2015 was a challenging year for Haldor Topsoe A/S.
The challenging market conditions affected our entire industry, but Topsoe maintained its market shares in 2015. The results do not meet our growth ambitions. During the year, a number of initiatives were implemented in order to reduce our cost base, the effect of which we saw already in the second half of 2015.
Despite the negative market conditions affecting our entire industry, it is positive that Topsoe maintained a strong operating cash flow (DKK 750 million).
EBIT decreased by 11% to DKK 502 million corresponding to an EBIT margin of 8.7% (2014: 9.9%).
R&D expense level was maintained at a high level with a R&D-to-revenue-ratio of 9.6% (2014: 10.6%).
|Deprecation and amortization||-293||-366||-175||-200||-201|
|Balance sheet total||7,194||6,455||6,132||5,503||5,158|
|Net working capital||451||540||462||280||177|
|Cash flows from operating activities||750||754||483||786||796|
|Cash flows from investing activities||-638||-585||-721||-342||-238|
|Hereof investments in property, plant and equipment||-589||-600||-664||-307||-209|
|Cash flows from financing activities||-99||-222||163||-247||-389|
|Change in cash and cash equivalents for the year||32||-14||-75||197||169|
|Total number of employees (average)||2,688||2,694||2,430||2,195||2,091|
|Return on invested capital (ROIC)||16.0||20.1||31.0||33.0||26.5|
|Return on equity||16.8||25.3||36.1||30.4||33.1|
The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts.