International. Solid organic growth in the second half of the year guaranteed Hempel a strong record net profit growth of €71 million in 2014. The Group achieved organic growth of 5%, which it obtained despite an unchanged first six months of the year, registering a growth of 9% in the second half of 2014.
Hempel's EBITDA of €166 million was the highest in the Group's history and slightly above 2013, which was itself a record year. This was partly due to favourable commodity prices, but also due to the efficiency measures the Group has taken in recent years.
The Hempel Group's organic growth in 2014 was driven by its three main segments. In the decorative segment, the Group continued to benefit from the acquisition in 2011 of Crown Paints, both in terms of performance and the sharing of knowledge of Crown Paints across the Group. The Industrial segment continued the growth experienced in recent years, and the Marine segment delivered good growth in China and Southern Europe. In addition, the container and yacht segments saw slight improvements during 2014.
Kim Junge Andersen, Group Vice President and Chief Financial Officer of Hempel A/S Executive, commented that "strict control of working capital, especially credit management, has allowed the Group to maintain a high level of cash generation, which is important for the Group's ability to continue to invest in business growth organically and finance new acquisitions."
In 2015 the company is celebrating its 100th anniversary. Pierre-Yves Jullien, Group President and CEO of Hempel A/S, commented: "Our performance in 2014 shows that we are moving in the right direction and that the investments we have made in recent years were the right ones. We will uphold the key values of quality and service that have been the cornerstones of our success for the past 100 years, and I am confident that we will be able to continue to make a priority around the world."
