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Taminco announces full year results 2010

Ghent, 18 March 2011 - press release

 

Record financial performance in 2010 paving the way for continued growth

 

Highlights:

 

Record EBITDA in 2010

  • Revenue: € 715 million (up 22% versus 2009)
  • EBITDA: € 159 million (up € 20 million or 14% compared with 2009)
  • Strong EBITDA margin of 22%, in line with 2009
  • Operating profit: € 101 million (up € 22 million or 28% compared with 2009)
  • Globalization and innovation expected to provide further sales and EBITDA growth
  • Investments in new amine derivative capacity announced in USA and China joint venture to capture growth
  • Strong cash-flow generation with Net Debt/EBITDA reduced to 3.2 as at 31 December 2010 (from 3.7 as at 31 December 2009)

Commenting on these results, Laurent Lenoir, Chief Executive Officer said:

These impressive 2010 results further demonstrated the quality of Taminco’s business model, maintaining solid margin levels while grasping new growth opportunities.  Investments in new capacities in the USA and China demonstrate our commitment to grow in our core business as a leading player developing further into sustainable amine derivatives for promising growth areas such as personal and home care, animal nutrition, food and energy. Moreover, our new initiative in China is consistent with our aim to generate 25% of our turnover from emerging regions in the coming five years.”

  

Outlook:

 

· Strong first quarter 2011 driven by volume increase and despite higher raw material prices

· Further EBITDA and operating profit growth

· Several growth projects under development

 

Our strong performance and investment activity in 2010 provides a solid basis for EBITDA growth in 2011. We believe that underlying demand for most of Taminco's products will continue to be strong. We will invest further in our core growth projects, in particular in USA and China, building on our previously announced capacity additions in amine derivatives.

 

 

please click attachment for full text of this release (available in English & Dutch)

 
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