Revenue is expected to increase in 2015.
EBIT is expected to remain at a high level, and EBIT margin is expected to increase compared to 2014. In 2015, we expect to maintain our high level of R&D and business development activities, except for the Topsoe Fuel Cell activities which were closed down in 2014. We will also start to depreciate the two new production plants in in China and Brazil, which will commence production during 2015. This may have a negative short term EBIT margin impact.
Cash flow and funding
Operating cash ﬂows are expected to continue to be strong. Topsoe’s current funding position is strong, based on access to the corporate bond market, institutional banks as well as commercial banks. As part of the corporate bond issuance in 2013, Topsoe was credit rated as an investment grade company in shadow ratings performed by two major Nordic banks. These shadow ratings have been maintained throughout 2014. Topsoe intends to maintain a credit proﬁle that matches that of an investment grade company during a business cycle. Topsoe will consider when market terms are attractive and there is a need, to issue further corporate bonds as well as to obtain other credit facilities.
Haldor Topsoe A/S’ ﬁnancial reports, whether in the form of annual reports or interim reports, ﬁled with the Danish Business Authority and/or announced via the company’s website, as well as any presentations based on such ﬁnancial reports, and any other written information released, or oral statements made, to the public based on this annual report or in the future on behalf of Haldor Topsoe A/S, may contain forward-looking statements. These forward-looking statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and speciﬁc, which may be outside Haldor Topsoe A/S inﬂuence, and which could materially affect such forward-looking statements. Haldor Topsoe A/S cautions that a number of factors, including those described in the risk management part of this report, could cause actual results to differ materially from those contemplated in any forward-looking statements.