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- 69 -

Directors’ report

As prices for phosphate raw materials are denominated in US dollars, the growing strength of this

currency against the euro in 2015 posed a major challenge in terms of cost price over the past year.

In view of the balanced supply and demand situation in markets for purified phosphoric acid and its

industrial derivatives, a corresponding increase in nominal prices enabled sales margins to remain at

the same level as 2014.

Competition in the soluble fertilizer segment of the agricultural sector intensified against the backdrop

of a market that was cautious about restocking at the end of the season.

Meanwhile, implementation of the strategic plan for excellence enabled significant headway to be made

on both the industrial and commercial fronts.

Tool conversion due to the ban on the use of STPP in detergents continued.

The aforementioned market conditions meant that in spite of some unforeseen industrial events

associated with the condition of certain facilities undergoing a five-year upgrade, the 2015 financial year

closed with a profit of €8.9 million, a cash flow of €39 million and a REBITDA of €48.5 million.

In this context, net debt decreased further since the freed-up cash flow largely offset investment costs

for the year, despite a modest rise in the company's working capital requirement.

The annexes to the annual report comment on the main changes compared to the 2015 consolidated

financial statements, in particular regarding various items in the balance sheet and income statement.

Fluctuations in the price of phosphoric acid 54% P




(CFR) in NW Europe