Imerys Refractory Minerals
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Imerys posts strong results, doubles net income in first half 2021
release time :2021-07-28 17:40:19 page view:867

Jul. 27, 2021 - Imerys posts strong results, doubles net income in first half 2021 on Jul. 27th.

● Revenue up 13.6% at €2,158 million: robust organic growth at +17% (+29% in Q2), driven by good commercial performance and global economic recovery 

● Accelerating price/mix: + 2.6% in Q2 vs. + 0.5% in Q1 

● Substantial improvement in profitability reflecting good costs control in inflationary environment: current EBITDA margin at 18.6% (15.2% in H1 2020), above 2019 fiscal year level (17.6%) 

● Net income from current operations more than doubled to €158 million in H1 

● Good cash generation with net current free operating cash flow of €122 million in H1

Alessandro Dazza, Chief Executive Officer, said: 

“Imerys significantly improved its financial performance in the first half of the year, supported by strong commercial momentum and the global recovery of underlying markets in all geographies. Continued focus on cost savings and pricing discipline contributed to increased profitability even in the current inflationary environment. We are confident that demand for the Group’s specialty minerals solutions will continue at a good pace throughout the year, driven by the prospect of continued economic recovery worldwide. In this context, Imerys expects to reach revenue of €4.2 billion for the year 2021, with current EBITDA margin close to 18%, above the 2019 level, assuming constant exchange rates and no deterioration in the macro-economic environment.“ 

The limited review procedures on the half-year financial statements have been performed. The limited review report is being issued. 


Expansion of carbon black production capacity to serve the fast-growing market of Lithium ion batteries for electric vehicles 

As part of its growth strategy, Imerys will invest €60 million over the next two years to expand carbon black production capacity at its plant in Willebroek, Belgium, in order to support the fast-growing market of Lithium-ion batteries for electric vehicles. With a unique portfolio of natural and synthetic graphite powders, conductive carbon blacks and tailor-made dispersions, Imerys will continue to develop innovative materials for safer and higher-performing batteries in close cooperation with the leading Lithium-ion battery producers in the world. 

Successful issue of a €300 million Sustainability-Linked Bond 

On May 14, Imerys successfully issued its first sustainability-linked bond for a principal of €300 million, with an annual coupon of 1% maturing in 2031. With this bond, the Group confirms it is fully committed to achieving its broad sustainability ambitions and to reducing greenhouse gas emissions by 36.0% in 2030 relative to revenue (tCO2/M€) from a 2018 base year. 

Imerys is rated B by CDP, above the industry average (C), Platinum by Ecovadis and AA by MSCI. 

Agreement to sell the US kaolin assets serving the paper and board market in North America 

On July 24, Imerys signed an agreement to sell to Thiele Kaolin Company, one of the world's leading producers of processed kaolin clay, certain assets and mining resources supplying hydrous kaolin to the paper & packaging markets. These assets, which are part of Imerys’ Performance Minerals Americas business segment, posted revenue of approximately $76 million in 2020 with 109 employees. This transaction is expected to be completed in the second part of the year. 

Imerys expects to generate this year net proceeds of ca. €100 million from the sale of these assets and other recent disposals (i.e. Imerys’ stake in Fiberlean Technologies, related production facilities, other minor non-strategic assets). 


Assuming constant exchange rates and no deterioration in the macro-economic environment, Imerys expects to reach revenue of €4.2 billion for the year 2021, with current EBITDA margin close to 18%, above 2019 level (17.6%). 

This outlook reflects the Group’s confidence in continued, sustained demand for its specialty minerals solutions across all segments and its ability to deliver on cost savings and positive price-mix in the current inflationary environment. Imerys is ideally positioned to capitalize on the global recovery that is gathering pace. 

Imerys North American talc entities’ Plan of reorganization continues to progress towards final approval 

In April, the Plan of reorganization jointly proposed by Imerys and the representatives of current and future potential claimants reached the required 75% approval threshold from the relevant voting creditors and claimants. The relevant US District Court of Delaware recently rescheduled the confirmation hearing on the proposed Plan to mid-November, resulting in a delay to the beginning of 2022 of the potential final judicial approval of the Plan and closure of the Chapter 11 process. 

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