2014 was another satisfactory year for Haldor Topsoe A/S.
Our catalysts enjoyed signiﬁcantly higher demand and volume increases in most segments, resulting in a 13% growth in catalyst revenue, whereas the technology part of our business was faced with certain delays in order inﬂow, resulting in a 10% reduction in revenue. In total, revenue increased by 6% (or 8% if adjusting for 2013 special item).
EBIT decreased 20% to DKK 563 million corresponding to an EBIT margin of 9.9% (2013: 13.1%). The decrease is due to impairment and other costs related to closure of Topsoe Fuel Cell A/S for the amount of DKK 151 million.
R&D expense level was maintained at a high level with a R&D-to-revenue-ratio of 10.6% (2013:11.4%).
Seen over a five-year period, the development of Topsoe is described by the following financial highlights.
|Deprecation and amortization||-366||-175||-200||-201||-207|
|Balance sheet total||6,455||6,132||5,503||5,158||4,640|
|Net working capital||540||462||280||177||355|
|Cash flows from operating activities||808||483||786||796||418|
|Cash flows from investing activities||-639||-721||-342||-238||-211|
|Hereof investments in property, plant and equipment||-600||-664||-307||-209||-210|
|Cash flows from financing activities||-222||163||-247||-389||-437|
|Change in cash and cash equivalents for the year||-14||-75||197||169||-230|
|Total number of employees (average)||2,694||2,430||2,195||2,091||2,015|
|Hereof in Denmark (average)||1,945||1,886||1,733||1,689||1,656|
|Return on invested capital (ROIC)||20.1||31.0||33.0||26.5||27.1|
|Return on equity||25.3||36.1||30.4||33.1||27.5|
The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts.