Annual Report

An average year with some highlights

The Proviron annual report 2015 is summarized in a short video, 

You can download the full report via this link
Proviron Annual Report 2015 (English - pdf 1,8 MB)

Address of the Chairman  

At first sight, 2015 looks a lot like 2014. But don’t be mistaken, there are some major differences. The added value is similar, but our consolidated niche products noticeably outperformed commodities. The net current result also looks  similar, but was achieved without the sale of land this time. Safety performance was excellent in 2015. Economically speaking, it wasn’t an exceptional year, but it certainly wasn’t a bad one either, and again, our more future-oriented activities did well, as did most of our other businesses in 2015.

Contrary to the year before, the business unit (BU) Tolling (contract manufacturing) performed excellently. Brake fluids did particularly well (one of our oldest activities by the way), which was an illustration of the saying that you need to look after your ‘legacy businesses’. Another difference from the previous year, but in a less positive sense, was our biodiesel unit load. Operations there were much too weak to be profitable. Consequently, we have prepared the production unit for another opportunity maybe, sometime in the future.

Business units
Despite another mild winter, the BU Provifrost® (de-icers) did well. Among other reasons, this was the result of a continuous geographical expansion, now extending to 23 countries. The BU Provichem® performed favourably too,  specially owing to intermediates for the pharmaceutical industry. And let us not forget the good results of the BUs Proviplast®, Proviplast®iX, and especially Provifeed™ with its successful Optigut. Finally, the BU Commodities is making progress, attracting new phthalic anhydride business.

Figures
A 7 million euro EBITDA is moderate at best, albeit with a positive current result of 1.2 million euro. That profit is comparable with last year’s figure (1.4 million euro) despite a serious drop in turnover (from 170 to 126 million euro), owing to our reduced biodiesel activities and considerably lower feedstock prices. Much more important is the fact that margins from all businesses, except one, went up an average of 11 percent.

Safety
With only one lost time accident – a sprained ankle – and decreasing frequency figures, 2015 was an excellent safety year. Many thanks to all who contributed to this result! I would also like to thank the many volunteers who helped out with the organisation of the open days on 9 and 10 May, always times of open communication and company pride.

Leo Michiels
Chairman