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Elementis Plc Annual Report and Accounts

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Elementis Plc Annual Report and Accounts Elementis plc Annual report and accounts 2016 Elementis plc is a global specialty chemicals company with operations worldwide that serve customers in North and Latin America, Europe and Asia in a wide range of markets and sectors. The Company has a premium listing in the UK on the London Stock Exchange and is a member of the FTSE 250 and FTSE4Good Indices. $659.5m Revenue #1 Market, technology and innovation leader c.1, 4 0 0 Employees globally in Rheology Business segments – Specialty Products – Chromium 14% 3 – Surfactants Increase in Personal Care sales* 4% Growth in global Coatings sales* * constant currency reects prior year results translated at current year exchange rates Cautionary statement: The Annual Report and Accounts for the nancial year ended 31 December 2016, as contained in this document (‘Annual Report’), contain information which viewers or readers might consider to be forward looking statements relating to or in respect of the nancial condition, results, operations or businesses of Elementis plc. Any such statements involve risk and uncertainty because they relate to future events and circumstances. There are many factors that could cause actual results or developments to differ materially from those expressed or implied by any such forward looking statements. Nothing in this Annual Report should be construed as a prot forecast. Our business segments Specialty Products We provide high volume functional additives Key facts to the coatings, personal care and –Based in 13 manufacturing locations $460.4m energy markets that improve the ow in North and Latin America, Europe characteristics and performance of our and Asia. Revenue customers’ products and –We have c.1,000 employees. production processes. Chromium We are a leading producer of chromium Key facts chemicals with a strong position in the – Only domestic chromium $168.8m North American market. producer in North America based in ve locations. Revenue 1 We provide chromium chemicals to –We have c.250 employees. customers that make their products more durable and which are used in a wide range of sectors and applications. Surfactants We manufacture a wide range of surface Key facts active ingredients and products that are – Share a manufacturing plant $43.1m used as intermediates in the production of in Delden, Netherlands with Elementis chemical compositions. Specialty Products. Revenue 1 –We have c.150 employees. 1 revenue includes internal sales Specialty Products segment sectors Coatings Energy Personal Care $361.7m $35.9m $62.8m Revenue Revenue Revenue We offer a variety of rheology modiers We use rheological modiers to enable We have a high value niche and specialty additives to decorative and drilling mud performance over a wide participation in the personal care industrial paints and coatings. We have range of conditions. Our products provide market. Hectorite gives us a distinct solutions for both waterborne and solvent high viscosity and low shear rates which competitive advantage and our systems that enhance the performance, are valuable in high angle and horizontal Rheoluxe® range of synthetic polymers look, feel and stability of paint. wells. They are also designed to are popular with our customers due to withstand both high pressure and their ease of use and versatility. extreme temperature. Our manufacturing sites Americas Europe Asia Specialty Products Charleston Livingston Anji Jersey City Changxing Milwaukee Hsinchu Newberry Songjiang New Martinsville Palmital St Louis Chromium Amarillo Castle Hayne Corpus Christi Dakota City Milwaukee Surfactants Delden* * Delden site shared with Specialty Products How we will reignite growth Pursue best growth Why invest in Elementis? opportunities –We operate in high margin, segmented –Our global R&D function has a broad markets and emerging economies where and differentiated product portfolio Pursue supply chain products have many applications and that is underpinned by proprietary transformation diverse end users, and our local market technology, strong customer presence is supported by a strong global relationships, technical know how Innovate for infrastructure. and expertise. distinctiveness –We have a clear strategy to pursue the –We have a culture of high performance and high margins best growth opportunities by utilising our with a simple and at organisational strong balance sheet to reinvest in growth structure and we utilise systematic Create a culture of and nance returns to shareholders. performance management to improve high performance accountability and deliver results. –We are improving the quality of our asset base and operating efciency to optimise –We have strong governance and risk cash and returns. management controls and maintain a high standard of business conduct, ethics and corporate responsibility. CEO’s statement see pages 4 to 9 Highlights Contents Strategic report Strategic report – Group earnings declined due to the negative impact 2 Chairman’s statement of currency on our Chromium segment and oil prices on our Energy sector within our Specialty Products 4 CEO’s overview segment. 6 – Our strategic priorities 8 – 2016 in action – Progress overall in Specialty Products where Corporate governanceCorporate statements Financial information Shareholder constant currency sales were up 3 per cent in 2016 10 Our business model and up 8 per cent in H2 2016 versus the same period 12 Finance report last year. 16 – Key performance indicators – Coatings sector up 4 per cent for the year*; 17 – Risk management report 6 per cent growth* in Coatings Asia. 22 Corporate responsibility report – Personal Care sector up 14 per cent*, with good momentum in H2 which was up 23 per cent year Corporate governance on year*. 30 Board of Directors – Energy down 16 per cent* for the year but H2 2016 32 Chairman’s letter on governance sales improved by 15 per cent compared to H1*. 33 Corporate governance report – Proposed acquisition of SummitReheis, a high 35 Nomination Committee report quality personal care business, was announced on 36 Audit Committee report 10 February 2017 – expected to complete mid-year 39 Directors’ remuneration report after regulatory requirements are satised. 60 Directors’ report – Continued strong cash generation – net cash position 62 Directors’ responsibility statement increased to $77.5 million. 63 Independent auditor’s report – Total dividends for the year increased by 2 per cent to 16.80 cents: Financial statements – Final dividend maintained at previous 70 Consolidated income statement year level. 70 Consolidated statement of comprehensive income – Special dividend increased by 4 per cent; 71 Consolidated balance sheet fth consecutive payment. 72 Consolidated statement of * constant currency reects prior year results translated at current year changes in equity exchange rates 73 Consolidated cash ow statement 2015 restated – see note 31 74 Notes to the Consolidated Financial summary nancial statements 109 Parent company statutory accounts 111 Notes to the Company nancial 2016 2015 statements of Elementis plc Sales $659.5m $ 677.2m † † Shareholder information IFRS prot for the year $68.1m $94.6m 115 Glossary Statutory basic earnings per share 14.7c 20.5c† 116 Five year record Net cash $77.5m $74.0m 117 Shareholder services 118 Corporate information Operating prot ∆ $121.5m † $94.2m 118 Financial calendar Prot before tax ∆ $89.7m $115.2m † 118 Annual General Meeting Diluted earnings per share ∆ 16.8c 20.6c† 118 Principal ofces Operating cash ow ∆ $96.0m $102.5m Dividends to shareholders: – Interim dividend 2.70c 2.70c – Final proposed 5.75c 5.75c – Special dividend proposed 8.35c 8.00c – Total for the year 16.80c 16.45c ∆ after adjusting items – see note 5 † restated – see note 31 Elementis plc Annual report and accounts 2016 1 Chairman’s statement We are condent that we have the foundations on which to make progress in 2017 and beyond Andrew Duff Chairman The markets in which we operate continued to Financial results be challenging in 2016, adversely affecting our In 2016, Group sales were $659.5 million compared to two principal business segments. $677.2 million† in the previous year and IFRS prot before tax was $75.5 million compared to $120.8 million†. These results In the Chromium segment, although the US business remained were mainly due to the impact of currency on Chromium and oil structurally advantaged and maintained a consistently high degree prices on Energy. Group basic earnings per share was 14.7 cents of stability, a strengthening US dollar and competitive pressures compared to 20.5 cents† in 2015. impacted both volumes and margins on export sales from the US to the rest of the world. As a result, the overall impact on volumes In addition the Group’s results will report a number of adjusting and earnings in 2016 has been material. items and these items are discussed more fully in the Finance report. After taking account of these items, Group diluted earnings In the Specialty Products segment, we saw good underlying per share after adjusting items was 16.8 cents compared to performance in all our sectors, with a resumption of growth in 20.6 cents† last year. our Chinese coatings activities and the delivery of good growth in Personal Care. However, lower oil prices reduced demand Balance sheet in our Energy sector by some 16 per cent versus 2015 and the The Group’s balance sheet remains strong after another year of appreciation of the US dollar against most global currencies also robust cash generation despite lower prots and higher dividend impacted results. payouts. The Group’s net cash position at the end of 2016 was $77.5 million, compared to $74.0 million at the end of the Our new CEO Paul Waterman joined us in February 2016 and previous year. he has, initially with the support of our CFO at the time, Brian Taylorson, set about developing a strategy for the business in order The IAS 19 decit, on the Group’s post retirement benet plans, to ‘reignite growth’ which aligns the management of the Company changed from $29.0 million at the end of 2015 to $30.1 million.
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