Half Year 2019 Vesuvius PLC Earnings Call Transcript
Ladies and gentlemen, welcome to our Vesuvius' H1 2019 Results Presentation. I'm Patrick Andre, Chief Executive of Vesuvius, and to my left is Guy Young, our Chief Financial Officer. I will start by presenting you some update on our first half performance, then Guy will give you some more details about our financials, and then I will conclude with some considerations about our outlook going forward. We are pleased to present this morning a very resilient results despite a challenging market environment. In this challenging market, our revenue decreased only 1.1% on an underlying basis. Operating profit was nearly unchanged as compared with last year, declining only 0.5%. And even more important, our profitability as measured by our return on sales, slightly increased to 11.1%.
Our net debt-to-EBITDA slightly increased to 1.3 but this is due to the acquisition of CCPI beginning of the year and to the fact that for the first time, we are using the IFRS 16 in our accounting, which mechanically increase the reporting of our net
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