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Hempel Reports Stable Sales, Growth Plans

Monday, April 9, 2018

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Global coatings company Hempel (Kongens Lyngby, Denmark) released its 2017 Annual Report Friday (April 6), touting stable sales and income numbers and a reduction in debt that it says positions it for acquisitions and a “leading global role” in the industry moving forward.

The company called sales for 2017 “satisfactory,” with organic growth of -0.7 percent, a number it says is in line with the industry globally. Hempel’s EBITDA (earnings before interest, taxes, depreciation and amortization) margin was stable at 12.4 percent.


Hempel's business segments include Protective and Marine, as well as Container, Decorative and Yacht.

Hempel reported 1.38 billion euros ($1.7 billion) in revenue for the year, down from 2015 and 2016 numbers but greater than revenues posted in prior years. Net profits of 55 million euros were an 8 million-euro improvement over 2016 numbers.

Hempel, like many other coatings companies, noted the negative effects of increased raw-material costs on profits in 2017, and also referred to currency translation issues, including a weakening U.S. dollar.

Acquisition Plans

The firm says 177 million euros were released from its working capital in 2016 and 2017, leaving the company “virtually debt-free.” As a result, Hempel says, it is “ready to welcome new companies to the Hempel family and to take a leading part in the consolidation of the global coatings industry.”

“We took great strides in our transformational journey and made many important investments in building the foundation we need in order to accelerate growth,” said Hempel group president and CEO Henrik Andersen. “We are now ready to welcome new companies to join the Hempel family and expect acquisitions to happen in 2018.”

Hempel also made reference to its upcoming sponsorship of the Sailing World Championships, to be held in Aarhus, Denmark, in July and August, an example of the company’s efforts to increase its visibility globally as a brand.

Board, Leadership Changes

The firm announced two new additions to its Board of Directors Friday as well: Susanna Schneeberger (part of the executive board of Konecranes) and Soren P. Olesen (CEO of Stark Group). The two replace Anders Pettersson and Peder Holk Nielsen, who did not run for re-election after 13 and 12 years on the board respectively.

Also, after announcing earlier this year that CFO Anders Boyer would be leaving the company to join jewelry company Pandora, Hempel announced this week that Lars Jonstrup Dollerup would be taking the CFO position this summer.

Hempel splits its business into five segments: Protective, Marine, Decorative, Container and Yacht.


Tagged categories: Annual report; Business matters; Coatings manufacturers; Finance; Hempel

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