Performance

Consolidated growth

The strong growth of Sapec Agro Business’ sales reflects the Group’s commitment to bring solutions to its customers, the focus on quality and the investment in its dynamic people. The past 7 years (2009-2015) witnessed the robust growth of its two business units, Crop Protection and Crop Nutrition. Sapec Agro Business grew from 111 Million Euro turnover, in 2009, to 223 Million Euro, in 2015, a progression at a compounded annual rate of 12,4%.

International expansion is the main reason for this excellent performance with a consistent sales growth of 20% per year, delivering in 2015 39% of total turnover. The main markets responsible for this performance were France and Italy, in Europe, and Brazil and Mexico, in Latin America.

Strong investment in new products, via Research and Development and regulatory and in new teams, has promoted the consistent improvement of Sapec Agro Business profitability. In the last 7 years, EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) has almost tripled its figure, from 11 Million Euro in 2009 to 35 Million Euro in 2015. The EBITDA on sales margin has jumped from 10% in 2009 to over 16% in 2015, as new and differentiated products were launched on the market.

Strong management control of operational cash flow and capital expenditures has promoted the stabilization of the bank debt and improvement of the debt burden to sustainable levels. From a leverage level above 5 (before 2011), the Net Bank Debt over EBITDA ratio was reduced to below 3,3 in 2015.