Société Internationale de Plantations d'Hévéas Société Anonyme reported group earnings results for the year ended December 31, 2014. For the year, the company's total turnover was EUR 250.1 million against EUR 365.1 million a year ago. Current operating loss was EUR 66.5 million against EUR 24.4 million a year ago. Operating loss was EUR 77.3 million against EUR 36.2 million a year ago. Net loss was EUR 61.9 million against EUR 38.4 million a year ago. Net loss (group share) was EUR 45.0 million against EUR 35.2 million a year ago. Cash flows from operating activities remained positive at EUR 32.2 million enabling SIPH to partially finance the investments made over the period, the financing of the balance was ensured through recourse to a bank debt. Investments amounted to EUR 51.1 million, comparable EUR 49.7 million in 2013 and have focused on plantation extensions and renewal, increased plant capacity and the development of industrial processes (Ghana, Ivory Coast) and the renewal of equipment and infrastructures (Liberia in particular). The group's net debt amounted to EUR 61.2 million, representing a controlled gearing ratio of 38.4% (debts of more than 1 year representing 57% of the total debt).

The investments already made in machining capacity in Ivory Coast and Ghana in 2014 already mean the group is able to set an overall production target of 190,000 tonnes for 2015, an increase of 20%, supported by external purchases. In 2015 investments will amount to around EUR 35 million against EUR 51.1 million in 2014 always with flexibility depending on price. They will focus mainly on machining capacity in order to continue to absorb the sharp increase in volumes expected over the coming years.