appendix financials Q Free cash flow EUR million Q Q Full year 2013 Operating EBITA Depreciation Operating EBITDA Capex Working capital Free cash flow Cash conversion ratio % 83.5% 81.3% ¹ Inventories, Trade and other receivables and Trade and other payables 2 Free cash flow in percentage of Operating EBITDA 19

21 Contact Contact for further information Mr. H.J.J. Kooijmans Ms. C.T.L. Hamaker (as of 1 September 2014) +31 (0) (0)

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