Imerys Announces 2009 Results

Feb. 15, 2010
Sales down - 20% and current operating income - 55% - Effectiveness of action plans launched from end 2008: - Substantial reduction in fixed costs and overheads: - EUR158 million - High current free operating cash flow: EUR450 million - Net financial debt decreased - 38 % at EUR964 million - Operating margin 9.0% for full-year 2009, 9.9% in 2nd half - Proposed dividend: stable at EUR1.00 per share.
The Board of Directors of Imerys, meeting today under the chairmanship of Aimery Langlois-Meurinne, examined the definitive financial statements for 2009, as presented by Chief Executive Officer Gerard Buffiere. The financial statements will be submitted for approval at the Annual General Meeting on April 29, 2010.
Consolidated results 2009 2008(6) % current (EURmillions) change Sales 2 773.7 3 449.2 - 19.6% Current operating income(1) 248.9 414.6 - 40.0% Operating margin 9.0% 12.0% - 3.0 points Net current income, Group's share(2) 119.3 267.1 - 55.3% Net income, Group's share 41.3 161.3 n.s. Financing Current operating cash flow(3) 347.1 462.8 - 25.1% Current free operating cash 450.3 257.8 + 74.6% flow(4) Booked capital expenditure 118.7 238.1 - 50.5% Shareholders' equity 1 855.8 1 546.3 + 20.3% Net financial debt 964.3 1 566.1 - 38.4% Date per share (euros) Net income from current operations, Group's share(2)(5) EUR1.66 EUR3.96 - 58.3% Proposed dividend EUR1.00 EUR1.00 Stable.
CEO Gerard Buffiere stated: "The unprecedented scope of the economic crisis the world has been going through since late 2008 led us to take difficult measures to adapt our production assets to the collapse of our sales volumes. The results of the actions have exceeded our expectations and I want to thank all our teams for the work done. In extreme market conditions, Imerys proved its responsiveness and the soundness of its business model, which enable it to forecast a return to a double-digit operating margin and to draw on a stronger balance sheet. Thanks to those foundations, we will benefit fully from the recovery of growth."