Annual Report

Farewell to Proviron Basic Chemicals

You can download the full report via this link:
Proviron Annual Report 2016 (pdf)

Address of the Chairman  

The most important news item of 2016 was the sale of Proviron Basic Chemicals on 30 November. Economically and in terms of figures, it was a fine year. On a completely different level we remember 2016 as the year Provifit started, and the Family Day was resumed very successfully.

On 30 November, Proviron Basic Chemicals (PBC) became part of the German Livia Group, after an extensive search for a buyer. It had been clear for a while that PBC’s activities were no longer in line with what Proviron wants to do and to be. With there now being clarity, it is the end  of uncertainty for all concerned. Some 40 people have left the Proviron family, and I would like to thank them warmly for their 15 years of commitment.

Business Units (BU)
How did the BU's fare? Despite the umpteenth mild winter, Provifrost® continues to do excellently, thanks to its sustained geographical expansion.
Proviplast® did fine as well, with a strong increase in the sales of Proviplast® 024, a nylon plasticizer. That success story is largely due to bigger volumes in China, where Proviron managed to beat a local competitor with a product made in Ostend. Provichem® had a somewhat poorer year, and Commodities was reduced drastically following the production cessation of biodiesel, as well as the sale of PBC. Provifeed®’s turnover continued to rise, but less than forecast. Aquaculture had to deal with some setbacks of a technical nature. Proviplast®iX thrived, evolving from product development to market development. Finally, Tolling remains in outstanding shape.

Figures
Even though Proviron’s turnover was only 67 million euros (only about a third of the 2013 figure), we achieved a 9.4 million euros EBITDA, which is a lot better than the 2015 result (7.1 million euros). Moreover, we invested over three million euros in development. These positive figures are the result of a reviving economy, supported by an effectivestrategy, and of course the fine work of all involved.

People
Once again, we can look back on a good safety year. In the field of health, Proviron has launched Provifit, a programme encouraging employees to move or exercise more. In that respect, the many grassroots initiatives by colleagues are especially encouraging. Finally, the relaunch of the Family Day, which replaces the staff parties, was a hit and will be repeated in 2017.

Leo Michiels
Chairman