LYNGBY: Spanish Haldor&Topsoe revenue increased by 6% to DKK 5,685 million in 2014 as compared to DKK 5,348 million in 2013. Haldor and Topsoe 2014 was a good year both in terms of financial performance and overall R&D development.
This corresponds to an EBIT margin of 9.9% and was achieved in spite of an incurred loss of DKK 151 million related to the closure of the subsidiary Haldor Topsoe Fuel Cell A/S. Adjusting for this item and a warranty provision change in 2013, EBIT increased by DKK 118 million or 20% compared to 2013. Moreover, the closure of Topsoe Fuel Cell is set to increase the free cash flow from 2015 onwards, freeing capital for use in other investments and projects.
Topsoe maintains a strong position in a number of different business areas characterized by high entry barriers, strong profitability and growth potential. During 2014, Topsoe’s catalyst revenue increased by 13% compared to 2013, driven by strong demand for the company’s refining catalysts as well as other areas. The increase in catalyst revenue, however, was offset by a decrease in technology revenue by 10% compared to 2013, which is largely made up of engineering services, equipment and licensing. Consequently, total year-on-year revenue growth was somewhat lower than targeted reflecting the cyclical nature of the industries that Topsoe operate in.
