Regulatory News:
Arkema (Paris:AKE):
- €2,198 million sales,
significantly up by +12.6% over last year
- Record high for a quarter with €398
million EBITDA (+17% compared to 2Q 2016
already high baseline)
- EBITDA margin, up at
18.1% (17.5 % in 2Q 2016), confirming the Group’s ability to
adapt to a rising raw material cost environment
- Adjusted net income
significantly up by +28% to €172 million, i.e.
€2.28 per share
- Excellent cash generation with free
cash flow multiplied by 2 to +€158 million
- €1,471 million net debt slightly
down on 31 March 2017 while including the payment of a
€155 million dividend at end May 2017
The Board of Directors of Arkema met on 1st August 2017 to close
the Group’s consolidated accounts for 1st half 2017. At the close
of the meeting, Chairman and CEO Thierry Le Hénaff stated:
“In line with its excellent start to the year, Arkema confirms
its development momentum with a 13% growth in sales in second
quarter and new record EBITDA for a quarter, close to €400
million.
“This performance reflects the Group’s favorable positioning
with a majority of resilient specialty activities and a good
momentum in more cyclical activities. It highlights the Group’s
strategy focused on innovation in Advanced Materials, growth in
Adhesives with the integration of Den Braven, and developments in
Asia. It also illustrates Arkema’s ability to operate in a higher
cost environment for raw materials. Finally, the excellent cash
generation enabled the Group to maintain its net debt at the same
level as at the end of last year, despite the dividend payment.
“The Group will carry on implementing its many projects, in
particular the major ones announced at the recent Capital Markets
Day, all of which represent catalysts for its future growth.
“Finally, while remaining attentive to a global economic
environment that continues to be volatile, the performance of the
first half of the year enables us to upgrade the EBITDA target we
had set ourselves for 2017.”
KEY FIGURES 2ND QUARTER 2017
(In millions of euros)
2Q 2016 2Q 2017
Change
Sales 1,952 2,198
+12.6% EBITDA 341
398 +16.7% EBITDA margin
17.5% 18.1%
High Performance
Materials
Industrial
Specialties
Coating
Solutions
18.8%
22.0%
13.8%
17.6%
25.1%
12.8%
Recurring operating income (REBIT) 229
286 +24.9% Non-recurring items 10 (15)
n/a
Adjusted net income 134 172
+28.4% Net income – Group share 147 160
+8.8% Adjusted net income per share (in €) 1.79
2.28 +27.4%
Weighted average number of ordinary
shares
74,799,919
75,671,629
SECOND QUARTER 2017 ACTIVITY
In 2nd quarter 2017, sales reached €2,198 million,
+12.6% up on 2nd quarter 2016. At constant exchange rates and
business scope, growth stood at +8.9%. Volumes grew by +1.8%
despite the impact of two maintenance turnarounds in Advanced
Materials1 and in Acrylics, and driven by innovation and good
demand in Asia, in particular, in Advanced Materials. The +7.1%
price effect, positive in all three business divisions, reflects
the gradual improvement in the acrylic cycle and higher prices of
certain fluorogases, as well as the Group’s actions to adjust its
sales prices to the higher raw material cost environment. The +3.1%
scope effect primarily reflects the contribution of Den Braven and
the impact of the divestment of the activated carbon and filter aid
and of the oxo-alcohol businesses. The currency effect was limited
at +0.5%.
At €398 million, EBITDA again reached an all-time
high for a quarter, growing by +16.7% compared to 2nd quarter 2016.
This performance reflects the excellent results of the Industrial
Specialties division, growth in Specialty Adhesives, the benefits
from innovation in Advanced Materials, and the continuing gradual
improvement in the acrylic cycle.
At 18.1%, EBITDA margin grew significantly
compared to 2nd quarter 2016 (17.5%).
In line with the very strong increase in EBITDA, recurring
operating income rose to €286 million from €229 million
in 2nd quarter 2016. It includes €112 million depreciation and
amortization, stable compared to last year. REBIT margin,
corresponding to the recurring operating income over sales, grew at
13.0% against 11.7% in 2nd quarter 2016.
At -€15 million, non-recurring items essentially
correspond to depreciation and amortization related to revaluations
of tangible and intangible fixed assets carried out as part of the
Bostik and Den Braven purchase price allocations.
Financial result stood at -€26 million against
-€27 million in 2nd quarter 2016. Following a €900 million bond
issue with a yearly 1.5% coupon in 2nd quarter and before the
repayment in the 4th quarter 2017 of a €500 million bond with a
yearly 4% coupon, cost of debt temporarily increased compared to
last year. This impact was offset by favorable currency effects on
debt of certain foreign subsidiaries denominated in currencies
other than the one of their accounts.
1 Advanced Materials include two Business Lines: Technical
Polymers and Performance Additives.
Income taxes amounted to -€82 million against -€68
million in 2nd quarter 2016. It includes a €5 million tax paid on
2016 dividend as well as a €5 million reversal of provisions for
deferred tax liabilities accounted for as part of the allocation of
the Bostik and Den Braven purchase prices. The tax rate amounted to
28.7% of the recurring operating income, reflecting the geographic
split of the results.
Net income Group share rose to €160 million
against €147 million in 2nd quarter 2016. Excluding the impact
after tax of non-recurring items, adjusted net income stood
at €172 million, i.e. €2.28 per share.
PERFORMANCE BY DIVISION IN 2ND QUARTER
2017
HIGH PERFORMANCE MATERIALS
Sales in High Performance Materials stood at €990
million, +12.6 % up on 2nd quarter 2016 (€879 million). The
+7.7% scope effect reflects the integration of Den Braven and the
CMP activity, as well as the divestment of the activated carbon and
filter aid business. At constant exchange rate and business scope,
sales grew by +5.1%. Volumes grew by +2.9%, driven by the benefits
of innovation, in particular in Asia in Technical Polymers, where
demand in lightweighting, new energies and automotive is strong.
Demand was also favorable in specialty molecular sieves for
petrochemical applications with the ramping-up of the new Honfleur
unit (France). The price effect was positive at +2.2%, reflecting
the Group’s actions to adjust its sales prices to higher raw
material costs. The currency effect stood at -0.1%.
EBITDA grew to €174 million, +5.5% over 2nd
quarter 2016 (€165 million), and the division’s EBITDA
margin stood at 17.6% (18.8% in 2nd quarter 2016),
resisting well in a context of higher raw material costs and
despite the impact of the large maintenance turnaround in specialty
polyamides in Marseille (France). This performance was supported by
good volume growth, in particular in Advanced Materials, which
comprise Technical Polymers and Performance Additives, and by the
growth of adhesives which also benefited from the integration of
Den Braven. In adhesives, which account for over half of the
division’s sales, EBITDA margin over the 1st half of the year
resisted well at 13.3% (13.8% in 1st half 2016).
INDUSTRIAL SPECIALTIES
Sales in Industrial Specialties reached €701
million, +15.1% up on 2nd quarter 2016 (€609 million). At
constant exchange rate and business scope, sales grew by +14.0%,
driven by a +4.5% increase in volumes and a +9.5% price effect
which mostly reflects the ongoing improvement in the prices of
certain fluorogases in the three main geographic regions as well as
market conditions in the MMA / PMMA chain. The currency effect was
positive at +1.2%.
At €176 million, the division’s EBITDA was
significantly up by +31.3% over 2nd quarter 2016 (€134 million),
while EBITDA margin rose to 25.1 %, strongly up on
last year (22.0% in 2nd quarter 2016). These results reflect the
return of fluorogases to high levels of results, the ongoing very
good market conditions in MMA / PMMA, and the solid performance of
Thiochemicals. In fluorogases, the Group should by year-end achieve
the target it had set itself for end 2018 to improve this
activity’s EBITDA by €100 million compared to 2014.
COATING SOLUTIONS
At €499 million, sales in Coating Solutions rose
by +9.2% compared to 2nd quarter 2016 (€457 million), supported by
a +13.6% price effect reflecting some improvement in the acrylic
cycle and the actions to raise sales prices in the entire chain.
Volumes were down by -4.0%, and include the impact of the large
maintenance turnaround at Clear Lake in the United States in
acrylic monomers and of inventory adjustments at certain paints and
coatings customers following the very strong start to the year. The
divestment of the oxo-alcohol business resulted in a -1.4% scope
effect. The currency effect was positive at +0.9%.
At €64 million, EBITDA was slightly up over last
year (€63 million in 2nd quarter 2016), and EBITDA margin
stood at 12.8% (13.8% in 2nd quarter 2016). As expected,
unit margins in acrylic monomers gradually improved in the three
main geographic regions compared to the low points of 2nd quarter
2016. This improvement offset the impact of the Clear Lake large
maintenance turnaround and the impact in acrylic downstream
activities of the higher raw material costs, including acrylic
acid, which affected their performance during the quarter. This
latter impact should diminish significantly over the rest of the
year given the actions made to pass through the cost of raw
materials.
CASH FLOW AND NET DEBT AT 30 JUNE 2017
In 2nd quarter 2017, Arkema generated +€158 million free cash
flow, twice as much as in 2nd quarter 2016 (+€77 million). This
major improvement over 2nd quarter 2016 which included -€17 million
loans granted to employees as part of the share capital increase
reserved for employees, primarily reflects the strong improvement
in EBITDA and a good control of working capital. Working capital
increased by €44 million2 (€46 million in 2nd quarter 2016)
reflecting the usual seasonality of the activity and the
significant increase in sales. The ratio of working capital over
annualized sales for the quarter stood at 15.5 % at end of
June 2017 against 17.2 %3 at end of June 2016. Capital
expenditure4 amounted to €83 million over the quarter. Over the
full year, capital expenditure should be close to
€450 million.
Acquisitions and divestments represented a -€22 million net cash
outflow and included the cost of the acquisition of the CMP
business in adhesives. Taking all these elements into account,
net cash flow stood at +€136 million in 2nd
quarter 2017.
Net debt stood at €1,471 million, down on 31 March
2017 (€1,496 million). It includes the payment of a €2.05 dividend
per share, totaling €155 million, and the positive currency effect
on the debt swapped in US dollars. Gearing was stable at 34%.
2017 OUTLOOK
In the second half of the year, the global macro-economic
environment should remain volatile with contrasted dynamics by
end-market and by region, higher raw material costs than last year,
and the euro strengthening versus the US dollar.
In this context, Arkema will continue to benefit from growth in
adhesives and the integration of Den Braven, innovation in Advanced
Materials and downstream acrylics, as well as better prices in
fluorogases. The Group will continue to ensure that the higher cost
of certain raw materials is reflected in its selling prices.
Finally, it will continue implementing its operational excellence
initiatives to offset part of fixed cost inflation.
The performance of the first half of the year leads the Group to
upgrade its initial EBITDA objective for 2017. The Group now
anticipates to exceed €1.3 billion EBITDA and achieve between
€1,310 million and €1,350 million EBITDA for the full year.
The 2nd quarter 2017 results and the outlook are detailed in the
“2nd quarter 2017 results” presentation available on the website
www.finance.arkema.com
REGULATED INFORMATION
The half-year financial report at 30 June 2017 is available on
the Group’s website under the following link:
www.finance.arkema.com and can be found under the heading Investor
Relations in section Financials / Financial results
2 Changes in working capital and fixed asset payables excluding
non-recurring items.3 At 30 June 2016, working capital included
trade payable relating to the transfer of an acrylic production
line to Taixing Sunke Chemicals. The ratio computation at 30 June
2016 excludes this item.4 Excluding investments related to
portfolio management.
FINANCIAL CALENDAR
9 November 2017 3rd quarter 2017 results
A designer of materials and innovative solutions, Arkema shapes
materials and creates new uses that accelerate customer
performance. Our balanced business portfolio spans high-performance
materials, industrial specialties and coating solutions. Our
globally recognized brands are ranked among the leaders in the
markets we serve. Reporting annual sales of €7.5 billion in 2016,
we employ approximately 20,000 people worldwide and operate in
close to 50 countries. We are committed to active engagement with
all our stakeholders. Our research centers in North America, France
and Asia concentrate on advances in bio-based products, new
energies, water management, electronic solutions, lightweight
materials and design, home efficiency and insulation.
www.arkema.com
DISCLAIMER
The information disclosed in this press release may contain
forward-looking statements with respect to the financial
conditions, results of operations, business and strategy of Arkema.
Such statements are based on management’s current views and
assumptions that could ultimately prove inaccurate and are subject
to risk factors such as, among others, changes in raw materials
prices, currency fluctuations, implementation pace of
cost-reduction projects and changes in general economic and
business conditions. Arkema does not assume any liability to update
such forward-looking statements whether as a result of any new
information or any unexpected event or otherwise. Further
information on factors which could affect Arkema’s financial
results is provided in the documents filed with the French Autorité
des marchés financiers.
Balance sheet, income statement, cash flow statement, statement
of changes in shareholders’ equity and information by business
segment included in this press release are extracted from the
condensed consolidated financial statements at 30 June 2017 closed
by the Board of Directors of Arkema SA on 1st August 2017.
Quarterly financial information is not audited.
Business division information is presented in accordance with
Arkema’s internal reporting system used by the management.
The main performance indicators used by the Group are defined in
note B.17 of the notes to the consolidated financial statements at
31 December 2016 in section 4.3.3 of 2016 Reference document.
As part of the analysis of its results or to define its
objectives, the Group also uses the following indicators:
- REBIT margin: corresponds to the
recurring operating income (REBIT) as a percentage of sales
- Free cash flow: corresponds to
cash flow from operations and investments excluding the impact of
portfolio management
As part of the analysis of the evolution of its results and in
particular its sales, the Group analyzes the following effects
(non-audited analyses):
• Business scope effect: the business scope effect
corresponds to the impact of a change in the scope arising as a
result of the acquisition or the divestment of an entire activity
or the consolidation or deconsolidation of an entity. Increases or
closures of plant capacities are not treated as a scope effect;
• Currency exchange effect: the currency translation
effect referred to herein corresponds to the mechanical impact of
the consolidation of accounts in currencies other than the euro at
different exchange rates from one period to another. The currency
exchange effect is treated by applying the rate of the previous
period to the aggregate of the period under analysis;
• Price effect: the impact of average sales price
variations is estimated by comparing the weighted average net unit
sales price for a range of related products in the current period
with the weighted average net unit sales price in the previous
period, multiplied in both cases by the volumes sold in the current
period;
• Volume effect: the impact of variations in volume is
estimated by comparing the quantities delivered in the current
period with the quantities delivered in the previous period,
multiplied in both cases by the weighted average net unit sales
price in the previous period.
Arkema420, rue d’Estienne d’Orves –
F-92705 Colombes Cedex – FranceTél. : +33 1 49 00 80 80 – Fax : +33
1 49 00 83 96Société anonyme au capital de 757 738 650 euros –
445 074 685 RCS Nanterrearkema.com
ARKEMA Financial
Statements
Consolidated financial statements - At the
end of June 2017
CONSOLIDATED INCOME STATEMENT
2nd
quarter 2017
End of June
2017
2nd
quarter 2016
End of June
2016
(In millions of euros) (non audited) (audited) (non audited)
(audited)
Sales 2,198 4,350
1,952 3,845 Operating expenses (1,670) (3,328)
(1,491) (2,965) Research and development expenses (60) (121) (56)
(112) Selling and administrative expenses (182) (371)
(176) (348)
Recurring operating income
286 530 229 420
Other income and expenses (15) (30) 10
(1)
Operating income 271 500
239 419 Equity in income of affiliates
0 0 3 6 Financial result (26) (51) (27) (50) Income taxes
(82) (148) (68) (126)
Net income
163 301 147 249 Of
which non-controlling interests 3 4 - 4
Net income - Group share 160 297
147 245 Earnings per share (amount in
euros) 2.11 3.92 1.96 3.28 Diluted earnings per share (amount in
euros) 2.10 3.91 1.96 3.27
Depreciation and amortization (112)
(223) (112) (223)
EBITDA 398 753
341 643 Adjusted net income
172 319 134
240 Adjusted net income per share (amount in euros) 2.28
4.22 1.79 3.21 Diluted adjusted net income per share (amount in
euros) 2.26 4.20 1.78 3.20 Weighted average number of shares
75,671,629 74,799,919
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2nd quarter
2017
End of June
2017
2nd quarter
2016
End of June
2016
(In millions of euros) (non audited) (audited) (non audited)
(audited)
Net income 163 301
147 249 Hedging adjustments 16 24 (11) 11
Other items - - (6) (6) Deferred taxes on hedging adjustments and
other items - - (1) (1) Change in translation adjustments
(119) (135) 31 (42)
Other recyclable
comprehensive income (103) (111)
13 (38) Actuarial gains and losses (6)
5 (16) (16) Deferred taxes on actuarial gains and losses 4
- 2 2
Other non-recyclable comprehensive
income (2) 5 (14)
(14) Total income and expenses recognized directly
in equity (105) (106)
(1) (52) Comprehensive income
58 195 146 197 Of
which: non-controlling interest - 1 (2)
-
Comprehensive income - Group share 58
194 148 197 CONSOLIDATED
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (audited)
Shares issued
Treasury shares Shareholders' equity - Group share
Non-controlling interests Shareholders' equity (In
millions of euros)
Number Amount
Paid-in surplus Hybrid bonds
Retained earnings Translation adjustments
Number Amount
At January 1, 2017
75,717,947 757 1,211
689 1,250 301
(65,823) (4) 4,204
45 4,249 Cash dividend - - - - (155) - - -
(155) (1) (156) Issuance of share capital 55,918 1 1 - - - - - 2 -
2 Purchase of treasury shares - - - - - - (45,865) (4) (4) - (4)
Grants of treasury shares to employees - - - - (1) - 20,246 1 - - -
Share-based payments - - - - 7 - - - 7 - 7 Other - -
- - - - - - -
- -
Transactions with shareholders
55,918 1 1 -
(149) - (25,619)
(3) (150) (1)
(151) Net income - - - - 297 - - - 297 4 301 Total income
and expense recognized directly through equity - -
- - 29 (132) - -
(103) (3) (106)
Comprehensive income
- - -
326 (132) - -
194 1 195 At June 30,
2017 75,773,865 758
1,212 689 1,427
169 (91,442) (7)
4,248 45 4,293 CONSOLIDATED
BALANCE SHEET
June,
30th 2017
December,
31st 2016
(In millions of euros) (audited) (audited)
ASSETS Intangible assets, net 2,742 2,777 Property,
plant and equipment, net 2,461 2,652 Equity affiliates :
investments and loans 33 35 Other investments 33 33 Deferred tax
assets 163 171 Other non-current assets 233 227
TOTAL
NON-CURRENT ASSETS 5,665 5,895
Inventories 1,144 1,111 Accounts receivable 1,319 1,150
Other receivables and prepaid expenses 178 197 Income taxes
recoverable 50 64 Other current financial assets 12 10 Cash and
cash equivalents 1,499 623
TOTAL CURRENT ASSETS
4,202 3,155
TOTAL ASSETS 9,867 9,050
LIABILITIES AND SHAREHOLDERS' EQUITY Share capital
758 757 Paid-in surplus and retained earnings 3,328 3,150 Treasury
shares (7) (4) Translation adjustments 169 301
SHAREHOLDERS' EQUITY - GROUP SHARE 4,248
4,204 Non-controlling interests 45
45
TOTAL SHAREHOLDERS' EQUITY
4,293 4,249 Deferred tax liabilities
321 285 Provisions for pensions and other employee benefits 506 520
Other provisions and non-current liabilities 440 464 Non-current
debt 2,268 1,377
TOTAL NON-CURRENT LIABILITIES
3,535 2,646 Accounts payable 898 932
Other creditors and accrued liabilities 359 402 Income taxes
payable 74 62 Other current financial liabilities 6 31 Current debt
702 728
TOTAL CURRENT LIABILITIES 2,039
2,155 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY 9,867 9,050
CONSOLIDATED CASH FLOW STATEMENT
End of June
2017
End of June
2016
(In millions of euros) (audited) (audited)
Cash flow - operating activities Net income
301 249 Depreciation, amortization and impairment of assets 246 243
Provisions, valuation allowances and deferred taxes (1) (51)
(Gains)/losses on sales of assets (2) (2) Undistributed affiliate
equity earnings 0 (4) Change in working capital (229) (186) Other
changes 0 10
Cash flow from
operating activities 315 259
Cash flow - investing activities Intangible assets
and property, plant, and equipment additions (152) (168) Change in
fixed asset payables (56) (50) Acquisitions of operations, net of
cash acquired 1 0 Increase in long-term loans (23) (39)
Total expenditures (230) (257) Proceeds
from sale of intangible assets and property, plant and equipment 5
7 Change in fixed asset receivables 0 0 Proceeds from sale of
operations, net of cash sold 11 20 Proceeds from sale of
unconsolidated investments 0 0 Repayment of long-term loans 11 8
Total divestitures 27 35
Cash flow from investing activities
(203) (222) Cash flow -
financing activities Issuance (repayment) of shares and
other equity 2 46 Purchase of treasury shares (4) (6) Dividends
paid to parent company shareholders (155) (143) Dividends paid to
non-controlling interests (1) (1) Increase/ decrease in long-term
debt 898 (3) Increase/ decrease in short-term borrowings and bank
overdrafts (20) 3
Cash flow
from financing activities 720 (104)
Net increase/(decrease) in cash and cash equivalents 832
(67) Effect of exchange rates and changes in scope 44 33
Cash and cash equivalents at beginning of period 623 711
Cash and cash equivalents at end of
period 1,499 677 INFORMATION BY
BUSINESS SEGMENT (non audited)
2nd quarter 2017 (In millions of
euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate
Total Non-Group sales 990 701 499 8
2,198 Inter segment sales - 38 18 -
Total sales
990 739 517
8 EBITDA 174
176 64 (16) 398
Depreciation and amortization (39) (45) (28)
0 (112)
Recurring operating income
135 131 36 (16)
286 Other income and expenses (15) 0 1 (1) (15)
Operating income 120 131
37 (17) 271 Equity in income of
affiliates 1 (1) - - 0
Intangible assets and property,
plant and equipment additions 48 27 21
2 98 Of which Recurring capital expenditure 33 27 21
2 83
2nd quarter 2016 (In millions of
euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate
Total Non-Group sales 879 609 457 7
1,952 Inter segment sales 4 29 14 -
Total sales
883 638 471
7 EBITDA 165
134 63 (21) 341
Depreciation and amortization (40) (42) (29)
(1) (112)
Recurring operating income
125 92 34 (22)
229 Other income and expenses (10) (2) 1 21 10
Operating income 115 90
35 (1) 239 Equity in income of
affiliates 1 2 - - 3
Intangible assets and property,
plant and equipment additions 35 56 17
3 111 Of which Recurring capital expenditure 35 36 17
3 91
INFORMATION BY BUSINESS SEGMENT (audited)
End of June 2017 (In millions of
euros)
High Performance Materials Industrial
Specialties Coating Solutions Corporate
Total Non-Group sales 1,966 1,345 1,024 15
4,350 Inter segment sales 3 74 37 -
Total sales
1,969 1,419 1,061
15 EBITDA 340
316 138 (41) 753
Depreciation and amortization (78) (89) (55)
(1) (223)
Recurring operating income
262 227 83 (42)
530 Other income and expenses (31) 2 0 (1) (30)
Operating income 231 229
83 (43) 500 Equity in income of
affiliates 1 (1) - - 0
Intangible assets and property,
plant and equipment additions 72 48 27
5 152 Of which Recurring capital expenditure 57 48 27
5 137
End of June 2016 (In millions of euros)
High
Performance Materials Industrial Specialties Coating
Solutions Corporate Total Non-Group
sales 1,747 1,195 889 14
3,845 Inter segment sales 9 60 29 -
Total sales 1,756 1,255
918 14 EBITDA
314 263 113 (47)
643 Depreciation and amortization (77)
(86) (59) (1) (223)
Recurring operating
income 237 177 54
(48) 420 Other income and expenses (21)
(2) 1 21 (1)
Operating income 216
175 55 (27) 419
Equity in income of affiliates 1 5 - - 6
Intangible
assets and property, plant and equipment additions 66
72 25 5 168 Of which Recurring capital
expenditure 66 52 25 5 148
AJUSTED NET INCOME
Net income Group share may be reconcilied
to adjusted net income as follows:
2nd
quarter 2017
End of June
2017
2nd quarter
2016
End of June
2016
(In millions of euros) (non audited) (audited) (non audited)
(audited)
ADJUSTED NET INCOME 172 319 134
240 Other income and expenses (15) (30) 10 (1) Taxes on
other income and expenses 3 8 3 6
NET INCOME - GROUP SHARE
160 297 147
245 NET DEBT
(In millions of euros)
June,
30th 2017
December,
31st 2016
(audited) (audited) Non-current debt 2,268 1,377 Current
debt 702 728 Cash and cash equivalents 1,499 623
NET DEBT
1,471 1,482 FREE CASH FLOW
(In millions of euros)
2nd
quarter 2017
End of June
2017
2nd
quarter 2016
End of June
2016
(non audited) (audited) (non audited) (audited) Cash flow
from operating activities 242 315 198 259 Cash flow from investing
activities (106) (203) (121) (222)
NET CASH FLOW 136 112 77 37 Of
which: Net cash flow from portfolio management (22)
(2) - (5)
FREE CASH FLOW 158
114 77 42
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version on businesswire.com: http://www.businesswire.com/news/home/20170801006517/en/
ArkemaINVESTOR RELATIONS CONTACTSSophie Fouillat, +33 1
49 00 86 37sophie.fouillat@arkema.comorFrançois Ruas, +33 1 49 00
72 07francois.ruas@arkema.comorMEDIA CONTACTSGilles
Galinier, +33 1 49 00 70 07gilles.galinier@arkema.com
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