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FINANCIAL
HIGHLIGHTS
Mersen
•
Annual Report
2014
An encouraging
future
The past twelve months have validated our strategic
vision of building expansion on our leadership position
and global footprint and capturing the growth in
such promising markets as renewable energies and
electronics. In particular, we enjoyed significant growth
in the solar and wind power industries.
TheacquisitionofCirprotecstrengthenedourpresence
in the power quality segment, which offers major
growth potential. Lastly, the successful launch of our
Transform plan to optimize our manufacturing base
will make us more agile and flexible in the future, while
consolidating our skills and capabilities in our centers
of excellence. For all of these reasons, the outlook
is encouraging for 2015, and we expect sales to
increase by between 0 and 4%*. Recurring operating
margin should also show a tangible improvement,
to a targeted 8.6% to 9.4% of revenue. To achieve
this objective, Mersen intends to pursue its targeted
acquisitions strategy to further expand its offering and
step up the pace of growth.
The Group therefore has every reason to be confident
in 2015.
After a lackluster 2013due to sluggish demand in certainmarkets,
2014marked
the beginning of a rebound for Mersen,
with a slight improvement in recurring
operatingmargin and2%organic growth over the year (excludingthechemical business
impactedbytheterminationofacontractwithSabic).
Thomas Baumgartner
Chief Financial Officer
* at constant scope of consolidation
and exchange rates
«
Mersen demonstrated
firm resistance and responsiveness
in 2014, with operating income
before non-recurring items
amounting to €59.7 million,
representing 8.2% of revenue,
up from 2013. Once again,
the Group also put in a very
solid performance in terms
of cash flow generation.»