Highlights
|
US$m |
2012 |
2011 |
Change |
|
|
Revenue |
793.9 |
791.8 |
- |
|
|
EBITDA1 |
262.4 |
261.0 |
+1% |
|
|
EBITDA margin1 |
33.1% |
33.0% |
+0.1pts |
|
|
Operating Profit |
150.7 |
150.7 |
- |
|
|
Profit before Tax |
129.1 |
125.6 |
+3% |
|
|
Profit after Tax |
82.9 |
96.5 |
-14% |
|
|
Basic Earnings per Share |
21.8c |
25.3c |
-14% |
|
|
Adjusted (underlying): |
||||
|
Profit after Tax1 |
134.7 |
134.1 |
- |
|
|
Earnings per Share1 |
35.4c |
35.2c |
+1% |
|
|
Operating Cash Flow1 |
204.4 |
206.3 |
-1% |
|
|
Net Debt |
289.4 |
343.4 |
-16% |
|
|
Leverage (x EBITDA) |
1.1 |
1.3 |
(0.2) |
|
|
Dividend per Share |
13.1c |
12.3c |
+7% |
Solid trading performance, in line with our expectations.
Total revenue of US$793.9m (up 2% at constant currencies1); second half revenues up 7% from first half.
EBITDA of US$262.4m (up 1% at constant currencies1); EBITDA margin maintained at around 33%.
Profit after tax and basic earnings per share up 2% on a like-for-like basis, adjusting for a US$15.0m tax credit included in the previous year's earnings.
IC Materials division revenue down 1% to US$537.2m (flat at constant currencies1). Outperformance of underlying market in IC Niche driven by demand for yield enhancement and colloidal silica materials.
Optronics division revenue up 6% to US$236.9m (up 6% at constant currencies1). Strong second half performance, driven by customer wins and improved trading in the global flat panel display industry.
Strong platform for growth with continued focus on new and innovative materials for next generation semiconductors and advanced displays, as well as niche applications in LED lighting and non-electronic markets.
Strong cash flow reduced net debt to US$289.4m; net debt to EBITDA multiple improved to 1.1 times.
Recommended final dividend of 9.1 cents per share (2011: 8.5 cents), resulting in a total dividend payment of 13.1 cents per share for the year, up 7% from the previous year (2011: 12.3 cents).
