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Press Release

Hempel: Annual Report 2011

Driven by growth through a strategic acquisition in the decorative coatings market, Hempel's revenue grew by 21 per cent in 2011, passing the EUR one billion milestone for the first time.

The Hempel Group delivered an operating profit of EUR 72 million in 2011, and a record turnover of EUR 1,077 million. Increasing raw material prices had an impact on Group profitability.

Hempel's 2011 results:
 • Group revenues rose by 21 per cent from EUR 889 million to EUR 1,077 million
 • EBITDA of EUR 105 million was the second highest in the Group's history
 • Operating profit of EUR 72 million
 • Net profit of EUR 35 million

The growth in revenue was driven by to the revenue gained following the strategic acquisition of Crown Paints, the second largest decorative coatings manufacturer in the UK. The revenue generated by Crown Paints more than doubled Hempel's revenue in the Decorative segment. Excluding Crown Paints, Hempel's revenue increased by seven per cent.

"The major investments and new activities that we launched during 2011 are in line with our strategic growth plans," says Pierre-Yves Jullien, Group President and CEO of Hempel A/S. "We are particularly satisfied with the integration of Crown Paints into the Hempel Group, which is having the intended effect of strengthening our Decorative segment on the global market."

Hempel considers the result for the year to be satisfactory in a year with rapidly increasing raw material costs and a global coatings market that was under sigificant pressure. An EBITDA of EUR 105 million in 2011 was the second highest in the Group's history, exceeded only by the 2010 EBITDA of EUR 118 million.

"Although our Group profitability is not in line with our expectations for the year, and despite the ongoing economic turmoil worldwide and continually increasing raw material prices, we believe that our 2015 growth objectives are still realistic," says Pierre-Yves Jullien. "We have increased our capacity and strengthened our organisation's professionalism, which will enable us to further develop and improve the products and services that we offer our customers."

Positive developments in an uncertain economic climate
In the Protective segment, Hempel's revenue growth out-performed the market, achieving double-digit growth in the Americas, China and the Middle East and with generally positive developments in Europe. With its increased size due to the acquisition of Crown Paints, Hempel's Decorative segment now accounts for a significant part of the Group's total revenue. Decorative grew above the expected market growth. Hempel's Marine segment was influenced negatively by the postponement or cancellation of many ship newbuilding projects. However, growth in the global marine transportation industry had a positive effect on Marine Maintenance revenue.

Closer to customers around the world
Hempel has continued expanding its product development and sales in local markets. In the past twelve months, new regional offices or showrooms have been established in the UK, Brazil, South Africa and Kuwait, and manufacturing/R&D facilities have been opened or expanded in Argentina, France and Spain. Plans for new production facilities in Saudi Arabia, Russia and India have also been initiated.


2012-05-21

Please see Hempel - Representatives in Russia company electronic office

For further information:
Malte V. Eggers
Group Branding & Communication Director
Hempel A/S
Tel: + 45 4527 3976
Mobile: + 45 2097 5809
E-mail: meg@hempel.com

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