Sibelco today announced strong
, driven by a combination of factors including product mix improvements and a robust pricing strategy. The performance also reflects the benefits now being realised through our Sibelco 2025 strategy, which maps out a transformational path to local ownership, operational excellence, greater customer centricity and best in class financial performance, whilst embedding a clear commitment to sustainability.
Highlights
- Sibelco’s safety performance unfortunately suffered as a result of a fatal accident at the company’s Banglen site in Thailand in August
- Revenue increased by 20% compared to last year to € 2,009 million
- EBITDA was 25% higher at € 339 million
- Free operating cash flow (including IFRS16 leases) reached € 161 million compared with € 77 million in 2021
- Sibelco recorded a non-recurring charge of € 43.4 million at EBIT level, of which € 38.2 million related to recorded impairment losses in the company’s Ukrainian operations due to the ongoing war with Russia. Reported ROCE was 7.4%, without impairment ROCE would have been 9.6%
- Sibelco acquired the Kremer (Netherlands), Echave (Spain) and Bassanetti (Italy) silica sand operations. We strengthened our leading position in glass recycling, by acquiring 100% of Recyverre (France) and Krynicki Recykling S.A. (Poland & Estonia). Sibelco sold its abrasive business and a limestone asset in Indonesia. In addition, the Group acquired minority interests in Diatreme and in Metallica Minerals, two emerging silica sand producers in Australia
- Sibelco updated its sustainability framework. It reduced its Scope 1 and 2 carbon emissions by 11% in absolute terms and by 23% in terms of emissions intensity. SBTi validated Sibelco’s near term targets (2030) for scope 1,2 & 3
- The Board of Directors will propose a dividend of € 117.2 per share for the full year of 2022, for approval by shareholders at the Annual Shareholders’ Meeting in April 2023. This represents the same amount as 2021
Commenting on the results,
We made excellent progress with the ongoing execution of our Sibelco 2025 strategy over the course of the year. This strong set of financial results, which includes substantial increases in revenue, EBITDA and FOCF, reflects the benefits of a new, more agile geographical structure supported by an industrial platform which enabled us to streamline processes and improve operational efficiency. We accelerated the sustainability element of our Sibelco 2025 strategy with the launch of an enhanced sustainability model together with an ambitious set of goals to be achieved by 2030. Sibelco continued its drive to become the global leader in silica with acquisitions in the Netherlands, Spain and Italy, whilst our growth in glass recycling continued through acquisitions in France, Poland and Estonia.
Hilmar Rode
CEO
