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[September 2003]
Imerys Definitive First Half Results
Imerys has announced its audited definitive results for the first half of 2003, which confirm the provisional figures released in July.
In an economic environment that remained generally unfavourable with, in particular, the substantially negative impact of the depreciation of the US dollar and other currencies against the euro, consolidated sales rose 3.2% at comparable Group structure and exchange rates, but decreased by 5.1% on a reported basis. Nevertheless, operating income remained virtually unchanged and net income from recurring operations improved by 10.7%.
The group generated more cash flow than estimated in July. Current free cash flow totalled €49.3 million for the first half, compared with €90.9 million for the same period in 2002.
Combined with the favourable impact of exchange rate fluctuations, this healthy cash generation stabilised the group's net indebtedness in the first half of 2003. Net financial debt amounted to €1.16 billion on 30 June 2003 which represents a debt-to-equity ratio of 80.9%, compared with 87.2% on 30 June 2002 and 78.8% on 31 December 2002.
ENDS