Revenue increased by 12% to 5617 million Danish krone (DKK). Earnings before interest and tax (EBIT) increased by 19% to DKK708 million. Profit from continuing operations increased by 25% to DKK507 million. Cash flow from operating activities was DKK1.2 billion.
Topsoe’s operations of delivering technology, catalysts, and related services to the chemical and refining industries remain profitable, and generated revenue of DKK5617 million and EBIT of DKK708 million in 2018. EBIT margin was 12.6%, and net profit was DKK491 million. Revenue and EBIT were positively impacted by a one-time effect of DKK91 million related to a technology project. Cash flow from operating activities amounted to DKK1.2 billion based on a significant improvement in the working capital balance as well as a strong cash flow from daily business.
Catalyst revenue increased by 13%, reflecting improved revenue from the catalyst business in both the refining and chemical business areas. Technology revenue increased by 9%, driven by a number of large technology projects that were completed in 2018.
“2018 was a good year for Topsoe. The results are very satisfactory and reflect a healthy core business with growth potential. We have received a significant amount of new orders during the year, and we have been able to introduce several innovative products that address our customers’ needs,” says Bjerne Clausen, CEO, Topsoe.
In June 2018, Haldor Topsoe Holding A/S and Haldor Topsoe A/S announced the initiation of a search process to find a suitable financial partner to buy a significant minority stake in the company with the intention to list the company’s shares on the stock exchange at a later stage. 12 March 2019, the process was concluded as an agreement was signed with the investment company Temasek. Closing is expected to be carried out later in 2019, when all regulatory clearances have been obtained. Haldor Topsoe Holding A/S has decided that a major part of the proceeds from this transaction will be used to accelerate growth initiatives – both organically and through acquisitions. During 2018, Topsoe introduced several products. These include SynCOR Methanol™, which is a competitive solution for very large methanol plants, and the TK-6001 HySwell™ catalyst, which offers refiners top-class activity in hydrocracking and the production of ultra low sulfur diesel.
Read the article online at: https://www.worldfertilizer.com/special-reports/27032019/haldor-topsoe-annual-report-2018/